Instalment Warrant Distribution - BILIAA

Document date:  Fri 28 Feb 2003
Published:  Tue 04 Mar 2003 11:50:27
Document No:  201465
Document part:  A
Market Flag:  N
Classification:  Structured Products Distribution 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-02-28  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
Australia and New Zealand Banking Group Limited as issuer of
instalment warrants over ordinary shares in Brambles Industries
Limited (BIL) under the Offering Circular dated 10 May 2001 (ASX
Code: BILIAA), announces that the Record Time for the entitlements to
the $0.10, fully franked (100%) distribution for the BILIAA
instalment warrants is 21 March 2003. This Record Time coincides with
the record date for the BIL ordinary shares dividend.

The BILIAA instalment warrants will commence trading ex-distribution
on 17 March 2003. This coincides with the ex-dividend date for the
BIL ordinary shares.

The Security Trustee will cause distributions to be distributed to
Holders of BILIAA instalment warrants in the form of cleared funds no
later than 5 Business Days after 10 April 2003.

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

J Koeppenkastrop
HEAD OF ANZ EQUITY DERIVATIVES