GENERAL: WBC: Westpac Self-Funding Instalments over securities in LLC

4 Mar 2010 8:30 am

WBC 04/03/2010 GENERAL

REL: 0830 HRS Westpac Banking Corporation

GENERAL: WBC: Westpac Self-Funding Instalments over securities in LLC

3 March 2010

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

Dear Mr Pullen,

Re: Westpac Self-Funding Instalments over securities in Lend Lease Group (LLC) - Adjustment due to Renounceable Entitlement Offer and Dividend

Westpac Banking Corporation is the issuer of the following Westpac Self-Funding Instalments over securities in Lend Lease Group (LLC):

LLCSWB

Pursuant to its announcement made on 25 February 2010 in this matter, Westpac wishes to announce the adjustments that will be made to LLCSWB due to the LLC Entitlement Offer. Concurrently LLCSWB will be adjusted for a dividend paid by LLC.

Adjustment due to Renounceable Entitlement Offer The Entitlement Offer entitles eligible LLC shareholders to acquire 5 new securities for every 22 securities held at a subscription price of $7.70 per new security.

Pursuant to the relevant Terms of Issue and with consent of the ASX, the Security Trustee will seek to confer the benefit of the LLC Entitlement Offer to warrant holders by adjusting the Completion Payment.

Initially, the Completion Payment will be adjusted according to the following formula:

New Completion Payment = Old Completion Payment - 5/22 * (VWAP - $7.70) - Interest Refund

Where VWAP is the volume weighted average price of trading in LLC on 1 March 2010 of $9.2929.

The amount of the benefit is therefore determined to be $0.3620 ( = 5/22 * ($9.2929 - $7.70)).

However, the final value realised by the Security Trustee will not be known until the completion of the Institutional and Retail Shortfall Bookbuild which will take place on 29 March 2010. Consequently, Westpac reserves the right to make a further positive or negative adjustment of the Completion Payment should the final proceeds realised by the Security Trustee differ from the initial adjustment. Any negative adjustment will not be greater than the initial adjustment below.

Adjustment due to Dividend As detailed in the applicable Product Disclosure Statement, Instalment holders direct that distributions be applied to reduce the Completion Payment of the SFI. In addition, any refund of prepaid interest that follows from this reduction will also be applied to reduce the Completion Payment.

Westpac Banking Corporation ABN 33 007 457 141

Distribution/Entitlement of Security Securities Lend Lease Group (LLC) Distribution/Entitlement Ordinary dividend Amount $0.20 Ex-Entitlement Date 4 March 2010 Record Date 11 March 2010 Payment Date 31 March 2010

Resulting Change in Completion Payment for Self Funding Instalments ASX Code Previous Completion Payment Proceeds from Entitlement Offer applied to reduce Completion Payment Dividend applied to reduce Completion Payment Interest Refund applied to reduce Completion Payment New Completion Payment LLCSWB $6.6625 $0.3620 $0.2000 $0.0108 $6.0897

The adjusted Self-Funding Instalments will commence trading on 4 March 2010.

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

For and on behalf of Westpac Banking Corporation End CA:00192065 For:WBC Type:GENERAL Time:2010-03-04:08:30:57

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