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Adjustment for BIL Bonus Issue/Record Time for entitlement

Document date:  Thu 26 Jul 2001
Published:  Thu 26 Jul 2001 14:59:35
Document No:  179063
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-07-26  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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BILIAA INSTALMENT WARRANTS ISSUED BY ANZ
ANNOUNCEMENT OF ADJUSTMENT FOR THE BRAMBLES LIMITED BONUS ISSUE

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

The BILIAA instalment warrants will commence trading on an
ex-adjustment basis on 8 August 2001, while the Record Time for this
adjustment is 14 August 2001. These dates coincide with the ex-bonus
entitlement date and the record date for the BIL bonus issue,
respectively.

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

New Holding            =  Holding as at Record Time x 4.128 (rounded 
                          down to the nearest whole number)

                          Old Completion Payment
New Completion Payment =            4,128          = $7.63 

Trading of BILIAA will be on a deferred settlement basis for the
period 8 August 2001 to 20 August 2001 inclusive. This is consistent
with the deferred settlement period for the new BIL ordinary shares.

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

The above announcement is conditional on BIL receiving all necessary
approvals in respect of the proposed merger with GKN Plc and on BIL
making no amendments to the dates and amounts set out above.

J Koeppankastrop
HEAD OF ANZ EQUITY DERIVATIVES

BILIAA INSTALMENT WARRANTS ISSUED BY ANZ
ANNOUNCEMENT OF RECORD TIME FOR ENTITLEMENT TO BLIAA DISTRIBUTION

Australia and New Banking Group Limited as issuer of instalment
warrants over ordinary shares in Brambles Limited (BIL) under an
Offering Circular dated 10 May 2001 (ASX Code: BILIAA), announces
that the Record Time for the entitlement to the $0.41 distribution
(franked to 60%) for the BILIAA Series of instalment warrants is 14
August 2001.

The Record Time coincides with the record date for the BIL dividend.

The BILIAA instalment warrants will commence trading on an
ex-distribution basis on 8 August 2001. This coincides with the
ex-dividend date for the BIL ordinary shares.

Trading of BILIAA will be on a deferred settlement basis for the
period 8 August 2001 to 20 August 2001 inclusive. This is consistent
with the deferred settlement period for the new BIL ordinary shares.

The Security Trustee will cause the dividends to be distributed to
Holders of BILIAA as soon as possible after receipt in the form of
cleared funds.

Defined terms used in this announcement have the meanings given to
them in the Offering Circular dated 10 May 2001.

The above announcement is conditional on BIL receiving all necessary
approvals in respect of the proposed merger with GKN Plc and on BIL
making no amendments to the dates and amounts set out above.

J Koeppankastrop
HEAD OF ANZ EQUITY DERIVATIVES