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BHP Instalment Warrant - Adjustment Details

Document date:  Wed 03 Jul 2002
Published:  Wed 03 Jul 2002 18:26:22
Document No:  192033
Document part:  A
Market Flag:  N
Classification:  Structured Products Adjustment

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-07-03  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Ltd (ANZ) is the issuer of
the BHPIAA Instalment Warrant over ordinary shares in BHP Billiton
Limited (BHP) under the Offering Circular dated 10 May 2001. This
warrant has been adjusted due to the Capital Reduction and Scheme of
Arrangement relating to the demerger of BHP Steel Limited (BSL).

Further to ANZ's previous announcement dated 27 June 2002, the price
of BSL shares has been determined as $2.70 per BSL share, which
amounts to a reduction of the Completion Payment by $0.54.
Accordingly ANZ advises the ASX that the revised Completion Payment
for BHPIAA is $6.00.

BHPIAA will resume trading ex this adjustment on 4 July 2002.

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


J Koeppenkarstrop
HEAD OF EQUITY DERIVATIVES