ANZ Financial Performance Overview

Table of contents 1. ANZ 2003 Result overview Page 3 2. NBNZ Acquisition Page 4 3. Strategy Page 13 4. Results Review Page 22 5. Portfolio Performance Page 36 6. Credit Quality Page 46 Important Notice: USA Nothing in this document constitutes an offer of shares. A Prospectus in respect of the entitlements offer dated 24 October 2003 was lodged with the Australian Securities & Investments Commission on that date. Offers of shares will only be made in a copy of the Prospectus which is available to residents of Australia and New Zealand only. The offering of shares made in the prospectus has not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and is not being made in the United States or to persons resident in the United States. Important Notice: UK "This presentation is directed only at persons who (i) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended) or (ii) have professional experience in matters relating to investments. This presentation must not be acted on or relied on by persons who are not such relevant persons. Any investment or investment activity to which this communication relates is available only to such relevant persons and will be engaged in only with such relevant persons." Important Notice: Singapore "This presentation is directed only at persons who are persons falling within Section 274, or are sophisticated investors falling within Section 275, of the Securities and Futures Act of Singapore. This presentation must not be acted on or relied on my persons who are not such persons. Any investment or investment activity to which this communication relates is available only to such relevant persons and will be engaged in only with such relevant persons." 2 ANZ

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