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WPLWB Warrants-Adjustment for WPL Special Dividend

Document date:  Thu 23 Aug 2001
Published:  Thu 23 Aug 2001 15:41:59
Document No:  180135
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-08-23  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited will adjust its
WPLWAB Series of American Call Warrants over ordinary shares in
Woodside Petroleum Limited (WPL), issued by it under an Offering
Circular dated 12 June 2001 to take account of the recently announced
$0.10 special dividend involving WPL shares.

The adjustment will be made, consistently with the OCH adjustments,
in accordance with the following formula:

New Required     Old Required     WPL(VWAP) - Return per Share
Number of     =  Number        x  ----------------------------
Warrants         of Warrants      WPL(VWAP)


New Exercise     Old Exercise     New Required Number of Warrants
Price         =  Price         x  -------------------------------
                                  Old Required Number of Warrants

Where:

Old Required Number of Warrants means 4 WPLWAB per WPL Share.

VWAP means the volume weighted average price of shares in WPL traded
on the ASX on 23 August 2001.

Return per Share means $0.10.

The adjustment will take effect on the commencement of normal trading
on the ex - date being 24 August 2001. The revised (New) Required
Number of Warrants and Exercise Price will be announced following the
calculation.

D Hornery
GLOBAL HEAD OF CAPITAL MARKETS