(This publication is not providing advice, it is just published as an example.)

ANZ will report its result on 2-May-2012 & will go ex-dividend (about $0.65 fully franked) on 10-May-2012.

Furthermore, ANZ appears to be resting on its long term uptrend line at the $22.60 level before it moves higher again (see below daily ANZ chart).

Hence, I would recommend the following ANZ calendar call spread trade to take advantage of a potential rise in the ANZ share price.

Buy 50 May ANZ $23.50 call & Sell 50 Apr ANZ $23.51 call for a net debit of about $0.12 per spread GTC; costing about $600 in premium (before brokerage)

Details.

• Low risk: maximum potential loss = $600 plus brokerage

• No ongoing margin requirement

• High potential profit: if the Apr ANZ sold call expires worthless, then we will have an unlimited upside potential on the May ANZ bought call

Please ring the Dealing Desk and ask for William on 1300 73 66 22 if you are interested in his Option Trades.