Dispatch of Retail Information Booklet

Australia and New Zealand Banking Group Limited ABN 11 005 357 522
ANZ Centre Melbourne, Level 9A, 833 Collins Street, Docklands VIC 3008
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
News Release
For Release: 21 July 2022
Dispatch of Retail Information Booklet to retail
shareholders
Attached is the Retail Information Booklet which will be sent to retail shareholders, either by
email (if they have elected to received electronic communications) or by post together with
a personalised Entitlement and Acceptance Form.
The Retail Information Booklet contains important information about ANZ’s pro rata
renounceable accelerated entitlement offer announced on 18 July 2022 (Entitlement Offer),
including how eligible shareholders in Australia and New Zealand can apply to participate in
the Entitlement Offer.
Eligible shareholders can call 1800 113 399 or +61 3 9415 4010 between 8.30am
to 5.30pm (Melbourne time) weekdays for more information.
For media enquiries
Stephen Ries
Head of Corporate Communications
Tel: +61 409 655 551
For analyst enquiries
Jill Campbell
GGM Investor Relations
Tel: +61 3 8654 7749
Approved for distribution by ANZ’s Continuous Disclosure Committee
IMPORTANT INFORMATION
This Announcement is not intended to be and should not be relied upon as advice or as a recommendation to ANZ
shareholders 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
whether to participate in the Entitlement Offer. This Announcement does not constitute financial product advice.
Cooling off rights do not apply to an investment in new ANZ shares (New Shares).
This Announcement is not a prospectus or offering document under Australian law or under any other law. No action
has been or will be taken to register, qualify or otherwise permit a public offering of any New Shares in any jurisdiction
outside Australia and New Zealand. This Announcement is for information purposes only and does not constitute or
form part of an offer, invitation, solicitation, advice or recommendation with respect to the issue, purchase or sale of
any New Shares in ANZ.
In particular, this Announcement does not constitute an offer to sell, or a solicitation of any offer to buy, any securities
in the United States or to any person who is acting for the account or benefit of any person in the United States.
None of the ANZ securities to be issued in the capital raising have been, or will be, registered under the U.S. Securities
Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state or other jurisdiction of the
United States. Accordingly, the ANZ securities to be issued in the Entitlement Offer may not be offered or sold, directly
or indirectly, to any person in the United States or any person that is acting for the account or benefit of a person in
the United States, except in transactions exempt from, or not subject to, the registration requirements of the U.S.
Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States. In the
retail Entitlement Offer, the entitlements may only be purchased, traded, taken up or exercised, and the New Shares
may only be offered or sold outside the United States in “offshore transactions” (as defined in Rule 902(h) under the
U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act. The release, publication or distribution
of this Announcement (including an electronic copy) outside Australia may be restricted by law. If you come into
possession of this Announcement, you should observe such restrictions and should seek your own advice on such
restrictions. In particular, this Announcement may not be released or distributed in the United States.

•
•

•

This Booklet has been prepared by ANZ and relates to the Retail
Entitlement Offer. Only Eligible Retail Shareholders can participate
in the Retail Entitlement Offer.
The funds raised from the Retail Entitlement Offer will be used to
help fund ANZ’s acquisition of Suncorp Bank.
The Retail Entitlement Offer is made in Australia under section
708AA of the Corporations Act (as modified by ASIC Corporations
(Non-Traditional Rights Issues) Instrument 2016/84 and ASIC
Corporations (Disregarding Technical Relief ) Instrument 2016/73), and,
in New Zealand, under the Financial Markets Conduct (Same Class
Offers ASX/NZX-Quoted Financial Products) Exemption Notice
2018. This means ANZ can make the Entitlement Offer without a
regulated disclosure document.
If you are an Eligible Retail Shareholder (explained in more detail in
Section 1.1), then it's important that you carefully read and
understand this Booklet, and the information about ANZ and the
Retail Entitlement Offer that is publicly available, before deciding
whether to participate in the Retail Entitlement Offer. In particular,
you should consider:
•the risk factors outlined in the "Risks and Uncertainties" section
of the Investor Presentation which is included in Section 6 of
this Booklet. That section summarises certain general, and ANZ
specific, risk factors and risks associated with ANZ’s acquisition of
Suncorp Bank and the Entitlement Offer. These risks may affect
the operating and financial performance of ANZ or the value of
Shares; and
•the Announcements in Section 6 of this Booklet, ANZ’s interim
and annual reports and other announcements made by ANZ.
Those announcements are available at asx.com.au (including
announcements ANZ may make after this Booklet is published).
This Booklet (other than the Announcements) is dated 21 July
2022. The Announcements are current as at the date specified in
them. This Booklet remains subject to change without notice.
Taxation
If you participate in the Retail Entitlement Offer and receive Retail
Entitlements or New Shares, then you will have tax implications. In
Section 8, you can read a general summary of the Australian
income tax, GST and stamp duty implications of the Retail
Entitlement Offer for Eligible Retail Shareholders. The summary
does not take account of the individual circumstances of particular
Eligible Retail Shareholders. It does not constitute tax advice.
ANZ recommends that you consult your professional tax adviser
about the Retail Entitlement Offer.
Forward looking statements
This Booklet may contain forward-looking statements or opinions
including statements regarding ANZ’s intent, belief or current
expectations with respect to ANZ’s business operations, market
conditions, results of operations and financial condition, capital
adequacy, specific provisions and risk management practices.
When used in this Booklet, the words "forecast", "estimate",
"project", "intend", "anticipate", "believe", "expect", "may",
"probability", "risk", "will", "seek", "would", "could", "should" and similar
expressions, as they relate to ANZ and its management, are
intended to identify forward-looking statements or opinions.
Those statements: are usually predictive in character; or may be
affected by inaccurate assumptions or unknown risks and
uncertainties; or may differ materially from results ultimately
achieved. As such, these statements should not be relied upon
when making investment decisions. These statements only speak
as at the date of this Booklet and no representation is made by
ANZ, the Underwriters and their respective advisors, affiliates,
related bodies corporate, directors, officers, partners, employees
and agents (Extended Parties) as to their correctness on or after
this date. Forward-looking 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 of this Booklet to reflect the occurrence of unanticipated
events. To the maximum extent permitted by law, ANZ, the
Underwriters and each of their respective Extended Parties disclaim
any responsibility for the accuracy or completeness of any
forward-looking statements whether as a result of new information,
future events or results or otherwise. To the maximum extent
permitted by law, each of ANZ and the Underwriters and their
respective Extended Parties disclaim any responsibility to update or
revise any forward-looking statement to reflect any change in
ANZ's financial condition, status or affairs or any change in the
events, conditions or circumstances on which a statement is based,
except as required by Australian law.
IMPORTANT
INFORMATION
1Retail Entitlement Offer
Contents »

Not for distribution or release in the United States
Neither this Booklet (or any part of it), the Entitlement and
Acceptance Form nor any Announcement may be distributed
or released in the United States or to any person acting for the
account or benefit of a person in the United States. None of
this Booklet, any Announcement or the Entitlement and
Acceptance Form constitute an offer to sell, or a solicitation of
an offer to buy, any securities in the United States or in any
other jurisdiction in which such an offer would be illegal.
The distribution of this Booklet may be restricted by law in certain
other countries. You should read the important information set out
in the “International Offer Restrictions” in the Investor Presentation
included in Section 6 of this Booklet.
Neither the Entitlements nor the New Shares have been,
or will be, registered under the Securities Act of 1933, as amended
(the Securities Act), or the securities laws of any state or other
jurisdiction of the United States. Accordingly, the Entitlements may
not be purchased, traded, taken up or exercised by, and the New
Shares may not be offered or sold, directly or indirectly to, any person
in the United States or any person that is acting for the account or
benefit of a person in the United States (to the extent such persons
are acting for the account or benefit of persons in the United States).
In the Retail Entitlement Offer, the Entitlements may only be
purchased, traded, taken up, exercised or offered, sold or otherwise
transferred, and the New Shares may only be offered or sold, outside
the United States, in "offshore transactions" (as defined in Rule 902(h)
under the Securities Act) in reliance on Regulation S under the
Securities Act.
Risks
An investment in ANZ is subject to investment risks and other
known and unknown risks, some of which are beyond the control
of ANZ. Recipients should have regard to (among other things)
the "Risks and Uncertainties" section of the Investor Presentation
included in Section 6 of this Booklet for a non-exhaustive summary
of the key risks that may affect ANZ and its financial and operating
performance, and the acquisition of Suncorp Bank.
You should refer to the “Risks and Uncertainties” section of the
Investor Presentation included in Section 6 of this Booklet for a
summary of general and specific risk factors that may affect ANZ.
Other general matters
Please read Section 7 of this Booklet carefully for other important
notices, disclaimers and acknowledgements.
Currency
A reference to dollars ($) in this Booklet is a reference to Australian
currency unless otherwise identified as New Zealand currency (NZ$).
The Offer Price of $18.90 has been converted into New Zealand
dollars at an exchange rate of $1 to NZ$1.1012 resulting in an
equivalent Offer Price of NZ$20.81 (rounded to 2 decimal places).
2
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

CONTENTS
IMPORTANT
INFORMATION
Page 1
CHAIRMAN'S
LETTER
Page 4
KEY DATES
Page 5
SECTION 9
GLOSSARY
Page 70
SECTION 10
ELIGIBLE RETAIL
SHAREHOLDER
DECLARATIONS
Page 74
CORPORATE
DIRECTORY
Page 76
SECTION 1
KEY INFORMATION
ON THE RETAIL
ENTITLEMENT OFFER
Page 6
SECTION 2
SUMMARY OF
YOUR OPTIONS
Page 8
SECTION 3
ADDITIONAL
INFORMATION
OPTION 1
Page 10
SECTION 4
ADDITIONAL
INFORMATION
OPTION 2
Page 12
SECTION 5
ADDITIONAL
INFORMATION
OPTION 3
Page 14
SECTION 6
ANNOUNCEMENTS
Page 15
SECTION 7
ADDITIONAL
INFORMATION
Page 62
SECTION 8
AUSTRALIAN
TAXATION
CONSIDERATIONS
Page 68
3Retail Entitlement Offer
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

CHAIRMAN’S LETTER
Dear Shareholder,
On behalf of the ANZ Board, I am pleased to offer you the
opportunity to participate in an equity raising to help fund
our acquisition of Suncorp Bank.
Suncorp Acquisition
The agreement to acquire Suncorp Bank is an important
milestone for ANZ and a vote of confidence in the future
of Queensland.
We are excited by the opportunity and believe it will be a
platform for growth in the fastest growing state in Australia.
Suncorp Bank is a natural fit with ANZ given its cultural
alignment, risk settings and customer focus.
The acquisition includes $47 billion of home loans,
$45 billion in high-quality deposits and $11 billion in
commercial loans (as at December 2021).
While we still have an approval process to navigate, we
believe, as the smallest of the major banks, this acquisition
will help ANZ compete more effectively in Queensland
and ultimately provide better outcomes for customers
across Australia.
We are also committed to playing a lead role in the economic
development of Queensland and we are allocating new
lending as part of ANZ’s existing renewable lending
commitments to support Queensland’s renewable projects
and green Olympic Games infrastructure, as well as new
lending for energy transition projects over the next decade.
The acquisition comes at a time when your bank is
continuing to perform with our trading update for the nine
months to 30 June showing strong lending and margin
momentum across all our major businesses.
Equity Raising
When we announced the acquisition, we also launched a
fully underwritten pro rata accelerated entitlement offer of
new ANZ ordinary shares (New Shares) to raise approximately
$3.5 billion (Offer). The Offer is made up of an accelerated
institutional component and a retail component.
The institutional component of the Offer, raising
approximately $1.7 billion, has been completed.
Those retail shareholders who are eligible are now invited to
subscribe for 1 New Share for every 15 existing ANZ shares
held at 7:00pm (Melbourne time) on 21 July 2022. These are
referred to as your entitlements. The price you will need to
pay for each New Share you subscribe for under the Offer is
$18.90. The Offer also allows retail shareholders to trade their
entitlements on the ASX.
The ANZ Board believes the structure of the Offer is the best
way to recognise the support of our existing shareholders,
many of whom are long term investors. The structure is
based on fairness, with New Shares offered on a pro-rata
basis to existing shareholders.
This Booklet contains important information about the Offer.
Your entitlements may be valuable and you have a number
of options available to you to realise that value. Please read
this Booklet carefully before you decide whether to
participate in the Offer.
On behalf of the ANZ Board, I invite you to consider this
opportunity and we thank you for your continued support
of ANZ.

Sincerely,
Paul O’Sullivan
Chairman
4
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation con-
siderations
GlossaryShareholder
declarations
Corporate
directory

KEY DATES
ACTIVITYDATE
Retail Entitlements commence trading on the ASX on a deferred settlement basis 21 July 2022
Record Date for determining eligibility for the Retail Entitlement Offer (7.00pm) 21 July 2022
Retail Entitlement Offer opens (9.00am) and dispatch of the Booklet commences26 July 2022
Dispatch of the Booklet and personalised Entitlement and Acceptance Forms complete28 July 2022
Retail Entitlements commence trading on ASX on a normal settlement basis29 July 2022
Retail Entitlements trading on ASX ends8 August 2022
Retail Entitlement Offer closes (5.00pm) 15 August 2022
Retail Shortfall Bookbuild (for Retail Entitlements not taken up by Eligible Retail Shareholders and
Retail Entitlements of Ineligible Retail Shareholders)
18 August 2022
Announcement of results of the Retail Shortfall Bookbuild19 August 2022
Settlement of New Shares under the Retail Entitlement Offer23 August 2022
Allotment and issue of New Shares under the Retail Entitlement Offer24 August 2022
New Shares issued under the Retail Entitlement Offer commence trading on ASX on a normal
settlement basis
25 August 2022
Dispatch of holding statements for the New Shares issued under the Retail Entitlement Offer26 August 2022
Payment of Retail Premium (if any)9 September 2022
1 Registered to BPAY Pty Limited ABN 69 079 137 518.
These dates (except where historical) are indicative only and are
subject to change without notice. All times and dates refer to the
time and date in Melbourne, Australia (Melbourne time). Subject to
the requirements of the Corporations Act, the ASX Listing Rules
and any other applicable laws, ANZ has the right, with the consent
of the Underwriters, to amend the timetable, including extending
the Retail Entitlement Offer Period or accepting late Applications,
either generally or, in particular cases, without notice.
The quotation of Retail Entitlements and New Shares is subject
to confirmation from ASX.
Cooling off rights do not apply to your Application. You cannot
withdraw your Application once it has been accepted. Eligible
Retail Shareholders wishing to participate in the Retail Entitlement
Offer may:
1. pay via BPAY®
1
or, in the case of Eligible Retail Shareholders with
a registered address in New Zealand, EFT; or
2. submit their Entitlement and Acceptance Form with their
Application Monies by cheque, bank draft or money order as
soon as possible after the Retail Entitlement Offer opens.
5Retail Entitlement Offer
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation con-
siderations
GlossaryShareholder
declarations
Corporate
directory

SECTION 1
KEY INFORMATION ON THE
RETAIL ENTITLEMENT OFFER
1.1 IS THIS BOOKLET RELEVANT
TO YOU?
This Booklet is relevant to you if you are an Eligible Retail
Shareholder. You can only apply under the offer if you are an
Eligible Retail Shareholder.
You are an Eligible Retail Shareholder if you meet all of the
following requirements:
•you are registered as a holder of Shares as at the Record Date
(being 7.00pm on 21 July 2022); and
•you have a registered address on the ANZ share register in
Australia or New Zealand; and
•you are not in the United States and are not acting for the
account or benefit of a person in the United States (to the extent
you hold Shares and are acting for the account or benefit of such
person in the United States); and
•you did not receive an offer to participate (other than as a
nominee), or were otherwise ineligible to participate, under the
Institutional Entitlement Offer; and
•you are eligible under all applicable securities laws to receive the
Retail Entitlement Offer.
If you do not meet all of these requirements, you are not an
Eligible Retail Shareholder and are referred to as an Ineligible
Retail Shareholder in this Booklet.
1.2 WHAT ARE THE KEY DETAILS OF
THE RETAIL ENTITLEMENT OFFER?
Offer Ratio1 New Share for every
15 Existing Shares held
Offer Price$18.90 (or NZ$20.81) per New Share
Number of Shares
to be issued
Approximately 187 million
New Shares
Gross proceedsApproximately $3.5 billion
1.3 HOW MANY RETAIL ENTITLEMENTS
DO YOU HAVE?
If you are an Eligible Retail Shareholder, the number of Retail
Entitlements you have been granted is set out in your personalised
Entitlement and Acceptance Form. The Retail Entitlements you
have been granted were calculated based on the Offer Ratio
(specified in Section 1.2) and on the number of Existing Shares you
held as at the Record Date (being 7.00pm on 21 July 2022).
If you are entitled to receive a fraction of a New Share, that fraction
will be rounded up to the next whole number.
If you had more than one holding of Shares as at the Record Date,
you will be sent more than one personalised Entitlement and
Acceptance Form and you will have separate Retail Entitlements for
each holding. The Retail Entitlements stated on your personalised
Entitlement and Acceptance Form may be in excess of the actual
Retail Entitlements you may be permitted to take up where, for
example, you are holding Shares on behalf of a person in the
United States.
1.4 IMPORTANT TERMINOLOGY
To help you understand the terminology used in this Booklet:
•references to "you" are references to Eligible Retail Shareholders;
•references to "your Retail Entitlements" are references to the
Retail Entitlements of Eligible Retail Shareholders;
•references to "your Entitlement and Acceptance Form" are
references to the form of that name accompanying this Booklet
that you can use to take up your Retail Entitlements;
•your ability to "take up" your Retail Entitlements means your
ability to pay for, and be issued, New Shares; and
•your ability to "sell or transfer" your Retail Entitlements means
your ability to sell your Retail Entitlements on ASX or to transfer
your Retail Entitlements to another person.
6
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

1.5 WHAT OPTIONS DO YOU HAVE?
If you are an Eligible Retail Shareholder, you may take one of the following actions:
Take up your Retail EntitlementsPotentially realise value for your Retail Entitlements
OPTION 1OPTION 2OPTION 3
Take up some or all of your Retail Entitlements
before the Retail Entitlement Offer closes at 5.00pm
on 15 August 2022.
To do this, you must either:
1. pay your Application Monies via BPAY (or EFT if you
have a registered address in New Zealand); or
2. complete and return your personalised Entitlement
and Acceptance Form with your Application Monies
by cheque, bank draft or money order.
You need to do so in a way that makes sure your
payment is received before 5.00pm on 15 August 2022.
You need to follow the instructions on your
personalised Entitlement and Acceptance Form
(which includes the Biller Code and your unique
Customer Reference Number). You can also obtain the
Biller Code and your unique Customer Reference Number
at RetailEntitlementOffer.anz.com.
Sell or transfer all or some of your
Retail Entitlements. You can sell
them on the ASX:
•from 21 July 2022 (on a deferred
settlement basis); and
•from 29 July 2022 (on a normal
settlement basis),
until 8 August 2022 when trading
of Retail Entitlements ceases.
You should contact your broker
if you wish to do this.
Do nothing in which case your
Retail Entitlements will be sold
through the Retail Shortfall
Bookbuild, which will occur on
18 August 2022.
If you choose this option, there is
no guarantee that you will receive
any value for your Retail
Entitlements that are sold through
the Retail Shortfall Bookbuild.
It is expected that any Retail
Premium will be paid to you on
or about 9 September 2022.
See Sections 2 and 3 for more detailsSee Sections 2 and 4 for more detailsSee Sections 2 and 5 for more details
Important: If you trade your Retail Entitlements before the
Retail Entitlements are allotted or before you can access your
personalised Entitlement and Acceptance Form:
•ANZ takes no responsibility for the consequences; and
•ANZ disclaims all liability to you (to the maximum extent
permitted by law).
1.6 WHAT OPTIONS DO INELIGIBLE
RETAIL SHAREHOLDERS HAVE?
Ineligible Retail Shareholders are unable to participate in the Retail
Entitlement Offer and cannot take up, sell or transfer their Retail
Entitlements. Instead, their Retail Entitlements will be sold on their
behalf in the Retail Shortfall Bookbuild. After that, Ineligible Retail
Shareholders will receive the Retail Premium (if any) in respect of
their Retail Entitlements. There is no guarantee that there will be
any Retail Premium.
1.7 ENQUIRIES
If you have any doubt, or any questions, about how to deal with
your Retail Entitlements, you should seek professional advice from
an adviser who is licensed by ASIC to give that advice.
You should contact the ANZ Shareholder Information Line
(numbers below) if you:
•have questions about how to complete your Entitlement and
Acceptance Form or how to take up, sell or transfer all or some of
your Retail Entitlements; or
•have lost your Entitlement and Acceptance Form and would like
a replacement form.
Contact details for the ANZ Shareholder Information Line are as
follows: 1800 113 399 (within Australia) or +61 3 9415 4010 (outside
Australia) between 8.30am and 5.30pm Monday to Friday (excluding
public holidays) during the Retail Entitlement Offer Period.
You may also access your personalised payment details at
RetailEntitlementOffer.anz.com from 26 July 2022.
7Retail Entitlement Offer
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

SECTION 2
SUMMARY OF YOUR OPTIONS
Key considerations for Eligible Retail Shareholders
OptionKey considerationsWhere to find more
information about
your options
Option 1
Take up some or
all of your Retail
Entitlements before
the Retail Closing Date
(being 5.00pm on
15 August 2022)
•You may elect to take up some or all of your Retail Entitlements to purchase
New Shares at the Offer Price before the Retail Closing Date.
•To do so, you need to either:
−pay your Application Monies via BPAY (or EFT if your registered address is in
New Zealand) pursuant to the instructions set out on your personalised
Entitlement and Acceptance Form; or
−complete and return your personalised Entitlement and Acceptance Form with
the requisite Application Monies by cheque, bank draft or money order.
•If you decide to submit your payment via BPAY (or EFT if your registered address is
in New Zealand) you should instruct your bank to make the payment well before
5.00pm on 15 August 2022 to enable its receipt before the Retail Closing Date. If
you decide to submit your payment by cheque, bank draft or money order, you
must ensure that the payment (along with your personalised Entitlement and
Acceptance Form) is received by no later than 5.00pm on 15 August 2022.
•ANZ will treat you as applying for as many New Shares as your payment will pay for
in full. If you pay for more New Shares than you are entitled to, ANZ will refund you
the extra amount. No interest will be paid on any Application Monies received or
refunded (wholly or partially).
•The New Shares will be fully paid and will rank equally in all respects with
Existing Shares.
•If you take up only some of your Retail Entitlements, you may sell or transfer the
balance (see Option 2 below) or you may do nothing with the balance, in which
case that part will be sold through the Retail Shortfall Bookbuild for your benefit
(see Option 3 below).
•If you submit an Application to take up Retail Entitlements that you have already
sold or transferred, your Application will be cancelled. In that case any application
payment you made will be refunded after the offer closes.
Section 3
Option 2
Sell or transfer all or
some of your Retail
Entitlements
•If you do not wish to take up any of your Retail Entitlements, you may be able
to sell some or all of them on ASX through your broker or transfer them directly
to another person.
•You may trade your Retail Entitlements on ASX from:
−21 July 2022 (on a deferred settlement basis); and
−29 July 2022 (on a normal settlement basis).
Retail Entitlements will cease trading on ASX on 8 August 2022.
You may incur brokerage costs if you sell some or all of your Retail Entitlements on
ASX. Depending on the number of Retail Entitlements you have, brokerage costs
may have a material impact on the net proceeds you receive.
•You cannot trade Retail Entitlements on NZX. If you are an Eligible Retail
Shareholder and hold Existing Shares on NZX, you should contact your broker
for instructions on how to sell your Retail Entitlements on ASX.
•If you sell your Retail Entitlements during the Retail Entitlements Trading Period,
you may receive a higher or lower amount than another Eligible Retail Shareholder
who sells their Retail Entitlements during the same period or through the Retail
Shortfall Bookbuild.
Section 4
8
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

OptionKey considerationsWhere to find more
information about
your options
Option 2 continued •If you sell or transfer only some of your Retail Entitlements, you may choose to take
up the remainder (see Option 1) or you may do nothing with the remainder and let
them be sold through the Retail Shortfall Bookbuild (see Option 3 below).
•It is your responsibility to confirm the number of Retail Entitlements you have
for the purposes of trading them on ASX or transferring them.
•There is no guarantee that there will be a liquid market for the Retail Entitlements
on ASX.
•If you sell or transfer all or some of your Retail Entitlements, your percentage
shareholding in ANZ will be diluted as a result of the New Shares being issued
as a result of this equity raising. Your percentage shareholding in ANZ will also be
diluted as a result of the New Shares issued under the Entitlement Offer.
Option 3
Do nothing and let
some or all of your
Retail Entitlements
be sold through the
Retail Shortfall
Bookbuild
•You do not need to do anything with your Retail Entitlements. If for some of your
Retail Entitlements you neither take them up or sell or transfer them, they will be
sold through the Retail Shortfall Bookbuild on 18 August 2022.
•You will receive the Retail Premium (if any) in respect of those Retail Entitlements.
There is no guarantee that there will be any Retail Premium.
•The ability to sell Retail Entitlements through the Retail Shortfall Bookbuild and the
ability to obtain any Retail Premium will be dependent upon various factors, including
market conditions. Further, the price received for the Retail Entitlements during the
Retail Shortfall Bookbuild may not be the highest price available, but will be
determined having regard to a number of factors, including having binding and bona
fide offers which, in the reasonable opinion of the Underwriters will, if accepted, result
in all Retail Entitlements participating in the Retail Shortfall Bookbuild being sold.
•It is expected that the Retail Premium (if any) will be paid to you on or about
9 September 2022 in the same way in which cash dividends on your Existing
Shares are paid to you.
•If you have a registered address in Australia, New Zealand or the United Kingdom,
any Retail Premium will be paid by direct credit and will be held until valid direct
credit instructions are provided to the Share Registry. If you have a registered
address in any other jurisdiction, any Retail Premium will be made by cheque in
Australian dollars.
•We recommend you check, and if necessary update, your direct credit payment
instructions online at www.investorcentre.com/au by following the prompts.
To use this facility you will need internet access and your HIN or SRN or Holder
Number to pass the security features on the website. Your HIN or SRN or Holder
Number can be found on the top right corner of your holding statements and
other shareholder communications and identifies you as the holder of your Existing
Shares. Your HIN or SRN or Holder Number will start with a letter (usually an X or I)
and is followed by a 10 digit number.
•Retail Premium (if any) cannot be reinvested into the Dividend Reinvestment Plan
(DRP) or Bonus Option Plan (BOP).
•You will not incur brokerage costs on any Retail Premium received from the Retail
Shortfall Bookbuild.
•By letting your Retail Entitlements be sold through the Retail Shortfall Bookbuild, you
will no longer have any exposure to increases or decreases in the value of any New
Shares which you would have received if you had taken up your Retail Entitlements
(or any value for those Retail Entitlements which may have been achieved through
their sale on ASX or otherwise). Your percentage shareholding in ANZ will also be
diluted as a result of the New Shares issued under the Entitlement Offer.
Section 5
If you have any doubt, or questions, about how you should deal with your Retail Entitlements, you should seek professional
advice from an adviser who is licensed by ASIC to give that advice before making any investment decision.
You should also carefully read:
•the “Risks and Uncertainties” section of the Investor Presentation included in Section 6 of this Booklet; and
•the information on Australian tax implications of each option included in Section 8 of this Booklet.
9
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory
Retail Entitlement Offer

SECTION 3
ADDITIONAL INFORMATION
OPTION 1
Under Option 1 you can elect to take up all or some of your Retail Entitlements to purchase New Shares at the
Offer Price of $18.90 per New Share.
If you make an Application under Option 1, it is expected that your New Shares will be allotted on 24 August 2022 and
commence trading on ASX on a normal settlement basis on 25 August 2022.
3.1 PAYMENT OPTIONS
To take up all or some of your Retail Entitlements to purchase New Shares at the Offer Price of $18.90 per New Share, you must:
Pay your
Application Monies
by BPAY (or EFT
if your registered
address is in
New Zealand)
•If you wish to take up all or some of your Retail Entitlements under Option 1 your BPAY
(or EFT if your registered address is in New Zealand) payment must be received before
5.00pm on 15 August 2022.
•Follow the instructions on your personalised Entitlement and Acceptance Form (which includes
the Biller Code and your unique Customer Reference Number). You can also obtain the Biller Code
and your unique Customer Reference Number at RetailEntitlementOffer.anz.com from
26 July 2022.
•You can only make a payment via BPAY if you are the holder of an account with an Australian branch
of a financial institution that supports BPAY transactions. If you are located in New Zealand and do not
have an account that supports BPAY transactions, alternative EFT payment arrangements will be
available at RetailEntitlementOffer.anz.com. See section 3.2 for further details.
•You do not need to return your personalised Entitlement and Acceptance Form if you
choose the BPAY (or EFT) payment option. By paying your Application Monies by BPAY (or EFT ) you
will be deemed to have made the declarations set out in this Booklet and on the Entitlement and
Acceptance Form.
•If you are paying by BPAY, please make sure you use the specific Biller Code and your unique Customer
Reference Number on your personalised Entitlement and Acceptance Form. If you are paying by EFT,
please make sure you use your unique payment reference number as displayed on your personalised
Entitlement and Acceptance Form.
•If you receive more than one personalised Entitlement and Acceptance Form because you have
shareholdings in different names or multiple shareholdings, you will need to complete individual BPAY
or EFT transactions using the Customer Reference Number or payment reference number specific to
each individual personalised Entitlement and Acceptance Form that you receive.
•If you inadvertently use the same Customer Reference Number or payment reference number for more
than one of your holdings of Retail Entitlements, you will be deemed to have applied only for your
Retail Entitlements to which that Customer Reference Number or payment reference number applies
and any excess amount will be refunded.
•You should be aware that your financial institution may implement earlier cut-off times with regards to
electronic payment and you should therefore take this into consideration when making payment. You
may also have your own limit on the amount that you can pay via BPAY or EFT. It is your responsibility to
check that the amount you wish to pay via BPAY or EFT does not exceed your limit.
10
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

Pay your
Application Monies
by cheque, bank
draft or money order
•Complete your personalised Entitlement and Acceptance Form in accordance with the instructions
on the form, indicating the number of New Shares you wish to apply for and return it by mail to the
address set out below and accompanied by a cheque, bank draft or money order in Australian currency
for the amount of the Application Monies.
•Your completed personalised Entitlement and Acceptance Form and cheque, bank draft or
money order must be received at the address below before 5.00pm on 15 August 2022.
•Your cheque, bank draft or money order must be:
−payable to “Australia and New Zealand Banking Group Limited” and crossed “Not Negotiable”;
−for an amount equal to $18.90 multiplied by the number of New Shares that you are applying for;
and
−in Australian currency drawn on an Australian branch of a financial institution.
•Any agreement to issue New Shares to you following receipt of your personalised Entitlement and
Acceptance Form is conditional on your cheque, bank draft or money order in payment of the
Application Monies for those New Shares being honoured on first presentation. Therefore, you must
ensure that sufficient funds are held in relevant account(s) to cover the Application Monies.
•If the amount of your cheque, bank draft or money order for Application Monies (or the amount for
which the cheque, bank draft or money order clears in time for allocation) is insufficient to pay in full
for the number of New Shares you have applied for in your personalised Entitlement and Acceptance
Form, you will be taken to have applied for such lower number of whole New Shares as your cleared
Application Monies will pay for (and to have specified that number of New Shares on your personalised
Entitlement and Acceptance Form). Alternatively, your Application will not be accepted.
•Cash payments will not be accepted. Receipts for payment will not be issued.
•Your completed Entitlement and Acceptance Form and cheque, bank draft or money order
must be mailed to:
Australia and New Zealand Banking Group Limited
C/- Computershare Investor Services Pty Limited
GPO Box 505
Melbourne Victoria 3001 Australia
Entitlement and Acceptance Forms (and payment of any Application Monies) will not be accepted
at ANZ’s registered or corporate offices or branches, or at the offices of the Share Registry.
•For the convenience of Eligible Retail Shareholders in Australia, an Australian reply paid envelope
with the appropriate address has been included with this Booklet. Shareholders outside of Australia
will need to affix the appropriate postage.
3.2 PAYMENT IN NEW ZEALAND DOLLARS FOR NEW ZEALAND
REGISTERED SHAREHOLDERS
Eligible Retail Shareholders with a registered address in New Zealand may provide payment in New Zealand dollars. The Offer Price in
New Zealand dollars is NZ$20.81 per New Share, being the Offer Price converted to New Zealand dollars at the applicable exchange rate of
1 Australian dollar equals 1.1012 New Zealand dollars. Your payment in New Zealand dollars is determined by multiplying the number of
New Shares that you are applying for by NZ$20.81. For further details on how to pay your Application Monies in New Zealand dollars by
EFT please refer to RetailEntitlementOffer.anz.com.
11
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory
Retail Entitlement Offer

SECTION 4
ADDITIONAL INFORMATION
OPTION 2
Under Option 2 you can sell or transfer all or some of your Retail Entitlements.
4.1 WAYS TO SELL OR TRANSFER YOUR RETAIL ENTITLEMENTS
If you do not wish to take up all or some of your Retail Entitlements, you may be able to sell all or some of your Retail Entitlements on ASX
through your broker or transfer all or some of your Retail Entitlements directly to another person.
Selling all or some of your
Retail Entitlements on ASX
You can only do this
through your broker.
If you are an issuer
sponsored holder, you will
need to set up an account
with a broker before being
able to sell your Retail
Entitlements on ASX
•You should ensure that you allow sufficient time for your broker to carry out your instructions.
Please note that brokerage costs may be incurred if you sell all or some of your Retail
Entitlements on ASX, which depending on the number of your Retail Entitlements, may
have a material impact on the net proceeds you receive.
•Retail Entitlements trading on ASX starts on a deferred settlement basis on 21 July 2022
(ASX code: ANZR) and on a normal settlement basis on 29 July 2022. Retail Entitlements trading
on ASX ceases on 8 August 2022.
Selling or transferring
all or some of your Retail
Entitlements off-market
(i.e. other than on ASX)
You can only do this if you
are an issuer sponsored
holder
•You must forward a completed Renunciation and Acceptance Form to the Share Registry in
relation to the Retail Entitlements that you wish to transfer. If the transferee wishes to take up
all or some of the Retail Entitlements transferred to them, they must send their Application
Monies together with the Entitlement and Acceptance Form related to those Retail Entitlements
transferred to them, to the Share Registry. Both you and the transferee must be issuer sponsored.
If either party is CHESS sponsored, you will need to contact your broker.
•You may only sell or transfer your Retail Entitlements in this way to a transferee whose address
is in Australia or New Zealand or who otherwise qualifies as an "Eligible Person",
2
who is not in the
United States and who is not acting for the account or benefit of a person in the United States.
Persons that are in the United States or that are acting for the account or benefit of a person in
the United States (to the extent such persons are acting for the account or benefit of a person in
the United States) will not be eligible to purchase, trade, take up or exercise Retail Entitlements.
You should inform any proposed transferee of these restrictions before you complete any
transfer to them.
•You can obtain a Renunciation and Acceptance Form online at RetailEntitlementOffer.anz.com
or through the ANZ Shareholder Information Line on 1800 113 399 (within Australia) or
+61 3 9415 4010 (outside Australia) or from your broker. The Renunciation and Acceptance
Form as well as the transferee’s Application Monies and the Entitlement and Acceptance Form
related to the Retail Entitlements transferred to them must be received by the Share Registry at
the mail delivery address set out below no later than the Retail Closing Date (being 5.00pm on
15 August 2022):
Australia and New Zealand Banking Group Limited
C/- Computershare Investor Services Pty Limited
GPO Box 505
Melbourne Victoria 3001 Australia
•If the Share Registry receives both a completed Renunciation and Acceptance Form and an
Application for New Shares in respect of the same Retail Entitlements, the transfer will take
priority over the Application.
2 Certain investors in a limited number of foreign jurisdictions (other than the United States) may be Eligible Persons if they satisfy the requirements of
that expression as set out in the Entitlement and Acceptance Form.
12
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

4.2 IMPLICATIONS OF SELLING OR TRANSFERRING
YOUR RETAIL ENTITLEMENTS
•There is no guarantee that there will be a liquid market for Retail Entitlements on ASX or otherwise. A lack of liquidity may impact your
ability to sell your Retail Entitlements on ASX or to transfer your Retail Entitlements and the price you may be able to obtain for them.
•If you sell or transfer all or some of your Retail Entitlements, you will forgo any exposure to increases or decreases in the value of the
New Shares had you taken up those Retail Entitlements. Your percentage shareholding in ANZ will also be diluted.
•Prices for Retail Entitlements may rise and fall over the Retail Entitlements Trading Period and will depend on many factors including the
demand for and supply of Retail Entitlements on ASX and the value of Existing Shares relative to the Offer Price. If you sell your Retail
Entitlements during the Retail Entitlements Trading Period, you may receive a higher or lower amount than a Shareholder who sells their
Retail Entitlements at a different time during the Retail Entitlements Trading Period or through the Retail Shortfall Bookbuild.
•If you decide to sell or transfer some of your Retail Entitlements, you may choose to take up the remainder (see Option 1 described in
Section 2 and Section 3). Alternatively, you may do nothing and let the remainder of your Retail Entitlements be sold in the Retail
Shortfall Bookbuild (see Option 3 described in Section 2 and Section 5).
13
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory
Retail Entitlement Offer

SECTION 5
ADDITIONAL INFORMATION
OPTION 3
5.1 SALE OF RETAIL ENTITLEMENTS
THROUGH THE RETAIL SHORTFALL
BOOKBUILD
Retail Entitlements which are not taken up by the Retail Closing
Date (being 5.00pm on 15 August 2022), and Retail Entitlements
of Ineligible Retail Shareholders, will be sold through the Retail
Shortfall Bookbuild.
Any Retail Premium will be remitted proportionally to those
Shareholders on or about 9 September 2022, net of any applicable
withholding tax. The Retail Premium will be the excess (if any) of
the price at which New Shares are sold through the Retail Shortfall
Bookbuild over the Offer Price.
5.2 THERE MAY BE NO RETAIL PREMIUM
The Retail Premium may be zero, in which case no payment
will be made to holders of those Retail Entitlements sold into the
Retail Shortfall Bookbuild. The outcome of the Institutional Shortfall
Bookbuild (including the Institutional Premium) is not an indication
as to whether there will be a Retail Premium or what any Retail
Premium may be.
The ability to sell Retail Entitlements through the Retail Shortfall
Bookbuild and the ability to obtain any Retail Premium will depend
on various factors, including market conditions. If there is a Retail
Premium, it may be less than, more than, or equal to the
Institutional Premium or less than, more than or equal to any price
or prices for which Retail Entitlements may be able to be sold on
ASX or otherwise transferred. To the maximum extent permitted
by law, ANZ, the Underwriters and each of their respective related
bodies corporate and affiliates, and each of their respective
directors, officers, partners, employees, representatives and agents,
disclaim all liability, including (without limitation) for negligence,
for any failure to procure a Retail Premium through the Retail
Shortfall Bookbuild and for any difference between the Retail
Premium and the Institutional Premium. ANZ reserves the right
to sell Retail Entitlements through the Retail Shortfall Bookbuild in
any manner it determines.
You should note that if you allow all or some or your Retail
Entitlements to be sold through the Retail Shortfall Bookbuild,
then you will forego any exposure to increases or decreases in the
value of New Shares (or any value for those Retail Entitlements
which may have been achieved through a sale of those Retail
Entitlements on ASX or otherwise) and your percentage
shareholding in ANZ will be diluted as a result of your non-
participation in the Retail Entitlement Offer.
14
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory

ACQUISITION OF SUNCORP BANK
AND EQUITY RAISING
INVESTOR DISCUSSION PACK
Australia and New Zealand Banking Group Limited 9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
18 JULY 2022
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
1
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
DISCLAIMER AND IMPORTANT NOTICE
This investor presentation (Presentation) is dated 18 July 2022 and has been prepared by Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ). By attendinganinvestor presentation or briefing, or accepting, accessing or reviewing
this Presentation, you acknowledge and agree to the terms set out below.
This Presentation has been prepared in relation to a pro rata accelerated renounceable entitlement offer of new ANZ ordinary shares (New Shares) with retail entitlements trading, to be made to:
•eligible institutional shareholders of ANZ (Institutional Entitlement Offer); and
•eligible retail shareholders of ANZ (Retail Entitlement Offer),
under section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 and ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 (together, the
Entitlement Offer). The Entitlement Offer will be used to partly fund ANZ’s acquisition of Suncorp Bank (Acquisition).
SUMMARY INFORMATION
The material in this Presentation is for information purposes only and is current as at 18 July 2022. It is information of a general nature given in summary form and does not purport to be complete. It does not purport to contain all of the information that an
investor should consider when making a decision on whether to participate in the Entitlement Offer nor does it contain all the information which would be required in a product disclosure statement, prospectus or other offering document under Australian
law or under the laws of any other jurisdiction. It should be read in conjunction with ANZ’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.
No member of ANZ gives any representations or warranties in relation to the statements or information in this Presentation.
The information in this Presentation remains subject to change without notice. ANZ reserves the right to withdraw or vary thetimetable for the Retail Entitlement Offer and/or Institutional Entitlement Offer without notice.
NOT FINANCIAL PRODUCT ADVICE
This Presentation is not intended to be and should not be relied upon as advice or as a recommendation to ANZ shareholders orpotential 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 whether to participate in the Entitlement Offer. This Presentation does not constitute financial product advice. Cooling off rights do not apply to an investment in New
Shares.
NOT AN OFFER
This Presentation is not and should not be considered an offer or an invitation to acquire New Shares or any other financial products. Each recipient of this Presentation should make their own enquiries and investigations regarding all information includedin
this Presentation, including the assumptions, uncertainties and contingencies which may affect ANZ’s future operations and the values and the impact that future outcomes may have on ANZ.
The retail information booklet for the Retail Entitlement Offer will be available to eligible retail shareholders in Australia and New Zealand following its lodgement with the ASX. Any eligible retail shareholder in Australian and New Zealand who wishesto
participate in the Retail Entitlement Offer should consider the retail information booklet in deciding whether to apply underthe Retail Entitlement Offer. Any eligible retail shareholder who wishes to apply for New Shares under the Retail Entitlement Offer or
sell their entitlements will need to apply in accordance with the instructions contained in the retail information booklet and the entitlement and application form or follow the sale instructions in the retail information booklet.
FINANCIAL INFORMATION
All figures in this Presentation are in Australian dollars (unless stated otherwise or context requires otherwise).
Financial information of ANZ as at and for the period ended 30 June 2022 is unaudited. Financial information for Suncorp Bankcontained in this Presentation has been derived from interim consolidated financial statements of Suncorp Bank and other
financial information made available by Suncorp Group in connection with the Acquisition, and ANZ does not take any responsibility for it.
This Presentation includes certain pro forma financial and other information. The pro forma financial information provided inthis Presentation is for illustrative purposes only and is not represented as being indicative of ANZ’s views on its, nor anyone else’s,
future financial position and/or performance. The pro forma financial information has been prepared by ANZ in accordance withthe measurement and recognition principles, but not the disclosure requirements prescribed by the Australian Accounting
Standards.
In addition, the pro forma information in this Presentation does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities Exchange Commission, and such information does not purport to comply with
Article 3-05 of Regulation S-X.
Investors should be aware that throughout this Presentation, the financial data in this Presentation includes (i) “non-IFRS financial information” under ASIC Regulatory Guide 230 “Disclosing non-IFRS financial information” published by ASIC and (ii) “non-
GAAP financial measures” within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. These measures include cash profit (and metrics presented on a cash profit basis). Statutory profit is adjusted to exclude non-core items to arrive at
cash profit, reflecting the result for ANZ’s ongoing activities. Adjustments between statutory profit and cash profit includethe following items; economic hedging, revenue and expense hedges and discontinued operations. ANZ believes that this non
IFRS/non-GAAP financial information provides useful information to users in measuring the financial performance of ANZ. The non-IFRS financial information does not have a standardisedmeaning prescribed by Australian Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as analternative to other financial measures determined in accordance with Australian Accounting Standards. Investors are cautioned,
therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this Presentation.
SECTION 6
ANNOUNCEMENTS
15
Important
information
Chairman’s
letter
Key datesKey
information
Summary of
your options
Additional
information option 1
Additional
information option 2
Additional
information option 3
AnnouncementsAdditional
information
Australian taxation
considerations
GlossaryShareholder
declarations
Corporate
directory
Retail Entitlement Offer

2
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
DISCLAIMER AND IMPORTANT NOTICE
OTHER SOURCES OF SUNCORP BANK INFORMATION
Certain information in this Presentation has been sourced from Suncorp Group or its respective representatives or associates.While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its
fairness, accuracy, correctness, completeness or adequacy. Certain market and industry data used in connection with this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general
publications. Neither ANZ nor its representatives have independently verified any such market or industry data provided by thirdparties or industry or general publications.
ANZ undertook a due diligence process in respect of the Acquisition, which relied in part on the review of financial and other information provided by Suncorp Group. Despite making reasonable efforts, ANZ has not been able to verify the accuracy, reliabili ty
or completeness of all the information which was provided to it. If any such information provided to, and relied upon by, ANZinits due diligence and in its preparation of this Presentation proves to be incorrect, incomplete or misleading, there is a riskthat
the actual financial position and performance of Suncorp Bank may be materially different to the expectations reflected in this Presentation.
Investors should also note that there is no assurance that the due diligence conducted was conclusive, and that all material issues and risks in respect of the acquisition have been identified and avoided or managed appropriately (for example, because it was
not always possible to negotiate indemnities or representations and warranties tocover all potential risks). Therefore, there is a risk that issues and risks may arise which will also have a material impacton ANZ. This could adversely affect the operations,
financial performance or position of ANZ.
PAST PERFORMANCE
Past performance, including the pro forma historical financial information in this Presentation, is given for illustrative purposes only and should not be relied on and is not an indication of future performance. Historical information in this Presentationrelating
to ANZ is information that has been released to the market.
INVESTMENT RISKS
An investment in ANZ is subject to investment risks and other known and unknown risks, some of which are beyond the control of ANZ. Recipients should have regard to (among other things) the 'Risks and Uncertainties' section of this presentationfor a non-
exhaustive summary of the key risks that may affect ANZ and its financial and operating performance, and the Acquisition.
FORWARD-LOOKING STATEMENTS
This Presentation may contain forward-looking statements or opinions including statements regarding ANZ’s intent, belief or current expectations with respect to ANZ’s business operations, market conditions, results of operations and financial condition,
capital adequacy, specific provisions and risk management practices. When used in this Presentation, the words ‘forecast’, ‘estimate’, ‘project’, ‘intend’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’, ‘would’, ‘could’, ‘should’ and similar
expressions, as they relate to ANZ and its management, are intended to identify forward-looking statements or opinions.
Those statements: are usually predictive in character; or may be affected by inaccurate assumptions or unknown risks and uncertainties; or may differ materially from results ultimately achieved. As such, these statements should not be relied upon when
making investment decisions. Examples of risk and uncertainties include the following factors, among others, which may be beyond the control of ANZ or Suncorp Bank: the occurrence of any event, change or other circumstances that could give rise to the
right of any of ANZ, or Suncorp Bank to terminate the Acquisition agreement; the outcome of any legal proceedings that may beinstituted against ANZ or Suncorp Bank; the timing and completion of the transactions, including the possibility that any of the
proposed transactions will not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that arenot
anticipated; the possibility that the anticipated benefits of the transactions will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the companies or as a result of the strength of the
economy and competitive factors; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and
opportunities; reputational risk and potential adverse reactions or changes to business or employee relationships; and other factors that may affect future results of ANZ or Suncorp Bank.
These statements only speak as at the date of this Presentation and no representation is made by ANZ, the underwriters and theirrespective advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents (Extended Parties) as
to their correctness on or after this date. Forward-looking 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 of this Presentation to reflect the occurrence of unanticipated events.
To the maximum extent permitted by law, ANZ, the underwriters and each of their respective Extended Parties disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future
events or results or otherwise. To the maximum extent permitted by law, each of ANZ and the underwriters and their respectiveExtended Parties disclaim any responsibility to update or revise any forward looking statement to reflect any change in ANZ's
financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by Australian law.
UNITED STATES RESTRICTIONS
This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy,securities in the United States or to any person that is acting for the account or benefit of any person in the United States(to the extent such person is acting for the
account or benefit of a person in the United States), or in any other jurisdiction in which such an offer would be illegal. Neither the entitlements nor the New Shares have been, or will be, registered under the U.S. Securities Act of 1933, as amended (theU.S.
Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the entitlementsmay not be purchased, traded, taken up or exercised by, and the New Shares may not be offered or sold, directly or indirectly, to any
person in the United States or to any person that is acting for the account or benefit of a person in the United States (to the extent such person is acting for the account or benefit of a person in the United States), except in transactions exempt from, or not
subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws of any state orjurisdiction of the United States.
The distribution of this document may be restricted by law in certain other countries. You should read the important informationset out in the section entitled “International Offer Restrictions” .
3
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
DISCLAIMER AND IMPORTANT NOTICE
DETERMINATION OF ELIGIBLITY
Investors acknowledge and agree that the eligibility of investors for the purposes of the Institutional Entitlement Offer or theRetail Entitlement Offer is determined by reference to a number of matters, including legal and regulatory requirements, logistical
and registry constraints and the discretion of ANZ and/or the underwriters. Each of ANZ, the underwriters and each of their respective Extended Parties disclaim any duty or liability (including for negligence) in respect of that determination and the exercise
or otherwise of that discretion, to the maximum extent permitted by law. The underwriters may rely on information provided byoron behalf of institutional investors in connection with managing, conducting and underwriting the Entitlement Offer without
having independently verified that information and the underwriters do not assume responsibility for the currency, accuracy, reliability or completeness of that information.
INFORMATION AND LIABILITY
None of the underwriters, nor any of their Extended Parties, nor the advisors to ANZ, have authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this Presentation and do not make or purport to make any statement in this
Presentation and there is no statement in this Presentation that is based on any statement by any of those parties.
To the maximum extent permitted by law, ANZ, the underwriters and their respective Extended Parties:
•exclude and disclaim all liability (including without limitation for negligence) in respect of and make no representations orwarranties regarding, and take no responsibility for, any part of this Presentation; and
•make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of informationin this Presentation.
The underwriters, together with their Extended Parties are full service financial institutions engaged in various activities,which may include trading, financing, financial advisory, investment management, investment research, principal investment, hedging,
market making, brokerage and other financial and non-financial activities and services including for which they have received ormay receive customary fees and expenses.
The underwriters and/or their Extended Parties are acting as joint lead managers, bookrunners and underwriters of both the Institutional Entitlement Offer and Retail Entitlement Offer. The underwriters are acting for and providing services to ANZ in relation
to the Entitlement Offer and will not be acting for or providing services to ANZ shareholders. The underwriters have been engaged solely as independent contractors and are acting solely in a contractual relationship on an arm’s length basis with ANZ. The
engagement of the lead managers and underwriters by ANZ is not intended to create any fiduciary obligations, agency or other relationship between the underwriters and the ANZ shareholders, creditors or potential investors.
The underwriters, in conjunction with their Extended Parties, are acting in the capacity as such in relation to the offering andwill receive fees and expenses for acting in this capacity.
In connection with the Entitlement Offer or bookbuilds, one or more investors may elect to acquire an economic interest in the New Shares (Economic Interest), instead of subscribing for or acquiring the legal or beneficial interest in those shares. The
underwriters (or their respective Extended Parties) may, for their own respective accounts, write derivative transactions with those investors relating to the New Shares to provide the Economic Interest, or otherwise acquire shares in ANZ in connection with
the writing of those derivative transactions in the Entitlement Offer and/or the secondary market. As a result of those transactions, the underwriters (or their respective Extended Parties) may be allocated, subscribe for or acquire New Shares or sharesofANZ
in the Entitlement Offer, the bookbuild and/or the secondary market, including to hedge those derivative transactions, as well as hold long or short positions in those shares. These transactions may, together with other shares in ANZ acquired by the
underwriters (or their respective Extended Parties) in connection with their ordinary course sales and trading, principal investing and other activities, result in the underwriters (or their respective Extended Parties) disclosing a substantial holding andearning
fees.
DISCLAIMER
No person is authorised to give any information or make any representation in connection with the Entitlement Offer which is notcontained in this Presentation. Any information or representation not contained in this Presentation may not be relied on as
having been authorised by ANZ in connection with the Entitlement Offer. The underwriters and their respective Extended Parties take no responsibility for any information in this Presentation or any action taken by you on the basis of such information. To
the maximum extent permitted by law, ANZ, the underwriters and their respective Extended Parties exclude and disclaim all liability (including without limitation liability for negligence) for any expenses, losses, damages or costs incurred by you as a result of
your participation in or failure to participate in the Entitlement Offer or the information in this Presentation being inaccurate or incomplete in any way for any reason. The underwriters and their respective Extended Parties take no responsibility for the
Entitlement Offer and make no recommendation as to whether you or your related parties should participate in the Entitlement Offer nor do they make any representations or warranties to you concerning this Entitlement Offer or any such information, and
you represent, warrant and agree that you have not relied on any statements made by the underwriters or any of their ExtendedParties in relation to the New Shares or the Entitlement Offer generally and you further expressly disclaim that you are in a
fiduciary relationship with any of them.
SECTION 6 CONTINUED
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4
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
CONTENTS
Overview
Section 1
Acquisition of Suncorp Bank
Section 2
Combined Financial Outcomes
Section 3
3Q22 Trading Update
Section 4
Equity Raising
Section 5
Appendices
‐ Risks and Uncertainties
Appendix A
‐ International Offer Restrictions
Appendix B
OOVVEERRVVIIEEWW
SECTION 1
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OVERVIEW
1.ANZ has agreed to purchase 100% of the shares in SBGH Limited, the immediate non-operating holding company of Suncorp Bank. The acquisition is subject to a minimum completion period of 12 months and to certain conditions, being Federal Treasurer approval, Australian
Competition and Consumer Commission authorisationor approval and certain amendments to the State Financial Institutions and MetwayMerger Act 1996 (Qld). Unless the parties agree otherwise, the last date for satisfaction of these conditions is 24 months after signing (after
which either party may terminate the agreement). The final purchase price is subject to completion adjustments and may be more or less than $4.9b. In addition, ANZ will also acquire Suncorp Bank’s AT1 capital notes at face value ($0.6b as at June 2022)
2.Based on Suncorp Bank’s unaudited FY22 NPAT disclosed on 18 July 2022 of ~$355m (12 months to 30 June 2022). NPAT for SuncorpBank represents earnings to ordinary shareholders adjusted for distributions on ATI capital notes for Suncorp Bank. The adjustmentreduces NPAT by
$13m
3.Includes expected annual cost synergies of ~$260m pre-tax (assuming the preservation of an alternate brand post the expiry of the Suncorp Bank brand licence) and is net of $10m annual brand licence fee for the period of the brand licence. It is expectedthat synergies will be
phased in over years 4 to 6 post completion with full run rate synergies expected to be achieved by the end of year 6
4.Based on Suncorp Bank’s reported NTA attributable to ordinary shareholders as at 31 December 2021
5.As at December 2021. Suncorp Bank defines an MFI customer as a customer that transacts every two days and spends a minimum of$5,000 over a 90 day period
6.Based on forecast annual ANZ & Suncorp Bank earnings to 30 September 2023, and including the annualisedimpact of capital raising. Excludes transaction and integration costs and amortisationof any purchase price adjustments recognisedon acquisition. It is expected that
synergies will be phased in over years 4 to 6 post completion with full run rate synergies expected to be achieved by the end of year 6
7.Calculated in accordance with Australian Accounting Standard AASB133 ‘Earnings per Share’, with adjustments to reflect the bonuselement of the Entitlement Offer
8.The anticipated dividend is based on certain assumptions about ANZ’s future performance and expenditure and macro-economic conditions. There is no guarantee those assumptions will materialise, including if any of the principal risks and uncertainties associated with the
business outlined in this Presentation occur
AAccqquuiissiittiioonn ooff
SSuunnccoorrpp BBaannkk
FFiinnaanncciiaall
IImmppaacctt
TTrraaddiinngg
UUppddaattee
EEqquuiittyy
RRaaiissiinngg
•Agreed to acquire Suncorp Bank at a purchase price of $4.9b
1
, representing a P/E of 13.8x
2
pre synergies or 9.3x
3
post full run-rate synergies and 1.3x
P / N TA
4
•A high qualityAustralian banking franchise with ~1.2m customer relationships including >0.4m MFI
5
•Complementary to ANZ’s Australia Retail and Commercial businesses, adding operational scale and valuable geographic diversityaswell as
reweights ANZ’s business towards Australian retail and commercial banking
•Acquisitionexpected to complete in the second half of calendar year 2023
•Expected to be EPS neutral pre synergies on a pro forma FY23 basis, and low single digit EPS accretive including full run-rate synergies on a pro
forma FY23 basis
3,6,7
•Expected to be ROE neutral pre synergies on a pro forma FY23 basis, and marginally ROE accretive when including full run rate synergies on a pro
forma FY23 basis
3,6
•The ANZBGL Board anticipates a FY22 final dividend of 72 cents per share, subject to prevailing conditions
8
•Strong lending and margin momentum across all our major businesses in the quarter with revenue up 5% (6% FX adjusted) (Refer Section 4)
•Group NIM up 3 bps for the quarter, underlying NIM up 6bps (Refer Section 4)
•Costs across the Group remain tightly managed with run-the-bank costs expected to be broadly flat for the second half (Refer Section 4)
•Acquisition to be funded by a fully underwritten 1for 15pro rata accelerated renounceable entitlement offer to raise ~$3.5b of ordinary equity and
by existing capital
•New ANZ shares issued under the entitlement offer will rank equally with existing ANZ shares from the date of issue includingfuture dividends
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
7
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
KEY INVESTMENT HIGHLIGHTS
1.As at December 2021. Suncorp Bank defines an MFI customer as a customer that transacts every two days and spends a minimum of$5,000 over 90 day period
2.Suncorp Bank NPS of +15 as reported in Suncorp Group FY21 Annual Report
3.As at December 2021
4.2H22 annualised growth rate as per Suncorp Group’s 18 July ASX release
5.See footnote 2 on page 6. For the 12 months to June 2022 for Suncorp Bank, for the 12 months to 31 March 2022 for ANZ and excluding large/notable items
6.As at December 2021 for Suncorp Bank and 31 March 2022 for ANZ
7.Source: www.tiq.qld.gov.au/international-business/doing-business-in-queensland/economy
8.ANZ GLA as at May 2022 for AR&C, Suncorp Bank GLA as at December 2021
9.ANZ Australia retail deposits as at March 2022 (retail offsets included under transaction deposits). Suncorp Bank retail deposits (excluding treasury deposits) as at December 2021. The retail portion of Suncorp Bank’s term deposits is calculated as 73%,inline with the retail portion of Suncorp Bank’s savings accounts
10.APRA Monthly ADI Statistics as at 31 May 2022
11.Includes expected annual cost synergies of ~$260m pre-tax (assuming the preservation of an alternate brand post the expiry of the Suncorp Bank brand licence) and is net of $10m annual brand licence fee for the period of the brand licence. It is expectedthat synergies will be phased in over years 4 to 6 post completion with full
run rate synergies expected to be achieved by the end of year 6
12.Based on forecast annual ANZ & Suncorp Bank earnings to 30 September 2023, and including the annualised impact of capital raising. Excludes transaction and integration costs and amortisation of any purchase price adjustments recognised on acquisition. It is expected that synergies will be phased in over years 4 to 6 post
completion with full run rate synergies expected to be achieved by the end of year 6
13.Calculated in accordance with Australian Accounting Standard AASB133 ‘Earnings per Share’, with adjustments to reflect the bonuselement of the Entitlement Offer
14.The anticipated dividend is based on certain assumptions about ANZ’s future performance and expenditure and macro-economic conditions. There is no guarantee those assumptions will materialise, including if any of the principal risks and uncertainties associated with the business outlined in this Presentation occur
High quality franchise with ~1.2m customer relationships, including >0.4m MFI
1
, and high customer NPS
2
$47b of home loans with a strong risk profile, $45b in high-quality deposits and $11b in commercial loans
3
Good business momentum, particularly in home loans, ~12% net home lending growth for the 6 month period to June 2022
4
SSuunnccoorrpp BBaannkk iiss aa
hhiigghh qquuaalliittyy ffrraanncchhiissee
RReebbaallaanncceess AANNZZ
ttoowwaarrddss AAuussttrraalliiaann
RReettaaiill && CCoommmmeerrcciiaall
~10% increase in Australian Retail & Commercial earnings
5
Broadens ANZ’s eastern seaboard penetration, increasing ANZ’s Queensland home lending exposure by over 50%
6
Queensland is a growth State of economic importance –the fastest growing domestic economy over the past two decades
7
IInnccrreeaasseess AANNZZ’’ss ssccaallee
Material increase in attractive lending and deposit areas with 17%
8
increase in Australia’s mortgage book and 22%
9
in retail deposits
Moves ANZ combined with Suncorp Bank to number 3 in housing lending and household deposits
10
Adds operational and investment scale – benefits to the group will begin to accrue from completion
AAttttrraaccttiivvee ffiinnaanncciiaall
rreettuurrnnss
Expected to be EPS neutral pre synergies on a pro forma FY23 basis, and low single digit EPS accretive including full run-rate synergies on a pro forma FY23
basis
11,12,13
Expected to be ROE neutral pre synergies on a pro forma FY23 basis, and marginally ROE accretive when including full run ratesynergies on a pro forma
FY23 basis
11,12
Estimated annual pre-tax cost synergy benefits of ~$260m (representing ~35% of Suncorp Bank’s June-22 cost base)
11
The ANZBGL Board anticipates a FY22 final dividend of 72 cents per share, subject to prevailing conditions
14
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
SECTION 6 CONTINUED
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8
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
EXECUTING IN LINE WITH OUR FOUR STRATEGIC IMPERATIVES
CCrreeaattiinngg aa ssiimmpplleerr,,
bbeetttteerr bbaallaanncceedd bbaannkk
FFooccuussiinngg oonn aarreeaass
wwhheerree wwee ccaann wwiinn
BBuuiillddiinngg aa ssuuppeerriioorr eevveerryyddaayy
eexxppeerriieennccee ttoo ccoommppeettee iinn
tthhee ddiiggiittaall aaggee
DDrriivviinngg aa ppuurrppoossee aanndd
vvaalluueess lleedd ttrraannssffoorrmmaattiioonn
With much of the work to simplify and
strengthen the bank completed, and our
digital transformation well-progressed, we
are now in a position to invest in and
reshape our Australian business. This will
result in a stronger, more balanced bank
for customers and shareholders.
9
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
WE HAVE SIMPLIFIED & STRENGTHENED THE BANK
1.1H22 Non-core refers to Asia partnerships
ANZ CAPITAL ALLOCATION
11HH1166
Over this time, we’ve sold2299 bbuussiinneesssseess, and reshaped
the Institutional business, r
reelleeaassiinngg oovveerr $$1133bb iinn ccaappiittaall
Non-core
1
InstitutionalRetail & Commercial
11HH2222
ANZ RISK PERFORMANCE
Long run loss rate (IEL) bps
35
32
26
22
20
FY151H22FY17FY19FY21
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Retail Entitlement Offer

10
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
TOTAL ANZ INVESTMENT SPEND ($m)
INVESTMENT EXAMPLES
WE ARE PROGRESSING OUR DIGITAL TRANSFORMATION
•New retail platform ANZ Plus
•Sustainable financing capabilities
•New Retail FX proposition
•Migration of apps to Cloud
•Single customer service tool
Basis: ContinuingOperations
49%
1H20
12%
1H22
53%
35%
46%
5%
663
1,043
Growth, Productivity & SimplificationRegulatory, Compliance & RiskAsset Lifecycle Mgt
Purpose-led propositions
that people love to use
Mobile-first, human
supported
Simplified, high integrity,
highly automated platform
Customer centric
leading workplace
ANZ PLUS
11
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
ACCELERATING OUR FOCUS IN AREAS WHERE WE CAN WIN
To improve the financial wellbeing &
sustainability of our customers
We will do this by providing excellent services, tools and insights
that engage and retain customers and positively change their
behaviour
Help people save
for, buy & own a
sustainable,
liveableand
affordable home
Help companies
move goods and
capital around the
region and
sustainably grow
their business
Help people start
or buy and
sustainably grow
their business
ANZ STRATEGY
Flexible digital
banking
PPllaattffoorrmmss
PPaarrttnneerrsshhiippss
that unlock
new value
PPrrooppoossiittiioonnss
our customers
love
Purpose and
values-led
PPeeooppllee
GIVING CUSTOMERS ACCESS TO
SECTION 6 CONTINUED
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SUNCORP BANK IS A HIGH QUALITY FRANCHISE THAT STRONGLY ALIGNS
WITH OUR FOUR STRATEGIC IMPERATIVES
1.Suncorp Bank NPS of +15 as reported in Suncorp Group FY21 Annual Report
2.For the 1H 22 period as disclosed in Suncorp Bank’s Investor Pack for the half year ending 31 December 2021 (Source: Roy Morgan)
•Suncorp Bank is a high quality franchise
•Attractive MFI customer base
•High customer Net Promoter Score
1
•Ranked #2 in home loan satisfaction
2
•Good quality Commercial Banking business
•Good business momentum particularly in home loans
•Complementary portfolio geographic mix given:
•Suncorp Bank’s strength in Queensland and Northern New South Wales
•The high growth characteristics of Queensland
•Good cultural alignment – a natural fit of cultures, approach to ESG, risk appetites and customer focus
13
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
COMMITMENT TO QUEENSLAND
1.From completion. Acquisitionexpected to complete in second half calendar year 2023
COMMITMENT TO QUEENSLAND
•Allocating $15b of new lending as part of ANZ’s existing
renewable lending commitments to support Queensland
renewable projects and green Olympic Games infrastructure
as well as $10b of new lending for energy projects
particularly those targeting bioenergy and hydrogen over
the next decade
•$10b of lending made available to support Queensland
businesses over the next three years
ACQUISITION OF SUNCORP BANK
1
•ANZ has licenced the Suncorp Bank brand for 5-7 years
•For at least three years from completion, no changes to the
total number of Suncorp Bank Queensland branches
•Suncorp Bank will continue to be led by CEO Clive van Horen,
who will join ANZ’s Executive Committee post completion
•The acquisition will not result in any net job losses in
Queensland for Suncorp Bank for at least three years
post completion
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AACCQQUUIISSIITTIIOONN OOFF SSUUNNCCOORRPP BBAANNKK
SECTION 2
15
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
ACQUISITION OF SUNCORP BANK
TTrraannssaaccttiioonn OOvveerrvviieeww
•Agreed to acquire Suncorp Bank at a purchase price of $4.9b
1
•Acquisition aligns with ANZ’s strategy and priorities to help people save for, buy & own a sustainable, liveableand affordable home,
and help people start or buy and sustainably grow their business
•Continuity of Suncorp Bank brand for banking customers, ANZ has licencedthe Suncorp Bank brand for 5-7 years from completion
F
Fiinnaanncciiaall IImmppaaccttss
•Suncorp Bank NPAT of ~$355m
2
for the year ended 30 June 2022
•Expected annual cost synergies of ~$260m pre-tax (~35% of Suncorp Bank FY22 reported cost base)
3
•Estimated pre-tax integration costs of ~$680m with majority incurred over a five year period
3
•Expected net impact on Level 1 and Level 2 CET1 of approximately 28bps and -34bps respectively on a pro forma basis as at June 2022
4
•Represents a P/E of 13.8x
5
pre synergies or 9.3x
6
post full run-rate synergies and 1.3x P/NTA
7
CCoonnddiittiioonnss aanndd TTiimmiinngg
•The acquisition is subject to a minimum completion period of 12 months and to certain conditions
•Conditions include Federal Treasurer approval, Australian Competition and Consumer Commission authorisationor approval and
certain amendments to the State Financial Institutions and MetwayMerger Act 1996 (Qld)
•Completion expected in the second half of calendar year 2023
1.See footnote 1 on page 6
2.See footnote 2 on page 6
3.See page 21 for further information
4.CET1 impact assumes equity raise of ~$3.5b and completion in fourth quarter of ANZ’s 2023 financial year
5.See footnote 2 on page 6
6.See footnote 3 on page 6
7.See footnote 4 on page 6
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
SECTION 6 CONTINUED
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ACQUIRING A STRONG CUSTOMER FRANCHISE IN A HIGH GROWTH STATE
TTaarrggeettiinngg
ggrroowwtthh iinn
QQuueeeennssllaanndd
•ANZ is currently under-represented in Queensland –a growth State of economic importance, the fastest growing domestic economy over the past two decades
1
−QLD’s Gross State Product (“GSP”) grew 2% in 2020-21
2
and is expected to strengthen further to 3% in 2021-22(faster growth vs. NSW and VIC)
3
•Australia’s largest interstate migration destination
2
. Since March 2020, Queensland interstate migration has been greater than any other State or territory
•The Suncorp Bank lending portfolio is geographically complementary to ANZ’s existing portfolio
•Increases ANZ’s Queensland home lending exposure by over 50% (December 2021 for Suncorp Bank and 31 March 2022 for ANZ)
•Community focused with a deep history of building relationships and supporting over 700k customers in Queensland
AAccqquuiissiittiioonn ooff aa
ssttrroonngg ccuussttoommeerr
ffrraanncchhiissee
•Attractive MFI customer base (~40% of customers are MFI customers), with Suncorp Bank having strong brand recognition
•High customer Net Promoter Score (NPS)
4
•Opportunity for deeper and stronger customer relationships due to lower revenue per customer compared to ANZ
•$47b of home loans with strong risk profile, $45b in high-quality deposits and $11b in commercial loans
•Positive momentum across Mortgages coupled with an attractive deposit base
•Recognised as Bank of the Year for the last 5 years (Money Magazine)
•Ranked #2 in home loan customer satisfaction across the market
5
CCoommbbiinnaattiioonn ooff
ccoommpplleemmeennttaarryy
bbuussiinneesssseess
•$59bn increase in Gross Loans & Advances, $45bn increase in customer deposits, $1.2bn increase in net operating income, and $0.4bn increase in NPAT
•The transaction will also provide an opportunity to realise cost synergies and potential capital release upon achieving A-IRB
6
status (~3 years post completion),
along with expected funding synergies post completion
•Increase in ANZ’s Australian-sourced income by ~2-3%
1.Source: www.tiq.qld.gov.au/international-business/doing-business-in-queensland/economy
2.Source: Australian Bureau of Statistics
3.Source: budget.qld.gov.au
4.See footnote 1 on page 12
5.For the 1H 22 period as disclosed in Suncorp Bank’s Investor Pack for the half year ending 31 December 2021 (Source: Roy Morgan)
6.APRA Advanced Internal-ratings Based approach
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
17
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
ATTRACTIVE QUEENSLAND-FOCUSED BUSINESS WITH A STRONG
CUSTOMER FRANCHISE
1.As at December 2021
2.‘Other’ comprises of ‘Housing line of credit’ ($1bn) and ‘Securitisedhousing loans and covered bonds’ ($4bn).
$$5588..66bbnn
GGLLAA
11
Opportunity for growth in a balanced
business lending portfolio
Above system growth underpinned by
increased broker engagement and
enhanced efficiency processes
Strong Queensland franchise with
$59bn loan book and $45bn in
customer deposits
1
Strong level of deposits as a % of GLA
(~76%), representing an economical
source of funding
2
BUSINESS LENDING
1
MORTGAGES
1
GEOGRAPHIC
DISTRIBUTION
1
TOTAL DEPOSITS
1
48%
28%
13%
6%
5%
QLD
NSW
SA & Other
VIC
WA
$47.3b
Housing loans
(Owner)
65%
Housing loans
(Investor)
24%
Other
2
10%
$47.3b
Other 11%
VIC & TAS 14%
NSW & ACT
30%
QLD 45%
2
$11.2b
SME 24%
Commercial
39%
Agribusiness
37%
$11.2b
Other 4%
VIC 14%
NSW 25%
QLD 57%
$44.8b
At-call
transactions
43%
At-call savings
38%
Term deposits
19%
23
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BUSINESS LENDING
1
MORTGAGES
1
GEOGRAPHIC
DISTRIBUTION
1
RETAIL DEPOSITS
3,4
+20% increase+22% increase+17% increase
Re-weights ANZ’s mortgage lending in
key QLD market
Re-weighting of total lending in line
with QLD’s growing GDP contribution
2
1.ANZ GLA as at May 2022 for AR&C, Suncorp Bank GLA as at December 2021
2.ABS statistics
3.ANZ Australia retail deposits as at March 2022 (retail offsets included under transaction deposits). Suncorp Bank retail deposits (excluding treasury deposits) as at December 2021 (Suncorp Bank’s split of term depositsby retail and commercial is not available. The retail portion of
Suncorp Bank’s term deposits is assumed to be 73%, in line with the retail portion of Suncorp Bank’s savings accounts)
4.The impact on ANZ’s LCR and NSFR is expected to be broadly neutral following completion of the acquisition
The transaction increases ANZ’s Queensland retail customer base from 1.1 million to 1.8 million
+17% increase
Increased exposure to SME, property
lending and agribusiness in QLD
Consistent depositsmix
SUNCORP BANK INCREASES ANZ’S EXPOSURE TO QUEENSLAND
$344b
$403b
Other 18%
VIC & TAS
34%
NSW & ACT
34%
QLD 14%
Other 17%
VIC & TAS
31%
NSW & ACT
33%
QLD 19%
$278b
$326b
Other 17%
VIC & TAS
35%
NSW & ACT
33%
QLD 15%
Other 16%
VIC & TAS
32%
NSW & ACT
33%
QLD 19%
$56b
$67b
Other 23%
VIC & TAS
34%
NSW & ACT
28%
QLD 15%
Other 19%
VIC & TAS
31%
NSW & ACT
28%
QLD 22%
$147b
$179b
TD 10%
Savings
45%
Transaction
45%
TD 10%
Savings
44%
Transaction
46%
19
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Source: APRA Monthly ADI Statistics as at 31 May 2022 published 30 June 2022 (data may vary from company disclosures)
1.Business lending defined as Total residents loans and finance leases excluding Households lending and Financial Institutions lending
2.Business deposits adjusted to exclude deposits from financial institutions
PROVIDES INCREASED SCALE AND DIVERSIFICATION
HOUSEHOLD DEPOSITS
BUSINESS LENDING
1
HOUSING LENDING
BUSINESS DEPOSITS
2
(A$bn)(A$bn)
(A$bn)
(A$bn)
517
430
307
289
261
Peer 1Peer 2Peer 3
350
259
188
170
157
Peer 3Peer 2Peer 1
203
181
140
138
126
Peer 3Peer 1Peer 2
230
191
174
156
145
Peer 3Peer 1Peer 2
SECTION 6 CONTINUED
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STRONG ALIGNMENT OF PURPOSE AND CUSTOMER PROPOSITION
Purpose / Ambition
To shape a world where people and communities thriveCreate a brighter future
Strategy &
priorities
To improve the financial wellbeing & sustainability of our customersBanking you can feel good about
How we’ll achieve
our strategy
People & culture
ESG focus areas
SSUUNNCCOORRPP BBAANNKK
Flexible digital
banking
PPllaattffoorrmmss
PPaarrttnneerrsshhiippss
that unlock new
value
PPrrooppoossiittiioonnss
our customers
love
Help people save for,
buy & own a sustainable,
liveableand affordable
home
Help companies move goods
and capital around the region
and sustainably grow their
business
Help people start or buy
and sustainably grow their
business
Win in home
lending
Accelerate Everyday
Banking
Grow business customers
Optimise
distribution
Customer
obsession
Lead with digital
Purpose and
values-led
P
Peeooppllee
Create opportunities, deliver what
matters & succeed together
Driving integrity, collaboration,
accountability, respect & excellence
Environmental
sustainability
Invest in the capabilities required for
today and tomorrow
High performance culture driving
outcomes
Financial well-being
Fundamental to our approach is a commitment to fair and responsible banking
Automate,
partner &
simplify
Housing
AANNZZ
Sustainability
Wellbeing
Diversity and inclusion
21
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
1.APRA Advanced Internal-ratings Based (AIRB) approach
PROPOSED OPERATING MODEL IS ROBUST, FOCUSED ON LONG-TERM
GROWTH & CONTINUITY
PPrree--CCoommpplleettiioonnSSoolliiddiiffyyiinngg GGrroowwtthhMMiiggrraattiioonn aanndd TTrraannssffoorrmmaattiioonn
TTiimmeeffrraammee~ 12 months~ 3 yearsBeyond
DDeessccrriippttiioonn ooff
ooppeerraattiioonnss
•Joint integration planning and
collaboration
•Finalisationof transitional services,
target operating model and
integration workstreams
•Obtain requisite approvals (Federal
Treasurer, ACCC) and certain
amendments to the State Financial
Institutions and MetwayMerger Act
1996 (Qld)
•Transitional Service Agreement for a 2-3 year period
•Suncorp Bank operates separately from ANZ under its
own ADI licence (under a brand licence)
•The acquisition will not result in any net job losses in
Queensland for Suncorp Bank for at least three years
post completion
•Step change for ANZ Retail (+17% residential
mortgages, +18% retail banking customers)
•ANZ and Suncorp Bank retail customers aligned onto ANZ Plus
−Continued positive customer experience further enhanced
by ANZ’s focus on investment in technology
−Opportunity to deepen and broaden customer engagement
and relationships, achieving greater penetration
•Broader, enhanced product offering by ANZ to commercial
customers (e.g. ANZ GoBiz)
SSyynneerrggiieess
•Not applicable
•No net cost synergies prior to system migration due to
continued separate operation of Suncorp Bank in order
to maintain strong customer franchise and continue to
deliver on recent momentum
•Estimated full run-rate annual cost synergies of ~$260m (pre-tax),
arising from the integration and consolidation of platforms
−This represents ~35% of Suncorp Bank’s FY22 reported cost
base
−It is expected that synergies will be phased in over years 4 to
6 post completion with full run rate synergies expected to be
achieved by the end of year 6
−Assumes preservation of an alternate brand post expiry of
the Suncorp Bank brand licence
•Potential capital released upon achieving A-IRB
1
status (~3 years
post completion), along with expected funding synergies post
completion
IInntteeggrraattiioonn
ccoossttss
•~$40m•~$400m•~$240m
CCoommpplleettiioonn
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
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CCOOMMBBIINNEEDD FFIINNAANNCCIIAALL OOUUTTCCOOMMEESS
SECTION 3
23
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SUMMARY OF FINANCIAL IMPACTS
1.See footnote 1 on page 6
2.As at 30 June 2022 (this balance was $0.9b as at 31 December 2021)
3.See footnote 2 on page 6
4.See footnotes 3, 6 and 7 on page 6
5.See footnotes 3 and 6 on page 6
6.ANZ expects to incur transaction costs directly related to the acquisition of ~$20m. The estimated transaction costs associated with the equity raise are ~$50m
Acquisition of
Suncorp Bank
6
•Agreed to acquire Suncorp Bank at a purchase price of $4.9b
1
along with $0.6b
2
for Suncorp Bank AT1 capital notes
Earnings, Synergies
and Integration
•Suncorp Bank NPAT of ~$355m
3
for the year ended 30 June 2022
•Estimated annual pre-tax cost synergy benefits of ~$260m (representing ~35% of Suncorp Bank’s June-22cost base) that will be largely realised in years
4 to 6 post completion, with full run rate synergies expected to be achieved by the end of year 6
•Potential capital synergies to be released upon achieving A-IRB status (approx. 3 years post completion), along with expected funding synergies post
completion
•Estimated pre-tax integration costs of $680m with majority incurred over a five year period
Financial
Impact
EPS
4
•Expected to be EPS neutral pre synergies on a pro forma FY23 basis, and low single digit EPS accretive including full run-rate synergies on a pro forma
FY23 basis
ROE
5
•Expected to be ROE neutral pre synergies on a pro forma FY23 basis, and marginally ROE accretive when including full run-rate synergies on a pro forma
FY23 basis
Balance Sheet Impact
•Acquisition of Suncorp Bank to be funded through $3.5b equity raising
6
and $1.4b from ANZ’s existing resources
•Expected impact on Level 2 CET1 ratio of approximately -110bps on completion. Level 1 impact is approximately -60bps reflecting lower APRA capital
requirement for Suncorp Bank whilst it is operating as a separate licensed ADI
•Broadly neutral impact on ANZ’s LCR and NSFR
Timing
•Expected completion during the second half of calendar year 2023
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
SECTION 6 CONTINUED
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SUMMARY OF FINANCIAL INFORMATION –PRO FORMA PROFIT AND LOSS
1
1.The pro forma financial information does not include the impact of the purchase price allocation exercise which will be undertaken upon completion, alignment of accounting policies or alignment of financial periods. It also excludes the future anticipatedintegration costs and
synergistic benefits arising from the acquisition.
2.The financial information for ANZ’s continuing operations has been compiled from financial information included in the 31 March 2022 Half Year Financial Results Announcement
3.Suncorp Bank financials have been sourced from the unaudited trading update for the twelve months ended 30 June 2022 released on 18 July 2022
4.Cash profit for ANZ excludes non-core items included in statutory profit with the net after tax adjustment a reduction to statutory profit of $443m made up of several items. Cash profit for Suncorp Bank assumed to equal banking profit after tax and is sourced from the unaudited
Trading update for the twelve months ended released on 18 July 2022
5.See footnote 2 on page 6
6.Prepared on a cash basis derived from financial information included in ANZ’s 31 March 2022 Half Year Financial Results Announcement
PPrrooffiitt aanndd lloossss ((AA$$mm))
AANNZZ
((LLTTMM MMaarr--2222))
22
SSuunnccoorrpp BBaannkk
((LLTTMM JJuunn--2222))
33
CCoommbbiinneedd
Net interest income 14,2751,24515,520
Other operating income 3,69733,700
Operating income 17,9721,24819,220
Operating expenses (9,360)(736)(10,096)
Profit before credit impairment
and income tax expense
8,6125129,124
Credit impairment release36014374
Income tax expense and non-
controlling interest
(2,651)(158)(2,809)
C
Caasshh pprrooffiitt
44
66,,33221133668866,,668899
Adjustments: Dividend paid on
capital notes
5
--(13)(13)
C
Caasshh pprrooffiitt aattttrriibbuuttaabbllee ttoo
oorrddiinnaarryy sshhaarreehhoollddeerrss
66,,33221133555566,,667766
SUNCORPBANK TRADING UPDATE
Suncorp Group released Suncorp Bank’s unaudited trading update for the 12 months ended 30 June 2022
on the ASX on 18 July 2022:
•Lending growth supported by strong turnaround times and credit quality:
•Time to unconditional approval 9.1 days in 2H22 vs 17.4 days in PCP
•Origination LVR 66% in 2H22 vs 73% PCP; LVR >80% at 10% vs 19% PCP
•Arrears at multi-year lows
•NIMs down 7bps in 2H22 (competitive pressures, higher liquids, mix)
•Decline in other operating income impacted by mark-to-market movements in economic hedges
•Collective provision balance stable at $180m half-on-half
•Reaffirm CTI target of ~50% by end FY23
ANZ BANK TRADING UPDATE
•Refer to Section 4
SSuummmmaarryy ooff kkeeyy mmeettrriiccssAANNZZ
66
SSuunnccoorrpp BBaannkk
33
NIM (%)1.61%1.93%
CTI (%)52.1%59.0%
25
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
1.The pro forma financial information does not include the impact of the purchase price allocation exercise which will be undertaken upon completion, alignment of accounting policies or alignment of financial periods
2.ANZ financials have been prepared based on reviewed accounts for the 6 months ended 31 March 2022
3.Suncorp Bank financials are unaudited and have been sourced from the Suncorp Group Ltd Investor Pack: Financial results for the half year ending 31 December 2021
4.No pro forma adjustment has been made for the impact of ANZ’s interim dividend paid on 1 July 2022 of $1.8b (dividend declared net of the dividend reinvestment plan). This is reflected in the June 2022 CET1 % presented on page 26
5.In June 2022, Suncorp Bank redeemed $375 million of its AT1 capital notes
BBaallaannccee SShheeeett ((AA$$bb))
AANNZZ
((MMaarr--2222))
22
SSuunnccoorrpp BBaannkk
((DDeecc--2211))
33
PPrroo ffoorrmmaa
aaddjjuussttmmeennttss
44
CCoommbbiinneedd
Cash and cash equivalents 168.10.1(2.3)165.9
Investment securities79.84.784.5
Loans and advances651.458.4709.8
Goodwill & other Intangibles4.10.31.05.4
Other assets 114.06.8120.8
T
Toottaall aasssseettss 11,,001177..447700..33 ((11..33))11,,008866..44
Deposits & other borrowings780.344.8825.1
Debt issuances87.219.5106.7
Other liabilities88.11.289.3
T
Toottaall eeqquuiittyy 6611..8844..88 ((11..33))6655..33
SUMMARY OF FINANCIAL INFORMATION –PRO FORMA BALANCE SHEET
1
PRO FORMA ADJUSTMENTS
•Pro forma balance sheet is presented to show the impact of the acquisition of Suncorp
Bank and the equity raise on the Mar’22 balance sheet of the ANZBGL Group
•The following adjustments have been made
•Cash and cash equivalents have been adjusted by:
•$1.4b the expected cash acquisition cost to acquire the issued capital of
Suncorp Bank ($4.9b less the cash proceeds from the equity raise of $3.5b)
•$0.9b
5
for the expected acquisition cost to acquire the Suncorp Bank AT1
instruments
•Goodwill and other intangibles adjustment of $1b represents the difference
between:
•the cash consideration for the share capital of Suncorp Bank of $4.9b and
$0.9b
5
for the AT1 instrument; and
•the acquired share capital of $3.9b and AT1 capital notes of $0.9b
5
•The final purchase price is subject to completion adjustments and may be more or less
than $4.9b
•A full purchase price allocation exercise will be undertaken upon completion
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11.1
0.8
Jun-22Equity Raise
($3.5bn)
-1.1
Suncorp Bank
(Completion)
2
Jun-22 Pro Forma
10.7
%
LEVEL 2 (CET1 %)
1
%
LEVEL 1 (CET1 %)
1.Chart may not add through to total due to rounding
2.Suncorp Bank capital requirement at Completion: Level 2 – Includes goodwill as capital deductions and Suncorp Bank’s RWA on Completion. Level 1 – Includes goodwill as capital deductions and RWA requirements for intra-group exposures between ANZ and SuncorpBank
JUNE PRO FORMA CAPITAL POSITION FOR ACQUISITION & EQUITY RAISE
Net of ~$1.8bn 1H22 dividend paid 1
July 2022 (~40bps CET1 impact)
Net of ~$1.8bn 1H22 dividend paid 1
July 2022 (~50bps CET1 impact)
10.4
10.7
0.9
Jun-22
-0.6
Equity Raise
($3.5bn)
Suncorp Bank
(Completion)
2
Jun-22 Pro Forma
33QQ2222 TTRRAADDIINNGG UUPPDDAATTEE
SECTION 4
SECTION 6 CONTINUED
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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
1.All numbers provided are on an unaudited cash profit basis and exclude Large / Notable items
2.All comparisons are relative to the average of the first and second quarters of Financial Year 2022 unless otherwise stated.
3.Excludes the impact of foreign currency translation and the acquisition of Cashrewards.
OVERVIEW
1
FFiinnaanncciiaall
ppeerrffoorrmmaannccee
•Strong lleennddiinngg aanndd mmaarrggiinn mmoommeennttuumm was evident across all our major businesses in the quarter, with revenue up 5% (up 6% FX adjusted)
2
. Deposits were flat
excluding FX impacts
•Adding operational capacity and processing resilience in our A
Auussttrraalliiaann HHoommee LLooaann bbuussiinneessss has helped deliver consistently faster turnaround times across all
channels, and we are in line with major peers for our key customer segments. Lending volumes grew $2.0 billion (3% annualised) in the third quarter, with particularly
strong growth in June. We remain on track to grow in line with the Australian major banks before the end of the financial year and are delivering growth with an eye to
maintaining margin performance and credit quality
•Our C
Coommmmeerrcciiaall bbuussiinneessssis already benefiting from an increased focus following the recent restructure, with good lending growth in the quarter (up 11%
annualised)
•In N
Neeww ZZeeaallaanndd ANZ has delivered disciplined growth across core products
•The I
Innssttiittuuttiioonnaall bbuussiinneessss performed well with customer lending growth focussedon delivering sustainable, high quality and well diversified balance sheet growth.
•M
Maarrkkeettssrevenue was $435 million for the quarter, up 7% however we note that conditions remain volatile and challenging
•The G
Grroouupp NNeett IInntteerreesstt MMaarrggiinn ((NNIIMM)) increased 3bps for the quarter and underlying NIM was up 6bps to 164bps (1H22: 158bps) with margins improving across all
businesses. This was largely driven by the impact of rising rates, partly offset by intense price competition in the home lending portfolios in Australia and New
Zealand. With interest rates projected to increase further in coming months, this is expected to be supportive for margins inthe fourth quarter
•C
Coossttssacross the ANZ Group remain tightly managed, with ‘run-the-bank’ costs
3
expected to be broadly flat for the second half despite inflationary pressures. We
continue to invest in the business at record levels, with investment expense expected to be slightly higher in the second half as we finaliseour compliance with BS11
in New Zealand
P
Prroovviissiioonnss &&
ccrreeddiitt qquuaalliittyy
•The continued low level of Individual Provisions led to a $14m credit provision charge for the third quarter (IP $14m, CP $0m). The Collective Provision balance was flat
for the quarter (before FX), with portfolio credit quality improvements offset by a modest increase in overlays to accommodate the uncertain economic outlook
•We are conscious of risks to the domestic and global economic outlook from factors such as higher inflation and interest rates over the quarter, and in line with that
the Group has maintained a Collective Provision balance at 30 June 2022 of $3.78b, which is $403m higher than pre-COVID levels at 30 September 2019
C
Caappiittaall •The Group’s Common Equity Tier One ratio (Level 2) of 11.1% (Level 1: 10.4%) includes the impact of the interim dividend (-41bps), broad-based lending growth across
the portfolio (-17bps) and IRRBB RWA including associated DTA impacts (-14 bps). We note that much of IRRBB RWA does, all else being equal, unwind over time
This page contains forward-looking statements or opinions. Please refer to the Disclaimer and Important Notice with respect to such statements starting on page 1
29
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
CAPITAL
APRA LEVEL 2 CET1 RATIO -CAPITAL MOVEMENT
%
BBaasseell IIIIII AAPPRRAA LLeevveell 22 CCEETT11BBaasseell IIIIII AAPPRRAA LLeevveell 11 CCEETT11
Sep-21Dec-21Mar-22Jun-22Sep-21Dec-21Mar-22Jun-22
Common Equity Tier 1 Capital (AUD m)51,35950,18650,51149,97645,55544,10141,02140,025
Total Risk Weighted Assets (AUD m)416,086430,924437,910451,213379,387393,522370,715384,319
C
Coommmmoonn EEqquuiittyy TTiieerr 11 CCaappiittaall RRaattiioo1122..33%%1111..66%%1111..55%%1111..11%%1122..00%%1111..22%%1111..11%%1100..44%%
11.53
11.080.27
Jun-22Interim FY22 dividend
(net of DRP)
Mar-22
-0.41
Underlying CRWAIRRBB RWA
(incl. assoc. DTA)
-0.14
Q3 capital generation
& other
-0.17
Further detail on
the following page
11.07%
10.41%
Level 1
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INTEREST RATE RISK IN THE BANKING BOOK (IRRBB)
1.IToCincludes interest rate insensitive deposits and capital
2.RWA decay profile is representative of the IToCportfolio as at 30 June 2022. Any additional investment and/or changes in interest rates will alter this profile, and any respective future embedded gains or losses
IRRBB RWA IS PRIMARILY DRIVEN BY RATE MOVEMENTS
•ANZ invests our Investment Term of Capital (IToC)
1
along the yield curve to improve and
smooth shareholder returns over time
•ANZ’s recent increase in IRRBB RWA is primarily attributed to notional market value loss
on the bank’s IToC
•APS117 benchmarks IToCas rolling 12 months whereas ANZ typically invests Capital over
3-5 years
•Differences in market pricing between these IToCtenors creates a notional market value
loss, held in the form of IRRBB RWA
•As ANZ’s actual Capital has been hedged, the IToClosses under APS117 will not be
realised through P/L
•The 3 year AUD swap rate increased by 103bps between 31 March and 30 June 2022 and
decreased 16bps between 30 June and 14 July 2022
•Whilst many offshore jurisdictions require banks to include IRRBB RWA as a Pillar 2 capital
buffer, APRA requires major Australian banks to include it as part of the banks’ RWA
requirement
•Under current market rates, approximately half of the notional IToCmarket value losses
can be expected to unwind by early 2024
RISK WEIGHTED ASSETS –IRRBB ($b)
0.14%
0.35%
0.52%
2.60%
3.63%
50
40
-10
20
0
30
10
38
33
Sep-20Sep-21Mar-21Mar-22Jun-22
14
10
18
Embedded Gains/Losses
3 yr AUD Swap Rate(%)
Basis & Optionality Risk
Repricing & Yield Curve Risk
30
20
10
0
202520232026Jun
22
20242027
IRRBB RWA
IRRBB EMBEDDED GAIN/LOSS -RWA DECAY
2
($b)
The 3 year
AUD swap rate
decreased
16bps 30 June
- 14 July 2022
31
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1.Excluding Large / Notable items and Markets Balance Sheet activities
2.Includes the impact of discretionary liquid assets and other Balance Sheet activities
GROUP NET INTEREST MARGIN (NIM)
bps
6bps
3bps
Ongoing
competition
158
164
161
3
10
3Q22 underlying
1
Liquidity3Q22Wholesale
funding &
Deposit pricing
1H22Earnings on
Capital and
Replicated
Portfolio
Asset &
funding mix
Asset pricingMarkets
Balance Sheet
activities
2
Large /
Notable items
0
-7
0
-3
0
Reversal of margin
compression on low
rate deposits
Higher rate
benefits
SECTION 6 CONTINUED
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NIM CONSIDERATIONS
POSITIVES
Reversal of margin compression on low rate deposits
experienced in 2020 and 2021
Higher earnings on capital and replicated deposit portfolio
from rising interest rates
Increasing mix of variable Home Loan flows
Mix benefits including growth in Australian Home Loans
Personal lending and card activity
Competitive pressures
Impact of higher swap rates on fixed rate products incl.
mortgages
Customer preferences shifting from At-Call to Term
Deposits
Higher wholesale debt costs
Longer term Near term
NEGATIVES
This page may contain forward-looking statements or opinions. Please refer to ANZ’s Disclaimer and Important Notice with respectto such statements on page 1
CONSIDERATIONS REMAIN CONSISTENT WITH DISCLOSURES AT 1H22 RESULTS
Basis risk from wider short term
market spreads
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LOANS AND DEPOSITS
1
NET LOANS & ADVANCES
1.Basis: Cash Profit, Continuing Operations excluding Large / Notable items
CUSTOMER DEPOSITS
Australia housing ($b)Australia Commercial ($b)Institutional ($b)New Zealand Division (NZDb)
58
59
Mar-22Jun-22
++33%%
278
280
Jun-22Mar-22
++11%%
175
187
Mar-22Jun-22
77%%
139
140
Mar-22Jun-22
11%%
~50% of growth from
Financial Institutions
Australia Retail ($b)Australia Commercial ($b)Institutional ($b)New Zealand Division (NZDb)
66
65
41
41
26
26
14
Mar-22
14
Jun-22
147
147
Savings
Term Deposits
Offset
Transact
67
65
19
20
30
31
Mar-22Jun-22
116116
2222
36
37
5048
Mar-22
107
Jun-22
108
93
104
130
131
20
Mar-22Jun-22
19
244
254
SavingsTransact
Term Deposits
Savings
Term Deposits
Transact
NZ
Aus & PNGInternational
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PROVISION CHARGE
TOTAL PROVISION CHARGE / (RELEASE) ($m)
LOSS RATES (Annualised)
258
165
1,097
236
433
164
140
461
264
-173
-505
-249
3Q194Q201Q221Q20
-49
1,558
4Q19
53
14
-49
2Q203Q20
131
-240
500
23
1Q21
-44
2Q21
21
9
4Q21
-53
3Q21
48
-92
78
564
-122
2Q22
14
0
-150
3Q22
209
193
116
-341
-32
-44
Individual Provision (IP) chargeCollective Provision (CP) charge
BBppss33QQ119944QQ119911QQ220022QQ220033QQ220044QQ220011QQ221122QQ221133QQ221144QQ221111QQ222222QQ222233QQ2222
Individual
Provision
179112917811113511
To t a l
Provision
14137983135-10-22-2-3-3-151
35
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COLLECTIVE PROVISION (CP) BALANCE
COLLECTIVE PROVISION BALANCE & COVERAGE ($m)
1.Collective Provision balance as a % of Credit Risk Weighted Assets
2.Separate divisions for ANZ Retail and ANZ Commercial established from 1 April 2022. CP balance: Australia Retail $0.91b; Australia Commercial $0.98b
CP BALANCE BY DIVISION ($b)
CP BALANCE BY PORTFOLIO ($b)
3,378
3,272
4,490
4,312
3,539
3,435
3,139
3,010
696
746
760
618
769
0.98%
0.94%
1.17%
1.39%
1.25%
1.22%
1.08%
1.06%
Mar-20
0
Mar-19Mar-21
104
Sep-20
4,195
Sep-19
11
Sep-21Mar-22Jun-22
3,378
3,376
4,501
5,008
4,285
3,757
3,779
Modelled ECLCP Coverage
1
Additional overlays
MMaarr--1199SSeepp--1199MMaarr--2200SSeepp--2200MMaarr--2211SSeepp--2211MMaarr--2222JJuunn--2222
Australia R&C
2
1.831.802.322.852.332.231.891.89
Institutional1.131.171.591.511.361.351.281.31
New Zealand0.370.370.540.570.510.530.500.48
Pacific 0.040.040.050.080.080.100.090.09
MMaarr--1199SSeepp--1199MMaarr--2200SSeepp--2200MMaarr--2211SSeepp--2211MMaarr--2222JJuunn--2222
Corporate1.591.622.222.302.132.091.871.89
Specialised0.180.190.290.320.280.270.230.26
Residential
Mortgage
0.490.520.811.060.780.790.710.69
Retail (ex
Mortgages)
1.050.971.101.251.040.960.870.85
Sovereign / Banks0.070.080.080.080.060.090.080.09
SECTION 6 CONTINUED
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36
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RISK WEIGHTED ASSETS (RWA)
RWA BY CATEGORY($b)CRWA MOVEMENT –TOTAL GROUP ($b)
1.EAD excludes amounts for ‘Securitisation’ and ‘Other Assets’ Basel classes, as per APS330. Data provided is on a Post CRM basis, net of credit risk mitigation such as guarantees, credit derivatives, netting and financial collateral
CREDIT RWA & EAD
1
MOVEMENT ($b)
201
202
208
202
200
199
198
196196
144
156
178
157
142
144
153
153
161
22
19
25
32
41
46
38
47
48
48
47
48
48
48
48
12
Dec-21Mar-19
13
Sep-19Sep-20
451
15
Mar-20Mar-21Sep-21
438
431
Mar-22Jun-22
396
417
449
429
408
416
CRWA (ex. Instit.)CRWA (Instit.)Mkt. & IRRBB RWAOp-R WA
348.8
357.0
2.4
7.6
Model /
Method.
FXMar-22Volume
/ Mix
RiskCVA (incl.
Hedges)
Jun-22
-1.1
0.0
-0.7
1.6
4.4
0.7
-1.0
3.8
14.3
3.0
-0.6
Residential
Mortgage (Housing)
Sovereign & BankCorporate &
Specialised Lending
Other
Credit RWAEAD
Jun-22 movement vs Mar-22 FX adjusted
~50% of growth
June quarter
from Financial
Institutions
37
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EXPOSURE AT DEFAULT (EAD)
EAD COMPOSITION
1
($b)CREDIT RWA / EAD BY PORTFOLIO
2
(%)
1.EAD excludes Securitisation and Other assets whereas CRWA is inclusive as per APS 330
2.Total Group ratio for Mar-21 is inclusive of increased exposure to the RBA via higher exchange settlement account balances
38%
1,103
4%
4%
1,010
4%
Mar-19
26%
Sep-21
5%
28%
39%
968
21%
6%
1,080
1%
1%
25%
23%
30%
21%
1,132
4%
39%
30%
1%
4%
4%
5%
29%
Sep-19
28%
Mar-21
35%
24%
977
5%
36%
1%
Mar-20
26%
28%
5%
5%
1%
Sep-20
39%
27%
4%
1,045
4%
1%
38%
26%
27%
4%
1%
37%
Mar-22
4%
1%
Jun-22
1,075
Residential Mortgage
Specialised LendingSovereign & Bank
CorporateRetail (QRR & Other Retail)
Other
36
37
36
36
33
323232
56
56
55
57
56
5353
52
60
60
59
51
27
28
28
28
27
272727
1111
10
9
7
777
53
56
54
51
Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Jun-22
Total Group
Corporate & Specialised
Retail (ex Mortgages)
Residential Mortgage
Sovereigns & Banks
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38
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IMPAIRED ASSETS / 90+ DAYS PAST DUE
GROSS IMPAIRED ASSETS BY DIVISION
1,3,4
($b)IMPAIRED LOANS / FACILITIES BY PORTFOLIO
3
($b)
1.Excluding unsecured 90+ days past due
2.Other includes Pacific and Australia Wealth
3.Impaired loans / facilities include restructured items in which the original contractual terms have been modified for reasonsrelated to the financial difficulties of the customer. Restructuring may consist of reduction of interest, principal or other payments legally due, or an
extension in maturity materially beyond those typically offered to new facilities with similar risk
4.Impaired assets for June 2022 include $109 million of well secured facilities ($88 million of corporate and $21 million of mortgages) now classified as restructures post finalisationof covid support packages in the quarter.
5.As a % of Exposure at Default
90+ DAYS PAST DUE LOANS
5
(%)
0.35%
0.33%
0.39%
0.40%0.40%
0.31%
0.26%
0.23%
0.5
0.0
2.5
1.0
1.5
2.0
3.0
Mar-21Mar-20Sep-21Mar-19Sep-19Sep-20Mar-22Jun-22
2.1
2.0
2.6
2.5
2.5
2.0
1.7
1.5
Australia R&CNew Zealand% of GLAInstitutionalOther
2
0
1
2
3
Mar-20Mar-19
1.8
2.3
Sep-19Sep-20Mar-21Sep-21
2.5
Mar-22Jun-22
2.1
2.7
2.5
2.0
1.6
Residential Mortgage
Corporate
Other Retail
Qualified Revolving RetailSpecialised Lending
0.68
0.79
0.74
0.77
0.61
0.54
0.52
0.48
0.67
0.72
0.84
1.00
0.93
0.91
0.77
0.70
Sep-20Sep-21Mar-19Jun-22Mar-21Sep-19Mar-22Mar-20
Total Group Residential MortgageRetail (Pillar 3 QRR & Other Retail categories)
39
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AUSTRALIA & NEW ZEALAND 90+ DAYS PAST DUE (DPD)
1.Includes Non Performing Loans
2.ANZ delinquencies are calculated on a missed payment basis for amortising and Interest Only loans
3.Australia Home Loans 90+ between Mar-20 and Jun-20 excludes eligible Home Loans accounts that had requested COVID-19 assistance but due to delays in processing had not had the loan repayment deferral applied to the account
3.5
2.5
1.5
0.0
5.0
0.5
3.0
4.5
4.0
2.0
1.0
Sep
17
Mar
18
Mar
19
Sep
19
Mar
21
Sep
21
Jun
22
Sep
18
Sep
20
Mar
20
Mar
22
Mar
17
Australia Home LoansAustralia Consumer CardsAustralia Personal LoansNZ Home Loans
CONSUMER PORTFOLIO
1,2,3
90+ DPD as a % of total portfolio balances
SECTION 6 CONTINUED
34
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EEQQUUIITTYY RRAAIISSIINNGG
SECTION 5
40
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AUSTRALIA HOME LOAN PORTFOLIO
HOME LOAN FUM COMPOSITION ($b)
1,2,3,4
LOAN BALANCE & LENDING FLOWS ($b)
1
1.Based on Gross Loans and Advances. Includes Non Performing Loans
2.The current classification of Investor vs Owner Occupied is based on ANZ’s product category, determined at origination as advised by the customer and the ongoing precision relies primarily on the customer’s obligation to advise ANZ of any change in circumstances
3.Interest Only (I/O) is based on customers that request a specific interest only period and does not include loans being progressively drawn e.g. construction
4.ANZ Equity Manager product no longer offered for sale as of 31 July 2021
5.Month on month growth. Source: APRA Monthly Authorised Deposit-taking Institution Statistics (MADIS)
ANZ HOME LOAN GROWTH (%)
5
146
161
168
186
186
187
44
52
57
62
62
63
29
17
43
31
22
22
22
22
264
Mar 19Mar 22
9
6
Mar 18
8
4
10
7
Mar 20
5
4
Mar 21Jun 22
271
280
269
281
278
4
4
OO P&IInv P&IOO I/OInv I/OEquity Manager
278
280
14
4
Redraw &
Interest
Mar-22New Sales
excl. Refi-In
Net OFI RefiJun-22Repay / Other
0
-16
-0.5
0.0
0.5
1.0
Feb-22Oct-21Jun-21Aug-21Apr-22Dec-21
APRA System Total HousingANZ Total HousingMajor Bank Growth
35
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Retail Entitlement Offer

43
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All dates and times are subject to change without notice
EQUITY RAISING TIMETABLE
Trading halt and announcement of Entitlement Offer, Institutional Entitlement Offer opens Monday, 18 July 2022
Institutional Entitlement Offer closes Tuesday, 19 July 2022
Institutional Entitlement Offer Shortfall bookbuild closes Wednesday, 20 July 2022
Announcement of results of Institutional Entitlement Offer Thursday, 21 July 2022
Trading halt lifted and ANZ shares recommence trading Thursday, 21 July 2022
Retail Entitlement Offer record date (7.00pm Melbourne time) Thursday, 21 July 2022
Retail entitlements commence trading on the ASX on deferred settlement basis Thursday, 21 July 2022
Retail Entitlement Offer opens (9.00am Melbourne time) and Retail Information Booklet dispatchedTuesday, 26 July 2022
Settlement of new ANZ shares issued under the Institutional Entitlement Offer Friday, 29 July 2022
Retail entitlements commence trading on the ASX on normal settlement basis Friday, 29 July 2022
Allotment and normal trading of new ANZ shares issued under the Institutional Entitlement Offer Monday, 1 August 2022
Close of retail entitlements trading on the ASX Monday, 8 August 2022
Retail Entitlement Offer closes (5.00pm Melbourne time) Monday, 15 August 2022
Announcement of results of Retail Entitlement Offer Thursday, 18 August 2022
Retail Entitlement Offer shortfall bookbuild Thursday, 18 August 2022
Announcement of results of Retail Entitlement Offer shortfall bookbuild
Friday, 19 August 2022
Settlement of new ANZ shares issued under the Retail Entitlement Offer Tuesday, 23 August 2022
Allotment of new ANZ shares under the Retail Entitlement Offer Wednesday, 24 August 2022
Normal trading of new shares issued under the Retail Entitlement Offer Thursday, 25 August 2022
Holding statements in respect of new shares issued under the Retail Entitlement Offer dispatched Friday, 26 August 2022
42
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Offer size and structure
•Fully underwritten 1 for 15
1
pro rata accelerated renounceable entitlement offer with retail entitlements trading to raise approximately A$3.5 billion (“Entitlement Offer”)
Offer price
•The Entitlement Offer price of A$18.90 per new ANZ share (“Offer Price”) represents:
—12.0% discount to the Theoretical Ex-Rights Price (“TERP”) of A$21.47
2
—12.7% discount to ANZ’s last closing share price of A$21.64 on Friday, 15 July 2022
Institutional offer
4
•Institutional entitlement offer opens today (Monday, 18 July 2022) and closes on Tuesday, 19 July 2022
•Institutional entitlements not taken up, together with the entitlements of ineligible institutional shareholders, will be sold under the institutional shortfall bookbuild
which opens on Tuesday, 19 July 2022 and closes on Wednesday, 20 July 2022
Retail offer
4
•Eligible retail shareholders in Australia and New Zealand on the Record Date (among other criteria) have a number of options under the retail entitlement offer:
—elect to take up all or part of their pro rata entitlements before the retail offer close date (5:00pm Melbourne time, Monday, 15 August 2022)
—sell or transfer all or part of their retail entitlements. Retail entitlements may be traded on the ASX from Thursday, 21 July 2022 (on a deferred settlement basis)
and Friday, 29 July 2022 (on a normal settlement basis) to Monday, 8 August 2022
—do nothing and let their retail entitlements be offered for sale through the retail shortfall bookbuild, with any proceeds inexcess of the Offer Price (net of any
withholding tax) paid to the shareholder
3
Ranking
•New ANZ shares issued under the Entitlement Offer will rank equally with existing ANZ shares from the date of issue
Record date
•7.00pm (Melbourne time) Thursday, 21 July 2022
Directors participation
•The Director’s (and their respective associates) may acquire New Shares under the Retail Entitlement Offer to the extent theyare Eligible Retail Shareholders
Underwriting
•Entitlement Offer is fully underwritten
1.Fractional entitlements to new ANZ shares to be rounded up to the next whole number
2.TERP is the theoretical price at which ANZ shares should trade immediately after the ex-date for the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which ANZ shares trade immediately after the ex-
date for the Entitlement Offer will depend on many factors and may not be equal to TERP. TERP is calculated by reference to ANZ’s closing share price of A$21.64 on 15 July 2022& assumes a 100% take-up of the Entitlement
Offer
3.These entitlements will be offered for sale in the retail shortfall bookbuild and any premium (being any amount paid in respect of the sale of the entitlements) in excess of the Offer Price will be paid to non-participating and
ineligible shareholders, net of any applicable withholding tax
4.All dates and times are subject to change without notice
KEY DETAILS OF THE OFFER
SECTION 6 CONTINUED
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RRIISSKKSS AANNDD UUNNCCEERRTTAAIINNTTIIEESS
APPENDIX A
45
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PRINCIPAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE BUSINESS
(A) INTRODUCTION
The ANZ Group’s activities are subject to risks, including risks arising from the coronavirus (COVID-19) pandemic, that can adversely impact its business, operations, results of operations,
reputation, prospects, liquidity, capital resources, financial performance and financial condition (together, the ANZ Group’sPosition). Certain risks and uncertainties that the ANZ Group may
face are summarised below.
The risks and uncertainties described below are not the only ones that the ANZ Group may face. Additional risks and uncertainties that the ANZ Group is unaware of, or that the ANZ Group
currently deems to be immaterial, may also become important factors that affect it.
If any of the specified or unspecified risks actually occur, the ANZ Group’s Position may be materially and adversely affected, with the result that the trading price of the ANZ Group’s equity or
debt securities (including its ordinary shares) could decline, and investors could lose all or part of their investment.
37
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PRINCIPAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE BUSINESS
(B) RISK ARISING FROM CHANGE IN POLITICAL AND GENERAL BUSINESS AND ECONOMIC CONDITIONS, INCLUDING DISRUPTION IN REGIONAL OR
GLOBAL CREDIT AND CAPITAL MARKETS
The ANZ Group’s financial performance is primarily influenced by the political and economic conditions and the level of businessactivity in the major countries and regions in which the ANZ
Group or its customers or counterparties operate, trade or raise funding including, without limitation, Australia, New Zealand, the Asia Pacific region, the United Kingdom (UK), Europe and
the United States (the Relevant Jurisdictions).
The political, economic and business conditions that prevail in the ANZ Group’s operating and trading markets are affected by, among other things, domestic and international economic
events, developments in global financial markets, resilience of global supply chains, political perspectives, opinions and related events and natural disasters.
Global political conditions that impact the global economy have led to, and may continue to result in extended periods of increased political and economic uncertainty and volatility in the
global financial markets, which could adversely affect the ANZ Group’s Position. Examples of events that have affected (and may continue to affect) global political conditions include the
ongoing conflict in Ukraine, the UK ceasing to be a member of the European Union (EU) and the European Economic Area on 31 January 2020 (commonly referred to as “Brexit”), and global
trade developments relating to, among other things, the imposition or threatened imposition of trade tariffs and levies by majorcountries, including the United States, China and other
countries that are Australia’s and New Zealand’s significant trading partners and allies.
There are a number of remaining uncertainties regarding, among other things, post-Brexit protocols and arrangements among the parties involved.
The conflict in Ukraine is ongoing and fluid, and is expected to have significant ramifications on the geopolitical and economiclandscape, with commodity prices, in particular energy, food
and metals, already impacted and the future impacts of the conflict remain uncertain. As a result of the conflict, the UnitedStates, the UK and EU announced broadly coordinated actions that
collectively impose significant and wide-reaching economic sanctions and export controls relating to Russia –including the freezing of some of the Central Bank of Russia’s foreign exchange
reserves. Other jurisdictions, including Australia, New Zealand and Japan, have announced sanctions, export controls and similarrestrictions focusing on some of the same targets and
sectors. These sanctions are materially impacting the Russian and other economies and the international financial system. Theextent and duration of the conflict and any corresponding
economic sanctions, export controls and similar restrictions and resulting market disruptions are difficult to predict. Though the ANZ Group does not operate in or does not currently have
any direct exposure to Russia or Ukraine, the conflict has the potential to adversely impact the markets in which the ANZ Group does operate, and any prolonged market volatility or
economic uncertainty could adversely impact the ANZ Group’s Position.
Inflationary pressures are at high levels in many economies, including in New Zealand, Australia, the United States, Canada, Europe and the UK. Geopolitical tensions, rising interest rates,
central bank tightening, and persistent COVID-19 challenges to the global economy, such as global shipping capacity constraints,higher costs for freight, supply chain issues, higher energy
prices, higher food prices, and tightened labour markets, are all contributing to rising inflationary pressures on the globaleconomy. This may have impacts on financial market or economic
stability and could adversely affect the ANZ Group’s Position.
47
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PRINCIPAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE BUSINESS
Trade and broader geopolitical relationships between the United States and some of its trading partners, such as China, remain volatile. The implementation of trading policies or divergent
regulatory frameworks by Australia’s and New Zealand’s key trading partners and allies may adversely impact the demand for Australia’s and New Zealand’s exports and may lead to declines
in global economic growth. In particular, China is one of Australia’s and New Zealand’s major trading partners and a significantdriver of commodity demand and prices in many of the
markets in which the ANZ Group and its customers operate. Any heightening of geopolitical tensions and the occurrence of events that adversely affect China’s economic growth and
Australia’s and New Zealand’s economic relationship with China, including the implementation of additional tariffs and other protectionist trade policies, could adversely affect Australian or
New Zealand economic activity, and, as a result, could adversely affect the ANZ Group’s Position.
Instability in global political conditions, including as a result of the conflict in Ukraine, has contributed to economic uncertainty and declines in market liquidity and could increase volatility in
the global financial markets and negatively impact consumer and business activity within the markets in which the ANZ Group or its customers or counterparties operate, or result in the
introduction of new and/or divergent regulatory frameworks that the ANZ Group will be required to adhere to.
Should economic conditions in markets in which the ANZ Group or its customers or counterparties operate deteriorate, asset values in the housing, commercial or rural property markets
could decline, unemployment could rise and corporate and personal incomes could suffer. Deterioration in global markets, including equity, property, currency and other asset markets, may
impact the ANZ Group’s customers and the security the ANZ Group holds against loans and other credit exposures, which may impactthe ANZ Group’s ability to recover loans and other
credit exposures. Should any of these occur, the ANZ Group's Position could be materially adversely affected. Refer to risk factor “Risk that the ANZ Group is exposed to credit loss”.
The ANZ Group’s financial performance may also be adversely affected if the ANZ Group is unable to adapt its cost structures,products, pricing or activities in response to a drop in demand
or lower than expected revenues. Similarly, higher than expected costs (including credit and funding costs and increases in costs resulting from inflationary conditions) could be incurred
because of adverse changes in the economy, general business conditions or the operating environment in the countries or regions in which the ANZ Group or its customers or counterparties
operate. Should any of these occur, the ANZ Group's Position could be materially adversely affected.
(C) THE COVID-19 PANDEMIC AND FUTURE OUTBREAKS OF OTHER COMMUNICABLEDISEASES OR PANDEMICS MAY MATERIALLY AND ADVERSELY
AFFECT THE ANZ GROUP’S POSITION
Despite the global rollout of vaccine programs, the COVID-19 pandemic continues to impact the ANZ Group’s Position, and the domestic and global economy. Increasing vaccination rates
have led to the easing of restrictions on regional and international travel, events, meetings and other more normal activities. However, while a majority of restrictions have been lifted or
modified, governments across Australia (including at the state level) and across New Zealand have indicated that they may in theforeseeable future reintroduce prior restrictions or
implement and introduce further measures to contain the spread of future COVID-19 outbreaks. Further variants may develop that require different government responses and greater
restrictions to those that have been adopted to date.
SECTION 6 CONTINUED
38
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48
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PRINCIPAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE BUSINESS
The ongoing impacts of COVID-19 combined with other risks, e.g. geopolitical risk, could exacerbate impacts and materially increase economic disruption. Major disruptions to community
health and economic activity continue to have wide ranging negative effects across most business sectors in Australia, New Zealand and globally. Ongoing COVID-19 related supply chain
disruption and labour mobility constraints could result in a decline in profit margins, and could impact customer’s cash flows, capital, liquidity and financing needs. This in turn has impacted
demand for the ANZ Group’s products and services and may result in further short and long-term deteriorations of the quality of the ANZ Group’s credit portfolio. Many of the ANZ Group’s
borrowers may continue to be negatively impacted by the COVID-19 pandemic, resulting in an increased risk of credit loss, particularly in the following sectors: transportation; tourism and
travel; entertainment; education; discretionary retail; and property segments.
COVID-19 has notably impacted the property construction industry through increased contractor risk and a potential contagion effect impacting stability of the property development
sectors. Disrupted supply chains and resultant cost increases remain a risk to project feasibility where underlying property prices may not increase in line with cost increases, causing projects
to be delayed or cancelled.
In response to the COVID-19 pandemic, the ANZ Group established a range of accommodations and measures, such as loan payment deferrals, designed to assist its personal and business
customers. There can be no assurance that any future accommodations or measures will be sufficient to prevent or mitigate further hardship, or prevent disruption to the ongoing demand
for the ANZ Group’s products and services, and there is a risk that the ANZ Group’s Position may be materially and adversely affected.
Substantially reduced global economic activity has caused substantial volatility in the financial markets and such volatilityis expected to continue, to have a significant impact on the global
economy and global markets, as well as on the economies of Australia and New Zealand. Travel restrictions, border controls, social distancing measures, quarantine protocols and other
containment measures have contributed, and may continue to contribute, to reduced economic activity in Australia, New Zealandand elsewhere around the world and suppress demand for
commodities, interrupt the supply chain for industries, dampen consumer confidence and suppress business earnings and growth prospects, all of which could contribute to ongoing
volatility in global financial markets.
In addition, COVID-19 pandemic related geopolitical risk persists. Continuing tensions between countries, including between Australia and China, and policy uncertainty could result in
further downturns to the domestic and global economies, which in turn could have a material adverse impact on the ANZ Group’sPosition or its ability to execute its strategic initiatives.
Conduct risk may be heightened because of the blended/hybrid working model through its impact on employees’ behaviour and/or theANZ Group’s systems and processes. The risk of
customer harm will continue to be shaped by the economic and social impact of the pandemic. As the economy recovers, individual customers still enduring hardship may suffer detriment if
the ANZ Group cannot provide tailored support and sustainable arrangements based on individual circumstances.
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The ongoing ramifications of the COVID-19 pandemic remain highly uncertain and, as of the date of this document, it is difficultto predict the further spread or duration of the COVID-19
pandemic and whether and to what extent, vaccines, boosters or other medical treatments will be effective in curtailing the effects of the COVID-19 pandemic.
All or any of the negative conditions related to the COVID-19 pandemic described above may cause a further reduction in demand for the ANZ Group’s products and services and/or an
increase in loan and other credit defaults, bad debts, and impairments and/or an increase in the cost of the ANZ Group’s operations. Should any of these occur, the ANZ Group’s Position could
be materially adversely affected.
The effectiveness of government and central bank responses to the pandemic, also remain subject to significant uncertainties.Tothe extent the COVID-19 pandemic continues to adversely
affect the ANZ Group’s Position, it may also have the effect of heightening many of the other risks described in this section.
(D) RISK RELATED TO COMPETITION IN THE MARKETS IN WHICH THE ANZ GROUP OPERATES
The markets in which the ANZ Group operates are highly competitive and could become more competitive in the future. Competition has increased and is expected to increase, including
from non-Australian financial service providers who continue to expand in Australia, and from new non-bank entrants or smaller providers in those markets.
Examples of factors that may affect competition and negatively impact the ANZ Group’s Position include:
•entities that the ANZ Group competes with, including those outside of Australia and New Zealand, could be subject to lower levels of regulation and regulatory activity. This could allow
them to offer more competitive products and services, because those lower levels of regulation may give them a lower cost base and/or the ability to attract employees that the ANZ
Group would otherwise seek to employ;
•digital technologies and business models are changing customer behaviour and the competitive environment and emerging competitors are increasingly utilising new technologies and
seeking to disrupt existing business models in the financial services sector;
•existing companies from outside of the traditional financial services sector are directly competing with the ANZ Group by offering products and services traditionally provided by banks,
including by obtaining banking licenses and/or by partnering with existing providers;
•consumers and businesses may choose to transact using, or to invest or store value in, new forms of currency (such as cryptocurrencies or central bank digital currencies) in relation to
which the ANZ Group may choose not, or may not competitively be able, to provide financial services. For example, each of theReserve Bank of Australia and the RBNZ has announced
that it is actively researching central bank digital currency, the effect of which, if adopted, on the ANZ Group’s Position is uncertain. Any new form of currency could change how financial
intermediation and markets operate and, with that, the competitive and commercial position of the ANZ Group; and
•Open Banking may lead to increased competition.
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The impact on the ANZ Group of an increase in competitive market conditions or a technological change that puts the ANZ Group’s business platforms at a competitive disadvantage,
especially in the ANZ Group’s main markets and products, could lead to a material reduction in the ANZ Group’s market share, customers and margins and adversely affect the ANZ Group’s
Position.
Increased competition for deposits may increase the ANZ Group’s cost of funding. If the ANZ Group is not able to successfullycompete for deposits, the ANZ Group would be forced to rely
more heavily on other, less stable or more expensive forms of funding, or to reduce lending. This may adversely affect the ANZ Group’s Position.
Economic disruptions could have a significant impact on competition and profitability in the financial services sector over the medium term due to funding cost and provision increases,
insufficient liquidity, implementation of business continuity plans, changes to business strategies and temporary regulatory safe harbours. The low-growth environment will likely lead to
heightened competitive intensity and margin compression.
(E) RISK RELATED TO REAL ESTATE MARKETS IN AUSTRALIA, NEW ZEALAND OROTHER MARKETS
Residential and commercial property lending, together with real estate development and investment property finance, constitute important businesses of the ANZ Group. Major sub-
segments within the ANZ Group's lending portfolio include:
•residential housing loans (owner occupier and investment); and
•commercial real estate loans (investment and development).
Since 2009, the world’s major central banks have embarked upon unprecedented monetary policy stimulus. The resulting weight of funds searching for yield continues to be a significant
driver underlying property markets in the ANZ Group’s core property jurisdictions (Australia, New Zealand, Singapore and HongKong). However, although values for completed tenanted
properties and residential house prices, particularly in metropolitan east coast Australian regions rose steadily until 2018,the fall in Australian house prices in 2018 was the largest since the
global financial crisis. Apart from certain segments which were most impacted by COVID-19, commercial property markets have remained strong throughout COVID-19 and since 2019,
residential property prices in Australia have also risen. These markets may be affected by rising interest rates and the extent of the impact depends on the extent and the speed of increases.
In June 2022 APRA introduced credit-based macroprudential measures in Australia, which require ADIs to ensure they have the ability to limit growth in particular forms of lending (including
commercial and residential property); moderate higher risk lending during periods of heightened systemic risk or meet particularlending standards, at levels determined by APRA; and
ensure adequate reporting against limits is established. Also, APRA have indicated that commercial property definitions will be more broadly aligned across the prudential framework. These
changes to APRA’s policy framework and the formalisation of the credit-based macroprudential policy measures prudential standard, effective from September 2022, may adversely affect the
ANZ Group’s Position.
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In New Zealand, median prices for residential property increased significantly during the 2021 calendar year, peaking in November 2021, but have since moderated. There may be further
moderation in New Zealand residential property prices, which may be driven by the following factors:
•The New Zealand Government introduced a range of initiatives aimed at limiting further price increases, such as mandating that the RBNZ consider the impact on housing when making
monetary and financial policy decisions; creating a NZ$3.8 billion fund to accelerate housing supply in the short to medium termby investing in infrastructure like roads and pipes to
homes; extending the ‘bright-line’ test by 5 years (which is akin to a capital gains tax on investment property if sold within 10 years from date of purchase); the removal of interest
deductibility from 1 October 2021 for residential property investors who hold their investments (acquired on or after 27 March 2021) on capital account as well as phasing out its
application on existing residential investments (with concessions for businesses and for “new builds”); and pledging to help KāingaOra (the Crown entity responsible for housing and
communities) borrow an additional NZ$2 billion to increase land acquisitions to boost housing supply; and
•Recent amendments to the Credit Contracts and Consumer Finance Act 2003, loan-to-value ratio restrictions introduced by RBNZ, and the introduction of a framework for operationalising
debt-to-income restrictions (which is intended to be finalised by late 2022, so that restrictions could be introduced by mid-2023 if required) may impact credit availability in New Zealand
and demand for residential property.
Increases in interest rates may affect debt serviceability and reduce demand for residential property in both Australia and New Zealand. New Zealand is already seeing a material reduction in
demand for residential property. Following a prolonged period of asset price inflation and record low interest rates, interest rates commenced increasing from May 2022 in Australia and from
June 2021 in New Zealand. The interest rates are increasing sharply in both jurisdictions, for example the average 1-year fixed mortgage rate in New Zealand has increased from 2.162% in
June 2021 to 4.958% in June 2022.
Increases in interest rates affect debt serviceability and may increase loan defaults and reduce demand for commercial and residential property.
A decline in demand for residential property, or other market or ANZ specific factors, could impact demand for the ANZ Group’s home lending products.
The ANZ Group’s portfolio of commercial property loans may be susceptible to a sudden and material increase in interest rates, which could cause a decline in interest coverage ratios and
asset values, and increase refinance risk and necessitate equity contributions towards debt reduction. Secondary grade assetsmay be more susceptible to a decline in prices if investors have
overlooked weaker fundamentals in a highly liquid market (debt and equity), a more favourable interest rate environment and stable economy.
Separately, construction risk, including contractor stability, the impact of supply chain constraints on cost of materials together with increasing labour costs may impact commercial property
development feasibility and land values in the short to medium term. Each of the factors outlined above may adversely affect theANZ Group’s Position.
(F) RISK THAT MARKET EVENTS MAY ADVERSELY AFFECT THE ANZ’S GROUP’S POSITION
Market risk is the risk of loss arising from adverse changes in interest rates, currency exchange rates, credit spreads, or fromfluctuations in bond, commodity or equity prices. For purposes of
financial risk management, the ANZ Group differentiates between traded and non-traded market risks. Traded market risks principally arise from the ANZ Group’s trading operations in
interest rates, foreign exchange, commodities and securities. The non-traded market risk is predominantly interest rate risk in the banking book. Other non-traded market risks include
transactional and structural foreign exchange risk arising from capital investments in offshore operations and non-traded equityrisk. Losses arising from the occurrence of such market risk
events may adversely affect the ANZ Group's position.
SECTION 6 CONTINUED
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(G) RISK THAT CHANGES IN EXCHANGE RATES MAY ADVERSELY AFFECT THE ANZGROUP’S POSITION
As the ANZ Group conducts business in several different currencies, its businesses may be affected by movements in currency exchange rates. Additionally, as the ANZ Group’s annual and
interim reports are prepared and stated in Australian dollars, any change in the value of the Australian dollar against othercurrencies in which the ANZ Group earns revenues (particularly the
New Zealand dollar and the U.S. dollar) or holds capital, may adversely affect the ANZ Group’s reported earnings and/or capital ratios.
While the ANZ Group has put in place hedges to partially mitigate the impact of currency changes, there can be no assurance thatthe ANZ Group’s hedges will be sufficient or effective, and
any change in the value of the Australian dollar against other currencies in which the ANZ Group earns its revenue, or holds capital, may have an adverse impact upon the ANZ Group’s
Position.
(H) RISK RELATED TO ACQUISITIONS AND/OR DIVESTSMENTS
The ANZ Group regularly examines a range of corporate opportunities, including acquisitions and divestments, with a view to determining whether those opportunities will enhance the ANZ
Group’s strategic position and financial performance.
Integration (or separation) of an acquired (or divested) business can be complex and costly, sometimes including combining (or separating) relevant accounting and data processing systems,
technology platforms and management controls, as well as managing relevant relationships with employees, customers, regulators, counterparties, suppliers and other business partners.
There can also be no assurance that any acquisition (or divestment) would have the anticipated positive results around synergies, cost or cost savings, time to integrate (or separate) and
overall performance; as the underlying assumptions for the acquisition (or divestment) may not ultimately prove to be accurate or achievable.
Integration (or separation) efforts could create inconsistencies in standards, controls, procedures and policies, as well as diverting management attention and resources. There is also the risk
of counterparties making claims in respect of completed or uncompleted transactions against the ANZ Group that could adversely affect the ANZ Group’s Position. All or any of these factors
could adversely affect the ANZ Group’s ability to conduct its business successfully and impact the ANZ Group’s operations or results. Additionally, there can be no assurance that employees,
customers, counterparties, suppliers and other business partners of newly acquired (or retained) businesses will remain post-acquisition (or post-divestment). Further, there is a risk that
completion of an agreed transaction may not occur whether in the form originally agreed between the parties or at all, includingdue to failure of the ANZ Group or the counterparty to
satisfy its completion conditions or because other completion conditions such as obtaining relevant regulatory or other approvals are not satisfied. Should any of these integration or
separation risks occur, this could adversely affect the ANZ Group’s Position.
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(I) RISK THAT THE ANZ GROUP IS EXPOSED TO CREDIT LOSS
As a financial institution, the ANZ Group is exposed to the risks associated with extending credit to other parties, including incurring credit-related losses that can occur as a result of a
counterparty being unable or unwilling to honour its contractual obligations. Credit losses can and have resulted in financial services organisations realising significant losses and in some
cases failing altogether.
Whilst the risk of credit-related losses has increased as a result of the impact of the COVID-19 pandemic and heightened political tensions, particularly those referred to in risk factor “Risk
arising from change in political and general business and economic conditions, including disruption in regional or global creditand capital markets”, the risk of credit-related losses may
further increase as a result of a number of factors, including deterioration in the financial condition of the economies in which the ANZ Group or its customers or counterparties operate, a
sustained high level of unemployment and/or changes in interest rates and inflationary conditions in the markets in which theANZ Group or its customers or counterparties operate, material
disruptions to supply chains, a deterioration of the financial condition of the ANZ Group’s customers or counterparties, a reduction in the value of assets the ANZ Group holds as collateral,
and a reduction in the market value of the counterparty instruments and obligations it holds.
Less favourable business or economic conditions, whether generally or in a specific industry sector or geographic region, as well as the occurrence of events such as natural disasters or
pandemics, could cause customers or counterparties to fail to meet their obligations in accordance with agreed terms.
Some of the ANZ Group’s customers and counterparties in or with exposures to the below mentioned sectors are increasingly vulnerable:
•industries impacted by the COVID-19 pandemic particularly those referred to in risk factor “The COVID-19 pandemic and future outbreaks of other communicable diseases or pandemics
may materially and adversely affect the ANZ Group’s Position”;
•industries exposed to the unwinding of government stimulus packages and/or timing of the opening of borders (both domestic and international) as well as industries reliant on
consumer discretionary spending;
•industries that are heavily exposed to fuel supply shortages and associated rising costs including aviation, road transport &shipping and agriculture, particularly given the conflict in
Russia and Ukraine and the associated impact on oil and gas prices;
•industries at risk of sanctions, geopolitical tensions or trade disputes (e.g. technology, agriculture and communications, financial institutions and/or declining global growth and
disruption to global supply chains which include but are not limited to retail, wholesale, automotive, manufacturing and packaging;
•the commercial property sector (including construction and contractors) which is exposed to rising interest rates, a decline in investor demand for large scale inner city apartment
buildings and a material decline in net migration. In some markets, commercial contractors and sub-contractors may face cash flow/liquidity issues over the next 12 to 24 months as
current projects run off and their forward books are diminished. The residential development sector is experiencing supply chainissues, increased costs and labour mobility issues.
Earnings for hotel accommodation and certain retail sectors are still being impacted by reduced mobility and the extent of longer-term implications for some offices remains uncertain
due to the shift to remote working arrangements;
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•customers and industries exposed to disruption from physical climate risk (e.g. bushfires, floods, storms and drought), and transition risk (e.g. industry exposed to carbon reduction
requirements and resulting changes in demand for goods and services or liquidity); and
•industries exposed to the volatility of the U.S dollar as well as the Australian dollar and New Zealand dollar.
The ANZ Group is also subject to the risk that its rights against third parties may not be enforceable in certain circumstances,which may result in credit losses. Should material credit losses
occur to the ANZ Group’s credit exposures, this may adversely affect the ANZ Group’s Position.
Credit risk may also arise from certain derivative, clearing and settlement contracts that the ANZ Group enters into, and from the ANZ Group’s dealings with, and holdings of, debt securities
issued by other banks, financial institutions, companies, governments and government bodies where the financial conditions ofsuch entities are affected by economic conditions in global
financial markets.
In addition, in assessing whether to extend credit or enter into other transactions with customers and/or counterparties, theANZ Group relies on information provided by or on behalf of
customers and/or counterparties, including financial statements and other financial information. The ANZ Group may also rely on representations of customers and independent consultants
as to the accuracy and completeness of that information. The ANZ Group’s financial performance could be negatively impacted to the extent that it relies on information that is incomplete,
inaccurate or materially misleading.
The ANZ Group holds provisions for credit impairment that are determined based on current information and subjective and complexjudgements of the impairment within the ANZ Group’s
lending portfolio. If the information upon which the assessment is made proves to be inaccurate or if the ANZ Group fails to analyse the information correctly, the provisions made for credit
impairment may be insufficient, which may adversely affect the ANZ Group’s Position.
(J) RISK THAT CHALLENGES IN MANAGING THE ANZ GROUP’S CAPITAL BASE COULD GIVE RISE TO GREATER VOLATILITY IN CAPITAL RATIOS
The ANZ Group’s capital base is critical to the management of its businesses and access to funding. Prudential regulators of theANZ Group include, but are not limited to, APRA, the RBNZ
and various regulators in the United States, the UK and the countries in the Asia Pacific region. The ANZ Group is required by its primary regulator, APRA and the RBNZ for the ANZ Bank New
Zealand Limited (ANZ New Zealand, and, together with its subsidiaries, the ANZ New Zealand Group) to maintain adequate regulatory capital.
Under current regulatory requirements, risk-weighted assets and expected loan losses increase as a counterparty’s risk grade worsens. These regulatory capital requirements are likely to
compound the impact of any reduction in capital resulting from lower profits in times of stress. As a result, greater volatilityin capital ratios may arise and may require the ANZ Group to raise
additional capital. There can be no certainty that any additional capital required would be available or could be raised on reasonable terms.
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The ANZ Group’s capital ratios may be affected by a number of factors, such as (i) lower earnings (including lower dividends from its deconsolidated subsidiaries such as those in the
insurance business as well as from its investment in associates), (ii) increased asset growth, (iii) changes in the value of theAustralian dollar against other currencies in which the ANZ Group
operates (particularly the New Zealand dollar and U.S. dollar) that impact risk weighted assets or the foreign currency translation reserve, (iv) changes in business strategy (including
acquisitions, divestments and investments or an increase in capital intensive businesses), and (v) changes in regulatory requirements.
APRA and the RBNZ have implemented prudential standards to accommodate Basel III. Certain other regulators have either implemented or are in the process of implementing regulations,
including Basel III, that seek to strengthen, among other things, the liquidity and capital requirements of banks, funds management entities and insurance entities, though there can be no
assurance that these regulations have had or will have their intended effect. These regulations, together with risks arising from any regulatory changes such as from APRA’s ‘unquestionably
strong’ requirements, the requirements of the Basel Committee on Banking Supervision, the RBNZ’s reform of capital requirements and the RBNZ’s amendments to ANZ New Zealand's
Conditions of Registration in response to the COVID-19 pandemic, are described in risk factor 16 "Regulatory changes or a failure to comply with laws, regulations or policies may adversely
affect the ANZ Group’s Position ". Any inability of the ANZ Group to maintain its regulatory capital may have a material adverseeffect on the ANZ Group's Position.
(K) RISK THAT THE ANZ GROUP’S CREDIT RATINGS COULD CHANGE AND ADVERSELY AFFECT THE ANZ GROUP’S ABILITY TO RAISE CAPITAL AND
WHOLESALE FUNDING AND CONSTRAIN THE VOLUME OF NEW LENDING
The ANZ Group’s credit ratings have a significant impact on both its access to, and cost of, capital and wholesale funding. Theymay also be important to customers or counterparties when
evaluating the ANZ Group’s products and services. Credit ratings and rating outlooks may be withdrawn, qualified, revised or suspended by credit rating agencies at any time. The
methodologies used by ratings agencies to determine credit ratings and rating outlooks may be revised in response to legal orregulatory changes, market developments or for any other
reason.
The ANZ Group’s credit ratings or rating outlooks could be negatively affected by a change in the credit ratings or rating outlooks of the Commonwealth of Australia or New Zealand, the
occurrence of one or more of the other risks identified in this document, a change in ratings methodologies or by other events. As a result, downgrades in the ANZ Group’s credit ratings or
rating outlooks could occur that do not reflect changes in the general economic conditions or the ANZ Group's financial condition. In addition, the ratings of individual securities (including,
but not limited to, certain Tier 1 capital and Tier 2 capital securities and covered bonds) issued by the ANZ Group (and other banks globally) could be impacted from time to time by changes
in the regulatory requirements for those instruments as well as the ratings methodologies used by rating agencies.
Any future downgrade or potential downgrade to the ANZ Group’s credit ratings or rating outlooks may reduce access to capitaland wholesale debt markets and could lead to an increase in
funding costs, which could constrain the volume of new lending and affect the willingness of counterparties to transact with theANZ Group which may adversely affect the ANZ Group’s
Position. Credit ratings are not a recommendation by the relevant rating agency to invest in securities offered by the ANZ Group.
SECTION 6 CONTINUED
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