ANZ Financial Performance Overview

SECTION 4 Restructuring our hybrid funding will impact the relationship between PAT & EPS in 2004 Background TrUEPrS StEPS Issued Amount Sept/Nov 1998 Approximate 2004 impact (indicative)* NPAT Dividend -40 -44 27 Sep 2003 Cost of Dividend To be called USD 0.775 bn 8% Fixed 1H 2004 AUD 1bn BBSW Floating "EPS" contribution +4 Significant transactions in 2004 (indicative) Close out of swap Profit & Loss Income Fixed to Floating Swap Tax Tax on Swap Deduction for dividend nil Deduction for dividend Other NPAT NPAT EPS Preference Dividend 8% Fixed BBSW + Margin Net Cost Floating rate + margin BBSW + margin A swap effectively converts TrUEPRS 8% fixed cost to floating plus a margin 33 +76 + 6 +82 Final "cash" dividend¹ - 31 +51 1 includes impact of delaying TrUEPRS for NBNZ acquisition * Refer following page for further details ANZ

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