GENERAL: WBC: Challenger Endowment Warrants over securities in TEL

19 Feb 2010 4:48 pm

WBC 19/02/2010 GENERAL

REL: 1648 HRS Westpac Banking Corporation

GENERAL: WBC: Challenger Endowment Warrants over securities in TEL

Westpac Banking Corporation ABN 33 007 457 141 Structured Equity Investments Level 5, 275 Kent Street Sydney NSW 2000 Telephone: 61 2 8204 2727 Facsimile: 61 2 8254 0795

www.westpac.com.au/structuredinvestments

19 February 2010

Mr Neil Walsh Warrant Administration Australian Securities Exchange Level 6, 20 Bridge St Sydney NSW 2000

Dear Mr Walsh, Re: Challenger Endowment Warrants over securities in Telecom Corporation of New Zealand Limited (TEL)

In accordance with the terms of the relevant Offering Circular pertaining to the Endowment Warrants named above, the ASX must be given notice of the level of the Outstanding Amount whenever there is a Reduction Amount within seven days thereafter. Westpac Banking Corporation, by this letter, gives the ASX notice of the same.

Distribution/Entitlement of Security Endowment Warrant TELEEA Securities Telecom Corporation of New Zealand Limited (TEL) Distribution/Entitlement Ordinary dividend Distribution Amount/Reduction Amount AUD0.0398 (estimated)

NZD0.06 less 15% non-resident withholding tax, assuming an NZD/AUD exchange rate of 0.7808 Ex-distribution date 22 February 2010 Payment Date of Reduction Amount 12 March 2010 Outstanding Amount post Distribution/Entitlement $1.5053

As detailed in the applicable Offering Circular, distributions constitute a Reduction Amount. The Reduction Amount reduces the Outstanding Amount, and therefore the Final Payment.

Should the final Distribution Amount differ from the above mentioned estimated amount Westpac Banking Corporation reserves the right to account for the difference in a subsequent announcement.

Current Rates at which the Outstanding Amounts Increase Outstanding Amounts payable under the warrants increase at the Base Rate plus the Margin. The following table sets out the rates applicable to all series of Endowment Warrants issued by Challenger Equities Limited for the current calendar quarter:

Rates from 1 January 2010 to 31 March 2010 inclusive Base Rate (p.a.) 4.11% Margin (p.a.) 2.50% Total (p.a.) 6.61%

For further information please contact Westpac Banking Corporation on 1800 990 107.

For and on behalf of Westpac Banking Corporation End CA:00191424 For:WBC Type:GENERAL Time:2010-02-19:16:48:23

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