Supplementary Offering Circular - NABWAG

Document date:  Fri 15 Feb 2002
Published:  Mon 18 Feb 2002 08:48:32
Document No:  187140
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-02-15  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited ABN 11 005 357 522
(ANZ) has made the following change to the NABWAG Series of warrants
(Warrants) effective 15 February 2002:

NABWAG       Exercise Price (per Underlying Security):        $35.00

This is a Supplementary Offering Circular to the Offering Circular
dated 16 January 2002 as updated by Supplementary Offering Circulars
dated 25 January 2002, 30 January 2002 and 6 February 2002 issued by
ANZ as Warrant Issuer and ANZ Securities Limited ABN 16 004 997 111
(ANZ Securities) as Broker to the Issue (Offering Circular). There
were no holders of the Warrants other than ANZ or its associates at
the time of the change. No other term of the Warrants was varied and
no other part of the Offering Circular is affected.

No other circumstance has arisen and no other information has become
available since the date of the Offering Circular that should
materially affect an investor's assessment of the risks, rights and
obligations associated with the Warrants or the capacity of the
Issuer to honour and to perform its obligations in respect of the
Warrants.

Copies of the Offering Circular may be obtained from ANZ Securities
by calling 1800 337 358.

This Supplementary Offering Circular is issued for the purposes of the
ASX Business Rules. Unless the context otherwise requires,
interpretation rules applying to the Offering Circular apply in this
Supplementary Offering Circular. This is not a disclosure document
registered or lodged under Part 6D of the Corporations Law and
Australian Stock Exchange Limited and Australian Securities and
Investments Commission take no responsibility for its contents.
National Australia Bank Ltd has had no involvement in the preparation
and issue of this Supplementary Offering Circular. ANZ Securities
engages in market making activities in relation to the Warrants and
is responsible for managing the hedging strategies of its associate,
ANZ. For these purposes, a related body corporate beneficially owns
all of the Warrants not held by investors. The number of Warrants
held necessarily fluctuates from time to time. In managing the
hedging strategies, ANZ Securities may deal in shares the subject of
Warrants or any derivative of those shares.

Potential investors should always seek expert independent advice
relating to their own financial situation and objectives before
investing in warrants.