ANZ Financial Performance Overview

SECTION 4 Illustrative Impact of TrUEPRS redemption and replacement on 2004 $m $m TrUEPrS StEPS $m Change $m Redemption of TrUEPrS 2003 2004 Significant transactions NPAT components Interest on re-investment (net of tax) 11 33 1 Interest rate swap (net of tax) 49 78 Tax credit on dividend 31 18 3 91 51 -40 82 Dividend Contribution to EPS -102 -58 44 -31 -11 -7 Subject to final timing of redemption of TrUEPRS and interest rates 34 51 ANZ

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