Australia and New Zealand Banking Group Ltd. — Interim / Quarterly Report 2016

May 2, 2016

2016 HALF YEAR RESULTS

AUST RALIA AND NEW ZEALAND BANKING G RO UP LIMIT ED 3 MAY 2016

INVESTO R DISCUSSIO N PACK SPECI FI ED IT EMS ANALY SI S

==> picture [59 x 22] intentionally omitted <==

Cash Profit (adjusted pro forma)

	$m	$m	$m	1H16 growth	1H16 growth
	1H15	2H15	1H16	vs 1H15	vs 2H15
Operating Profit (adjusted pro forma) Operating Income 10,040 10,191 10,438 4% 2% Operating Expenses 4,572 4,732 4,701 3% -1% Profit before Provisions 5,468 5,459 5,737 5% 5% Provisions 441 634 905 105% 43% Operating Profit 3,638 3,507 3,499 -4% 0%
Specified Items 38 33 -717
Cash Profit 3,676 3,540 2,782 -24% -21%

==> picture [59 x 22] intentionally omitted <==

‘Adjusted Pro forma’ refers to cash profit adjusted for ‘Specified items’: the impacts of software capitalisation policy changes, Asian Minority Investment impairment charge (AMMB) and gain of cessation of equity accounting (Bank of Tianjin), restructuring expenses and sale of Esanda Dealer Finance portfolio Further detail provided in the ANZ Half Year 2016 consolidated Financial Report page 14. Note: Adjusted pro forma has not been adjusted for FX

2

Financial performance

==> picture [633 x 181] intentionally omitted <==

----- Start of picture text -----

$m
3,676 3,638
3,499
(38)
(139)
2,782
(717)
(3.8%)
(24%)
1H15 cash profit Specified 1H15 adjusted Operating 1H16 adjusted Specified 1H16 cash profit
items pro forma performance pro forma items
----- End of picture text -----

1H15 SPECIFIED ITEMS

• Esanda (+$45m) pro-forma adjustment removes the results of that business

• Restructuring costs (-$7m)

1H16 SPECIFIED ITEMS

• Software capitalisation policy application changes (-$441m)

• Restructuring costs (-$101m)

• Asian Minority Investments impairment & gain (-$231m)

• o Esanda (+$56m) pro-forma adjustment to remove the operating results of that business and gain on sale

==> picture [59 x 22] intentionally omitted <==

‘Adjusted Pro forma’ refers to cash profit adjusted for ‘Specified items’: the impacts of software capitalisation policy changes, Asian Minority Investment impairment charge (AMMB) and gain of cessation of equity accounting (Bank of Tianjin), restructuring expenses and sale of Esanda Dealer Finance portfolio Further detail provided in the ANZ Half Year 2016 consolidated Financial Report page 14. Note: Adjusted pro forma has not been adjusted for FX

3

Financial performance – specific items

1H16 vs 1H15 (PCP)

$m 3,676 3,638 3,499 (38) (139) 56 2,782 (441) (231) (101) 1H15 cash 1H15 specified 1H15 pro Operating 1H16 pro Software Asian minority Restructuring Esanda Dealer 1H16 cash profit items forma Perfornance forma cap changes investments Finance sale profit

Revenue	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2015 Half Year	March 2015 Half Year	March 2015 Half Year	March 2015 Half Year	March 2015 Half Year	March 2015 Half Year	Mar 16 pro forma v. Mar 15	Mar 16 pro forma v. Mar 15	Mar 16 pro forma v. Mar 15
	Cash profit	Software cap change	Asian minority inv’s.	Restruct- uring	Esanda Dealer Finance	Adjusted pro forma	Cash profit	Restruct- uring	Esanda Dealer Finance	Adj pro forma pre FX	FX impact	Adj pro forma fx adj	Cash profit	Adj pro forma pre FX	Adj pro forma Fx adj
	10,316 - 231 - (109) 10,438 10,195 - (155) 10,040 226 10,266												1.2% 4.0% 1.7%
Expenses	(5,479) 629 - 138 11 (4,701) (4,603) 10 21 (4,572) (115) (4,687)												19.0% 2.8% 0.3%
PBP	4,837 629 231 138 (98) 5,737 5,592 10 (134) 5,468 111 5,579												-13.5% 4.9% 2.8%
Provisions	(918) - - - 13 (905) (510) - 69 (441) (5) (446)												80.0% large large
PBT	3,919 629 231 138 (85) 4,832 5,082 10 (65) 5,027 106 5,133												-22.9% -3.9% -5.9%
Tax & NCI	(1,137) (188) - (37) 29 (1,333) (1,406) (3) 20 (1,389) (27) (1,416)												-19.1% -4.0% -5.9%
Cash profit	2,782 441 231 101 (56) 3,499 3,676 7 (45) 3,638 79 3,717												-24.3% -3.8% -5.9%

==> picture [59 x 22] intentionally omitted <==

4

Financial performance – specific items

1H16 vs 2H15 (HOH)

$m

3,540 3,507 3,499 (33) (8) 56 2,782 (441) (231) (101) 2H15 cash 1H15 specified 2H15 pro Operating 1H16 pro Software Asian minority Restructuring Esanda Dealer 1H16 cash profit items forma Performance forma cap changes investments Finance sale profit

Revenue	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	March 2016 Half Year	September 2015 Half Year	September 2015 Half Year	September 2015 Half Year	September 2015 Half Year	September 2015 Half Year	September 2015 Half Year	Mar 16 pro forma v. Sep 15	Mar 16 pro forma v. Sep 15	Mar 16 pro forma v. Sep 15
	Cash profit	Software cap change	Asian minority inv’s.	Restruct- uring	Esanda Dealer Finance	Adjusted pro forma	Cash profit	Restruct- uring	Esanda Dealer Finance	Adj pro forma pre FX	FX impact	Adj pro forma fx adj	Cash profit	Adj pro forma pre FX	Adj pro forma Fx adj
	10,316 - 231 - (109) 10,438 10,342 - (151) 10,191 135 10,326												-0.3% 2.4% 1.1%
Expenses	(5,479) 629 - 138 11 (4,701) (4,775) 21 22 (4,732) (37) (4,769)												14.7% -0.7% -1.4%
PBP	4,837 629 231 138 (98) 5,737 5,567 21 (129) 5,459 98 5,557												-13.1% 5.1% 3.2%
Provisions	(918) - - - 13 (905) (695) - 61 (634) (8) (642)												32.1% 42.7% 41.0%
PBT	3,919 629 231 138 (85) 4,832 4,872 21 (68) 4,825 90 4,915												-19.6% 0.1% -1.7%
Tax & NCI	(1,137) (188) - (37) 29 (1,333) (1,332) (6) 20 (1,318) (27) (1,345)												-14.6% 1.1% -0.9%
Cash profit	2,782 441 231 101 (56) 3,499 3,540 15 (48) 3,507 63 3,570												-21.4% -0.2% -2.0%

==> picture [59 x 22] intentionally omitted <==

5

Specified items 1H16 – All above the line

==> picture [632 x 344] intentionally omitted <==

----- Start of picture text -----

Total Capitalised Restructuring Asian Minority Esanda Dealer
Software expenses Investments Finance sale
Costs, including Expenses incurred AMMB Impairment Pro-forma
accelerated in relation to charge; Bank of adjustment to
amortisation, organisational Tianjin gain on remove the
resulting from restructures cessation of equity operating results of
software accounting that business and
capitalisation gain on sale
PROFIT IMPACT changes
56
1H16($m)
(101)
(231)
(441)
(717)
Restructure Partnerships
Zero Marginal Zero Positive
CET1 IMPACTS
Timing of Timing of One time OOI
P&L IMPACTS Negative
expenses Expenses impact
----- End of picture text -----

==> picture [59 x 22] intentionally omitted <==

Further detail on ’Specified items’ is provided in the ANZ Half Year 2016 consolidated Financial Report page 14.

6

Specified items 1H16 – All above the line

==> picture [249 x 214] intentionally omitted <==

----- Start of picture text -----

Total Capitalised
Software
Costs, including
accelerated
amortisation,
resulting from
software
capitalisation
PROFIT IMPACT changes
1H16($m)
(441)
(717)
----- End of picture text -----

==> picture [263 x 24] intentionally omitted <==

----- Start of picture text -----

CAPITALISED SOFTWARE BALANCE IMPACT
($m)
----- End of picture text -----

==> picture [264 x 97] intentionally omitted <==

----- Start of picture text -----

2,332 2,533 2,689 2,893
2,249
Mar-14 Sep-14 Mar-15 Sep-15 Mar-16
Balance Impact of policy changes
----- End of picture text -----

CAPITALISED SOFTWARE POLICY CHANGES

• Increased the threshold for capitalisation of software development costs

• Directly expensing more project related costs

RATIONALE

• Reflects the rapidly changing technology landscape & increased pace of innovation in financial services, resulting in increasingly shorter useful lives for smaller items of software in the “digital world”

• Driving more disciplined commercial decisions

IMPACT

• Accelerated amortisation of previously capitalised software balances with an original costs below the revised threshold

• Increased operating expenses for software projects in the current period that would otherwise have been capitalised and amortised in future periods

• Higher software expenses in the near term but lower amortisation charges in future years

• Reduced capitalised software balance

==> picture [59 x 22] intentionally omitted <==

Further detail on ’Specified items’ is provided in the ANZ Half Year 2016 consolidated Financial Report page 14.

7

Specified items 1H16 – All above the line

==> picture [249 x 214] intentionally omitted <==

----- Start of picture text -----

Total Restructuring
expenses
Expenses incurred
in relation to
organisational
restructures
PROFIT IMPACT
1H16($m)
(101)
(717)
----- End of picture text -----

RESTRUCTURE EXPENSES

• Reshaping the workforce to reduce complexity and duplication

• Aligning to the new organisation structure, including our changing emphasis on Institutional and international banking

• $138m (pre tax) expenses associated with 1H16 organisational restructure & provision for planned actions in 2H16

BENEFITS

• Streamlined divisions with improved connectivity and productivity

• Simpler organisational structure with fewer senior management required to run the business

• Right sized support and enablement functions to meet business requirements

==> picture [59 x 22] intentionally omitted <==

Further detail on ’Specified items’ is provided in the ANZ Half Year 2016 consolidated Financial Report page 14.

8

Specified items 1H16 – All above the line

==> picture [254 x 214] intentionally omitted <==

----- Start of picture text -----

Total Asian Minority
Investments
AMMB Impairment
charge; Bank of
Tianjin gain on
cessation of equity
accounting
PROFIT IMPACT
1H16($m)
(231)
(717)
----- End of picture text -----

ASIAN MINORITY INVESTMENT ADJUSTMENTS

• During the March 2016 half, the Group recognised a $260 million impairment to its equity accounted investment in AMMB Holdings Berhad (Ambank) bringing the carrying value in line with value-in-use calculations

o On 30 March 2016, Bank of Tianjin (BoT), an equity accounted investment, completed a capital raising. As the Group did not participate in the capital raising, its ownership interest decreased from 14% to 12%. As a consequence, the Group ceased equity accounting the investment in BoT and commenced accounting for the investment as for as an available for sale asset. A net gain of $29 million was recognised in relation to the remeasurement of the investment to fair value and recycling the associated equity accounted reserves

Carrying value of Asia Minority Investments

==> picture [610 x 124] intentionally omitted <==

----- Start of picture text -----

$b
1H16 BOT as for as an available for sale asset. A net
6 5 transferred to AFS asset gain of $29 million was recognised in
relation to the remeasurement of the
4
investment to fair value and recycling the
3
associated equity accounted reserves
2
1
0 Bank of Tianjin (BOT) PT Bank Pan Indonesia
FY09 FY10 FY11 FY12 FY13 FY14 FY15 1H16 AMMB Holdings Berhad Shanghai Rural Commercial Bank
----- End of picture text -----

==> picture [59 x 22] intentionally omitted <==

Further detail on ’Specified items’ is provided in the ANZ Half Year 2016 consolidated Financial Report page 14.

9

Specified items 1H16 – All above the line

Total Esanda Dealer Finance sale Pro-forma adjustment to remove the operating results of that business and gain on sale

PROFIT IMPACT 56 1H16($m) (717)

ESANDA DEALER FINANCE SALE

• On 1 November 2015, the Group sold the Esanda Dealer Finance portfolios with the majority of the business transferred by 31 December 2015.

• Proforma results have been prepared on the assumption that the sale which occurred during the March 2016 half took effect from 1 October 2014, effectively restating the Group’s cash profit for each of the March 2015, September 2015 and March 2016 halves.

==> picture [59 x 22] intentionally omitted <==

Further detail on ’Specified items’ is provided in the ANZ Half Year 2016 consolidated Financial Report page 14.

10

Further Information

==> picture [165 x 132] intentionally omitted <==

Our Shareholder information

shareholder.anz.com

DISCLAIMER & IMPORTANT NOTICE: The material in this presentation is general background information about the Bank’s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate

This presentation may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to ANZ’s business and operations, market conditions, results of operations and financial condition, capital adequacy, specific provisions and risk management practices. When used in this presentation, the words “estimate”, “project”, “intend”, “anticipate”, “believe”, “expect”, “should” and similar expressions, as they relate to ANZ and its management, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such statements constitute “forward-looking statements” for the purposes of the United States Private Securities Litigation Reform Act of 1995. ANZ does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

Equity Investor

Jill Campbell

Group General Manager Investor Relations +61 3 8654 7749 +61 412 047 448 jill.campbell@anz.com

Cameron Davis

Executive Manager Investor Relations +61 3 8654 7716 +61 421 613 819 cameron.davis@anz.com

Katherine Hird

Senior Manager Investor Relations +61 3 8655 3261 +61 435 965 899 katherine.hird@anz.com

Retail Investors

Debt Investors

Michelle Weerakoon

Manager Shareholder Services & Events +61 3 8654 7682 +61 411 143 090 michelle.weerakoon@anz.com

Andrew Minton

Head of Debt Investor Relations +61 3 8655 9029 +61 413 019 633 andrew.minton@anz.com

Donna Chow

Associate Director Debt Investor Relations +61 3 8655 1402 +61 401 385 126 donna.chow@anz.com