1

Presenters:Don Sillar, Head of Distribution, BTChris Caton, Chief Economist, BTStewart Brentnall, Head of Investment Solutions, BTRobert Lau, Vice President Asia-Pacific, MFS

23 August 2006

Asian Opportunities Adviser Teleconference

2

BT wrap and investment update

Presented by BT Head of Distribution – Don Sillar

3

More flexibility and efficiency with BT’s Wrap

A leading Wrap provider with FUA of $25billion

Product development focused on delivering a flexible and efficient platform for advisers.

Recent developments include: a more competitive DIY super service QROPS status for UK pension transfers 6 new funds on Wrap Essentials continued enhancements to reporting contributions splitting from 1 September.

4

An industry first with new online calendars

Two new online calendars for Corporate Actions and IPOs

Easy online access to the latest investment opportunities

Online participation with bulk transactions for up to 100 clients

The online Calendars are available for: All SuperWrap clients All Wrap clients under Custodial HIN holding options All Wrap Clients with a Sponsored HIN holding option- for

takeovers and buy-backs only.

An industry first for Wrap

5

EOY record for Margin Lending – loan book hit $3.5bn – a 46% increase since June 05.

Geared Wrap is a key focus for product development

The driver – delivering a faster and more efficient geared Wrap service.

Recent Geared Wrap enhancements include: Automation of trade vetting Choice of funding method Choice of where funds are allocated once trade

settles - cash sweeping is no longer required. Ability to automate regular gearing and

nominated drawdown to set instructions.

It’s now easier to gear your clients through Wrap

6

Fund Manager of the Year 2006

7

BT Performance – excess returns

Imputation

-0.4% +1.8%+1.4% +2.1%Balanced

+0.8%+5.5%+4.7%+4.8%Ethical

+6.9%+11.3%+8.3%+2.0%Small Caps

+3.6%+5.0%+4.5%+5.3%

-0.1%+3.1%+2.7%+3.3%Aust Core

5 years3 years2 years1 yearFund

+7.25%+4.19%+2.24% Focus

1 year6 months3 monthsFund

Source: BT Financial Group. Excess returns shown of BT Wholesale Fund’s after the deduction of management fees, as at 30 June 2006

8

Strong support from leading researchers

Not ratedNot ratedABT Ethical

Not ratedRecommendedRecommendedNot ratedBT Small Caps

RecommendedNot ratedABT Imputation

RecommendedRecommendedABT Aust Core

NavigatorLonsecMorningstarVan EykBT fund

9

BT Quartile Performance

Source: Mercer IDPS Australian Shares Survey, IDPS Multi-Sector Balanced Growth Survey, IDPS Australian Smaller Companies Survey. All rates of return are before tax and after management fees as at 30 June 2006. Rates of return are annualised for periods exceeding one year. Returns refer to BT’s wholesale Fund’s. Past performance is no indicator of future performance.

* ranked No. 2 in survey

Imputation

Q2Q1*Q1Q1Balanced

n/aQ1Q1Q1Ethical

Q1Q1Q1Q2Small Caps

Q1Q1Q1Q1

Q2Q1Q1Q1Aust Core

5 years3 years2 years1 yearFund

Q1Q1Q1 Focus

1 year6 months3 monthsFundSince inception

Q1

10

Presented by BT Chief Economist - Chris Caton

Global Economic Outlook

11

2006 Growth Forecasts (%) Month of Forecast

J-06 F-06 M-06 A-06 M-06 J-06 J-06

Australia 3.2 3.1 3.2 3.2 3.2 3.3 3.3

US 3.4 3.2 3.3 3.3 3.4 3.4 3.5

Japan 2.2 2.3 2.9 2.9 3.0 2.9 3.0

China 8.7 9.0 9.1 9.1 9.6 9.6 9.7

Germany 1.6 1.6 1.7 1.7 1.8 1.7 1.8

UK 2.1 2.1 2.2 2.2 2.3 2.3 2.4

“World” 3.3 3.3 3.4 3.5 3.5 3.6 3.6

Source: Consensus Economics

12

2007 Growth Forecasts (%) Month of Forecast

J-06 F-06 M-06 A-06 M-06 J-06 J-06

Australia 3.4 3.4 3.4 3.4 3.4 3.4 3.4

US 3.1 3.0 3.0 2.9 2.9 2.8 2.8

Japan 2.1 2.2 2.1 2.2 2.3 2.2 2.2

China 8.3 8.5 8.7 8.6 8.8 8.9 8.8

Germany 1.0 1.0 1.0 1.0 1.1 1.1 1.1

UK 2.4 2.4 2.5 2.5 2.5 2.5 2.5

“World” 3.1 3.1 3.1 3.1 3.2 3.1 3.1

Source: Consensus Economics

13

The Asian Growth Outlook (% change in GDP)

2004 2005 2006 2007 2006-16Australia 3.5 2.5 3.3 3.4 3.2China 10.1 9.9 9.7 8.8 8.1Hong Kong 8.6 7.3 6.1 4.9 4.2India 7.5 8.4 7.6 7.2 7.0Indonesia 5.1 5.6 5.2 5.6 5.6Japan 2.3 2.6 3.0 2.2 2.0Malaysia 7.1 5.3 5.4 5.2 5.2New Zealand 4.3 2.3 1.7 2.1 2.8Singapore 8.7 6.4 6.7 5.1 5.2South Korea 4.7 4.0 5.3 4.7 4.6Taiwan 6.1 4.1 4.1 4.1 4.3Thailand 6.2 4.5 4.5 4.8 4.8Asia/Pacific 4.8 5.0 4.4(6 months ago) 4.2 4.0

Actual Forecast

14

Rates going up in all regions

Source: ISI

15

Total US Non-farm Employment

Source: Datastream

-0.8

-0.4

0

0.4

0.8

1.2

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

3mth / 3mth chg

16

US Inflation – Headline & Core

Source: Datastream

1.0

2.0

3.0

4.0

5.0

6.0

7.0

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Core

year-to % change

US Consumer Prices

Headline

17

Oil Prices (West Texas) in $US/bbl

Source: Datastream

0

10

20

30

40

50

60

70

80

83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

$77.05 as at 8 August

18

Morgan Stanley Capital Indexes

Source: Datastream

600

800

1000

1200

1400

1600

1800

2000

2200

2400

99 00 01 02 03 04 05 06

90

120

150

180

210

240

270

300

330

360Developed Index Asian Emerging Markets Index

Asian Emerging Markets Index (RHS)

World Developed Index (LHS)

19

Presented by BT Head of Investment Solutions – Stewart Brentnall

BT’s Regional Equities OfferingAn Introduction to Massachusetts Financial Services

(MFS)

20

Who is MFS?

Founded in 1924 as America’s first Mutual Fund company

Headquartered in Boston, with investment offices in London, Singapore, Tokyo and Mexico City

Traditionally retail focused firm, but growing institutional business – now 37%

A$238bn* under management

96.5% owned by Sun Life of Canada

Highly rated by asset consultants here and overseas

*Assets under management are at 31 March 2006 and are rounded to the nearest billion

21

Why MFS

Focused on research driven selection of stocks

Analyst teams in all BT mandate regions

Portfolios are constructed by analysts’ from their best ideas

Higher conviction and tracking errors (up to 8%)

For the most part, currency exposures are unhedged

22

MFS’s competitive strengths

Strong corporate culture

Organically grown company – not built through acquisitions

Global research platform

Analyst team approach to managing money

Focused on active return generation

23

MFS - Philosophy and Process

Bottom up research driven process

Teams on the ground in all four mandate areas

Focused local insights good for regional mandates’ narrower

benchmarks

Analysts’ views clearly expressed in portfolio

Company fundamentals, not broader economic factors, drive

long term returns

24

MFS global sector teamsHow the Financials team works across the world

25

Presented by Robert Lau, Senior Analyst and Vice President Asia Pacific, MFS

Asian opportunities for Australian investors

26

Outlook – Key Drivers

China/India growth story (demand for energy, metals, etc.)

Recovery and development of the Asian domestic demand

Global service / manufacturing outsourcing

27

China/India’s Potential Impact

Risks:- Building too much

capacity

- Weak lending discipline

- Inflationary pressure from commodity price increase

- Corp governance

Counter-forces:- Political pressure

for economic growth

- Financial services sector reforms

- Steady increase in transparency

* No forecasts can be guaranteed.

28

U.S. Trade surpluses of Asian Exporters as of December 31, 2005

Source: United States Census Bureau 2005

$201

$82

$23 $16 $12 $12

China Japan Malaysia SouthKorea

Taiwan Thailand

29

Strong economic results in Asia Pacific ex-Japan Region Comparative Real GDP Growth

0123456789

102003

2004

2005 projected

2006 projected

Real

GDP

Gro

wth

%

No forecasts can be guaranteed.

30

Source: FactsetThe MSCI All-Country Asia Pacific ex Japan free Index, is a free float-adjusted market capitalization index that measures equity market performance in the Asia Pacific region, excluding Japan. The free float adjustment considers only those shares of companies that are available for purchase in the public equity markets by international Investors. S&P 500 Stock Index measures the broad U.S. stock market. MSCI EAFE (Europe, Australasia, Far East) Index measures the non-US stock market. It is not possible to invest directly in an index. not possible to invest directly in an index.Past Performance is no guarantee of future results.

Tota

l Ret

urn

%Relative out performance of Asia Pacific ex Japan

Annualized returns for periods ended June 30, 2006

8.63%11.22%

2.49%

17.61%

27.19%

22.91%

23.94%

26.56%

10.02%

-5%0%

5%10%

15%20%

25%30%

1 Year 3 Years 5 Years

MSCI All Country Asia Pacific ex Japan FreeMSCI EAFES&P 500

31

Relative Valuation MSCI AC Asia Pacific ex Japan Historical Price/Cash Earnings 10 Years Ended 30/06/06

32

Relative Valuation: MSCI AC Asia Pacific ex Japan vs. MSCI AC World (Relative Price/Cash Earnings) 10 Years Ended 30/06/06

33

Asia Pacific ex-Japan Has Offered Good Relative Value (as of 30 June 2006)

Source: EDP

IBES LT EPS Growth is the service that assembles analysts’ estimates of future earnings for thousands of publicly traded companies, detailing how many estimates are available for each company and the high, low, and average estimates for each. EPS is earnings per share.Price/Earnings Ratio (P/E) is the price of a stock divided by its earnings per share.Price/Cash Earnings is stock price divided by trailing earnings plus depreciation.. The portfolio is actively managed, and current holdings may be different. Portfolio characteristics data is based on unadjusted total assets as of 30/06/06.*No forecasts can be guaranteed

MSCI World 12.0% 13.3x 10.6x

MSCI Asia Pacific Ex Japan 15.2% 12.1x 8.7x

MSCI US 12.6% 14.5x 11.6x

MSCI Europe ex UK 9.7% 12.4x 8.6x

MSCI Japan 15.5% 17.1x 8.8x

Price/Earnings Next 12 Months*

Price/Cash Earnings

IBES Long Term Growth*

34

Top Ten Holdings

Significant performer in past 12 months : Hana Financial, Daewoo Shipbuilding, Hon Hai Precision, and CNOOC.

35

Sector Weights

36

Country Weights

37

On Longer history MFS Asia Pac MSCI AC Asia Pac ex Japan (incl. Aus) ex Japan (incl. Aus)

Since Inception (1-July-2003) 29.8% 27.2%

Fund Performance

38

Asia ex Japan

Japan Europe US Global Tech

Company founded 1924

Active Return object (rolling 3 yrs)

3% above index

3% above index

2% above index

2% above index

3% above index

Risk (TE) 4% - 8% 4% - 9% 2% - 6% 3% - 6% 4% - 10%

No. of stocks 40 – 70 30 – 60 60 – 90 80 – 110 30 -60

Style Core GARP Core Core Growth

Alpha sourcesStock

selectionStock

selectionStock

selectionStock

selectionStock

selection

Company AUMUS$160 billion

FUM US$580mn US$400mn US$4.6bn US$4.3bn US$150mn

Funds offeredBT Asian

Share FundBT Japanese Share Fund

BT European Share Fund

BT American Share Fund

BT Technology

Fund

Fund access BT Wrap & Wrap Essentials, External Platforms

MFS Fund Profiles at a glance

39

Questions & Answers

40

Disclaimers

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.

U