ANZ Financial Performance Overview

SECTION 2 Estimated operating cost synergies and integration costs . Operating Cost Synergies Estimated at ~A$110m pa (before tax) within 3 years Expected cost synergies represent around 20% of NBNZ's cost base Cost synergies to be fully phased in by end 2006 •⚫ Key areas of cost synergies: Technology Back office functions Head office integration Synergies reflect no net branch closures in New Zealand • Minimal impact in 2004 Integration Costs Estimated at ~A$230m (before tax) over 3 years Key integration cost components: Core and subsidiary IT systems integration Non-branch premises integration • NBNZ senior management team has a strong track record in managing banking integrations 80 ANZ

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