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Letter to Shareholders re Bonus Option Plan

Document date:  Wed 14 Oct 1998
Published:  Wed 14 Oct 1998 00:00:00
Document No:  141914
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

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Further to our announcement on 24 July 1998, we wish to advise the
following key dates:

Ex dividend date          12 November 1998
                                   
Record date               20 November 1998
                                   
Annual Report released    20 November 1998
                                   
Attached is a letter which has been sent to shareholders. The letter
concerns the ANZ Bonus Option Plan and the ANZ Annual Report.

J Slatter 
COMPANY SECRETARY


LETTER TO SHAREHOLDERS

With recent changes in taxation law potentially impacting on
shareholders' positions, we suggest that those shareholders
participating in the Bonus Option Plan should consult their tax
adviser.

Shareholders are advised that with effect from the coming 1998 final
dividend, the number of shares allotted under the Bonus Option Plan
will be calculated on a similar basis as shares allotted under the
Dividend Reinvestment Plan - with any notional residual held as a
balance rather than an additional share being issued (details on page
2).

However, in the Bonus Option Plan, while a notional residual can be
carried forward to the next dividend, we have been advised that for
reasons relating to the tax law changes that it is necessary for the
Plan to provide (unlike the Dividend Reinvestment Plan) for
shareholders not to receive any notional residual should they cease
to participate in the Bonus Option Plan (or the Plan is terminated or
suspended) or should they cease to hold shares. Shares will continue
to be issued at no discount to the market price of the determination
period.

1998 Annual Report

Australia is moving to concise financial reporting to facilitate
simpler company reporting to shareholders. This in no way restricts
shareholders' access to financial material should they wish it, but
it is intended to simplify what is provided automatically to all
shareholders.

At ANZ our objective is to ensure that the financial information we
present is appropriate and readily understood by shareholders.
Simpler, more concise reporting will assist shareholders to focus on
the key aspects of ANZ's performance, without the distraction of
complex disclosures.

To assist shareholders, this year's Annual Report will include a
Concise Financial Report. All shareholders will receive this report.
The Annual Report reviews the 1998 results, provides commentary on
ANZ's corporate governance, and contains a Concise Financial Report
and other important information such as the Directors' Report and the
Auditors' Report.

However, shareholders can elect to receive the full Financial Report,
which includes the detailed financial disclosures, in addition to the
Annual Report. Simply contact us now or at the time you receive the
Annual Report. There is no charge for the full Financial Report.

If we do not hear from you, you will receive the Annual Report with a
Concise Financial Report unless you have already elected not to
receive any Annual Report. Whichever election is made in relation to
the Annual Report and Financial Report, all shareholders will
Continue to receive shareholder information, proxy forms and notices
of company meetings.

Thank you for your continued support of ANZ.


A full copy of this announcement is available for purchase from ASX 
Customer Service on 1 300 300 279.


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