Key Information Summary for the six months
ended 31 March 2010
Credit rating• The Overseas Bank has three current credit ratings, issued
by Standard and Poor’s, Moody’s Investors Service and FitchRatings, which are applicable to its long term senior unsecured
obligations, including obligations payable in New Zealand in
New Zealand dollars.
• During the two-year period ended 31 March 2010, the Standardand Poor’s credit rating and qualification remained at AA andOutlook Stable.
• During the two-year period ended 31 March 2010, the Moody’sInvestors Service credit rating and qualification remainedat Aa1. On 2 March 2009 the Outlook changed from Stableto Negative.
• During the two-year period ended 31 March 2010, the Fitch
Ratings credit rating and qualification remained at AA- andOutlook Stable. On 20 May 2010 Fitch Ratings revised theOutlook from Stable to Positive.

Government Guarantees• The Overseas Bank has a guarantee under the Financial
Claims Scheme (“FCS”). This scheme provides for an Australian
government guarantee of “protected accounts” up to A$1million
in the winding up of the Overseas Bank. In addition, certain
deposits of the Overseas Bank are guaranteed for amounts
over A$1million, and certain wholesale term funding liabilitiesof the Overseas Bank are guaranteed under the AustralianGovernment Guarantee Scheme for Large Deposits andWholesale Funding (“Wholesale Funding Guarantee”). Boththe FCS and Wholesale Funding Guarantee apply to theRegistered Bank, as a branch of the Overseas Bank. Further
information about the FCS is available from the AustralianTreasury www.treasury.gov.au. Further information about theWholesale Guarantee Scheme is available from the AustralianGovernment www.guaranteescheme.gov.au. Additionalinformation on each guarantee scheme is available in theNZ Branch’s most recent General Disclosure Statement andSupplemental Disclosure Statement.
• The NZ Branch does not have a guarantee under theNew Zealand Deposit Guarantee Scheme or the New Zealand
Wholesale Funding Guarantee Facility as at 25 May 2010.

Australia and New Zealand Banking
Group Limited – New Zealand Branch

Independent Examination Report to the Directorsof Australia and New Zealand Banking Group Limited– New Zealand Branch

Key Information Summary for the six months
ended 31 March 2010

We have examined the attached Key Information Summary. The
information in the Key Information Summary has been extracted
from the General Disclosure Statement of Australia and New Zealand
Banking Group Limited – New Zealand Branch and its related entities(the “NZ Banking Group”) for the six months ended 31 March 2010
prepared in accordance with the Registered Bank DisclosureStatement (Full and Half-Year – Overseas Incorporated RegisteredBanks) Order 2008 (the “Order”).
We have reviewed the interim financial statements and certain
supplementary information contained within the General DisclosureStatement for the six months ended 31 March 2010, on which weissued an unqualified review opinion dated 25 May 2010.

Directors’ Responsibilities

The Directors are responsible for the preparation and presentationof the Key Information Summary in accordance with the Order.

Auditor’s Responsibilities

In accordance with the Order, we are responsible for examining theKey Information Summary presented by the Directors for compliancewith the Order, and reporting our findings to you.

Basis of Report

We have examined the information contained in the Key
Information Summary and compared it to the corresponding
information contained in the General Disclosure Statement forthe six months ended 31 March 2010.

Unqualified Statement of Findings

Based on our examination of the Key Information Summary,
we report that:• the Key Information Summary has been prepared in accordancewith the Order; and• the information contained in the Key Information Summary has
been properly extracted, where applicable, from the information
contained in the General Disclosure Statement for the six months
ended 31 March 2010.
For a better understanding of the scope of our examination ofAustralia and New Zealand Banking Group Limited – New Zealand
Branch’s General Disclosure Statement, and of the balance sheet of theNZ Banking Group as at 31 March 2010 and the results of its operations
and cash flows for the six months ended on that date, this report
should be read in conjunction with the General Disclosure Statement
for the six months ended 31 March 2010 from which the information in
the Key Information Summary was extracted and our independent
review report thereon.
Our review was completed on 25 May 2010 and our unqualifiedstatement of findings is expressed as at that date.
Wellington

Introductory information

Key Information Summary
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED– NEW ZEALAND BRANCH
For the six months ended 31 March 2010
Number 6 Issued May 2010

• The purpose of this Key Information Summary is to provide
customers and potential customers with information about
the financial condition of their bank.
• The information contained in the Key Information Summaryis explained in the Reserve Bank publication “Your Bank’sDisclosure Statement – What’s In It For You?”, which canbe obtained from the Reserve Bank.
• In this Key Information Summary, reference is made tothe following:•“Overseas Banking Group” refers to the worldwide
operations of Australia and New Zealand Banking
Group Limited including its controlled entities;•“Overseas Bank” or “Ultimate Parent Bank” refers to theworldwide operations of Australia and New Zealand
Banking Group Limited excluding its controlled entities;•“NZ Banking Group” refers to the aggregated
New Zealand operations of Australia and New Zealand
Banking Group Limited, including those operations
conducted through the NZ Branch and controlled
entities of the Overseas Bank registered in New Zealand;•“NZ Branch” or “Registered Bank” refers to the New Zealandoperations of the Overseas Bank, as conducted through theNZ Branch.

Corporate information• The full name of the Overseas Bank is Australia and New Zealand
Banking Group Limited. Australia and New Zealand BankingGroup Limited is a company registered and domiciled in Victoria,Australia.

Australia and New Zealand Banking Group Limited – New Zealand Branch

Australia and New Zealand BankingGroup Limited – New Zealand Branch

Key Information Summary for the six months ended 31 March 2010
Overseas Banking Group
Unaudited
Unaudited
31/03/2010 31/03/2009
A$m
A$m
Profitability
Net profit after tax for the six months ended 31 March
Net profit after tax for the year ended 31 March as a percentage of average total assets

1,925
0.7%

1,417
0.6%

506,708
0.8%

502,798
14.9%

Size as at 31 March
Total assets
The percentage increase in total assets from 1 April to 31 MarchNZ Banking Group
Unaudited
Unaudited
31/03/2010 31/03/2009
NZ$m
NZ$m
Profitability
Net profit after tax for the six months ended 31 March
Net profit after tax for the year ended 31 March as a percentage of average total assets

386
0.1%

422
0.7%

123,504-7.1%

132,97221.5%

Size as at 31 March
Total assets
The percentage (decrease) increase in total assets from 1 April to 31 March
Overseas Banking Group

Overseas Bank

Unaudited
31/03/2010%

Unaudited
31/03/2009%

Unaudited
31/03/2010%

Unaudited
31/03/2009
%

10.7%
13.0%

8.2%
11.0%

11.9%
13.7%

9.0%
11.5%

Capital Adequacy
Tier One Capital as a percentage of risk weighted exposures
Total Capital as a percentage of risk weighted exposures

Overseas Banking Group
Unaudited
Unaudited
31/03/2010 31/03/2009
A$m
A$m

NZ Banking Group
Unaudited
Unaudited
31/03/2010 31/03/2009
NZ$m
NZ$m

Asset Quality
Total impaired assets
Total impaired assets as a percentage of total assets
Total individual provisions
Total individual provisions as a percentage of total impaired assets
Total collective provisions
Non-financial assets acquired through the enforcement of security

5,888
1.2%
1,593
27.1%
3,037-

4,141
0.8%
1,341
32.4%
2,742-

1,736
1.4%
608
35.0%
867-

629
0.5%
269
42.8%
610-

For calculation of minimum capital requirements under Pillar I of the Basel II Accord, the Overseas Banking Group has been accredited by theAustralian Prudential Regulation Authority (“APRA”) to use the Advanced Internal Ratings Based (“AIRB”) methodology for calculation of credit
risk weighted assets and the Advanced Measurement Approach (“AMA”) for the operational risk weighted asset equivalent. The Basel II Accord
came into effect from 1 January 2008. The Overseas Banking Group and the Overseas Bank (Extended Licensed Entity) (as defined by APRA), met
the minimum capital adequacy requirements as specified by APRA as at 31 March 2010 and 31 March 2009. APRA specifies a minimum prudential
capital ratio for the Overseas Banking Group, which is not made publicly available.

For the three months ended 31 March 2010, the NZ Banking Group
had no peak end-of-day credit exposures, on the basis of limits,
to any bank or non-bank counterparties, equal to or in excess of10% of the Overseas Banking Group’s equity (31 March 2009: nil).
The peak end-of-day exposures have been calculated using theOverseas Banking Group’s equity as at 31 March 2010. The equity
used in calculating the comparatives was as at 31 March 2009.
These calculations exclude credit exposures to the central
government of any country with a long term credit ratingof A- or A3 or above, or its equivalent.

Under section 13A(1) of the Banking Act, in certain circumstances
APRA may take control of an ADI or appoint an administrator(defined in the Banking Act) to take control of its business.
Section 16(1) and (2) of the Banking Act provide that, despite
anything contained in any law relating to the winding up ofcompanies, but subject to section 13A(3) of the Banking Act,the debts of an ADI to APRA in respect of APRA’s costs (includingcosts in the nature of remuneration and expenses) of being incontrol of the ADI’s business or of having an administrator incontrol of the ADI’s business have priority in a winding up of
the ADI over all other unsecured debts.
Section 86 of the Reserve Bank Act 1959 provides thatnotwithstanding anything contained in any law relating tothe winding up of companies, but subject to section 13A(3)of the Banking Act, debts due to the Reserve Bank of Australia
by any ADI shall, in a winding up, have priority over all otherdebts other than debts due to the Commonwealth of Australia.
Section 13A(3) affects all of the unsecured deposit liabilitiesof the NZ Branch which as at 31 March 2010 amounted to $nil
(31 March 2009: $nil).

Ranking of local creditors in liquidation

Non-consolidated activities

There are material legislative restrictions in the Overseas Bank’s
country of incorporation which subordinate the claims of a classof unsecured creditors of the Registered Bank on the assets of theOverseas Bank to those of another class of unsecured creditorsof the Overseas Bank, in liquidation of the Overseas Bank.
The Banking Act 1959 of the Commonwealth of Australia (the“Banking Act”) gives priority over Australian assets of the Overseas
Bank to Australian depositors if the Overseas Bank is unable to meetits obligations or suspends payment. Accordingly, New Zealanddepositors (together with all other senior unsecured creditors ofthe Overseas Bank) will rank after Australian depositors of theOverseas Bank in relation to claims against Australian assets.
Specifically, pursuant to section 13A(3) of the Banking Act, if anAuthorised Deposit Taking Institution (defined in that Act to include
a Bank like the Overseas Bank) (an “ADI”) becomes unable to meetits obligations or suspends payment, the assets of the ADI in Australia
are to be available to meet the ADI’s liabilities in the following order:a) first, the ADI’s liabilities to APRA (if any), because of the rights
APRA has against the ADI because APRA has made, or is required
to make, payments to depositors under the Financial Claims
Scheme;b) second, the ADI’s debts to APRA for costs incurred by APRA
in administration of the Financial Claims Scheme in respectof the ADI;c) third, in payment of the ADI’s deposit liabilities in Australia(other than liabilities covered under paragraph (a)); andd) fourth, the ADI’s other liabilities (in order of priority apartfrom section 13A(3)).

On 30 November 2009, the NZ Banking Group purchased
ING Groep’s 51% interest in ING (NZ) Holdings Limited group(“ING NZ”) and ING NZ has been fully consolidated since that date.
Insurance business is conducted directly through ING NZ since
its acquisition in November 2009. Prior to this, the Overseas Bank
had carried on insurance business in New Zealand through theNZ Banking Group’s 49% share in the ING NZ joint venture andthe NZ Banking Group did not carry on insurance business directly.
No non-financial activities are carried on in New Zealand outsideof the NZ Banking Group.

Key Information Summary for the six months
ended 31 March 2010
Peak Credit Exposure Concentrations – for the three months
ended 31 March

Financial statements of the Overseas Bank and Overseas
Banking GroupA copy of the most recent publicly available financial statementsof the Overseas Bank and the Overseas Banking Group is containedin the NZ Branch’s most recent Supplemental Disclosure Statement.

Availability of Disclosure Statements
Copies of NZ Branch’s most recent General Disclosure Statement
and Supplemental Disclosure Statement will be provided at
no charge immediately to any person requesting a copy where
the request is made at the NZ Branch’s head office, Level 6,
1 Victoria Street, Wellington.
This Key Information Summary, the most recent General DisclosureStatement and Supplemental Disclosure Statement can be accessedat the website address www.anz.com.