PASWAB Series of Call Warrants Supplementary Offering Circ.

Document date:  Thu 24 May 2001
Published:  Thu 24 May 2001 10:18:15
Document No:  176900
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-05-24  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited (ANZ) has made the
following change to the PASWAB Series of warrants (Warrants)
effective 24 May 2001:

PASWAB Issue Size: 20,000,000

This change is made in accordance with clause 10.5 of the Terms of
the Warrants. The further warrants to be issued will be part of the
same series of warrants as the existing Warrants, will have terms
identical to those applying to the existing Warrants and will trade
on the same basis under the same ASX code as the existing Warrants.

This is a Supplementary Offering Circular to the Offering Circular
dated 17 April 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). 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
Warrants.

Copies of the Offering Circular may be obtained from ANZ Securities
by calling 1 800 337 358.

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. Lend
Lease Corporation 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.