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Warrant Report - BHPWAE/BHPWAF/BHPWAR

Document date:  Thu 28 Jun 2001
Published:  Thu 28 Jun 2001 17:50:10
Document No:  178117
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-06-28  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
Australia and New Zealand Banking Group Limited as issuer of warrants
over ordinary shares in BHP Limited (BHP) under Offering Circulars
dated 1 March 2001 and 12 June 2001 announces that it will adjust its
BHPWAE and BHPWAF Series of American Call Warrants and BHPWAR Series
of European Put Warrants to take account of the recently announced
bonus issue involving BHP ordinary shares.

The warrants will commence trading on an ex-adjustment basis on 29
June 2001, while the record date for this adjustment is 5 July 2001.
These dates coincide with the ex-entitlement date and the record date
for the BHP bonus issue, respectively.

The adjustment will be made in accordance with the following formula:

New Exercise Price = Old Exercise Price
                          2.0651

ASX CODE         OLD EXERCISE PRICE         NEW EXERCISE PRICE
BHPWAE                 $19.50                     $9.44
BHPWAF                 $22.50                    $10.90
BHPWAR                 $22.00                    $10.65

New Required Number of = Old Required Number of Warrants = 1.9370:1
Warrants                            2.0651


J Koepperkastrop
HEAD OF EQUITY DERIVATIVES