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Investor Discussion Pack Investor Discussion Pack Mike Smith Chief Executive Officer AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED December 2010 ANZ has established a strong business foundation A clear company wide focus on our super regional strategy: • Organised our business around three key geographies and our customers p. 3-16 • Maintaining strong businesses in our home markets: • Australia p. 17-23 • New Zealand p. 33-37 • Investing for strong organic growth in Asia p. 23-32 • A redefined and clear focus in our global institutional business p. 38-50 • Supported by a strong capital and funding position p. 51-60 • Strengthened governance and risk systems and an improving credit outlook p. 61-70 2 Investor Discussion Pack AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED November 2010 Overview and strategy ANZ is structured by Geography & Segment Asia Pacific, Europe & America (APEA) Retail Commercial (including Wealth Institutional (emerging) partnerships) Australia Retail Wealth Commercial Institutional New Zealand Retail Wealth Commercial Institutional Institutional is a global business 4 Super Regional strategy progressing well TRANSFORM OUT PERFORM RESTORE • Quality on par with Create • Institutional back global leaders in our to system markets a leading Super • Restore “jaws” – Regional bank increase revenue • Best of breed customer experience faster than costs Global quality, • Drive Asia profit • In-fill mergers and acquisitions in Asia regional focus • Capture existing (core geographies) opportunities • Strategic cost • Unlock the value of management our franchise 1 to 2 years 2 to 5 years 5+ years Launched December 2007 ANZ Australia NZ Asia Pacific target ~60% of all ANZ profit ~20% ~20% 2012 5 Super Regional Strategy Asian, Australian & New Zealand Australian 2 way trade weights interconnectedness increasing: US & Europe1 • Following and supporting our customers to the region, developing relationships to work both ends of the trade flows. • Trade flows between Asia and Australia and New Zealand continue to grow. • Significant intra-Asia trade flows are also growing Strengthens and broadens the Asia1 Group balance sheet: • Leveraging deep liquidity pools within Asia where there is a higher propensity to save • Diversifies the balance sheet 1. Source: ANZ, RBA. ASEAN 6: Singapore, Indonesia, Malaysia, Thailand, Philippines, Vietnam 6 Regional and intra-regional trade and investment flows are substantive Denotes two way trade flow (2008) FDI inward flow (USDb, 2008) Asia1-Europe Asia1-USA Trade: US$1.1trn Trade: US$1.0trn CN TW 108 5 IND HK 63 42 VN Pacific-Asia1 8 Trade: US$7b INDON Intra-Asia1 8 Trade: US$2.5trn Aus/NZ-Pacific Trade: US$5b Aus/NZ-Asia1 Trade: US$235b 1. Asia includes China, Cambodia, India, Indonesia, Hong Kong, Japan, Korea, Laos, Malaysia, Philippines, Singapore, Taiwan and Vietnam Data source: UN Comtrade database; country statistics; ADB website; press searches; Datamonitor, McKinsey Global Banking Pools, APRA, CEIC 7 Building a genuinely pan regional business - connectivity provides a competitive advantage Growth in trade and capital flows between Asia Linked through flows of trade, and Australia are tracking 17% to 25% pa capital and population Surplus savings Key focus is to bridge gaps across There is approximately the region: Asia generates surplus $60b in direct foreign investment into Australia liquidity, Australia and NZ generate from the Asian region hard and soft commodities Commodity consumers Over 50% of domestic customers depend on Asia for over 25% of their business Commodity Migration & producers Investment Strategy extends beyond banking Australia / NZ customers into Asia, Natural resources account for $80b or 30% we are actively facilitating intra-Asia of Australian and New Zealand exports cash management, trade and Soft commodities account for $40b or 15% markets transactions for Asian of Australian and New Zealand exports customers 8 Strategy is supported by a disciplined approach to M&A – RBS Asia acquisition • Acquired RBS¹ businesses in six countries, Country Business Branches Customers Deposits aligned with current strategy: Taiwan Retail 21 ~1.3m ~US $2.5b Retail, wealth & commercial Commercial & 16 businesses in Taiwan, Singapore Institutional licenses Indonesia² and Hong Kong; Hong Kong Retail 5 ~30k ~US$1.4b Institutional businesses in Taiwan, the Commercial Philippines and Vietnam • Purchase price US$50m (˜A$60m) Singapore Retail 5 ~300k ~US$1.8b premium to fully provided recapitalised net Commercial tangible book value³. Equates to ˜1.1 x net tangible book value Indonesia Retail 18 ~450k ~US$700m • Transaction includes ˜US$7bn (A$9bn) Commercial deposits, ˜US$3bn (A$4bn) loans,˜2m affluent and emerging affluent customers, Vietnam Institutional 1 ~60 ~US$20m 54 branches Philippines Institutional 1 ~100 ~US4m 1. Transaction is largely a sale of assets and liabilities, not companies, of businesses held by ABN- AMRO mainly through branches, RBS will retain a presence in some countries. 2. The Indonesian retail, wealth and commercial businesses will be acquired through ANZ‟s 99% owned subsidiary ANZ Panin. 3. Based on RWA calculated by ANZ under a Basel II standardised approach as at 31 May 2009. 4. On a fully provided recapitalised basis 9 Strategy is supported by a disciplined approach to M&A - ING Australia and New Zealand Joint Ventures • Acquired ING Groep‟s (ING) 51% interest in ING Australia and ING NZ (the JVs) for $1,760m1 Australia ~11x multiple of normalised 2008 earnings2 Acquired ING's 51% in ING Australia 1.2x multiple of embedded value (EV)3 manufacturing and distribution of investment • Cash EPS accretive in FY104 life & GI products, the Equity owned advisor networks and administration platforms • Delivered immediate scale – FUM, In-force Australia FUM: $39b premiums, and distribution Mezzanine 4% Oasis Wrap 13% ~$42b of FUM, $1.3b of in-force premiums Wholesale 1% ~1,700 aligned dealer group advisers (Aus) Historically around 2/3rd of operating income OneAnswer Mastertrust 40% from wealth management, one third from risk Employer Super 27% Australia – No. 3 in life insurance5, No. 5 in Other Retail15% retail funds mgt, largest aligned adviser force New Zealand – No. 5 in life insurance5 largest New Zealand KiwiSaver provider, No. 2 funds manager Acquired ING's 51% in ING New Zealand: • Funded from existing resources, capital impact Wealth Management and Retail, Wholesale ~(70)bps, pro forma Tier 1 post acquisition 9.5%6 and Property Investment Management • Transaction completed 30th November 2009 • Announced new OnePath brand 5th August 2010 1 Purchase price. Separately ANZ made a payment of $55m to acquire ING‟s share of the NZ Diversified Yield Fund (DYF) & Regular Income Fund (RIF) redeemable preference shares 2 Earnings for the year to 30 September 2008 incorporating normalised long term expectations 3 As at 31 December 2008 4 Based on current share price 5 By in-force premium share 6 As at 30 June 2009 adjusted for $2.2b SPP and impact of RBS acquisition 10 Strategy is supported by a disciplined approach to M&A - Landmark Loan and Deposit book Overview of transaction Overview of Landmark • Acquisition of Landmark Financial Services • Leading Australian agribusiness company, (LFS) loan and deposit book from AWB‟s rural offering merchandise, fertiliser, farm services, service business Landmark: wool, livestock, finance, insurance and real estate • Net book value on fully provided, nil premium • Largest distributor of merchandise and basis fertiliser, with ~2,000 employees servicing ~100,000 clients across over 400 outlets • ~$2.2b lending assets & ~$0.4b deposits • ~10,000 banking customers Acquired the LFS loan and deposit books, the lending and deposit taking divisions of • ~100 Relationship Management Staff Landmark • ~45 Support staff • ANZ / Landmark to enter exclusive customer Finance referral agreement: Fertiliser Insurance • Access to ~100,000 Landmark rural service customers (~85% of Australian farming Landmark Real entities) Livestock Estate Merchandise • Access through extensive network Farm Wool Services 11 ANZ has continued to invest for growth notwithstanding recent tougher economic conditions Revenue and Expenses Net Profit by region 17% Pro Forma Basis1 12% 12% 9% 10% 8% 8% 8% 6% 7% FY06 FY07 FY08 FY09 FY10 Revenue Expenses Provision charges Net Profit after tax2 1. Pro forma basis assumes ING Australia and New Zealand, Landmark and Royal bank of Scotland Asia acquisitions took effect from 1 October 2008 and also adjusts for exchange rate movements which have impacted the FY10 results. 2. FY06-07 presented on a cash basis, FY08-10 presented on an underlying basis adjusted to reflect the ongoing operations of the Group. 12 Group loans and deposits Group Customer Deposits (AUDb) Group Net Loans and Advances (including acceptances) (AUDb) Loan to Deposit Ratio Sep 2010 – 140% Loan to Deposit Ratio Sep 2006 – 171% 1 1 1. Includes Wealth and Other Regional performance: Overview 13 Net loans and advances1 by geography Australia New Zealand (NZD) APEA (USD) FY07 FY08 FY09 FY10 FY07 FY08 FY09 FY10 FY07 FY08 FY09 FY10 Growth 13% 15% (1%) 6% 13% 11% (1%) (1%) 31% 99% (14%) 45% A$b 2 1. NLAs include acceptances 2. Retail includes Wealth and Group Centre Regional performance: Overview 14 Customer deposits by geography Australia New Zealand (NZD) APEA (USD) FY07 FY08 FY09 FY10 FY07 FY08 FY09 FY10 FY07 FY08 FY09 FY10 Growth 20% 12% 14% 7% 7% 5% 2% 0% 26% 69% 31% 72% A$b 1 1. Retail includes Wealth and Other Regional performance: Overview 15 Diversified lending portfolio, weighted to secured mortgage portfolio Net Loans and Advances (including acceptances) by product line (A$b) 361 1 (A$b) 172 1 47 (A$b) 90 52 1. Includes Wealth. 16 Investor Discussion Pack AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED November 2010 Australia Division Australia Division – high value strategy has delivered Pro Forma Basis2 Australia Division Revenue & Expense growth1 Profit Before Provisions growth Pro Forma Basis2 Provisions Net Profit after tax 1. 2005 to 2008 based on “Personal Division” structure, 2009 and 2010 based on “Australia Division” structure, 2. Pro forma basis assumes ING Australia and New Zealand and Landmark a acquisitions took effect from 1 October 2008.
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