Corporate Communications 100 Queen Street Melbourne Vic 3000 www.anz.

com

For Release: 9 September 2008

ANZ creates customer-focussed business model to support growth and performance

ANZ today announced a new business model and organisation structure to accelerate progress with its strategy to become a super regional bank, lift customer focus and drive performance improvement. ANZ will organise around its three geographies Australia, New Zealand and Asia Pacific and its global Institutional client business. Each geography will focus on two customer segments Retail and Commercial - which will be coordinated globally. The new business model responds to the changing landscape for financial services and ANZs super regional strategy by shifting ANZ away from a collection of standalone product and customer businesses to simpler, larger business structures that are aligned with the geography and customers they serve. ANZ Chief Executive Officer Mr Mike Smith said: We have a clear strategy to create a super regional bank. This business model creates the right structure to deliver on that strategy, to intensify customer focus and to drive our performance. Our new structure simplifies ANZ by organising ourselves around our customers and reducing the management layers between me and the staff who serve our customers from up to twelve to around seven. This lowers risk by reducing bureaucracy and complexity. It creates greater transparency and accountability within the Group to improve performance for our shareholders and customers. It also establishes a scalable structure that will support ANZs future growth and expansion. ANZ will progressively consolidate support functions including technology and operations within Divisions and within the banks shared services function to increase scale and efficiency. The following appointments have been made to the ANZ Management Board to lead its business in the Groups three geographies and its global Institutional Banking segment. Brian Hartzer, Chief Executive Officer Australia. Graham Hodges, Chief Executive Officer New Zealand. Alex Thursby, Chief Executive Officer Asia Pacific. Institutional will be led by Mr Thursby who will be acting in the role until a permanent appointment is made to the role of Group Managing Director Institutional.

In addition, global accountabilities have been established for ANZs two key customer segments Retail and Commercial. This will provide a One ANZ approach to strategy development, technology and operations infrastructure, and to sharing best practice across geographies. ...../2.
Australia and New Zealand Banking Group Limited ABN 11 005 357 522

Mr Hartzer will be the Global Segment Leader for Retail and David Hisco, Group Managing Director Commercial Banking Australia, will be the Global Segment Leader for Commercial. Margaret Payn has been appointed to a newly created role as Group Managing Director Strategy and Marketing. Mr Hisco and Ms Payn will join the Management Board. Over time, the intention is to establish a global Wealth segment. Initially ANZs existing Wealth businesses including the joint venture with ING and Private Banking will be part of the Australian Division, and the Asia Pacific Division will develop the Asian Wealth business. We are coming off the back of 15 years of economic growth into a very different environment. Our new structure puts ANZ into the best possible shape to take advantage of this new reality and accelerate our progress towards becoming a super regional bank and more customer-focused. It is the right structure for ANZ now and for the future, Mr Smith said. Other members of ANZs Management Board are: Bob Edgar, Deputy Chief Executive Officer; Susie Babani, Group Managing Director Human Resources; David Cartwright, Group Managing Director Operations Technology and Shared Services; Peter Marriott, Chief Financial Officer and Chris Page, Chief Risk Officer. The new structure is effective 1 October 2008 with the new business model to be established progressively throughout ANZ in coming months.

For media enquiries contact: Paul Edwards Group General Manager Corporate Communications Tel: 03-9273 6955 or 0409-655 550 Email: paul.edwards@anz.com For investor enquiries contact: Jill Craig Group General Manager Investor Relations Tel: 03-9273 4185 or 0412-047 448 Email: jill.craig@anz.com

Attachments:

ANZ Business Model Overview ANZ Management Board Organisation Chart

ANZ business model overview

Wealth Division to be created over time. High net worth individuals, managed across mature markets Two substantial businesses (Retail and Commercial) managed relatively independently, reporting through to the Head of Australia NZ managed as an integrated business given its size and differences in the competitive and regulatory environment Within the Asia region, managed as a geographic and product matrix, and in a global matrix with strong linkages to the Wholesale business Multinationals, institutions and corporates with sophisticated needs and multiple relationships, served globally

Wealth
Global retail

Australia Retail Commercial

New Zealand Retail Commercial

Asia Pacific Retail Commercial Partners

Institutional Institutions Corporates

Global commercial

Virtual teams drive collaboration, knowledge sharing and common platforms

Wealth Operations Hub

Australia Operations Hub

NZ Operations Hub India and Group shared services

AP Operations Hub

Institutional Operations Hub

Wealth

Australia

NZ

Asia Pacific ANZ Technology

Institutional

Wealth

Australia

NZ

Asia Pacific

Institutional

Functions (Risk, Finance, HR) Corporate Centre

Overall IT governance including investments, Ownership and management of core infrastructure and management of customer-specific systems

Retail customers, including mass affluent, managed as local business Local customers Regional customers Group

Businesses, from SME through smaller corporates, managed locally1

Group strategy and policy setting and active performance management

In-country Operations hubs, Bangalore and shared services (IT, HR and Finance)

Linked hubs Division specific technology

ANZ Management Board

Chief Executive Officer Michael Smith Deputy CEO Bob Edgar

CEO Australia1 Brian Hartzer

GMD Institutional2 Alex Thursby (acting)

CEO New Zealand Graham Hodges

CEO Asia Pacific Alex Thursby

GMD Commercial Banking3 David Hisco

GMD Operations, Technology & Shared Services David Cartwright

Chief Financial Officer Peter Marriott

Chief Risk Officer Chris Page

GMD Human Resources Susie Babani

GMD Strategy & Marketing Margaret Payn

1. Global segment lead for Retail 2. Global segment lead for Institutional 3. Global segment lead for Commercial; Also reports to CEO Australia Note: GMD Group Managing Director