ANZ KiwiSaver SchemeANNUAL REPORT | FOR THE YEAR ENDED 31 MARCH 2015

1

Dear members

Welcome to the annual report for ANZ KiwiSaver.

If you’re new to ANZ KiwiSaver this year, congratulations for taking this important step towards building a more secure future for yourself. We know how important your savings are to you and we thank you for choosing to invest them with us.

This year, we’re delighted to report strong performance across all funds (the ‘Funds’) in ANZ KiwiSaver. Continued expansion in the global economy, generally buoyant financial markets and lower interest rates all contributed to this result. You can read a summary of what happened in investment markets on page 5; performance figures and unit prices for the Funds are on pages 2 and 3.

The pleasing results are also a reflection of our capable and ‘seasoned’ investment team. Their management skills, together with the support of all our business teams, helped many members see really good progress in their account balances this year. These skills also helped ANZ Investments win several industry awards along the way (more on page 8).

As the largest KiwiSaver provider, we know we have a serious responsibility to the one-in-four Kiwis trusting us with their retirement savings. During the year, we’ve continued to review and develop our service and processes. It’s always our aim to try and make things as simple as we can for members – within regulatory and security limitations. Some specific achievements and milestones are noted on page 7.

And a really big focus for us is to ensure we’re in touch regularly – telling you what you need to know, in a way that suits you. With such a large membership, electronic or digital communications are easily the most timely and cost-effective way of doing this. Signing up to receive information from us by email (and making sure we have your correct email address!) is the best way to keep your ‘finger on the pulse’.

Finally, it’s as important as ever to get professional advice before making any significant financial decisions. A regular review with an authorised financial adviser will help keep you on track towards achieving your financial goals.

We’re excited about the recent and ongoing success of ANZ KiwiSaver – in particular, helping you towards the retirement you dream of having. Thank you for being part of ANZ KiwiSaver.

Ana-Marie Lockyer General Manager Wealth Products

The term ‘ANZ KiwiSaver’ is used in this annual report as an abbreviation for the ANZ KiwiSaver Scheme and readers should view these terms interchangeably.

Contents

Dear members 1

Investment performance summary and unit prices 2

The numbers tell the story 4

Market review 5

Where has the year gone? 7

When it comes to your future, only the best will do 8

Looking at the bigger picture 9

Our funds 10

Are you on track to have the retirement you dream of? 12

Statutory information 14

Summary financial statements Summary Statement of Changes in Net Assets 18 Summary Statement of Net Assets 19 Summary Statement of Cash Flows 19 Notes to the Summary Financial Statements 20

Independent auditor’s report on the summary financial statements 22

Who can I contact if I have questions about my investment? 23

How can I make a complaint? 24

Directory 25

Are you making the most of KiwiSaver?Put our six top KiwiSaver tips into action now at anz.co.nz/kiwisavertoptips Help us to stay in touch!

If you haven’t already, opt in to receive your communications by email. Complete the form at anz.co.nz/byemail

2 3

Investment performance summary and unit prices The Funds’ unit prices have continued to rise

Understanding unit prices

Fund

Investment performance for the year ended 31 March 20151

Annualised investment

performance since inception2

Unit price at 31 March 20151

Conservative Fund 10.90% 6.23% $1.4988

Conservative Balanced Fund 12.82% 6.50% $1.5298

Balanced Fund 14.68% 6.63% $1.5453

Balanced Growth Fund 16.48% 6.63% $1.5475

Growth Fund 18.17% 6.53% $1.5373

Cash Fund 3.73% 3.21% $1.2332

1 Past performance is not indicative of future performance. Performance can be negative as well as positive. Investments in any of the funds referred to in this publication are subject to investment risk, including possible delays in repayment and loss of income invested. Unless otherwise indicated, performance is after fees (excluding membership fees charged directly to member accounts) and before tax. This is represented by changes in unit prices plus any applicable tax credits. Current and historic unit prices for each fund are available on the ANZ website: anz.co.nz/fundinformation.

2 The inception date for all funds, except the Cash Fund, was 1 October 2007. The Cash Fund commenced on 11 August 2008.

Unit prices since inception

Date

Uni

t pri

ce ($

)

2008 2009 2010 2011 2012 2013 2014 2015

1.60

1.50

1.40

1.30

1.20

1.10

1.00

0.90

0.80

0.70

0.60

n Conservative Fund

n Conservative Balanced Fund

n Balanced Fund

n Balanced Growth Fund

n Growth Fund

n Cash Fund

For the year ended 31 March 2015 For the years ended 31 March

You’re always connected

If you have access to ANZ Internet Banking, you can keep track of your ANZ KiwiSaver account balance by:

• logging in to your ANZ Internet Banking facility at anz.co.nz

• using the ANZ goMoney app on your smartphone or tablet

If you don’t have access to ANZ Internet Banking, you can log in to, or register for, our online KiwiSaver account portal.

anz.co.nz/keeptrack

What is a unit price?

In ANZ KiwiSaver, your savings are pooled with the savings of all other members. Your share of that pool is based on how much you’ve contributed and is represented by the number of ‘units’ you own. The daily calculation to determine the value of the units is called ‘unit pricing’.

How is the unit price worked out?

The price for each unit is calculated by dividing the value of ANZ KiwiSaver’s total assets by the number of units held by all members. Because the value of investment markets (and assets) fluctuate daily, so too does the value of the scheme, and therefore the unit price of the fund you’re invested in.

5

The numbers tell the story

As at 31 March 2015

Following the global financial crisis – now some six or seven years ago – economies around the world have shown a gradual but consistent recovery. We’ve seen a sustained period of growth for investment markets, even though there have also been several pockets of volatility along the way.

During the year, financial markets were supported by the world’s major central banks taking extra – and sometimes unconventional – steps to try and stimulate further growth and stability in their respective economies. Those steps included the widespread buying of government bonds as a means of lowering interest rates and increasing money supply. This is also known as ‘quantitative easing’.

Yet, even with this assistance, the degree to which the global economy grew was still slightly disappointing. Factors combining to put the brakes on growth included the reluctance of companies to commit to significant capital expansion, and geopolitical concerns (such as the conflicts in Ukraine and in Syria).

Looking at asset classes, international shares was the standout performer, as investors collectively shifted from lower-yielding cash and fixed interest into the sharemarket. This was made all the easier through the central bank measures mentioned above, aimed precisely at boosting investment.

Alongside the strong results seen in growth assets (shares and listed property), fixed interest performed extremely well. Capital gains were the main reason for this, driven by the falling interest rates everywhere. (When interest rates fall, fixed interest investments tend to generate capital gains; the opposite is true when interest rates rise.)

In New Zealand, the economy also maintained good momentum, buoyed by strong immigration flows and a robust property market. The property market was further fuelled by the low interest rates and ongoing Christchurch rebuild. In fact, such was the strength of the property market, the Reserve Bank of New Zealand (RBNZ) hinted that it would consider additional policies in an effort to cool the spiralling Auckland housing market. At the time of writing, the RBNZ has already introduced some of these measures.

Market review

For the year ended 31 March 2015

4

$6.8billionin the three KiwiSaver schemes managed by

ANZ Investments

Over

664,472members in the three

KiwiSaver schemes managed by ANZ Investments

2,487,800members

in KiwiSaver

$470 million contributions from members during the year in review

$47.8 million withdrawn by members for their first home during the year in review

$8,778 average balance (28% higher than last year)

$4.4 billion in total savings

$15 million transferred from Australian superannuation funds on behalf of 650 members during the year in review

ANZ KiwiSaver Scheme

503,652 members

Over 65% of members in the Lifetimes option

$100 million of Government annual contributions (member tax credits) claimed on behalf of 258,563 members

Data sourced from Inland Revenue KiwiSaver statistics, FMA KiwiSaver Statistical Return Forms (year ended 31 March 2015) and ANZ Investments New Zealand Limited, as applicable.

Looking at asset classes, international shares was the standout performer...

6 7

Mind the bumps

After three years of investment performance exceeding most analyst forecasts, it’s important to sound a word of caution about expectations going forward. ANZ Investments expects more subdued performance from financial markets over the coming year.

With interest rates at close to historic lows, and both the share and property markets appearing ‘fully priced’ (representing a fair market value), we think the strong gains of recent years are unlikely to be repeated in the short term.

In this environment, we see our role being to stay committed to the investment principles of quality, liquidity and diversification. That means maintaining a well-mixed portfolio of sound investment assets that we can readily sell if and when we need to.

Investment volatility is part of investing and doesn’t have to be cause for panic. It’s the long-term trend that matters when it comes to saving for your retirement, and it’s virtually impossible to get the big double-digit growth (the ups) without the potential for some downs as well. From your perspective, keeping a disciplined and patient approach to your investment – regardless of what’s happening in the markets – is one of the smartest things you can do.

Opt in to receive your communications by email. Our quarterly email ‘Spotlight’ will let you know when the latest market review is available. We’ll also keep you up to date with any news that could affect you as a KiwiSaver member.

We can only send you our quarterly email if you’ve given us your correct email address.

Complete the form at anz.co.nz/byemail

…or we can deliver what you need to know straight to your inbox

To help you stay up to date with what’s happening in investment markets and your KiwiSaver scheme, we publish:

• Daily unit prices & monthly performance figures

• Quarterly market reviews

• Annual & Quarterly Disclosure Statements

anz.co.nz/fundinformation

Information at your finger tips...

Market review (cont) Where has the year gone?

Apr 14

Campaign to help members get their ‘free money’ (Government’s annual contribution)

Sept 14

ANZ Investments’ KiwiSaver schemes awarded 3 and 4 stars in the Canstar ratings (fee-based criteria)

Nov 14

New online KiwiSaver calculator launched

Feb 15

ANZ KiwiSaver receives Platinum rating – the highest possible – in first-ever review of NZ KiwiSaver schemes by Australian company SuperRatings

Jul 14

ANZ Investments reappointed as a default KiwiSaver provider

Oct 14

Money Week – live online chat for KiwiSaver members

Nov 14

ANZ wins FundSource 2014 KiwiSaver Manager of the Year award (3rd year running)

Feb 15

ANZ Investments’ total FUM passes $20bn – NZ’s largest fund manager

Jul 14

ANZ Investments launches simpler process for transferring Australian superannuation funds

Oct 14

KiwiSaver schemes managed by ANZ Investments reach $6bn in funds under management (FUM)

Dec 14

ANZ Investments wins Workplace Savings – Investment Statement of the Year and Annual Reporting of the Year

Mar 15

ANZ Investments is KiwiSaver Category Winner, New Zealand in the Morningstar Awards 2015

Jul 14

Easier and clearer online sign-up process

Oct 14

Record $2.5m received in Australian superannuation funds – more than double average monthly transfers

Dec 14

Release 2 of ANZ Internet Banking KiwiSaver portal with improved functionality

Mar 15

Grow seminars launched – educating Kiwis about value of good financial planning and advice

8 9

0% 1% 2% 3% 4% 5% 6% 7% 8%

When you evaluate the performance of your KiwiSaver scheme, it’s important to look at the long term – after all, that’s what you’re saving for.

This chart shows how ANZ KiwiSaver’s multi-asset-class funds have performed over the last seven years – and how each fund has performed relative to other similar funds, using the industry median performance, as published in the Mercer KiwiSaver Survey.

Our goal is not necessarily to be the top performer all the time (that would be impossible), but we do aim to beat the median performance.

Over seven years, all of ANZ KiwiSaver Scheme’s multi-asset-class funds have equalled or beaten industry median performance*

Looking at the bigger picture

*Mercer KiwiSaver Survey, March 2015. Performance in the survey is for the seven years ended 31 December 2014. Data was obtained from survey participants and is after tax (at the highest PIR of 28%) and after all fees that are asset based. This includes management fees, performance fees, trustee fees and other in-fund costs.

Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.Refer back cover for all awards and ratings disclaimers.

Growth Fund

Balanced Growth Fund

Balanced Fund

Conservative Balanced Fund

Conservative Fund

7.1%6.0%

6.7%

6.2%

5.6%

4.9%

6.0%

5.1%

4.9%

4.9%

When it comes to your future, only the best will do

As a member of ANZ KiwiSaver, your retirement savings are managed by ANZ Investments – ANZ’s award-winning fund manager.

ANZ KiwiSaver also received a Platinum rating – the highest possible – in the first-ever review of New Zealand KiwiSaver schemes by Australian company SuperRatings.

Visit anz.co.nz/anzinvestments for more information about our awards and ratings.

You’re in good hands… but don’t just take our word for it

The depth and tenure of the ANZ investment team is

unmatched amongst the KiwiSaver providers…All told, this is amongst the best KiwiSaver schemes on offer to investors…No matter which way

you look at it, ANZ KiwiSaver has been one of the top-performing

KiwiSaver schemes since its launch.

MORNINGSTAR GLOBAL FUND REPORT, 21 JULY 2015

A “best value for money” KiwiSaver Scheme.

Well balanced across all key assessment criteria in a robust,

secure and proven risk framework. The Scheme provides features

that should assist most individuals to meet their retirement

savings goals.

SUPERRATINGS ASSESSMENT, DECEMBER 2014

ANZ Investments has made a significant contribution to the

industry in 2014, its performances have been outstanding, and they have displayed strong qualitative

attributes across their funds.

JUDGES’ COMMENT, 2014 FUNDSOURCE AWARDS

The capable, seasoned investment personnel (at ANZ Investments) have provided

exceptional short and longer-term performance, while the firm’s

transparency and investor education and engagement are all first-rate.

MORNINGSTAR AWARDS 2015

ANZ KiwiSaver Scheme

Industry median

10 11

Our funds

Understanding the ‘risk/return’ profile

A key focus in investment management is the relationship between risk and return. If you’re seeking higher returns, you need to be willing to accept more risk. The risk/return profile shown is the expected long-term risk/return.

Need more help choosing a fund? Choosing the right fund is important as, over time, investment performance can affect your savings.

• Get more information about our funds (and a copy of the investment statement) at anz.co.nz/fundoptions

• Complete the online Risk Profile Questionnaire to identify your risk/return profile and which fund may be appropriate for you (anz.co.nz/riskprofiletool)

• Seek personalised financial advice from an ANZ Authorised Financial Adviser, by calling us on 0800 269 238.

Of course, your circumstances and savings goals may change over time, and you can make further fund changes in the future if you need to.

All of our funds, other than the Cash Fund, may invest in alternative assets.

Fund Risk/return profileLifetimes option

age rangesBenchmark asset class mix

Growth Fund 35 and under

Balanced Growth Fund

36 to 45

Balanced Fund 46 to 55

Conservative Balanced Fund

56 to 60

Conservative Fund 61 to 64

Cash Fund 65 and over

MoreLess

Risk

Return

MoreLess

Risk

Return

MoreLess

Risk

Return

MoreLess

Risk

Return

MoreLess

Risk

Return

MoreLess

Risk

Return

20% Listed property and shares80% Cash assets & fixed interest

Term deposits 100%

35% Listed property and shares65% Cash assets & fixed interest

50% Listed property and shares50% Cash assets & fixed interest

65% Listed property and shares35% Cash assets & fixed interest

80% Listed property and shares20% Cash assets & fixed interest

1312

Are you on track to have the retirement you dream of?

Our easy-to-use calculator can help you work out whether or not you’re on track to achieving your retirement savings goal. How? The calculator takes the personal information you enter and uses some assumptions to tell you:

• the projected amount you will have

• the amount you might need, and

• whether you will have a contribution gap or a surplus, in retirement.

anz.co.nz/kiwisavercalculator

The $1,000 kick-start is currently included in the calculations, although this contribution is no longer available to individuals who enrolled into KiwiSaver for the first time from 21 May 2015.

14 15

Membership information

Membership movements Number of members

Number of contributing members as at 1 April 2014 227,829

Plus: Total member entries during the year 114,519

Less: Total temporary and permanent exits for the year (72,833)

Number of contributing members as at 31 March 2015 269,515

Number of members on contribution holidays as at 31 March 2015 15,190

Number of other non-contributing members (not on contribution holidays) as at 31 March 2015 218,947

Total number of members as at 31 March 2015 503,652

Fee information

Fees and expenses charged Total amount $000

Membership fees (charged directly to member accounts) 10,580

Management fees 32,861

Other operating expenses 1,285

Trustee fees 1,110

Fees charged during the year 45,836

Contribution information

Contribution type Number of members

Total amount $000

Member contributions 326,186 470,941

Transfers in from other schemes 41,276 337,794

Transfers in from complying Australian superannuation schemes 650 15,262

Employer contributions 264,835 235,789

Crown contributions 327,707 156,045

Member accumulations as at 31 March 2015 503,652 4,421,176

Withdrawal information

Withdrawal type Number of members

Total amount $000

Transfers out 16,978 127,476

End payment 5,063 61,395

First home purchase 3,444 47,878

Permanent emigration 214 1,863

Significant financial hardship 1,770 8,175

Death 478 4,315

Serious illness 334 4,017

Transfers out to complying Australian superannuation schemes 4 83

Other 46 228

For the year ended 31 March 2015

Statutory information

16 17

John BodyDirector 21 July 2015

Penelope Ford Director 21 July 2015

Manager’s statementIn accordance with the reporting provisions of the KiwiSaver Act 2006 and the KiwiSaver Regulations 2006, ANZ New Zealand Investments Limited (the ‘Manager’ of ANZ KiwiSaver), declares the following in respect of ANZ KiwiSaver.

The Manager certifies that:

• All the benefits required to be paid from ANZ KiwiSaver in accordance with the terms of the Trust Deed and the KiwiSaver scheme rules have been paid.

• The market value of the assets of ANZ KiwiSaver at the close of the financial year equalled or exceeded the total value of benefits that would have been payable had all members of ANZ KiwiSaver ceased to be members at that date and had provision been made for the continued payment of all benefits being paid to members and other beneficiaries as at the close of the financial year.

• The Scheme Provider Agreement dated 24 April 2007 (as amended from time to time) between the Commissioner of Inland Revenue and the Manager remained in force throughout the period covered by this annual report.

• Contributions received in respect of each member, including contributions received via the Commissioner of Inland Revenue in respect of that member, have been applied in accordance with the Trust Deed and the KiwiSaver Act 2006.

• The most recent prospectus for ANZ KiwiSaver was registered with the Registrar of Financial Service Providers under the Securities Act 1978 on 19 September 2014.

Changes that were made during the period covered by this annual report to the Trust Deed and the terms of the offer of interests in ANZ KiwiSaver

There were no changes to the Trust Deed of ANZ KiwiSaver for the year ending 31 March 2015.

Some important changes to the foreign superannuation tax rules came into effect on 1 April 2014. The new rules aim to tighten up and clarify the tax payable for New Zealand residents who have an interest in a foreign superannuation scheme that was acquired while they were non-resident. In addition there is a new rule that allows KiwiSaver members to request a withdrawal from their KiwiSaver scheme to pay any tax owing from foreign superannuation (excluding Australia) that is invested in a KiwiSaver scheme, directly to Inland Revenue.

The Government made some changes to the KiwiSaver first home withdrawal and subsidy on 1 April 2015. The main change allows eligible KiwiSaver members to withdraw their member tax credits for a first home purchase. In addition, the KiwiSaver first home subsidy was renamed the KiwiSaver HomeStart grant, and the grant was doubled for eligible members who are purchasing a newly built home.

Other changes include:

• the home a member purchases must be in New Zealand

• members can now withdraw for home ownership on Māori land; this is in line with the Government’s Māori home ownership and land use goals.

From 1 June 2015, members may be able to access their KiwiSaver savings to pay deposit payments for a first home before the sale and purchase goes unconditional.

From 21 May 2015, the $1,000 tax-free ‘kick start’ contribution to new KiwiSaver members was stopped.

Changes that were made during the period covered by this annual report to the investment objectives and policies

There have been no changes to the Funds’ investment objectives and policies since the last balance date. The benchmark asset class mixes may change from time to time as determined by the Manager.

On behalf of ANZ New Zealand Investments Limited, the Manager:

Trustee’s statement

The New Zealand Guardian Trust Company Limited, the ‘Trustee’ of ANZ KiwiSaver, declares the following in respect of ANZ KiwiSaver:

In respect of the year ended 31 March 2015, the Trustee is satisfied that the Manager has not breached an issuer obligation (as defined in section 4(1) of the Securities Trustees and Statutory Supervisors Act 2011) in a material respect.

For the year ended 31 March 2015

Statutory information (cont)

Simon Sherpa Relationship Manager Corporate TrustsThe New Zealand Guardian Trust Company Limited21 July 2015

18 19

Summary financial statements

Summary Statement of Changes in Net Assets for the years ended 31 March

2015$000

2014$000

2013$000

2012$000

2011$000

Income

Interest income 7,928 5,139 1,608 1144 568

Distribution income – – – – 85

Net changes in fair value of investment assets and liabilities 533,851 235,182 99,846 26,277 26,030

Total investment income 541,779 240,321 101,454 27,421 26,683

Less: Expenses

Management fees 32,861 22,523 6,257 4,174 2,589

Trustee fees 1,110 755 214 176 123

Interest expense – 3 – – –

Auditor's fees – statutory financial statements 28 28 26 34 32

Auditor's fees – prospectus, summary financial statements, trustee reporting and semi-annual controls reporting 8 8 8 – –

Other expenses 1,249 1,251 839 749 550

Total expenses 35,256 24,568 7,344 5,133 3,294

Net profit/(loss) 506,523 215,753 94,110 22,288 23,389

Membership activities

Contributions from members 470,941 307,351 84,693 64,642 50,134

Contributions from employers 235,789 162,117 37,840 33,091 23,339

Crown contributions 156,045 120,424 45,513 56,215 57,729

Transfers in from other schemes 337,794 1,492,847 124,962 43,151 38,433

Transfers in from complying Australian super-annuation schemes 15,262 4,993 – – –

Contributions for PIE tax received 25 152 15 16 4

Permitted withdrawals (127,871) (101,273) (33,751) (5,545) (2,102)

Transfers out to other schemes (127,476) (96,404) (23,377) (15,699) (13,693)

Transfers out to complying Australian superannuation schemes (83) – – – –

Withdrawals for PIE tax paid (20,557) (6,809) (3,443) (698) (2,083)

Membership fees paid/payable (10,580) (9,209) (3,485) (2,861) (2,256)

Net membership activities 929,289 1,874,189 228,967 172,312 149,505

Benefits accrued to the members' accounts 1,435,812 2,089,942 323,077 194,600 172,894

Members' funds at the beginning of the year 2,985,364 895,422 572,345 377,745 204,851

Members' funds at the end of the year 4,421,176 2,985,364 895,422 572,345 377,745

Summary Statement of Net Assets as at 31 March

2015$000

2014$000

2013$000

2012$000

2011$000

Assets

Investment assets 4,394,785 2,962,902 886,955 568,339 373,734

Other assets 62,293 45,694 15,968 7,828 5,047

Total assets 4,457,078 3,008,596 902,923 576,167 378,781

Total tangible assets 4,457,078 3,008,596 902,923 576,167 378,781

Total liabilities 35,902 23,232 7,501 3,822 1,036

Net assets available to members 4,421,176 2,985,364 895,422 572,345 377,745

For and on behalf of ANZ New Zealand Investments Limited, as Manager who authorised the issue of these summary financial statements on 21 July 2015:

Summary Statement of Cash Flows for the years ended 31 March

2015$000

2014$000

2013$000

2012$000

2011$000

Cash and cash equivalents at the beginning of the year 24,275 9,351 4,277 4,346 10,920

Net cash flows from operating activities (919,438) (1,859,495) (223,888) (172,451) (156,070)

Net cash flows from financing activities 929,294 1,874,419 228,962 172,382 149,496

Cash and cash equivalents at the end of the year 34,131 24,275 9,351 4,277 4,346

John BodyDirector

Penelope Ford Director

20 21

For the years ended 31 March 2015, 2014, 2013, 2012 and 2011

Notes to the summary financial statements

The summary financial statements are for the ANZ KiwiSaver Scheme (‘ANZ KiwiSaver’) which comprises the following investment funds (the ‘Funds’):

• Growth Fund

• Balanced Growth Fund

• Balanced Fund

• Conservative Balanced Fund

• Conservative Fund

• Cash Fund

ANZ KiwiSaver is registered under the KiwiSaver Act 2006 under the registration number KSS/10030.

The information contained in the summary financial statements has been extracted from ANZ KiwiSaver’s full financial statements and is presented for the years ended 31 March 2015, 2014, 2013, 2012 and 2011. The information has been prepared in accordance with Clause 7 of Schedule 5A of the Securities Regulations 2009 (which still remains applicable during the relevant transitional periods of the Financial Markets Conduct Act 2013) and FRS-43 Summary Financial Statements.

The presentation currency for the summary financial statements is New Zealand dollars and has been rounded to thousands of dollars ($000).

The results, position and cash flows reported for ANZ KiwiSaver are an aggregation of the results, position and cash flows of the Funds that make up ANZ KiwiSaver, with the exception of switches within ANZ KiwiSaver, which have been eliminated.

ANZ KiwiSaver is a Portfolio Investment Entity (‘PIE’) for tax purposes. Under the PIE regime, income is effectively taxed in the hands of the members and therefore ANZ KiwiSaver has no tax expense or deferred tax assets or liabilities.

The summary financial statements for inclusion in this annual report were authorised for issue by the directors of the Manager on 21 July 2015 and an unmodified audit report was issued on that date.

The full financial statements for the year ended 31 March 2015 were authorised for issue by the directors of the Manager on 21 July 2015 and an unmodified audit report was issued at that date. The full financial statements were delivered to the Companies Office of the Ministry of Business, Innovation and Employment for registration on 24 July 2015.

The full financial statements for the years ended 31 March 2014 and 2013 were authorised for issue by the directors of the Manager on the following dates and an unmodified audit report was issued on that date.

Full financial year ended Date authorised for issue

31 March 2014 29 July 2014

31 March 2013 29 July 2013

The full financial statements for the years ended 31 March 2012 and 2011 were authorised for issue by the directors of the Trustee on the following dates and an unmodified audit report was issued on that date.

Full financial year ended Date authorised for issue

31 March 2012 27 July 2012

31 March 2011 21 July 2011

The information contained in the summary financial statements on pages 18 to 21 of this annual report has been extracted from ANZ KiwiSaver’s full financial statements for the year ended 31 March 2015. Due to their summary nature, these financial statements cannot provide a full understanding of the Statement of Changes in Net Assets, Statement of Net Assets and Statement of Cash Flows. This understanding can only be obtained by reference to the full financial statements of ANZ KiwiSaver.

The full financial statements have been prepared by the Manager in accordance with the Financial Reporting Act 1993, the KiwiSaver Act 2006 (each of which remains applicable to the Funds during the relevant transitional periods of the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013), the Trust Deed and New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), and other applicable Financial Reporting Standards, as appropriate for publicly accountable and profit-oriented entities. The financial statements also comply with International Financial Reporting Standards (IFRS).

The most recent prospectus, financial statements and other documents of, or relating to, ANZ KiwiSaver, are filed on a public register at the Companies Office of the Ministry of Business, Innovation and Employment and available for public inspection (including at http://www.companies.govt.nz under ‘Search other registers’).

A member has a right to receive, on request, a copy of the most recent financial statements, auditor’s report, an estimate of the member’s benefits or a copy of the most recent registered prospectus relating to ANZ KiwiSaver. These can be obtained at no cost by contacting ANZ Investments toll free on 0800 736 034.

22 23

Independent auditor’s report on the summary financial statements

To the members of ANZ KiwiSaver SchemeThe accompanying summary of financial statements on pages 18 to 21, which comprise the summary statement of net assets as at 31 March 2015 and the summary statements of changes of net assets and cash flows for the year then ended and notes, are extracted from the audited financial statements of ANZ KiwiSaver Scheme (the ‘Scheme’) for the year ended 31 March 2015. We expressed an unmodified audit opinion on those financial statements in our report dated 21 July 2015.

The summary financial statements do not contain all the disclosures required for full financial statements under generally accepted accounting practice in New Zealand. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Scheme.

Manager’s responsibility for the financial statementsThe Manager is responsible for the preparation of a summary of the audited financial statements in accordance with FRS-43 Summary Financial Statements and that comply with the requirements of Clause 7 of Schedule 5A of the Securities Regulations 2009.

Auditor’s responsibilityOur responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing (New Zealand) (ISA (NZ)) 810 Engagements to Report on Summary Financial Statements.

Our firm has also provided other assurance services to the Funds and Scheme in relation to prospectus reporting, trustee reporting, and semi-annual controls reporting. Subject to certain restrictions, partners and employees of our firm may also deal with the Funds and Scheme on normal terms within the ordinary course of business of the Funds and Scheme. These matters have not impaired our independence as auditor of the Funds and Scheme. The firm has no other relationship with, or interest in, the Funds and Scheme.

OpinionIn our opinion, the summary financial statements have been correctly extracted from the audited financial statements of ANZ KiwiSaver Scheme for the year ended 31 March 2015, and the information reported in the summary financial statements is consistent in all material respects with the audited financial statements, in accordance with FRS-43 Summary Financial Statements and complies with the requirements of Clause 7 of Schedule 5A of the Securities Regulations 2009.

21 July 2015 Auckland

Who can I contact if I have questions about my investment? View your details online – 24/7

It’s easy to check your ANZ KiwiSaver account balance online in one of these ways:

• log in to your ANZ Internet Banking facility at anz.co.nz

• use the ANZ goMoney app on your smartphone or tablet

• log in to your ANZ KiwiSaver account at anz.co.nz, where you can also see full transaction details and other information.

You can also view unit prices and fund performance details at anz.co.nz/fundinformation.

Contact us with any questions or problems

For any questions or problems you have with ANZ KiwiSaver, please contact our Customer Services team at:

service@anzinvestments.co.nz 0800 736 034

ANZ Investments Customer Services

ANZ Centre, 23-29 Albert Street, Auckland Freepost 324, PO Box 7149, Wellesley Street, Auckland 1141

Speak to an authorised financial adviser

If you want financial advice about ANZ KiwiSaver, you should speak to an authorised financial adviser. Call 0800 269 238 to speak with an ANZ Authorised Financial Adviser. An ANZ Authorised Financial Adviser will, on request, provide you, free of charge, with his or her disclosure statement prepared under the Financial Advisers Act 2008.

24

How can I make a complaint?

Try us first

If you have any problems with ANZ KiwiSaver, please let us know. Our contact details are stated on page 23. We’re committed to resolving your complaint as quickly as possible. Our goal is to fix complaints within five working days.

Try the Trustee next

If we can’t help you, please contact the Trustee at:

ct-auckland@nzgt.co.nz

09 909 5100

Relationship Manager – ANZ KiwiSaver Scheme

The New Zealand Guardian Trust Company Limited Level 15, 191 Queen Street, Auckland PO Box 1934, Auckland 1140

If you’re still not happy

If we can’t help you and the Trustee can’t either, you can get independent assistance from our respective dispute resolution schemes, free of charge.

The Manager’s dispute resolution scheme Contact our dispute resolution scheme at:

info@iombudsman.org.nz

0800 888 202

The Insurance and Savings Ombudsman

Level 11, Classic House, 15-17 Murphy Street, Wellington PO Box 10-845, Wellington 6143

The Trustee’s dispute resolution scheme Contact the Trustee’s dispute resolution scheme at:

info@fscl.org.nz

0800 347 257

Financial Services Complaints Limited

4th Floor, 101 Lambton Quay, Wellington PO Box 5967, Wellington 6145

Directory

Manager, Administration Manager, Scheme Provider, Registrar & Investment Manager

ANZ New Zealand Investments LimitedRegistered Office Ground Floor, ANZ Centre 23-29 Albert Street Auckland 1010 PO Box 7149, Wellesley Street Auckland 1141

Board of Directors of the ManagerJohn Robert Body

Stewart Cresswell Brentnall

Gavin Murray Pearce

Penelope Jane Ford (appointed 1 April 2014)

Ronald Bruce Macintyre (appointed 10 April 2015)

Craig Lionel Sims (resigned 10 April 2015)

Trustee

The New Zealand Guardian Trust Company Limited Level 15 191 Queen Street PO Box 1934 Auckland 1140

Board of Directors of the TrusteeAndrew Howard Barnes (appointed 7 April 2014)

Christopher Robert Darlow (appointed 10 February 2015)

James Earl Douglas (appointed 7 April 2014)

Robin Albert Flannagan (appointed 7 April 2014)

Timothy James Shaw (appointed 2 September 2014)

Kerryn Mark Downey (resigned 7 April 2014)

Catherine McDowell (resigned 7 April 2014)

Geoff Vincent Lloyd (resigned 7 April 2014)

Richard Arthur Wilks (resigned 7 April 2014)

Solicitor

Minter Ellison Rudd WattsLumley Centre 88 Shortland Street PO Box 3798 Auckland 1140

Auditor

KPMGKPMG Centre 18 Viaduct Harbour Avenue PO Box 1584 Auckland 1140

CustodianAs at the date of this annual report there are no custodians for ANZ KiwiSaver; underlying funds in which ANZ KiwiSaver invests may have custodians.

There are no promoters of ANZ KiwiSaver.

25

anz.co.nz

ANZ N

ew Zealand Investm

ents Limited A1464 07/15 17927

For information only: This document has been provided for information purposes only. Its content is intended to be of general nature and does not take into account an investor’s, or potential investor’s, financial situation, investment objectives, or risk tolerance.

Not investment advice: This document is not intended to constitute, does not constitute, and should not be construed as constituting, investment advice nor is it a substitute for commercial judgment or other professional advice. Investors, or potential investors, should: (i) conduct independent due diligence on any investment; and (ii) obtain independent investment and professional advice, prior to acting in reliance on this document.

Not deposits in ANZ Group: The investment(s) referred to in this document are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ New Zealand Investments Limited. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested.

No guarantee: The investment(s) referred to in this document are not guaranteed by ANZ Group, The New Zealand Guardian Trust Company Limited, any of their directors, or any other person.

No liability or responsibility: To the maximum extent permitted by law, ANZ Group disclaims any liability or responsibility to any person for any direct or indirect loss or damage that may result from any act or omission by any person in relation to, or in reliance on, the information supplied in this document.

Speak to an authorised financial adviser: This document is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult an authorised financial adviser, please contact us on 0800 736 034 and we will provide you with the contact details for an authorised financial adviser in your area. An authorised financial adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008.

© 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 (“ASXO”).

The Morningstar Global Fund Report (21 July 2015) does not cover the ANZ KiwiSaver Scheme’s Cash Fund.

Fund Manager of the Year Awards are announced by FundSource, the investment strategy and research company. These awards should not be read as a recommendation by FundSource. For further advice on the relevance of this award to your personal situation consult your authorised financial adviser, or visit www.fundsource.co.nz.

SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.