2023

ANNUAL REVIEWSHAPING A WORLD
WHERE PEOPLE AND
COMMUNITIES THRIVE

More than ever, ANZ has shaped itself as a bankthat supports our customers across 29 markets.
And today, from individuals to businesses, we continue
to build a bank that helps them achieve sustainablefinancial wellbeing.
It’s an uncompromising purpose that helps ourcustomers make the most of their world, every day.

CONTENTS
Overview
Our 2023 reporting suite

22023 performance snapshot

3

Chairman’s message

4

CEO’s message

6

Operating Environment
Our operating environment

8

How we create value

9

Our purpose and strategy

10

About our business

11

GovernanceDirectors’ meetings

14

Board of directors

15

Executive committee

16

5 year summary

18

Remuneration overview

20

Shareholder information
Important dates for shareholders 2024

24

Contacts

25

Visit Bluenotes
for further
information

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2

ANZ 2023 Annual Review

OUR 2023
REPORTING SUITE
The Annual Review1
ANZ GROUPHOLDINGS LIMITED2023 Full Year Results
Announcement
anz.com/results
2023 ANZGHL Annual Reportanz.com/annualreport
2023 Corporate GovernanceStatement
anz.com/corporategovernance2023 Climate-Related
Financial Disclosuresanz.com/annualreport
2023 Environment, Social andGovernance (ESG) Supplement
anz.com/annualreport

AUSTRALIA AND
NEW ZEALAND BANKINGGROUP LIMITED2023 ANZBGL Annual Reportanz.com/annualreport
2023 September Quarter APS
330 Pillar III Disclosure
anz.com/results
2023 Principal Risks andUncertainties Disclosure
anz.com/results
2023 United Kingdom
Disclosure and Transparency
Rules Submission
anz.com/results

ANZ’s Annual Review provides a selectionof key aspects of the larger Annual Report
document including our Chair and CEO
Reports, a Five Year Financial Summaryand sections of our Remuneration Report.
As with its companion documents theAnnual Review discusses outcomes fromthe Financial Year 2023
You can see listed to the left of this column
all of the available documents which
comprise the Annual Reporting Suite. Eachdocument is available on the ANZ Website
if you would like to go into more detail.

Our Reporting Suite
We produce a suite of reports to meet theneeds and requirements of a wide rangeof stakeholders including shareholders,customers, employees, regulators,
non-government organisations and thecommunity. We continue to evolve ourdisclosures, taking into consideration
stakeholder feedback, legislation,
guidelines and frameworks.

Our 2023 Corporate Governance Statement
discloses how we have complied with
the ASX Corporate Governance Council’s‘Corporate Governance Principles andRecommendations – 4th edition’ and isavailable at anz.com/corporategovernance.
Our 2023 Climate-related Financial
Disclosures report describes the Group’s
progress towards implementing our Climate
Change Commitment and Environmental
Sustainability Strategy and is preparedin accordance with the Task Force on
Climate-related Financial Disclosures (TCFD)
recommendations 2017.
Our ESG Supplement provides stakeholders
with detailed ESG disclosures, including
performance against our ESG targets.
We are continually seeking to improve
our reporting suite and welcome
feedback on this report. Please address
any questions, comments or suggestions
to investor.relations@anz.com.

DISCLAIMER & IMPORTANT NOTICESThe material in this report contains general background information about the Group’s activities
current as at 10th November 2023. It is information given in summary form and does not purport to becomplete. It is not intended to be and should not be relied upon as advice to investors or potential
investors, and does not take into account the investment objectives, financial situation or needs of any
particular investor. These should be considered, with or without professional advice, when deciding if
an investment is appropriate.
FORWARD -LOOKING STATEMENTS
This report may contain forward-looking statements or opinions including statements regarding
our intent, belief or current expectations with respect to the Group’s business operations, market
conditions, results of operations and financial condition, capital adequacy, sustainability objectives
or targets, specific provisions and risk management practices. When used in the report, the words‘forecast’, ‘estimate’, 'goal', 'target', 'indicator', 'plan', 'pathway', ‘ambition’, ‘modelling’, ‘project’, ‘intend’,‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’, ‘would’, ‘could’, ‘should’ and similar
expressions, as they relate to the Group and its management, are intended to identify forward-looking
statements or opinions. Those statements are usually predictive in character; or may be affected byinaccurate 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 publication and no representation is made 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. The
Group does not undertake any obligation to publicly release the result of any revisions to theseforward-looking statements to reflect events or circumstances after the date hereof to reflect theoccurrence of unanticipated events.
CLIMATE-RELATED INFORMATIONThis report also contains climate-related statements. Those statements should be read with theimportant notices in relation to the uncertainties, challenges and risks associated with climate-related
information in our 2023 Climate-related Financial Disclosures report available at anz.com/annualreport.
1. The 2023 Annual Review is comprised of pages 1 to 11 and 14-17 of the Annual Report and a Remuneration Overview.

OverviewOperatingenvironment

Governance

Remuneration
overview

3

Shareholder
information

2023
PERFORMANCE SNAPSHOT
Financial performance highlights$7,098M$7,405M

10.9%$21.78

Statutory profit, (flat)

Cash profit¹,(up 14%)

Cash return on equity¹,(up 54bps)

Net tangible assets per
share2, (up 5%)

247.1C

175C

13.3%

Cash earnings per share(Basic)¹, (up 8%)

Total Dividend for2023 per share, (up 20%)

Common Equity Tier 1 Capital3,(up 105bps)

531K

9.5M

40.3K

Shareholders

Customers

Employees (FTE)

Community investment

20%$711 B87%~$8.8B

1 Year Total
shareholder Return

Gross loans and advances

Staff engagement scorefunded and facilitated in socialand environmental outcomes5$4,559M

$647B

37.3%

in dividends paid

Customer deposits

Women in leadership

Our stakeholders

$141M
4

87

6

More thanK
participants in our financial
education programs7

1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the resultof the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page 33. 2. Equals total shareholders’ equity less total noncontrolling interests, goodwill and other intangible assets divided by the number of ordinary shares. 3. APRA Level 2. 4. Number of employees (Full Time Equivalent). 5. Target to fund andfacilitate at least $100 billion by end 2030 in improving social and environmental outcomes through customer activities and direct investments by ANZ, commenced 1 April 2023. 6. Measures
representation at the Senior Manager, Executive and Senior Executive levels. Includes all employees regardless of leave status but not contractors (who are included in Full Time Equivalents (FTE)).
7. Includes individuals who have participated in more than one program (for example, people who have participated in MoneyMinded as part of Saver Plus are counted twice as they are included
in both the MoneyMinded and Saver Plus totals).

4

ANZ 2023 Annual Review

CHAIRMAN’SMESSAGE
The performance of all four divisions
illustrates the value of our investment
and diversification and reflects ourconsistent strategy.
This produced a well-balanced result anda full-year statutory profit of $7.1 billion,
flat on the prior year. Cash profit was$7.4 billion, up 14% on the prior year.
Our total 2023 dividend was 175 cents
per share with the final dividend of 94 cents
partially franked at 56%. The final dividend
comprised an 81 cents dividend partiallyfranked at 65% and an additional one-off
unfranked dividend of 13 cents. The dividend
outcome reflects our geographic diversity
and the particularly strong results of ourbusinesses outside of Australia.
Globally this year saw a combination of
rapidly rising interest rates and higher
inflation. Central banks continue to grapple
with those trends as consumers deal withthe associated cost-of-living increases.

Paul O’Sullivan
Chairman

ANZ produced a strong outcome for our shareholders
in the 2023 financial year with all four core divisions
performing well.
The Australia Retail division saw continued strong homeloan growth above industry levels and the Australia
Commercial business grew deposits and lending. Ourde-risked Institutional business significantly increased
its return on equity and the New Zealand division
retained its number one market position.

While the inflationary pressures havemoderated and central banks have largely
paused interest rate tightening, considerable
uncertainty remains and we know manyof our customers are feeling the impacts.
Against this backdrop, ANZ is well preparedwith high levels of provision balance, capital,
liquidity and funding. This allows us to help
those customers in need.
Furthermore, while the financial services
industry continues to change rapidly, we
have been investing for several years now
to enable ANZ to better compete in theemerging world.

Digital technology
Your Board recognise that banking ischanging and doing so rapidly. Key tothat change is the growing use of digitaltechnology across the business including
improved customer assistance, faster
application approvals, better operational
efficiency and importantly the protectionof your information.
The investments we have made in newtechnology and improved processes include
our new digital retail banking platform inAustralia, ANZ Plus, migration to more flexible

Overviewcloud-based applications and the increased
capacity of our Institutional platforms services
business and payments technology.

Suncorp Bank
In July 2022 we announced the acquisitionof Suncorp Bank to add significant scale toour retail business and to our digital bankplatform allowing ANZ to more effectively
compete in the Australian market.

Operatingenvironment

Governance

Remuneration
overview

We were also the first Australian bankto publish commitments on emissions
reduction pathways linked to our lendingfor energy intensive industries – including
power generation, commercial real estate,
oil & gas, aluminium, cement and steel.
We are expanding these commitments toinclude 2030 targets for four new industries:
thermal coal, aviation, shipping and auto
manufacturing.

ANZ has filed an application with theAustralian Competition Tribunal for
authorisation for the proposed acquisition.
A decision is likely in February 2024.

We have high expectations for ourcustomers, especially in the energy sector,
and we expect plans to be net-zero aligned,
public, specific and measurable.

The acquisition then remains subject toapproval from the Federal Treasurer andthe passage of legislative amendments
by the Queensland Parliament. We continue
preparations to integrate Suncorp Bank
into the ANZ Group, subject to these
conditions being met.

We recognise we can have the mostimpact by working with our customers
to reduce their emissions. Our policy is
to back their plans by providing morefinance for less emissions.

Environment Social andGovernance (ESG)
ANZ is a leader in acting on climate change.
Our consistent strategy is to support andencourage our customers, especially in theenergy sector, to set and pursue net zeroaligned transition plans.
Our goal is to be the leading Australia and
New Zealand bank supporting customers’transition to net zero by 2050. Our socialand environmental sustainability target tofund and facilitate a further $100 billion by
the end of 2030 makes our aspiration clear.
We were the Australian first bank to formallyengage with 100 of our largest emitting
business customers on their transition plansand disclose progress – both since followedby our domestic and global peers.

Paul O’Sullivan Chairman

We believe it is in our shareholders’interests for the bank to support companies
genuinely committed to implementing
their climate transition plans.
More broadly, ESG helps determine how
we manage relationships with suppliers,
customers, staff and the wider community.
We set high standards in these areas andproduce a range of reports for a wide range ofstakeholders, including our ESG supplement
and Climate Related Financial Disclosures(TCFD report) which are released at thesame time as our Annual Report.

Board Renewal
Your board continues its process of renewal
as we continue to attract the skills andexpertise required for the evolving financial
services industry.
I would like to acknowledge the enormous
contributions of Ilana Atlas and John
Macfarlane who will be retiring from theBoard at the upcoming Annual General
Meeting (AGM).

Shareholder
information

5

Ilana has been an invaluable memberof the board since 2014, most recently as
Chair of the Human Resources Committee
and a member of the Audit Committee,
Ethics, Environment, Social and GovernanceCommittee and Nomination and Board
Operations Committee.
John has provided tireless service during
his nine years as a Non-Executive Director,
particularly in his role chairing the Risk
Committee and as a member of the Audit
Committee, Digital Business and Technology
Committee and Nomination and Board
Operations Committee.
I will personally miss their insight, experience,
professionalism and wise counsel.
I am also pleased to formally welcome
Holly Kramer, who joined the Board in August
and will stand for election at the AGM.
Holly has extensive experience as adirector and has served on a rangeof major listed and unlisted boards inAustralia and New Zealand. She has
chaired remuneration, sustainability,
and audit and risk committees.
As an executive, Holly was Chief Executive
Officer of retailer Best & Less and servedin a range of senior customer-facing rolesat Telstra, Ford and Pacific Brands.
Holly brings a strong focus on people,
customers and culture, as well as extensive
experience in retail and digital channels.
Finally, I would like to thank our customers
and my fellow shareholders for theirsupport in what has been a successful
year for the Group against a backdropof significant uncertainty.
I would also like to acknowledge the morethan 40,000 people who come to work at
ANZ each day, who embody our purpose
and culture and who work tirelessly forour customers.

6

ANZ 2023 Annual Review

CEO’S
MESSAGE
Our performance and strategy
This year ANZ reported a strong andconsistent outcome for our shareholders,customers and the community. The one-year
total shareholder return was 20%, while thethree-year return was 76%.
Each of our four divisions performed well tocontribute to a 13% year-on-year increase in
cash revenue and a 14% year-on-year increasein cash profit from continuing operations
to $7.4 billion. These are record results.
Our long-standing commitment to our
purpose, shaping a world where people andcommunities thrive, and our transformation
to a simpler, better run bank, helped
generate these steady and sustainable returns.
Over the last seven years we havesignificantly reshaped ANZ through thedisposal of assets in lower performing,
non-core or riskier segments, resulting
in a unique, diversified portfolio of highperforming businesses which differentiates
us from our peers. This is particularly valuable
in a more challenging environment andgives us more options for growth.
Our focus on long-term productivity has
provided the capacity for us to increase
investment to transform and re-platform
all of our divisions for long-term success.
This includes our Institutional technology
and payments systems and our new retailplatform ANZ Plus.
We have further strengthened our balance
sheet and reduced overall risk. We closed
the year with more capital than ever before.
We also continue to see the benefits ofthe disciplined execution of our strategy.
We finalised our Non-Operating Holding
Company structure, completed the BS11
regulatory program in New Zealand, andmade a strategic investment in View MediaGroup. We exceeded our target of two
million Cashrewards members, while ANZWorldline Payment Solutions launched‘Tap to Pay on iPhone’.

Divisional highlights
Today we have four core divisions: Australia
Retail, Australia Commercial, New Zealandand Institutional. Each has a clear sense of
purpose and a well-articulated strategy,

with a funded roadmap to build
contemporary, relevant customer
propositions to win in the marketplace.
Australia Retail continued to invest inprocessing capability for Home Loans,which delivered improved service levels
and consistent turnaround times
contributing to high quality growthin our retail balance sheet.
Australia Commercial is our highest
returning division and gross loans andadvances achieved the highest level onrecord while deposits grew to $113 billion.
Named as 2023 Small Business Bank of theYear from Canstar, this division has a strong
future and we are investing at record levels
to build further capability and capacity.
Institutional continued to show the benefitsof its transformation, to a sustainablevalue-creating business built around cash
management, currency and processing rather
than lending alone. We are particularly pleased
with the strong performance in Transaction
Banking. After long-term and sustained
investment, and a complete re-platformingof our technology, ANZ has extended its
market leadership in Payments and CashManagement in Australia and New Zealand,with a developing presence in Asia. Thisbusiness is fast growing, high-returningand capital efficient.
We facilitated the movement of $164 trillion
in all payments and capital flows to, from andwithin the markets in which we operate, andeither cleared or provided payment services
to more than 90% of the world’s globally
systemic banks. This enterprise businesshas enormous economies of scale and thisyear’s results are a major step forward.
The strength of our New Zealand franchise
was once again evident as we maintained
leading market positions in major segments
including home loans, retail deposits,
institutional, agriculture and funds
management. Our brand considerationin New Zealand is at an all-time high andwe were again named Canstar Bank of theYear for Small Business and for Agriculture.
At the same time, we supported ourcustomers following the devastation of
Cyclone Gabrielle, pledging NZ$3 million
to communities that were affected.

ANZ Plus
When we launched ANZ Plus, we set out
to create a point of difference for ANZ inAustralia that would support our customers’
financial wellbeing and respond to theirrapidly evolving needs, in a way that was
highly engaging, far more efficient, quick
to adapt and low cost to run.
Since then, ANZ Plus has become one of thefastest growing digital banking platforms inAustralia. As of 30 September 2023, ANZ Plus
had attracted more than 460,000 customers
and $9.4 billion in deposits.
About 40% of ANZ Plus customers are
new to ANZ, and since going live we haveadded more than 200 new features orenhancements. Our new ANZ Plus digital
home loan is now available and beingrolled out to eligible customers.
In line with our financial wellbeing
ambitions, some 35% of ANZ Plus
customers are actively saving towards a
goal, which is the single most important
action a customer can take to improvetheir financial wellbeing. Importantly, theadvanced security measures on ANZ Plus
continue to result in one of the lowest
incidents of digital fraud in the industry.

Supporting our customers
and communities
This year we have worked hard to support
our customers and the community, andhelp keep them safe.
We have deployed significant resources,
including 440 customer protection specialists,
to help prevent more than $100 millionof customer’s money from going into thehands of cyber criminals.
We also supported financial wellbeing
and literacy, with more than 87,000 people
participating in our education programs,
Saver Plus and Money Minded, the latterof which was delivered in 16 of our markets
this year.
Through the year we supported more than
19,000 first home buyers in Australia and
New Zealand, and funded and facilitated$610 million to deliver more affordable,
accessible and sustainable housing to buy
and rent in Australia.

OverviewOperatingenvironment

Governance

Remuneration
overview

Shareholder
information

7

Supporting sustainability
We have made significant progress in our
ambition to be the leading Australia and
New Zealand-based bank in supporting
customers’ transition to net zero emissions
by 2050.
In April 2023, we commenced a newsocial and environmental sustainability
target, to fund and facilitate a further$100 billion by the end of 2030 towards
improving social and environmental
outcomes. Since then we have funded
and facilitated approximately $8.8 billion
against this target, across 54 transactions.
In New Zealand, we supported more than
6,400 households in lending through ourGood Energy Home Loan top up, while
our business and agriculture customers
accessed over NZ$30 million to reduce
emissions or improve sustainability throughour Business Green Loans.
We are also reducing the direct impact of ourown business activities on the environment,with 49% of energy consumption associatedwith our operations now coming fromrenewable energy and a 71% reduction in
waste to landfill since 2017. More information
about our progress is contained in thisannual report.

Shayne Elliott
Chief Executive Officer

Our outlook and priorities
Our priorities for the coming year are
clear: to further build out ANZ Plus,
increase productivity across the Group,
focus on sustainability, currency and cash
management platforms, and strengthen our
digital and data offerings. We also want tocontinue the disciplined growth in eachof our divisions.

A combined bank would be better equipped
to respond to competitive pressures anddeliver significant customer and publicbenefits, particularly in Queensland.

We remain committed to completing theacquisition of Suncorp Bank once all saleconditions are met. The acquisition would
create value and scale for our Australian
Retail and Commercial businesses, allowing
us to be competitive over the long term.

Our simpler, stronger bank coupled withgrowth and positive momentum acrossour businesses, means we are in a strong
position to support these customers, whether
big or small, and help them navigate theuncertain environment ahead.

Shayne Elliott Chief Executive Officer

We recognise that while our customers
have generally remained resilient some arefacing increased pressure amid rising costs
and sustained high interest rates.

We are more resilient than ever before andhave the right portfolio balance, leadershipteam and strategy in place, underpinned bya highly-engaged, diverse workforce and apurpose-led culture. I want to thank theteam at ANZ for their efforts.
As CEO, I am pleased with our progress andlook forward to continued momentum
across our businesses in the years ahead.

8

ANZ 2023 Annual Review

OUR OPERATINGENVIRONMENT
Our operating environment
The environment in which we operate ischaracterised by a range of conflicting forces.
Economic activity and inflationary pressure
have broadly moderated, resulting in an
evolving peak in the most aggressive interest
rate tightening cycle in more than a decade.
This has reduced the risk of a deep recession,
but a range of economic outcomes arestill possible.
China has tracked a different path, with weak
activity and a flirtation with deflation
promoting policy easing. Economic activity
in China continues to grow, albeit at a
slower rate than has been the case in recent
decades. The world’s second largest
economy remains an important source ofdemand and business activity, even as its
slowdown is contributing to businesses andinvestors examining other opportunities.
Unemployment remains low andimmigration has returned to Australia and
New Zealand at record rates. These aresupporting house price levels and demand
for mortgages, even as consumer spending
has moderated. Workforce shortages are notas acute, but input costs remain a challenge
for many businesses.
On average, household balance sheets arestrong and corporates hold high levels of
liquidity. In some part this reflects theregulatory efforts of the past 15 years. This
has reduced the level of delinquencies in
the current interest rate tightening cycle,
but also contributed to sustaining demand.

Economic outlook

Public sector demand is strong across a
range of sectors including infrastructure,
defence, and housing. Housing affordability,in particular, has been subject to morevigorous policy action. Many governments
are also active in addressing perceived
supply chain vulnerabilities and prioritisingdomestic resilience.
The climate transition has gathered
momentum. Over the past year Australia has
introduced the safeguard mechanism, New
Zealand has agreed methane should betaxed differently from carbon dioxide, theUSA introduced the Inflation Reduction Act
and in Europe the Carbon Border Adjustment
Mechanism began administrative operation.
This is altering patterns of economic activity,
investment, and trade, and creating
opportunities and challenges for banks.

The year ahead is likely to be one of economic consolidation across ANZ’s geographies. In Australia and New Zealand we expect somewhat
slower growth and only modest movements in interest rates around the peak in the cycle. Consumer spending is likely to remain weak as
the full impact of interest rate increases is felt. Demand is also likely to be supported by strong household balance sheets, resilient housing
markets, government activity, solid business investment intentions in Australia and strong migration in New Zealand. Modest increases inunemployment and underemployment, while disruptive for the individuals involved, should be sufficient to encourage inflation backtowards target without undue delinquency stress. Both ANZ and the Reserve Bank of Australia expect to see inflation back at the topof the band by the end of 2025.
In China, weak demand has been the main challenge. Policy has responded, activity has begun to stabilise and inflation, though there arestill deflationary pressures normalise. China’s stabilisation will support the region as it copes with the effects of its own tightening cycle andweaker global demand.

Challenges

Our response

Inflationary pressures andhigher interest rates• Assessing borrowers’ resilience to rising interest rates• Offering appropriate products and services to customers• Dealing appropriately with customers experiencing financial hardship or in need of extra care
• Adjusting our staff salaries appropriately

Public and regulatory
scrutiny• Building trust by ‘doing what we say’
• Working cooperatively with regulators, government and non-governmental organisations (NGOs)• Continuing to evolve our ESG policies and processes and seek to implement them effectively andtransparently disclose our progress

Competitive banking
industry• Deploying new and improved digital services, products and processes to help meet customer needs for
efficient and accessible banking• Investing in underlying technology and systems to establish more flexible and responsive platforms(including ANZ Plus and Institutional Payments and Cash Management Platforms)

Cyber-security threats• Ongoing investment in cyber-security, fraud and scams detection capabilities and raising customer
awareness as to the relevant risks

Geopolitical tension• Contingency plans for our medium-to-higher risk jurisdictions with trigger events identified
and monitored

Climate change and natureincluding biodiversity loss

• Providing sustainable banking and finance products and services, such as green and sustainabilitylinked loans and bonds, that drive the transition to a low carbon economy• Continuing to evolve our strategy, policies, processes, products and services to seek to manage the risks
and opportunities associated with climate change and nature, including biodiversity loss

OverviewOperatingenvironment

Governance

Remuneration
overview

9

Shareholder
information

HOW WE
CREATE VALUEVALUE DRIVERSOUR STRATEGY AND BUSINESS MODEL

Products and services

To embrace the opportunities, address the risks presented by
the external environment and realise our vision, we are pursuinga strategy to create value for all our stakeholders.

Loans, transaction banking services,
deposits and other financial products
developed for our customers.

Finance
Access to capital through customer
deposits, debt and equity investors,
to support our operations
and strategy.

Better access to capitaland talent, driving
greater capacity toinvest well

PeopleEngaged workforce with theskills required to reinvent banking,in line with our purpose and culture.

Better financial
outcomes forshareholders
and staff

Technology, data andrisk management
Flexible, digital-ready infrastructure toprovide a great customer experience,with systems and processes that areless complex, less prone to error andmore secure.

Better acquisition
and retention rates,
and higher share oftarget customers

SocialTrusted relationships with our customers,
business partners and the community tostrengthen our brand and reputation.
Environment

Better customer
propositions that are
purposeful, engaging,efficient and safe

Our customers will haverelatively better financial
wellbeing, more sustainable
practices and generatehigher average
lifetime value

Better data,
insights, risk
decisions and pricing

Better financial
wellbeing andsustainability outcomesfor customers andthe community

Better reputation
among customers
and the community,and higher workforce
engagement

Better customer
engagement, andgreater use of our
products and services

Minimising the impactof our operations by:• The customers we choose to bank
• How we design and distributeour products• Collaboration with partners.

CREATING VALUE FOR OUR STAKEHOLDERS

Shareholder value

Customer value

Employee value

Community value

We generate stronger longterm financial results (in termsof sustainable economic profits)
enabling shareholders to meettheir goals.

Our customers are financiallybetter off over their lifetime andimplement more sustainablebusiness practices than others.

Our diverse teams are engaged
and optimised for success.

Our practices and services
provide more opportunity forthe community and we havesupported and improved
positive economic
development and transition.

10

ANZ 2023 Annual Review

OUR PURPOSEAND STRATEGY
Our purpose is to shape a world
where people and communities
thrive. It explains ‘why’ we exist anddrives everything we do at ANZ,
including the choices we makeeach day about those we serveand how we operate.

Through our purpose we have elevatedthree areas facing significant societal
challenges aligned with our strategy
and our reach which include
commitments to:

We bring our purpose to life
through our strategy: to improve
the financial wellbeing andsustainability of customers throughexcellent services, tools and insightsthat engage and retain them,and help positively change
their behaviour.

• Supporting household, businessand financial practices that improve
environmental sustainability; andIN PARTICULAR, WE WANTTO HELP CUSTOMERS:

Save for, buy andown a liveable homeStart or buy
and sustainably growtheir businessMove capital and goods
around the regionand sustainably growtheir business• Improving the financial wellbeing of ourpeople, customers and communities byhelping them make the most of theirmoney throughout their lives;• Improving the availability of suitable
and affordable housing options for all
Australians and New Zealanders.
We will achieve our strategy through:• Propositions our customers love ... witheasy-to-use services that evolve to meettheir changing needs• Flexible and resilient digital banking
platforms ... powering our customers
and made available for others to power
the industry• Partnerships that unlock new value ...
with ecosystems that help customers
further improve their financial wellbeing
and sustainability• Purpose and values-led people ...
who drive value by caring about ourcustomers and the outcomes we create.
Our people listen, learn, adapt and do theright thing the first time - delivering theoutcomes that address financial andsustainability challenges.

Our values
Our values shape how we deliver our
purpose-led strategy. They are thefoundation of ‘how’ we work – living
our values every day enables us to deliveron our strategy and purpose, strengthen
stakeholder relationships and earn thecommunity’s trust. All employees andcontractors must comply with our Codeof Conduct, which sets down the expected
standards of professional behaviour andguides us in applying our values.
OUR VALUES ARE: I.C.A.R.E

Integrity: We are honest and fair byspeaking openly and transparently,
making thoughtful and balanced
decisions, doing what’s right andacting with courage.

Collaboration: We work together forthe customer, by getting the rightpeople together to get the job done andhelping each other.

Accountability: We take ownershipand get things done – we do what we
say we will do – find the solutions by
testing and learning and act withdetermination.

Respect: We care for all those we
serve. We value difference andencourage everyone to have a voice,think and act with consideration for ourcustomers, community and theenvironment.

Excellence: We challenge ourselves tobe better. This is done by making things
simple, finding ways to work differently,
using data to improve and asking as wellas acting on feedback.

OverviewOperatingenvironment

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11

Shareholder
information

ABOUT OUR
BUSINESS

We operate across a diverse business structure:

Operating income

Australia Retail

Provides a range of banking products and services toAustralian consumers.

Australia
Commercial

Provides a range of banking products and financial services to small
business owners, medium commercial customers, large commercial
customers, and high net worth individuals and family groups.

Institutional

Services global institutional and corporate customers, andgovernments across Australia, New Zealand and International(including Papua New Guinea (PNG)) via Transaction Banking,Corporate Finance and Markets business units.

20,893M
Total group operating
income, (up 13%)

New Zealand

Provides a range of banking and wealth management products andservices to consumer and private banking customers and a range ofbanking services to business customers.

Pacific

Provides banking products and services to retail and commercial
customers (including multi-nationals) and to governments locatedin the Pacific region (excluding PNG which forms part of theInstitutional division).

31%
Australia Retail17%
New Zealand

Provides support to the operating divisions, including technology,
property, risk management, financial management, treasury, strategy,
marketing, human resources, corporate affairs, and shareholder
functions. It also includes minority investments in Asia and interestsin the ANZ Non-Bank Group.

17%
Australia
Commercial

3%
Pacific &Group Centre

32%
Institutional

Group Centre

Our international presence and earning composition by geography1

International
Asia
China
Hong Kong
India
Indonesia
Japan
Laos
Malaysia

The Philippines
Singapore
South Korea
TaiwanThailand
Vietnam

Pacific
International$1,359 million

Cook Islands
Fiji
Kiribati
Papua New Guinea
Samoa

Australia$3,960 million

Solomon Islands
Timor–Leste
Tonga
Vanuatu

EuropeNew Zealand$2,086 million

FranceGermany
United Kingdom
Middle East
United Arab Emirates (Dubai)

1. On a cash profit basis. Excludes non-core items included in statutory profit. It is provided to assist readers in understanding
the result of the ongoing business activities of the Group. For further information on adjustments between statutory and cash
profit refer to page 33.

United States of America

12

ANZ 2023 Annual Review

OverviewOperatingenvironment

Governance

Remuneration
overview

Shareholder
information“Our focus on long-term productivity has provided the capacity for us
to increase investment to transform and re-platform all of our divisions
for long-term success. This includes our Institutional technology andpayments systems and our new retail platform ANZ Plus.
We have further strengthened our balance sheet and reduced overallrisk. We closed the year with more capital than ever before.”
Shayne Elliott
Chief Executive Officer

13

14

ANZ 2023 Annual Review

DIRECTORS’MEETINGS
The number of Board, and Board Committee, meetings held during the year and each Director’s attendanceat those meetings are set out below. The listed head entity changed from ANZBGL to ANZGHL during theyear as a consequence of our corporate restructure in January 2023. Further details regarding the restructure
can be found in ANZ’s 2023 Annual Report.
The table below sets out Director attendances at Board and Committee meetings of the listed group headentity during the year.1
1. During the year, ANZBGL was the listed group head entity from 1 October 2022 to 3 January 2023, after which ANZGHL became the listed group head entity.

Board

Risk
Committee

Audit
Committee

Ethics,DigitalEnvironment,
SpecialSocial and Business and
Human
Nominations
Resources Governance Technology Committee Committee and Board
Shares1
Committee Committee Committee of the Board of the Board Operations Committee1

A

B

A

B

A

B

A

B

A

B

A

B

A

B

Paul O’Sullivan

11

11

8

8

7

7

5

5

5

5

6

6

1

Ilana Atlas, AO

11

11

7

7

5

5

5

5

Shayne Elliott

1111Jane Halton, AO PSM

11

11

RT Hon Sir John Key,GNZM AC

11

11

Holly Kramer222Graeme Liebelt3

4John Macfarlane

5
8

7

4

2

2

2

2

11

11

8

8

7

7

Christine O’Reilly

11

11

8

8

7

7

Jeff Smith

11

11

6

6

1

5

A

B

A

B

A

B

1

2

2

3

3

1

1

2

2

1

1

1

1

2

2

5

5

6

6

1

1

2

2

5

4

6

5

1

1

2

1

6

6

1

1

2

2

1

1

2

2

2

2

1

5

5

4

4

4

4

Column A Indicates the number of meetings the Director was eligible to attend as a member. Column B Indicates the number of meetings attended. With respect to Committee meetings, thetable above records attendance of Committee members. 1. The meetings of the Committee of the Board and Shares Committee as referred to in the table above include those conducted by
written resolution. 2. Holly Kramer commenced as a Non-Executive Director on 1 August 2023. 3. Graeme Liebelt ceased as a Non-Executive Director of ANZBGL on 15 December 2022.

“The Board continues to focus on immediate and longer-term strategic
matters. The Board closely monitored the rapidly changing operating
environment, including inflation and interest rates and the continuing
impact of COVID-19, together with ANZ’s approach to dealing withthose matters in alignment with ANZ’s purpose.”
Paul O’Sullivan
ChairmanOverviewOperatingenvironment

Governance

Remuneration
overview

Shareholder
information

BOARD OFDIRECTORSPaul O’Sullivan

Shayne Elliott

Ilana Atlas, AO

Chairman, Independent
Non-Executive Director

Chief Executive Officer,
Executive Director

Independent
Non-Executive Director

Jane Halton, AO PSM

RT Hon Sir John Key, GNZM AC

Holly Kramer

Independent
Non-Executive Director

Independent
Non-Executive Director

Independent
Non-Executive Director

John Macfarlane

Christine O’Reilly

Jeff Smith

Independent
Non-Executive Director

Independent
Non-Executive Director

Independent
Non-Executive Director

15

16

ANZ 2023 Annual Review

EXECUTIVE
COMMITTEE ¹

Shayne Elliott

Maile Carnegie

Elisa Clements

Chief Executive Officer (appointed
CEO on 1 January 2016)

Group Executive Australia RetailGroup Executive Talent& Culture

Joined the Executive Committee
on 1 June 2009

Gerard Florian

Joined the Executive Committee
on 27 June 2016

Joined the Executive Committee
on 9 October 2023

Clare Morgan

Antony Strong

Group Executive Technology& Group Services

Group Executive Australia Commercial

Joined the Executive Committee
on 30 January 2017

Joined the Executive Committee
on 6 March 2023

Group Executive Strategy &Transformation
Joined the Executive Committee
on 1 November 2022

OverviewOperatingenvironment

Governance

Remuneration
overview

Kevin Corbally

Farhan Faruqui

Group Chief Risk Officer

Chief Financial Officer (appointed
CFO on 11 October 2021)

Joined the Executive Committee
on 19 March 2018

Joined the Executive Committee
on 1 February 2016

Antonia Watson

Mark Whelan

Chief Executive Officer New ZealandGroup Executive Institutional

Joined the Executive Committee
on 17 June 2019

Joined the Executive Committee
on 20 October 2014

Full biography details canbe found on our website
at anz.com/exco
1. Current as at 10th OctoberShareholder
information

17

18

ANZ 2023 Annual Review

OUR PERFORMANCE (continued)

5 YEAR SUMMARYFINANCIALFIVE YEAR SUMMARY

Financial performance - cash1
Net interest income
Other operating income
Operating expenses
Profit before credit impairment and income tax
Credit impairment charge
Income tax expense
Non-controlling interests
Cash profit from continuing operations1
Cash profit/(loss) from discontinued operations1
Cash profit1
Adjustments to arrive at statutory profit1
Profit attributable to shareholders of the Company
Financial position
Gross loans and advances
AssetsCustomer Deposits
Net assets
CET1
CET1 – Internationally Comparable Basel III2
Return on average ordinary equity (statutory)3
Cost to income ratio (cash)1
Shareholder value – ordinary shares
Total return to shareholders
Market capitalisation
Dividend (cents)
Franked portion– interim– finalShare price– high (dollars)– low (dollars)– closing (dollars)
Share information(per fully paid ordinary share)
Earnings per share (cents) (statutory)
Dividend payout ratio (statutory)
Net tangible assets per ordinary share4
No. of fully paid ordinary shares issued (millions)
Dividend reinvestment plan (DRP) issue price– interim– finalOther information
No. of employees (full time equivalents)5
No. of shareholders

2023
$m

2022
$m

2021
$m

2020
$m

2019
$m

16,581
4,312(10,139)
10,754(245)(3,076)
(28)
7,405
7,405
(307)
7,098

14,874
3,673(9,579)8,968
232(2,684)
(1)
6,515
(19)
6,496
623
7,119

14,161
3,286(9,051)
8,396
567(2,764)
(1)
6,198
(17)
6,181
(19)
6,162

14,0493,703(9,383)8,369(2,738)(1,872)
(1)
3,758
(98)
3,660
(83)
3,577

14,3394,690(9,071)
9,958(795)(2,678)
(15)
6,470
(309)
6,161
(208)
5,953

710,590
1,105,620
647,11970,046
13.3%
19.7%
10.5%
48.5%

675,989
1,085,729
620,429
66,401
12.3%
19.2%
11.4%
52.0%

633,764
978,857
593,582
63,676
12.3%
18.3%
9.9%
52.2%

622,074
1,042,286
552,363
61,297
11.3%
16.7%
5.9%
53.8%

618,767
981,137
511,693
60,794
11.4%
16.4%
10.0%
49.5%

20.0%
77,116175
100%
56%$26.08$22.39$25.66-14.0%
68,170
146
100%
100%
$28.98$20.95$22.8070.7%
79,483
142
100%
100%
$29.64$16.97$28.15-36.9%
48,83960
100%
100%$28.67$14.10$17.229.2%
80,842
160
100%
70%$29.30$22.98$28.52

236.8
74.1%$21.78
3,005

250.0
59.3%
$20.75
2,990

215.3
65.3%
$21.09
2,824

125.3
47.6%
$20.04
2,840

208.2
76.2%
$19.592,835$23.55-$25.52$24.51$27.91$27.68$18.06$22.19$27.79$25.0340,342
530,601

39,381
541,788

40,221
534,166

38,579553,171

39,060506,847

1. Cash profit excludes non-core items included in statutory profit and is provided to assist readers in understanding the result of the ongoing business activities of the Group. Cash profit is not
audited; however, the external auditor has informed the Audit Committee that the adjustments have been determined on a consistent basis across each period presented. 2. 2023 Internationally
Comparable methodology aligns with the Australia Banking Association Basel 3.1 Capital Comparison Study (March 2023). For years prior to 2023, Internationally Comparable Methodology aligns
with APRA’s information paper entitled ‘International Capital Comparison Study’ (13 July 2015). 3. Average ordinary equity excludes non-controlling interests. 4. Equals shareholders’ equity less total
non-controlling interests, goodwill and other intangible assets, divided by the number of ordinary shares. 5. 2022 comparative information has been restated to include FTE of the consolidated
investments managed by 1835i Group Pty Ltd.

OverviewOperatingenvironment

Governance

Remuneration
overview

19

Shareholder
information

5 YEAR SUMMARYNON-FINANCIAL
2023

2022

2021

2020

2019

$100 billion social and environmental
outcomes target1

8.79

-

-

-

-

$50 billion sustainable solutions target2

6.95

18.08

12.87

9.08

7.60

$10 billion housing target3

0.61

0.814

1.40

1.45

-

Customer complaints5

365,629

403,150

144,391

90,750101,803

Customer requests for hardship assistance6

31,134

39,664

117,216

162,192

21,97989,038101,879

111,409

134,093

156,568

149,658

140,514

153,697

203,700

250,857

Renewables (%)

97

90

88

87

83

Coal (%)

1

2

3

5

9

Gas (%)

1

8

9

7

8

2,242

1,505

1,425

1,501

1,371

Investigations resulting in formal outcome9

501

518

573

569

784

Termination10

100

95

114

93

151

Whistleblower reports

170

142

157

157

156

People reached by our financial inclusion
programs11

87,181

58,03867,62061,36790,927

Total community investment (AU$ million)12

141.1

136.4

139.7

139.5

142.2175,812.5

52,443.5

54,645.0

66,402.0

134,930.0

87

84

81

86

77

Total funded and facilitated towards:

Customer experience

Environmental sustainability
Environmental footprint
Total scope 1 & 2 GHG emissions (tonnes CO2-e)
Total scope 1, 2 & 3 GHG emissions (tonnes CO2-e)

7

Project Finance portfolio

Project finance commitment to renewableenergy ($m)8
Ethics, conduct and culture

Financial wellbeing

Volunteering hours
Employees
Employee engagement (%)
Total women in leadership (%)

37.3

35.9

35.3

32.5

32.0

Recruitment of under represented groups14

268

320

255

185

224

Investment in learning and development ($m)

55.6

53.6

49.2

52.0

47.1

13

For more information please see the 2023 ESG Supplement, 2023 ESG Data and Framework Packand 2023 Climate-related Financial Disclosures, available at anz.com/esgreport.
1. Target to fund and facilitate at least $100 billion by end 2030 in social and environmental outcomes through customer activities and direct investments by ANZ, commenced 1 April 2023. For
more information, see the social and environment sustainability target methodology available at anz.com/esgreport. 2. Target to fund and facilitate $50 billion in sustainable solutions by 2025,
commenced 1 October 2019 and closed 31 March 2023. For more information, see the explanatory notes available on page 95 in the 2022 ESG Supplement at anz.com/esgreport. 3. Target tofund and facilitate $10 billion in affordable, secure and sustainable housing by 2030 across Australia and New Zealand, commenced 1 October 2018. Commenced reporting progress against target
in 2020. Elligible transactions for this target (excluding deferred deals) contributed to the $50 billion target from 1 October 2019 to 31 March 2023 and contribute to the $100b target from 1 April
2023. For more information, see the explanatory notes available on page 69 in the 2023 ESG Supplement at anz.com/esgreport. 4. Figure for 2022 has been restated to include around an additional$288 million in deferred deals. 5. Retail and Commercial customers in Australia and New Zealand. 6. Australia and New Zealand. 7. Scope 3 emissions from our lending (‘portfolio emissions’) are
not included. This assessment scope is limited to ANZ’s operations. See ANZ’s 2023 Climate-related Financial Disclosures for more disclosures at anz.com/esgreport. 8. Refers to ANZ’s lending
commitments as at 30 September 2022 to renewable energy projects made only on a non or limited recourse basis to the ultimate sponsors. This figure does not include ANZ lending made to
renewable energy projects that may be funded under corporate debt facilities or through other lending products. 9. Resulting in a formal consequence or the employee leaving ANZ. 10. Subset
of Investigations resulting in formal outcome. 11. Includes MoneyMinded, MoneyBusiness and Saver Plus. 12. Includes cash: gross monetary amount paid in support of a community organisation/
project. Time: cost to the company of the paid working hours contributed by employees to a community organisation or activity. In-kind services: other non-cash resources to community activities(eg. company products or services or corporate resources). Management costs: costs incurred in making contributions, such as salaries and overheads. Forgone revenue: the cost of providing low
or fee-free accounts to a range of customers such as government benefit recipients, not-for-profit organisations, students and the elderly. International transfer fees were waived for funds sentfrom Australia and New Zealand to Turkiye, Sri Lanka, Ukraine and the Pacific to support communities impacted by disaster-related events. Figure does not include remediation funds distributed tocharity. 13. Measures representation at the Senior Manager, Executive and Senior Executive levels. Includes all employees regardless of leave status but not contractors (which are included in FTE).
14. Measures representation at the Senior Manager, Executive and Senior Executive levels. Includes all employees regardless of leave status but not contractors (which are included in FTE).

20

ANZ 2023 Annual Review

REMUNERATIONOVERVIEWThe Remuneration Overview for ANZ Group Holdings Limited (ANZGHL)
provides a summary of the remuneration for our ANZGHL Key Management
Personnel (KMP): Non-Executive Directors (NEDs), Chief Executive Officer(CEO) and Disclosed Executives. ANZGHL replaced Australia and New
Zealand Banking Group Limited (ANZBGL) as the listed entity on 3 January2023 under a scheme of arrangement approved by shareholders at theAnnual General Meeting (AGM) on 15 December 2022. This overview
includes disclosures for the full financial year 2023 (1 October 2022 to
30 September 2023).

In this section we have included the
remuneration tables that feedback fromshareholders has told us are of the mostinterest. The full ANZGHL Remuneration
Report is contained in the ANZGHL Annual
Report from page 46 onwards - it includes
discussion of the Board’s decisions
concerning executive remuneration
outcomes, with particular reference to
the CEO, together with our remuneration
strategy and structure and the practices
that apply to KMP. The report can beaccessed via the ANZ website atanz.com/annualreport.

Non-Executive Director(NED) remuneration
The HR Committee reviewed NED feesand determined not to increase fees for2023. See section 9 of the full ANZGHLRemuneration Report contained in the
ANZGHL Annual Report for the 2023 NED
fee policy structure.
For 2024, the HR Committee has reviewed
and approved a 2% increase to the NED
member fee (from $240,000 to $245,000)
which has remained unchanged since 2016.
The Board Chairman fee remains
unchanged. Following review, the HR
Committee also approved the alignmentof the fee structure across all Committees
increasing each Committee chair fee
to $68,000, and each Committee
member fee to $34,000. This fee review
considered increased complexity in theregulatory environment, uplifts for ANZ’s
broader employee population, and theexternal market.
The fee structure is applicable to NEDsof ANZGHL and ANZBGL. Fees prior to
the implementation of the Non-Operating
Holding Company (NOHC) structure
related to membership of the ANZBGLBoard, and post implementation are viewed
as a single fee covering both Boards(i.e., membership of ANZGHL and ANZBGLBoards/Committees). Currently the fee
structure applies irrespective of whether
NEDs serve on one or more Boards.
NEDs receive a fee for being a Director of
the Board, and additional fees for either
chairing, or being a member of a Board
Committee. The Chairman of the Board
does not receive additional fees for serving
on a Board Committee.

OverviewOperatingenvironment

Governance

Remuneration
overview

21

Shareholder
information

2023 Statutory remuneration – NEDS
The following table outlines the statutory remuneration of NEDs1 disclosed in accordance with Australian Accounting Standards.
1. In addition to the fee shown below, Sir John Key received NZD 422,050 in 2022 and 2023 for his role as Chairman for ANZ Bank New Zealand Limited.

2023 Statutory remuneration – NEDS
Short-term NED benefits

Post-employment

Financial
year

Fees1
$

Non monetary
benefits2$

Super
contributions1$

Total
remuneration3$

2023

824,181-

25,819850,000

2022

813,501

6,128

23,999843,6282023

339,181-

25,819365,000

2022

330,751-

23,999354,7502023

329,181-

25,819355,000

2022

318,001-

23,999342,000

2023

301,681-

25,819327,500

2022

290,251-

23,999314,250

H Kramer4

2023

35,841-

3,942

39,783

J Macfarlane

2023

336,443-

25,819362,2622022

301,501-

23,999325,500

2023

344,181-

25,819370,000

2022

302,863-

22,579325,4422023

298,889-

25,819324,708

2022

36,003-

3,780

39,7832023

72,4392,104-

74,5432022

360,427-

6,323

366,7502023

2,882,017

2,104

184,675

3,068,796

2022

2,753,298

6,128

152,677

2,912,103

CURRENT NON-EXECUTIVE DIRECTORSP O’Sullivan

I AtlasJ HaltonJ Key

C O’Reilly4

J Smith4

FORMER NON-EXECUTIVE DIRECTORSG Liebelt4

Total of all Non-Executive Directors

1. Year-on-year differences in fees relate to changes to the NED fees and also to the superannuation Maximum Contribution Base. G Liebelt elected to receive all payments in fees and therefore did
not receive superannuation contributions during 2022 and 2023 with exception to fees paid in Q422. 2. Non monetary benefits generally consist of company-funded benefits (and the associatedFringe Benefits Tax) such as car parking and gifts provided upon retirement. 3. Long-term benefits and share-based payments do not apply for the NEDs. 4. Remuneration based on time as a NED(2022 for C O’Reilly and J Smith, 2023 for H Kramer and G Liebelt).

22

ANZ 2023 Annual Review

CEO and Disclosed Executives’ Remuneration
2023 Received remuneration
This table shows the remuneration the CEO and Disclosed Executives actually received in relation to the 2023 financial year as cash paid,
or in the case of prior equity awards, the value which vested in 2023.
Fixed remuneration (FR) adjustments were received by Disclosed Executives in accordance with the executive remuneration structurechanges made in 2022, as disclosed in the 2022 Remuneration Report. There were no other adjustments to FR for Disclosed Executives in
2023, apart from the Group Executive, Technology & Group Services whose FR was increased on 1 November 2022 from $1.15m to $1.25m
to reflect the expansion of responsibilities and to improve alignment with the market.
2023 Received remuneration – CEO and Disclosed Executives:
Received value includes the value of prior equity awards which vested in that year
Fixed
remuneration$

Cash variable
remuneration$

Total cash$

Deferred variable
remuneration which
vested during the year1$

Other deferredremuneration
which vested
during the year1$

Actualremuneration
received2$

CEO AND CURRENT DISCLOSED EXECUTIVESS Elliott

2,500,000

1,160,000

3,660,000

919,413-

4,579,413

M Carnegie

1,250,000

550,000

1,800,000

561,264-

2,361,264

K Corbally

1,250,000

532,500

1,782,500

471,287-

2,253,787

F Faruqui

1,250,000

600,000

1,850,000

795,274-

2,645,274

G Florian3

1,242,000

497,500

1,739,500

496,698-

2,236,198

R Howell4

231,792

180,000

411,792--

411,792

C Morgan4,5

627,000

250,000

877,000-

407,000

1,284,000

A Strong4

690,000

315,100

1,005,100

291,162-

1,296,262

A Watson6

1,106,505

472,570

1,579,075

450,151-

2,029,226

M Whelan

1,460,000

730,000

2,190,000

753,723-

2,943,723

n/a780,000

488,194-

1,268,194

FORMER DISCLOSED EXECUTIVESK van der Merwe1,4

780,000

1. Deferred variable remuneration which either vested or lapsed/forfeited during the year is the point in time value of previously deferred remuneration granted as deferred shares, deferredshares rights and/or restricted rights/performance rights, and is based on the one day Volume Weighted Average Price (VWAP) of the Company’s shares traded on the ASX on the date of vestingor lapsing/forfeiture multiplied by the number of deferred shares/deferred share rights and/or restricted rights/performance rights. No previously deferred variable remuneration lapsed/forfeitedduring the year for the CEO or Disclosed Executives (due to no performance rights due to vest in 2023) other than for K van der Merwe -$4,880,967, which relates to forfeiture on resignation ofunvested deferred remuneration. 2. The sum of fixed remuneration, cash variable remuneration and deferred variable remuneration which vested during the year. 3. Fixed remuneration reflects
changes in fixed remuneration during the financial year due to expanded role (G Florian). 4. Fixed remuneration based on time as a Disclosed Executive (R Howell, C Morgan, A Strong, K van der
Merwe). 5. Other deferred remuneration for C Morgan relates to deferred remuneration forfeited and bonus opportunity forgone as a result of joining ANZ, that was deferred as cash and vested
during the year. 6. Paid in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.

Operating
environment

Overview

Remuneration
overview

Governance

Shareholder
information

23

2023 variable remuneration (VR) Awarded
The below charts show the Short Term Variable Remuneration (STVR) and Long Term Variable Remuneration (LTVR) awarded to the CEO and
Disclosed Executives for the year ending 30 September 2023.
For the CEO, the Board determined that an STVR outcome of $2.4m (96% of maximum opportunity) was appropriate for 2023 having regard
to both the overall performance of the CEO and also the overall performance of the Group. The average STVR outcome for current Disclosed
Executives is 89% of maximum opportunity which reflects both the overall assessment of ANZ Group performance as above target, and also
individual performance.
The first award of LTVR under the new remuneration structure was made at the start of the 2023 financial year to Disclosed Executives(Nov 2022) and the CEO (Dec 2022 post AGM), and it was awarded at full opportunity.
See the full ANZGHL Remuneration Report contained in the ANZGHL Annual Report for details on the 2023 remuneration outcomes for the
CEO and Disclosed Executives.

CEO 2023 VRS ELLIOTT

VR $5,775,000$2,400,000
STVR cash

STVR deferred shares$3,375,000
LTVR RR

LTVR PR

Disclosed Executives 2023 VR
M CARNEGIE

VR $2,787,500$1,100,000$1,687,500

K CORBALLY

VR $2,315,000$1,065,000$1,250,000

F FARUQUI

VR $2,887,500$1,200,000$1,687,500

G FLORIAN

VR $2,547,500$995,000$1,552,500

R HOWELL

VR $300,000$300,000C MORGAN

VR $1,350,000$500,000$850,000A STRONG

VR $1,642,700$630,200$1,012,500

A WATSON

VR $2,442,061$945,140$1,496,921

M WHELAN

VR $3,431,000$1,460,000

STVR cash

STVR deferred shares$1,971,000

LTVR RR

LTVR PR24

ANZ 2023 Annual Review

IMPORTANT DATESFOR SHAREHOLDERS 2024¹

MAY

07 May	
Half Year Results Announcement

NOVEMBER

08 Nov	
Annual Results Announcement

13 MayInterim Dividend Ex-Date

13 Nov

Final Dividend Ex-Date

14 MayInterim Dividend Record Date

14 Nov

Final Dividend Record Date

15 May	
DRP/BOP/Foreign Currency
Election Date

JULY

01 JulInterim Dividend Payment Date

OCTOBER

17 Oct losing date for receipt ofC
Director Nominations

15 Nov	
DRP/BOP/Foreign Currency
Election Date

DECEMBER

1. If there are any changes to these dates, the Australian Securities Exchange will be notified accordingly.

19 DecAnnual General Meeting

20 DecFinal Dividend Payment Date

OverviewOperatingenvironment

Governance

Remuneration
overview

Shareholder
information

CONTACTS
Registered office

Investor relations

ANZ Centre Melbourne

Level 10, 833 Collins Street
Docklands VIC 3008
Australia

Level 9, 833 Collins Street
Docklands VIC 3008
Australia
Telephone: +61 3 9273 5555
Facsimile: +61 3 8542 5252

Telephone: +61 3 8654 7682
Facsimile: +61 3 8654 8886
Email: investor.relations@anz.com
Web: shareholder.anz.com

Company Secretary:
Simon Pordage

Group General Manager Investor
Relations: Jill Campbell

Communications
and public affairs
Level 10, 833 Collins Street
Docklands VIC 3008
Australia
Telephone: +61 2 6198 5001
Email: Tony.Warren@anz.com
Group General Manager Communications
and Public Affairs: Tony Warren

MORE INFORMATION
General information on ANZ can beobtained from our website at anz.com.
Shareholders can visit our Shareholder
Centre at anz.com/shareholder/centre.
ANZ Corporate Governance: for information
about ANZ’s approach to Corporate
Governance and to obtain copies of ANZ’s
Constitution, Board/Board Committee
Charters, Code of Conduct and summaries
of other ANZ policies of interest to
shareholders and stakeholders,
visit anz.com/corporategovernance.
ANZ Group Holdings Limited (ANZ)
ABN 16 659 510 791.
This Annual Review has been prepared
for ANZ Group Holdings Limited (theCompany) together with its subsidiaries
which are variously described as: “ANZ”,“ANZGHL”, “Group”, “ANZ Group”, “us”, “we”
or ”our”.

Share registrar
Australia
Computershare Investor
Services Pty Ltd
GPO Box 2975
Melbourne VIC 3001
Australia
Telephone within Australia: 1800 11 33 99
International Callers: +61 3 9415 4010
Facsimile: +61 3 9473 2500
Email:
anzshareregistry@computershare.com.au
New ZealandComputershare Investor
Services Limited
Private Bag 92119
Auckland 1142
New Zealand
Telephone: 0800 174 007
Facsimile: +64 9 488 8787
United Kingdom
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ UK
Telephone: +44 870 702 0000
Facsimile: +44 870 703 6101

Founding Signatory of:

DISCLOSURE INSIGHT ACTION

shareholder.anz.com

ANZ Group Holdings Limited (ANZ) ABN 16 659 510 791.
ANZ’s colour blue is a trade mark of ANZ.