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Westpac Stapled Preferred Securities (Westpac SPS)

The information set out here is for investors residing in Australia only.

Each Westpac SPS is a stapled security consisting of a perpetual, unsecured, non-cumulative subordinated Note issued by Westpac's New York branch stapled to a Preference Share issued by Westpac.

Westpac SPS are listed on the Australian Securities Exchange (ASX) and can be traded like any other securities that are listed on the ASX. If you trade your Westpac SPS before receiving your Holding Statement, you do so at your own risk. The ASX code for the Westpac SPS is "WBCPA".

It is expected that on 26 September 2013 (the Initial Mandatory Conversion Date), Westpac SPS will be either:

• Converted into Westpac ordinary shares (subject to the satisfaction of the Conversion Conditions); or
• Transferred to a Nominated Party at the election of Westpac for cash, such that you will receive $100 for each Westpac SPS from the Nominated Party.

Further details on the Westpac SPS, including the complete Note Terms and Preference Share Terms, are included in the terms of the Westpac SPS.
Download the Westpac SPS Prospectus for reference purposes only.

Important dates

Distribution Payment Date	Relevent Record Date
30 September 2008	23 September 2008
31 December 2008	24 December 2008
31 March 2009	24 March 2009
30 June 2009	23 June 2009

The record date is calculated as the date that is seven calendar days before the payment date.

*This will be the Australian corporate tax rate applicable to Westpac's franking account as at the Distribution Payment Date. As at the date of the Prospectus, the relevant rate is 30%. ** The potential value of the franking credits does not accrue at the same time as holders receive the cash distributions and holders' ability to use franking credits will depend on their individual tax positions.

Distributions

Westpac SPS offer holders preferred, non-cumulative and floating rate Distributions. Westpac SPS Distributions are expected to be fully franked and accordingly investors are expected to receive a combination of cash distributions and franking credits. However, your ability to use franking credits will depend on your individual tax position. You should seek professional advice in respect of your individual tax position.

Distributions are calculated as: (Bank Bill Rate + Margin) x (1-Tax Rate*)

This is how the estimated Distribution Rate for the first Distribution is calculated:

• If the potential value of the franking credits is taken into account in full; and
• The Bank Bill Rate on the issue date was 7.7717% (the rate as at 30 July 2008); and
• Using the Margin of 2.40% per annum as determined under the Bookbuild.

then the Distribution rate would be 7.1202% per annum fully franked, which would be equivalent to an unfranked Distribution rate of 10.1717%** per annum.

Distributions are scheduled to be paid quarterly in arrear (subject to the satisfaction of the Distribution Payment Test) on 30 September 2008, 31 December 2008, 31 March 2009, 30 June 2009. If a distribution payment date is not a business day, then the distribution will be paid on the next business day (without any interest in respect of the delay).

Distribution Payment History

Distribution Payment Date	Expected Distribution Rate	Cash amount of Distribution per Westpac SPS	Number of days in the Distribution Period
30 September 2008	7.1201%	$1.2095	62
31 December 2008	6.5520%***	$1.6515	92

***Expected 31/12/08 distribution.

If you have any questions regarding the Westpac SPS, you can call the Westpac SPS Information Line on 1300 139 843, Monday to Friday between the hours of 8:30am and 5:30pm.

ASX Announcements
Media Release 18 June 2008 (PDF 49kb)
Media Release 26 June 2008 (PDF 40kb)
Media Release 28 July 2008 (PDF 43kb)
Media Release 31 July 2008 (PDF 34kb)

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