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Product Disclosure Statement Dated 11 March 2004

Westpac Foundation Plans

This document contains a PDS for each of the following products:

■ Westpac Foundation Plan; and

■ Westpac Children’s Foundation Plan.

All information in this document relates to both the Westpac Foundation Plan as well as the WestpacChildren’s Foundation Plan, unless otherwise stated.

Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life) is the issuer of this PDS and ofthe policies offered in this PDS. Westpac Life is a wholly owned subsidiary of Westpac Banking CorporationABN 33 007 457 141 (Westpac).

The offer made in this PDS is available only to persons receiving this PDS within Australia. Applicationsfrom outside Australia will not be accepted.

The information contained in this PDS is general information only and does not take into account yourindividual objectives, financial situation or needs. You should assess whether this information isappropriate to you and talk to your Financial Planner before making an investment decision.

While this PDS includes important information about the Plan, the full terms and conditions of the Plan arecontained in the policy document relating to the Plan. You will be provided with a copy of the policydocument when we issue the Plan to you. You may also request a copy of the policy document, free ofcharge, at any time by contacting our Customer Relations Consultants on 131817 from 8:00am to 6:30pm,Sydney time, Monday to Friday.

Information in this PDS is subject to change from time to time and may be updated by us if it is notmaterially adverse to policy owners. Updated information can be obtained by contacting your FinancialPlanner, going to our website – www.westpac.com.au or contacting our Customer Relations Consultants on131817 from 8:00am to 6:30pm, Sydney time, Monday to Friday.

You can request a paper copy of any updated information at any time free of charge.

‘Financial Planner’ or ‘Planner’ means a licensed Financial Planner

‘Business day’ refers to a day other than a Saturday or Sunday on which banks are open for generalbanking business in Sydney

‘Fund’ or ‘Funds’ means the Investment Funds offered through the Plan, as described in this PDS

‘You/your’ means the policy owner(s) of the Plan

‘Westpac Life’, ‘we’, ‘us’ or ‘our’ means Westpac Life Insurance Services Limited ABN 31 003 149 157

‘Plan’ is a reference to the Westpac Foundation Plan and/or Westpac Children’s Foundation Plan, as thecontext requires

All references to dollar amounts and unit prices in this PDS are in Australian dollars, references to goodsand services tax (GST) are references to GST payable in Australia, unless otherwise stated, and referencesto time are a reference to Sydney time.

Product DisclosureStatement (PDS)

Updatedinformation

Terms used in this PDS

An investment in the Plan is not a deposit with or any other liability of Westpac Banking Corporation(ABN 33 007 457 141) or any other company in the Westpac Banking Group of companies (other thanWestpac Life). It is subject to investment risk, including possible delays in repayment or loss of incomeand principal invested. None of Westpac Banking Corporation or any of its related entities stands behindor otherwise guarantees the capital value or investment performance of the Plans offered in this PDS.

Investment inthe WestpacFoundation Plans

Contents

■ Investing at a glance 3

■ The Westpac Foundation Plans 4

■ Understanding the risks of investing 6

■ Different ways to invest 7

■ Your investment options 8

■ Fund profiles 10

■ Investing 12

■ Transacting on your account 13

■ What do the Plans cost? 14

■ Other important informationabout the Plans 19

— Taxation 19— What happens on death

of the life insured? 20— Nominating a beneficiary 21— Cooling-off period 21— Processing your application 21— Valuation of Fund assets 21— Statutory Fund 21— Complaints resolution 22— Social security 22— Privacy 22— Financial crimes

monitoring 23— Labour standards or

environmental, social and ethicalconsiderations 23

— Making your application 24

Application Form

Westpac provides financial planning and access to investment expertise through Westpac financial plannersand the BT Financial Group. Together, our combined group provides financial advice and investmentsolutions to help you achieve your financial goals.

Westpac has been providing services to Australians since 1817 and has over 40 years experience in financialadvice. Customers have come to Westpac for advice and solutions to meet their investment, superannuation,retirement and insurance needs.

As Westpac’s investment management arm, BT Financial Group support this advice through specialistinvestment, superannuation and retirement products – offering a range of investment choices managed byBT Financial Group and other investment management companies. BT Financial Group manages over $42 billion in assets under management and is the fifth largest investment manager in Australia1.

Financial advice Achieving your goals starts with a good financial plan – the roadmap outlining where you want to be, whatyou want to be doing, when you want to do it and how you want to get there. A professional FinancialPlanner can make a detailed assessment of your financial situation, help define your investment goals, andselect products that suit your needs and level of comfort with risk.

Investment solutions The Westpac Foundation Plans are a simple way to achieve your long term financial goals, such as saving fora child's education. You can make single contributions or regular monthly contributions to your chosenFund(s). Westpac Foundation Plans provide the added benefit of being tax effective for some people becausethe investment is structured as a life insurance policy and provides a tax paid benefit after 10 years. There isa choice between three diversified funds and a cash fund, providing varying levels of risk and return.

What's next? This document provides you with important information you need to invest with us. If there's anything elseyou need to know we suggest you contact a Financial Planner – or talk to one of our Customer RelationsConsultants on 131 817.

2 | WESTPAC FOUNDATION PLANS

1 ‘ASSIRT’ Market Share Report, December Quarter 2003.

About Westpac and the BT Financial Group

Investing at a glance

What you need to know about investing in the Plans

Fund choice You can choose from four Funds:■ Balanced Growth Fund■ Moderate Growth Fund■ Conservative Growth Fund■ Money Market Fund

WHAT ARE YOUR INVESTMENT CHOICES?

Initial investment A single contribution of $3,000; or Monthly contributions of $100 or more; orA single contribution of $1,000 with a minimum monthly contribution of $100

Additionalinvestment

$1,000; orMonthly contributions of $100 or more

Switching No minimum

Withdrawal No minimum (subject to partial withdrawals leaving a minimum balance of $500)

Minimum balance $500 (partial withdrawals must leave a minimum balance of $500)

HOW MUCH DO YOU NEED TO INVEST AND TRANSACT?

Contribution fee Up to 3% per contribution for all Funds except the Money Market Fund which is nil

Withdrawal fee* First two withdrawals per calendar year are free then $63.80 each

Switching fee* First two switches per calendar year are free then $63.80 each

Issuer fee 1.390% to 1.709% pa, depending on the Fund

Administration fee* $4.98 per month if your Plan balance is less than $15,000. Nil if your Plan balance is $15,000 or more.

For more information about fees and charges, please refer to pages 14 to 18 of this PDS.

WHAT FEES WILL YOU PAY?

Policy document Upon investing, we will send you a policy document and schedule showing the details of your Plan.

Changes to your Plan

If you change any of the specific details of your Plan, we will send you written confirmation of the change,including the date that any change starts.

Confirmation advice

You will receive a confirmation advice following any withdrawal, switch or additional contribution (except for monthly contributions).

Annual statementYou will receive a statement showing details of any transactions during the period and the current value ofyour investment. You will receive this statement each year as at your renewal date.

Regular investmentreports

Every six months we will send you a newsletter keeping you up-to-date with the investment strategy andperformance of each Fund.

HOW WILL YOU BE KEPT INFORMED?

Customer Relations 131 817 Press 3 to speak to a specially trained consultant

Automated phone service

PhoneLink 131 817 Press 1

Internet www.westpac.com.au for historical performance and up-to-date investment information

WHAT SERVICES ARE AVAILABLE?

WESTPAC FOUNDATION PLANS | 3

* Indexed annually on 1 October.


The Westpac Foundation Plans

You can choose to invest in either the:■ Westpac Foundation Plan or ■ Westpac Children’s Foundation Plan.

Westpac Foundation Plan

The Westpac Foundation Plan is a life insurance policy, which operates like an investment product andprovides:

■ a tax paid benefit1 after 10 years; and

■ a simple investment to help you achieve your long term financial goals; and

■ the ability to make single contributions and/or contribute on a monthly basis via a savings plan.

Your contributions (after deducting any contribution fees) are converted (at the applicable entry price) intounits in the Fund(s) you have chosen. To determine the value of your Fund at any time, simply multiply thenumber of units you hold in each Fund by the current unit price of the respective Fund.

At any time you may, make a partial withdrawal (provided you leave a minimum account balance of $500) ora full withdrawal by advising us in writing. For more information about withdrawals and how to transact onyour account, please refer to page 13.

Under this Plan, you must nominate a person as the 'life insured'. You may nominate yourself, in which case,you will be both the policy owner and the life insured. There can only be one life insured. For more detailssee pages 20 and 21.

The Plan will end on the earliest of the following:

■ when the life insured dies;

■ upon the policy anniversary date before the life insured's 99th birthday;

■ when you withdraw the balance of your Plan;

■ when the Plan lapses because you do not make the minimum contribution required to meet fees, taxesor charges; or

■ when you write and ask us to cancel the Plan.

Westpac Children’s Foundation Plan

The Westpac Children's Foundation Plan is a life insurance policy, which operates like an investment productand provides a:

■ tax paid benefit1 after 10 years; and

■ way to invest single and/or monthly contributions to help you save for a child's future.

The Westpac Children's Foundation Plan is a life insurance policy owned by you with a child nominated asthe life insured. It operates like an investment product, just like the Westpac Foundation Plan, except that onthe nominated date, chosen by you, ownership of the Plan transfers to the child.

Until the nominated date, the Plan is in your complete control. The nominated date must be at least eightyears after the commencement of your Plan and between the child's 16th and 25th birthdays. At thenominated date the child becomes the owner of the Plan and the value of the Fund will be available to thechild as the new policy owner.

Written notification is sent to the policy owner 30 days prior to the nominated date. This notification advisesyou that, in accordance with your original request, your Plan will be transferred to a Plan in the child's name.

1 For further information on taxation, please refer to page 19.

If no response is received by the nominated date, the Plan is automatically transferred to the child.

You can change the nominated date at any time before the child becomes the owner of the Plan simply bywriting to us (see inside back cover for address details).

Your contributions (after deducting any contribution fees) are converted (at the applicable entry price) intounits in the Fund(s) you have chosen and become part of the assets of that Fund. To determine the value ofyour investment account at any time, simply multiply the number of units you hold in each Fund by thecurrent unit price of the respective Fund.

Until the nominated date you may, at any time, make a partial withdrawal (provided you leave a minimumaccount balance of $500) or a full withdrawal by advising us in writing. After the nominated date, the childmay make withdrawals under the same conditions. Withdrawals are made in the same manner as describedabove in relation to the Westpac Foundation Plan. For more information about withdrawals and how totransact on your account, please refer to page 13.

If the child dies before the nominated date, the value of the Fund will be paid to you.

If you die before the nominated date, the ownership of the Plan is transferred to the child. The Plan willcontinue and be held in trust by your legal personal representative until the nominated date. If the child diesafter the ownership has been transferred to the child, the balance of the Plan is paid to the child's estate.

The Plan will end on the earliest of the following:

■ upon the child's death;

■ upon the policy anniversary date before the policy owner's 99th birthday;

■ when you withdraw the balance of your Plan;

■ when the Plan lapses because you do not make the minimum contribution required to meet fees, taxesor charges; or

■ when you write and ask us to cancel the Plan.

The importance of professional advice

The most important step in investing is to make the right choice at the start. We suggest that, with the helpof a Financial Planner, you consider your situation and your investment goals with the aid of the followingquestions:

■ What level of returns are you looking for?

■ What level of risk are you comfortable with?

■ How long are you planning to invest?

■ Where are your other funds, if any, invested?

Your responses will help you choose the Fund or mix of Funds that best meets your investment needs.


Understanding the risks of investing


No matter which Fund you choose to invest in, there will always be some level ofinvestment risk. Investment risk is often described as the risk of fluctuations inthe market price of a particular investment. Risk can be managed and evenminimised, but cannot be eliminated. No matter how skilled the investmentmanager, or however strong a Fund's performance has been in the past, there isalways a chance you could receive back less than you invested. That is, you maylose money no matter which Fund you invest in. You should be aware of theserisks when investing and understand that not all risks are foreseeable.

Some of the most common types of risks associated with investing in the Funds include:

Security-specific risk An investment in a company may be affected by unexpected changes in that company's operations (due toquality of management, use of technology, etc) or its business environment.

Market risk Markets are affected by a host of factors including economic and regulatory conditions, market sentiment,political events and environmental and technology issues. These could have a negative impact on thereturns of all investments in that market. This may have different impacts on each investment andinvestment style.

Investing internationally in one of the major asset categories will encompass all the normal risks associatedwith that asset class, but will also expose you to risks not associated with Australian investments. Forexample, international investments may be more affected by political and economic uncertainties, lowerregulatory supervision, movements in currency and interest rates and more volatile, less liquid markets.

Currency risk If a Fund holds investments in international assets, a rise in the Australian dollar relative to other currenciesmay negatively impact investment value or returns.

Interest rate risk Changes in interest rates can have a negative impact, either directly or indirectly, on investment value orreturns of all types of assets.

Liquidity risk The risk that an investment may not be easily converted into cash with little or no loss of capital andminimum delay, because of either inadequate market depth or disruptions in the market place. Securities ofsmall companies in particular may, from time to time and especially in falling markets, become less liquid.

Credit risk There is always a risk of loss arising from the failure of a debtor or other party to a contract to meet theirobligations. This potentially arises with various securities including derivatives, fixed interest and mortgagesecurities.

Derivative risk The value of share and fixed interest derivatives is linked to the value of the underlying assets and can behighly volatile.

Internationalinvestments risk


Different ways to invest

When you invest in the Plans, you are issued with a life policy, which enables youto choose between four different Funds. Choosing the right managed fund aspart of your investment strategy can be a very effective way of achieving yourfinancial goals. By pooling money from thousands of individuals, and investing itin assets such as shares, property, fixed interest and cash, managed funds giveindividuals access to investment opportunities often beyond their reach. Policyowners obtain interests in the Fund (called ‘units’), which entitle them to sharein the income and/or capital growth generated by the Fund's assets. Theprofessionals who manage the Fund use their resources, experience andexpertise to make the investment decisions.

The four main asset classes – what to expect

Shares Shares are units of ownership in a company. If the business performs well, the company will generally passon some of its earnings to shareholders in the form of dividends. Shareholders can also benefit fromcapital gains if the share price rises. Shares generally carry more risk than other investments because shareprices fluctuate in response to many factors such as company profits, industry trends, market sentimentand economic factors. Historically, shares have delivered the best returns of the major asset classes overthe long term.

Property A Fund that invests in property can do so indirectly by buying shares in property companies and trustslisted on the stock exchange. Your money can be invested into shopping centres, office towers, hotels andfactories. Like residential property, these investments provide income in the form of rent. There is also thepotential for capital growth if the value of the property increases. Some property trusts may also invest inunlisted property investment vehicles such as private equity vehicles, mortgage securities and mortgagetrusts. Historically, property related investments are less volatile than shares. However, they are influencedby economic conditions and events that affect the overall sharemarket.

Fixed interest Fixed interest securities, including bonds, represent loans to borrowers, which can include governments,banks and companies. In return for the loan, the borrower generally pays a pre-determined rate of interestfor an agreed term. When this term has expired, the fixed interest security can be redeemed for cash.Before a fixed interest security reaches its maturity date, its value can fluctuate based on interest ratemovements. While fixed interest securities are generally less volatile than shares and property, historicallythey have also earned less over the long term.

Cash Cash investing is like investing in a portfolio of very short term bonds issued by high quality companies orby governments. Cash is a low risk investment – but returns are also generally low and may be eroded byinflation.


Your investment options

The Plans offer you four investment options (or Funds):

■ Balanced Growth Fund

■ Moderate Growth Fund

■ Conservative Growth Fund

■ Money Market Fund.

Each of these Funds invests in a different mix of assets, which enables you to choose the Fund(s) that bestmeets your needs. You can choose to invest in one Fund or a combination of Funds and you may switch allor part of your investment between Funds at any time1.

Professional investment management

Professional investment specialists manage the assets of each Fund. This includes asset allocation of eachFund – that is, what proportion of each diversified Fund should be invested in asset classes such as shares,property, fixed interest and cash, and the selection of individual securities within each class. Eachdiversified Fund has a distinctive mix of these investments designed to achieve its stated objective. Thesector Funds are primarily invested in one asset class.

Understanding your investment options

The Fund profiles (on pages 10 and 11 of this PDS) provide you with important information on the Funds tohelp you consider which Funds may meet your needs.

Investment objective This represents our current target or aim, which may change over time. This objective also outlines thesuggested investment timeframe, which is the time period we suggest you should consider when decidingto invest in a particular Fund. Matching your individual timeframe with a Fund's suggested timeframe mayhelp you maximise the returns on your investment.

These aims may not be achieved and we do not forecast or guarantee the future performance of any Fund.

Investment strategy Describes the approach our investment managers use to achieve the investment objective of each Fund.

Inception date This is the date that the Fund commenced.

This section provides details on the asset classes in which each Fund invests, and the asset allocationneutral position and ranges for each Fund. The asset allocation neutral position is the starting point for allasset allocation decisions. Investment managers will then actively adjust the exposure within the specifiedminimum and maximum ranges (as shown) based on investment views.

This is the amount of time we suggest you hold units in the Fund in order to maximise the likelihood ofachieving the investment objective. It is not a guarantee that if an investment is held for this timeframe thatthe investment objective will be achieved.

The performance of the Funds is shown for the past 1, 3, 5 years and since inception. The returns shownfor each Fund are net of fees and tax on earnings.

Investment returns shown are historical. Investments can go up and down and past performance isnot necessarily indicative of future performance. Future performance is not guaranteed and unitprices will rise or fall in line with the value of the underlying assets.

1 Please refer to page 13 for details on switching and page 14 for the fees that may apply.

Asset allocationneutral position andranges

How we calculateinvestmentperformance

Suggested investmenttimeframe


How the Funds operate

Each Fund receives investment income and realised gains and losses, which arise from its investments. Thefollowing charges are deducted from each Fund:

■ an allowance for any Federal and State taxes, duties and charges;

■ direct costs such as brokerage;

■ the issuer fee, which is described on page 15 of this PDS.

The value of each Fund is calculated by valuing the assets (including income received) of the Fund less theabove charges. The unit price is then determined using the value of the Fund on the date of valuation. For more information about how the unit price is calculated, please refer to page 13 of this PDS.

Changes to the Funds

We may vary the investment objectives and strategies of each Fund from time to time. We will give younotice in writing of any material changes, and we will do this within the time frame required by law. We may also, from time to time, add new Funds, close or terminate existing Funds. We will give you three months written notice once the decision to close or terminate any Fund in which you hold units ismade. If we terminate a Fund in which you hold units, we will ask you to nominate an alternate Fund foryour units. If you do not nominate an alternate Fund, we will switch your units from the terminating Fund toanother Fund which has an investment strategy which is closest to that of the terminating Fund.

Derivatives

Derivatives (such as futures and options) may be used to reduce risk or gain exposure to other types ofinvestments when an investment manager thinks it appropriate. Derivatives are contracts that call formoney to change hands at some future date, with the amount to be determined by agreed criteria. Forexample, a contract might specify that one person can buy an item from the other at today's price in sixmonths time, regardless of the market price at that time.

Currency management

When managing a Fund, we may also use various strategies to reduce the impact of, or take advantage of,movements in currency or interest rates.

Funds with exposure to international assets can be ‘hedged’, ‘unhedged’ or an investment manager maychoose to actively manage currency exposure.

1 Hedging is an investment made with the goal of reducing the risk of loss, but which might also reducethe potential gain, from another investment. Currency hedged funds use forward foreign exchangecontracts to reduce the impact of movements in the Australian dollar.

2 Unhedged international funds are fully exposed to the impact of currency movements in the Australiandollar.

Your investment in this Plan is not guaranteed. The value of your investment can rise or fall.


Fund profiles

BALANCED GROWTH FUND

Investmentobjective

Investmentstrategy

Investing either directly in assets or indirectly throughcollective assets (such as life policies or unit trusts) sothat the underlying assets of the Fund include assetswith high long term growth potential such asAustralian and international shares and property.

Assetallocationneutralposition andranges (%)

NEUTRAL POSITION RANGE

Australian shares 33 23–43International shares 22 12–32Property 10 0–20Australian fixed interest 20 10–30International fixed interest 10 0–20Cash 5 0–20

Suggestedinvestmenttimeframe

5 years +

Performance*as at 31 December2003 (% pa)

Annual returns% (post feesand taxes) foreach 12months to 31 December

1 year 3.893 years 0.285 years 1.99since inception 1 July 1997 2.73

Aims to provide a high level of capital growth over thelong term (at least five years) from a balancedportfolio of assets.

MODERATE GROWTH FUND

Investing either directly in assets or indirectly throughcollective investments (such as life policies or unittrusts) so that:

■ the majority of the underlying assets provideincome for reinvestment. Such assets include bank-backed bills and cash deposit as well as Australianand international fixed interest;

■ a portion of the underlying assets of the Fundincludes growth assets, such as shares andproperty, to provide potential for higher returns.



3 years +

Currencymanagement

Unhedged international shares.

Fully hedged international fixed interest.



Fund size as at31 December2003

$41.4 million $6.5 million


Aims to provide a moderate level of capital growthover the medium term (at least three years) and amoderate level of interest earnings.

* Net of issuer fee and taxes.Past performance is not indicative of future performance.

July 1997Inception date July 1997

10

5

0

-51999

4.00

2000

5.24

1998

7.62

2001

2.28

2002

-5.10

% 2003

3.89

10

5

0

-51999

1.70

2000

4.98

1998

5.12

2001

2.52

2002

-0.58

% 2003

2.82

WESTPAC FOUNDATION PLAN | 11

CONSERVATIVE GROWTH FUND

Investmentobjective

Investmentstrategy

Investing either directly in assets or indirectly throughcollective investments (such as life policies or unittrusts) so that:

■ the majority of the underlying assets provideincome for reinvestment. Such assets include bank-backed bills, fixed interest and cash on deposit;

■ part of the underlying assets of the Fund includesgrowth assets, such as shares and property, toprovide potential for higher returns.

Assetallocationneutralposition andranges (%)



Suggestedinvestmenttimeframe

3 years +

Performance*as at 31 December2003 (% pa)


Aims to provide a conservative level of capital growthover the medium term (at least three years) and arelatively high level of interest earnings.

MONEY MARKET FUND

Investing either directly in assets or indirectly throughcollective investments (such as life policies or unittrusts) so that the underlying assets of the Fundconsist wholly of short term liquid assets such as bankbills.


Cash 100 –

Any timeframe.

Fund size as at31 December2003

$1.6 million $0.5 million


Aims to provide a high level of capital security and tomaximise interest earnings from a portfolio thatinvests mainly in money market securities.

July 1997Inception date July 1997

* Net of issuer fee and taxes.Past performance is not indicative of future performance.

Currencymanagement



Not applicable.

Annual returns% (post feesand taxes) foreach 12months to 31 December

10

5

0

-51999

0.75

2000

4.59

1998

3.60

2001

2.34

2002

0.92

% 2003

2.36

10

5

0

-51999

1.79

2000

2.63

1998

1.89

2001

1.95

2002

2.04

% 2003

2.26


Investing

Age limits

You can invest in the:

■ Westpac Foundation Plan if you are aged 16 or over

■ Westpac Children’s Foundation Plan for the benefit of a child under the age of 16.

Making an initial investment

You can choose to make single or monthly contributions. You can commence with a minimum of either:

■ a single contribution of $3,000; or

■ monthly contributions of $100 or more (monthly contributions are not available if you have chosen toinvest in the Money Market Fund); or

■ a single contribution of $1,000, where a monthly contribution (minimum $100) is also made.

Send us your application form and chequeAttach your cheque to the application form. Cheques should be made payable to ‘Westpac Life InsuranceServices Limited’.

Send us your application form, cheque and direct debit detailsInclude a cheque to pay for your first month’s contribution or initial single contribution and complete thedirect debit section of the application form to have future contributions deducted automatically from yourAustralian bank, building society or credit union account.

Making additional investments

There is no maximum contribution amount, however, if you wish to receive a tax paid benefit on withdrawalafter 10 years from the date your initial investment is accepted by us, you can only contribute a maximumof 125% of your previous year’s contributions. (For more information on tax, please refer to page 19).

One off investments Additional contributions of $1,000 or more can be made at any time.

Monthly contributions You can make monthly contributions into all Funds offered in this PDS, other than the Money Market Fund.The minimum monthly contribution is $100 and must be made by direct debit from an Australian bank,building society or credit union account.

Your first monthly contribution should accompany your application form. Beginning the following month we draw your contributions from your nominated account on or around the 12th or 23rd of the month. You may indicate your choice of the date you would like us to debit your account, by completing section 7of the application form.

You can cancel, vary or suspend your monthly contributions by sending us written confirmation. You needto allow us at least seven business days before the next drawing to process your request, or the debit maystill be made. You can reduce your contribution to a minimum of $100.

Monthly contributions are automatically increased in line with the Consumer Price Index (CPI), subject to aminimum of 3% and a maximum of 15% in any year, on the anniversary of the commencement date of yourPlan. Where the increase in the CPI is less than 3%, the minimum 3% increase will still apply. You may declinethis increase by advising us in writing no later than 30 days after the Plan anniversary, either for a particularyear or for the remaining term of your investment.

To invest, simplychoose one of thefollowing:


Transacting on your account

Switching You can switch all or part of your investment between Funds available in the Plan by advising us in writing. As a switch is processed as a withdrawal from one Fund and an investment into another, these transactionswill be processed using the applicable exit and entry unit prices calculated at the close of business on the daywe receive your written request (for more information on calculation of unit prices see ‘How the unit price iscalculated’). Any switching fee applicable (see page 14) will be deducted.

If you switch from the Money Market Fund to another Fund, any amount which has not already been subjectto a contribution fee, will be charged the normal contribution fee.

If you are making monthly contributions and make a full switch, we will transfer any future monthlycontributions to the Fund you switch to.

Withdrawing You may, at any time, make a full or partial withdrawal (provided you leave a minimum account balance of$500) by advising us in writing. If you wish to make a full withdrawal, you must also send us your policydocument and schedule. The proceeds of your withdrawal will generally be paid within 48 hours if you arehaving the funds directly credited to your bank account. Alternatively, you may choose to receive a cheque,which will usually be sent within 48 hours of receiving your request.

Units are redeemed when you make a withdrawal. Unless otherwise specified, units are also redeemed whenany fees, taxes or charges are to be paid. If your investment account has insufficient funds to pay any feesdue, we will write to you and advise you of the minimum contribution required to prevent the value of yourinvestment account becoming zero. If you are unable to meet the cost of the fees within 28 days of thewritten notice, the Plan will lapse and no benefits will be payable.

Minimum balance When making a partial withdrawal, you must leave a minimum balance of $500 in your Plan. If you request awithdrawal for an amount that will leave the balance of your Plan below this amount, we will treat this as arequest to withdraw the maximum amount allowable to maintain a balance of $500 in your Plan.

What happens if the value of your Plan falls below zero?

The Plan will remain in force while the value of your Fund is greater than zero.

If a fee becomes payable that will cause the value of your Fund to fall below zero, we will give you 28 dayswritten notice of intention to lapse the Plan and will advise you of the minimum contribution required toprevent the value of your investment account from becoming zero. If you do not pay the minimumcontribution required within the 28 days, the Plan will lapse.

Unit prices Each Fund consists of different types of assets in varying proportions with each Fund having its own unitprice. The unit price is the monetary value of one unit. At the commencement of the Funds on 1 July 1997the units in each Fund were valued at $1.00. We normally value unit prices each business day.

How the unit price is calculated

Generally the unit prices are calculated, on the date each Fund is valued, by dividing the net value of theFund, less fees, charges and provisions for taxes, by the total number of units on issue in the Fund androunded to the nearest one hundredth of a cent.

An application or withdrawal request will usually receive an entry price or exit price (as applicable) calculatedfor the business day on which we receive the request. Requests received on a non-business day, will betreated as having been received on the next business day. To obtain the unit price of units in a Fund on anyday, you can contact us on 131 817.

Processing times and unit pricing


This table shows significant fees that you may be charged for an investment in the Plans. These feesmay be deducted from your account balance or from each Fund as a whole. All fees shown in thetables are before tax. You should read all of the information about fees and charges, as it isimportant to understand their impact on your investment in the Plans.

What do the Plans cost?

Not applicableNilEstablishment fee: This is the fee to setup your account.

■ Money Market Fund – nil

■ All other Funds:— 3% for each monthly contribution— for single contributions, 3% of the first

$100,000, and 1.5% of the balance of yourcontribution.

Contribution fee1: This is the fee for theinitial and every subsequent investmentyou make into a Fund.

Not applicableNilTermination fee: This is the fee whenyou close your account with the Plan.

See details in ‘Breakdown ofongoing fees’ table on thenext page.

It is not practicable to provide a meaningful totalfigure or range as it depends on variables.

■ The first two switches in any calendar year are free.

■ Each additional switch in that year will incur a fee of$63.80.

■ A contribution fee may apply if switching from theMoney Market Fund to another Fund (see page 13).

Ongoing fees4: This is the total of allongoing administration, investmentmanagement, expense recovery andother fees charged by the Fund. Abreakdown of these fees is shown in the‘Breakdown of ongoing fees’ table on thenext page.

The fee will be deducted fromthe amount switched.

Switching fee3: This is the fee chargedwhen you switch between the Fundsoffered by the Plan.

Not applicableNil. This does not include any fees that an advisercharges directly to you for their service.

Adviser service fee: This is the feecharged by your adviser for advice aboutyour investment(s) in the Plan. (An advisermay also receive other amounts ascommission. See ‘Important additionaldisclosure items’ on page 16.

Deducted from the balanceheld (charged to your accountat the time of thetransaction).

■ The first two withdrawals in any calendar year arefree.

■ Each additional withdrawal in that year will incur afee of $63.80.

Withdrawal fee3: This is the fee chargedfor each withdrawal you make from aFund.

HOW AND WHEN PAIDAMOUNT

Significant fees

Paid from your contribution(expressed as a percentage ofthe amount contributed)before your contribution isused to purchase units in aFund. This may include acommission payable to yourFinancial Planner.2


Breakdown of ongoing feesThis table shows a breakdown of the ‘Ongoing fees’ shown on the previous page.

Deducted from the balance held,generally within the first 10 daysof the month.

All expenses related to managingthe Fund’s investments areincluded in the issuer fee.

Calculated as a percentage of theFund value. It is deducted dailyand is reflected in the unit price.This may include a commissionpayable to your Financial Planner.

Not applicable

Not applicable

Balanced Growth Fund 1.709% pa

Moderate Growth Fund 1.707% pa

Conservative Growth Fund 1.704% pa

Money Market Fund 1.390% pa

Administration fee3: This is the fee tocover the general administration of thePlan.

All expenses are included in the issuer fee.Investment management fee: This is thefee for managing the Fund’s investments.

Issuer fee: This is the fee for overseeingthe Plan’s operations and/or formanaging the Fund’s investment options4.

NilExpense recoveries: This is an estimateof the out-of-pocket expenses we areentitled to recover from the Plan4.

NilMember fee: This is a member account-keeping fee charged by the Plan.

HOW AND WHEN PAIDAMOUNT

1 The contribution fee may also be referred to as an ‘entry fee’.2 These fees may be negotiated with your Financial Planner. If you do not use a Financial Planner, 100% of the contribution fee will still be payable. Refer to

page 16 for more information on remuneration.3 This fee increases on 1 October each year in line with any increase in the CPI. The amount shown is current as at the date of this PDS.4 This fee is historical for the 2002/2003 financial year. It comprises an investment management fee (see page 17) and the cost associated with the

underlying funds. The actual fee charged in the future may vary and may increase over time to the maximum set out on page 17.

FEE TYPE

■ Nil if your Plan value is $15,000 or more.

■ $4.98 per month if your Plan value is less than$15,000.

What do the Plans cost? continued


Important additional disclosure items

Payments to your Planner are sourced in part from commissions paid to Westpac Financial Planning (yourFinancial Planner's dealer group) with respect to sales of the Westpac Foundation Plan and the WestpacChildren’s Foundation Plan. The payments to Westpac Financial Planning listed below are paid by us from ourfees and are not an additional cost to you.

Direct remuneration Westpac Financial Planning has the discretion to determine how much is paid to your Planner from theamount we pay to them. Details of this remuneration will be set out in the Financial Services Guide andStatement of Advice which your Planner is required to provide to you.

In the event of early termination of your investment, your Planner may be required to repay some or all oftheir remuneration.

Indirect remuneration We may also pay Westpac Financial Planning or your Planner additional amounts (such as marketing supportpayments) and/or non-monetary benefits (such as airfares, accommodation and business/technicalsupport). If these amounts or benefits are paid or provided, they are payable out of the fees we are entitledto and are not an additional cost to you.

Upfront commission on single contributions

Upfront commission on regular contributions 17.6% of the annualised first year contributions (for all Funds except the Money Market Fund)

Ongoing service fee 0.40% pa of the value of your investment

What is paid toWestpac FinancialPlanning?

Money Market Fund – 0.5%

All other Funds – First $100,000 – 3%Next $100,000 – 1.364%Remainder – 0.682%


Increases or alterations in fees and charges

Contribution fee The current contribution fee charged for the Money Market Fund is nil. For all other Funds, the currentcontribution fee is 3% for each monthly contribution and for single contributions, 3% of the first $100,000and 1.5% of the balance of your contribution. We will give you three months written notice before there isany change to the contribution fee.

The current withdrawal and switching fee is $63.80. These fees increase on 1 October each year in linewith any increases in the CPI.

The current investment management fee for the Funds is between 1.35% pa and 1.65% pa. We can increasethe investment management fee up to a maximum of 2% pa, after giving three months written notice.

Administration fee This fee increases on 1 October each year in line with any increases in the CPI. We will give you three monthswritten notice before changing the account balance at which the Administration fee ceases to apply.

Other fees and charges

Standard government fees, duties and bank charges may also apply to investments and withdrawals(including dishonour fees and conversion costs) and are paid by the policy owner.

We will recover charges that we incur for direct debit contributions that you make. The maximum charge iscurrently 14 cents per payment and this may change without notice.

If the level of tax, duties or levies is varied or if additional tax, duties or levies are imposed, we may requireyou to pay this additional amount. If this occurs, we will give you 30 days written notice.

Direct costs Certain direct costs, such as brokerage on buying and selling assets and bank charges, are recovereddirectly from the Fund. Such costs are deducted from the Fund as a whole and reflected in the unit price.

Withdrawal andswitching fees

Bank/governmentcharges

Investmentmanagement fee1

1 This is a component of the Issuer fee set out in the fee table on page 15.


For the purpose of these examples we have used the issuer fee for 2002/2003 financial year. Of course, these are just examples. Inpractice, the actual investment balance of a policy owner will vary daily and the actual fees and expenses we charge are based on thevalue of the Fund, which also fluctuates daily.

What do the Plans cost? continued

If you want to work out your own fee structure and the impact this has, then ask your Planner for help or visitwww.asic.gov.au where ASIC offers a fee calculator to help policy owners compare the fees of different products and tounderstand the impact of fees over time.

$20,000 X 3%

CALCULATION FEE AMOUNT

Deducted from application moneyprior to the issue of units

$19,400 X 1.709% pa

$600.00

$331.54Issuer fee (assumes average accountbalance is $19,400)

Total dollar cost $931.54

Deducted daily from the Fundand reflected in the unit price

HOW AND WHEN PAIDFEE TYPE

BALANCED GROWTH FUND

Contribution fee on $20,000 investment

Nil Deducted from the balance held,generally within the first 10 daysof the month

NilAdministration fee

Nil

CALCULATION FEE AMOUNT

Deducted from application moneyprior to the issue of units

$4970.12 X 1.390% pa

Nil

$69.08Issuer fee (assumes average accountbalance is $4970.12)

Total dollar cost $128.84

Deducted daily from the Fundand reflected in the unit price

HOW AND WHEN PAIDFEE TYPE

MONEY MARKET FUND

Contribution fee on $5,000 investment

$4.98 x 12 months $59.76Administration fee1

Sandy decides to invest $20,000 into the Balanced Growth Fund and Naomi decides to invest $5,000 into the Money Market Fund.When Sandy invests in the Balanced Growth Fund a 3% contribution fee is charged on her application money. As Naomi's Plan value isless than $15,000, an administration fee applies. They make no other transactions in respect of these Funds throughout the first yearof investment.

The annual cost of an investment in the Plan will vary depending on how much you invest and thenumber, and type, of transactions you make. To help you put the fees and charges associated withthe Plan in context, the following example shows the dollar effect of a range of fees on twohypothetical policy owners for the first year of investment.

Deducted from the balance held,generally within the first 10 daysof the month

1 This does not take into account indexation of the administration fee on 1 October 2004.

Taxation

The effects of taxation When you invest in the Westpac Foundation Plans you may benefit from specific taxation advantages,assuming your marginal tax rate is higher than the rate applying to Westpac Life.

Tax simplicity While you remain invested in either Plan, you will have:

■ no PAYG tax to pay on earnings from the Plans

■ no personal income tax on any profit withdrawn after 10 years provided you do not contribute more than125% of your previous year’s contributions (see ‘Adding to your investment’ on page 20).

We pay tax progressively throughout the term of your Plan on investment income. The current tax rate is30% although concessions such as imputation credits (related to investments in Australian shares) maylower the amount of tax payable.

Tax on withdrawals Any amounts withdrawn after 10 years are fully tax paid, provided you do not contribute more than 125% ofyour previous year’s contributions at any stage (see ‘Adding to your investment’ on page 20). If your Plan isfully tax paid you do not need to include any income from this investment in your personal tax return.Other tax concessions may apply if you withdraw prior to 10 years.

In order to equal the tax paid returns on your investment, you may have to earn much higher pre-taxreturns (ignoring fees and charges) on other investments as the table below illustrates.

1 The tax paid rates of return are worked out based on a current tax rate of 30% in the Plan. The pre-tax rates of returnused are an example and are not indicative of the performance of the Plan.

2 Based on current resident individual tax rates. Excludes the Medicare levy.

For example, if your Plan produces a tax paid return of 3% pa and you are paying tax at the top marginaltax rate of 47%, then you would have to earn a pre-tax return of 5.66% on other investments in order togenerate the same net return as the Westpac Foundation Plan.

If you decide to withdraw your investment prior to the end of the 10-year tax benefit period, you will receivea tax offset on the proportion of earnings you have to include as assessable income. The tax offset iscurrently 30%. If your personal tax rate is less then 30% in the year of withdrawal, you may use the rebate tooffset tax on other income.

Earnings from the Plans are assessable in the financial year that they are received by you. The amount ofearnings to be included as assessable income is determined as follows:


Other important information about the Plans

TAXABLE INCOME

$21,601–$52,000

MARGINAL TAX RATE2

30% 3.57%

3% TAX PAID (BASED ON 4.29% PRE TAX)1

4.29%

$52,001–$62,500 42% 4.31% 5.17%

$62,500+ 47% 4.72% 5.66%

PRE-TAX RETURN REQUIRED TO EARN:

Tax on investmentearnings

Effect of tax onreturns after 10 years

Tax rebate on earlywithdrawal

YEAR OF WITHDRAWAL

8th year or earlier

ASSESSABLE AMOUNT

All earnings

9th year 2/3 X earnings

10th year 1/3 X earnings

after 10th year Nil

2.5% TAX PAID (BASED ON 3.57% PRE TAX)1


Other important information about the Plans continued

The assessable proportion of your earnings will be taxed at your marginal tax rate but you will be entitled toclaim a tax offset at 30%. If your marginal tax rate is higher than 30%, you will pay a reduced level of tax onthe amount withdrawn, due to the offset.

The following table shows the marginal tax rate payable on withdrawals after allowing for the 30% offset:

1 Based on current resident individual tax rates. Excludes the Medicare levy.

2 The tax offset can only be used to offset your tax liability in the financial year that you receive monies in respect of anywithdrawal you make from the Plans. To the extent that the tax offset exceeds your tax liability (on your bonus as wellas your other assessable income), the amount of excess tax offset is not refunded to you.

Each year you can add to your investment by making an additional contribution or by increasing yourmonthly contributions. Providing the contributions do not exceed 125% of your contributions to the Plan inthe previous policy year, the increase will not extend your original 10-year tax benefit period.

If at any time you contribute more than 125% of your contributions paid in the previous policy year, the 10-year tax benefit period recommences for the entire investment and the availability of this tax benefit willbe delayed.

The taxation information provided here is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws interpretation. Your individualsituation may differ and you should seek independent professional tax advice on any taxationmatters.

What happens on death of the life insured? (only applies to the Westpac Foundation Plan)

If you are the sole owner and you have nominated yourself as the life insured under the Westpac FoundationPlan, you can nominate up to two beneficiaries upon your death.

On your death, the proceeds of the Plan will be paid directly to the nominated beneficiaries, and if there ismore than one, in the percentages you have specified. This money will not become part of your estate, andprobate will not be required.

If you have not nominated a beneficiary, the proceeds of the Plan will be paid to your estate.

If you are not the life insured and the life insured dies while the Plan is in force, we will pay the value of thePlan to you as the policy owner.

If you own the Plan with another person (joint policy owners), and you are also the life insured, upon yourdeath the proceeds of the Plan will be paid to the surviving policy owner.

MARGINAL TAX RATE1,2

30%

WITHDRAWALIN YEARS 1–8

Nil

42% 12.0%

47% 17.0%

WITHDRAWALIN YEAR 9

Nil

8.0%

11.3%

WITHDRAWALIN YEAR 10

Nil

4.0%

5.7%

WITHDRAWALAFTER YEAR 10

Nil

Nil

Nil

MARGINAL TAX RATE AFTER ALLOWING FOR 30% OFFSET

Adding to yourinvestment


Nominating a beneficiary (only applies to the Westpac Foundation Plan)

If you wish to nominate one or more beneficiaries, you should record their details and indicate the proportion ofthe proceeds of the Plan they are to receive in the ‘Nomination of Beneficiary’ section of the application form. Anomination of a beneficiary is not effective until we have received and accepted it.

Please note: You cannot nominate a beneficiary for the Westpac Children’s Foundation Plan.

The nomination of a beneficiary may be altered or revoked at any time by advising us in writing. The newnomination takes effect and revokes all previous nominations when we have received and accepted it. Thenomination of any beneficiary terminates automatically upon the death of that beneficiary without affecting thenomination, entitlement or share of any other person named as a beneficiary. The amount that would have beenpayable to the deceased beneficiary will be payable to your estate.

Our decision as to the effect or validity of nomination of beneficiaries, or of the identity of any nominatedbeneficiary, is final and binding on anyone who may claim to have an entitlement in relation to the policyproceeds.

We may change the procedure for the nomination and acceptance of nominations of beneficiaries, and may doso on seven business days notice.

Cooling off period

To ensure that you are happy with your investment, you have a 14-day cooling-off period to check that theinvestment meets your needs. This applies to new Plans. The 14-day cooling-off period commences from thetime you receive your policy document and schedule.

You may exercise your cooling-off rights in writing by sending the policy document and schedule, together witha letter saying you want to cancel it, to the address on the inside back cover of this PDS. For all Funds, theamount payable will be calculated on the basis of the unit price on the day of withdrawal and will include arefund of any contribution fees charged. The amount you receive will reflect any movement (either up or down)in the unit price of the Fund(s) you selected, which means there may be capital gains tax implications for you.We may also deduct any tax or duty incurred by us and reasonable administrative and transaction costs. As aresult, the amount returned to you may be less than the amount initially invested.

Processing your application

If we are unable to process an application (ie because the application form is invalid) the request will not beprocessed and the application monies will be placed into a holding account. Any interest earned in the holdingaccount is not payable to an investor, but may be retained by us or paid into the Plan.

Valuation of Fund assets

The value of units may rise or fall with the value of the underlying assets of each Fund.

Underlying assets that are listed on a recognised stock exchange are usually valued by using the latest pricequoted. An independent valuer or Westpac Life will determine the proper market value of other assets. Theissuer fee is deducted, as are expenses such as brokerage and a provision for tax.

Statutory Fund

The Plans are a non-participating policy issued from Westpac Life's No. 3 Statutory Fund. They do not participatein any profits of the Statutory Fund. Only our No. 3 Statutory Fund is liable for payment under these Plans.

Complaints resolution

If you have a concern or complaint, please contact our Customer Relations Consultants on 131 817. We willtry to resolve your concerns over the telephone when you call.

If you have a concern or complaint that cannot be resolved over the telephone, please refer the matter inwriting to:

Complaints Manager Westpac Foundation PlansPO Box 3960 Sydney NSW 2001.

The Complaints Manager will acknowledge receipt of your complaint, and will endeavour to resolve yourcomplaint within 45 days of receiving your letter. If you remain dissatisfied with our response, you mayescalate your complaint to the Financial Industry Complaints Service Limited (FICS) – they are independentfrom us. Their contact details are:

Financial Industry Complaints ServicePO Box 579Collins Street WestMelbourne VIC 8007.Telephone 1300 780 808

FICS will attempt to settle the matter by conciliation. It also has the power to make a formal determination ifthe matter cannot be resolved. Please note that the FICS may not be able to assist with some types ofcomplaints or complaints regarding amounts that exceed specified limits.

Before you contact FICS, you must first try to resolve your concern with us.

Social security

Your investment in the Plans may affect your entitlement to social security benefits. As the social securitylaws are complex, we suggest you discuss your individual circumstances with your Financial Planner or theDepartment of Family and Community Services through Centrelink.

Privacy

By signing the application form, you consent to us and any other person who is at any time a member ofthe Westpac Group (‘Westpac Company’) collecting, using, disclosing and handling your personalinformation in the manner set out below.

We and other Westpac Companies may use your information:

■ to establish and administer the financial products and services we or any other Westpac Companyprovide to you (such as investments, superannuation, insurance or loans)

■ for product development, conducting market research and statistical analysis purposes and

■ to provide additional services to you, such as market updates and information on products and servicesavailable from us or any other Westpac Company.

Without your personal information, we and other Westpac Companies may be unable to establish andadminister your financial arrangements.

Other important information about the Plans continued


We and other Westpac Companies may collect your information from many places including from yourapplication form, from correspondence with you or your Financial Planner, from our telephone calls with youor from you using our website or emailing us. We and other Westpac Companies may also collect yourinformation from each other or from a service provider (Service Provider) engaged to do something for us oranother Westpac Company. Our Service Providers typically include custodians, investment administrators,information technology Financial Planners, mailhouses, auditors, legal Financial Planners and consultants.Sometimes, a Westpac Company, a Service Provider or your Financial Planner may be located outsideAustralia. By signing the application form, you consent to your information being transferred to a personsuch as this who is outside Australia.

We and each Westpac Company may disclose your personal information:

■ to each other, a Service Provider, or a person who acts on your behalf in relation to your investment (suchas your Financial Planner);

■ as required or permitted by law; or

■ with your consent.

You can contact our Customer Relations Consultants on 131 817, or write to us at the address listed on theinside back cover, to access the information we hold about you and to tell us if it needs to be updated. Wetry to give each customer access to their information on request, but we will tell you if this is not possible.

You can also contact us if you do not want to receive any marketing information from us or any otherWestpac Company, although you do not have to do this if you have already told us you do not wish toreceive marketing information of this sort. A copy of our privacy policy is available at www.westpac.com.auor by calling us on 131 817.

If you nominate another person as a beneficiary of your benefit in the event of your death, or as a lifeinsured, you agree to ensure that each such person is made aware that:

■ you have nominated that person for that purpose;

■ that we hold a record of their personal information for that purpose; and

■ they may contact Westpac Group, or request access to their information, by calling 131 817.

Financial crimes monitoring

To meet our regulatory and compliance obligations for anti-money laundering and to counter financing ofterrorism, we will be increasing the levels of control and monitoring we perform. You should be aware that:

■ transactions may be delayed, blocked or refused where we have reasonable grounds to believe that theybreach Australian law or the law of any other country

■ we may from time to time require additional information from you to assist us in this process

■ where legally obliged to do so, we may disclose the information gathered to regulatory and/or lawenforcement agencies.

You must not initiate, engage in or effect a transaction that may be in breach of Australian law (or the law ofany other country).

Labour standards or environmental, social and ethical considerations

We do not take labour standards or environmental, social or ethical considerations into account whenmaking investment decisions for the Funds in this PDS. However, such issues may financially affect aninvestment. Any material financial effect would influence our investment decisions.


Making your application


Applicant details

To invest in the Plans, please complete the application form at the end of this PDS. Remember to sign anddate the application form. When there is more than one applicant, the policy will be owned as joint tenants. If you are applying for the Westpac Children’s Foundation Plan, there can only be one policy owner.

To make an additional contribution you only need to forward us details of your policy with your cheque. You do not need to complete a new application form.

Cheques Please make cheques payable to: Westpac Life Insurance Services.

Monthly contributions

If you will be making regular monthly contributions, please include a cheque for the first contribution withthis application. Also, please complete the Direct Debit Request Form and return it with your applicationform. Future contributions will be deducted from your nominated bank or, where available, any buildingsociety or credit union account.

Policy document and schedule

Once we have accepted your application, we will send you a policy document and schedule, which sets outinformation about your Plan. You should read these documents carefully and you should keep the policydocument and schedule in a safe place. You will need them if you wish to make a total withdrawal or if youwish to check something. If you have any questions about your Plan please call us on 131 817.

Annual statement

Each year on the Plan anniversary we will send you an annual statement showing the number of units andthe value of your Plan at the start and end of the year and other information about your Plan. It will alsoshow how many units have been added and released from your Plan during the year.

For Bank use only

■ Ensure the customer has completedand signed the application form from acurrent PDS.

■ Immediately deposit Funds to AccountNo. 96 2796 BSB 032/024 using theencoded deposit slip in the applicationform.

■ Fax the application form to WestpacLife on 02 9220 5799 by 4.00pm(Sydney time) Monday to Friday.

■ Send the original application form andother documents to Westpac Life, The Chifley Tower, 2 Chifley Square,Sydney NSW 2000. BSB 032/909 CT.

of10 PC2053(02/09)152815•Print

WestpacBankingCorporation33007457141

ExistingcustomersoftheWestpacBankingCorporationmaynotberequiredtocompletetheCustomerIdentificationForm.TodetermineifyouarerequiredtolodgethisformpleasecontacttheCustomerRelationsteamon131817andprovideyourexistingWestpacaccountdetails.

Applications received without a completed Customer Identification Form and any necessary supporting documentation, from customers who are required to be identified, cannot be processed.

Whenlodgingyourproductapplicationformyouhavetwooptionsavailabletoyou:

IfyouareanIndividual(includingsoletrader/jointinvestor);TrustorAustraliancompanyinvestinginthisWestpacproduct.

TocomplywithourobligationsundertheAnti-MoneyLaundering(AML)andCounterTerrorismFinancing(CTF)Act2006,WestpaccustomersmustnowcompleteaCustomerIdentificationForminadditiontoaproductapplicationform.

Instructions And Checklist for completing the Customer Identification Form

Who should complete this customer identification form?

Important information for investors

Checklist for Option 1

Option 1

OR

Option 2

CompletethefollowingsectionsoftheCustomerIdentificationFormwhereapplicable;

- Individual(Sections 1 & 4)- Company(Sections 2 & 4)- Trust(Sections 3, 4 and other sections as required

for trustees)

Inadditionattachcertifiedcopiesofanyrequiredidentitydocuments.

Westpacbranchescanperformtheidentificationprocedure.Simplyshow,inperson,therequiredidentitydocumentsatyournearestWestpacbranch,alongwithyourcompletedproductapplicationform.WerecommendyouarrangeanappointmentatyourlocalWestpacbranchfortheidentificationproceduretobeconducted.

BeforeyousendtheCustomerIdentificationForm,ensurethatyouhavecorrectlycompletedallitemsonthechecklistbelow.Ensuringthatallinformationanddocumentationisprovidedwillassistinasmoothapplicationprocess.

ThischecklistsectionofthisformisprovidedforyourrecordsandisnotrequiredbyWestpactoprocessyourapplication.

• CompleteALLapplicablefieldsintherelevantsectionsoftheCustomerIdentificationFormusingtheinstructionsprovided.

• ThefollowingdocumentsmustbemailedtoWestpac:

completedCustomerIdentificationForm

certifiedcopiesofyouridentificationdocuments,and

productapplicationformwithanyapplicabledocumentation

CustomerIdentificationFormWestpacFoundationPlans

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Section 1

Section 1.1 Individual Details

Section 1.2 Sole Trader Details (if applicable)

GUIDETOCOMPLETINGTHISSECTION- CompleteallapplicablepartsofthissectioninBLOCKLETTERS.- Completeoneformforeachindividual.(ForjointapplicationsyoucaneitherrequestanadditionalformfromWestpacCustomerRelationsteam

on131817,orphotocopyandcompletetherelevantsectionsofthisform).

Givennames*

ABN(if any)

Relationshipmanagerdetails(if any)

Surname*

Maritalstatus

Homephoneno.

Faxno.

Workphoneno.

Email

Mobile

( )

( )

( )

OccupationDateofbirth* Sex

M F

Title(e.g. Mr. Mrs)

Fullbusinessname(if any)

Residentialaddress (P.O. Box not acceptable)

*Compulsoryfields

Principalplaceofbusiness(P.O. Box not acceptable)

Street

Suburb State Postcode Country

Street


In completing this form it is necessary to provide certified copies of identity documents. The available documents that can be used for an Individual are detailed in Tables A, B & C of Section 1.3 below. The combination of documents provided must show Name, Address and Date of Birth.

At least TWO certified copies of documents from Table A or Table B must be provided. At least ONE document must be a primary identification document from Table A. Documents from Table C can only be used where documents from Table A & B don’t exist.

Instructions on how to certify documents, and who can act as a certifier, are detailed in Section 4 of this form. It is necessary for the individual certifying the identity documents to complete and sign Section 4 of this form.


/ /


of10 PC2053(02/09)152815•Print


Section 1.3 Certified Documents

Table A – Primary identification documentsPlease tick (✓) which certified document(s) are provided.

Tick✓ SelectatleastONEoptionfromthissection

Birthcertificate–Australian(mustbeafullbirthcertificate)

Birthcertificate–Foreign(issuedbyaforeigngovernment,theUNoranagencyoftheUN;mustbeafullbirthcertificate)

NSWbirthcard*

Citizenshipcertificate–Australian

Citizenshipcertificate–Foreign(issuedbyaforeigngovernment)

Passport–Australian(caneitherbecurrentorexpiredwithinthelast2years;mustnotbecancelled,defacedormutilated)*

Passport–Foreign(issuedbyaforeigngovernment,theUNoranagencyoftheUN;mustnotbecancelled,defacedormutilated)*

Traveldocument–Foreign(issuedbyaforeigngovernment,theUNoranagencyoftheUN)*

Nationalidentitycard(issuedbyaforeigngovernment,theUNoranagencyoftheUN)*

Driver’slicence–Australian*

NSWRTAphotocardorproofofagecard*

Boatlicence–Australian*

Taxilicence–Australian*

Pensioncard-Centrelink

Pensioncard–DepartmentofVeterans’Affairs

KEYPASSPhotoIDcard*

18+Proofofagecard*

* Must contain photograph and signature

Table B – Secondary identification documentsPlease tick (✓) which certified document(s) are provided.

Tick✓IfonlyONEcertifieddocumentisprovidedfromTableA,pleaseselectatleastONEoptionfromthissectionwhichshowyourname,addressanddateofbirth.

Driver’slicence–Foreign*

Securityguard’slicence*

Shooter’s/firearmslicence*

Blindcitizen’sAustraliaIDcard*

MultipleSclerosisSocietyphotoIDcard*

PublicServiceemployeeIDcard–Australian*

StudentIDcard–Australianhighereducation(TAFEorUniversity)*

WorkingwithChildrencheckcard(Bluecard)QLD,VIC,WA*

AustralianTaxationOffice(ATO)notice(issuedwithinthelast12monthsandincludesthecustomer’snameandresidentialaddress)FinancialbenefitsnoticeissuedbyaCommonwealth,StateorTerritorygovernment(issuedwithinthelast12monthsandincludesthecustomer’snameandresidentialaddress)e.g.anoticefromCentrelink

Financialinstitutionpassbook–Australian(mustbecurrentandhaveablacklightsignature)

Utilitiesnotice(issuedbyalocalgovernmentorutilitiesproviderwithinthelast3monthsandincludesthecustomer’snameandresidentialaddress)

Healthcarecard–Centrelink

Healthcarecard–DepartmentofVeterans’Affairs

Marriagecertificate–Australian

Medicarecard

CommonwealthSenior’sHealthCardorStateSenior’sCard

* Must contain photograph and/or signature


of10 PC2053(02/09)152815•Print

Table C – Exception Categories

➤ PleasenowgotoSection 4ofthisform

Important: AdocumentfromthistablemayonlybeselectedwheredocumentsdonotexistfromTableAorTableB

Onlyoneoftheoptionsfromthissectionisrequired

Tick✓Refugee/Humanitarian category(mustincludeVisasubclassno.Rangingfrom200–217) Tick✓ Under 18s

Certificateofidentity(issuedbytheAustraliangovernment) BirthCertificate–Australian(mustbefullbirthcertificate)

Conventiontraveldocument(titredevoyage)(issuedbytheAustralianGovernment) Citizenshipcertificate–Australian

Passport–Foreign(refertotableAforrules) NSWbirthcard

Tick✓ Remote Indigenous Communities Passport–Australian(refertotableAforrules)

IndigenousCommunityIDCard Passport–Foreign(refertotableAforrules)

RemoteIndigenousCommunitiesVerificationform(mustbesignedbytwopeoplerecognisedasleadersoreldersofthecommunity)

Noticeissuedbyaschool(mustbelessthan3monthsold,includenameandresidentialaddressofcustomerandperiodtheyattendedtheschool)

Tick✓ Migrants or new arrivals < 6 weeks Data to be verified

Passport–Foreign(refertotableAforrules)

Refugees,under18s,

Migrantsornewarrivals<6weeks

-Fullname

-ResidentialaddressorDateofbirth

Traveldocument–Foreign(refertotableAforrules)RemoteIndigenousCommunities

-FullName-ResidentialAddress-Dateofbirth

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Section 2 Company Use Only

Section 2.1 Company Details

Section 2.2 Regulatory/Listing Details

Section 2.3 Company Type

GUIDETOCOMPLETINGTHISSECTION-CompleteallapplicablepartsofthissectioninBLOCKLETTERS.

NatureofBusiness*(ANZIC Code)

Companyname*(registered name)

Dateofregistration/incorporation* ABN/ACN*

Residentialaddress* (registered office address)Street


Placeofregistration/incorporation*Street


Principalplaceofbusinessaddress* (if any)Street



/ /

Pleasetick(✓)thefollowingcategorieswhichapplyandprovidetheinformationrequested.

Regulatedcompany(licensedbyanAustralianCommonwealth,StateorTerritorystatutoryregulator)

Regulated company (licensed and subject to the regulatory oversight of a Westpac-approved statutory Commonwealth, State or Territoryregulator)

➤Regulatorname

➤LicenseDetails

Australian listed company

➤Nameofmarket/exchange

Majority-owned subsidiary of an Australian listed company

➤Australianlistedcompanyname

➤Nameofmarket/exchange

Pleasetick(✓)onlyONEofthefollowingcategories.

Public Theformisnowcomplete.Nocertifiedcopiesofidentificationdocumentsarerequired.

Proprietary Goto➤ Section 2.4 on the following page


* Compulsory fields

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Section 2.4 Directors

Section 2.5 Shareholders


Thissectiononlyneedstobecompletedforproprietarycompanies.

Howmanydirectorsarethere? ➤providefullnameofeachdirectorbelow

Fullgivenname(s) Surname

1

2

3

4

Iftherearemoredirectors,providedetailsonaseparatesheet

If the company is a regulated company (as selected in Section 2.2 above) go to Section 2B below. Otherwise, for all other proprietary companies continue to Section 2.5 below.

ThissectiononlyneedstobecompletedforproprietarycompaniesthatarenotregulatedcompaniesasselectedinSection2.2.

ProvidedetailsofALL individualswhoarebeneficialownersthroughoneormoreshareholdingsofmorethan25%ofthecompany’sissuedcapital

ThissectiononlyneedstobecompletedforproprietarycompaniesthatarenotregulatedcompaniesasselectedinSection2.2.IfthecompanyisoneoftheselectedcategoriesinSection2.2thennocertifiedcopiesofdocumentsrequiretobesubmittedwiththisCustomerIdentificationForm.IfthecompanyisnotoneofthecategoriesinSection2.2thenpleaseprovideacertifiedcopyofthedocumentationdetailedinTable Abelow.

Shareholder 2

Shareholder 3

Shareholder 1Fullgivenname(s) Surname

Residentialaddress (P.O. Box not acceptable)Street








In completing this form it is necessary to provide certified copies of identity documents for some company types. The available documents that can be used for a Company are detailed in Table A Section 2.6 below.


Table A – Identification documents for a companyPlease tick (✓) which certified document(s) are provided.

Tick✓ Selectthisoption

CertifiedcopyofanASICcertificateofregistration

➤ PleasenowgotoSection 4ofthisform

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Section 3 Trust and Trustee Use Only

Section 3.1 Trust and Trustee Details

Section 3.2 Beneficiary Details

Section 3.3 Trustee Details

GUIDETOCOMPLETINGTHISSECTION-CompleteallapplicablepartsofthissectioninBLOCKLETTERS.

Fullnameoftrust*

Fullbusinessname(if any)

Providedetailsofthemembershipclass/es(e.g. unit holders, family members of named person, charitable purpose)

➤Goto Section 3.3

Natureofthebusinessofthetrust*(ANZIC CODE)

Howmanybeneficiariesarethere?(please provide full name of each beneficiary below)

Countrywheretrustestablished* Trustdescription*(e.g. Family trust, unit trust, discretionary trust)

Residentialaddress* (Registered office address)Street




1

2

3

4

Iftherearemorebeneficiaries,providedetailsonaseparatesheet

Dothetermsofthetrustidentifythebeneficiariesbyreferencetomembershipofaclass?

Yes➤

No➤

ItisnecessarytocompletethefollowingsectionsabouttheidentityofEACHofthetrustees:

• Section1ofthisform(applicableparts)–forEACHofthetrusteesthatisanIndividual.

• Section2ofthisform(applicableparts)–forEACHofthetrusteesthatisanAustralianCompany.

WheretherearemultipletrusteespleasephotocopythenecessarysectionsandcompleteforEACHoftheindividualandcompanytrustees.

ShouldyouhaveanyquestionspleasecontacttheWestpacFoundationPlansCustomerRelationsteamon131817.


* Compulsory fields

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Table A – Identification documents for a TrustPlease tick (✓) which certified document(s) are provided.

Table B – Identification documents for a TrustPlease tick (✓) which certified document(s) are provided.

Tick✓ Selectthisoption

Originalorcertifiedextractofthetrustdeedwherethenamesofthetrust,trusteesandbeneficiariesareevident

Tick✓ SelectatleastONEoptionformthissection

AnoticeissuedbytheATOwithinthelast12monthse.g.NoticeofAssessment

Aletterfromasolicitororqualifiedaccountantthatconfirmsthenameofthetrust

Adisclosurecertificatefromthetrust

In completing this form it is necessary to provide certified copies of identity documents. The available documents that can be used for a Trust are detailed in Tables A & B below. The combination of documents provided must show the full name of the trust.

At least TWO certified copies of documents from Table A or Table B must be provided. At least ONE document must be a primary identification document from Table A. The documents must show the full name of the trust. Please attach the certified copies of the documents to this Customer Identification Form.


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Section 4 To be completed in ALL cases

Section 4.2 Certification Procedure

Section 4.1 Certifier Details (See Section 4.2 for who can act as Certifier)


Occupation

Categoryofcertifier

Businessphoneno.

( )

Fullnameofcertifier

Placeofemployment

Employmentaddress (P.O. Box not acceptable)

➤(see list in Section 4.2 below)

Street


Declarationofcertifier

• Ihaveexaminedtheoriginalsofallthedocumentswhicharesetoutinthisform• Thecopydocumentsattachedaretrueandcorrectcopiesoftheoriginaldocumentsexaminedbyme.

Privacy StatementTheBankiscollectingyourpersonalinformationinordertoassistintheidentificationoftheCustomernamedinthisform.

✗

Signature Date

How to certify your documents

Who can certify documents

Acertifiedcopyisadocumentthathasbeencertifiedasatruecopyofanoriginaldocument.

• ThedocumentsthatcanbecertifiedaredetailedinSections1.3, 2.6 and 3.4ofthisform.• Certifythefirstpageofthedocument(s)with“Thisisatrueandcorrectcopyoftheoriginaldocument”followedbytheCertifier’ssignatureand

thedate.Initialanysubsequentpages.• Alldocuments must be current unless specified otherwise.• AllcertifiedcopiesofdocumentsshouldbeattachedtothisCustomerIdentificationForm.• IfanydocumentiswritteninalanguageotherthanEnglish,itmustbeaccompaniedbyanEnglishtranslationpreparedbyanaccreditedtranslator.

1. ApersonwhoisenrolledontherolloftheSupremeCourtofaStateorTerritory,ortheHighCourtofAustralia,asalegalpractitioner(howeverdescribed)

2. Ajudgeofacourt

3. Amagistrate

4. AchiefexecutiveofficerofaCommonwealthcourt

5. Aregistrarordeputyregistrarofacourt

6. AJusticeofthePeace

7. Anotarypublic(forthepurposesoftheStatutoryDeclarationRegulations1993)

8. Apoliceofficer

9. AnagentoftheAustralianPostalCorporationwhoisinchargeofanofficesupplyingpostalservicestothepublic

10.ApermanentemployeeoftheAustralianPostalCorporationwith2ormoreyearsofcontinuousservicewhoisemployedinanofficesupplyingpostalservicestothepublic

11.AnAustralianconsularofficeroranAustraliandiplomaticofficer(withinthemeaningoftheConsularFeesAct1955)

12.Anofficerwith2ormorecontinuousyearsofservicewithoneormorefinancialinstitutions(forthepurposesoftheStatutoryDeclarationRegulations1993)

13.Afinancecompanyofficerwith2ormorecontinuousyearsofservicewithoneormorefinancecompanies(forthepurposesoftheStatutoryDeclarationRegulations1993)

14.Anofficerwith,orauthorisedrepresentativeof,aholderofanAustralianfinancialserviceslicence,having2ormorecontinuousyearsofservicewithoneormorelicensees

15.AmemberoftheInstituteofCharteredAccountantsinAustralia,CPAAustraliaortheNationalInstituteofAccountantswith2ormoreyearsofcontinuousmembership

16.Aninternationalbankemployeeauthorisedbytheirinstitutiontoopenaccounts,wheretheinternationalbankisacceptabletotheBank

/ /


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Section 5 Bank Use Only

Employee Details —IdentifcationandVerificationconductedby:


( )

Employeename

✗

Signature Date

BSB Phoneno.Salarynumber

Customernumber

Customertype➤ Individual Soletrader

CISKey

IDStatus➤ Identified NotIdentified

Comments

/ /


i

Westpac Life Insurance Services Limited ABN 31 003 149 157Australian Financial Services Licence (AFSL) Number: 233728

ApplicationNumber

Planner(s) Details

Planner(s) name Planner(s) number Contact phone number % Split

Customer introduction number Branch/Area name Branch number

Upsell Self-generated Telemarketing

NO

Investment Fund Allocation

Balanced Growth Fund %

Moderate Growth Fund %

Conservative Growth Fund %

Money Market Fund %

Total 100%

A policy will only be issued on receipt of a completed application form. This application form attaches to the Foundation PlansProduct Disclosure Statement (PDS) dated 11 March 2004. You must have read this PDS before completing the application form.

■ All words and phrases used in this application form have the same meaning, if any, given to them in this PDS.

Application for Westpac Foundation Plans

Please complete the form using a black pen, print in CAPITAL LETTERS and mark answer boxes with a tick (✓).

1 Type of Westpac Foundation Plan required

Westpac Foundation Plan (WFP)

Westpac Children’s Foundation Plan (WCFP)

Given name(s)

Surname (Family name)

Date of birth

Home telephone number Work telephone number

First Applicant (for WCFP only one applicant can be nominated)

Postcode

Gender

Male Female

2 Personal details

Mr Mrs Miss Ms Other

Residential address

Given name(s)


Date of birth

Second Applicant (only applicable to WFP )

Gender

Male Female



Given name(s)


Date of birth


Postcode

Gender

Male Female

4 Details of Life to be insured(Under the Life Insurance Act, one life insured must benominated. For WCFP the child should be the life insured.)


Residential address (complete if different to applicant details )

5 Please invest my money in the following Fund(s):

3 Name of Company or Corporate Trustee(Including incorporated bodies) – if applicable

I N T E R N E T

For Financial Planner use only –Fax to (02) 9220 5799

The original of this form must be forwarded to Westpac Life Insurance Services Limited

The Chifley Tower2 Chifley Square, Sydney, NSW 2000

BSB 032 – 909 CT

ii

iii

7 Will you be making regular monthly paymentsby Direct Debit to the Plan?If yes, please include a cheque for the first month’s contribution

No Go to Question 8

Yes On or about which day of the month would you likethe payment to be taken from your account?

12th of the month 23rd of the month

Please complete the Direct Debit Request on thenext page.

8 Nomination of Beneficiary (not applicable to WCFP)

Optional, where you are the sole owner and Life Insured.

If this application is accepted, I appoint the person/s namedbelow as nominated beneficiary in the proportions shown.

10Declaration and agreementsI have read the section titled ‘Privacy’ in the PDS and I agreethat Westpac Life Insurance Services Limited (Westpac Life), anyother Westpac Company and their Service Providers may collect,use, disclose, and handle my personal information in themanner set out in that section.

I declare that:

■ I have received and read the Westpac Foundation Plans PDSdated 11 March 2004.

■ All information I have written in this applicationis true and correct and I have read all information which hasbeen written on my behalf, and it is true and correct.

I understand that:

■ By signing this application form I acknowledge the policydocument will be evidence of the contract with Westpac Life.

■ None of Westpac Banking Corporation or any of its relatedentities stands behind or otherwise guarantees the capitalvalue or the investment performance of the Funds;

■ Investments in the Funds are not deposits or other liabilitiesof Westpac Banking Corporation or any other company inthe Westpac Group of companies and that investments inthe Funds are subject to investment risks, including possibledelays in repayment and loss of principal invested.

If signing under a Power Of Attorney (POA), you verify that atthe time of signing, you have not received notice of revocationof that power. Please provide an originally certified copy of thePOA including the appointed POA's signature. If the POA'ssignature is not included, please attach two originally certifiedcopies of identification.

In the case of company signatories, two directors or a directorand a company secretary must sign, unless you are a soledirector and sole secretary.

ApplicationNumber NO

Amount paidType of Contribution with this Application

Single contribution* $

First monthly contribution† $

Total $

6 Payment details

Date of birth

Full name of First beneficiary

Relationship % of benefit


Date of birth

Full name of Second beneficiary

Relationship % of benefit


9 If you are applying for a Westpac Children’sFoundation Plan, please indicate the age fortransfer of plan to child’s name.

* The minimum single contribution is $3,000 or $1,000 where amonthly contribution is also made.

† The minimum monthly contribution is $100. Monthlycontributions are not accepted for the Money Market Fund.

Child’s age

years

The ownership of the Plan will transfer to the child on the policyanniversary preceding the nominated age. The nominated agemust be between the 16th and 25th birthdays of the child andat least eight years from the commencement date of the plan.

Signature of First Applicant

/ /

Date

Signature of Second Applicant

/ /

Date

Company signatories must indicate their company title

Director or Company secretary

Company signatories must indicate their company title

Director or Sole director and sole secretary

Surname

Given name(s)

Surname

Given name(s)Signatory name (please print)

Signatory name (please print)

11 Planner DeclarationAs a Westpac Financial Planner, by signing this form I declarethat I am a representative of Westpac Banking Corporation(AFSL No 233714) and I am authorised to advise on thefinancial product(s) offered in this PDS.

Signature of Planner

/ /

Date




BSB 032 – 909 CT

iv

Please detach here

NO

Westpac Foundation Plans

DDR-FORM

Direct Debit Request

To be completed by applicants wishing to make monthlycontributions. Please include a cheque for the first month’scontribution.

I request you, Westpac Life Insurance Services Limited ABN 31003 149 157 (User ID No. 2631), to arrange for any amounts whichbecome payable in relation to the Westpac Foundation Plans to bedebited from my account at the financial institution written below.

Postal address

Postcode

Name(s)

Name and branch of financial institution

Address of financial institution

Postcode

Account name

BSB number Account number

I understand and acknowledge that:

■ my financial institution has absolute discretion to decide theorder in which it will pay moneys under this request, or anyother request, authority or mandate;

■ my financial institution has absolute discretion to refuse tohonour this request at any time;

■ you may vary the amount or frequency of future debits tomeet amounts payable under the product;

■ this request operates on the terms of a Direct Debit ServiceAgreement, appearing on the following page of thisapplication form (which may be varied by you). I have readand understood these terms.

Please note: Direct Debiting is not available on all accountsprovided by financial institutions. If you are not sure youraccount allows direct debits, please verify this with yourfinancial institution before giving us this form.

Signature(s)

/ /

Date

/ /

Date

If debiting from a joint bank account we require both signatures

Contact phone number

60CREDIT Westpac Life Insurance Services Limited ABN 31 003 149 157

for Westpac Foundation Plans$

Amount of cheque

Cash Not Accepted

Free of Transfer Fee at any Westpac Branch

CREDIT

Date

60 Martin Place, Sydney NSW

Where this deposit is lodged at a bank or Westpac office other than that shown above it will be transferred under the bank's internal procedures. The bank is not responsible for delays in transmission.

Applicant

TellerNo. of ChqsPaid in by (signature)

Details of Cheques – Drawer

Proceeds of cheques, etc., will not be available until cleared

Bank Branch

Application number

Financial planner numberFinancial planner name

Deposit for Account at

/ /




BSB 032 – 909 CT

vi

1 This agreement sets out the terms on which you have authorisedus, Westpac Life Insurance Services Limited, to arrange foramounts that become payable to the Westpac Foundation Plans,to be made by deduction from your account at your financialinstitution.

2 You will need to:

■ complete a new Direct Debit Request for any other productyou purchase from us, or if you move from one of ourproducts to another; and

■ ask us to discontinue any Direct Debit Request that is in forceif you cancel a product (debits may continue to be made toyour account until you do so).

3 Your Direct Debit Request authorises us to arrange for paymentto us for the amounts, and at the times, required by the terms ofthe Plans and your instructions to us in relation to it. It alsoenables any changes in those amounts, and payment times, tooccur automatically – you will not need to complete a new form.

4 You can:

■ cancel, vary, defer or suspend the Direct Debit Request; or

■ stop or suspend an individual debit from taking place underthe Direct Debit Request, by calling us on 131 817 between8.00am to 6.30pm Sydney time (in some cases, we will needyour written confirmation). You need to allow us six workingdays before the next drawing date to process your request, orthe debit may still be made. (You may also be able to stop anindividual debit by contacting your own financial institution.You may be liable for financial institution charges if you dothis – your financial institution should have information onthese).

5 If a due date for a debit falls on a weekend or public holiday, thedebit will be processed on the next business day.

6 You must ensure that you have sufficient clear funds available inthe nominated account by the due date to permit the paymentsunder the Direct Debit Request. Please check with us if you areuncertain when debits will be processed to your account.

7 If a drawing is unsuccessful, we will not draw again until the nextscheduled drawing date. Drawings will be suspended after threeunsuccessful attempts.

8 Please contact our Customer Relations Consultants on 131 817 ifyou have any questions about your Direct Debit Request,including any concerns or disputes about a debit that we havemade under your Direct Debit Request. We will reply to youwithin seven (7) days.

9 We can vary this Service Agreement at any time after giving you14 days notice of the changes.

10 We will keep your personal records and account informationconfidential, except to the extent necessary to resolve any claimyou might make relating to a debit which you claim has beenmade incorrectly, in which case we may have to disclose suchinformation to Westpac Banking Corporation.

11 Direct debiting is not available on all accounts provided byfinancial institutions. Please ensure that your financial institutionallows direct debits on your nominated account, beforecompleting the Direct Debit Request Form.

12 We incur charges in relation to certain periodic payments wereceive through the Direct Debit payments system. If a chargeapplies in respect of your payments, we will increase the amountdeducted from your financial institution account to cover thisexpense. The maximum charge is currently 14 cents perpayment. The amount of the charge, and the types of paymentsto which it applies may change without notice.

vii

Direct Debit Service Agreement

viii

This page has been left blank intentionally.

Directory

Our registered address is:

Level 15, The Chifley Tower2 Chifley SquareSydney NSW 2000

Offer only available in Australia

This document can only be used by policyowners receiving it (electronically orotherwise) in Australia.

Application form

Other than as permitted by law, units inthe Funds offered in this PDS will only beissued on receipt of an application formwhich accompanies this PDS.

Australian Financial ServicesLicence (AFSL)

The AFSL number of Westpac LifeInsurance Services Limited is 233728.Information about AFSLs is available fromASIC via the Internet at www.asic.gov.au

Contact Westpac

Westpac Customer Relations

131 817Monday to Friday: 8.00am to 6.30pm(Sydney time)

Postal address

Westpac Life Insurance ServicesPO Box 3960Sydney NSW 2001

Fax 02 9220 5151

Internet www.westpac.com.au

WFS250(3/04)

More information?Ring our Customer Relations Consultants on:131 8178.00 am to 6.30 pm (Sydney time)Monday to FridayWe’ll be happy to help.