ANZ Financial Performance Overview

SECTION 2 NBNZ purchased at attractive multiple Price# / LTM cash earnings multiples 20 16.1 16 14.6 13.3 11.9 11.2 12 8 4 0 Australian Regional Banks Past Domestic Acquisitions* Major Australian Banks (excl ANZ) ANZ Standalone ANZ / NBNZ Price# / Net tangible assets multiples 3.5 3.0 3.0 3.0 2.5 2.0 1.5 1.0 Major Australian Banks (excl ANZ) ANZ / NBNZ 2.9 2.4 2.2 Australian Regional ANZ Standalone Past Domestic Banks Acquisitions* * Average of 10 past Australian and New Zealand transactions # - Price used in calculating LTM cash earnings multiples and NTA multiples for the major Australian banks and the Australian regional banks are 30-day volume weighted average prices as at 23 October 2003 ANZ

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