Anz Group Holdings Limited · ASX:ANZ
Anz — Australia and New Zealand Banking Group — Debt Investor Presentation (May 2013)
68 slides from Anz's debt investor presentation, May 2013
Slide 1: Debt Investor Update
Debt Investor Update May 2013 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Graham Hodges, Deputy CEO David Goode, Head of Debt IR
Slide 2: ANZ Investor Update
ANZ Investor Update 1. Strategy 2. 2013 Half Year Results 3. Balance Sheet 4. Appendices : - Asset Quality - Economic Update - Covered bonds 2
Slide 3: Strategy
Debt Investor Update AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Strategy
Slide 4: ANZ Super Regional Strategy – 5 Core Themes
ANZ Super Regional Strategy – 5 Core Themes 1 Strengthen our position in Australia and New Zealand 2 Capture faster growing regional flows in trade, capital and wealth 3 Diversify revenue streams by product, geography and customer 4 Leverage global hubs and shared platforms 5 Drive capital efficienc
Slide 5: Strengthening our position in our home markets - Australia
Strengthening our position in our home markets - Australia Household deposits growth1 Household lending growth1 Indexed Sep 2009 = 100 Indexed Sep 2009 = 100 150 ANZ Peer 1 Peer 2 Peer 3 149 150 ANZ Peer 1 Peer 2 Peer 3 144 142 140 140 131 132 130 130 122 123 120 120 118 110 110 100 100 90 90 Sep 09
Slide 6: Strengthening our position in our home markets - New Zealand
Strengthening our position in our home markets - New Zealand Lending & deposit growth Mortgage Growth v System1 1H13 v 2H12 ANZ System Lending Deposits 3.9% 6% 2.5% 2.2% 3% 1.7% 2% 1% 0.8% 0.5% Retail Commercial 1H12 2H12 1H13 Small Business Banking Cost to income ratio Lending and Deposits % Custom
Slide 7: Capturing faster growing regional flows in trade, capital and wealth
Capturing faster growing regional flows in trade, capital and wealth Significant growth achieved since Volume growth has remained strong commencing super regional strategy Asia Volume growth (1H13 v 1H12) USDm Asia Operating Income 26% 28% 18% 20% 11% 2,109 1,840 International Retail Investment & FX
Slide 8: A differentiated strategy that is delivering for shareholders and customers
A differentiated strategy that is delivering for shareholders and customers ANZ has built a substantial business in Asia Established network to support faster growing regional flows in trade, capital and wealth Markets / No. Staff Japan & Korea – 200 China – 800 Asia-Europe Asia-US Trade: US$1.0trn
Slide 9: We have built scale, capability and momentum in Asia
We have built scale, capability and momentum in Asia ANZ has built a substantial business in Asia A top 4 Corporate Bank in Asia USDm Asia Operating Income Greenwich Associates Large Corporate Survey Overall Relationship Quality 70% 2,109 +46% CAGR 1,840 +11% PCP 17% 60% Bank A 1,257 1,135 11% 17% 8
Slide 10: Continue to diversify operating income by customer, product and geography
Continue to diversify operating income by customer, product and geography Operating Income Mix by Division (1H13) Operating Income Mix by Geography (1H13) Additional 4% of Network Transaction revenue1 sourced from APEA Banking Retail Asia Global Pacific Loans 8% Asia Partnerships 4% 9% 3% New Zealan
Slide 11: Focused on increased productivity
Focused on increased productivity Cost to Income Ratio Australia Operations 50% Growth 1H13 v 1H12 5% 48.0% 48% 47.7% 47.4% 47.3% -13% Expense Volume 46% IIB Operations 44.4% Growth 1H13 v 1H12 8% 44% FY14 CTI Target adjusted for prior period one-off items1 42% -13% 1H11 2H11 1H12 2H12 1H13 Expense
Slide 12: Driving capital efficiency and superior returns for shareholders
Driving capital efficiency and superior returns for shareholders Capital levels are well positioned Return on Equity (CET1) movement 1H13 v 2H12 15.5% 1.3% 15.5% 14.7% 0.5% 10.3% 9.8% 10.0% ROE up 80 bps 9.5% 8.2% 7.8% 8.0% 1H12 2H12 Earnings Additional 1H13 7.5% Growth Equity 2.5% Capital Conservat
Slide 13: 2013 Half Year Results
Debt Investor Update AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 2013 Half Year Results (released 30 April 2013)
Slide 14: Overview of financial performance
Overview of financial performance 1H13 Growth vs Growth vs $M 2H12 1H12 Cash Profit 3,182 +8% +10% Operating Income 9,086 Flat +4% Expenses 4,034 -8% -2% Provisions 599 -13% +5% Statutory Net Profit After Tax 2,940 +7% +1% EPS (cents) 117 +7% +7% Dividend per Share (cents) 73 n/a +11% Net Interest M
Slide 15: 1H13 financial performance
1H13 financial performance Cash Profit Movement 1H13 v 2H12 ($m) $m ROE 14.7% 89 ROE 15.5% 352 3,182 151 110 2,934 152 Up 2% Down 5% Down 8% Down 13% Up 13% Up 8% 2H12 Net Interest Other Expenses Provisions Tax & OEI 1H13 Cash Income Operating Cash Profit Income Profit Cash Profit Movement 1H13 v 1H
Slide 16: 1H13 financial performance by Division
1H13 financial performance by Division Cash Profit by Division 1H13 v 2H12 ($m) 7% 26% 24% 20% 34 78 247 3,182 88 199 2,934 2H12 Cash Australia IIB New Zealand Global Wealth Group Centre 1H13 Cash Profit Profit Cash Profit by Division 1H13 v 1H12 ($m) 1H12 1H13 New Global Cash Australia IIB Group Ce
Slide 17: Key drivers of operating income
Key drivers of operating income Operating Income Operating Income Mix by Line of Business movement 1H13 v 2H121 $m Other 5% 7% Payments & Cash Management 51 9,086 Term Deposits Clearing & 20% 17% 144 International Payments Merchant Cash Management & Acquiring Savings Accounts Risk Management 17% 16%
Slide 18: Step change in productivity and cost management
Step change in productivity and cost management Cost to Income Ratio Operating Expense Growth Group 1H13 v 2H12 1H13 v 1H12 Australia Division International & Institutional Banking Division Group Australia IIB New Zealand Division 55% -1% -2% -2% -3% 50% -8% -10% New Zealand Global Wealth 45% -2% 40
Slide 19: Net Interest Margin drivers and volume trends
Net Interest Margin drivers and volume trends Net Interest Income 1H13 v 2H12 Net Interest Margin Group Ex-Markets Australia Division ANZ Group ex-markets flat Up 3 bps Australia Division 2.4% 2.3% NZ Division IIB Division ex-Markets 1.2% 3.50% 0% Volume Margin Volume Margin 3.00% IIB Ex-Markets New
Slide 20: Credit quality in line with expectations
Credit quality in line with expectations Credit Quality trends Provision Charge $m Individual Provision Charge (LHS) • The 1H13 Provision charge of $599m Collective provision Charge (LHS) Total Provision Charge as % Avg. net Advances represents a 13% reduction HOH 2,000 1.60% 1,750 1.40% 1,500 1.20%
Slide 21: Balance Sheet
Debt Investor Update AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Balance Sheet
Slide 22: Continue to diversify balance sheet and increase proportion of customer funding
Continue to diversify balance sheet and increase proportion of customer funding Customer Lending & Deposits by Geography Customer Lending1 movement 1H13 v 2H12 Customer Lending1 Customer Deposits $m 6 442 $b 1 Loan to Deposit Ratio 7 500 Sep 2008 Mar 2013 442 171% 128% 450 428 428 413 400 350 344 Cu
Slide 23: Balance Sheet composition by Geography
Balance Sheet composition by Geography Customer Lending1 by Geography Customer Deposits by Geography Australia APEA Institutional Retail & Wealth APEA APEA Commercial Retail & Wealth & Institutional APEA Commercial 11% 1% & Institutional 23% 10% 4% Australia Commercial 14% APEA Australia APEA 11% Ne
Slide 24: Structural liquidity position strengthened
Structural liquidity position strengthened – driven by growth in customer funding and shortened asset tenor Deposit growth has stabilised Shortened asset tenor 29% 19% 19% 20% 16% 19% 23% 26% 7% 10% 13% 14% 15% 14% 14% 22% 8% 6% 1% 7% 5% 5% 2% 6% 8% 3% 7% 12% 11% 4% 16% 14% 80% 77% 61% 61% 74% 71% 5
Slide 25: Lowest structural funding gap provides funding flexibility
Lowest structural funding gap provides funding flexibility ANZ Westpac NAB CBA Loan – Deposit Ratio (%) 128% 148% 146% 141% Loan – Deposit Gap ($b) 97 167 156 157 Australia Household Funding Gap ($b) 112 184 126 171 Australian Household Funding Gap ANZ has achieved a substantially lower LDR $b ANZ L
Slide 26: A sustainable term wholesale funding profile
A sustainable term wholesale funding profile Issuance Maturities $b 26 26 24 24 Indicative annual issuance volume 18 17 16 15 13 12 11 7 7 FY08 FY09 FY10 FY11 FY12 FY14 FY15 FY16 FY17 FY18 FY19+ 1H13 2H13 Senior Unsecured Government Guaranteed Covered Bonds Subordinated Issuance since 1-Apr-13 Note:
Slide 27: ANZ has been a less frequent $US Issuer
ANZ has been a less frequent $US Issuer Largest USD Issuers in 20121 ANZ’s Issuance strategy $USb • ANZ has followed a strategy of issuing 1 43.4 GE $20b-$25b p.a. of term wholesale funding 2 34.5 JPMorgan 3 33.8 KfW • This has resulted in ANZ typically issuing 1–2 4 25.0 EIB benchmark trades p.a. i
Slide 28: Strongly capitalised under new Basel 3 rules
Strongly capitalised under new Basel 3 rules Capital levels are well positioned (CET1) Capital overview • ANZ remains at the upper end of global peer 10.0% 10.3% group under new B3 rules 9.5% 9.8% • Well placed in regards to capital targets and 2.5% Capital Conservation focused on driving capital ef
Slide 29: Liquid assets of $122b provides a high level of coverage
Liquid assets of $122b provides a high level of coverage and significantly exceeds total offshore debt outstanding $b 122 Liquidity portfolio exceeds 115 total wholesale debt maturities over next 12 months or entire offshore debt portfolio 39 91 38 88 83 75 31 15 20 15 31 13 88 9 68 63 62 47 35 Sep
Slide 30: Appendices - Asset Quality
Debt Investor Update - Appendices AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Asset Quality
Slide 31: Individual Provision Charge
Individual Provision Charge Individual Provision Charge by Segment Individual Provision Charge Composition $m $m 1,062 915 1,200 1,500 761 618 722 595 595 1,062 1,000 500 1,000 915 0 -500 800 761 1H10 2H10 1H11 2H11 1H12 2H12 1H13 722 New Increased Writebacks & Recoveries 618 595 595 600 Individual
Slide 32: Gross Impaired Assets
Gross Impaired Assets Gross Impaired Assets by Type Gross Impaired Assets by Size of Exposure $m Impaired Loans NPCCD Restructured $m > $100m $10-$99m < $10m 8,000 8,000 Avg. $375m 7,000 6,561 6,561 decline HOH 7,000 6,561 6,561 6,221 since 2H10 6,221 6,000 5,581 6,000 5,581 5,343 5,343 5,196 5,196
Slide 33: Impaired Assets
Impaired Assets New Impaired Assets by Division Net Impaired Assets by Division $m $m 3,500 3,126 6,000 4,968 4,686 3,000 5,000 4,503 2,319 2,437 2,356 3,884 2,500 3,630 3,423 1,831 1,847 4,000 3,142 2,000 1,571 3,000 1,500 1,000 2,000 500 1,000 0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Mar 10 Sep 10 M
Slide 34: Total lending exposures by Geography
Total lending exposures by Geography Exposure at Default by Exposure by Geography Line of Business Australia Total Exposure at Default (Mar 13) - $693.2b1 Australia New Zealand APEA Retail 28% $437.1 $111.5 $144.6 55% Commercial 17% Institutional New Zealand UK & Europe New Zealand 3% Retail 16% 24%
Slide 35: Total lending exposures by industry sector
Total lending exposures by industry sector Exposure at Default (EAD) % in Non as a % of group total Category EAD Performing ANZ Group Sep 12 Mar 13 Sep 12 Mar 13 Total EAD (Mar 13) Consumer Lending 41.0% 40.4% 0.3% 0.2% $693.2b Finance, Investment & 14.9% 16.8% 0.5% 0.2% Insurance Property Services
Slide 36: Commercial Property credit exposure
Commercial Property credit exposure Commercial Property Exposure Commercial Property Exposure by Sector Gross Loans and Advances by Region $b % GLA 35 8.0% 30% Offices 30.9 30.2 Retail 29.3 7.8% 30 28.2 27.8 26.1 3.5 Residential 0.8 3.0 3.8 26% 1.1 7.6% 25% Industrial 25 1.0 6.1 5.3 5.9 5.0 5.2 7.4%
Slide 37: Australia 90+ day delinquencies
Australia 90+ day delinquencies Australia Retail 90+ day delinquencies Total Mortgage Portfolio NSW & ACT Mortgages QLD Mortgages VIC Mortgages WA Mortgages Total Credit Cards 2.0% 1.5% 1.0% 0.5% 0.0% Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Australia Commercial 9
Slide 38: Australia Division - Mortgages
Australia Division - Mortgages Portfolio statistics Dynamic Loan to Valuation Ratio % Portfolio Total Number of Mortgage Accounts 860k 60% Portfolio >90% LVR Total Mortgage FUM $188b 50% = 4.5% (Mar 13) % of Total Australia Region Lending 60% 40% 30% % of Total Group Lending 43% 20% Owner Occupied L
Slide 39: New Zealand - Mortgages
New Zealand - Mortgages Portfolio statistics Dynamic Loan to Valuation Ratio Total Number of Mortgage Accounts 474k 0-60% 9% Total Mortgage FUM NZD 57b 61-70% 12% % of Total New Zealand Lending 56% 41% 71-80% % of Total Group Lending 10% 21% 81-90% Owner Occupied Loans - % of Portfolio 78% 17% 90%+
Slide 40: Appendices - Economic Updates
Debt Investor Update - Appendices AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Economic Updates
Slide 41: Economic update
Economic update Australia New Zealand 2012 2013 2014 2015 2012 2013 2014 2015 GDP 3.5 2.7 2.8 3.5 2.4 2.8 2.8 2.3 Inflation 2.0 2.1 2.1 2.4 0.8 1.3 1.9 2.2 Unemployment 5.3 5.7 5.7 5.4 7.3 6.9 6.3 6.1 Cash rate 3.50 2.75 2.5 3.0 2.50 2.50 3.00 3.75 AUD/USD 1.04 1.05 1.03 0.95 N/A N/A N/A N/A Credit
Slide 42: The Terms of Trade has driven the economy and resulted in strong income growth
The Terms of Trade has driven the economy and resulted in strong income growth Terms of trade since 1960 Income growth is continuing 110 120 Household disposable income, 000s (A$, US$, NZ$) 110 100 100 90 90 80 Index 80 70 Forecasts 70 60 60 50 50 40 40 60 64 68 72 76 80 84 88 92 96 00 04 08 12 00 0
Slide 43: Strong investment growth driving the economy
Strong investment growth driving the economy Business investment vs. consumption 62 22 60 20 58 18 % of GDP 56 16 % of GDP 54 14 52 12 Forecasts 50 10 48 8 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Household consumption (left) Business investment (right) Sources:
Slide 44: Investment pipeline remains quite strong
Investment pipeline remains quite strong Major infrastructure projects by stage 180 Investment pipeline excluding projects that have been either Investment pipeline for cancelled or indefinitely delayed since July 2012 projects that are either 160 under construction or committed 140 120 100 AUDbn 80
Slide 45: Export growth will replace business investment as a key driver
Export growth will replace business investment as a key driver of Australia’s future GDP growth Contribution to GDP Growth (Average/Year) 6 ppts contribution to year-average GDP growth 5 4 3 2 1 0 -1 -2 -3 2009 2010 2011 2012 2013 2014 2015 Household consumption Public demand Dwelling investment Bus
Slide 46: LNG will drive future export growth
LNG will drive future export growth as new projects come on-stream Bulk Commodity Exports’ Contribution to GDP Growth 1.5 Contribution to annual GDP growth, ppts 1.0 0.5 0.0 -0.5 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Thermal coal Coking coal Iron ore Natural gas Total 46
Slide 47: Employment growth and unemployment rate
Employment growth and unemployment rate Key labour market indicators 160 6.0 140 5.7 Unemployment rate (RHS) 120 5.4 100 5.1 '000s per month 80 4.8 Per cent Trend 60 4.5 40 4.2 20 3.9 0 3.6 -20 3.3 Employment growth (000s, LHS) -40 3.0 2007 2008 2009 2010 2011 2012 2013 Sources: 47 ABS, ANZ
Slide 48: Composition of growth by industry highlights ongoing challenges
Composition of growth by industry highlights ongoing challenges GDP by industry – five year average growth rates as of Dec-12 Manufacturing Hospitality Other services IT Admin. services Retail Utilities Finance & insurance Transport Education Rental & real estate GDP Public admin. Wholesale Construc
Slide 49: Australia remains in a very strong fiscal position
Australia remains in a very strong fiscal position Fiscal & Debt position 160 Greece 140 Japan 120 Italy 100 Singapore Belgium Portugal US Net Debt % GDP, 2012f 80 Ireland France UK India 60 Spain Germany Taiwan 40 Canada Hong Kong China 20 Indonesia Australia NZ Denmark 0 -20 -40 Korea -8 -6 -4 -2
Slide 50: Despite some deterioration in the underlying budget balance, the deficit remains small
Despite some deterioration in the underlying budget balance, the deficit remains small as a share of GDP Underlying cash balance 4 forecast 3 2 1 0 % of GDP -1 -2 -3 -4 -5 60 64 68 72 76 80 84 88 92 96 00 04 08 12 16 MYEFO forecast ANZ forecast 50
Slide 51: Scope remains for the RBA to cut rates further
Despite recent rate cuts, scope remains for the RBA to cut rates further to stimulate the economy RBA cash rate and expectations 4.50 4.00 3.50 % 3.00 2.50 2.00 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 ANZ Forecast RBA Cash Rate Current market expectation Market expectation (3 Dec '12) Market expectation
Slide 52: Growth in house prices matched by rising incomes & lower interest rates
Growth in house prices since mid-1980s matched by rising incomes & lower interest rates Median house price vs. purchasing power $'000 Purchasing power - 700 income growth and ? interest rates* 600 500 Actual house prices 400 300 200 100 0 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 * Represents the
Slide 53: Household Savings Rates have reverted to long term levels
Household Savings Rates have reverted to long term levels and credit demand remain low Household savings and credit 25 Forecast 20 y/y % change / per cent 15 10 5 0 -5 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Household savings rate (%) Household credit grow
Slide 54: While level of household debt has remained stable, lower rates have reduced the debt burden
While level of household debt has remained stable, lower rates have reduced the debt burden Debt vs interest payments relative to household disposable income 175 14 Ratio to household disposable income, % Ratio to household disposable income, % 150 12 125 10 100 8 75 6 50 4 25 2 90 93 96 99 02 05 08
Slide 55: Housing shortage driven by rapid acceleration in net overseas migration
Housing shortage driven by rapid acceleration in net overseas migration and population Population gain vs. dwelling completions Dwelling completions Population growth 100 80 Deviation from trend (%) 60 40 20 0 -20 -40 86 88 90 92 94 96 98 00 02 04 06 08 10 12 55 Sources: ABS, ANZ Research
Slide 56: Residential property prices
Residential property prices House prices: International House prices: Australia Comparison 250 600 230 550 House price index (March 2006=100) 210 $A 000’s (Seasonally adjusted) 500 190 450 170 150 400 130 350 110 300 90 250 70 50 200 2005 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2
Slide 57: Policy emphasis will be to boost consumption and reduce importance of investment
From now to 2015, policy emphasis will be to boost consumption and reduce the importance of investment China - GDP Composition 2011 China - Contribution to GDP Growth 16 (ppt) Tert: Other 14 19% Primary Tert: Real 12 10% Estate 10 6% Tert: Banking 8 & Insurance 6 5% Secondary: Total Manufacturing 4
Slide 58: Urbanisation will remain a major driver for growth
Urbanisation will remain a major driver for growth in the medium to long run China - Urbanisation China‟s urbanisation also requires huge 1,200 100 infrastructural investment 1,000 • 350 million people will be added to China‟s 80 urban population. That‟s three times the 800 amount of rural Chinese (
Slide 59: Appendices - Covered Bonds
Debt Investor Update - Appendices AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Covered Bonds
Slide 60: ANZ’s Covered Bond Strategy
ANZ’s Covered Bond Strategy Diversification of investor base • Access to AAA investor base - timely to assist in redemption of Rationale Government Guaranteed debt maturing from 2012 to 2014 • Reduces requirements for senior unsecured debt in offshore markets Lengthen funding profile in a cost effec
Slide 61: Australian Covered Bond Legislation
Australian Covered Bond Legislation Structure • Enabling legislation (to amend the Banking Act 1959) passed the Australian Federal Parliament and became law in October 2011 • ADIs to be covered bond issuer, with dual recourse to issuer and cover pool • Guarantee provided by an SPV, used for segregat
Slide 62: Programme Structural Enhancements
Programme Structural Enhancements • Asset Coverage Test (ACT) is performed monthly to ensure the cover pool is sufficient to secure outstanding covered bonds per minimum contractual OC Over • Maximum Asset Percentage 95% Collateralisation • Asset Percentage at 87% (March 2013) as set by rating agenc
Slide 63: Issuer Event of Default and Covered Bond Guarantee
Issuer Event of Default and Covered Bond Guarantee Include: • Default in principal or interest for 7 days Issuer • Fail to perform obligations for 30 days Events of • Winding up, encumbrancer takes possession of all assets Default • Bankruptcy proceedings • An uncured breach of ACT • Service of an I
Slide 64: Programme Structure
Programme Structure ANZBGL ANZBGL ANZBGL Contingent Covered Interest Rate Swap Ccy and Interest Rate Bond Swap Provider Provider Swap Provider Mortgages and Demand Loan and Intercompany ANZ Residential Related Security ANZBGL Loan Covered Bond ANZBGL Issuer Trust Seller Covered Bond Guarantor Consid
Slide 65: Australian Issuance – March 2013
Australian Issuance – March 2013 ANZ Covered Bonds Covered Bonds Issuance Tenor Bonds Issued (A$) 9.56bn 7 yr 10 yr Program Ratings Aaa / AAA 3% 16% 3 yr 36% 5 yr Number of Issues 11 13% Number of Currencies 7 4 yr 31% WA Term at Issue 4.93 years ANZ Covered Bonds Currency Mix Issuance Capacity NOK
Slide 66: Cover Pool – Composition and qualifying criteria
Cover Pool – Composition and qualifying criteria Weighted Average LVR (%) Portfolio Summary at 22 April 2013 Covered Bond Pool $13,437m 47 Covered Bonds on issue $9,561m 34 Average loan size $280,146 26 Weighted Ave Current LVR 64% 21 Weighted Ave Indexed LVR 64% 14 11 11 8 9 10 Weighted Ave Seasoni
Slide 67: Key Contacts
Key Contacts Australia and New Zealand Banking Group Limited Level 9, 833 Collins Street Docklands VIC 3008 Australia Group Treasurer Head of Debt Investor Relations Rick Moscati David Goode Phone : +61 (3) 8654 5404 Phone: +61 (3) 8654 5357 Mobile: + 61 (0) 412 809 814 Mobile: +61 (0) 410 495 399 E
Slide 68: Disclaimer
Disclaimer • The material in this presentation is general background information about the Bank‟s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential
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