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BHPIAA Instalment Warrants

Document date:  Thu 28 Jun 2001
Published:  Thu 28 Jun 2001 17:56:15
Document No:  178118
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                                                     

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BHPIAA INSTALMENT WARRANTS ISSUED BY ANZ ADJUSTMENT FOR THE BHP
LIMITED BONUS ISSUE

Australia and New Zealand Banking Group Limited as issuer of
instalment warrants over ordinary shares in BHP Limited (BHP) under
the Offering Circular dated 10 May 2001 announces that it will adjust
its BHPIAA Series instalment warrants to take account of the recently
announced bonus issue involving BHP ordinary shares.

The BHPIAA instalment warrants will commence trading on an
ex-adjustment basis on 29 June 2001, while the Record Time 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 Holding  = Holding as at Record Time x 2.0651 (rounded down to
               the nearest whole number)

                            Old Completion Payment
New Completion Payment =             2.0651          =   $6.54

Trading of BHPIAA will be on a deferred settlement basis for the
period 29 June 2001 to 9 July 2001 inclusive. This is consistent with
the deferred settlement period for the new BHP ordinary shares.

Defined terms used in this announcement have the meanings set out in
the Offering Circular dated 10 May 2001.

J Koeppenkastrop
HEAD OF EQUITY DERIVATIVES