Net profit after tax $3,446 million, down 11%

Cash earnings $4,627 million, down 8%

Cash earnings per ordinary share down 18%

Dividends $1.16, down 18%

Returns 13.8%, down from 22.3%

1. Net profit attributable to equity holders.
2. Return on average ordinary equity.
3. Net impaired assets to equity and collectively assessed provisions.
4. Cash earnings is net profit attributable to equity holders adjusted for the impact of Treasury shares, fair value changes on economic hedges of hybrid instruments, and one-off significant items not part of ongoing business operations. The adjustments to our reported results to derive cash earnings are described in Westpac’s Full Year 2009 Results (incorporating the requirements of Appendix 4E), lodged with the ASX on 4 November 2009 (the ‘ASX Announcement’).
5. Economic profit represents the excess of adjusted cash earnings over a minimum required rate of return on equity invested. For this purpose, adjusted cash earnings is defined as cash earnings plus the estimated value of franking credits paid to shareholders. The calculation of economic profit is described in more detail in Section 12 of the ASX Announcement.
6. Figures for 2000 – 2004 inclusive are presented on an AGAAP basis; figures for 2005 – 2009 inclusive are prepared on an A-IFRS basis, so they are not directly comparable.
7. Figures for 2009 (and for cash earnings in 2008 only), are presented on a ‘pro forma’ basis, that is as if the merger between Westpac and St.George was completed on 1 October 2007. The basis of presentation of the pro forma results are explained in more detail in Section 2.1 of the ASX Announcement referred to in footnote 4 and that section of the ASX Announcement is incorporated by reference into this Annual Report.
8. The 2008 reported figure has been restated due to retrospective application of changes in accounting policies. These adjustments are described in more detail in the ASX Announcement.