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BILIAA Instalment Warrants-Final ann of Adjustment

Document date:  Mon 06 Aug 2001
Published:  Mon 06 Aug 2001 16:21:36
Document No:  179491
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-08-06  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
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)
recently announced 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 now be made in accordance with the following
formula:

New Holding               =  Holding as at Record Time x 4.12872056 
                            (rounded down to the nearest whole number)

                            Old Completion Payment
New Completion Payment   = ________________________ = $7.63 
                               4.12872056

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 Koeppenkastrop
HEAD OF EQUITY DERIVATIVES
ANZ Investment Bank