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Westpac Trust Preferred Securities (Westpac TPS) are preferred units in the Westpac TPS Trust (the Trust).

The Trust is a registered managed investment scheme that was established for the purpose of issuing Westpac TPS to retail and institutional investors in Australia and investing the proceeds in Notes issued by Westpac. Westpac Funds Management Limited (WFML), a wholly-owned subsidiary of Westpac, is the responsible entity of the Westpac TPS Trust and the Issuer of the Westpac TPS.

Westpac TPS were allotted on 21 June 2006 and commenced trading on the Australian Stock Exchange (ASX) on 27 June 2006 under the code 'WCT'.

Distributions
Westpac TPS Distributions are non-cumulative, floating rate distributions and are expected to be fully franked. Distributions are scheduled to be paid quarterly in arrears on 31 March, 30 June, 30 September and 31 December, subject to certain conditions being satisfied (the Distribution Payment Test).

If the Distribution Payment Date is not a business day, then any Distribution will be paid on the next business day (without any interest in respect of the delay).

The Westpac TPS are expected to provide a floating rate return from a combination of cash distributions and franking credits. The cash Distribution Rate will be the applicable 90 Day Bank Bill Rate (expressed as a percentage per annum) plus the Margin (initially 1.00% per annum) multiplied by (1 - the Australian Corporate Tax Rate).

If Westpac TPS are not Redeemed, Converted or Exchanged by the Step-Up Date (30 June 2016), the Initial Margin will increase by a one time step-up of 1.00% per annum.

Westpac TPS Trust - ASX announcements
View ASX announcements* regarding the Westpac TPS Trust, including quarterly distribution announcements.

Westpac TPS Trust Reports
Annual Financial Report for the year ended 30 September 2007 (PDF 1Mb)

Interim Financial Report for the half year ended 31 March 2007 (PDF 336kb) Annual Financial Report for the year ended 30 September 2006 (PDF 492kb)

Holders of Westpac TPS
For further information regarding Westpac TPS please call the registry, Link Market Services Limited on 1300 787 993 (Monday to Friday, 8.30am - 5.30pm).

Terms used on this site have the same meaning as those in the Product Disclosure Statement.

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