Anz Group Holdings Limited · ASX:ANZ
Anz — Australia and New Zealand Banking Group — 1H04 Earnings Presentation
147 slides from Anz's earnings presentation, Apr 28, 2004
Slide 1: 2004 Interim Results
2004 Interim Results Australia and New Zealand Banking Group Limited 27 April 2004
Slide 2: Table of contents
Table of contents $0 review Page 191 Result review Pooe (71 Gredit Quality Page [141 (Other Financial Issues Poue 1171 Business performance Page (211 Strateay Pave (961 ‘Supplementary information Page (171
Slide 3: CEO Overview – John McFarlane
‘SECTION 1 NZ 2004 Interim Results John McFarlane Chief Executive Officer
Slide 4: ANZ Interim Results Summary
ANZ Interim Results Summary NPAT sHeadline $1,396m Excluding significant transactions $1,312m Underlying? $1,241m EPS 76.8 cents Cash EPS! 78.9 cents Dividend fully franked? 47 cents EPS exchatng simifeant © Merch 09 guts of toda ‘save (€0.9597), >> >= 22% 15% 10% 11% 11% 11% vMar03 sv Sept 03 T 16%
Slide 5: ANZ now has a strong foundation
ANZ now has a strong foundation Model now enhanced by clustering around customers; # Personal - Key driver of future growth ® Institutional - A leading business with lower risk ® Corporate - Strong organic growth Credit concentrations almost to optimal levels International risk exposure contained Bu
Slide 6: A low risk approach to NBNZ integration
A low risk approach to NBNZ integration Phase one: quick wins * RBNZ approval expected early May Legal amalgamation into ANZ National, targeted for 30 June 2004 Maintain both brands to enhance customer retention Rapidly integrate activities that are not systems dependent Idea sharing already begun f
Slide 7: Results Review
‘SECTION 2 Results Review Peter Marriott Chief Financial officer
Slide 8: A good underlying result, driven by strong income growth and improved credit quality
ult, driven by strong income growth and improved credit quality Non-Interest Non: Income = Interest UEP eS esta income impact? (35) THUEPS Expenses Tax & pssieee Inger? 47) Provisions OFT ingore: a Ba 25 3) a2 a" NPAT growth excluding NBNZ acquisition and significant transactions A244 Adjusting for
Slide 9: Strong balance sheet growth across most businesses...
Strong balance sheet growth across most businesses... + End of period lending assets grew by $41.4b (25%) for the half. Excluding NBNZ, lending grew $8.8b (5%) * Excluding NBNZ, growth was largely in Mortgages $6.86 (10%) and Corporate $1.76 (11%) for the half, reflecting favourable market condition
Slide 10: ...partly offset by margin pressure, particularly in 2nd quarter
...partly offset by margin pressure, particularly in 2"4 quarter + Reduction in mortgage margins the key driver of margin decline - this reduction driven primarily by interest rate environment 1 Mix impact of Sbp includes 4bp for Increased wholesale funding and 4p for mortgage mix ‘+ Mortgage margin
Slide 11: Growth in underlying non-interest income reflects volume growth
Growth in underlying non-interest income reflects volume growth 1 Te cashon udev ene apna Underting 2HO3 income a THOS py seus 1456 = (27) income (a5) imeuct, me ee is) 2 Underlying growth in non- interest income TT 5% Sep-03 Mar -08 other income excl. z ANZ
Slide 12: Expenses well controlled, providing scope for re-investment
Expenses well controlled, provi ing scope for re-investment Underlying operating expenses increased by 2.8% over the half. Key drivers were: + Operating costs ware up 4% in Personal Banking as a result of increased staff training, the cost of rallag out the new telling platform, and increased deprec
Slide 13: Doubtful Debts Provision reflects improved underlying portfolio
Doubtful Debts Provision reflects improved under 1g portfolio ‘+ Standard ELP charge (as a % of average lending assets) has remained stable at 31bps (32bps September FP charge 2003) bp’ ‘Inclusion of higher quality NBNZ portfolio Sa a tne ee veces easy 250) Sate Adee 80 ‘reduction in headline ELP ch
Slide 14: Credit Quality
boiciiaanh
Slide 15: Overall portfolio in good shape
Overall portfolio in good shape * Mortgages portfolio remains healthy « Domestic corporate environment relatively buoyant * Non-core offshore lending has been significantly reduced * Specific Provisions down 27% on 2HO3, no large individual losses * Gross Non-Accrual loans down 8% on 2H03, lowest le
Slide 16: Quality of Consumer & SME portfolios again better than expected
Quality of Consumer & SME portfolios again better than expected * Mortgage delinquencies (60 days) improved over the half + Delinquency for customers new to SME since September 2002 is in line with delinquency on legacy SME portfolio ‘* Strong economic conditions and prudent credit practices have co
Slide 17: Other Financial Issues
Other Financial Issues + Revenue Hedging + Tax Risk + Capital Position + Dividends + Outlook
Slide 18: Capital position remains strong, and towards the top end of our range
Capital position remains strong, and towards the top end of our range ‘+ With the acquisition of NBNZ further reducing the tisk in the balance sheet, the Group lowered its ACE target range by 50bpts in the half to 4.75% to 5.25% * Capital position is strong, but will be impacted by new APRA treatmen
Slide 19: A record interim dividend
Interim Dividends * The record interim dividend of 47 cents per ordinary share represents an 11.1% increase ‘on the 2003 interim dividend adjusting for the bonus element $0.40 of the rights issue* * Palcy i to increase dividend in ine with cash earnings per share growth $0.30 © Cash payout ratio is
Slide 20: Short term outlook
Short term outlook « We expect ANZ will continue to perform well in 2004 * Margin pressures likely to subside in the second half due to lower gap between 90 day rate and cash rate « Lending growth likely to remain robust, but with moderating mortgage growth offset by increased business lending « Exp
Slide 21: Business Performance
‘SECTION 5 Business Performance = Dr Bob Edgar Chief Operating Officer
Slide 22: Our consumer and corporate businesses were the key driver of underlying profit growth
Our consumer and corporate businesses were the key driver of underlying profit growth, offsetting de-risking impact in IFS Cluster Consumer Businesses PCP Growth T 15% $62m* Key Drivers Personal Banking Australia up 13% due to growth in consumer deposits, lending and sales ‘commissions Consumer Fina
Slide 23: We now have a strong position in the domestic consumer market
We now have a strong position in the domestic consumer market Retail Market Share in Australia & New Zealand* We now have @ combined retail a customer base across Australia 18.7 & New Zealand of approximately 5.1m customers 18 * We have a scale position ao] 157 15.5 * Following the NBNZ integration,
Slide 24: Our Australian consumer businesses have improved their position
Our Austra in consumer businesses have improved their position n Market Share Change in Market Share In 2002, we set out to revitalise Jun 2002 - Jan 2004 ‘our branch network, with the ‘aim of growing our market share and our share of wallet + We have grown market share by more than each of ‘our pee
Slide 25: Personal Banking Australia: strong foundation delivering results
Personal Banking Austral : strong foundation delivering results fA continued commitment to The investment in our franchise is delivering results investing in our franchise has seen strong growth In the half with Staff satisfaction Customer satisfaction NPAT up 8%. ‘The result was built upon: + 'Stfo
Slide 26: Consumer Finance: interchange impact well managed; offset by growth initiatives
Consumer Finance: interchange impact well managed; offset by growth initiatives Strong profit growth, up 9% for the half driven by: NPAT her + Well managed changes to credit card programs following Interchange growth gm Interchange Reform $m rate Bie: sinleeaes Loyalty issuing gg 108 (34) changes im
Slide 27: Mortgages: strong volume growth more than offset by interest rate environment
Mortgages: strong volume growth more than offset by interest rate environment NPAT reduced 7% for the half despite continued Margin. Impact on NPAT eubstan’ strong volume grow key drivers included: Margin Wied + A006 incrensen mortgage volumes during the half sm Impact volume 2 ances fesulting Sram
Slide 28: IFS: subdued result driven by focus upon de-risking
IFS: subdued result driven by focus upon de-risking The IFS profit was adversely affected by revenue IFS Offshore assets as % of Group constraints imposed by the de-risking strategy, and assets substantially reduced the strength of the AUD affecting offshore earnings. Positive aspects of the result
Slide 29: Corporate: continued strong growth and investment in the business
Corporate: continued strong growth and investment in the business Continued growth in Corporate NPAT with the i i half year result up 5%, key highlights include: Strong, low risk lending growth Corporate Banking Australia Corporate SME % + 4%% revenue growth driven by growth in average 16% 12 lendin
Slide 30: ANZ New Zealand (ex NBNZ): result affected by mortgage business, margin pressure and exchange rates
ANZ New Zealand (ex NeNz): result affected by inclusion of mortgage business, margin pressure and exchange rates ANZ (NZ) result was adversely affected by reduced net interest income from mortgages business (mortgage business Included for the first time which was previously reported in ANZ’s special
Slide 31: Integration update
Integration update 1, Integration Planning ‘+ Detailed integration planning for 41 workstreams virtually completed, common management structure in place * Integration is on track; an integration timetable is included in the appendix (refer page [71]) 2. Systems ‘+ ANZ National to adopt common system
Slide 32: Net customer acquisition rebounding well
Net customer acquisition rebounding well Net monthly customer ‘sequsion NBNZ Personal 8,000 * acquisition of customers. Acq continues to rebound from 2003, land continues to be @ net acquirer 6,000 ANZ Personal ‘© net outflow continues, but at a much lower level in March 4,000 compared to February 2
Slide 33: Current integration plans project a positive outcome from 2006
Current tegration plans project a positive outcome from 2006 asm Net Integration Position (pre-tax) . 150 Cost synergies in line with business case, however newly identified synetgies offset by increased processing costs in NZ + Revenue attrition improved modestly ‘on business case + Revenue synergi
Slide 34: Integration timetable
Integration timetable* IB systems milestones 2004 2005 |B Business milestones June Qtr | Sep Qtr | DecQtr | MarQtr —_JuneQtr | Sep Qtr | Dec Qtr IT Systems [BE Comparison phase Development complete [Ml Commence Aeauee completed Account Migration» Marton, 7 Managed Funda ll Product mix 8 strategy Sys
Slide 35: Business summary
Business summary * Consumer & Corporate businesses performing well Institutional Financial Services de-risking strategy progressing well New Zealand business and integration on track * A strong foundation for growth _
Slide 36: CEO Review
‘SECTION 6 CEO Review John McFarlane Chief Executive Officer
Slide 37: ANZ systematically optimises variables to create value
ANZ systematically optimises variables to create value Risk sy Returns Sustainability
Slide 38: After six years of risk reduction we are now approaching optimal levels
After six years of risk reduction we are now approaching optimal levels Offshore exposure Trading Value at Risk* $m 23.0 International Asset to International NPAT to Group Assets Group NPAT* 32% 28% 12% zy $m Li : z a 1997 2004 1997 2004 1997 2004 ‘exudes sion and sat ems + Average
Slide 39: Our strategy is to grow sustainable earnings at low volatility
Our strategy is to grow sustainable earnings at low vola ty 16, Volatility in ANZ 6 monthly NPAT growth over past 10 years* 14 + NZ makes our earnings less volatile 32 * Although NZ alone is more volatile than 10 ‘group, diversification results in NZ creating g lower overall volatility at @ group le
Slide 40: We have transformed ANZ into a more sustainable, lower risk business
We have transformed ANZ into a more sustainable, lower risk business =Ees ) sae ) et 14% ma NPAT Volatility* 12% — NPAT Growth 10% 8% 6% 4% 2% mi | Last 10 Years Last 5 Years Last 3 Years * standard deviation in six monthly KPAT growth for ANZ, excluding abnormal/significant lems _ ANZ
Slide 41: Value of focus and specialisation
Value of focus and specialisation Specialisation and focus yields better return than generalisation from the perspective of individual challenges and tasks, as this Olympic example demonstrates Javelin The Generalist Mens Decathlon Gold 2 Medal Winner Sydney 2000 7 7 aanneaee= > 65.8m Specialist pre
Slide 42: Coherence already achieved in Institutional by clustering businesses...
Coherence already achieved in Institutional by clustering businesses... ‘* Businesses established as distinct units to unleash energy & innovation * In 2002, businesses brought together under Institutional Institutional + Very high levels of cross sell achieved, with deep engagement with the custome
Slide 43: ...as it has been in both our Corporate and New Zealand businesses...
..as it has been in both our Corporate and New Zealand businesses... Corporate Business Customers New Zealand Customers = ANZ
Slide 44: ...now our focus is on building coherence with personal customers
..now our focus is on building coherence with personal customers + Retail not a traditional strength for ANZ. Creation of specialist businesses g necessary: g ® brought focus to this area /) ® unleashed energy and innovation ® prevented smaller network constraining growth through third-party and spe
Slide 45: ANZ has successfully mastered each stage from performance through to specialisation
ANZ has successfully mastered each stage from performance through to specialisation. Focus now on coherence, growth and sustainability THE ANZ JOURNEY » CUSTOMER GROWTH COHERENCE “GROWTH =) REVENUE ENHANCEMENT ee 2 ANSFORMATION PEOPLE weedy EFFICIENCY BEST PRACTICE PROCESS . PROFESSIONALISM. PERFORM
Slide 46: A solid result with good foundation and prospects
Asolid result with good foundation and prospects * Solid first half, clean result * Accretive New Zealand acquisition. Market leadership in all segments. Integration and synergies on track « Business mix inherently domestic, more sustainable * Economic environment positive with global upturn. Housin
Slide 47: Supplementary Information
Supplementary Information =
Slide 48: NBNZ acquisition and TrUEPrS-related significant transactions further increased profit
NBNZ acqu increased profit ‘ion and TrUEPrS-related significant transacti ns further Acquistion, nenz funding & NPAT lategration Significant Amonths costs transactions 150 (79) 84 1,396 Mar -04 Mar -04 Mar -04 NPAT excl. NPAT excl. Reported. NBNZ & ignificant NPAT significant transactions transactio
Slide 49: Impact of unwinding TrUEPrS and issuing StEPS
Impact of unwinding TrUEPrS and issuing StEPS TrUEPrS StEPS Background * Issued Sept/Nov 1998 27 Sep 2003 © Amount usb0.775b AUDILb * Cost of dividend 8% Fixed BBSW Floating * Called 104 P&L impact * Income Swap (difference between 8% No impact fixed and BBSW plus margin) + Tax Tax on swap income Cr
Slide 50: Revenue hedging undertaken when appropriate
Revenue hedging undertaken when appropriate + Revenue hedging only undertaken when currency Is believed to be outside its normal trading range and inconsistent with their value + Revenue from FX hedges are reported as Interest Income within the Group Centre Notional Income Unrealised Exchange expiry
Slide 51: Tax risk substantially lowered
Tax risk substantially lowered * Tax risk is an ongoing business risk + We have established a constructive working relationship with the ATO and the IRD ‘+ Some higher risk aspects of the operations of the multi-jurisdictional ANZ Investment Bank have been substantially wound back in recent years +
Slide 52: Low exposure to Inner City residential mortgage lending
Low exposure to Inner City residential mortgage lending Inner City Mortgages Australi + Total Lending for inner city property at 3.7% of Australian Other Mortgages portfolio, with 2.1% for investment purposes. 96.3% Tight policies to control emerging risks include: ® valuations required on all prope
Slide 53: US power exposures continue to reduce
US power exposures continue to reduce, although lagged credit effects continue to affect the portfol Total US Limits“ os US: March 2004 ‘* Outstandings: $0.6bn (70%) AAA to BBB bp + Other Committed: $0.2bn (25%) ‘+ Uncommitted: $0.1bn (5%) Bpe- pe Customers + Investment Grade: 10 8B+ to BB. = Non Ac
Slide 54: New Specific Provisions down 16% on 2H03
New Specific Provisions down 16% on 2HO3. Geographic Specific Provisions Specific Provisions by Source Maro} Sep-03 | Mar-o« ‘Sep 03 Mar 04 wEneroy "= Consumer Finance EH Aust/NZ | JUK/US Asia Other Inter uiDomestle Corporate ‘Other Offshore m Asset Finance Other
Slide 55: Non-accrual loans to Loans & Advances less than half the level of two years ago
Non-accrual loans to Loans & Advances years ago New Non-Accrual Loans relatively stable, default rate down. than half the level of two Non-Accrual Loans as a % of the portfolio down to just 0.45% sii $m 900 1.4% 1500 si 824 eS. 800 nae 1.50% Annualised default ‘ 700 rate (RHS) Ham8. / 1.09% 600 / =»
Slide 56: RWA to Total Assets not an accurate measure of risk
RWA to Total Assets not an accurate measure of risk + RWA/Total Assets under the existing accord is a simplistic measure of risk = RWA/Total Assets is distorted by Life company assets not appearing within RWA 1 does not consider the default risk of individual lending assets, or security profile = pe
Slide 57: Mortgages portfolio remains sound
Mortgages portfolio remains sound ‘+ Mortgages Portfolio continues to ‘experience strong growth. ‘+ ANZ "Lo Doc" policy requires a maximum LVR of 60%, maximum loan size $450k and is only available for standard residential and minimum credit standards. s» Strong growth in the mortgage portfolio Newz
Slide 58: Specific provisions down 27% on 2H03
Specific provisions down 27% on 2H03 — no large single provi Specific Provisions Significant impact from n single customers - 90% 80% 300 70% 250 60% 200 som ie 40% 20% 100 20% a: 10% ° 0% Sep- Mare Sep- Mare Sep- Hare Sep- Mar Sep- Mar Sep- Mar 98 99 99 00 00 OL Of O2 2 03 03 04 fmm Het specif prov
Slide 59: Offshore power exposure reducing, with markets showing signs of improvement
Offshore power exposure reducing, with markets showing signs of improvement Total Limits Split by Geography KMV Median Expected Default Frequency EOF % (tax kta EDF 20.00) Offshore Nort aera Srirepe Asin Pai Sep-02 Mar-04 BR RR 7 peb de bad bh ba bb PHPRPRPRERR RTE * ANZ’s exposure to offshore Power
Slide 60: The quality of the Telcos book continues to improve
The quality of the Telcos book continues to improve Total Telcos Limits‘) A$5.3bn AAA to BBB ee. b+ to BB Bs te ccc 3% No es i sep02 Sep-03 Mar-o4 March 2004 + Outstandings: $1.76bn (49%) ‘+ Other Committed: $1.06bn (29%) ‘+ Uncommitted: $$0, 78bn (22%) ote = KMV Median Expected Default Frequency ED
Slide 61: Group risk grade profile
Group risk grade profile ANZ Group - Outstandings 5143bn $1490 AAA to BBB BBB- BB+ to BB BB- >BB- Ma02 Sep-02 B+ to CCC 2.8% 25% Non Accrual 0.9% 0.8% $158bn Mar-03 2.5% 07% pi $165bn, Sep-03 23% 0.6% $207bn, Mar-o4 1.9% 0.8% Total investment grade as at Mar 04: $136.6bn or 65.9% of the portfolio AN
Slide 62: Geographic risk profiles
Geographic risk profiles Australia & New Zealand International $135 bn $145 bn -$155bn $198 bn. Sidbn —-$13bn «$10 bn $9 BB+ to BB Ba. BB. Sep02 Mar-03-—Sep-03.—Mar-04 Sep-02 — Mar-03—Sep-03.Mar-04 B+ tocce 20% 23% 23% 20% 43% 40% 40% 6.1% Non Accrual = 97% 04% 04% 04% 24% 40% 46% 44%
Slide 63: Existing and future problem loans are well provided for
Existing and future problem loans are well provided for +The period 1998 through March 2004 has seen Group GP trend down to 98bps, Consistent with the sustained de-risking of the Group lending book. + As at March 2004, gross non-accrual loans: were 45bps of GLAS. OF this, 44% was covered by specific
Slide 64: Proactive reduction in volume of Top 10 client committed exposures
Proactive reduction in volume of “Top 10” client committed exposures S&P Top 10 Committed Exposures Top 10 Lending Exposures as % of Rating ace) © 24008990 AUDM nan 120% + Implementation of credit management policies to m” = diversify the loan book 100% ‘exposure, has resulted in gy reducing the cli
Slide 65: Limiting industry exposure to 10% of ANZ Group assets
% of ANZ Gros (Australia and ‘book by limiting industry sion wacos exposure to 10% of ANZ 16% Group Gas mua homer Sap. business: o 5 if toe 4 ; Hoa? PP Fo pop © EES | g s HE bo: - ANZ
Slide 66: Industry exposures — Australia & NZ (excl. NBNZ)
Industry exposures — Australia & NZ (excl. NBNZ) ae. Lending Assets (AUD) —t— —_% of Portfolio (RHS scale) en ceR 70-96 (RHE sole) in eR 9-10 (RS scale) Health & Community Cultural & Recreational Forestry & Fishin Services Services ” a 508 2m 200% con ii see son _ 100% ob 3466 ‘i 1.0% On SOM 9 en: 0
Slide 67: Industry exposures — Australia & NZ (excl. NBNZ)
Industry exposures — Australia & NZ (excl. NBNZ) —- Lending Assets (AUD) —F— of Portfolio (RHS scale) A In CCR 70-86 (RHS scale) in CCR 9-10 (RIS scale) Finance - Other Transport & Storage an 0% 80 10.0% 2560 100% ion mm ow a oy om an Ce 0% 136m a thn: — 0% abn ‘ 4.0% 4.0% Finance ~ Banks, Accommoda
Slide 68: Industry exposures — Australia & NZ (excl. NBNZ)
Industry exposures — Australia & NZ (excl. NBNZ) =——— Lending Assets (AUD) + of Portfolio (RHS scale) —*— % In CCR 70-86 (RHS scale) In CCR 9-10 (RHS scale) Real Estate Operators & Dev. Retail Trade Agriculture 20bn 10.0% Bbn 10.0% Bn afm fee} ef eee a ST nt td 009 om RD a Or Sap-Ol” Sep-0* Sepr0a M
Slide 69: ANZ Group Structure 2004
ANZ Group Structure 2004
Slide 70: New Zealand
1 Now Zealand Soper ee mew] meee ee CO Oe [Cc ce Qc Ee | aoe] —~oee) feo] [eos] = eee] 9 [mn] [Eecuros] = Gears ) = [eae ] [ee] eee] | Loe ] =
Slide 71: Esanda: operational excellence and improved business economics
Esanda: operational excellence and improved business economics, partly offset by margins pressure Esanda’s profit grew 3% for the half, key drivers and initiatives included; ‘Operational excellence and improved economies "= Esanda has made substantial progress in improving the efficiency ofits busin
Slide 72: Pacific & Personal Banking Asia: a strong franchise adversely affected by strengthening AUD
Pacific & Personal Banking Asia: a strong franchise adversely affected by strengthening AUD Solid underlying NPAT performance up 3% (pre exchange rates) reflective of our strength in the region: + ANZ holds either number 1 or 2 market position in all the Pacif markets in which we operate + The Pacif
Slide 73: ING JV benefits from markets upturn
ING JV benefits from markets upturn “NPAT increased 5% over the half driven by: Strong Retail FUM growth * Higher fee income arising from growth i funds under since JV inception management ("FUM") 4 Higher capital investment earnings, up 79% due to 30 —_— strong equity markets and rising interest ra
Slide 74: General background information disclaimer and investor relations contact
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 investors an
Slide 75: 2004 Interim Results
2004 Interim Results Australia and New Zealand Banking Group Limited 27 April 2004
Slide 76: Table of contents
Table of contents CO review Pages Result review Poue 7 Gredit Quality Page 18 ther Financial Issues Poue 22 Business performance Page 26 Strateay Pane 48 ‘Supplementary information Page 56
Slide 77: CEO Overview
‘SECTION 1 NZ 2004 Interim Results John McFarlane Chief Executive Officer
Slide 78: ANZ Interim Results Summary
ANZ Interim Results Summary NPAT sHeadline $1,396m Excluding significant transactions $1,312m Underlying? $1,241m EPS 76.8 cents Cash EPS! 78.9 cents Dividend fully franked? 47 cents EPS exchatng simifeant © Merch 09 guts of toda ‘save (€0.9597), >> >= 22% 15% 10% 11% 11% 11% vMar03 sv Sept 03 T 16%
Slide 79: ANZ now has a strong foundation
ANZ now has a strong foundation Model now enhanced by clustering around customers; # Personal - Key driver of future growth ® Institutional - A leading business with lower risk ® Corporate - Strong organic growth Credit concentrations almost to optimal levels International risk exposure contained Bu
Slide 80: A low risk approach to NBNZ integration
A low risk approach to NBNZ integration Phase one: quick wins * RBNZ approval expected early May Legal amalgamation into ANZ National, targeted for 30 June 2004 Maintain both brands to enhance customer retention Rapidly integrate activities that are not systems dependent Idea sharing already begun f
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Slide 147: Link to searchable text of slide shown above
Link to searchable text of slide shown above Searchable text section of graphics shown above 2004 Int erim Results Australia and New Zealand Banking Group Limited 27 April 2004
Australia and New Zealand Banking Group — 1H04 Earnings Presentation on 6ix