Australia and New Zealand Banking Group Ltd. — Capital/Financing Update 2007

Oct 24, 2007

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Company Secretary’s Office Level 6, 100 Queen Street Melbourne VIC 3000 Phone 03 9273 6141 Fax 03 9273 6142 www.anz.com

25 October 2007

Company Announcements Australian Securities Exchange Level 10 20 Bond Street Sydney NSW 2000

Australia and New Zealand Banking Group Limited Underwriting of Dividend Reinvestment Plan (DRP) and amendment to DRP and Bonus Option Plan (BOP)

Australia and New Zealand Banking Group Limited ( ANZ ) has today entered into an agreement with UBS AG, Australia branch to fully underwrite the balance of the 2007 Final Dividend, payable on 21 December 2007, which has not been reinvested by shareholders in the DRP or foregone by shareholders under the BOP.

As announced today with ANZ's full year results for the year ended 30 September 2007, the proposed 2007 Final Dividend is 74 cents per ordinary share.

For the purposes of the DRP and BOP terms and conditions and in respect of the 2007 Final Dividend only, the Board has determined that:

• a discount of 1.5% will be applied in determining the "Acquisition Price"; and

• the “Pricing Period” will be the period of 15 trading days commencing on the second trading day immediately following the record date.

Shareholders who would like to commence participating in the DRP or BOP, or vary their current participation election, should contact ANZ's Share Registrar on 1800 11 33 99 (Australia), 0800 174 007 (New Zealand) or (61 3) 9415 4010 (any other country) to obtain an Election Form.

To be effective from the 2007 Final Dividend, completed Election Forms must be received by ANZ’s Share Registrar by 5.00pm (Melbourne time) on 14 November 2007, the record date for the 2007 Final Dividend.

Details of the above changes and the ongoing DRP and BOP terms and conditions will be available under “Dividend Information” in the Shareholder Services section of ANZ's website at www.anz.com/aus/shares/services/dividends, or alternatively shareholders may contact our Share Registrar if they have any queries.

Yours faithfully John Priestley Company Secretary

Australia and New Zealand Banking Group Limited