Westpac FIRsTS

What are the Westpac FIRsTS?

Important information for Westpac FIRsTS holders

Westpac FIRsTS Financial Information

What are the Westpac FIRsTS?

Westpac FIRsTS are units in the Westpac First Trust. The name FIRsTS stands for Fixed Interest Resettable Trust Securities, which refers to some features of the underlying investments of the Trust. The Westpac First Trust is a registered managed investment scheme that has been established by the Issuer to issue Westpac FIRsTS. The Issuer of Westpac FIRsTS is Westpac Funds Management Limited, the responsible entity of the Westpac First Trust. Westpac Funds Management Limited is a wholly owned subsidiary of Westpac.

Westpac FIRsTS were allotted on 19 December 2002 and commenced trading on the Australian Stock Exchange ('ASX') on 24 December 2002 under the code "WBKPA". Westpac FIRsTS now trade on the ASX under the code "WBK".

Westpac FIRsTS are expected to pay a quarterly distribution of 6.575% per year until the First Rollover Date on 31 December 2007. Under the terms and conditions of the Westpac FIRsTS, on the First (and any subsequent) Rollover Date, Westpac may elect to vary (or reset) the annual distribution rate and other features (such as the distribution frequency) of Westpac FIRsTS.

Westpac can require an Exchange of Westpac FIRsTS by issuing a Westpac Exchange Notice at any time up to 28 November 2007 (being 21 Business Days prior to the First Rollover Date).

Important information for Westpac FIRsTS holders

On 23 November 2007 Westpac announced its decision to exercise its right to Exchange all Westpac FIRsTS for cash on 31 December 2007 (the First Rollover Date) by issuing a Westpac Exchange Notice.
A Reset Notice was previously sent to holders of the Westpac FIRsTS (dated 16 October 2007). The Westpac Exchange Notice prevails over any Holder Exchange Notices received by Westpac following the issue of the Reset Notice.

Westpac Exchange Notice Westpac Exchange Notice (PDF 50kb)	Terms and Conditions of the Westpac FIRsTS Westpac First Trust Terms and Conditions (PDF 70kb)
Reset Notice Reset Notice (PDF 322kb)

Common Questions

What will occur on the First Rollover Date?

The First Rollover Date is 31 December 2007. Westpac will Exchange all Westpac FIRsTS for $100 cash per FIRsTS on this date. Holders of FIRsTS who are on the register on the Exchange record date, 27 December 2007, will receive $100 cash per FIRsTS on 31 December 2007.

Do I have to do anything to receive the cash payable in respect of the FIRsTS Exchange?

If you hold Westpac FIRsTS on the Exchange record date being 27 December 2007, Westpac will Exchange all Westpac FIRsTS for $100 cash per FIRsTS on 31 December 2007. The cash consideration for the Exchange will be paid in accordance with your existing payment instructions for receipt of quarterly distributions on the Westpac FIRsTS.

If your existing payment instructions provide for direct credit payments, the cash consideration in respect of the Exchange will be processed on 31 December 2007.
If you require a cheque to be mailed to you, due to Australia Post holidays, cheques are expected to be mailed on 2 January 2008.

If you require changes to your existing payment instructions, you will need to contact the Westpac FIRsTS Information Line.

Will I still receive a quarterly distribution for Westpac FIRsTS?

If you are a registered holder of the Westpac FIRsTS on the record date for the distribution (12 December 2007) you will be paid the final distribution amount. The cash payable in respect of the FIRsTS Exchange will be paid separately.

The Exchange record date is 27 December 2007. If you hold Westpac FIRsTS the Exchange record date, you will be paid A$100 per Westpac FIRsTS on 31 December 2007.

Do I have to do anything with the Reset Notice that I received?

No, you are not required to do anything. Westpac has decided to exercise its right to exchange FIRsTS for $100 cash per Westpac FIRsTS.

The Westpac Exchange Notice prevails over any Holder Exchange Notice you may have submitted. The terms and conditions of the Westpac FIRsTS provide that where a Westpac Exchange Notice is issued, any Holder Exchange Notice will be cancelled.

Can I still sell the FIRsTS on the ASX?

Westpac FIRsTS (WBKPA) will cease trading on the Australian Securities Exchange (ASX) on 18 December 2007. The issue of the Westpac Exchange Notice does not affect your existing right to sell your Westpac FIRsTS on the ASX up to this date.

Where do I go to find more information?

If you need more information you can contact the Westpac FIRsTS Information Line on 1300 888 736 if you are located in Australia, or 0800 111 149 if you are located in New Zealand, or contact your financial advisor.

Westpac First Trust - Annual Financial Report

30 September 2006 (PDF 432kb)

Westpac First Trust - Half-Yearly Report

31 March 2006 (PDF 1.68MB)

Westpac First Trust - ASX announcements¹
View the ASX announcements regarding the Westpac First Trust, including quarterly distribution announcements.

1. The announcements are sourced from the Australian Securities Exchange . Retrieving a company announcement indicates your acceptance of the Conditions.

FAQ

Frequently asked questions for Westpac shareholders.

Stay up to date...

Weekly update on the Australian economy prepared by Westpac's Economic Research unit.