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Amendments to Share Plan Rules

Document date:  Tue 10 Oct 2000
Published:  Tue 10 Oct 2000 10:09:32
Document No:  168107
Document part:  A
Market Flag:  N
Classification:  Company Administration - Other

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2000-10-10  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited advises that the
following two changes have been made to the rules of its Dividend
Reimbursement Plan ("DRP") and its Bonus Option Plan ("BOP").

1. CAP ON PARTICIPATION IN SHARE PLANS

Pursuant to the rules of both the DRP and BOP, the Bank has capped
participation in both Plans at a maximum of 50,000 shares for each
shareholder's total shareholding. Given the level of the cap,
approximately 99.5% of the Bank's shareholders will be unaffected by
the change and will be able to fully participate in either Plan.

2. PRICING PERIOD FOR SHARE PLANS

The rules of both the DRP and the BOP have been amended so that the
calculation of the weighted average share price will be the first
five business days after the relevant record date for each dividend.

A copy of the Terms and Conditions governing the DRP and BOP is
available on the Bank's internet site at www.anz.com or from ANZ
Share Registry.

Both amendments will apply for the final dividend to be paid on 15
December 2000 and for all subsequent dividends.

P J Mathews
ASSISTANT COMPANY SECRETARY