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BHPWAQ Series of European Put Warrants Supp Offering Circ

Document date:  Tue 22 May 2001
Published:  Tue 22 May 2001 10:58:19
Document No:  176803
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report


HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited (ANZ) has made the
following change to the BHPWAQ Series of warrants (Warrants)
effective 22 May 2001:

      BHPWAQ Exercise Price (per Underlying Security): $23.00

This is a Supplementary Offering Circular to the Offering Circular
dated 1 March 2001 issued by ANZ (ABN 11 005 357 522 as Warrant
Issuer and ANZ Securities Limited ACN 004 997 111 (ANZ Securities) as
Broker to the Issue (Offering Circular). There were no holders of the
Warrants other than ANZ or its associates at the time of the change.
No other term of the Warrants was varied and no other part of the
Offering Circular is affected.

No other circumstance has arisen and no other information has become
available since the date of the Offering Circular that should
materially affect an investor's assessment of the risks, rights and
obligations associated with the Warrants or the capacity of the
Issuer to honour and to perform its obligations in respect of the

Copies of the Offering Circular may be obtained from ANZ by calling
1800 337 358.

This Supplementary Offering Circular is issued for the purposes of
the ASX Business Rules. Unless the context otherwise requires,
interpretation rules applying to the Offering Circular apply in this
Supplementary Offering Circular. This is not a disclosure document
registered or lodged under Part 6D of the Corporations Law and
Australian Stock Exchange Limited and Australian Securities and
Investments Commission take no responsibility for its contents. BHP
Limited has had no involvement in the preparation and issue of this
Supplementary Offering Circular. ANZ Securities engages in market
making activities in relation to the Warrants and is responsible for
managing the hedging strategies of its associate, ANZ. For these
purposes, a related body corporate beneficially owns all of the
Warrants not held by investors. The number of Warrants held
necessarily fluctuates from time to time. In managing the hedging
strategies, ANZ Securities may deal in shares the subject of Warrants
or any derivative of those shares.

Potential investors should always seek expert independent advice
relating to their own financial situation and objectives before
investing in warrants.