Australia and New Zealand Banking Group Limited (“Issuer”) will issue AUD 225,000,000 4.75 per cent fixed rate subordinated notes due 7 September 2032 pursuant to its US$60,000,000,000 Euro Medium Term Note Programme (the “Subordinated Notes”). The Subordinated Notes convert into fully paid ordinary shares of the Issuer (“Ordinary Shares”) where the Australian Prudential Regulation Authority (“APRA”) determines this to be necessary on the grounds that the Issuer would otherwise become non-viable.

The issue of the Subordinated Notes by the Issuer will not have a material impact on the Issuer’s financial position. If a Non-Viability Trigger Event occurs and the Issuer issues Ordinary Shares, the impact of Conversion on the Issuer would be to increase the Issuer’s shareholders’ equity. The number of Ordinary Shares issued on Conversion is limited to the Maximum Conversion Number. The Maximum Conversion Number is 33,772.3742 Ordinary Shares per Subordinated Note (with a nominal value of AUD 200,000), based on the Issue Date VWAP of AUD 29.61.

The issue is completed under the Information Memorandum dated 16th May 2017 to Institutional and Wholesale investors.

For further information, please see http://debtinvestors.anz.com/debt-investor-presentations