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Warrants Issued by ANZ Adj. for WPL Special Dividend

Document date:  Fri 01 Mar 2002
Published:  Mon 04 Mar 2002 08:36:29
Document No:  187652
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-03-01  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited will adjust its
WPLWAC, WPLWAD, and WPLWAE Series of American Call Warrants over
ordinary shares in Woodside Petroleum Limited (WPL), issued by it
under the Offering Circulars dated 20 September 2001, 5 December
2001, and 13 February 2002 respectively to take account of the
recently announced $0.26 special dividend involving WPL shares. 

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

New Required Number     Old Required No   WPL(VWAP) - Return per Share
                    =                   x --------------------------
of Warrants               of Warrants             WPL(VWAP)

                                           New Required No of Warrants
New Exercise Price = Old Exercise Price x ----------------------------
                                           Old Required No of Warrants

Where: 

Old Required Number of Warrants means 4 WPLWAC, WPLWAD or WPLWAE per
WPL Share.

VWAP means the volume weighted average price of shares in WPL traded
on the ASX on 1 March 2002.

Return per Share means $0.26.

The adjustment will take effect on the commencement of normal trading
on the ex - date being 4 March 2002. The revised (New) Required
Number of Warrants and Exercise Price will be announced following the
calculation.


A Ezra
HEAD OF EQUITY DERIVATIVE SALES