Investor Presentaiton

ANZ 2023 Half Year Results CONSISTENCY OF MARKETS INCOME 1. Markets historical monthly income, $m Historical monthly revenue distribution (FY15-FY22) 400 350 300 250 200 192 (1H23 Average) 169 (8Y Historical Average) 150 100 50 0 +1 SD - 1 SD 14% 74% 12% Characteristics of monthly income distribution • Over the last 8 years, monthly revenue has followed close to a normal distribution. Average monthly income ~$169m with a standard deviation of ~$50m. Stability is driven by a set of "core" customers who deal with ANZ Markets on a regular basis and across multiple geographies and products. • Franchise Income tends to be higher during periods that exhibit moderate levels of market volatility, and where market risks broadly follow directional trends. Moderate volatility encourages customer activity, while directional trends provide trading opportunities. Such conditions typically arise in traditionally "risk-off ¹" environments, but can also arise in the context of more positive sentiment as has been the case during the first part of 1H23. • In 1H23, Markets Franchise Income rebounded from the prior year, reflecting continuing elevated market volatility and consistently rising interest rates globally. In March, positive sentiment temporarily receded when international banking "crises" led markets to focus on recessionary concerns. • This continues the pattern seen since post-COVID quantitative tightening began, of relatively more frequent sudden and severe market movements, punctuating intervening periods of stronger customer activity and trading gains. A risk-off environment is broadly defined as one where credit spreads widen, risk-free bond yields fall, equities sell off, volatility increases, and USD strengthens 95

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