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WMC Demerger-WMCIAA Instalment Warrant Adjustment

Document date:  Fri 29 Nov 2002
Published:  Mon 02 Dec 2002 12:37:27
Document No:  198580
Document part:  A
Market Flag:  N
Classification:  Structured Products Adjustment


HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited (ANZ) is the issuer
of Instalment Warrants over ordinary shares in WMC Limited (WMC)
under the Offering Circular dated 10 May 2001 (ASX Code WMCIAA).

WMCIAA may be adjusted due to a proposed demerger of WMC into two
separate ASX listed entities: WMC Resources Limited and Alumina

The proposal to demerge the group's resources and alumina businesses
requires a series of steps including a scheme of arrangement, a
capital reduction, a share scheme dividend, the approval of WMC
shareholders at a General Meeting to be held on 29 November 2002 and
then Court approval.

According to the indicative timetable, the effective date for the
de-merger, if approved, is 2 December 2002. If the de-merger becomes
effective, ANZ advises that the following adjustments to the WMCIAA
Instalment Warrants will occur:

* from the start of trading on 3 December 2002, the ASX Instalment
Warrant code will change from WMCIAA to WMBIAA; and

* from the start of trading on 4 December 2002, the Underlying
Security will become 1 share in WMC Resources Limited together with 1
share in Alumina Limited.

The WMBIAA Completion Payment will remain unchanged at $6.00.

The WMBIAA Instalment Warrants will commence trading ex-demerger on 4
December 2002. In addition, the WMBIAA Instalment Warrants will trade
on a deferred settlement basis from the start of trading on 4
December 2002 until the start of trading on 19 December 2002.

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

J Koeppenkastrop 
Global Capital Markets