Cleansing Notice

For Release: 14 August 2025
Issue of A$1.5 billion of Subordinated Notes
Notice under section 708A(12H)(e) of the Corporations Act 2001
(Cwlth)

Today Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“ANZBGL”) will issue A$750
million fixed rate subordinated notes due August 2045 and A$750 million fixed to floating rate subordinated
notes due August 2040 ($1.5 billion in aggregate) pursuant to its Australian dollar debt issuance programme
(the “Subordinated Notes”).
The Subordinated Notes convert into fully paid ordinary shares of ANZ Group Holdings Limited (ABN 16 659
510 791) (“ANZGHL”) (“ANZGHL Ordinary Shares”) where the Australian Prudential Regulation Authority
(“APRA”) determines this to be necessary on the grounds that ANZBGL would otherwise become non-viable.
This notice is given jointly by ANZBGL and ANZGHL. It is a cleansing notice prepared for the purposes of
section 708A(12H)(e) of the Corporations Act 2001 (Cwlth) (“Corporations Act”) (as inserted by ASIC
Corporations (Regulatory Capital Securities) Instrument 2016/71) to enable ANZGHL Ordinary Shares or
Approved NOHC Ordinary Shares
1
issued on conversion of the Subordinated Notes to be freely tradeable
without further disclosure and includes:
1. the description of the rights and liabilities attaching to the Subordinated Notes that is contained in the
“Conditions of the Securities” section of the Information Memorandum dated 9 August 2023 that was
lodged by ANZBGL with the Australian Securities Exchange (“ASX”) on that day (“Information
Memorandum”);
2. in Schedule 1, commercial particulars of the Subordinated Notes, extracted from the Pricing
Supplements for the Subordinated Notes dated 12 August 2025; and
3. the description of the rights and liabilities attaching to ANZGHL Ordinary Shares that is contained in the
“Description of the ANZGHL Ordinary Shares to be issued upon Conversion of Subordinated Notes
that are subject to Conversion” section of the Information Memorandum.
Words and expressions defined in the Information Memorandum have the same meanings in the remainder of
this cleansing notice unless the contrary intention appears.
The issue of Subordinated Notes by ANZBGL will not have a material impact on ANZBGL’s or ANZGHL’s
financial position. If a Non-Viability Trigger Event occurs and ANZGHL issues ANZGHL Ordinary Shares, the
impact of Conversion on ANZGHL would be to increase ANZGHL’s shareholders’ equity. The number of
ANZGHL Ordinary Shares issued on Conversion is limited to the Maximum Conversion Number. The
Maximum Conversion Number is 162.9726 ANZGHL Ordinary Shares per Subordinated Note (with a Principal
Amount of A$1,000), based on the Issue Date VWAP
2
of A$30.68.
As a disclosing entity, ANZGHL is subject to regular reporting and disclosure obligations under the
Corporations Act and ASX Listing Rules. Broadly, these obligations require ANZGHL to prepare and lodge
with the Australian Securities and Investments Commission (“ASIC”) both yearly and half yearly financial
statements and to report on its operations during the relevant accounting period, and to obtain an audit or
review report from its auditor.
Copies of documents lodged with ASIC may be obtained from or inspected at an ASIC office.
ANZGHL must ensure that the ASX is continuously notified of information about specific events and matters as
they arise for the purposes of the ASX making the information available to the Australian securities market. In
this regard, ANZGHL has an obligation under the ASX Listing Rules (subject to certain exceptions) to notify the

ASX immediately of any information concerning it of which it becomes aware, which a reasonable person
would expect to have a material effect on the price or value of its quoted securities.
ANZGHL will provide a copy of any of the following documents free of charge to any person who requests a
copy before the Subordinated Notes are issued:
• the Information Memorandum;
• any continuous disclosure notices given by ANZGHL in the period after the lodgement of the annual
financial report of ANZGHL for the year ended 30 September 2024 and before the date of this notice;
• ANZGHL’s consolidated financial report and dividend announcement for the half year ended 31 March
2025;
• ANZGHL’s annual financial report for the year ended 30 September 2024; and
• ANZGHL’s constitution.

All written requests for copies of the above documents should be addressed to:

Investor Relations Department
Australia and New Zealand Banking Group Limited ANZ Centre Melbourne
Level 10
833 Collins Street
Docklands Vic 3008




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES OF AMERICA
This notice is not a prospectus or other disclosure document in relation to the Subordinated Notes, and does
not constitute an offer or invitation for the Subordinated Notes or any ANZGHL Ordinary Shares for issue or
sale in Australia. Subordinated Notes are only available for sale to persons in Australia in circumstances where
disclosure is not required in accordance with Part 6D.2 and the sale is not to a retail client for the purposes of
Chapter 7 of the Corporations Act. The securities have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (“US Securities Act”) or the securities laws of any state of the United
States or any jurisdiction, and the securities may not be offered or sold in the United States or to, or for the
account or the benefit of, U.S. persons (as defined in Regulation S under the US Securities Act) unless an
exemption from the registration requirements of the US Securities Act is available and the offer and sale is in
accordance with all applicable state securities laws of any state of the United States. This notice is not an offer
or invitation to any U.S. persons.

SCHEDULE 1 – Commercial particulars of the Subordinated Notes

1


PRICING SUPPLEMENT




AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
(Australian Business Number 11 005 357 522)
(Incorporated with limited liability in Australia)



Australian Dollar
Debt Issuance Programme


Series No: 200
Tranche No: 1

A$750,000,000 Fixed Rate Subordinated Notes due 14 August 2045
Issue Price: 100 per cent.



Dealer: Australia and New Zealand Banking Group Limited

The date of this Pricing Supplement is 12 August 2025

2
Notification under Section 309B(1) of the Securities and Futures Act 2001 of Singapore (the
“SFA”): In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets
Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined, and
hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are
prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment
Products (as defined in the Monetary Authority of Singapore (the “MAS”) Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).
This document constitutes the Pricing Supplement relating to the issue of the Notes described herein.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in
the Information Memorandum dated 9 August 2023. This Pricing Supplement contains the final terms of
the Notes and must be read in conjunction with the Information Memorandum, as supplemented as at the
Issue Date.
1 Issuer: Australia and New Zealand Banking Group
Limited
2 (i) Series Number: 200
(ii) Tranche Number: 1
(if fungible with an existing Series, include
details of that Series, including the date on
which the Notes become fungible)

3 Specified Currency: Australian Dollars (“A$”)
4 Aggregate Principal Amount:
(i) Tranche: A$750,000,000
(ii) Series: A$750,000,000
5 (i) Issue Price: 100 per cent. of the Aggregate Principal
Amount
(ii) Net proceeds: A$750,000,000
6 Specified Denomination(s) (and
Principal Amount):
A$1,000 in each case as it may be adjusted in
accordance with Condition 7.4
The minimum aggregate consideration
payable in respect of an offer or invitation in
Australia or any offer or invitation received in
Australia must be no less than A$500,000 (or
its equivalent in an alternate currency, in each
case, disregarding moneys lent by the offeror
or its associates) unless the offer or invitation
otherwise does not require disclosure to
investors under Part 6D.2 (disregarding
section 708(19)) or Chapter 7 of the
Corporations Act. In every case, an offer or
invitation must not be to a retail client (as
defined in section 761G of the Corporations
Act).
7 (i) Issue Date: 14 August 2025

3
(ii) Interest Commencement Date: Issue Date
8 Maturity Date: 14 August 2045
9 Interest Basis: 6.171 per cent. Fixed Rate
(Further particulars specified below)
10 Redemption/Payment Basis: Redemption at Par
11 Change of Interest or
Redemption/Payment Basis:
Not Applicable

12 Put/Call Options: Not Applicable

13 Status of the Notes: Subordinated Notes
14 Listing: None
15 Method of distribution: Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16 Fixed Rate Note Provisions: Applicable
(i) Rate of Interest: 6.171 per cent. per annum payable semi-
annually in arrear in respect of the period
from, and including, the Issue Date to, but
excluding, the Maturity Date
(ii) Interest Payment Date(s): 14 February and 14 August in each year
commencing on 14 February 2026 up to, and
including the Maturity Date, subject to
adjustment for payment purposes only in
accordance with the Business Day
Convention
(iii) Fixed Coupon Amount: Not Applicable
(iv) Broken Amount(s): Not Applicable
(v) Business Day Convention: Following Business Day Convention
(vi) Day Count Fraction: RBA Bond Basis
(vii) Other terms relating to the method of
calculating interest for Fixed Rate
Notes:
Not Applicable
17 Floating Rate Note Provisions: Not Applicable
18 Zero Coupon Note Provisions: Not Applicable
19 Linear interpolation: Not Applicable

4
20 Index Linked Interest Note Provisions: Not Applicable
PROVISIONS RELATING TO REDEMPTION
21 Call Option: Not Applicable

22 Put Option: Not Applicable
23 Final Redemption Amount: Par, as it may be adjusted in accordance with
Condition 7.4
24 Early Redemption Amount:
Early Redemption Amount(s) payable on
redemption for taxation reasons, or a
Regulatory Event (if applicable, for
Subordinated Notes only) or on Event of
Default and/or the method of calculating the
same (if required or if different from that set
out in the Conditions).
Par, as it may be adjusted in accordance with
Condition 7.4
25 Redemption for Regulatory Event
(Subordinated Notes only):
Applicable
Any early redemption will be subject to the
prior written approval of APRA.
Subordinated Noteholders should not expect
that APRA’s approval will be given for any
redemption of Subordinated Notes.
26 Redemption for taxation reasons: Any early redemption will be subject to the
prior written approval of APRA.
Subordinated Noteholders should not expect
that APRA’s approval will be given for any
redemption of Subordinated Notes.
Condition 6.2(a): Applicable (Note that Condition 6.2(a)
applies automatically).
Condition 6.2(b) (Subordinated Notes
only):
Applicable
Condition 6.2(c) (Subordinated Notes
only):
Applicable
PROVISIONS APPLICABLE TO SUBORDINATED NOTES
27 Subordinated Notes: Applicable
28 Write-Off: Not Applicable
(Where “Not Applicable” is specified at this
paragraph 28, this is without prejudice to the
application of Condition 8.5 where
“Applicable” is specified at paragraph 29)

5
29 Conversion: Applicable
(i) CD: 1.00%
(ii) VWAP Period: 5 Business Days
30 Alternative Conversion Number: Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE SECURITIES
31 Form of Notes: Registered
32 Record Date: 7 days
33 Additional Financial Centre(s) (for the
purposes of the “Business Day”
definition) or other special provisions
relating to Interest Payment Dates:
Not Applicable
34 Public Offer Test compliant: Yes
35 Details relating to Instalment Notes,
including Instalment Amount(s) and
Instalment Date(s):
Not Applicable
36 Consolidation provisions: Not Applicable
37 Governing law: State of Victoria and Commonwealth of
Australia
38 Other terms or special conditions: As set out in Schedule 1.
DISTRIBUTION
39 If syndicated, names of Lead
Managers and the Dealers:
Not Applicable
40 If non-syndicated, name of Dealer: Australia and New Zealand Banking Group
Limited
41 Additional selling restrictions: Selling restrictions are set out in the
Information Memorandum in the section
headed “Subscription and Sale” except that
the “Singapore” sub-section is replaced with
the following:
Singapore
This Information Memorandum has not been
registered as a prospectus with the Monetary
Authority of Singapore. Accordingly, this
Information Memorandum or any other
document or material in connection with the
offer or sale, or invitation for subscription or
purchase, of the Notes, may not be circulated
or distributed, nor may the Notes be offered
or sold, or be made the subject of an

6
invitation for subscription or purchase,
whether directly or indirectly, to any person in
Singapore other than (i) to an institutional
investor (as defined in Section 4A of the
Securities and Futures Act 2001 of
Singapore, as modified or amended from time
to time (the "SFA")) pursuant to Section 274
of the SFA or (ii) to an accredited investor (as
defined in Section 4A of the SFA) pursuant to
and in accordance with the conditions
specified in Section 275 of the SFA.
OPERATIONAL INFORMATION
42 ISIN: AU3CB0324754
43 Common Code: 314860349
44 Any clearing system(s) other than
Austraclear and the relevant
identification number(s):
The Securities will be lodged in the
Austraclear system. Securities may also be
held and transacted in the Euroclear and
Clearstream systems.
RATINGS
A rating is not a recommendation by any rating organisation to buy, sell or hold Notes and may
be subject to revision or withdrawal at any time by the assigning rating organisation.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Signed on behalf of the Issuer:

7
Schedule 1

1. The Perpetual Capital Floating Rate Notes issued under a trust deed dated 30
October 1986 referenced in the definition of “Equal Ranking Securities” are no longer
outstanding. Accordingly, the definition of “Equal Ranking Securities” in Condition 1.1
is deleted and replaced with:

“Equal Ranking Securities means any present or future instrument that ranks in a
winding-up of the Issuer as the most junior claim in the winding-up of the Issuer
ranking senior to Junior Ranking Securities, and includes any other instruments
issued as Relevant Tier 2 Securities.”

2. The following disclosure shall be added to the section entitled “Summary of the
Programme - Additional Note Risks (Subordinated Notes):”

“Subordinated Noteholders should be aware that, as at the date of this Pricing
Supplement, Relevant Tier 1 Securities include the securities eligible for inclusion as
Additional Tier 1 Capital. APRA has proposed that Additional Tier 1 Capital be
phased out from 1 January 2027. This is likely to decrease the amount (if any) of
Relevant Tier 1 Securities and increase the amount of Relevant Tier 2 Securities that
are on issue from time to time, which could adversely affect the outcomes for holders
of Subordinated Notes in the event of a Non-Viability Trigger Event.

The transitional arrangements that will apply to Additional Tier 1 Capital instruments
on issue on 1 January 2027 are subject to on-going consultation with APRA, however
it is expected that no Additional Tier 1 Capital instruments would remain on issue
after 1 January 2032. Accordingly, from that date, the only securities ranking junior to
the Subordinated Notes in a winding-up would be ordinary shares in the Issuer, and if
a Non-Viability Trigger Event were to occur there would be no Relevant Tier 1
Securities liable to be Converted before the Subordinated Notes are required to be
Converted.”

3. All disclosure in the Information Memorandum describing ranking and subordination
is qualified by the changes described above.

1


PRICING SUPPLEMENT




AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
(Australian Business Number 11 005 357 522)
(Incorporated with limited liability in Australia)



Australian Dollar
Debt Issuance Programme


Series No: 201
Tranche No: 1

A$750,000,000 Fixed to Floating Rate Subordinated Notes due 14 August 2040
Issue Price: 100 per cent.



Dealer: Australia and New Zealand Banking Group Limited

The date of this Pricing Supplement is 12 August 2025

2
Notification under Section 309B(1) of the Securities and Futures Act 2001 of Singapore (the
“SFA”): In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets
Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined, and
hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are
prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment
Products (as defined in the Monetary Authority of Singapore (the “MAS”) Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).
This document constitutes the Pricing Supplement relating to the issue of the Notes described herein.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in
the Information Memorandum dated 9 August 2023. This Pricing Supplement contains the final terms of
the Notes and must be read in conjunction with the Information Memorandum, as supplemented as at the
Issue Date.
1 Issuer: Australia and New Zealand Banking Group
Limited
2 (i) Series Number: 201
(ii) Tranche Number: 1
(if fungible with an existing Series, include
details of that Series, including the date on
which the Notes become fungible)

3 Specified Currency: Australian Dollars (“A$”)
4 Aggregate Principal Amount:
(i) Tranche: A$750,000,000
(ii) Series: A$750,000,000
5 (i) Issue Price: 100 per cent. of the Aggregate Principal
Amount
(ii) Net proceeds: A$750,000,000
6 Specified Denomination(s) (and
Principal Amount):
A$1,000 in each case as it may be adjusted in
accordance with Condition 7.4
The minimum aggregate consideration
payable in respect of an offer or invitation in
Australia or any offer or invitation received in
Australia must be no less than A$500,000 (or
its equivalent in an alternate currency, in each
case, disregarding moneys lent by the offeror
or its associates) unless the offer or invitation
otherwise does not require disclosure to
investors under Part 6D.2 (disregarding
section 708(19)) or Chapter 7 of the
Corporations Act. In every case, an offer or
invitation must not be to a retail client (as
defined in section 761G of the Corporations
Act).
7 (i) Issue Date: 14 August 2025

3
(ii) Interest Commencement Date: Issue Date
8 Maturity Date: Interest Payment Date falling on or nearest to
14 August 2040
9 Interest Basis: From, and including, the Issue Date to, but
excluding, 14 August 2035: 5.691 per cent.
Fixed Rate
From, and including, 14 August 2035 to, but
excluding, the Maturity Date: 3 month BBSW
+ 1.68 per cent. Floating Rate
(Further particulars specified below)
10 Redemption/Payment Basis: Redemption at Par
11 Change of Interest or
Redemption/Payment Basis:
Applicable
From, and including, the Issue Date to, but
excluding, 14 August 2035: Fixed Rate
From, and including, 14 August 2035 to, but
excluding, the Maturity Date: Floating Rate
(Further particulars specified below)
12 Put/Call Options: Call Option
(Further particulars specified below)
13 Status of the Notes: Subordinated Notes
14 Listing: None
15 Method of distribution: Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16 Fixed Rate Note Provisions: Applicable from, and including, the Issue Date
to, but excluding, 14 August 2035
(i) Rate of Interest: 5.691 per cent. per annum payable semi-
annually in arrear in respect of the period
from, and including, the Issue Date to, but
excluding, 14 August 2035
(ii) Interest Payment Date(s): 14 February and 14 August in each year
commencing on 14 February 2026 up to, and
including, 14 August 2035, subject to
adjustment for payment purposes only in
accordance with the Business Day
Convention
(iii) Fixed Coupon Amount: Not Applicable
(iv) Broken Amount(s): Not Applicable

4
(v) Business Day Convention: Following Business Day Convention
(vi) Day Count Fraction: RBA Bond Basis
(vii) Other terms relating to the method of
calculating interest for Fixed Rate
Notes:
Not Applicable
17 Floating Rate Note Provisions: Applicable from, and including, 14 August
2035 to, but excluding, the Maturity Date
(i) (a) Interest Period(s): Not Applicable (For the avoidance of doubt
the defined term in Condition 1.1 applies)
(b) Interest Payment Dates: 14 February, 14 May, 14 August and 14
November in each year commencing on 14
November 2035 up to, and including, the date
on which the Subordinated Notes are
redeemed, subject to adjustment in
accordance with the Business Day
Convention
(c) Interest Period Date if not an
Interest Payment Date:
Not Applicable
(ii) Business Day Convention: Modified Following Business Day Convention
(iii) Manner in which the Rate(s) of
Interest is/are to be determined:
BBSW Rate Determination
(iv) Calculation Agent responsible for
calculating the Rate(s) of Interest
and Interest Amount(s):
Australia and New Zealand Banking Group
Limited
(v) Screen Rate Determination: Not Applicable
(vi) Margin(s): +1.68 per cent. per annum
(vii) Minimum Rate of Interest: Not Applicable
(viii) Maximum Rate of Interest: Not Applicable
(ix) Rate Multiplier Not Applicable
(x) Day Count Fraction: Actual/365 (fixed)
(xi) Fall back provisions, rounding
provisions, denominator and any
other terms relating to the method of
calculating interest on Floating Rate
Notes, if different from those set out
in the Conditions:
Not Applicable
18 Zero Coupon Note Provisions: Not Applicable
19 Linear interpolation: Not Applicable
20 Index Linked Interest Note Provisions: Not Applicable

5
PROVISIONS RELATING TO REDEMPTION
21 Call Option: Applicable
Any early redemption will be subject to the
prior written approval of APRA. Subordinated
Noteholders should not expect that APRA’s
approval will be given for any redemption of
Subordinated Notes.
(i) Option Exercise Date(s) (if other
than as set out in the Conditions):
Not Applicable
(ii) Optional Redemption Date(s): 14 August 2035 and every Interest Payment
Date thereafter up to, but excluding, the
Maturity Date, in each case subject to
adjustment in accordance with the Business
Day Convention
The Optional Redemption Date must not be
earlier than 5 years from the Issue Date.
(iii) Optional Redemption Amount(s) and
method, if any, of calculation of such
amount(s):
Redemption at Par, as it may be adjusted in
accordance with Condition 7.4
(iv) If redeemable in part: Not Applicable
(a) Minimum Redemption Amount: Not Applicable
(b) Maximum Redemption Amount: Not Applicable
22 Put Option: Not Applicable
23 Final Redemption Amount: Par, as it may be adjusted in accordance with
Condition 7.4
24 Early Redemption Amount:
Early Redemption Amount(s) payable on
redemption for taxation reasons, or a
Regulatory Event (if applicable, for
Subordinated Notes only) or on Event of
Default and/or the method of calculating the
same (if required or if different from that set
out in the Conditions).
Par, as it may be adjusted in accordance with
Condition 7.4
25 Redemption for Regulatory Event
(Subordinated Notes only):
Applicable
Any early redemption will be subject to the
prior written approval of APRA.
Subordinated Noteholders should not expect
that APRA’s approval will be given for any
redemption of Subordinated Notes.
26 Redemption for taxation reasons: Any early redemption will be subject to the
prior written approval of APRA.

6
Subordinated Noteholders should not expect
that APRA’s approval will be given for any
redemption of Subordinated Notes.
Condition 6.2(a): Applicable (Note that Condition 6.2(a)
applies automatically).
Condition 6.2(b) (Subordinated Notes
only):
Applicable
Condition 6.2(c) (Subordinated Notes
only):
Applicable
PROVISIONS APPLICABLE TO SUBORDINATED NOTES
27 Subordinated Notes: Applicable
28 Write-Off: Not Applicable
(Where “Not Applicable” is specified at this
paragraph 28, this is without prejudice to the
application of Condition 8.5 where
“Applicable” is specified at paragraph 29)
29 Conversion: Applicable
(i) CD: 1.00%
(ii) VWAP Period: 5 Business Days
30 Alternative Conversion Number: Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE SECURITIES
31 Form of Notes: Registered
32 Record Date: 7 days
33 Additional Financial Centre(s) (for the
purposes of the “Business Day”
definition) or other special provisions
relating to Interest Payment Dates:
Not Applicable
34 Public Offer Test compliant: Yes
35 Details relating to Instalment Notes,
including Instalment Amount(s) and
Instalment Date(s):
Not Applicable
36 Consolidation provisions: Not Applicable
37 Governing law: State of Victoria and Commonwealth of
Australia
38 Other terms or special conditions: As set out in Schedule 1.

7
DISTRIBUTION
39 If syndicated, names of Lead
Managers and the Dealers:
Not Applicable
40 If non-syndicated, name of Dealer: Australia and New Zealand Banking Group
Limited
41 Additional selling restrictions: Selling restrictions are set out in the
Information Memorandum in the section
headed “Subscription and Sale” except that
the “Singapore” sub-section is replaced with
the following:
Singapore
This Information Memorandum has not been
registered as a prospectus with the Monetary
Authority of Singapore. Accordingly, this
Information Memorandum or any other
document or material in connection with the
offer or sale, or invitation for subscription or
purchase, of the Notes, may not be circulated
or distributed, nor may the Notes be offered
or sold, or be made the subject of an
invitation for subscription or purchase,
whether directly or indirectly, to any person in
Singapore other than (i) to an institutional
investor (as defined in Section 4A of the
Securities and Futures Act 2001 of
Singapore, as modified or amended from time
to time (the "SFA")) pursuant to Section 274
of the SFA or (ii) to an accredited investor (as
defined in Section 4A of the SFA) pursuant to
and in accordance with the conditions
specified in Section 275 of the SFA.
OPERATIONAL INFORMATION
42 ISIN: AU3CB0324762
43 Common Code: 314860560
44 Any clearing system(s) other than
Austraclear and the relevant
identification number(s):
The Securities will be lodged in the
Austraclear system. Securities may also be
held and transacted in the Euroclear and
Clearstream systems.
RATINGS

8
A rating is not a recommendation by any rating organisation to buy, sell or hold Notes and may
be subject to revision or withdrawal at any time by the assigning rating organisation.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Signed on behalf of the Issuer:

9
Schedule 1

1. The Perpetual Capital Floating Rate Notes issued under a trust deed dated 30
October 1986 referenced in the definition of “Equal Ranking Securities” are no longer
outstanding. Accordingly, the definition of “Equal Ranking Securities” in Condition 1.1
is deleted and replaced with:

“Equal Ranking Securities means any present or future instrument that ranks in a
winding-up of the Issuer as the most junior claim in the winding-up of the Issuer
ranking senior to Junior Ranking Securities, and includes any other instruments
issued as Relevant Tier 2 Securities.”

2. The following disclosure shall be added to the section entitled “Summary of the
Programme - Additional Note Risks (Subordinated Notes):”

“Subordinated Noteholders should be aware that, as at the date of this Pricing
Supplement, Relevant Tier 1 Securities include the securities eligible for inclusion as
Additional Tier 1 Capital. APRA has proposed that Additional Tier 1 Capital be
phased out from 1 January 2027. This is likely to decrease the amount (if any) of
Relevant Tier 1 Securities and increase the amount of Relevant Tier 2 Securities that
are on issue from time to time, which could adversely affect the outcomes for holders
of Subordinated Notes in the event of a Non-Viability Trigger Event.

The transitional arrangements that will apply to Additional Tier 1 Capital instruments
on issue on 1 January 2027 are subject to on-going consultation with APRA, however
it is expected that no Additional Tier 1 Capital instruments would remain on issue
after 1 January 2032. Accordingly, from that date, the only securities ranking junior to
the Subordinated Notes in a winding-up would be ordinary shares in the Issuer, and if
a Non-Viability Trigger Event were to occur there would be no Relevant Tier 1
Securities liable to be Converted before the Subordinated Notes are required to be
Converted.”

3. All disclosure in the Information Memorandum describing ranking and subordination
is qualified by the changes described above.