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29 February 2008 Westpac Mortgage Investment Fund Westpac Home Loan Trust Westpac Multi-Sector Unit Trusts Westpac Retirement Plan The "Important Information" section of the attached investment statement includes information for an investor about the disclosure they can expect to receive from an investment adviser. Please note that, from 29 February 2008, new investment adviser disclosure requirements come into force, which replace the current requirements and require that investment advisers provide you with certain disclosures in writing before giving you investment advice. From then on, there will be no need to request such disclosures.

Saving and investing in theWestpac Retirement Plan

This is an investment statement for the purposesof the Securities Act 1978 and is dated 19 September 2007.

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Important information

(The information in this section is required under the Securities Act 1978) Investment decisions are very important. They often have long-term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself.

Choosing an investmentWhen deciding whether to invest, consider carefully the answers to the following questions, that can be found on the pages noted below:

Page

What sort of investment is this? 1

Who is involved in providing it for me? 1

How much do I pay? 6

What are the charges? 7

What returns will I get? 2

What are my risks? 4

Can the investment be altered? 9

How do I cash in my investment? 10

Who do I contact with enquiries aboutmy investment? 10

Is there anyone to whom I can complainif I have problems with the investment? 11

What other information can I obtainabout this investment? 11

In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus on request.

Choosing an investment adviserYou have the right to request from any investment adviser a written disclosure statement stating his or her experience and qualifi cations to give advice. That document will tell you –

• Whether the investment adviser gives advice only about particular types of investments; and

• Whether the advice is limited to the investments off ered by 1 or more particular fi nancial organisations; and

• Whether the adviser will receive a commission or other benefi t from advising you.

You are strongly encouraged to request that statement. An investment adviser commits an off ence if he or she does not provide you with a written disclosure statement within 5 working days of your request. You must make the request at the time the advice is given or within 1 month of receiving the advice.

In addition –

• If an investment adviser has any conviction for dishonesty or has been adjudged bankrupt, he or she must tell you this in writing; and

• If an investment adviser receives any money or assets on your behalf, he or she must tell you in writing the methods employed for this purpose.

Tell the adviser what the purpose of your investment is. This is important because diff erent investments are suitable for diff erent purposes.

This is an investment statement for the purposes of the Securities Act 1978 and has been prepared as at 19 September 2007.

To help you achieve your savings and investment goals, Westpac off ers a range of investments.The Westpac Retirement Plan has been designed to make planning ahead for retirement that little bit easier and more fl exible. It’s also suitable for people who have already retired and want to make the most of their money. With this plan you can choose from three diff erent portfolios which off er a wide spread of investments. You can invest in any or all of these portfolios by making regular investments or paying in lump sums when it suits. Once you are 60 you can withdraw all or part of your investment any time you want. In the following pages you’ll fi nd important information you need to know before you make your decision. It includes the investment statement covering things we have to tell you by law, and other information we think you’ll fi nd useful. If you’ve got any questions once you’ve read this, talk with your investment consultant or call us on 0800 738 641.

Investments made to the Westpac Retirement Plan do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), Westpac New Zealand Limited (Westpac NZ) or other members of the Westpac Group. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. The ultimate holding company of BT Funds Management (NZ) Limited is Westpac. None of BT Funds Management (NZ) Limited, as manager of the Plan, Westpac NZ, Westpac, any member of the of the Westpac group (or any of their nominees), or any director of any of those entities, or any other person guarantees the Plan’s performance, returns, or repayment of capital. The Westpac Retirement Plan is not off ered, and this investment statement does not constitute an off er in any jurisdiction other than in New Zealand.

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1Westpac Saving and investing in the Westpac Retirement Plan

What sort of investment is this?

The Westpac Retirement Plan Personal Section (the ‘retirement plan’) is a personal superannuation scheme, though it is not a KiwiSaver scheme or “complying superannuation fund” as defi ned in the KiwiSaver Act 2006. You invest money for your retirement by making regular payments to the retirement plan or by paying in lump sums. Everyone who invests in the retirement plan is a member and your investments buy units in whichever portfolio you choose.

There are three diff erent portfolios to invest in – the Dynamic Portfolio, the Balanced Portfolio and the Accumulation Portfolio. Each one off ers a diff erent

investment mix and diff erent levels of potential return. You can invest in any or all of these portfolios.

Here’s an overview of how the retirement plan worksThe retirement plan is a managed fund. Members’ money is pooled and managed by a team of experienced professionals. It gives you access to a wider range of investments and more buying power than you have as an individual investor.

The retirement plan is multi-sector. Each portfolio may invest in all or some of the diff erent investment sectors – cash,

bonds, shares and property (including both New Zealand and international shares and bonds, and listed and unlisted interests in property). The Dynamic Portfolio and Balanced Portfolio may also invest in derivatives and alternative investments1 . Investments may be held in other funds to obtain the appropriate exposure to these sectors.

The retirement plan is unit-based. The money you invest buys units in the portfolio you choose. Each unit represents a share of the portfolio’s assets, so changes in asset values aff ect the unit value. The unit value is regularly calculated.

Who is involved in providing it for me?

The retirement plan is market-linked. The value of your investment and the returns you get depend on the value of the assets and any income they earn. The value of your investment will go up or down in line with the market value of those assets. The Westpac Retirement Plan is provided by Westpac Life-NZ-Limited. You can ask for advice about the retirement plan, or make an application, at any Westpac branch.

Trustee and PromoterWestpac Life-NZ- Limited318 Lambton QuayPO Box 27-031, Wellington, 6141Phone 0800 738 641 (between 8am and5.30pm, Monday to Friday)

Administration and Investment ManagerBT Funds Management (NZ) LimitedRegistered Offi ce: Level 15, PWC Tower188 Quay StreetAuckland, 1010

Principal place of business : Level 29, PWC Tower188 Quay StreetAuckland, 1010

Write to:PO Box 27-031Wellington, 6011Phone 0800 738 641

To secure eff ective access to investment markets the retirement plan may invest in a variety of other funds. These underlying funds often utilise specialist investment managers which may be added to, removed, or replaced at any time without prior notice being given to investors. Details of any specialist managers being currently utilised are stated in the currentregistered prospectus and can be obtained by calling us on 0800 738 641.

Administration ManagersJacques Martin New Zealand Limited, MMc Limited and The Hongkong and Shanghai Banking Corporation Limited provide certain administrative functions to the retirement plan.Jacques Martin New Zealand Limited’s contact address is the same as BT Funds

Management (NZ) Limited. Its principal place of business is currently Sovereign House, 34 Manners Street, Wellington,6011. MMc Limited’s address is currentlyLevel 13, 23 Customs Street, Auckland, 1010. The Hongkong and Shanghai Banking Corporation Limited’s address is currently Level 9, HSBC House, 1 Queen Street, Auckland 1010.The retirement plan is a superannuation scheme registered under the Superannuation Schemes Act 1989. Its main purpose is to provide retirement benefi ts. The retirement plan has operated in its current form since 1989.

The ultimate holding companyof Westpac Life-NZ- Limited, and BT Funds Management (NZ) Limited is Westpac Banking Corporation.

None of Westpac Life-NZ- Limited as Trustee and promoter, BT Funds Management (NZ) Limited as an administration manager of the retirement plan, Westpac NZ, Westpac, any member of the Westpac Group (or anyof their nominees), or any other person guarantees the retirement plan’s performance, returns or the repayment of capital.

1 Alternative investments refer to a growing range of investments that do not fall within the four main asset classes. Alternative investments can be based on publicly traded securities like shares, bonds and derivatives (which include hedge funds, absolute return funds and commodity investments). Some alternative investments are based on private securities; these include venture capital and private equity. Investment strategies that may be found in some alternative investments include the use of gearing, short selling (selling something you do not own with a view to buying it back later at a lower price), the use of performance fees and more extensive use of derivatives.

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2 Westpac Saving and investing in the Westpac Retirement Plan

What returns will I get?

The value of your investment and your returns depend on the value of the assets in your portfolio and any interest or dividends those assets earn.

Assets may be split into growth assets and income assets, where growth assets refer to investments such as equities, and income assets generally describe cash and fi xed interest investments. Typically growth assets have the potential to achieve capital growth over the medium to long term but involve more risk with the potential for higher returns. Income assets on the other hand tend to provide generally steady, but lower levels of return. Alternative investments tend to be a mixture of both growth and income assets but due to their absolute return nature they are included in income assets.

The more growth assets you have in your portfolio, the higher your potential returns will be over the long-term.

General information about returnsThe retirement plan is a market-linked investment. Your investment and returns are aff ected by the value of the portfolio’s assets and any interest or dividends they earn. So the value of your investment can go up or down as the market value of the assets changes.

No amount of returns, or payment of any set amount at retirement (or any other time), is promised by any person and no

money is held back in reserve for future payments.

Neither Westpac New Zealand Limited, Westpac Banking Corporation nor any member of the Westpac Group guarantees your capital or returns. Westpac Life-NZ- Limited is legally liable for making sure any returns are paid, but does not promise or guarantee any amount. Your return (or benefi t) is in the nature of a lump sum equal to the release price of the units you hold. You don’t have to take everything at once – you can usually spread out your withdrawal to suit your needs. Your benefi t can be paid

• when or after you reach age 60

• if you retire early because of total and permanent disablement

• if you emigrate permanently (paid at the Trustee’s discretion)

• if you die

• if you request that your benefi t be transferred to another registered scheme.

Your benefi t may also be paid at the Trustee’s discretion, in the following circumstances

• if your fi nancial circumstances change before age 60 evidenced to the Trustee’s satisfaction (three months’ notice of withdrawal is required, unless the Trustee at its sole discretion accepts a lesser period of notice)

• in the event of fi nancial hardship – evidenced to the Trustee’s satisfaction

but the Trustee can decide not to make a payment in the event of hardship or change of fi nancial circumstances before age 60 if the interests of other members would be prejudiced.

General Information on taxYour returns are aff ected by allowances for tax. All returns and unit prices quoted are after providing for the charges described under “What are the charges?” and tax on investment earnings.

You should note that the Government has recently amended the taxation of New Zealand investments by introducing a new concessionary portfolio investment entity (PIE) regime. As at the date of this investment statement it is intended that the retirement plan will become a PIE by 1 January 2008. BT Funds Management (NZ) Limited will notify all unitholders in the retirement plan if for any unforeseen reason (such as an unexpected delay (other than a legislated delay), the retirement plan does not become a PIE by this date. We set out below the current tax treatment of the retirement plan, and the tax treatment which will apply if the retirement plan becomes a PIE.

Tax legislation, its interpretation, and the rate and basis of taxation may change. The application of taxation laws depends upon a member’s individual circumstances and therefore members should seek professional tax advice on the tax consequences of their investment.

Investments can be compared to the rungs of a ladder.

At the foot of the ladder the returns are relatively low over the longer-term but they are likely to be more stable.

The higher up the ladder you go the greater the potential for a higher return over time, but the more likely it is that your returns will fl uctuate.

What returns will I get?

In the long-term a well-balanced share portfolio is likely to give the highest return of all the investments shown here.

Of the three trusts, this one has the highest proportion of growth assets and the potential for the greatest returns over time.

This trust balances income and growth assets, off ering the potential for a medium level of return.

This trust invests in a higher proportion of bonds and cash assets. Your returns are likely to be lower than the other trusts over the long-term.

Bank term investments off er stable returns, but in the long-term the return is likely to be lower than investments which include growth assets.



Tax treatment prior to becoming a PIE Under current tax law, all tax is paid by the retirement plan (currently at 33%2 on investment earnings (although this will reduce to 30% from 1 April 2008).

The retirement plan will become subject to a new foreign investment fund (FIF) taxation regime from 1 October 2007 in respect of most international equity interests it holds (which include units in overseas unit trusts). This will result in the retirement plan being taxed on a diff erent basis in respect of such international equity interests than in respect of investments in New Zealand. More information on this issue can be found in the prospectus.

Tax treatment under the PIE regimeIf the retirement plan becomes a PIE, income in respect of an investment portfolio will be allocated between members on an accrual basis in proportion to the number of units they hold in that investment portfolio. The retirement plan itself will pay the tax allocated to members at their nominated Prescribed Investor Rate (PIR) being either 19.5% or 33% (reducing to 30% from 1 April 2008). Any gain made by the retirement plan from selling shares

in companies resident in New Zealand or companies resident in Australia and listed on certain approved ASX indices (which currently include Standard & Poors All Ordinaries Index) will not be included in the retirement plan’s income however, and so will be tax free under the PIE regime.

The retirement plan will need to adjust members’ units in the investment portfolios or members’ benefi t entitlements to refl ect the fact that it pays tax on behalf of members at diff erent rates. As at the date of this investment Statement, the Trustee intends to refl ect such tax by cancelling units held by you in the relevant portfolio.

If the retirement plan becomes a PIE, then you will need to provide BT Funds Management (NZ) Limited with your prescribed investor rate (PIR) so it can calculate the amount of tax payable by the retirement plan on your behalf. If you do not advise your correct PIR, then you may be obliged to pay any tax shortfall (plus any interest and penalties), and may be required to fi le a tax return. Any excess tax paid on your behalf cannot be claimed back as PIE tax is fi nal tax.

The amount of tax payable by the plan on taxable income allocated to you will be:

• 19.5% where you are a New Zealand resident and you provide the plan with your Inland Revenue number and

notify the plan that, in either of the two previous tax years, you earned $38,000 or less of taxable income (excluding income from PIEs that allocate income to members) and an aggregate of $60,000 or less of taxable income (including net income from PIEs that allocate income to members); or

• 33% if you do not qualify for the 19.5% rate. (This will be reduced to 30% from 1 April 2008).

Further information on PIRs can be found at www.ird.govt.nz. Information on PIEs, and on tax generally, is contained in the registered prospectus for the retirement plan.

Tax on withdrawals from the PlanIn circumstances where your employer has made contributions to the retirement plan for your benefi t, or you have transferred employer contributions direct to the retirement plan from another scheme, and your total taxable earnings (plus those contributions) were more than $60,000 pa in any of the four preceding income years, there may be a liability for fund withdrawal tax (FWT) in certain circumstances (the current rate is 5% of the amount deemed to be subject to FWT, but this will exclude your own contributions and earnings on those).

Investing in a range of shares

Dynamic Portfolio

Balanced Portfolio

Accumulation Portfolio

Bank term investments

Your returns will fl uctuate. There may be signifi cant negative returns at times.

Your returns will vary and maybe low or negative some years.

Your returns will vary and could be low or negative at times.

Your returns will vary but are likely to be more stable than for the other trusts.

Your returns are related to market interest rates.

Higher potential return Higher volatility

High potential return High volatility

Medium potential return Medium volatility

Lower potential return Lower volatility

Lowest potential return Lowest volatility

Which investment? What are my investment risks?

2 See http://www.taxpolicy.ird.govt.nz/ for further information.



What are my risks?

Risk is the likelihood of you not getting all your money back, or getting a lower return than you expected. All investments have some level of risk. In general terms, the lower the risk is, the lower the potential returns will be over the long-term. The higher the exposure to growth assets, the greater the potential for negative returns in the short-term. To compensate for this risk the portfolios with higher exposure have the potential for higher returns over the medium to long-term. Volatility is the word used to describe how much the value of your investment varies. The levels of volatility shown below are likely to increase during periods of investment market uncertainty.

General information about risksThe main risks to your capital and returns are variations in the market value or returns of the portfolio. If market conditions have been poor or you invest for a short time and the returns are less than the charges you’ve paid, the value of your investment will be aff ected. If you end your investment in these circumstances, it is reasonably foreseeable that you could get back less than you paid in.

Some examples of the risks that may produce this result and that are involved in an investment in the retirement plan include

• investment risk – exposure to an investment asset may be aff ected by unexpected changes in that investment asset’s or sector’s business environment. The value of share and fi xed interest derivatives is linked to the value of the underlying assets and can be highly volatile. As with all investment decisions, there is a risk that actual performance does not meet expectations

• market risk – markets are aff ected by a host of factors including economic, taxation and regulatory conditions3, market sentiment, political events, movements in interest rates and currency, and environmental and technology issues

• product risk – changes may be made to the retirement plan from time to time, including changing the portfolio aim, strategy or asset allocation targets, benchmarks and the specialist investment managers, adding to, closing or winding up the portfolios or the retirement plan and changing the fees and charges or minimum amounts. Further details of how the retirement plan can change are under “Can the investment be altered?”

• recognition of losses for tax purposes – the Trustee will determine the extent to which it is appropriate to give losses of the retirement plan a value for tax purposes, and this valuation may change from time to time. The extent to which losses are valued aff ects the unit value and the performance of the retirement plan. In some circumstances tax losses may be written off or decline in value (for example, where a portfolio or the retirement plan is wound up).

The retirement plan will still be able to use any previously accumulated tax losses if it becomes a PIE. However any losses incurred after it becomes a PIE must be converted into a rebate and credited to members (in cash or by the issue of bonus units in the relevant investment portfolios). Accordingly, the retirement plan will not accumulate any additional losses after becoming a PIE.

As a consequence of the reduction in the retirement plan’s top tax rate from 33% to 30% from 1 April 2008, any accumulated tax losses will decrease in value to refl ect the fact that each $1.00 of tax loss will only relieve the retirement plan of $0.30 of tax, rather than $0.33 as currently.

You need to choose a portfolio where the investment strategy and risks are acceptable to you.

If the retirement plan becomes a PIE (as is intended as at 19 September 2007), there is a risk that if the retirement plan fails to satisfy the PIE eligibility criteria (as defi ned in the Income Tax Act 2004), and that failure is not remedied within the period permitted under the Income Tax Act 2004, the retirement plan may lose its PIE status. The Trustee has implemented processes to monitor ongoing PIE eligibility compliance for the retirement plan, and has a number of powers available to it to proactively manage this risk.

There are no circumstances in which you will be obliged to pay any further money, apart from the purchase price of your Units and any tax liability that is

attributable to you or that you incur as a result of advising the wrong PIR or failing to advise the Manager when your PIR increases.

You are not liable to pay money to anyone else if the retirement plan or the Trustee become insolvent. If the retirement plan or Trustee are liquidated or wound up, creditors’ claims rank ahead of members’ claims. All Personal Section and Group Section members’ claims to their member accounts rank equally, followed by employer accounts of members of the Group Section (which is for employee groups). Any remaining balance will be distributed in an equitable manner as determined by the Trustee.

In managing risks (particularly market and currency risk), fi nancial instruments known as derivatives may be used.A derivative is any fi nancial contract whose value depends on the future value of underlying assets such as shares, bonds, currency or cash. Examples of derivatives include swaps, warrants, structured notes, futures contracts, options and forward rate agreements. Derivatives may be used as an alternative to investing in the physical asset or as a risk management tool, by providing a similar exposure to the investment as buying or selling the asset underlying the derivative. It is not the Trustee’s policy for derivatives to be used to gear a portfolio (that is, to obtain greater exposure to markets than the net asset value of the portfolio), with the exception of the alternative investment exposure of the portfolio. If for any reason (including market movements or cash fl ows) a portfolio becomes geared, the portfolio will be realigned as soon as practicable to remove any gearing.

Each of the portfolios is accounted for separately. It is intended that a member will only share in the profi ts and losses of the portfolio or portfolios in which they invest. However, the assets of any of the portfolios are available to meet the liabilities of another portfolio in the unlikely event that the assets of the other portfolio are unable to meet its liabilities (including contingent liabilities).



How do they compare?

Dynamic Portfolio The Dynamic Portfolio is for investors who want higher potential returns and who are more comfortable with greater fl uctuations in returns. This portfolio has the highest proportion of growth assets (including shares and/or listed or unlisted interests in property), may invest in alternative investments, and has the potential for the highest return over time. However, returns will vary and are likely in some years to be low or negative.

Balanced Portfolio The Balanced Portfolio is for investors who prefer to accept a medium potential return for medium risks. This portfolio balances income and growth assets and may invest in alternative investments. It has potential for high returns over time due to the still signifi cant proportion of growth assets. However, returns will vary and at times may be low or negative.

Accumulation Portfolio The Accumulation Portfolio is for people who require more stable returns. This portfolio invests only in cash and bonds. Returns will vary, but are likely to be more stable than with the other portfolios.

How is my money invested?

These charts show typical investment mixes at the date of this investment statement. Actual mixes may vary considerably from time to time. In preparing the asset exposure of the portfolios, we have taken into account both direct and indirect investments and the eff ects of futures and options contracts. The values of tax losses are not investments for the purposes of this analysis.

Cash 70%

International Bonds 15%

NZ Bonds 15%

Alternative Investments 5%

Listed Property 10%

International Fixed Interest 6.5%

Cash 5%

NZ Fixed Interest 11%

International Shares 37.5%

NZ Shares4 25%

NZ Shares4 20%

Listed Property 5%

NZ Fixed Interest 20%

Cash 5%

International Fixed Interest 12%

Alternative Investments 5%

International Shares 33%

Which portfolio is right for you?You have a choice of three diff erent portfolios: the Dynamic, Balanced and Accumulation Portfolios. Each one invests in the diff erent investment sectors in diff erent ways and off ers diff erent levels of potential returns. You can invest in any or all of the portfolios.

Finding the right balanceIt’s important to fi nd the right balance between return and risk, to suit your investment style and needs. You need to be comfortable about your investments – they should not cause you to lose sleep. You’ll want to consider how long you are investing for and what growth factor (if any) will help you achieve your fi nancial goals. Investment needs change, so it’s also important to review your portfolio choices from time to time.

Spreading your investmentSpreading or diversifying your investments is a key strategy for pursuing long-term fi nancial goals. Each of the portfolios is spread across diff erent investment sectors, as well as across diff erent countries, industries and companies. For example the New Zealand bond portion of each portfolio includes a variety of interest earning investments from both government and private sectors.

International share investments are spread across a number of countries such as the USA, UK and Japan and cover a wide range of industries and companies.

Building up your investmentThe retirement plan off ers a fl exible approach to investing for retirement. You can contribute a lump sum, make regular investments – or a combination of both. You can pay in extra whenever you want and even stop your investments for a while.

3 For reporting periods commencing on or after 1 January 2007, entities must comply with the New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”). In the case of the retirement plan the fi rst fi nancial year for which fully compliant NZ IFRS fi nancial statements must be produced will be for the year commencing on 1 April 2007 and ending 31 March 2008 at which time the comparative fi gures for the previous year will also be restated to comply with NZ IFRS. During March 2007, BT Funds Management (NZ) Limited as administration manager, performed an analysis of the diff erences between NZ IFRS and the previous New Zealand Financial Reporting Standards. No diff erences of a signifi cant impact relating to the fi nancial statements or the tax position of the retirement plan were identifi ed.

4 From time to time up to 50% of NZ shares can be invested in the Australian Share market.



How much do I pay?

Apart from the minimum investment, how much you pay into the retirement plan is up to you. Every investment you make buys units in the portfolio of your choice. These units represent your share of the total net value of the portfolio’s assets. You can choose to make regular investments, or pay in lump sums – or both. You can invest in more than one portfolio at the same time. All payments are made to Westpac Superannuation Nominees-NZ- Limited and can be made at any Westpac branch or by sending a cheque to BT Funds Management (NZ) Limited, PO Box 27-031, Wellington, 6011.

Making regular investmentsThe minimum for regular investments is $1,200 a year. You can make your payments weekly, fortnightly, monthly, quarterly or annually – whatever suits you best. You can alter the amount of your payments whenever you want (providing you still pay the minimum in the year) You can even stop them for a while, if you need to.

You may fi nd it more convenient to make your investments by direct debit, so that you can easily alter the amount whenever you want by just contacting us. If you invest regularly by direct debit, your investments will automatically be adjusted each year in line with increases in the Consumer Price Index (CPI). You can elect for us not to make such an adjustment on the application form.

You can also pay by automatic payment or direct credit. You’ll fi nd a direct debit authority at the back of this brochure – just give your completed authority to your branch with your application.

If you fail to make a regular payment, no units will be issued to you in respect of that payment.

Paying in lump sumsThere is a minimum of $5,000 for your fi rst lump sum payment. After that you can make extra lump sum investments whenever you like and the minimum is $1,000. You can pay lump sums by cheque made out to Westpac Superannuation Nominees-NZ- Limited – you can pay at any Westpac branch or, where your adviser is an Independent Financial Adviser, by sending to BT Funds Management (NZ) Limited, PO Box 27-031, Wellington, 6141. To get started, just attach your fi rst cheque to your application.

This off er is open only to persons who are in New Zealand. You must notify us if you change your address or leave New Zealand permanently, or if your tax residency is not or is no longer in New Zealand.

How much is a unit worth?Unit values vary with the market value of the assets in each portfolio and are calculated regularly. To do this we divide the total value of the portfolio’s assets (less any provisions for liabilities (eg expenses and tax), excluding any amount which results from treating units as liabilities), by the number of units owned by members. This is called the midway unit price.

Units are bought and sold at allocation and release unit prices respectively. These prices may include a margin which is retained in the appropriate portfolio and used to meet the costs of buying and selling assets. The appropriate margins are reviewed regularly and may be changed at any time. (See also under ‘Buying and selling units’ on page 8.)

What unit price applies?The unit price that applies is the price applicable to the date the Trustee receives your complete application and payment. This may vary from the price on the day you posted or lodged your payment.

Cancellation optionIf you decide the retirement plan is not for you, you have 14 days to withdraw (from the time we write to you accepting your application). You’ll need to let BT Funds Management (NZ) Limited know in writing within this 14 day period. You will receive the market value of your contributions on the day of your withdrawal.

Do you want to... You can pay by... The minimum...

Make regular investments

$1200 a year minimum for each trust. You choose how often you pay

Automatic payment or direct debit

Pay in lump sums (each trust)

$5000 minimum for fi rst lump sum and $1000 each lump sum after that

Cheque made out to Guardian Nominees Limited



Charges for the retirement plan include contribution, administration and management charges and expenses.

They may vary at times – you can check them by calling us on 0800 738 641.

Contribution charge$100 is deducted from your member account each time you make a payment into the retirement plan. This is waived on any regular investment which you are making.

Administration chargeThis is currently charged at the rate of $1.80 a week (deducted from your member account). It is increased annually in line with increases in the Consumer Price Index.

The charge is waived if you are making regular investments by direct debit and the balance of your account is less than $5,000, unless payments are discontinued, suspended or dishonoured, or a benefi t payment is made.

Management chargeUp to 1.75% a year of the total fund value is deducted from each portfolio’s assets each month and is refl ected in the unit price. However, for larger investments, we make an adjustment to your member account which eff ectively reduces the charge applying to your investment. The guide that follows shows how we work out any adjustment (please note all rates can vary).

Here are some examples of what the management charge will eff ectively cost you (this assumes the investment stays the same).

What are the charges?

If your investment is… The management charge is…

Over $100,000 1.75% p.a. on the fi rst $100,000, plus

1.50% p.a. on the next $400,000, plus

1.25% p.a. on any amount over $500,000

Here are some examples of what the management charge will eff ectively cost you (this assumes the investment stays the same).

If your investment is… Eff ectively your annual cost is…

$100,000, 1.75%

$250,000 1.60%

$500,000 1.55%

$1,000,000 1.40%

Other expenses

The Trustee is entitled to be reimbursed from the retirement plan for all expenses

(including anticipated expenses), costs or liabilities incurred by it acting as Trustee. Generally the amount of these expenses cannot be ascertained until they are incurred and will vary from time to time. These reimbursable expenses may include, but are not limited to

• costs and expenses incurred by the Trustee, including the fees charged by auditors, solicitors, valuers, advisers and other service providers including those related to any amendments to the trust deed and any off er documents

• interest on any borrowing, GST, and any other taxes

• costs involved in buying, selling, registering, other dealings with, and custody of assets

• banking service charges, including any payable to Westpac NZ or Westpac

• costs for administration services, including unit registry, asset registry, unit pricing and investment accounting costs and costs associated with the provision of certain fi nancial

information relating to the retirement plan. Costs incurred in converting to a PIE, or incurred for the purpose of the PIE regime, may be borne by the retirement plan.

These costs, together with management charges, are taken into account when the retirement plan’s net income is calculated and will aff ect returns to members. The Trustee may choose in its absolute discretion not to seek reimbursement for any of the above fees and expenses from time to time. In its discretion, the Trustee has currently elected to limit the total of the following expenses (where they are incurred on a normal day-to-day basis) recovered from the retirement plan to 0.15% per annum of the total fund value

• costs and expenses incurred by the Trustee, including the fees charged by solicitors, valuers and other advisers

• bank account charges applicable to the retirement plan

• costs for administration services, including unit registry, asset registry, unit pricing and investment accounting costs, and costs associated with the provision of certain fi nancial information relating to the retirement plan.



All expenses paid by the retirement plan are shown in the annual report and fi nancial statements.

BT Funds Management (NZ) Limited may, at its discretion, pay amounts (including non-monetary benefi ts) from the fees it receives, to investment advisers or other persons approved by BT Funds Management (NZ) Limited. These payments are not an additional cost to members. Your adviser must provide you with details of this remuneration if you ask for it. Financial advisers are in all respects acting as your agent, and not as agent for the Trustee or BT Funds Management (NZ) Limited. Neither the Trustee nor BT Funds Management (NZ) Limited is responsible for the advice given by these advisers.

Buying and selling unitsUnits are bought and sold at the current allocation and release unit prices (see under ‘How much do I pay?’ on page 7) and margins may be applied to cover the costs of buying and selling assets. Margins are reviewed regularly and at the time of printing this investment statement no margins are applied.

You can switch between portfolios by buying and selling units in the normal way at no charge (any applicable margins will apply).

Charges may varyThe Trustee may vary the charges, and is responsible for paying them to BT Funds Management (NZ) Limited. You can check the current charges by calling us on 0800 738 641. The reimbursable expenses of the retirement plan will vary from time to time depending on the expenses of the retirement plan.

Management Expense Ratio (MER)The MER of the retirement plan is a measure of the level of fees and expenses of the retirement plan compared to the average size of the retirement plan. The level of fees and expenses borne by the retirement plan impacts on returns from the retirement plan. MERs as at the fi nancial year end for the retirement plan have been calculated and can be obtained by contacting our Customer Relations Team and are also disclosed in the prospectus.

Related party investment arrangements and transactionsThe retirement plan may have investments in other funds where the trustee, manager or responsible entity is the Trustee or BT Funds Management (NZ) Limited or is related to them. If the retirement plan invests in such funds, the retirement plan will not pay the entry fee (if any) or the management fee. Any other fees or expenses are not rebated and aff ect the value of the retirement plan.



When it’s time to retire or things changeThis retirement plan is designed to provide an investment for when you are 60 or older.

There are some circumstances where you can alter your investment, and some where the Trustee can make changes.

Changes you can make• you can switch between portfolios

at any time by buying and selling units without being charged, but any margins in force will apply (see under ‘What are the charges?’ on page 7)

• you can change your regular investments whenever you want (you must still meet the annual minimum contribution)

• you can pay in extra lump sums whenever you want (you must still pay the minimum investment)

• in some situations you can withdraw or transfer all or part of your investment (see the following ‘How do I cash in my investment?’)

• if you are a regular contributor, you can stop your investments for a time

• you can change your details relating to your account – see ‘Who do I contact with enquiries about my investment?’ for contact details and we will let you know what to do, depending on what is to change.

Changes by the TrusteeThe Trustee can change the charges and any margins used to set allocation and release unit prices.

Members of the retirement plan (as the case may be) will be required to pay any such altered charges. The Trustee can alter the minimum investment amounts, and any notice periods.

The Trustee can also close or wind up a portfolio or the Westpac Retirement Plan. Changes may be made at the Trustee’s discretion to the investment policy and objectives for the retirement plan (including, without limitation, changes to a particular portfolio’s investment objectives, policy, strategic asset allocation or ranges, the closure of a portfolio or the introduction of a new portfolio).

Changes may be made to the trust deed (including without limitation, limits on any charges), but a member’s consent must be obtained if the changes will adversely aff ect their benefi ts.

As at 19 September 2007 it is intended for the retirement plan to become a PIE by 1 January 2008. If the retirement plan is to become a PIE, then such amendments will be made to the trust deed as are necessary or desirable for the purposes of the PIE regime. Such amendments would include:

• restrictions on any one member holding more than 20% of the units in the retirement plan;

• a power to adjust a member’s benefi t entitlements or units in the investment portfolios to refl ect tax paid by the retirement plan on the member’s share of retirement plan income; and

• various unit repurchase rights where the retirement plan’s eligibility for PIE status is threatened.

The specialist underlying investment managers and administration managers will be regularly monitored and reviewed. Accordingly, they may be removed or added without prior notice to you. As a result, the identity and number of specialist underlying investment managers or administration managers for the retirement plan may vary from time to time.

Where a practice of the Trustee is referred to or the description “generally”, “normally” or “currently” is used in this investment statement in relation to a practice, the reference is to the practice of the Trustee at the date of this investment statement.

The Trustee reserves the right to review and change its practices without further notice within the terms of the trust deed. Your rights may also be varied by changes to relevant law, accounting and other regulatory requirements.

In the event of your deathIf you die the Trustee must decide who to pay the investment to – so it’s a good idea to let us know who you prefer your benefi ciary or benefi ciaries to be (you can name them on your application). You can change your preferred benefi ciary or benefi ciaries at any time by writing to the Trustee.

Can the investment be altered?



You can call your fi nancial adviser or our Customer Relations Team on 0800 738 641, visit your local Westpac NZ branch, or write to us at PO Box 27-031, Wellington 6141 for anything to do with your investment.

Our principal place of business is Level 29, PWC Tower, 188 Quay Street, Auckland 1010.

Who do I contact with enquiries about my investment?

How do I cash in my investment?

Once you reach age 60 you can withdraw all or part of your investment at any time. Additionally, payments can be made earlier in some situations including

• if you retire early due to total and permanent disablement

• if you permanently emigrate (paid at the Trustee’s discretion)

• in the event of your death

• if you request that your benefi t be transferred to another registered scheme.

Your benefi t may also be paid in the following circumstances

• in the event of fi nancial hardship – evidenced to the Trustee’s satisfaction

• if your fi nancial circumstances change, evidenced to the Trustees satisfaction (three months’ notice of withdrawal is required, unless the Trustee at its sole discretion accepts a lesser period of notice) but the Trustee can decide not to make a payment in the event of hardship or change of fi nancial circumstances before age 60 if the interests of other members would be prejudiced.

If you’d like to talk about this with us, call us on 0800 738 641. We’ll be happy to explain the process and send you everything you need. You’ll need to write to the Trustee with your withdrawal request.

You may reinvest in the retirement plan at any time, even if you have made a withdrawal.

You cannot sell or assign your interest to anyone else – or use it as security in any way.

When will I be paid out?Payment is generally made within ten working days of receiving your request, at the release unit price applicable to the day when the Trustee accepts your request.

Unit prices change regularly so the amount paid may diff er from any amount quoted to you earlier. The Trustee may deduct taxes paid or payable from any amount withdrawn (including the tax paid by it under the PIE regime on the income allocated to you).

In the case of a change in your fi nancial circumstances, however, payment is normally made after three months at the release unit price applicable to the day of payment, unless the Trustee agrees to an earlier payment. The Trustee can decide not to make a payment in the event of hardship, or change of fi nancial circumstances before age 60, if the interests of other members will or may be prejudiced.

The Trustee can also wind up a portfolio or the Westpac Retirement Plan and, after payment of all costs and expenses, distribute the balance among members of the Personal Section and the Group Section.



If there is a problem please call your fi nancial adviser or our Customer Relations Team on 0800 738 641, visit your local Westpac NZ branch, or write to us at PO Box 27-031, Wellington, 6141.

Our street address is 318 Lambton Quay, Wellington, 6011.

If you are still not happy you can contact the Trustee or the Banking Ombudsman.

The TrusteeWestpac Life-NZ- Limited318 Lambton QuayPO Box 27-031, Wellington, 6141Phone 0800 738 641

The Banking Ombudsman105 Featherston StreetPO Box 10-573, Wellington, 6143Phone 0800 805 950

Is there anyone to whom I can complain if I have problems with the investment?

Other information about the retirement plan is included in the prospectus and fi nancial statements. You are also welcome to call or write to us if you’d like more details.

You can call 0800 738 641 and ask us

• for the latest value of your investment, at no charge

• for a copy of the trust deed (currently the charge is 20 cents a page) or you can arrange with us to view it at our offi ce

• for a copy, at no charge, of the prospectus, annual report or fi nancial statements complying with the Financial Reporting Act 1993

• to show you, or provide a copy of, any entry in the Trustee’s register of members, at no charge.

Copies of the trust deed, prospectus, fi nancial statements and other documents relating to the retirement plan are fi led on a public register at the Companies Offi ce of the Ministry of Economic Development and are available for public inspection (upon payment of any prescribed fee) on the Companies Offi ce’s website www.companies.govt.nz

Keeping track of your progressEach year we’ll send you a membership advice notice for the year ended 31 March, showing the details of your member account. We’ll also send a copy of the Trustee’s annual report. You can call us on 0800 738 641 if you want an update on your account.

How do I apply?To apply to become a member of the retirement plan, please fi ll in the application at the back of this investment statement.

We’ll need to know details such as

• how much you want to invest and how you want to make your investments

• what portfolio or portfolios you want to invest in

• your preferred benefi ciary or benefi ciaries, should you die.

Your investment consultant can answer your questions and help you fi ll in your application.

We will contact you when your application is accepted or if we need more details from you. The Trustee has the right to decline any application.

If at any stage you’d like more information on anything to do with the retirement plan, please call us on 0800 738 641, or write to us at PO Box 27-031, Wellington, 6141.

What other information can I obtain about this investment?



12

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Notes


deposit

AMOUNT $PROCEEDS OF CHEQUES ETC. MAY NOT BE AVAILABLE UNTIL CLEARED

CREDIT FROM

DATE

TELLER

☞

$

TOTAL CASH

COINS

NOTES

$

$

$

$

PAID IN BY: (PLEASE PRINT NAME)

TOTAL

DATE

$

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CHEQUESAS REVERSE

TRANSFER FROM ACCOUNT NO.FOR THE CREDIT OFWESTPAC SUPERANNUATION NOMINEES-NZ-LIMITED

318 LAMBTON QUAY, WELLINGTON NZ

.....................................................................................................................................................................................................................................................................................

Mr Mrs Ms Miss Other (please specify)

*Given name(s) *Surname

*Date of birth DAY / MONTH / YEAR Occupation

*Postal address NUMBER & STREET/BOX NUMBER SUBURB

TOWN/CITY POSTCODE

Telephone home 0- work 0- mobile

What is the best time of day to contact you? AM / PM

*IRD Number

*Prescribed Investor Rate (tax rate) to be applied to income (tick one) 19.5% 33% (to be reduced to 30% as at 1 April 2008)

Your detailsA:

This application is for the Westpac Retirement Plan.

* Denotes compulsory information

CRS number

Member account number

Amount deposited

Date deposited DAY / MONTH / YEAR

Westpac use only QA ref

$

To the Trustee

.....................................................................................................................................................................................................................................................................................

Investment details

My future regular investment will be $

The minimum investment is $1200 per annum.

Investment frequency Monthly Other (please specify)

Investment method Direct debit Other (please specify)

I choose to make an initial investment of (optional) $

If you are a regular investor who pays by direct debit, your investments will automatically be adjusted each year in line with increases

in the Consumer Price Index (CPI). If you do not wish us to make this adjustment, please tick below

No CPI adjustment

I wish my regular investments to start as soon as my application has been accepted by the

Trustee Please tick or on DAY / MONTH / YEAR if later (but no later than one month from the date of application)

My initial lump sum investment is $

NOTE: Your cheque should be enclosed with this application and made payable to Westpac Superannuation Nominees-NZ-Limited and crossed “Not Transferable”.

My employer will contribute on my behalf Yes No

B:

Regular contributors

Lump sum contributors

Employer contribution

..........................................................................................................................................................................................................................................................................................

.....................................................................................................................................................................................................................................................................................

Allocation details

C:

Total 100% Total 100%

We advise you to speak with an investment consultant before completing your investment portfolio allocation.

*Allocate my regular investments as follows: *Allocate my initial lump sum investment as follows:

Dynamic Portfolio %

Balanced Portfolio %

Accumulation Portfolio %

Dynamic Portfolio %

Balanced Portfolio %

Accumulation Portfolio %

Westpac Retirement Plan application

13September 2007


.....................................................................................................................................................................................................................................................................................

.....................................................................................................................................................................................................................................................................................

In the event of my death while a member of the retirement plan, I request that consideration be given to the payment of the benefi t from

the retirement plan to the person/s nominated below. I understand that you, as Trustee of the retirement plan, have discretion as to the

allocation of benefi ts. I further understand that I may change this nomination at any time.

Name of benefi ciary Relationship to member Proportion of benefi t

%

%

%

• I apply for membership of the Westpac Retirement Plan Personal Section and submit my initial investment. I have received and read the Investment Statement dated 19 September

2007 to which this Application Form was attached and agree to be bound by the terms and conditions of the Trust Deed, Investment Statement and Prospectus, or other current

off ering document (each as amended) relating to the Westpac Retirement Plan Personal Section, and the Rules as far as they are applicable to Personal Section members.

• I acknowledge that this investment is a longer-term investment which is designed primarily for the purpose of providing retirement benefi ts. Access to my investment prior to my

60th birthday is available only in special circumstances as specifi ed in the Investment Statement.

• I understand that by completing this Application Form I will be providing personal information about me which will be held securely by the Trustee, BT Funds Management (NZ)

Limited, their respective related companies and their agents. This information will be used now and in the future to make available to me, the full range of services off ered by

Westpac and its related companies. I have the right to access and correct this information subject to the provisions of the Privacy Act 1993. This information may be used to

update other information about me by any member of the Westpac Group. I consent to the Trustee, the Administration Managers, or their respective related companies, providing

any information in relation to me that it is required to disclose by law to the party or body to which disclosure is required (including disclosure to the Inland Revenue Department).

• Where monies have been transferred from a UK pension scheme to the retirement plan, I agree to provide the Trustee with all the information it requests to enable it to provide a

report to the UK HM Revenue & Customs or other authority and acknowledge that my contributory membership of the retirement plan may not commence until I have provided

this information. Further, I authorise the Trustee to provide any of my personal information to the UK HM Revenue & Customs or other body as required by UK law.

• I acknowledge that the Trustee has the right to reject any membership application received, and to deduct taxes paid (or payable) from any amount withdrawn.

• I confi rm that I have the legal power and authority to enter into this investment.

• I agree that if the Trustee makes an incorrect payment to me, the Trustee is entitled to deduct the amount incorrectly paid from any holding I have with the Trustee or any related

company of the Trustee.

• I agree to notify the Trustee if I change my address or leave New Zealand permanently, or if my tax residency is not, or is no longer, in New Zealand, and to indemnify the Trustee

and its related bodies corporate for any losses, liabilities, claims or costs arising should I not make such notifi cation.

• I acknowledge and agree that:

• if a transaction request is invalid it will not be processed until valid documentation is received;

• if the Trustee reasonably believes a signature on a document, such as a withdrawal request, to be genuine, the Trustee is entitled to rely on that signature and will not be liable

for any loss I may suff er if it is later found that the signature was a fraud.

• I consent to telephone conversations being recorded and listened to for training purposes or to provide security for transactions.

Investments made to the Westpac Retirement Plan do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), Westpac New

Zealand Limited (Westpac NZ) or other members of the Westpac Group. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts

in some circumstances, and loss of investment value, including principal invested. The ultimate holding company of BT Funds Management (NZ) Limited is Westpac. None of BT

Funds Management (NZ) Limited, as manager of the Plan, Westpac NZ, Westpac, any member of the of the Westpac group (or any of their nominees), or any director of any of those

entities, or any other person guarantees the Plan’s performance, returns, or repayment of capital. The Westpac Retirement Plan is not off ered, and the investment statement does not

constitute an off er in any jurisdiction other than in New Zealand.

Please attach your cheque made payable to Westpac Superannuation Nominees-NZ-Limited and crossed “Not Transferable” to this application.

Regular contributors need to complete and attach the appropriate payment authority provided by your investment consultant.

D: Nominated benefi ciaries

E: Applicant signatures(Applicants to read and sign)

Signature Date DAY / MONTH / YEAR

.....................................................................................................................................................................................................................................................................................

F: Investment consultant details

Investment adviser signature Date DAY / MONTH / YEAR

Adviser instructions

Adviser name

Adviser code Referring branch (if applicable) Investor’s ID verifi ed

G: Payment details

Proceeds of cheques etc. may not be available until cleared.

DRAWER (I.E. CHEQUE ISSUED BY) BANK BRANCH AMOUNT

TOTAL

cheque details

Westpac Banking Corporation (New Zealand division) $

14


Westpac Retirement Plan

Authority to accept

Direct Debits(Not to operate as an

assignment or agreement)



Branch number

Name of account

BankBranch

Mailing Address

Town/City

Customer (acceptor) to complete bank, branch number, account number and suffi x of account to be debited.

Information to appear on my/our bank statement

Customer signature(s):

Payer particulars

Bank Suffi xAccount number

–

0 3 0 0 6 6 6(User number)

Authorisation code

To the Manager, (Please print full postal address clearly for window envelope)

I/We authorise you until further notice in writing to debit my/our account with you all amounts which –

Westpac Superannuation Nominees-NZ-Limited (hereinafter referred to as the Initiator)

the registered Initiator of the above authorisation code, may initiate by Direct Debit.

I/We acknowledge and accept that the bank accepts this authority only upon the conditions listed on the reverse of this authority.

Member number Payer reference

Westpac use only:

Original – Retain at branch

Copy – Forward to Initiator if requested

Date

received:

Recorded

by:

Checked

by:Approved

0 0

1 0

6 6

0 3

Bank stamp

R E T I R E E N TM

Date: DAY / MONTH / YEAR


Conditions of this Authority to Accept Direct Debits

1. The Initiator:

(a) UUndertakes to give notice to the Acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is

drawn (but no more than 2 calendar months). This notice will be provided either:

(i) in writing; or

(ii) by electronic mail where the Customer has provided prior written consent to the Initiator.

Where the Direct Debit system is used for the collection of payments which are regular as to frequency, but variable as to amounts, the Initiator

undertakes to provide the Acceptor with a schedule detailing each payment amount and each payment date.

In the event of any subsequent change to the frequency or amount of the Direct Debits, the Initiator has agreed to give advance notice of at least 30

days before changes come into eff ect. This notice must be provided either:

(i) in writing; or

(ii) by electronic mail where the Customer has provided prior written consent to the Initiator.

(b) May, upon the relationship which gave rise to this Authority being terminated, give notice to the Bank that no further Direct Debits are to be initiated

under the Authority. Upon receipt of such notice the Bank may terminate this Authority as to future payments by notice in writing to me/us.

2. The Customer may:

(a) At any time, terminate this Authority as to future payments by giving written notice of termination to the Bank and to the Initiator.

(b) Stop payment of any Direct Debit to be initiated under this Authority by the Initiator by giving written notice to the Bank prior to the Direct Debit being

paid by the Bank.

(c) Where a variation to amount agreed between the Initiator and the Customer from time to time to be direct debited has been made without notice being

given in terms of 1(a) above, request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting the amount of the reversal

or alteration of the Direct Debit back to the Initiator through the Initiator’s Bank, PROVIDED such request is made not more than 120 days from the date

when the Direct Debit was debited to my/our account.

3. The Customer acknowledges that:

(a) This Authority will remain in full force and eff ect in respect of all Direct Debits passed to my/our account in good faith notwithstanding my/our death,

bankruptcy or other revocation of this Authority until actual notice of such event is received by the Bank.

(b) In any event this Authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account.

(c) Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct

Debit has not been paid in accordance with this Authority. Any other disputes lie between me/us and the Initiator.

(d) Where the Bank has used reasonable care and skill in acting in accordance with this Authority, the Bank accepts no responsibility or liability in respect of:

– the accuracy of information about Direct Debits on Bank statements

– any variations between notices given by the Initiator and the amounts of Direct Debits.

(e) The Bank is not responsible for, or under any liability in respect of the Initiator’s failure to give written advance notice correctly nor for the non-receipt or

late receipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator.

(f) Notice given by the Initiator in terms of clause 1(a) to the debtor responsible for the payment shall be eff ective. Any communication necessary because

the debtor responsible for payment is a person other than me/us is a matter between me/us and the debtor concerned.

4. The Bank may:

(a) In its absolute discretion conclusively determine the order of priority payment by it of any monies pursuant to this or any other Authority, cheque or

draft properly executed by me/us and given to or drawn on the Bank.

(b) At any time terminate this Authority as to future payments by notice in writing to me/us.

(c) Charge its current fees for this service in force from time to time.


Westpac New Zealand Limited

12101WT 09-07


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