1. Markets chartpack May 2007

2. Interest rates on hold Source: BT Financial Group Chief Economist Chris Caton Inflation data during April  The headline CPI rose by 0.1% in the March quarter, following a fall of 0.1% in the December quarter.  In year-to terms, the headline CPI has increased by 2.4 %, down from 3.3% in the year to the December quarter.  Lowest year-to rate since the September quarter of 2004.

3. Interest rates on hold (cont) Source: BT Financial Group Chief Economist Chris Caton  Official interest rates rose three times in 2006 and currently stand at 6.25%.  The most recent reading of inflation appear to have put to rest expectations of another rise in the short term. “The RBA still has a lot to think about. The recent labour-market data suggest the economy still has a fair head of steam, and wage pressures are increasing. Credit growth is still strong. On the other hand, the strong exchange rate is doing some of the work of an official monetary-policy tightening.... in my view, rates are on hold for the foreseeable future.”

4. 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.

5.  Our local currency has hit decade highs against the US dollar recently. During April it rose: 3.03% against the US dollar 0.50% against the Euro 4.28% against the Yen Australian dollar update

6.  In recent years, when the $A has risen, it is usually because the US dollar has fallen.  The Australian dollar recently traded at 17-year highs against the US dollar amid speculation of another interest rate increase.  A strong currency affects the profitability of Australian companies that compete with imports, that export, or that earn profits offshore. Australian dollar update (cont.) Source: BT Financial Group Chief Economist Chris Caton

7. Currency markets – $A per $US Source: BT Financial Group. Figures as at 30 April 2007.

8. Currency markets – $A per Euro Source: BT Financial Group. Figures as at 30 April 2007.

9. Currency markets – $A per Yen Source: BT Financial Group. Figures as at 30 April 2007.

10. Global indices 1 year (%)3 years (% pa)5 years (% pa) US (S&P 500)13.1110.216.60 US Tech (Nasdaq)8.729.568.38 Japan (Nikkei)2.9213.958.65 HK (Hang Sang)21.9519.3812.06 Germany (DAX)23.2822.968.00 France (CAC)14.8717.505.96 Australia S&P/ASX 30022.5027.2517.91 Small companies32.8730.9822.19 Resources10.7739.5927.35 Listed Property33.2024.0119.26 Source: BT Financial Group. Figures as at 30 April 2007.

11. 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

12. 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

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

14. 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

15. Oil prices (US$ per barrel) Source: BT Financial Group. West Texas Intermediate as at 30 April 2007.

16. 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.