Commonwealth Numbered Regulations

BANKS (SHAREHOLDINGS) REGULATIONS (AMENDMENT) 1998 No. 50 - REG 3

3.1 After regulation 11, insert: Prescribed interest in shares and prescribed
persons (Act, paragraph 8 (9) (d))-AMP Bank Limited

"12. (1) For paragraph 8 (9) (d) of the Act, a person who, under section 8 or
9 of the Act, is taken to have an interest in a share in AMP Bank Limited is a
prescribed person and the interest is a prescribed interest.

"(2) Subregulation (1) does not apply to an interest that:

   (a)  AMP Limited or AMP Financial Investment Group Holdings Limited is
        taken to have; or

   (b)  a person who is from time to time a relevant officer of AMP Limited or
        AMP Financial Investment Group Holdings Limited is taken to have; or

   (c)  another person is taken to have because:

        (i)    AMP Limited is, or its directors are, accustomed, or under an
               obligation, whether formal or informal, to act in accordance
               with the directions, instructions or wishes of the person in
               relation to that share in AMP Bank Limited; or

        (ii)   the person has a controlling interest in AMP Limited; or

        (iii)  the person, the associates of the person, or the person and the
               associates of the person, may exercise or control the exercise
               of at least 15% of the votes attached to the voting shares in
               AMP Limited.

"(3) In this regulation: associate has the meaning given by subsection 8 (5)
of the Act.".