ANZ PROVIDES FURTHER CLARIFICATION ON COSTS OUTLOOK FY21

ANZ released its first half FY21 Result today (Wednesday 5 May, 2021).
Within the result, in respect to the Group’s cost performance and trends, the Acting Chief Financial Officer’s
speech stated , “Looking forward now to the full year, we expect our investment spend to be up around $150
million to $200 million in the second half as we accelerate completion of BS11 in New Zealand and continue
to invest in digital and in cloud migration.
Our expectation is for BAU costs to continue their downward trend. Overall, this increased investment would
result in year-on-year costs excluding large and notable items being up modestly around 1% to 2%”.
Slide 22 of the ANZ 1H21 Results Presentation and Investor Discussion Pack supported the CFO
commentary. This slide provides a waterfall chart of the various contributions to the first half outcome, andwithin that, the comparison points from the end of the second half of FY20 to end of first half FY21.
To further clarify ANZ Acting CFO Shane Buggle said – “FY20 expenses were $8,649 million, on a constantcurrency basis the equivalent number is $8,484 million . A 1-2% increase would therefore imply a full year
FY21 cost range between $8,550 million and $8,650 million. The increase is driven by investment spend.”

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DISCLAIMER & IMPORTANT NOTICE: The material in this presentation is general backgroundinformation about the Bank’s activities current at the date of the presentation. It is information
given in summary form and does not purport to be complete. It is not intended to be relied uponas 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, withor without professional advice when deciding if an investment is appropriate.

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Jill Campbell

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

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