Westpac Cash Plus Trust Investment Statement IN V E S T MEN T A DV I SO RY SERV ICE

This is an investment statement for the purposes of the Securities Act 1978 and is dated 29 August 2011.

Important information (The information in this section is required under the Securities Act 1978) Investment decisions are very important. They often have long-term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself.

Choosing an investment

The Financial Markets Authority regulates conduct in financial markets

When deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below:

Page

What sort of investment is this?

1

Who is involved in providing it for me?

2

How much do I pay?

5

What are the charges?

5

What returns will I get?

3

What are my risks?

4

Can the investment be altered?

6

How do I cash in my investment?

7

Who do I contact with inquiries about my investment?

7

The Financial Markets Authority regulates conduct in New Zealand’s financial markets. The Financial Markets Authority’s main objective is to promote and facilitate the development of fair, efficient, and transparent financial markets. For more information about investing, go to http://www.fma.govt.nz

Is there anyone to whom I can complain if I have problems with the investment? 8 What other information can I obtain about this investment? 8

In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus on request.

Investments made in the Westpac Cash Plus Trust do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), Westpac New Zealand Limited (Westpac NZ) or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. The ultimate holding company of BT Funds Management (NZ) Limited is Westpac. None of BT Funds Management (NZ) Limited, as manager of the Westpac Cash Plus Trust, Westpac NZ, Westpac, any member of the Westpac group of companies (or any of their nominees), The New Zealand Guardian Trust Company Limited, or any director of any of those entities, or any other person guarantees the Westpac Cash Plus Trust performance, returns or repayment of capital. The Westpac Cash Plus Trust is not offered, and this investment statement does not constitute an offer, in any jurisdiction other than in New Zealand.

What sort of investment is this? Units in the Westpac Cash Plus Trust (the “Trust”) can be applied for by completing an application form at the back of this investment statement. The Trust is a Portfolio Investment Entity (“PIE”) for tax purposes. PIEs can have certain tax advantages including that tax is payable on the income attributed to individual investors at their Prescribed Investor Rate (“PIR”) which is capped at 28%. See the section headed ‘What returns will I get?’ for further details. The Trust may invest in cash and short term securities. As at the date of this investment statement the Trust invests solely in a New Zealand dollar interest bearing account with Westpac NZ. The Trust’s investment objective is to provide unitholders with cash-like stable returns with an aim to deliver a return competitive with cash and short term bank deposits (before tax and fees) on an ongoing basis.

Custodial services The Trust may be made available for investment by individuals both directly and via certain custodial services. In this investment statement, a reference to • an investor, unitholder or “you” is a reference to the operator, custodian or manager of the custodial service, or individual investor • custodial service is a reference to an investor-directed portfolio service and nominee or custody service • an underlying investor is a reference to a person who invests through a custodial service • an individual investor is an individual who invests in the Trust without investing via a custodial service.

The investor is recorded in the register as the unitholder. As the registered holder of units, only the investor will be able to exercise any rights attached to the units held. Underlying investors do not become direct investors in the Trust and do not have a direct relationship with the Manager or Trustee of the Trust. Rather, the custodial service invests in the Trust and the underlying investors have their direct investment relationship with the custodial service.

Underlying investors should note that the custodial service is neither a promoter of the Trust nor the agent of the Manager or the Trustee. Underlying investors should also note that, in addition to any fees and charges set out in this investment statement, fees or charges will be payable to the custodial service. Underlying investors should consult the custodial service for information in relation to those fees or charges.

A custodial service operator will have an agreement with its clients (underlying investors) governing the terms of the custodial arrangement. However, underlying investors who invest in the Trust through a custodial service are required to obtain and read a copy of this investment statement before investing or instructing the custodial service to invest on their behalf. Underlying investors may, on request, obtain a copy of the Trust’s prospectus and certain other information. Underlying investors should not complete the Application Form. Rather, the Application Form must be completed and signed by the relevant entity for the custodial service. The custodial service has entered into an arrangement with the Manager in respect of the Trust. This investment statement and the prospectus outline the terms and conditions of investment in the Trust made by the custodial service, which may have been varied by any arrangement between the Manager and the custodial service. Underlying investors should contact their custodial service to ascertain whether any variations have been agreed between the Manager and the custodial service and to determine the minimum amount that the underlying investor is required to invest and the consequences of failing to maintain that minimum amount.

Westpac Saving and investing in the Westpac Cash Plus Trust

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Who is involved in providing it for me? The name of the Trust is the Westpac Cash Plus Trust. It was established on 28 February 2008 as a unit trust under the Unit Trusts Act 1960.

Manager and Issuer BT Funds Management (NZ) Limited is the Manager and issuer of the Trust. The Manager’s principal place of business is: Westpac on Takutai Square, 16 Takutai Square, Auckland 1010. Write to: PO Box 695, Wellington 6140 Phone 0800 738 641 The directors of the Manager are: • Ian Nicholas New of Wellington, New Zealand

Promoters

Trustee

The Manager is a Promoter of the Trust Westpac New Zealand Limited (Westpac NZ) and its directors are also Promoters of the Trust, with the exception of George Frazis who is also a director of the Manager.

The New Zealand Guardian Trust Company Limited Level 7, Vero Centre 48 Shortland Street Auckland 1010

Westpac NZ’s principal place of business is: Westpac on Takutai Square, 16 Takutai Square, Auckland 1010 Write to: Westpac on Takutai Square, 53 Galway Street, Auckland 1010 Westpac NZ’s directors are: • Philip Matthew Coffey of Sydney, Australia

• Mark John Smith of Sydney, Australia

• George Frazis of Auckland, New Zealand

• George Frazis of Auckland, New Zealand

• Christopher John David Moller of Lower Hutt, New Zealand

• Richard Warren Jamieson of Sydney, Australia

• Janice Amelia Dawson of Auckland, New Zealand

• David Alexander McLean of Auckland, New Zealand

• Ralph Graham Waters of Sydney, Australia

The directors may change from time to time without notice to investors. A list of directors of the Manager is available online at www.business.govt.nz/ companies.

• Peter David Wilson of Wellington, New Zealand

The directors may be contacted at the address of the Manager above.

The directors may change from time to time without notice to investors. A list of directors of Westpac NZ is available online at www.business.govt.nz/companies

The Manager is responsible for the implementation of the Trust’s investment strategies and administering the Trust.

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Westpac Saving and investing in the Westpac Cash Plus Trust

Write to: PO Box 1934, Auckland 1140 Phone 09 377 7300 The Trustee monitors the Manager’s compliance with the requirements of the trust deed. The Trustee is independent of the Manager and holds all of the assets of the Trust on behalf of the unitholders (either directly or through its nominee or custodian).

Administration Managers Trustees Executors Limited, MMc Limited and The Hongkong and Shanghai Banking Corporation Limited provide certain administrative functions for the Trust. Trustees Executors Limited’s contact address is the same as the Manager’s. Its principal place of business is currently Level 5, 10 Customhouse Quay, Wellington 6011. MMc Limited’s address is currently Level 13, 23 Customs Street, Auckland 1010. The Hongkong and Shanghai Banking Corporation Limited’s address is currently Level 9, HSBC House, 1 Queen Street, Auckland 1010. The addresses referred to above in respect to the Manager, the directors of the Manager, the Promoters, the Trustee, and the Administration Managers may change from time to time without notice to investors. Details of the addresses of the Manager, directors of the Manager, the Promoters, the Trustee, and the Administration Managers are available online at www.business.govt.nz/ companies

What returns will I get? The returns on your investment are made up of capital growth in the unit price (and any distributions if applicable). The Trust currently invests solely in deposits with Westpac NZ and the unit price depends on the value of those deposits. The Manager is legally liable to pay any withdrawals. No amount of returns, or payment of any set amount at any time, is promised by any person. Your capital and returns are not guaranteed by the Manager or any member of the Westpac group of companies, or by the Trustee or any other party. Past performance is not necessarily indicative of future performance. The key factor in determining the returns of the Trust is the interest rate earned on the Trust’s interest bearing account with Westpac NZ. The interest rate payable on the Trust’s deposits with Westpac NZ is issued by Westpac NZ from time to time. An indicative interest rate is intended to be available on www.westpac.co.nz and may change at any time without notice. The charges and taxes payable by both the Trust and unitholders will also affect returns. Distributions The Manager does not currently intend to pay regular distributions to unitholders in the Trust. That means all returns to unitholders will be by way of capital growth in the unit price. However, the Manager reserves the right to pay distributions, and the Manager may vary the distribution policy from time to time. The Trustee, on direction from the Manager, is the person legally liable to pay distributions (if any). If the Manager decides to pay a distribution from the Trust, the amount to be distributed will be based on the number of units you own at the relevant time. The Manager may adjust your distribution entitlement or your unit holding to reflect tax paid by the Trust on your share of the Trust’s income at your PIR under the PIE tax regime. See below for more details on PIE tax. If the Manager decides to pay a distribution from the Trust, the Manager may offer a distribution reinvestment option. If the Manager offers this option and you have elected for this option to apply, the Manager will issue units in your name at the unit price applicable to

the first business day following the end of the relevant distribution period. No minimum level of investment will apply to distribution reinvestment. The dividend reinvestment option (if offered) will comply with the requirements of the Securities Act (Dividend Reinvestment) Exemption Notice 1998, as amended or substituted from time to time. Withdrawals You can generally withdraw all or part of your investment at any time, subject to certain minimums. See the “How do I cash in my investment?” section for further details. In certain exceptional circumstances, the Manager may suspend withdrawals. This may occur where the Manager determines in good faith that this is desirable to protect the Trust or unitholders. As the Trust is currently investing solely in deposits with Westpac NZ, the Manager considers it unlikely that circumstances would occur requiring a suspension of withdrawals. Taxation summary We set out below the current tax treatment of the Trust. Tax legislation, its interpretation, and the rates and bases of taxation may change. The application of taxation laws depends upon a unitholder’s individual circumstances and therefore investors should seek professional tax advice on the tax consequences of their investment. The Trust is a PIE for tax purposes. The Manager will calculate daily the amount of taxable income (or loss) and any tax credits or other amounts attributable to you from the Trust. The Trust will pay tax on the taxable income attributed to you at your PIR. Your PIR will be one of the following four options (assuming you provide us with your correct IRD number): • 0% if you are a New Zealand tax resident company (including a unit trust), charity, PIE, PIE investor proxy, superannuation fund or trustee of a trust that does not elect the 28% rate (or another available PIR); and • 10.5% if you are a New Zealand tax resident natural person who earned $14,000 or less of taxable income (excluding income from PIEs) and

$48,000 or less in total of taxable income (including net PIE income after subtracting attributable PIE losses) in either of the last two income years or a New Zealand tax resident trustee of certain testamentary trusts which elects to apply the 10.5% rate; and •1  7.5% if you are a New Zealand tax resident natural person who does not qualify for the 10.5% rate, but earned $48,000 or less of taxable income (excluding income from PIEs) and $70,000 or less in total of taxable income (including net PIE income after subtracting attributable PIE losses) in either of the last two income years, or a New Zealand tax resident trustee of a trust (but not a unit trust or a charitable trust) which elects to apply the 17.5% rate; and •2  8% for all other unitholders who do not qualify for the 17.5%, 10.5% or 0% rate. Income years generally commence on 1 April in any year and end on 31 March in the following year. The Manager currently intends to reflect PIE tax by cancelling for no consideration units of a unitholder equal in aggregate value to the PIE tax paid in respect of that unitholder. This cancellation will usually occur after the end of the Trust’s income year. However if a unitholder redeems, withdraws or transfers units during the year, then immediately prior to the redemption, withdrawal or transfer, the Manager will cancel units held by the unitholder equal in aggregate value to the PIE tax on income attributable to those units. Please indicate the correct PIR on the application form. Joint investors will be treated as a single unitholder with a PIR equal to the highest PIR of the joint investors. Joint investors must provide both PIRs and IRD numbers or tax will be deducted at the highest PIR (currently 28%). Trustees that elect a PIR that is lower than 28% must return the PIE income/ (loss) and pay any applicable tax themselves (with a credit for tax paid by the Trust in respect of the PIE income attributed to the trustee). If you do not provide the Manager with your PIR and your IRD number, then any taxable income allocated to you by the Trust will be taxed at 28% .

Westpac Saving and investing in the Westpac Cash Plus Trust

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What returns will I get? If your PIR subsequently changes, you must inform the Manager (except where a change is due to a change in the statutory tax rate rather than a change in your income). If you do not advise your correct PIR, then you may be obliged to pay any tax shortfall (plus any interest and penalties), and may be required to file a tax return. Any excess tax paid on your behalf cannot be claimed back as PIE tax is a final tax.

Where you invest through an investordirected portfolio service or nominee or custody service which is a proxy for an investor in a PIE (“PIE Investor Proxy”), the PIE Investor Proxy will be responsible for the payment of tax, and the attribution of income, losses, tax credits and refunds for tax purposes, on your behalf. The Manager and the Trustee shall not be liable for the attribution of income or refunds nor the payment of tax in respect of units held by PIE Investor Proxies.

The Commissioner of Inland Revenue can require the Trust to disregard the PIR notified by a unitholder, if the Commissioner considers the rate is incorrect. In such cases, the Trust must apply the rate the Commissioner of Inland Revenue considers appropriate.

administration, liquidation or statutory management of Westpac NZ could affect your investment or returns;

• r egulation risk: any change in tax or other applicable legislation or regulation could impact on the Trust’s returns.

Further information on PIEs, and on tax generally, is contained in the registered prospectus for the Trust. Further information on PIRs can be found at www.ird.govt.nz.

What are my risks? Risk is the likelihood of you not getting all your money back, or getting a lower return than you expected. All investments have some level of risk. Some examples of the risks that may mean you do not recover your investment in the Trust or do not receive expected returns are: • interest rate risk: the value of, or yield from, the Trust’s investments or potential investment opportunities is undermined by interest rate changes. The interest rate set by Westpac NZ that is payable on the Trust’s deposits with Westpac NZ will be affected by a range of factors including the performance of Westpac NZ, economic and market conditions and the regulatory environment; •m  arket risk: changes in domestic or international economic, political, market, tax or regulatory conditions occur and impact on the Trust or its investments; •c  redit risk: a borrower or other counterparty defaults. The Manager currently invests all of the Trust’s assets in deposits with Westpac NZ so its investments are not diversified. The insolvency, receivership, voluntary

4

•c  ontractor risk: a third party contractor fails to properly provide services to the Trust; •p  roduct risk: changes may be made to the Trust from time to time in accordance with the trust deed, including to the Trust’s objectives, terms, underlying investment managers, minimums, or the Trust may be closed or terminated; •P  IE related risks: if the Trust fails to satisfy the PIE eligibility criteria (as set out in the Income Tax Act 2007), and that failure is not remedied within the period permitted under that Act, the Trust may lose its PIE status in which case the Trust will be taxed as a unit trust at, as at the date of this investment statement, 28% on its taxable income. The Manager has implemented processes to monitor ongoing PIE eligibility compliance for the Trust, and has a number of powers available to it to proactively manage this risk. You may incur a tax liability as a result of advising the wrong PIR or failing to advise the Manager when your PIR increases;

Westpac Saving and investing in the Westpac Cash Plus Trust

•o  perational risk: risks associated with a failure of internal processes and procedures, fraud, litigation, disruption to business by industrial disputes, systems failures, pandemics, natural disasters and other unforeseen external events which might affect the business of the Manager or the Trust and its investments. You are not liable to pay money to anyone if the Trust or the Manager become insolvent. If the Trust or the Manager are liquidated or wound up, creditors’ claims rank ahead of unitholders’ claims. All unitholders’ claims rank equally.

How much do I pay? You choose how much you want to invest in the Trust. The table below specifies the current minimum investment you must make by way of regular investments or lump sum payments, or a combination or both. The minimum amounts may be varied from time to time by the Manager All payments are made to Guardian Nominees Limited (the Trustee’s nominee) and can be made at any Westpac branch. Initial and additional lump sum investments can be made by cheque. Additional lump sum payments can also be made through Westpac Online Banking. Cash investments will be accepted only with two forms of identification. Direct debit and automatic payments are available for regular investments.

You may vary your regular investments or suspend them at any time, provided the applicable minimum is maintained. The Manager reserves the right to decline applications for any reason. Any application monies received will be refunded in full in these circumstances. If you fail to make a regular investment, no units will be issued to you in respect of that non-payment.

You must keep a minimum investment balance of $5,000 or 5,000 units (whichever is less). This offer is open only to persons who are in New Zealand. You must notify us if you change your address or leave New Zealand permanently, or if your tax residency is not or is no longer in New Zealand.

Do you want to...

The minimum...

You can pay by...

Make regular investments

$1,200 per year, payable weekly, fortnightly, monthly or quarterly (after minimum initial lump sum has been paid).

Automatic payment or direct debit

Make lump sum investments

$5,000 minimum for initial lump sum and $1,000 each lump sum after that

Cheque made out to Guardian Nominees Limited

What are the charges? The fees of the Trustee are currently paid by the Manager. The Manager is not currently charging a fee to the Trust for the services it provides. The Manager is paid a fee by Westpac NZ that is intended to cover all fees, costs and expenses that would normally be incurred by the Trust in the ordinary course of its business. The Manager and Trustee are entitled, and reserve the right, to be reimbursed from the Trust for all expenses (including fees of administration managers), costs

or liabilities incurred by them acting as Manager and Trustee respectively. The Trustee may also charge its fee to the Trust if the Manager does not pay its fee. Any fees and expenses paid by the Trust are shown in the Trust’s financial statements. At the date of this investment statement no fees or expenses are payable by unitholders in relation to their investment in the Trust.

The Manager has the discretion to introduce certain fees under the trust deed governing the Trust. However, as at the date of this investment statement, the Manager has no intention to charge such fees. Subject to the trust deed, the Manager can also alter the charges applicable to unitholders or to the Trust at any time. You may check the current charges by calling us on 0800 738 641.

Westpac Saving and investing in the Westpac Cash Plus Trust

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Can the investment be altered? There are some circumstances where you can alter your investment, and some where the Manager can make changes as well. Changes you can make: • you can vary (or suspend) your regular investments at any time, provided the applicable minimum is maintained; • you can pay in extra lump sums whenever you want (you must still pay the minimum investment); • you can withdraw or transfer all or part of your investment (see the following section ‘How do I cash in my investment?’); and • you can change your details relating to your investment (including your PIR). You will not be able to make changes to distribution instructions within 14 days of the date that the Manager will make a distribution (if applicable).

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Changes by the Manager and Trustee The Manager can change (with the consent of the Trustee) any margins used to set allocation (issue) and release (withdrawal) unit prices, and the charges. The Manager can alter the minimum investment and withdrawal amounts, and any notice periods. The trust deed and the conditions of establishment may be amended in the circumstances prescribed in the trust deed. While the Trust is a PIE, the Manager may adjust your distribution entitlement (if applicable) or unit holding (including on withdrawals, transfers or sales) to reflect the PIE tax liability arising with respect to your units in the Trust. The Manager may take all steps necessary to ensure that the Trust remains eligible for PIE status or otherwise complies with the requirements of tax legislation relating to PIEs (including rejecting applications and transfer requests, and withdrawing a unitholder’s units, in its discretion).

Westpac Saving and investing in the Westpac Cash Plus Trust

The Trust may be closed or wound up by the Manager or by the relevant unitholders passing an extraordinary resolution. Where this occurs, the assets remaining after meeting all expenses and liabilities will be distributed to unitholders. Where a practice of the Manager is referred to or the description “generally”, “normally” or “currently” is used in this investment statement in relation to a practice, the reference is to the practice of the Manager at the date of this investment statement. The Manager reserves the right to review and change its practices without further notice within the terms of the trust deed. Your rights may also be varied by changes to relevant law, accounting, and other regulatory requirements.

How do I cash in my investment? You can generally withdraw all or part of your investment at any time, subject to the minimums set out below. Partial withdrawals leaving less than the minimum investment balance may be treated as a full withdrawal. Any balance below the minimum may be withdrawn and paid to the relevant unitholder at any time by the Manager. Minimums may be varied by the Manager from time to time. Withdrawal method

Minimum Amount

Lump sum

$1,000 or 1,000 units (whichever is less)

You can also make regular withdrawals from the Trust of a minimum of $1,200 per year, payable monthly, quarterly or half yearly, provided the minimum holding is maintained.

When will I be paid out? Units will be withdrawn at the current release unit price. The Manager intends to redeem units on a withdrawal request (unless a repurchase is requested), and may make adjustments to your units or deductions from distributions (if applicable) or withdrawal proceeds of an amount equal to any tax paid by the Trust on the income attributed to you Withdrawals will generally be paid within 10 business days of your withdrawal request, however, the Manager may take up to 30 business days to pay (unless the Manager has suspended withdrawals. See the section headed ’What returns will I get?’ for additional information about suspension and delay of withdrawals. Unitholders may change (subject to the $1,200 per year minimum) or suspend a regular withdrawal whenever they wish. The Manager may suspend or defer a withdrawal request subject to the terms of the trust deed. The Manager intends to withdraw units when necessary to preserve the Trust’s PIE status.

Can I sell or transfer my investment? We don’t consider there is an established market for the public sale of units in the Trust, but you can apply to transfer units to someone else. Any PIE tax payable by the Trust on income attributed to you will also be deducted when you transfer your units. We can’t make a transfer: • in the 14 days before the Trust is due to distribute income (if applicable); or • if you owe any charges, taxes or duties related to your investment; or • if the other person is not allowed to be a unitholder under the trust deed. While the Trust is a PIE the Manager may give effect to a transfer by cancelling the transferor’s units (without payment) and issuing a corresponding number of units to the transferee less any units cancelled to satisfy any PIE tax payable in respect of the transfer.

What do I need to do? To withdraw or transfer your units you can fill in a release request. These are available from any Westpac branch or if you’d like to talk with us about it, call us on 0800 738 641. We’ll be happy to explain the process and send you any requests you need.

Who do I contact with inquiries about my investment? You can call your financial adviser or our Customer Relations Team on 0800 738 641, visit your local Westpac branch, or write to us at PO Box 695, Wellington 6140 for anything to do with your investment.

The principal place of business of the Manager is set out in the section “Who is involved in providing it for me?”.

Westpac Saving and investing in the Westpac Cash Plus Trust

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Is there anyone to whom I can complain if I have problems with the investment? If there is a problem please call your financial adviser or our Customer Relations Team on 0800 738 641, visit your local Westpac branch, or write to us at PO Box 695, Wellington 6140. The principal place of business of the Manager is set out in the section “Who is involved in providing it for me?”.

The Trustee

The Banking Ombudsman

The New Zealand Guardian Trust Company Limited Level 7, Vero Centre 48 Shortland Street , Auckland 1010 PO Box 1934, Auckland 1140. Phone 09 377 7300

The Manager is a member of the independent dispute resolution scheme operated by the Banking Ombudsman and approved by the Ministry of Consumer Affairs, for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Under the terms of this scheme, the Manager has three months to resolve your complaint. If you are not satisfied by the Manager’s response you may refer the matter to the Banking Ombudsman. Level 11, BP House, 20 Customhouse Quay, Wellington 6011

If you are still not happy you can contact the Trustee or the Banking Ombudsman.

Email: [email protected] Phone: 0800 805 950 Write to: Freepost 218002 PO Box 10573, The Terrace, Wellington 6143.

What other information can I obtain about this investment? Additional information about the Trust is contained in the registered prospectus for the Trust and in the financial statements for the Trust which comply with the Financial Reporting Act 1993. The prospectus and financial statements can be obtained free of charge by contacting us on 0800 738 641 or writing to us at PO Box 695, Wellington 6140. By contacting us you can also obtain a copy of the trust deed (at a charge of currently 20 cents a page) or arrange with us to view it at our office free of charge. We will also show you or provide a copy of entry in the Manager’s register of unitholders, at no charge. We will also provide the most recent copy of the investment statement to you upon request, at no charge.

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The prospectus, financial statements and other documents relating to the Trust are filed on a public register with the Companies Office of the Ministry of Economic Development and most are available for inspection on the Companies Office website at www.business.govt. nz/companies. Where documents are not available on the website, a request for the documents may be made (on payment of any relevant fee) by contacting the Ministry of Economic Development Business Service Centre on 0508 266 726 or e-mailing [email protected]

Westpac Saving and investing in the Westpac Cash Plus Trust

Each year the Manager will send you a copy of the financial statements for the Trust, a copy of the auditors report on those statements and a summary of any amendments made to the trust deed or conditions of establishment over the past year. You’ll also get notices about any distributions and details of your investment. And of course you can call or write to us if you’d like an update on the value of your investment.

Westpac use only

QA ref

Westpac Cash Plus Trust Application

Application number

Amount deposited

Date of Investment Statement 29 August 2011

UT account number

Date deposited

To the Trustee

$

DAY / MONTH / YEAR

This application is for the Westpac Cash Plus Trust. *Denotes compulsory information

.....................................................................................................................................................................................................................................................................................

1: Investor details

*Please select from the following options: New Unit Holder Please complete all sections of this form Existing Unit Holder *Unit Holder Name

*Unit Holder Number

Please go straight to Section 5, unless you would like to update any of your details in Sections 2-4

.....................................................................................................................................................................................................................................................................................

2: New Personal Investors Applicant A

Individual Unit Holder

Joint Unit Holder

Child under 18^

The child’s details should be entered as “Applicant A” and parent/guardian details should be entered as “Applicant B”. The Manager will act on the instructions of the parent/guardian until the child reaches the age of 18. Once the child is 18, the Manager will act on the instructions of the child. ^

*Title

Mr

Mrs

Ms

Miss

Other (please specify)

*Given name(s)

*CRS number

Westpac use only

*Surname *Date of birth DAY / MONTH / YEAR

*IRD number

*Prescribed Investor Rate (tax rate)

10.5%



17.5%

28%

.....................................................................................................................................................................................................................................................................................

Applicant B

*Title

Mr

Mrs

Ms

Miss

Other (please specify)

*Given name(s)

*CRS number

Westpac use only

*Surname *Date of birth DAY / MONTH / YEAR

*IRD number

*Prescribed Investor Rate (tax rate)

10.5%



17.5%

28%

.....................................................................................................................................................................................................................................................................................

Applicant C

*Title

Mr

Mrs

Ms

Miss

Other (please specify) *CRS number

*Given name(s)

Westpac use only

*Surname *Date of birth DAY / MONTH / YEAR

*IRD number

*Prescribed Investor Rate (tax rate)

10.5%



17.5%

28%

.....................................................................................................................................................................................................................................................................................

3: New Entity Investors

Partnership

Family or individual trust

Corporate trustee

Deceased estate

Incorporated society/association

Club or unincorporated body

*Name of Entity

Corporate investor

*IRD number

*Prescribed Investor Rate (tax rate)

0%

10.5%

17.5%

28%

.....................................................................................................................................................................................................................................................................................

Signatory A

*Title

Mr

Mrs

Ms

Miss

Other (please specify)

*Given name(s)

*Surname

.....................................................................................................................................................................................................................................................................................

Signatory B

*Title

Mr

Mrs

Ms

Miss

Other (please specify)

*Given name(s)

*Surname

.....................................................................................................................................................................................................................................................................................

Signatory C

*Title

Mr

Mrs

Ms

Miss

Other (please specify)

*Given name(s)

*Surname

Note: Where entity is a trust, please provide details of all trustees that are individuals.

.....................................................................................................................................................................................................................................................................................

4: Contact Details

*Contact name *Postal address NUMBER & STREET/BOX NUMBER

SUBURB

TOWN/CITY POSTCODE

*Telephone home 0-

Alternative number 0-

.....................................................................................................................................................................................................................................................................................

5:  Investment Details

Lump sum investment

(See the section headed “How much do I pay?” for minimum levels)

$

Regular investment

Investment Frequency for regular investment: Commence my regular investment on

Weekly

$

Fortnightly

DAY / MONTH / YEAR

Transfer in Monthly

(but no more than one month from the date of application)

Quarterly or

immediately

Please complete the attached Direct Debit form Note: Cheques should be made payable to Guardian Nominees Limited and crossed “Not Transferable”. For direct credits, please transfer into Guardian Nominees Limited bank account 03 0104 0195447 05.

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6: Distribution Details

Please select your preferred distribution option – if no option is selected, distributions will automatically be reinvested. Reinvest in additional units

Direct credit to bank account

Bank account details for any payments: Bank Branch Account name

Account Number Bank

Branch number

Account number

Suffix

Distribution information is collected in the event that the Manager makes a distribution from the Trust. The Manager does not intend to make regular distributions from the Trust.

.....................................................................................................................................................................................................................................................................................

7: Regular Withdrawal Details

Regular Withdrawal Amount (net of tax) $ Commence my regular withdrawal amount on

Monthly

Quarterly

Six Monthly

DAY / MONTH / YEAR

Please complete bank account details if different from above

(see the section headed “How do I cash in my investment?” for minimum levels)

Bank

Branch

Account name

Account Number Bank

Branch number

Account number

Suffix

.....................................................................................................................................................................................................................................................................................

8: Signatures and Acknowledgements

I have received and read the Investment Statement dated 29 August 2011 to which this Application Form was attached and agree to be bound by the terms and conditions of the Trust Deed, Investment Statement and Prospectus, or other current offering document (each as amended) relating to the Trust; - I understand that by completing this Application Form I will be providing personal information about me which will be held securely by the Manager, its related companies and their agents. This information will be used now and in the future to make available to me the full range of services offered by Westpac and its related companies. I have the right to access and correct this information subject to the provisions of the Privacy Act 1993. This information may be used to update other information about me by any member of the Westpac group of companies. - I agree that if the Manager makes an incorrect payment to me, the Manager is entitled to deduct the amount incorrectly paid from any holding I have with the Manager or any related company of the Manager. - I acknowledge and agree that: - if a transaction request is invalid, it will not be processed until valid documentation is received; - if the Manager reasonably believes a signature on a document, such as a withdrawal request, to be genuine, the Manager is entitled to rely on that signature and will not be liable for any loss the investor may suffer if it is later found that the signature was a fraud. - I consent to telephone conversations being recorded and listened to for training purposes or to provide security for transactions.

- For all lump sum investments, units will be allocated at the unit price ruling on the business day on which the application and moneys are received by the Manager. - I consent to the Manager reinvesting into the Trust any amount if a distribution option is not selected on the Application Form, or if the bank account details are incorrect or a distribution or any other cheque is returned. Joint In vestors: In addition to the conditions previously stated, we (the joint investors) also: - agree to hold the units as joint tenants; - acknowledge that unless otherwise stated, all signatures are always required for instructions on our investment; - agree that all liability shall be both joint and several; - agree that any tax will be deducted at the PIR equal to the highest PIR applicable to us. Investments made to the Trust do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), Westpac New Zealand Limited (Westpac NZ) or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. The ultimate holding company of BT Funds Management (NZ) Limited is Westpac. None of BT Funds Management (NZ) Limited (as manager), Westpac NZ, Westpac, or any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as trustee), any director or nominee of any of those entities, or any other person guarantees the Trust’s performance, returns or repayment of capital. The Trust is not offered, and the investment statement does not constitute an offer, in any jurisdiction other than in New Zealand.



*Signature A

*Date DAY / MONTH / YEAR



*Signature B

*Date DAY / MONTH / YEAR

*Signature C

*Date DAY / MONTH / YEAR

.....................................................................................................................................................................................................................................................................................

9: Signing instructions for all requests

*(Please tick one)

All to sign

Any to sign

Any

investors to sign (insert number)

.....................................................................................................................................................................................................................................................................................

10: Investment Adviser Details

Adviser Instructions Adviser Name

Adviser Staff number

*Investor’s ID verified *Funds received from

New to bank

Westpac Managed Fund

*Adviser signature

Westpac Term Deposit

Westpac Other

*Date DAY / MONTH / YEAR

.....................................................................................................................................................................................................................................................................................

11: Westpac use only

Entered by Units issued

Date DAY / MONTH / YEAR Checked by

Westpac Cash Plus Trust Authority to accept Direct Debits (Not to operate as an assignment or agreement)

*Name of account *Customer (acceptor) to complete bank, branch number, account number and suffix of account to be debited. – Bank

Branch number

Account number

Suffix

Authorisation code 0 3 1 6 5 8 3

To the Manager, (Please print full postal address clearly for window envelope)

(User number)

*Bank Branch

*Mailing Address *Date:

DAY

/ MONTH / YEAR

*Town/City

I/We authorise you until further notice in writing to debit my/our account with all amounts which –

Guardian Nominees Limited (hereinafter referred to as the Initiator)

the registered Initiator of the above authorisation code, may initiate by Direct Debit.

I/We acknowledge and accept that the bank accepts this authority only upon the conditions listed on the reverse of this authority.

Information to appear on my/our bank statement Payer particulars

Unit holder number

Payer reference

I N V E S T

Customer signature(s):

*Signature

*Date DAY / MONTH / YEAR

*Signature

*Date DAY / MONTH / YEAR

Westpac use only:

Approved

Date

Recorded

Checked

received:

by:

by:

Bank stamp

1658 06

08

Original

– Retain at branch

Copy

– Forward to Initiator if requested

Conditions of this Authority to Accept Direct Debits 1.

The Initiator: (a)

Undertakes to give notice to the Acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is drawn (but no more than 2 calendar months). This notice will be provided either: (i) in writing; or (ii) by electronic mail where the Customer has provided prior written consent to the Initiator. Where the Direct Debit system is used for the collection of payments which are regular as to frequency, but variable as to amounts, the Initiator undertakes to provide the Acceptor with a schedule detailing each payment amount and each payment date. In the event of any subsequent change to the frequency or amount of the Direct Debits, the Initiator has agreed to give advance notice of at least 30 days before changes come into effect. This notice must be provided either: (i) in writing; or (ii) by electronic mail where the Customer has provided prior written consent to the Initiator.

(b)

May, upon the relationship which gave rise to this Authority being terminated, give notice to the Bank that no further Direct Debits are to be initiated under the Authority. Upon receipt of such notice the Bank may terminate this Authority as to future payments by notice in writing to me/us.

2.

The Customer may: (a) (b)

At any time, terminate this Authority as to future payments by giving written notice of termination to the Bank and to the Initiator. Stop payment of any Direct Debit to be initiated under this Authority by the Initiator by giving written notice to the Bank prior to the Direct Debit being paid by the Bank.

(c)

Where a variation to amount agreed between the Initiator and the Customer from time to time to be direct debited has been made without notice being given in terms of 1(a) above, request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting the amount of the reversal or alteration of the Direct Debit back to the Initiator through the Initiator’s Bank, PROVIDED such request is made not more than 120 days from the date when the Direct Debit was debited to my/our account.

3.

The Customer acknowledges that: (a)

This Authority will remain in full force and effect in respect of all Direct Debits passed to my/our account in good faith notwithstanding my/our death, bankruptcy or other revocation of this Authority until actual notice of such event is received by the Bank.

(b) (c)

In any event this Authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account. Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct Debit has not been paid in accordance with this Authority. Any other disputes lie between me/us and the Initiator.

(d)

Where the Bank has used reasonable care and skill in acting in accordance with this Authority, the Bank accepts no responsibility or liability in respect of: – the accuracy of information about Direct Debits on Bank statements – any variations between notices given by the Initiator and the amounts of Direct Debits.

(e)

The Bank is not responsible for, or under any liability in respect of the Initiator’s failure to give written advance notice correctly nor for the non-receipt or late receipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator.

(f)

Notice given by the Initiator in terms of clause 1(a) to the debtor responsible for the payment shall be effective. Any communication necessary because the debtor responsible for payment is a person other than me/us is a matter between me/us and the debtor concerned.

4.

The Bank may: (a)

In its absolute discretion conclusively determine the order of priority payment by it of any monies pursuant to this or any other Authority, cheque or draft properly executed by me/us and given to or drawn on the Bank.

(b)

At any time terminate this Authority as to future payments by notice in writing to me/us.

(c)

Charge its current fees for this service in force from time to time.

c c Ic IN V E S T MEN T A DV I SO RY SERV ICE

JN6934