GENERAL: WBC: Challenger Portfolio Endowment Warrants

26 Feb 2010 4:49 pm

WBC 26/02/2010 GENERAL

REL: 1649 HRS Westpac Banking Corporation

GENERAL: WBC: Challenger Portfolio Endowment Warrants

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

26 February 2010

Mr Ross Pullen Manager, Warrant Administration Australian Securities Exchange Level 6, 20 Bridge St Sydney NSW 2000

Dear Mr Pullen,

Re: Challenger Portfolio Endowment Warrants containing securities in BHP, SUN, WPL: Change in the Outstanding Amounts

In accordance with the terms of the relevant Offering Circulars pertaining to the Portfolio 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 Securities BHP Billiton Limited Suncorp-Metway Limited Woodside Petroleum Limited ASX Code BHP SUN WPL Distribution/Entitlement Ordinary dividend Ordinary dividend Ordinary dividend Distribution Amount/Security $0.491918 per security $0.15 per security $0.55 per security

Ex-distribution date 1 March 2010 1 March 2010 1 March 2010 Payment Date of Reduction Amount 23 March 2010 1 April 2010 31 March 2010

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

Changes in Outstanding Amounts. Portfolio Endowment Warrant Underlying Security Number of Securities in Portfolio Total Reduction Amount per Warrant Number Of Warrants Outstanding Amount After Reduction Amount BHP 11 1,000 $728.00 PEWEEA WPL 7 $0.0093 1 $0.7280

Westpac Banking Corporation ABN 33 007 457 141

Changes in Outstanding Amounts Portfolio Endowment Warrant Underlying Security Number of Securities in Portfolio Total Reduction Amount per Warrant Number Of Warrants Outstanding Amount After Reduction Amount BHP 10 SUN 9 PEWEEB WPL 8 $0.0107

1,000

1

$520.40

$0.5204

Current Rates at which the Outstanding Amounts Increase

Pursuant to the Offering Circulars dated 11 October 2001 and 11 November 2002 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%

Portfolio Constitution - PEWEEA & PEWEEB Portfolio Endowment Warrants

Pursuant to an Offering Circular dated 11 October 2001 (PEWEEA) and 11 November 2002 (PEWEEB), the constitution of the portfolios is set out in the following table:

ASX Code Underlying Shares No of Shares in Underlying Parcel PEWEEA No of Shares in Underlying Parcel PEWEEB AWC Alumina Limited 12 13 AMC Amcor Limited N/A 11 AMP AMP Limited 5 8 ANZ Australia and New Zealand Banking Group Limited 6 5 BHP BHP Billiton Limited 11 10 BXB Brambles Industries Limited 9 15 CBA Commonwealth Bank of Australia 3 3 CSL CSL Limited 6 N/A FGL Foster's Group Limited 20 20 MQG Macquarie Group Limited 3 N/A NAB National Australia Bank Limited 3 3 NWS News Corporation Limited 3.5 5 RIO Rio Tinto Limited 3 3 SUN Suncorp Metway N/A 9

Westpac Banking Corporation ABN 33 007 457 141 TLS Telstra Corporation Limited 21 20 WBC Westpac Banking Corporation 14.86 13.55 WES Wesfarmers Limited 3 3 WOW Woolworths Limited 8 8 WPL Woodside Petroleum Limited 7 8 WDC Westfield Group 5 8

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

For and on behalf of Westpac Banking Corporation End CA:00191828 For:WBC Type:GENERAL Time:2010-02-26:16:49:15

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