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Small Shareholder Scheme

Document date:  Mon 03 Apr 2000
Published:  Mon 03 Apr 2000 15:19:51
Document No:  160470
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2000-04-03  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ is giving notice to shareholders holding less than a Marketable
Parcel of shares that unless by 15 May 2000 the shareholder requests
to retain the shares, the shares will be sold. ANZ will pay the costs
of sale of the shares.

A copy of the notice being mailed to shareholders is attached.

P J Mathews 
ASSISTANT COMPANY SECRETARY


LETTER TO SHAREHOLDERS

ANZ wishes to reduce its share registry and related costs. As part of
this exercise it is commencing a program to reduce the number of
small shareholdings of its shares.

Our records indicate that you hold 3 shares in ANZ. ANZ is aware that
for shareholders with a small number of shares the brokerage costs of
selling those shares, should they wish to do so, may be
disproportionately high as frequently a minimum transaction fee is
charged. We are offering shareholders with less than a Marketable
Parcel of shares the opportunity to have those shares sold with ANZ
paying the costs of sale. Based on the ASX closing share price of
A$10.82 on 27 March 2000, less than a Marketable Parcel of shares
means 46 ANZ shares or less.

ANZ's Constitution and Australian Stock Exchange's ("ASX") Listing
Rules permit the sale by ANZ of holdings of less than a Marketable
Parcel (defined by the ASX as being of a value of less than A$500)
after reasonable notice has been given to shareholders. We are
therefore giving notice to you that your shares will be sold unless
you elect in writing to retain the shares.

SHOULD YOU WISH TO HAVE YOUR EXISTING SHARES SOLD

Take no action. Your shares will be aggregated with the holdings of
other participating shareholders and sold on market by Salomon Smith
Barney Securities. The actual amount you receive will be determined
by the market price achieved on the ASX on the day your shares are
sold (which will be shortly after the offer closes on 15 May and
will follow the announcement on 1 May of ANZ's interim results for
the halfyear to 31 March).

No brokerage or stamp duty will be paid by you on the sale of your
shares. ANZ will pay these costs for you. A cheque for the sale
proceeds will be mailed to you on completion of the transaction which
we expect will be in late May 2000.

SHOULD YOU WISH TO RETAIN YOUR EXISTING SHARES

Please sign the enclosed green form "Request to Retain Shares" and
return it to ANZ Share Registry not later than 15 May 2000.


COMPANY SECRETARY