1. Markets chartpack February 2007

2.  Retail Trade – Retail Sales grew less than expected in November and are up 6.7% over the past 12 months. Retail trade has grown by 7.2% over the year.  Employment – the December report was strong – 44,600 jobs were created. In the past year employment has risen 3%. The unemployment rate was 4.6%.  Inflation – Headline CPI fell by 0.1% in the December quarter (the first fall since the March quarter of 1999). The CPI has increased 3.3% in the past year (down from 3.9% in the year to the September quarter). Key Australian economic news January

3. US Economy  US Federal Reserve appears to be ‘on hold’ – no interest rate increases expected.  Continued signs of softness in manufacturing  Housing sector probably has further to fall  However, overall economic growth does not seem under threat  Inflation news continues to be good “We remain of the view that the “soft landing” may still turn hard. But so far there is little to worry about, and markets have responded accordingly.” BT Chief Economist, Chris Caton

4. Global indices 1 year (%)3 years (% pa)5 years (% pa) US (S&P 500)12.368.344.94 US Tech (Nasdaq)6.866.044.96 Japan (Nikkei)4.4117.2511.70 HK (Hang Sang)27.6314.8013.39 Germany (DAX)19.6518.715.86 France (CAC)13.3515.524.68 Australia S&P/ASX 30022.5026.0515.56 Small companies31.7627.4219.16 Resources7.3434.1223.71 Listed Property38.8626.7820.34 Source: BT Financial Group. Figures as at 31 January 2007.

5. 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

6. 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

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

8. 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

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

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

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

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

13. Official world interest rates Current rateLast moveDirection of last move Australia6.25%November 2006  US5.25%June 2006  Japan0.25%July 2006  UK5.25%January 2007  Canada4.25%May 2006  Source: BT Financial Group.

14. 2007 Inflation Forecasts (%) Month of Forecast * Source: Consensus Economics * Figures show the consensus expectations as at the month surveyed and over time reveal changes in expectations. ie. Australian inflation expectations for 2007 have declined from 2.8% in the December reading to 2.7% in the latest survey.

15. 2007 World Growth Forecasts (%) Month of Forecast Source: Consensus Economics

16. 2007 Asian Growth Forecasts (%) Source: Consensus Economics Month of Forecast

17. 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.