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Instalment Warrant Adjustment fro CSR Demerger

Document date:  Wed 26 Mar 2003
Published:  Wed 26 Mar 2003 17:56:55
Document No:  202589
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 CSR Limited (CSR)
under the Offering Circular dated 10 May 2001 (ASX Code CSRIAA).

CSRIAA may be adjusted due to a proposed demerger of CSR into two
separate ASX listed entities: CSR Limited and Rinker Group Limited

The proposal to demerge the group's heavy building materials assets
from the other CSR group businesses requires a series of steps
including a scheme of arrangement, a capital reduction, a share
scheme dividend, the approval of CSR shareholders at a General
Meeting to be held on 25 March 2003 and then Court approval.

According to the indicative timetable, the effective date for the
de-merger, if approved, is 31 March 2003. If the de-merger becomes
effective, ANZ advises that the following adjustments to the CSRIAA
Instalment Warrants will occur at the commencement of trading on 31
March 2003:

* the Underlying Security will become 1 share in CSR Limited together
with 1 share in Rinker Group Limited; and

* the ASX Instalment Warrant code will change from CSRIAA to CSZIAA.

The CSZIAA Completion Payment will remain unchanged at $3.50.

The CSZIAA Instalment Warrants will commence trading ex-demerger on
31 March 2003. In addition, the CSZIAA Instalment Warrants will trade
on a deferred settlement basis from 31 March 2003 until close of
business on 22 April 2003

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

J Koeppenkastrop