Australia and New Zealand Banking Group Ltd. — Board/Management Information 2008

Sep 8, 2008

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Corporate Communications 100 Queen Street Melbourne Vic 3000 www.anz.com

For Release: 9 September 2008

ANZ creates customer-focussed business model to support growth and performance

ANZ today announced a new business model and organisation structure to accelerate progress with its strategy to become a super regional bank, lift customer focus and drive performance improvement.

ANZ will organise around its three geographies – Australia, New Zealand and Asia Pacific – and its global Institutional client business. Each geography will focus on two customer segments – Retail and Commercial - which will be coordinated globally.

The new business model responds to the changing landscape for financial services and ANZ’s super regional strategy by shifting ANZ away from a collection of standalone product and customer businesses to simpler, larger business structures that are aligned with the geography and customers they serve.

ANZ Chief Executive Officer Mr Mike Smith said: “We have a clear strategy to create a super regional bank. This business model creates the right structure to deliver on that strategy, to intensify customer focus and to drive our performance.

“Our new structure simplifies ANZ by organising ourselves around our customers and reducing the management layers between me and the staff who serve our customers from up to twelve to around seven.

“This lowers risk by reducing bureaucracy and complexity. It creates greater transparency and accountability within the Group to improve performance for our shareholders and customers. It also establishes a scalable structure that will support ANZ’s future growth and expansion.”

ANZ will progressively consolidate support functions including technology and operations within Divisions and within the bank’s shared services function to increase scale and efficiency.

The following appointments have been made to the ANZ Management Board to lead its business in the Group’s three geographies and its global Institutional Banking segment.

• Brian Hartzer, Chief Executive Officer Australia.

• Graham Hodges, Chief Executive Officer New Zealand.

• Alex Thursby, Chief Executive Officer Asia Pacific.

• Institutional will be led by Mr Thursby who will be acting in the role until a permanent appointment is made to the role of Group Managing Director Institutional.

In addition, global accountabilities have been established for ANZ’s two key customer segments – Retail and Commercial. This will provide a ‘One ANZ’ approach to strategy development, technology and operations infrastructure, and to sharing best practice across geographies.

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Australia and New Zealand Banking Group Limited ABN 11 005 357 522

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Mr Hartzer will be the Global Segment Leader for Retail and David Hisco, Group Managing Director Commercial Banking Australia, will be the Global Segment Leader for Commercial.

Margaret Payn has been appointed to a newly created role as Group Managing Director Strategy and Marketing. Mr Hisco and Ms Payn will join the Management Board.

Over time, the intention is to establish a global Wealth segment. Initially ANZ’s existing Wealth businesses including the joint venture with ING and Private Banking will be part of the Australian Division, and the Asia Pacific Division will develop the Asian Wealth business.

“We are coming off the back of 15 years of economic growth into a very different environment. Our new structure puts ANZ into the best possible shape to take advantage of this new reality and accelerate our progress towards becoming a super regional bank and more customer-focused. It is the right structure for ANZ now and for the future,” Mr Smith said.

Other members of ANZ’s Management Board are: Bob Edgar, Deputy Chief Executive Officer; Susie Babani, Group Managing Director Human Resources; David Cartwright, Group Managing Director Operations Technology and Shared Services; Peter Marriott, Chief Financial Officer and Chris Page, Chief Risk Officer.

The new structure is effective 1 October 2008 with the new business model to be established progressively throughout ANZ in coming months.

For media enquiries contact:

Paul Edwards Group General Manager Corporate Communications Tel: 03-9273 6955 or 0409-655 550 Email: paul.edwards@anz.com

For investor enquiries contact:

Jill Craig Group General Manager Investor Relations Tel: 03-9273 4185 or 0412-047 448 Email: jill.craig@anz.com

Attachments: ANZ Business Model Overview

ANZ Management Board Organisation Chart

ANZ business model overview

ANZ Technology Wealth Australia NZ Asia Pacific Institutional Local customers Functions (Risk, Finance, HR) Corporate Centre India and Group shared services Wealth Australia NZ Asia Pacific Institutional Australia Operations Hub NZ Operations Hub AP Operations Hub Institutional Operations Hub Australia Retail Commercial New Zealand Retail Commercial Asia Pacific Retail Commercial Partners In-country Operations hubs, Bangalore and shared services (IT, HR and Finance) Overall IT governance including investments, Ownership and management of core infrastructure and management of customer-specific systems Group strategy and policy setting and active performance management Wealth Division to be created over time. High net worth individuals, managed across mature markets Multinationals, institutions and corporates with sophisticated needs and multiple relationships, served globally Businesses, from SME through smaller corporates, managed locally1 Retail customers, including mass affluent, managed as local business NZ managed as an integrated business given its size and differences in the competitive and regulatory environment Two substantial businesses (Retail and Commercial) managed relatively independently, reporting through to the Head of Australia Within the Asia region, managed as a geographic and product matrix, and in a global matrix with strong linkages to the Wholesale business Global retail Global commercial Virtual teams drive collaboration, knowledge sharing and common platforms Institutional Institutions Corporates Wealth Wealth Operations Hub	Wealth Division to be created over time. High net worth individuals, managed across mature markets	Wealth Division to be created over time. High net worth individuals, managed across mature markets		Two substantial businesses (Retail and Commercial) managed relatively independently, reporting through to the Head of Australia		NZ managed as an integrated business given its size and differences in the competitive and regulatory environment		Within the Asia region, managed as a geographic and product matrix, and in a global matrix with strong linkages to the Wholesale business		Multinationals, institutions and corporates with sophisticated needs and multiple relationships, served globally
	Retail customers, including mass affluent, managed as local business			Businesses, from SME through smaller corporates, managed locally1		Group strategy and policy setting and active performance management		Overall IT governance including investments, Ownership and management of core infrastructure and management of customer-specific systems		In-country Operations hubs, Bangalore and shared services (IT, HR and Finance)
		Local customers
Regional customers Group Division specific technology Linked hubs

ANZ Management Board

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Chief Executive Officer
Michael Smith
Deputy CEO
Bob Edgar
CEO Australia [1] GMD CEO New CEO Asia Pacific GMD Commercial
Brian Hartzer Institutional [2] Zealand Alex Thursby Banking [3]
Alex Thursby Graham David Hisco
(acting) Hodges
GMD Operations, Chief Financial Chief Risk Officer GMD Human GMD Strategy &
Technology & Officer Chris Page Resources Marketing
Shared Services Peter Marriott Susie Babani Margaret Payn
David
Cartwright
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1. Global segment lead for Retail 2. Global segment lead for Institutional 3. Global segment lead for Commercial; Also reports to CEO Australia Note: GMD – Group Managing Director