BlueScope Steel Market Analysis and Financial Overview

Cents Per Share Continued Focus on Tax Effective Returns to Shareholders Share Buyback - - Plan - up to 10% (79.3m) by March 2004 Purchased/cancelled to ➤18 February 2004 - 60.7m shares (76.5%) ⚫ Dividends - All Fully Franked Total return to shareholders since listing: Buyback • Dividends A$285m A$225m • + Interim A$ 88m A$598m 25 20 15 10 5 0 7¢ 9¢ 13¢ 12¢ 1H 2H 1H Special Ordinary Page 26

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