1. Markets chartpack April 2007

2. What correction? The China fall…  The Shanghai composite index fell almost 9% on Tuesday 27 th Feb 2007 and weighed on sharemarkets around the globe.  Markets are now almost back to their earlier peaks, with some (including China) even higher.  In late March, the US market had its best week in four years. “…in my opinion, share markets around the world had become over- valued, or at least fully valued. Overvalued markets can remain that way for a long time, but they are vulnerable to shocks, and the 9% fall in the China market was just such a shock.” Source: BT Financial Group Chief Economist Chris Caton

3.  Our local currency has hit decade highs against the US dollar recently. During March it rose: 2.53% against the US dollar 1.74% against the Euro 2.17% against the Yen Australian dollar strengthens

4.  In recent years, when the $A has risen, it is usually because the US dollar has fallen.  Forecasts that the $A is headed for 85 US cents really embody a view that the US dollar will fall by a further 5%. I think this unlikely.  A strong currency affects the profitability of Australian companies that compete with imports, that export, or that earn profits offshore. Australian dollar strengthens (cont.) Source: BT Financial Group Chief Economist Chris Caton

5. Currency markets – $A per $US Source: BT Financial Group. Figures as at 31 March 2007.

6. Currency markets – $A per Euro Source: BT Financial Group. Figures as at 31 March 2007.

7. Currency markets – $A per Yen Source: BT Financial Group. Figures as at 31 March 2007.

8. Global indices 1 year (%)3 years (% pa)5 years (% pa) US (S&P 500)9.738.054.37 US Tech (Nasdaq)3.506.695.59 Japan (Nikkei)1.3413.859.41 HK (Hang Sang)25.2816.0112.41 Germany (DAX)15.8621.505.09 France (CAC)7.9215.833.75 Australia S&P/ASX 30022.0325.8416.79 Small companies24.0525.4417.54 Resources12.9836.5125.68 Listed Property28.6222.2718.85 Source: BT Financial Group. Figures as at 31 March 2007.

9. Asset class performance Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD

10. Long-term asset class performance Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD

11. Best performing asset class highlighted in red Asset class performance

12. Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD Asset class performance

13. Oil prices (US$ per barrel) Source: BT Financial Group. West Texas Intermediate as at 31 March 2007.

14. Official world interest rates Current rateLast moveDirection of last move Australia6.25%November 2006  US5.25%June 2006  Japan0.50%February 2007  UK5.25%January 2007  Source: BT Financial Group.

15. Disclaimer  The information in this presentation is general only and does not take into account your particular investment objectives or financial situation. Before making an investment decision you should consult a financial adviser. The information is given in good faith and has been derived from sources believed to be accurate. However, no member of the BT Financial Group gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way including for negligence. This disclaimer is subject to any contrary provisions of any applicable legislation. An investment in any fund described in this presentation is not a deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141. None of Westpac Banking Corporation or its related entities guarantee the capital value or investment performance of any fund. Unless stated otherwise, BT Financial Group is the source of all charts, performance information and other data. Past performance is not a reliable indicator of future performance.