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ROYAL COMMISSION SIXTEEN ACTIONS - UPDATE ON 20 FEBRUARY COMMITMENTS Update on 20 February commitments Commitment Retail customers 3. Helping customers by: 3.1 Contacting consumer credit card customers who are carrying persistent debt and paying little off to get them on to lower rate cards and assist them to pay their debt faster 3.2 Contacting customers in receipt of eligible Centrelink or Veterans' Affairs benefits to help them move to low-cost basic bank accounts Farming customers • • In March 2019 we established an ongoing process to contact credit card customers who are carrying persistent debt. We provide these customers financial education on how credit cards work and offer assistance plans to help them to pay their debt faster. Our initial focus is on contacting customers with a low rate credit card product and providing them an option to transfer to an instalment plan at a reduced rate of 7.0% p.a. We will subsequently contact customers on high rate credit card products and provide them an option to transfer to a low rate card or instalment plan. To date we have attempted to contact 4,481 customers under this initiative, connecting with 1,182. Of the 1,182 customers contacted 253 (21%) accepted an instalment plan and 400 (34%) appreciated the financial education. The remaining 529 (45%) customers chose to take no action. We have established an ongoing process to contact customers in receipt of eligible Centrelink or Veterans' Affairs benefits to offer them a move to low-cost basic bank accounts. From June 2019 we will contact 10,000 customers a week under a staggered approach (total customer contact ~350,000). 4. Publish clear principles on how we help farmers including through: • Principles outlining our assistance to famers will be published by September 2019. • Key inclusions are outlined below. 4.1 Not charging farmers default interest in areas declared to be affected by drought or other natural disasters 4.2 Valuing farm land separately from the loan origination process 4.3 Giving farmers early access to farm debt mediation if they get into difficulties and supporting a national scheme of farm debt mediation 4.4 Reinforcing our preference for working out difficulties over enforcing agricultural loans or appointing an external manager • • • By September 2019 ANZ will publish principles to make clear our commitment to not charge farmers default interest in areas declared to be affected by drought or other natural disasters. From 29 March 2019, ANZ has withdrawn the authority of relationship managers to approve their own internal appraisals of farm land. All such appraisals are independently approved. This change ensures independence between the valuation process and the loan approval process. ANZ is continuing our work on implementing the commitments that we have publicly made to assist our farming customers experiencing financial difficulties. By September 2019 ANZ will publish principles to make clear our commitment to early access to farm debt mediation, with the aim being to provide farmers with every opportunity to explore all work out options available. Enforcement action is a measure of last resort only after all other options have been explored. ANZ 36

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