1. Markets chartpack January 2007

2. 2006 markets in review  Australian shares produced double digit returns for the fourth consecutive year  $A appreciated 7.5% against the $US  Best performing major regional sharemarket was Hong Kong’s Hang Seng, up 34.2% H-Shares (Chinese companies listed on the Hong Kong sharemarket) leapt 94% in 2006.  Australian Listed Property Trusts advanced for the 7 th year in a row, up 34% Source: BT Financial Group. Au9stralian shares measured by the S&P/ASX 300 Accumulation index, Listed Property measured by the S&P/ASX 300 Property index. Figures as at 31 December 2006.

3. Global indices 1 year (%)3 years (% pa)5 years (% pa) US (S&P 500)13.628.454.32 US Tech (Nasdaq)9.526.434.37 Japan (Nikkei)6.9217.2910.32 HK (Hang Sang)34.2016.6611.86 Germany (DAX)21.9818.495.04 France (CAC)17.5315.923.68 Australia S&P/ASX 30024.5124.9415.42 Small companies34.2126.6719.57 Resources19.6531.4924.98 Listed Property34.0525.9319.43 Source: BT Financial Group. Figures as at 31 December 2006.

4. 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

5. 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

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

7. 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

8. Currency markets – $A per $US Source: BT Financial Group. Figures as at 31 December 2006.

9. Currency markets – $A per Euro Source: BT Financial Group. Figures as at 31 December 2006.

10. Currency markets – $A per Yen Source: BT Financial Group. Figures as at 31 December 2006.

11. Oil prices (US$ per barrel) Source: BT Financial Group. West Texas Intermediate as at 31 December 2006.

12. Official world interest rates Current rateLast moveDirection of last move Australia6.25%November 2006  US5.25%June 2006  Japan0.25%July 2006  UK5.00%November 2006  Canada4.25%May 2006  Source: BT Financial Group.

13. Australian inflation (Consumer Price Index) Source: Australian Bureau of Statistics. Headline Consumer Price Index shown on a quarterly basis as at 30 September 2006.

14. Outlook for 2007 “ Australia’s remarkable economic expansion should continue, although 2007 is likely to be the third year of less than 3% output growth…. Against this economic background, sharemarkets can still make progress, but it is very difficult to see them doing as well as in 2006.” BT Chief Economist Chris Caton

15. 2007 Growth Forecasts (%) Month of Forecast M-06J-06 A-06S-06O-06N-06 Australia3.4 3.33.43.33.2 US2.92.8 2.72.6 2.5 Japan2.32.2 2.0 China8.88.98.89.09.1 9.3 Germany1.1 1.2 1.3 UK2.5 2.4 “World”3.23.1 3.2 Source: Consensus Economics

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.