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Warrant Report-Adjustment to LLCWAA re: Bonus Issue

Document date:  Tue 01 Dec 1998
Published:  Tue 01 Dec 1998 00:00:00
Document No:  143596
Document part:  A
Market Flag:  N

HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited as Issuer of Call 
Warrants over Ordinary Shares of Lend Lease Corporation Limited issued
pursuant to the Offering Circular dated 22 July 1997, advises that due
to discussions with ASX, the adjustments outlined in the previously 
issued Notice dated 27 November 1998, are inappropriate.

The adjustments will now be made as per the ASX Derivatives Division's
adjustments to Lend Lease Corporation Limited Exchange Traded Options 
as detailed in the Notice to clearing Members 102 dated 26 November 
1998.  The revisions are now as follows:

Effective 1 December 1998:

Revised Underlying Parcel:      One ordinary share in Lend Lease 
                                Corporation Limited
Revised Exercise Price:         $15.10, previously $30.20
Revised Required Number:        2 LLCWAA, previously 4 LLCWAA

ANZ has exercised its discretion to make these adjustments pursuant to
Section 5, Clause 4.7 of the Offering Circular dated 22 July 1997.  
ASX has consented to these adjustments.

ANZ requests a temporary trading halt in LLCWAA until 12PM 1 December 
1998 to allow the transmission of this notice to market participants.

For and on behalf of Australia and New Zealand Banking Group Limited.