Australia and New Zealand Banking Group Ltd. — Interim / Quarterly Report 2017

May 1, 2017

2017 HALF YEAR RESULTS

2017 HALF YEAR RESULTS

HEADLINE FINANCIAL PERFORMANCE

$m 1H16 1H17	Growth
Statutory Profit 2,738 2,911	+6%
Cash Profit 2,782 3,411 EPS (cents) 96 117 ROE 9.7% 11.8%	+23%
	+22%
	+210bp
Adjusted Pro-forma Profit 3,224 3,637 EPS (cents) 111 124 ROE 11.2% 12.5%	+13%
	+12%
	+130bp
Dividend per share (cents) 80 80 - CET1 Ratio (APRA Basel 3) 9.8% 10.1% +32bp CET1 Ratio (International)1 14.0% 15.2% +123bp

NOTE: Adjusted Pro-forma refers to Cash Profit adjusted to remove the impact of ‘Specified items’ as detailed in ANZ First Half 2017 Results Announcement pages 12-15

1. CET1 Internationally comparable Basel 3: Internationally comparable methodology aligns with APRA’s information paper entitled International Capital Comparison Study (13 July 2015). Basel III Internationally Comparable ratios do not include an estimate of the Basel I capital floor

==> picture [40 x 13] intentionally omitted <==

3

FOUR PRIORITIES

BUILDING A BETTER BANK

1. Creating a simpler, better balanced bank

3. Building a superior everyday experience to compete in the digital age

2. Focusing on areas where we can win

4. Driving a purpose and

• values led transformation

==> picture [40 x 13] intentionally omitted <==

4

WORK TO DATE

1H17 PROGRESS

1. Completed senior executive team

2. Further rebalancing of the portfolio

3. More progress on disposals

4. Continued reshaping of workforce

5. Adjusted operating model

6. Changed cost trajectory

7. Better response to changing expectations

==> picture [40 x 13] intentionally omitted <==

5

RESPONDING TO CHANGING EXPECTATIONS

1. Reduced interest rates on credit cards

2. Constructive responses to parliamentary inquiries

==> picture [108 x 61] intentionally omitted <==

==> picture [105 x 61] intentionally omitted <==

3. Ongoing customer innovation

• Apple Pay & ANZ BladePay[TM ]

• • Voice Bio Security

• Digital Card Replacement

==> picture [90 x 125] intentionally omitted <==

==> picture [81 x 179] intentionally omitted <==

• Be Trade Ready

==> picture [40 x 13] intentionally omitted <==

PROGRESS ON PORTFOLIO REBALANCING

A BETTER BALANCED, HIGHER RETURN BUSINESS

CAPITAL ALLOCATION[1 ]

% of total Capital allocated (Sep 16 & Mar 17 on a post announced divestments basis)

==> picture [249 x 9] intentionally omitted <==

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

MAR-16 SEP-16
----- End of picture text -----

==> picture [38 x 8] intentionally omitted <==

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

MAR-17
----- End of picture text -----

==> picture [184 x 208] intentionally omitted <==

==> picture [179 x 179] intentionally omitted <==

==> picture [179 x 179] intentionally omitted <==

==> picture [269 x 14] intentionally omitted <==

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

Institutional Retail & Commercial Wealth
----- End of picture text -----

RORWA[2 ] 2.73% (Pre provision)

2.82%

==> picture [44 x 11] intentionally omitted <==

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

2.89%
----- End of picture text -----

RORWA[3 ]

(Post tax)

1.62%

1.65%

==> picture [44 x 11] intentionally omitted <==

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

1.80%
----- End of picture text -----

1. Sep-16 and Mar-17 include the impact of higher residential mortgage risk weights from regulatory change. Mar-17 further Pro-forma adjusted for the sale of Asia Retail and Wealth businesses in 5 Asian countries and the announced disposal of UDC and SRCB. Institutional capital allocation is shown under the 2015 IIB structure, including Global Institutional, Asia minority interests and Asia Retail & Pacific

2. RORWA (pre provision) is calculated on annualised Profit Before Provisions (Adjusted Pro-forma basis for Mar-16, Sep-16 & Mar-17) / Average Risk Weighted Assets 3. RORWA (post tax) is calculated on annualised cash profit (Adjusted Pro-forma basis for Mar-16, Sep-16 & Mar-17) / Average Risk Weighted Assets

==> picture [40 x 13] intentionally omitted <==

7

CAPITAL EFFICIENCY

EXECUTIVE FOCUS

COMMON EQUITY TIER 1 GENERATION

CET1 bps	First half average 1H12 – 1H16	2H16	1H17
Cash Profit1	97	84	89
RWA impact	-21	22	28
Capital Deductions2	-15	1	2
Net capitalgeneration	61	107	119
Gross dividend	-70	-60	-57
Dividend Reinvestment Plan	11	6	6
Core change in CET1	2	53	68
Other items	7	-73	-16
Net change in CET1	9	-20	52

==> picture [40 x 13] intentionally omitted <==

1. Cash profit for 1H16, 2H16 and 1H17 are on Adjusted Pro-forma basis adjusted for ‘Specified items’.

8

1. Represents movement in retained earnings in deconsolidated entities, capitalised software, EL v EP shortfall and other intangibles.

OPERATING ENVIRONMENT

WELL POSITIONED

ENVIRONMENTAL FORCES

Lower credit growth

Low wage growth Regulatory intervention Geopolitical & economic uncertainty Lower global trade volumes

STRATEGIC RESPONSE

Strong capital management Absolute cost discipline Risk based pricing De-risking

==> picture [40 x 13] intentionally omitted <==

9

OUR FOCUS

1. Consistent execution

2. Responsible growth in Retail & Commercial

3. Ongoing re-positioning of Institutional

4. Further rationalisation of non-core assets

5. Continued focus on productivity

6. Implementing ‘Scaled Agile’

==> picture [40 x 13] intentionally omitted <==

10

SCALED AGILE

FASTER TO MARKET, MORE EFFICIENT, HIGHER ENGAGEMENT

WATERFALL METHODOLOGY

AGILE METHODOLOGY[1 ]

• Project based

• Multiple Handoffs

• Sequential

• Specialists, Hierarchical

• Team based

• Generalists

• Self-directed

• Collaborative

==> picture [646 x 271] intentionally omitted <==

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

SPRINT 1
Plan
Deliver
Design
Rework
SPRINT 2
Develop
Deliver
Rework
Test
SPRINT 3
Rework
Deliver
Deliver
Rework
Time Time
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Sprint refer to a fixed unit of time, agreed upon in advance of the Sprint, incorporating Plan, Design, Develop, Test and Deliver stages

11

RESULTS SUMMARY

FROM TO (1H16) (1H17) 11.2% 12.5% RETURN ON EQUITY[1 ] CET1 RATIO 9.8% 10.1% EARNINGS PER SHARE[1 ] 111 cents 124 cents

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma basis

12

2017 HALF YEAR RESULTS

OVERVIEW

RETURN ON EQUITY

==> picture [295 x 317] intentionally omitted <==

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

%
14.7
13.3
12.5
11.5
11.2
11.8
10.9
9.7
1H15 2H15 1H16 2H16 1H17
Adjusted Pro-forma Cash basis
----- End of picture text -----

		Adjusted
% growth (1H17 v 1H16)	Cash	Pro-forma
Net Profit After Tax	23%	13%
Net interest income	-2%	-2%
• Net Loans and advances	3%	3%
• Net interest Margin	-7bps	-7bps
Other income	5%	17%
Total income	0%	3%
Expenses	-14%	-1%
Provisions	-22%	-20%
CET1 RATIO 10.1%	32bps	32bps
Average equity	1%	1%

==> picture [40 x 13] intentionally omitted <==

NOTE: Adjusted Pro-forma refers to Cash Profit adjusted to remove the impact of ‘Specified items’ as detailed in ANZ First Half 2017 Results Announcement pages 12-15

14

AGENDA

1

2

3

4

Cash profit compared to last year Key drivers of 1H17 Result Revenue and margins Capital, funding and dividends

==> picture [40 x 13] intentionally omitted <==

15

FINANCIAL PERFORMANCE

CASH PROFIT

1 2 3 4

==> picture [86 x 10] intentionally omitted <==

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

CASH PROFIT
----- End of picture text -----

STATUTORY PROFIT

==> picture [392 x 215] intentionally omitted <==

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

$m $m
3,411
2,911
2,738
2,782
+6% +23%
+$173m +629m
1H16 1H17
1H16 1H17
----- End of picture text -----

ADJST PRO-FORMA PROFIT

==> picture [154 x 211] intentionally omitted <==

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

$m
3,637
3,224
+13%
+413m
1H16 1H17
----- End of picture text -----

Statutory Profit movement

Cash Profit movement

Adjusted pro-forma movement

• $629m cash profit growth

• $140m change in stat adj. (ex SRCB)[1]

• $316m SRCB reclassification[2]

• $413m operating profit growth Specified items in 1H16[3]

Impact of divestments in 1H17[3]

$413m operating profit growth

(Like for like operating performance, excluding specified items in 1H16 & impact of divestments in 1H17)[3 ]

1. Adjustments largely from movement in treasury shares, revaluation of policy liabilities, fair value adjustments from economic and revenue hedges

2. Classified as a non cash item in light of timing differences in recognition of the net loss on reclassification to held for sale (1H17) and release of reserves on completion (expected 2H17)

3. Detail of ‘Specified items’ (SI) and ‘Impact of divestments’ is shown on slide s 29-31 including a reconciliation of 2016 items classified as SI’s in the First Half 17 Results Announcement vs 2016 Results Announcement

==> picture [40 x 13] intentionally omitted <==

16

PORTFOLIO REBALANCING

CREDIT RISK WEIGHTED ASSETS

1 2 3 4

CREDIT RWAs[1 ]

==> picture [344 x 319] intentionally omitted <==

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

352
$b 342
334 Aus. housing
26
26 regulatory
change on
Aus. housing 42 1 July 2016
43
45
Aus.
74
non-housing 72
72
Institutional 152 142
133
NZ 50 54 51
Other
16 15 15
Mar-16 Sep-16 Mar-17
----- End of picture text -----

CRWA MOVEMENT

$b

==> picture [259 x 111] intentionally omitted <==

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

352
3 342
-3
-8 -2
Sep-16 FX Lending Data/Meth. Risk Mar-17
Impact Mvmt. Review
----- End of picture text -----

LENDING GROWTH MOVEMENT[2 ]

==> picture [266 x 154] intentionally omitted <==

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

MAR 17 V SEP 16 ($b)
down $3b excluding
13 growth in liquid assets [3 ]
10
3 1 2
-2
-8 -9
TOTAL Aus Housing Other Retail Instit.
& Comm.
EAD growth CRWA growth
----- End of picture text -----

1. Sep-16 & Mar-17 $26b ‘Aus. housing regulatory change on 1 July 2016’ category reflects the impact of higher residential mortgage risk weights from regulatory change

==> picture [40 x 13] intentionally omitted <==

1. HQLA1 securities

2. Post CRM EAD, net of credit risk mitigation such as guarantees, credit derivatives, netting and financial collateral. Includes amounts for ‘Securitisation’ and ‘Other Assets’ Basel asset classes. Refers to lending movement, excluding FX Impact, Data/Meth Review and Risk.

17

OPERATING PERFORMANCE

CASH PROFIT

1 2 3 4 1H17 vs 1H16 (PCP) $m 198 757 3,411 112 -304 2,782 -22 3,299 1H16 Cash Income Expenses Provisions Tax & NCI 1H17 Cash Profit Profit 1H17 vs 2H16 (HoH) 318 $m 220 3,411 3,107 34 112 -268 3,299 2H16 Cash Income Expenses Provisions Tax & NCI 1H17 Cash Profit Profit

1H17 vs 2H16 (HoH)

	Cash	Adjusted Pro-forma
Income -0.2% 3.4% Expenses -13.8% -1.1% PBP 15.2% 7.3% Provisions -21.6% -20.4% Net Profit 22.6% 12.8% EPS(basic) 21.7% 12.0%
	Cash	Adjusted Pro-forma
Income 0.3% 1.8% Expenses -4.4% -1.5% PBP 4.8% 4.6% Provisions -30.6% -30.0% Net Profit 9.8% 11.4% EPS(basic) 9.4% 11.0%
Queen St sale

==> picture [40 x 13] intentionally omitted <==

18

PORTFOLIO REBALANCING

RISK ADJUSTED RETURNS[1 ]

1 2 3 4

NET INTEREST INCOME / AVERAGE CREDIT RISK WEIGHTED ASSETS

==> picture [437 x 109] intentionally omitted <==

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

Group ex-Markets Australia New Zealand (NZD)
7.42% 7.09% 7.15%
4.61% 4.52% 4.79% 5.12% 4.79%
7.42% 7.09%
4.61% 4.52% 4.39% 5.82%
1H15 1H16 1H17 1H15 1H16 1H17 1H15 1H16
----- End of picture text -----

Institutional ex-Markets

==> picture [285 x 78] intentionally omitted <==

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

5.12% 4.79% 4.78%
1.96% 1.94% 2.09%
1H15 1H16 1H17 1H15 1H16 1H17
----- End of picture text -----

PROFIT BEFORE PROVISIONS / AVERAGE TOTAL RISK WEIGHTED ASSETS

Group[[2 ]]

==> picture [439 x 111] intentionally omitted <==

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

Group [[2 ]] Australia New Zealand (NZD)
4.93%
4.61% 4.60%
2.90% 2.73% 3.09% 3.38% 3.34%
4.93% 4.61%
3.84%
2.90% 2.73% 2.89%
1H15 1H16 1H17 1H15 1H16 1H17 1H15 1H16
----- End of picture text -----

==> picture [124 x 72] intentionally omitted <==

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

3.38% 3.34% 3.33%
1H15 1H16 1H17
----- End of picture text -----

Institutional

==> picture [134 x 60] intentionally omitted <==

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

1.89%
1.63%
1.29%
1H15 1H16 1H17
----- End of picture text -----

Adjusted for the impact of higher residential mortgage risk weights from regulatory change

==> picture [40 x 13] intentionally omitted <==

1. 1H16 and 1H17 on an Adjusted Pro-forma basis 2. Excludes BOT & SRCB earnings

19

INSTITUTIONAL PERFORMANCE

1 2 3 4

INSTITUTIONAL INCOME CONTRIBUTION[1]

$m

==> picture [267 x 318] intentionally omitted <==

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

2,945
2,716 2,701
754
874 781
221
240
277
1,364
1,074
961
560 578 576
44 28 30
1H16 2H16 1H17
L&SF Trade Markets Cash Other
----- End of picture text -----

INSTITUTIONAL CREDIT RISK WEIGHTED ASSETS

$b

==> picture [279 x 123] intentionally omitted <==

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

168 169
152 142
34 28 133
21 18
18
93 99 95 86 80
41 42 36 38 35
Mar-15 Sep-15 Mar-16 Sep-16 Mar-17
Trade L&SF Other
----- End of picture text -----

MARKETS INCOME CONTRIBUTION[2]

==> picture [275 x 159] intentionally omitted <==

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

$m 1,364
1,074 162
961
238 356
152
844 903 846
-35 -67
1H16 2H16 1H17
Valuation adj. Balance Sheet Sales & Trading
----- End of picture text -----

Note: L&SF = Loan Product, Specialised Finance and Corporate Advisory; Trade = Trade and Supply Chain; Cash = Payments and Cash Management 1. Adjusted Pro-forma basis.

1. Sales & Trading and Balance Sheet excluding valuation adjustments

==> picture [40 x 13] intentionally omitted <==

20

PRODUCTIVITY

1 2 3 4

EXPENSE COMPOSITION[1]

==> picture [625 x 162] intentionally omitted <==

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

$m
14 4,805
4,783 57
12 34 4,731
-61 -92
-13 -3
0.5% -1.5%
1H16 Personnel Premises Tech Other 2H16 Personnel Premises Tech Other 1H17
expenses expenses expenses
----- End of picture text -----

EXPENSE GROWTH[1] (PCP)

==> picture [242 x 109] intentionally omitted <==

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

7.2%
6.5%
2.8%
-1.0% -1.1%
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

FULL TIME EQUIVALENT STAFF (FTE) CHANGE[2 ]

==> picture [298 x 121] intentionally omitted <==

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

500 2H16 1H17
0
-151
-241
-500
-576 -344
-702
-1,000 -836
Wealth, Instit. Aus TSO Group NZ
AR&P centre
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-Forma basis for 1H16, 2H16, 1H17

2. AR&P: Asia Retail & Pacific; Instit. = Institutional; TSO = Technology, Services & Operations

21

INVESTMENT

1 2 3 4

TOTAL INVESTMENT SPEND[1 ]

$m

==> picture [308 x 315] intentionally omitted <==

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

Reduction a result of
552 refocused strategy
and project disciplines
509 57
45 469
34
172
160
172
114
118
76
45
35 44
153 164 142
1H15 1H16 1H17
Wealth & AR&P [2 ] Institutional Australia
TSO & Group New Zealand
----- End of picture text -----

TOTAL INVESTMENT SPEND[1]

==> picture [296 x 140] intentionally omitted <==

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

$m
509 632 552 549 469
38% 33%
64% 63% 66%
62% 67%
36% 37% 34%
1H15 2H15 1H16 2H16 1H17
Expensed Capitalised
----- End of picture text -----

CAPITAL SOFTWARE BALANCE

==> picture [309 x 128] intentionally omitted <==

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

$b
3
2
Post $556m accelerated
1
amortisation from changes to
software capitalisation policy
0
Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Mar-
07 08 09 10 11 12 13 14 15 16 17
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Includes investment spend on projects of less than $1m

2. AR&P = Asia Retail & Pacific

22

CREDIT QUALITY

1 2 3 4

TOTAL PROVISION CHARGE

==> picture [293 x 334] intentionally omitted <==

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

$m
1,100 1,038
1,000
918
900
720
800
695
700
600
510
500
400
300
200
100
0
-100
1H15 2H15 1H16 2H16 1H17
Consumer IP Institutional IP
Commercial IP Collective Provision
----- End of picture text -----

ANZ HISTORICAL OBSERVED LOSS RATES

==> picture [307 x 161] intentionally omitted <==

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

bps
250
200
IP Loss Rate
150
Median IP Loss Rate
100
50
0
Sep Sep Sep Sep Sep Sep Sep Sep Sep Mar
90 93 96 99 02 05 08 11 14 17
----- End of picture text -----

COLLECTIVE PROVISION CHARGE

$m
	1H15	2H15	1H16	2H16	1H17
Lending Growth	54	50	56	-59	-30
Risk/Portfolio mix1	8	62	-30	50	-78
Eco Cycle	-7	-72	0	0	41

==> picture [40 x 13] intentionally omitted <==

1. 1H17 Risk/Portfolio mix impact of -$78m includes $49m transfer to individual provisions. 1H16 impact of -$30m includes $39m transfer to individual provisions

23

REVENUE COMPOSITION

DIVISIONAL PERFORMANCE[1 ]

1 2 3 4

INCOME CONTRIBUTION

$m	$m			+3%
		10,224	10,384	10,569
		1,344	1,390	1,312
		2,716	2,701	2,945
		1,521	1,571	1,577
		4,643	4,722	4,735
		1H16	2H16	1H17

GROWTH	AUS.	NZ (NZD)	INST’L
(1H17 VS 1H16)
Income	2%	1%	8%
Expenses	2%	0%	-6%
PBP	2%	2%	25%
Cash Profit	1%	2%	52%
(1H17 VS 2H16)
Income	0%	0%	9%
Expenses	1%	-3%	-2%
PBP	0%	2%	21%
Cash Profit	-1%	6%	69%

Australia New Zealand Institutional Wealth & other

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma basis

24

AUSTRALIA & NEW ZEALAND

1 2 3 4

INCOME CONTRIBUTION[1]

==> picture [287 x 339] intentionally omitted <==

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

$m +2%
6,295 6,304
6,148
427 430
421
1,561 1,552
1,544
1,146 1,139
1,084
3,099 3,161 3,183
1H16 2H16 1H17
Aus Retail NZ Retail Aus C&CB NZ Comm
----- End of picture text -----

AUSTRALIA DIVISION LENDING

Home Loans ($b) Corporate & Commercial ($b)

==> picture [338 x 121] intentionally omitted <==

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

+5% +3%
243 247 256 66 68 68
1H16 2H16 1H17 1H16 2H16 1H17
----- End of picture text -----

NEW ZEALAND DIVISION LENDING

==> picture [338 x 133] intentionally omitted <==

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

Home Loans (Retail) (NZDb) Commercial (NZDb)
+7% +1%
66 69 70
40 40 40
1H16 2H16 1H17 1H16 2H16 1H17
----- End of picture text -----

1. Adjusted Pro-forma basis. NZ excludes central functions

==> picture [40 x 13] intentionally omitted <==

25

NET INTEREST MARGINS

1 2 3 4

GROUP NET INTEREST MARGIN

==> picture [651 x 346] intentionally omitted <==

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

bps
-2bp -4bp
206 0
1
200
-1
-2
-4
2H16 Funding & Funding cost Deposits Assets Markets & 1H17
Asset mix Treasury
BALANCE SHEET DIVISIONAL NIM
$b bps
558 570 562 576 576 2.73% 2.75%
2.69%
2.54%
2.40%
2.30%
468 2.04%
436 445 447 450 2.16% 2.17%
1.15%
1.19%
1.05%
1H15 2H15 1H16 2H16 1H17 1H15 1H16 1H17
NLAs Customer Deposits Aus NZ Institutional Institutional
(ex Markets)
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

26

CAPITAL, LIQUIDITY & DIVIDENDS

1 2 3 4

CAPITAL

==> picture [307 x 159] intentionally omitted <==

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

% 1.19
10.13
-0.51
9.61 -0.16
Sep-16 Organic Dividends Other Mar-17
capital
generation
----- End of picture text -----

FUNDING & LIQUIDITY

Liquidity Coverage Ratio

Net Stable Funding Ratio

==> picture [313 x 125] intentionally omitted <==

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

135%
108% 113% 111% 125%
Sep 16 Mar 17 Mar 17 Sep 16 Mar 17
(Pro-
forma) [1 ]
----- End of picture text -----

DIVIDEND AND DIVIDEND PAYOUT RATIO

==> picture [259 x 350] intentionally omitted <==

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

DPS (cents) DPOR (%)
100
181
178
90
164
160
80
70
60
50
40
30
83 86 80 80 20
73
10
0
2013 2014 2015 2016 2017
Cash DPOR (RHS) 2nd half DPS
Pro-forma DPOR (RHS) 1st half DPS
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Adjusted for the sale of Asia Retail & Wealth in 5 countries

27

2017 HALF YEAR RESULTS

FINANCIAL PERFORMANCE

CASH PROFIT

1H17 VS 1H16 (PCP MOVEMENT)

==> picture [624 x 169] intentionally omitted <==

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

$m
413 3,637
665 3,411
3,224
-226
-223
2,782
+13%
+23%
1H16 1H16 specified Asian 1H16 Adjusted 1H17 growth 1H17 Adjusted Impact of 1H17
Cash profit items minority Pro-forma profit Pro-forma profit divestments Cash profit
pro-forma
----- End of picture text -----

1H17 VS 2H16 (HOH MOVEMENT)

==> picture [624 x 151] intentionally omitted <==

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

$m 373 3,637
279 3,411
3,264
3,107 -226
-122
+11%
+10%
2H16 2H16 specified Asian minority 2H16 Adjusted 1H17 growth 1H17 Adjusted Impact of 1H17
Cash profit items pro-forma Pro-forma profit Pro-forma profit divestments Cash profit
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

29

FINANCIAL PERFORMANCE

SPECIFIED ITEMS (SI)

1H16 SPECIFIED ITEMS

==> picture [369 x 87] intentionally omitted <==

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

$m 665
3,224
2,782
-223
1H16 1H16 specified Asian 1H16 Adjusted
Cash profit items minority pro-forma Pro-forma profit
----- End of picture text -----

	**1H161 **
Software capitalisation changes	389
Restructuring	101
Asian Minority pro-forma	-223
AmBank & BOT valuation adjustments	231
Esanda DF divestment	-56
TOTAL	442

2H16 SPECIFIED ITEMS

==> picture [369 x 189] intentionally omitted <==

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

$m 279
3,107 3,264
-122
2H16 2H16 specified Asian minority 2H16 Adjusted
Cash profit items pro-forma Pro-forma profit
1H17 SPECIFIED ITEMS – IMPACT OF DIVESTMENTS
$m
3,637
3,411
-226
1H17 Pro-forma profit Impact of divestments 1H17 Cash profit
----- End of picture text -----

	**2H161 **
Restructuring	100
Asian Minority pro-forma	-122
Esanda DF divestment	11
CVA methodology change	168
TOTAL	157

	1H17
Asian Minority pro-forma	-58
Impairment on sale of Asia Retail & Wealth in 5 countries	284
TOTAL	226

1. Reconciliation of 2016 items classified as SI’s in the First Half 17 Results Announcement vs 2016 Results Announcement is shown on slide 30. 2016 items no longer classified as SI in 1H17 Results Announcement include higher expenses from changes to capitalised software policy & amortisation benefit from accelerated amortisation (a recurring item in FY16 and FY17). 2016 items added to SI classification include ‘Asian minority pro-forma’ due to cessation of equity accounting in order to show like for like positions across 2016 and 1H17

==> picture [40 x 13] intentionally omitted <==

30

GROUP PERFORMANCE

2016 SPECIFITED ITEM RECONCILIATION

$m 1H16 SPECIFIED ITEMS

$m 1H16 SPECIFIED ITEMS
Results disclosure Software capitalisation changes Asian minority valuation Adjust.1 Restructuring Esanda DF divestment CVA methodology change	Subtotal Specified items Asian Minority pro-forma	TOTAL SPECIFIED ITEMS
1H17 RA Income 231 -109 Expenses 556 138 11 PBP 556 231 138 -98 Profit 389 231 101 -56	122 -223 705 827 -223 665 -223
		-101
		705
		604
		442
FY16 RA Income 231 -109 Expenses 629 138 11 PBP 629 231 138 -98 Profit 441 231 101 -56	122 778 900 717
		122
		778
		900
		717
Change to 1H16 specified items Income Expenses -73 PBP -73 Profit -52	-223 -73 -73 -223 -52 -223
		-223
		-73
		-295
		-275
$m 2H16 SPECIFIED ITEMS
Results disclosure Software capitalisation changes Asian minority valuation Adjust.1 Restructuring Esanda DF divestment CVA methodology change	Subtotal Specified items Asian Minority pro-forma	TOTAL SPECIFIED ITEMS
1H17 RA Income 237 Expenses 140 6 - PBP 140 6 237 Profit 100 11 168	237 -122 146 - 383 -122 279 -122
		115
		146
		261
		157
FY16 RA Income 237 Expenses 114 140 6 - PBP 114 140 6 237 Profit 81 100 11 168	237 - 260 - 497 - 360 -
		237
		260
		497
		360
Change to 2H16 specified items Income Expenses -114 PBP -114 Profit -81	-122 -114 -114 -122 -81 -122
		-122
		-114
		-236
		-203

Software capitalisation changes :

Reported Number as at 31 March 2017 includes only the one off accelerated amortisation amount. Higher expenses from amended capitalised software policy, and amortisation benefit from accelerated amortisation has been removed from 2016 specified item as costs are incurred in both financial years 2016 and 2017 Asia Minority pro-forma (Cessation of Equity Accounting) :

Normalised for transfer of 20% ownership of SRCB from equity accounted to held for sale as at 31 December 2016 and transfer of 12% ownership in Bank of Tianjin from Equity accounted to available for sale as at 31 March 2016

==> picture [40 x 13] intentionally omitted <==

31

ASSET DIVESTMENTS

EARNINGS IMPACTS – BASED ON FULL COMPLETION OF TRANSACTIONS[1]

$m Announced divestments ASIA RETAIL & WEALTH2 SRCB UDC	Cessation of Equity Accounting
	Bank of Tianjin TOTAL IMPACT
Revenue ~(850) ~(250) ~(100) Expenses ~(400) to ~(600) - ~(30) Profit Before Provisions ~(250) to ~(450) ~(250) ~(70) Provisions ~(150) - ~(10) Cash Profit (pre tax) ~(100) to ~(300) ~(250) ~(60) Cash Profit (post tax)	~(150) ~(1,350) - ~(430) to ~(630) ~(150) ~(720) to ~(920) - ~(160) ~(150) ~(560) to ~(760) ~(530) to ~(680)
Gain / Loss on sale (approx.) ~290 ~0 ~100 CET1 benefit from sale (approx.) ~15 to 20bp ~40bp ~10bp	n/a ~(190) n/a ~65 to 70bp
Date of signing 30 Oct. 2016 31 Dec. 2016 11 Jan. 2017 Expected completion Progressively to 1H18 Mid 2017 calendar year Late 2017 calendar year	n/a n/a

• All financial impacts detailed above are treated as Cash Profit items

• Due to timing differences with SRCB reclassification to held for sale ($316m impact in 1H17), and the release of foreign currency translation and available for sale reserves ($289m release in 2H17) both elements will excluded from cash profit in each of the impacted half yearly result.

• Profit and Loss impacts based on most recent full year contribution to ANZ financial performance 2. Excludes Vietnam

==> picture [40 x 13] intentionally omitted <==

32

GROUP PERFORMANCE

GROUP PERFORMANCE TRENDS[1 ]

INCOME

==> picture [182 x 130] intentionally omitted <==

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

$m
10,569
10,195 10,342 10,224 10,384
2%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

CASH PROFIT

==> picture [17 x 10] intentionally omitted <==

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

$m
----- End of picture text -----

==> picture [182 x 107] intentionally omitted <==

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

3,676 3,540 3,637
3,224 3,264
2%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

EXPENSES

==> picture [182 x 130] intentionally omitted <==

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

$m
4,775 4,783 4,805 4,731
4,603
0%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RISK WEIGHTED ASSETS

==> picture [183 x 126] intentionally omitted <==

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

$b Includes $26b RWA increase from
APRA housing regulatory changes
387 402 388 409 397
1%
CAGR
Mar-15 Sep-15 Mar-16 Sep-16 Mar-17
----- End of picture text -----

PROVISIONS

==> picture [183 x 130] intentionally omitted <==

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

$m
1,028
905
695 720
510
13%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RETURN ON AVG RWAs[2 ]

• % Impacted by $26b RWA increase from APRA housing regulatory changes

==> picture [183 x 91] intentionally omitted <==

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

1.97%
1.83%
1.62% 1.65% [1.80% ]
-4%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma basis unless otherwise specified. CAGR is based on a pro-forma growth rate for the period 1H15 to 1H17 2. Income is on an annualised basis

33

GROUP PERFORMANCE

TREASURY – CAPITAL

Further detail on capital, funding and liquidity is contained in the 1H17 investor discussion pack available on shareholder.anz.com

APRA COMMON EQUITY TIER 1 (CET1)

==> picture [305 x 304] intentionally omitted <==

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

% 52 bps
9.61 0.89 0.28 0.02 10.13
-0.51 -0.16
Net Organic Capital
Generation
+119 bps
Sep-16 Cash RWA Capital Dividends Other Mar-17
Profit [2 ] (ex FX) Deductions [3 ] (Net of
DRP)
BASEL III CET1 – INTERNATIONAL COMPARABILITY
% 15.2
14.5
14.0
13.2
9.6 9.8 9.6 10.1
Sep-15 Mar-16 Sep-16 Mar-17
----- End of picture text -----

APRA Internationally Comparable[1 ]

REGULATORY CAPITAL GENERATION

COMMON EQUITY TIER 1 GENERATION (bps)	First half average 4 1H12 – 1H16	2H16	1H17
Cash Profit2 97 84 89
RWA movement (21) 22 28
Capital Deductions3 (15) 1 2
Net capital generation 61 107 119
Gross dividend (70) (60) (57)
Dividend Reinvestment Plan 11 6 6
Core change in CET1 capital ratio 2 53 68
Other non-core and non- recurring items 7 (73) (16)
Net change in CET1 capital ratio 9 (20) 52

1. Internationally Comparable methodology aligns with APRA’s information paper entitled International Capital Comparison Study (13 July 2015). Basel III Internationally Comparable ratios do not include an estimate of the Basel I capital floor.

2. Cash profit for 1H16, 2H16 and 1H17 are on Adjusted Pro-forma basis adjusted for ‘Specified items’.

3. Represents the movement in retained earnings in deconsolidated entities, capitalised software, EL v EP shortfall and other intangibles. 4. 2012-2016 1H averages.

==> picture [40 x 13] intentionally omitted <==

34

GROUP PERFORMANCE

TREASURY – FUNDING & LIQUIDITY

Further detail on capital, funding and liquidity is contained in the 1H17 investor discussion pack available on shareholder.anz.com

NSFR[1] COMPOSITION

LCR[7] COMPOSITION

MARCH 2017 LCR 135%

MARCH 2017 NSFR ~113% MARCH 2017 PRO-FORMA NSFR ~111%[2 ]

==> picture [225 x 277] intentionally omitted <==

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

$478b
Wholesale $423b
Funding
Liquids
& Other [3 ]
and
Other Assets [4 ]
Non
Financial
Corporates
Other
Loans [5 ]
Retail/SME
Residential
Mortgages [6 ]
<35%
Capital
Available Required
Stable Funding Stable Funding
----- End of picture text -----

==> picture [223 x 243] intentionally omitted <==

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

$181b
Internal RMBS
$34b
$134b
Other ALA [8]
$16b Wholesale
Funding
HQLA 2
$14b
$4b
Customer
HQLA 1
Deposits
$127b
& Other [9 ]
$120b
----- End of picture text -----

Liquid Assets Net Cash Outflows

1. All figures shown on a Level 2 basis and based on current estimates; 2. Pro-forma, adjusted for sale of Asia Retail & Wealth in 5 countries; 3. ‘Other’ includes Sovereign, PSE and FI Deposits; 4. ‘Other Assets’ include Off Balance Sheet, Derivatives, Fixed Assets and Other Assets; 5. All lending other than Residential Mortgages <35% Risk Weight; 6. Includes NSFR impact of selfsecuritised assets backing the CLF; 7. All figures shown on a Level 2 basis; 8. Comprised of assets qualifying as collateral for the CLF, excluding internal RMBS and any assets contained in the RBNZ’s Liquidity Policy – Annex: Liquidity Assets – Prudential Supervision Department Document BS13A12; 9. Other’ includes off-balance sheet and cash inflows

==> picture [40 x 13] intentionally omitted <==

35

GROUP PERFORMANCE

RISK MANAGEMENT – PROVISIONS & CREDIT QUALITY

Further detail on provisions and credit quality is contained in the 1H17 investor discussion pack available on shareholder.anz.com

TOTAL PROVISION CHARGE[1 ]

==> picture [336 x 154] intentionally omitted <==

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

$m %
1,500 0.4
0.3
1,000
0.2
500
0.1
0
0.0
-500 -0.1
1H14 2H14 1H15 2H15 1H16 2H16 1H17
CIC as % Avg.GLA (RHS) CP Charge IP Charge
----- End of picture text -----

IP CHARGE COMPOSITION

$m

==> picture [280 x 126] intentionally omitted <==

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

1,500 1,047
892 787
602 655
1,000 542 455
500
0
-500
1H14 2H14 1H15 2H15 1H16 2H16 1H17
New Increased Writebacks & Recoveries
----- End of picture text -----

GROSS IMPAIRED ASSETS BY EXPOSURE SIZE

==> picture [301 x 139] intentionally omitted <==

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

$m
4,000 3,620
3,173
2,889 2,883 2,940
3,000 2,708 2,719
2,000
1,000
0
Mar’14 Sep’14 Mar’15 Sep’15 Mar’16 Sep’16 Mar’17
< 10m 10m to 100m > 100m
----- End of picture text -----

HOME LOAN 90+ DAYS DELINQUENCIES

==> picture [283 x 150] intentionally omitted <==

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

%
1.0
0.8
0.6
0.4
0.2
0.0
Mar Mar Mar Mar Mar Mar
12 13 14 15 16 17
Australia New Zealand
----- End of picture text -----

1. IP: Individual Provision charge CP: Collective Provision charge CIC: Total Credit Impairment charge 2. Other includes Retail Asia & Pacific and Australia Wealth

==> picture [40 x 13] intentionally omitted <==

36

RISK MANAGEMENT

RISK MANAGEMENT – PORTFOLIO COMPOSITION

Further detail on provisions and credit quality is contained in the 1H17 investor discussion pack available on shareholder.anz.com

EXPOSURE AT DEFAULT (EAD) AS A % OF GROUP TOTAL

==> picture [193 x 261] intentionally omitted <==

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

TOTAL GROUP EAD (Mar 17)
= $899b [1 ]
5.8%
1.3%
1.7% 1.4%
2.3% 2.1% 1.9%
3.0%
6.1%
3.8%
5.0%
6.7%
17.7%
----- End of picture text -----

==> picture [29 x 8] intentionally omitted <==

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

41.2%
----- End of picture text -----

	Category	% of Group EAD	% of Group EAD		% of Portfolio in Non Performing	% of Portfolio in Non Performing	Portfolio Balance in Non Performing
		Sep 16	Mar 17		Sep 16	Mar 17	Mar 17
	Consumer Lending	40.6%	41.2%		0.1%	0.1%	$447m
	Finance, Investment & Insurance	17.4%	17.7%		0.1%	0.0%	$25m
	Property Services	6.8%	6.7%		0.4%	0.3%	$166m
	Manufacturing	5.2%	5.0%		1.6%	1.2%	$550m
	Agriculture, Forestry, Fishing	3.9%	3.8%		1.5%	1.4%	$485m
	Government & Official Institutions	6.2%	6.1%		0.0%	0.0%	$0m
	Wholesale trade	3.1%	3.0%		0.5%	0.5%	$142m
	Retail Trade	2.4%	2.3%		1.2%	0.7%	$154m
	Transport & Storage	2.2%	2.1%		0.4%	0.8%	$146m
	Business Services	1.7%	1.7%		0.9%	1.0%	$146m
	Resources (Mining)	1.8%	1.9%		2.9%	2.1%	$357m
	Electricity, Gas & Water Supply	1.3%	1.3%		0.0%	0.1%	$16m
	Construction	1.4%	1.4%		2.0%	1.9%	$234m
	Other	6.0%	5.8%		0.4%	0.6%	$291m
	Total	100.0%	100.0%
	Total Group EAD1 $b	$895b	$899b

==> picture [40 x 13] intentionally omitted <==

1. EAD excludes amounts for ‘Securitisation’ and ‘Other Assets’ Basel classes and manual adjustments. Data provided is as at Mar 17 on a Post CRM basis, net of credit risk mitigation such as guarantees, credit derivatives, netting and financial collateral. Note that APS330 disclosure is reported on a Post CRM basis from 30 June 2016

37

STRATEGIC PRIORITIES

PROGRESS

==> picture [99 x 96] intentionally omitted <==

Reduce operating costs & risks	•	APRA CET1 ratio 10.1% (up 52bps); costs down 2%
Remove product and management complexity.	•	FTE down 1%
Exist low return and non-core businesses.	•	Announced sale of SRCB, UDC, Asia Retail & Wealth in 6 countries
Reduce reliance on low return aspects of	•	Further reduction in Credit Risk Weighted Assets in Institutional,
Institutional.		with continuedgrowth in Australia division
Make buying & owning a home or starting,	•	Home lending FUM up $8b in Aus & NZ
running & growing a small business in Aus. & NZ	•	5% increase in Small Business deposits
easy	•	33% of Institutional 1H17 revenue from Cross border flow2
Be the best bank in the world for customers driven	•	Our Institutional business in Aus & NZ ranks No.1 for overall market
by movement of goods and capital in our region.		and lead penetration and the quality of our service3
	•	Top4 Corporate Bank in Asia for a fifth successiveyear4
Build more convenient, engaging banking	•	20% of projects being delivered under the Agile framework that
solutions		delivered ApplePayTM
to simplify the lives of customers and our people	•	Delivery of Honcho and Blade to improve customer experience
	•	44 applications decommissioned reducing complexity and risk
Create a strong sense of core purpose, ethics &	•	Re-aligned staff performance objectives, increasing customer focus
fairness.	•	ESG board
Invest in leaders who can help sense and	•	Diversified leadership expertise, new Group Executive Talent and
navigate a rapidly changing environment.		Culture, established new Chief Tech officer and Data officer roles

==> picture [82 x 98] intentionally omitted <==

==> picture [108 x 90] intentionally omitted <==

==> picture [85 x 83] intentionally omitted <==

1. All financial numbers are on an Adjusted Pro-forma basis unless otherwise stated. All growth rates 1H17 vs 2H16 2. Cross border flows defined as thrown revenue (the region where the relationship with the customer exists is different to the region where the revenue is generated and booked). Region defined as Australia, Pacific, NZ, Asia, Europe and America 3. Peter Lee Associates 2016 Large Corporate and Institutional Relationship Banking surveys, Australia and New Zealand (issued in June and August 2016 respectively). Quality of service is based on No.1 ranking for Relationship Strength Index (RSI) that the bank achieved in the above surveys. 4. Greenwich Associates 2017 Asian Large Corporate Banking Study (issued in March 2017): =No.4

==> picture [40 x 13] intentionally omitted <==

38

INCOME AND OUTFLOWS

1H17

INCOME OUTFLOWS $10.3b $10.3b PERSONNEL (26%) 26% of ANZ’s income was paid in wages and salaries to ~46,000 employees $2.6b EXPENSES (20%) including payments to suppliers $6.3b and investment in the community, were 20% of our $2.1b 1H17 income $0.7b PROVISIONS (7%) TAXES (14%) paid in company tax with $1.2b $1.4b paid in Australia DIVIDEND (23%) 23% of 1H17 income will be $2.9b distributed to ~550,000 shareholders $2.3b RETAINED EARNINGS (10%) retained for future $1.1b $1.1b growth and capital strength

RETAIL AND COMMERCIAL (AUS & NZ) (61%)

61% of 1H17 income from Retail and Commercial customers in our home markets

In 1H17 we helped Australians and New Zealanders buy and own their homes and start and run their businesses providing $320b in home lending and $105b in business lending

INSTITUTIONAL (29%)

Our Institutional business ranks No.1 for overall market and lead penetration and the quality of our service[1] in Aus & NZ and the Top 4 Corporate Bank in Asia for a fifth successive year[2 ]

OTHER[3 ] (10%)

1. Peter Lee Associates 2016 Large Corporate and Institutional Relationship Banking surveys, Australia and New Zealand (issued in June and August 2016 respectively). Quality of service is based on No.1 ranking for Relationship Strength Index (RSI) that the bank achieved in the above surveys.

==> picture [40 x 13] intentionally omitted <==

1. Greenwich Associates 2017 Asian Large Corporate Banking Study (issued in March 2017): =No.4

2. Other Includes Wealth Australia, Asia Pacific & Retail, TSO and Group Centre

39

DIVISIONAL CONTRIBUTION

DIVISIONAL RESULTS[1]

INCOME

EXPENSES

==> picture [394 x 227] intentionally omitted <==

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

$m $m
10,224 10,384 10,569 4,783 4,805 4,731
1,660 1,680 1,693
4,643 4,722 4,735
587 617 600
1,521 1,571 1,577
1,460 1,406 1,379
2,716 2,701 2,945
1,076 1,102 1,059
1,344 1,390 1,312
1H16 2H16 1H17 1H16 2H16 1H17
Australia New Zealand Institutional Wealth & other
----- End of picture text -----

CASH PROFIT AFTER TAX

$m

==> picture [174 x 187] intentionally omitted <==

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

3,637
3,224 3,264
1,798
1,773 1,821
677
648 635
1,021
670 603
133 205 141
1H16 2H16 1H17
----- End of picture text -----

1H17 GROWTH		INCOME		EXPENSES	EXPENSES		PBP			NPAT
	HOH		PCP	HOH	PCP	HOH		PCP	HOH		PCP
Australia	0%		2%	1%	2%	0%		2%	-1%		1%
New Zealand (NZD)	0%		1%	-3%	0%	2%		2%	6%		2%
Institutional	9%		8%	-2%	-6%	21%		25%	69%		52%
Wealth & Other	-6%		-2%	-4%	-2%	-12%		-6%	-31%		6%

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma basis

40

AUSTRALIA PERFORMANCE

AUSTRALIA DIVISION PERFORMANCE TRENDS[1 ]

INCOME

==> picture [182 x 130] intentionally omitted <==

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

$m
4,643 4,722 4,735
4,422
4,221
6%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

CASH PROFIT

==> picture [182 x 124] intentionally omitted <==

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

$m
1,773 1,821 1,798
1,597 1,657
6%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

EXPENSES

==> picture [182 x 130] intentionally omitted <==

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

$m
1,660 1,660 1,680 1,693
1,596
3%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RISK WEIGHTED ASSETS

• $b Includes $26b RWA increase from APRA housing regulatory changes

==> picture [183 x 115] intentionally omitted <==

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

APRA housing regulatory changes
157 160
131
113 119
19%
CAGR
Mar-15 Sep-15 Mar-16 Sep-16 Mar-17
----- End of picture text -----

PROVISIONS

==> picture [183 x 130] intentionally omitted <==

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

$m
472
449 448
397
325
20%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RETURN ON AVG RWAs[2 ]

• % Impacted by $26b RWA increase from APRA housing regulatory changes

==> picture [183 x 90] intentionally omitted <==

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

2.89% 2.83% 2.77%
2.61%
2.27%
-11%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma basis. CAGR is based on the period 1H15 to 1H17 2. Earnings are on an annualised basis

41

AUSTRALIA

AUSTRALIA DIVISION 1H17 PERFORMANCE[1 ]

==> picture [406 x 129] intentionally omitted <==

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

92
$m
-33 1,798
1,773 -23
-11
----- End of picture text -----

PROFIT GROWTH	HOH	PCP
Retail	-1%	2%
Commercial	-1%	0%
TOTAL	-1%	1%

1H16 profit Income Expenses Provisions Tax & NCI 1H17 profit

==> picture [56 x 9] intentionally omitted <==

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

VOLUMES
----- End of picture text -----

==> picture [182 x 169] intentionally omitted <==

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

$b 321 327 337
184 188 198
Mar-16 Sep-16 Mar-17
NLAs Customer Deposits
STAFF
12,017 11,605 11,518
773 814 824
1H16 2H16 1H17
Revenue per FTE ($k) [2 ] FTE
----- End of picture text -----

==> picture [184 x 76] intentionally omitted <==

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

NET INTEREST MARGIN
2.76% 2.74% 2.69%
1H16 2H16 1H17
----- End of picture text -----

COST TO INCOME

==> picture [182 x 49] intentionally omitted <==

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

35.8% 35.6% 35.8%
1H16 2H16 1H17
----- End of picture text -----

OTHER OPERATING INCOME

==> picture [185 x 64] intentionally omitted <==

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

$m 597 597 602
1H16 2H16 1H17
----- End of picture text -----

ASSET QUALITY

==> picture [215 x 66] intentionally omitted <==

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

0.33% 0.35% 0.36%
0.28% 0.27% 0.28%
1H16 2H16 1H17
Total loss rate (%) [3 ] GIA as a % of GLAs
----- End of picture text -----

1. Adjusted Pro-form basis

==> picture [40 x 13] intentionally omitted <==

1. Income is on an annualised basis

42

1. Credit impairment charges (annualised) / Average GLA for the period

AUSTRALIA

PERFORMANCE DRIVERS

OVER 6 MILLION CUSTOMERS

==> picture [289 x 141] intentionally omitted <==

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

000’s
331k
6,100
6,000
5,900
5,800
5,700
5,600
5,500
Mar 15 Mar 16 Mar 17
----- End of picture text -----

GOOD MOMENTUM

MORE PRODUCTS PER CUSTOMER (%) Products per Customer

==> picture [295 x 113] intentionally omitted <==

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

Multiple
58.4 59.3 60.3
Single
41.6 40.7 39.7
Mar-15 Mar-16 Mar-17
----- End of picture text -----

NSW INVESTMENT DELIVERING

System growth (APRA)

==> picture [294 x 133] intentionally omitted <==

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

1.6x
1.5x
1.4x
1.2x
1.1x
0.8x
0.6x
0.5x
2H15 1H16 2H16 1H17
Home Loans Retail Deposits
----- End of picture text -----

11% 11% 8% 8% 8% 7% 5% 4% 5% 4% Home Loans Small Bus Household Small Bus. Customer FUM Lending deposit deposit Growth FUM FUM FUM NSW National

==> picture [40 x 13] intentionally omitted <==

43

WEALTH AUSTRALIA

1H17 PERFORMANCE[1 ]

==> picture [406 x 149] intentionally omitted <==

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

$m 176 -101
21 123
27
1H16 profit Income Expenses Tax & NCI 1H17 profit
----- End of picture text -----

PROFIT GROWTH	HOH	PCP
Insurance	-20%	-19%
Funds Mgt	-15%	5%
TOTAL	-24%	-30%

Insurance

EMBEDDED VALUE[2 ]

==> picture [182 x 69] intentionally omitted <==

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

$m
4,261 4,505 4,559
1H16 2H16 1H17
----- End of picture text -----

RETAIL LAPSE RATES

==> picture [182 x 64] intentionally omitted <==

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

% 13.0% 15.0% 13.8%
1H16 2H16 1H17
----- End of picture text -----

• Revenue impacted by adverse disability claims experience and a one-off loss as a result of the exit of a Group Life insurance plan

• Partially offset by reinsurance profit share benefits and favourable claims experience in Lenders Mortgage Insurance.

LIFE INSURANCE IN-FORCE

==> picture [182 x 71] intentionally omitted <==

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

$b 1,569 1,603 1,600
28% 28% 27%
72% 72% 73%
1H16 2H16 1H17
Group Individual
----- End of picture text -----

FUNDS MGT AVG FUM

==> picture [182 x 56] intentionally omitted <==

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

$b 47 48 48
1H16 2H16 1H17
----- End of picture text -----

Funds Management

• Decline in profitability reflects planned strategy to rationalise the legacy portfolio to Smart Choice, a simpler and lower risk model

• Adjusted Pro-forma, excluding 1H16 restructuring cost of $9m post tax.

• Embedded value includes Insurance and Funds Management businesses only. The product lines used are on the same basis as the Results Announcement in prior periods. This is different to the product lines used in the strategic review. Embedded value is adjusted to allow for the impact of dividends and net transfers.

==> picture [40 x 13] intentionally omitted <==

44

INSTITUTIONAL PERFORMANCE

PERFORMANCE TRENDS[1 ]

INCOME

==> picture [17 x 10] intentionally omitted <==

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

$m
----- End of picture text -----

==> picture [182 x 111] intentionally omitted <==

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

2,961 2,945
2,786
2,716 2,701
0%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

EXPENSES

==> picture [182 x 130] intentionally omitted <==

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

$m
1,413 1,449 1,460 1,406 1,379
-1%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

PROVISIONS

==> picture [183 x 130] intentionally omitted <==

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

$m
419
324
111 125
88
19%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

CASH PROFIT

$m

==> picture [182 x 95] intentionally omitted <==

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

1,047 1,021
871
670
603
-1%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RISK WEIGHTED ASSETS

$b

==> picture [183 x 115] intentionally omitted <==

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

196 198
182
168 159
-10%
CAGR
Mar-15 Sep-15 Mar-16 Sep-16 Mar-17
----- End of picture text -----

RETURN ON AVG RWAs[2 ]

==> picture [183 x 124] intentionally omitted <==

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

%
1.23%
1.10%
0.89%
0.69% 0.68%
6%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

1. On a pro forma basis excluding Specified Items relating to restructuring (FY15 and FY16) and the derivative CVA methodology change (2H16). CAGR is based on the period 1H15 to 1H17 2. Earnings are on an annualised basis

==> picture [40 x 13] intentionally omitted <==

45

INSTITUTIONAL

1H17 PERFORMANCE[1 ]

==> picture [409 x 147] intentionally omitted <==

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

199
$m 81 1,021
229
-158
670
1H16 profit Income Expenses Provisions Tax & NCI 1H17 profit
----- End of picture text -----

PROFIT GROWTH	HOH	PCP
Markets	46%	169%
Transaction Banking	3%	25%
Loans & SF	150%	13%
TOTAL	69%	52%

VOLUMES

==> picture [182 x 168] intentionally omitted <==

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

$b
176 171 179
126 126 121
Mar-16 Sep-16 Mar-17
NLAs Customer Deposits
STAFF
5,601 5,112 4,899
940 1,006 1,172
1H16 2H16 1H17
Revenue per FTE ($k) [3 ] FTE
----- End of picture text -----

NET INTEREST MARGIN[2 ]

==> picture [184 x 57] intentionally omitted <==

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

2.16% 2.21% 2.17%
1H16 2H16 1H17
----- End of picture text -----

COST TO INCOME

==> picture [182 x 49] intentionally omitted <==

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

54% 52% 47%
1H16 2H16 1H17
----- End of picture text -----

OTHER OPERATING INCOME

==> picture [185 x 64] intentionally omitted <==

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

$m 1,357
1,054
916
1H16 2H16 1H17
----- End of picture text -----

ASSET QUALITY

==> picture [215 x 71] intentionally omitted <==

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

1.01% 1.10%
0.87%
0.47% 0.65%
0.20%
1H16 2H16 1H17
Total loss rate (%) [4 ] GIA as a % of GLAs
----- End of picture text -----

1. On a pro forma basis excluding Specified Items relating to restructuring (FY15 and FY16) and the derivative CVA methodology change (2H16) 2. Institutional net interest margin excluding Markets 3. Income is on an annualised basis

==> picture [40 x 13] intentionally omitted <==

1. Credit impairment charges (annualised) / Average GLA for the period

46

INSTITUTIONAL

MAINTAINING LEADING MARKET POSITIONS

RWA REDUCTIONS

==> picture [181 x 141] intentionally omitted <==

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

$b
198
-8 159
-28 -3
Sep 15 FX RWA Other [1 ] Mar-17
active
mgt
----- End of picture text -----

MARGINS[2 ]

==> picture [211 x 146] intentionally omitted <==

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

2.46%
2.40%
2.58%
2.16% 2.21% 2.17%
2.05%
1.94%
2.09%
1.79%
1.70%
1.86%
1.59% 1.66% 1.62%
1H16 2H16 1H17
Au & PNG Institutional
NZ Institutional (risk adjusted)
International
----- End of picture text -----

WORKFORCE RESHAPING[3 ]

FTE #

==> picture [172 x 115] intentionally omitted <==

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

-12%
-17%
-19%
Senior Mgmt Other Staff Central
Functions
Mar 16 Sep 16 Mar 17
----- End of picture text -----

AUSTRALIA

NEW ZEALAND

1 Lead Bank Penetration[4]

1 Lead Bank Penetration[4 ]

==> picture [410 x 114] intentionally omitted <==

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

36% 49%
27%
25% 34%
20% 27%
6%
ANZ Bank 2 Bank 3 Bank 4 ANZ Bank 2 Bank 3 Bank 4
----- End of picture text -----

ASIA

Top 4 Corporate Bank[5 ]

==> picture [164 x 114] intentionally omitted <==

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

54%
43% 42%
28% 28%
Bank 1 Bank 2 Bank 3 ANZ Bank 5
----- End of picture text -----

1. Other includes operating risk and market risk

2. Net interest margin excluding Markets. Risk adjusted NIM is Net Interest Income / total Credit Risk Weighted Assets

3. Senior management and other staff include central functions. Central functions comprises enablement and support functions within Institutional

4. Peter Lee Associates 2016 Large Corporate and Institutional Relationship Banking surveys, Australia and New Zealand (issued in June and August 2016 respectively 5. Greenwich Associates 2017 Asian Large Corporate Banking Study (issued in March 2017): =No.4

==> picture [40 x 13] intentionally omitted <==

47

NEW ZEALAND PERFORMANCE

NZ DIVISION PERFORMANCE TRENDS[1 ]

INCOME

==> picture [182 x 130] intentionally omitted <==

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

NZ$m
1,648 1,672 1,670
1,620
1,591
2.5%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

EXPENSES

==> picture [182 x 130] intentionally omitted <==

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

NZ$m
648 655 636 657 636
-0.9%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

PROVISIONS

NZ$m

==> picture [183 x 85] intentionally omitted <==

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

83
46
39 39
20 39.6%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

CASH PROFIT

NZ$m

==> picture [182 x 98] intentionally omitted <==

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

668 671 702 675 717
3.6%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

RISK WEIGHTED ASSETS

NZ$b

==> picture [183 x 115] intentionally omitted <==

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

60 61 63 62
56
5.2%
CAGR
Mar-15 Sep-15 Mar-16 Sep-16 Mar-17
----- End of picture text -----

RETURN ON AVG RWAs[2 ]

==> picture [183 x 124] intentionally omitted <==

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

%
2.39% 2.33% 2.32% 2.31%
2.17%
-1.9%
CAGR
1H15 2H15 1H16 2H16 1H17
----- End of picture text -----

==> picture [40 x 13] intentionally omitted <==

1. Adjusted Pro-forma 1H16, 2H16 & 1H17. CAGR is based on the period 1H15 to 1H17 2. Earnings are on an annualised basis

48

NEW ZEALAND PERFORMANCE

NZ DIVISION 1H17 PERFORMANCE[1 ]

==> picture [409 x 133] intentionally omitted <==

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

NZ$m
22 0 7 717
702
-14
1H16 profit Income Expenses Provisions Tax & NCI 1H17 profit
----- End of picture text -----

PROFIT GROWTH	HOH	PCP
Retail	2%	7%
Commercial	12%	-2%
TOTAL	6%	2%

VOLUMES

==> picture [182 x 172] intentionally omitted <==

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

NZ$b
110 113 115
75 76 81
Mar-16 Sep-16 Mar-17
NLAs Customer Deposits
STAFF
6,401 6,317 6,250
515 529 536
1H16 2H16 1H17
Revenue per FTE ($k) [2 ] FTE
----- End of picture text -----

NET INTEREST MARGIN

==> picture [184 x 66] intentionally omitted <==

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

2.40% 2.35% 2.30%
1H16 2H16 1H17
----- End of picture text -----

COST TO INCOME

==> picture [182 x 49] intentionally omitted <==

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

38.6% 39.3% 38.1%
1H16 2H16 1H17
----- End of picture text -----

OTHER OPERATING INCOME

==> picture [194 x 68] intentionally omitted <==

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

NZ$m 341 350 336
1H16 2H16 1H17
----- End of picture text -----

ASSET QUALITY

==> picture [215 x 78] intentionally omitted <==

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

0.39%
0.32%
0.27%
0.15%
0.08% 0.07%
1H16 2H16 1H17
Total loss rate (%) [3 ] GIA as a % of GLAs
----- End of picture text -----

1. Adjusted Pro-forma basis

==> picture [40 x 13] intentionally omitted <==

1. Income is on an annualised basis

49

1. Credit impairment charges (annualised) / Average GLA for the period

NEW ZEALAND

STRATEGIC FOCUS – CUSTOMER OUTCOMES

NET CUSTOMER GROWTH

New Zealand Division (‘000)

==> picture [259 x 135] intentionally omitted <==

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

40
35
29
Mar-15 Mar-16 Mar-17
Net Retail acquisition (new less defection)
----- End of picture text -----

BRAND CONSIDERATION[1]

==> picture [266 x 150] intentionally omitted <==

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

2 #2 #1
51.6%
45.8%
43.8%
Mar-15 Mar-16 Mar-17
ANZ brand consideration
----- End of picture text -----

RETAIL NET PROMOTER SCORE[2]

BRAND CONSIDERATION – MIGRANTS

==> picture [281 x 134] intentionally omitted <==

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

%
9.9
0.1
-7.7
Mar- Mar- Mar-
15 16 17
----- End of picture text -----

==> picture [291 x 134] intentionally omitted <==

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

71,932
75,000 67,619 100%
56,275
60,000 80%
45,000 60%
30,000 40%
15,000 20%
0 0%
Mar-15 Mar-16 Mar-17
Brand consideration [1] Net migration [3]
----- End of picture text -----

1. McCulley Research Brand Tracking (online survey, first choice or seriously considered); six month rolling average 2. Camorra Retail Market Monitor (RMM); six month rolling score 3. Source: Statistics NZ

==> picture [40 x 13] intentionally omitted <==

50

FURTHER INFORMATION

==> picture [165 x 131] intentionally omitted <==

Our Shareholder information

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.

shareholder.anz.com

Equity Investors

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

Scott Gifford

Head of Debt Investor Relations +61 3 8655 5683 +61 434 076 876 scott.gifford@anz.com

==> picture [40 x 13] intentionally omitted <==

51