FUTURE GENERATION AUSTRALIA LIMITED — Major Shareholding Notification 2009

May 25, 2009

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Westpac Banking Corporation ABN 33 007 457 141

Group Secretariat Level 20, 275 Kent Street SYDNEY NSW 2000 Telephone: (61 2) 8253 0390 Facsimile: (61 2) 8253 1215

26 May 2009

Company Announcements Platform Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Substantial Shareholder Notice

In accordance with section 671B(3) of the Corporations Act 2001 (Cth), we attach our Notice of Change of Substantial Shareholder (Form 604) in respect of AUSTRALIAN INFRASTRUCTURE.

Yours faithfully

Anna Sandham Company Secretary

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme AUSTRALIAN INFRASTRUCTURE

ACN/ARSN ABN 97 063 935 553

1. Details of substantial holder(1)

Name

WESTPAC BANKING CORPORATION (WBC) and its associated companies listed in Annexure ‘A’

ACN/ARSN (if applicable)

ABN 33 007 457 141

There was a change in the interests of the substantial holder on 22/05/2009 The previous notice was given to the company on 03/12/2008 The previous notice was dated 1/12/2008

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice in the company or scheme, are as follows:

Class of securities (4)	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person’s votes	VotingPower	Person’s votes	VotingPower(5)
ORDINARY SHARES	23,007,197	6.04%	27,269,663	7.09%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change(7)	Class and number of securities affected	Person’s votes affected
22/05/2009	WBC & its Associates Westpac Financial Services Group Limited (WFSG), Asgard Capital Management Limited, BT Funds Management No.2 Limited, Westpac Banking Corporation, BT Investment Management (RE)Limited	See Schedule	See Schedule	See Schedule	See Schedule

Page 1 of 12

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in votingsecurities after the change are as follows:	Particulars of each relevant interest of the substantial holder in votingsecurities after the change are as follows:	Particulars of each relevant interest of the substantial holder in votingsecurities after the change are as follows:	Particulars of each relevant interest of the substantial holder in votingsecurities after the change are as follows:
Holder of relevant interest	Registered holder of securities	Nature of relevant interest (6)	Number of securities
Asgard Capital Management Limited	Asgard Capital Management Limited	Asgard Capital Management Limited ABN 92 009 279 592 AFSL 240695 RSE Licence L0001946 is the trustee, administrator and custodian of all Asgard superannuation entities, the (Hillross) PortfolioCare Retirement Plan and the BEACON Superannuation Plan. In those capacities, Asgard has the power to exercise the right to vote attached to, and to dispose of, the securities held by these entities.	234,869
BT Funds Management No.2 Limited	HSBC Custody Nominees (Australia) Limited RBC Dexia Investor ServicesTrust	BT Funds Management No 2 Limited is or may be the Manager of various Superannuation funds, Institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	2,650,139
Westpac Banking Corporation	HSBC Custody Nominees (Australia) Limited	Westpac Banking Corporation Registered Holder of Securities.	11,158,319
BT Investment Management (RE) Limited	HSBC Custody Nominees (Australia) Limited. Australia and New Zealand Banking Group Limited BNP Fund Services Australasia Pty Limited IAG Nominees Limited JP Morgan Chase Bank National Australian Custodian Services National Nominees Limited NCS (National Bank Custodian Services)	BT Investment Management (RE) Limited is the RE and fund manager of various superannuation funds, institutional investor portfolios and unit trusts and, in that capacity, can exercise the power to vote or dispose of the shares.	13,226,336

Page 2 of 12

5. Changes in association

The persons who have become associates (2) of, or ceased to be associates of, or have changed the nature of their association (9) with, the holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)

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Nature of association
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6. Addresses

The addresses of persons named in this form are as follows: Name Address Westpac Banking Corporation (WBC) Level 20, Westpac Place, 275 Kent St, Sydney NSW 2000 Westpac Financial Services Group Limited Level 20, Westpac Place, 275 Kent St, Sydney (WFSG) NSW 2000 Asgard Capital Management Limited Asgard Capital Management Limited Level 38, 152 St.Georges Terrace Perth WA 6000 BT Funds Management No.2 Limited Level 20, Westpac Place, 275 Kent Street, Sydney NSW 2000 Westpac Banking Corporation Level 20, 275 Kent St Sydney, NSW 2000 BT Investment Management (RE) Limited Level 15, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 AUSTRALIAN INFRASTRUCTURE Level 15, 90 Collins St Melbourne, VIC 3000 Ph: (03) 9654 4477 Fax: (03) 9650 6555 Signature print name Anna Sandham capacity Company Secretary sign here date 26/5/2009

Page 3 of 12

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Law.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Law.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate scheme multiplied by 100.

• (6) Include details of: (a) Any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and with a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) Any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details mus be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any changes in that association since the last substantial holding notice.

Page 4 of 12

SCHEDULE 2

Sales & Purchases for the period : 2/12/2008 to 22/05/2009 SECURITY: AIX

BT Funds Management No.2 Limited	BT Funds Management No.2 Limited
Date	Registered Company	Quantity	Value
	17/02/2009 HSBC Custody Nominees (Australia) Limited.	29,338	51,025
	2/03/2009 HSBC Custody Nominees (Australia) Limited.	10,202	14,435
	4/03/2009 HSBC Custody Nominees (Australia) Limited.	6,967	9,736
	4/03/2009 HSBC Custody Nominees (Australia) Limited.	20,737	28,974
	5/03/2009 HSBC Custody Nominees (Australia) Limited.	22,906	31,267
	6/03/2009 HSBC Custody Nominees (Australia) Limited.	41,928	53,458
	1/05/2009 HSBC Custody Nominees (Australia) Limited.	70,006	102,951
	4/05/2009 HSBC Custody Nominees (Australia) Limited.	126,634	192,686
	21/05/2009 HSBC Custody Nominees (Australia) Limited.	22,060	37,705
	22/05/2009 HSBC Custody Nominees (Australia) Limited.	22,552	38,417
	Total	373,330	560,654
Date	Registered Company	Quantity	Value
	3/12/2008 RBC Dexia Investor Services Trust	118,080	176,672.08
	12/02/2009 RBC Dexia Investor Services Trust	72,918	125,836.62
	13/02/2009 RBC Dexia Investor Services Trust	32,707	59,471.11
	4/03/2009 RBC Dexia Investor Services Trust	53,434	74,795.46
	4/03/2009 RBC Dexia Investor Services Trust	53,434	74,688.73
	5/03/2009 RBC Dexia Investor Services Trust	11,433	15,683.28
	5/03/2009 RBC Dexia Investor Services Trust	11,433	15,683.28
	19/03/2009 RBC Dexia Investor Services Trust	104,523	152,520.30
	30/04/2009 RBC Dexia Investor Services Trust	15,932	23,836.68
	23/12/2008 RBC Dexia Investor Services Trust	0	9,446.40
	Total	473,894	728,633.94
	BT Funds Management No.2 Limited Total :	847,224	1,289,288
BT Investment Management (RE) Limited
Date	Registered Company	Quantity	Value
	15/01/2009 Australia and New Zealand Banking Group Limited	-1,350	-2,228
	17/02/2009 Australia and New Zealand Banking Group Limited	1,932	3,360
	5/03/2009 Australia and New Zealand Banking Group Limited	1,479	2,019
	6/03/2009 Australia and New Zealand Banking Group Limited	2,157	2,750
	1/05/2009 Australia and New Zealand Banking Group Limited	5,701	8,384
	4/05/2009 Australia and New Zealand Banking Group Limited	8,180	12,447
	Total	18,099	26,732
Date	Registered Company	Quantity	Value
	21/05/2009 BNP Fund Services Australasia Pty Limited	102,690	175,518
	22/05/2009 BNP Fund Services Australasia Pty Limited	67,174	114,431
	Total	169,864	289,949
Date	Registered Company	Quantity	Value

Page 5 of 12

	11/12/2008	HSBC Custody Nominees (Australia) Limited.	1,266	1,888
	22/12/2008	HSBC Custody Nominees (Australia) Limited.	1,668	3,002
	7/01/2009	HSBC Custody Nominees (Australia) Limited.	2,657	4,623
	8/01/2009	HSBC Custody Nominees (Australia) Limited.	7,376	12,595
	15/01/2009	HSBC Custody Nominees (Australia) Limited.	1,350	2,228
	27/01/2009	HSBC Custody Nominees (Australia) Limited.	1,724	2,870
	17/02/2009	HSBC Custody Nominees (Australia) Limited.	11,405	19,836
	17/02/2009	HSBC Custody Nominees (Australia) Limited.	14,406	25,055
	17/02/2009	HSBC Custody Nominees (Australia) Limited.	78,583	136,672
	2/03/2009	HSBC Custody Nominees (Australia) Limited.	7,557	10,692
	2/03/2009	HSBC Custody Nominees (Australia) Limited.	8,389	11,870
	2/03/2009	HSBC Custody Nominees (Australia) Limited.	41,674	58,965
	4/03/2009	HSBC Custody Nominees (Australia) Limited.	91,042	127,204
	4/03/2009	HSBC Custody Nominees (Australia) Limited.	17,326	24,208
	4/03/2009	HSBC Custody Nominees (Australia) Limited.	19,124	26,720
	5/03/2009	HSBC Custody Nominees (Australia) Limited.	62,095	84,760
	5/03/2009	HSBC Custody Nominees (Australia) Limited.	11,432	15,605
	5/03/2009	HSBC Custody Nominees (Australia) Limited.	9,097	12,417
	5/03/2009	HSBC Custody Nominees (Australia) Limited.	45,996	63,015
	6/03/2009	HSBC Custody Nominees (Australia) Limited.	17,619	22,464
	6/03/2009	HSBC Custody Nominees (Australia) Limited.	112,980	144,050
	6/03/2009	HSBC Custody Nominees (Australia) Limited.	22,117	28,199
	6/03/2009	HSBC Custody Nominees (Australia) Limited.	4,023	5,029
	1/05/2009	HSBC Custody Nominees (Australia) Limited.	35,837	52,702
	1/05/2009	HSBC Custody Nominees (Australia) Limited.	44,395	65,287
	1/05/2009	HSBC Custody Nominees (Australia) Limited.	196,800	289,414
	1/05/2009	HSBC Custody Nominees (Australia) Limited.	9,598	14,181
	4/05/2009	HSBC Custody Nominees (Australia) Limited.	50,603	76,998
	4/05/2009	HSBC Custody Nominees (Australia) Limited.	63,928	97,273
	4/05/2009	HSBC Custody Nominees (Australia) Limited.	344,647	524,415
	21/05/2009	HSBC Custody Nominees (Australia) Limited.	91,548	156,474
	21/05/2009	HSBC Custody Nominees (Australia) Limited.	24,483	41,846
	21/05/2009	HSBC Custody Nominees (Australia) Limited.	360,526	616,211
	21/05/2009	HSBC Custody Nominees (Australia) Limited.	2,011	3,437
	22/05/2009	HSBC Custody Nominees (Australia) Limited.	95,069	161,950
	22/05/2009	HSBC Custody Nominees (Australia) Limited.	25,471	43,390
	22/05/2009	HSBC Custody Nominees (Australia) Limited.	369,788	629,934
	22/05/2009	HSBC Custody Nominees (Australia) Limited.	2,061	3,511
		Total	2,307,671	3,620,990
Date		Registered Company	Quantity	Value
	11/12/2008	IAG Nominees Limited	26,756	40,134
	18/02/2009	IAG Nominees Limited	41,516	69,747
	18/02/2009	IAG Nominees Limited	-41,516	-69,747
		Total	26,756	40,134
Date		Registered Company	Quantity	Value
	16/01/2009	JP Morgan Chase Bank	-19,188	-31,967
		Total	-19,188	-31,967
Date		Registered Company	Quantity	Value
	17/02/2009	National Australian Custodian Services	-67,132	-116,756
	17/02/2009	National Australian Custodian Services	-29,466	-51,247
	17/02/2009	National Australian Custodian Services	-15,507	-26,970

Page 6 of 12

	2/03/2009 National Australian Custodian Services	3,173	4,489
	2/03/2009 National Australian Custodian Services	8,265	11,694
	2/03/2009 National Australian Custodian Services	15,863	22,445
	4/03/2009 National Australian Custodian Services	19,220	26,854
	4/03/2009 National Australian Custodian Services	37,029	51,737
	4/03/2009 National Australian Custodian Services	7,410	10,353
	5/03/2009 National Australian Custodian Services	13,841	18,893
	5/03/2009 National Australian Custodian Services	7,192	9,817
	5/03/2009 National Australian Custodian Services	2,761	3,769
	5/03/2009 National Australian Custodian Services	5,327	7,298
	6/03/2009 National Australian Custodian Services	13,258	16,904
	6/03/2009 National Australian Custodian Services	26,568	33,874
	6/03/2009 National Australian Custodian Services	5,293	6,749
	1/05/2009 National Australian Custodian Services	28,635	42,111
	1/05/2009 National Australian Custodian Services	53,994	79,404
	1/05/2009 National Australian Custodian Services	10,850	15,956
	4/05/2009 National Australian Custodian Services	15,379	23,401
	4/05/2009 National Australian Custodian Services	40,057	60,951
	4/05/2009 National Australian Custodian Services	77,068	117,267
	Total	279,078	368,993
Date	Registered Company	Quantity	Value
	17/02/2009 National Nominees Limited	-23,559	-40,974
	2/03/2009 National Nominees Limited	4,877	6,900
	4/03/2009 National Nominees Limited	11,338	15,841
	5/03/2009 National Nominees Limited	4,197	5,729
	6/03/2009 National Nominees Limited	8,080	10,302
	1/05/2009 National Nominees Limited	16,354	24,050
	4/05/2009 National Nominees Limited	23,504	35,764
	Total	21,287	21,848
Date	Registered Company	Quantity	Value
	21/05/2009 NCS (National Bank Custodian Services)	46,682	79,789
	22/05/2009 NCS (National Bank Custodian Services)	47,885	81,572
	Total	94,567	161,361
	BT Investment Management (RE) Limited Total :	2,898,134	4,498,040
BT Investment Management No.3 Pty Limited
Date	Registered Company	Quantity	Value
	4/03/2009 HSBC Custody Nominees (Australia) Limited.	-41,214	-57,741
	Total	-41,214	-57,741
	BT Investment Management No.3 Pty Limited
	Total :	-41,214	-57,741
Asgard Capital Management Limited
Date	Registered Company	Quantity	Value
	23/12/2008 Asgard Capital Management Limited	-1500	-2565
	5/01/2009 Asgard Capital Management Limited	6961	$12,637.74
	6/01/2009 Asgard Capital Management Limited	6650	$12,269.25
	7/01/2009 Asgard Capital Management Limited	5980	$10,076.30

Page 7 of 12

	15/01/2009 Asgard Capital Management Limited	-4440	-7281.6
	15/01/2009 Asgard Capital Management Limited	-6660	-10889.1
	9/02/2009 Asgard Capital Management Limited	4722	$8,239.89
	9/02/2009 Asgard Capital Management Limited	4722	$8,239.89
	12/02/2009 Asgard Capital Management Limited	-13595	-22975.55
	2/04/2009 Asgard Capital Management Limited	6135	$9,908.03
	4/05/2009 Asgard Capital Management Limited	3400	$5,049.00
	8/05/2009 Asgard Capital Management Limited	-4300	-7503.5
	14/05/2009 Asgard Capital Management Limited	11662	$20,116.95
	15/05/2009 Asgard Capital Management Limited	-5125	-8558.75
	Total	14612	26763.55
	Asgard Capital Management Limited Total	14612	26763.55
St George Insurance Australia Pty Limited
Date	Registered Company	Quantity	Value
	3-Dec-08 NAB Custodian Services	-6,892.00	16,626.71
	10-Dec-08 NAB Custodian Services	-4,945.00	11,929.64
	16-Dec-08 NAB Custodian Services	-23,556.00	56,828.02
	17-Dec-08 NAB Custodian Services	-33,702.00	81,304.89
	18-Dec-08 NAB Custodian Services	-33,702.00	81,304.88
	Total	-102,797.00	247,994.14
	St George Insurance Australia Pty Limited Total	-102,797.00	247,994.14

Page 8 of 12

ANNEXURE A – ASSOCIATED COMPANIES

This is annexure ‘A’ (being 4 pages) referred to in Form 604, Notice of change of interests of substantial holder, lodged for Westpac and its associated entities

Anna Sandham – Company Secretary WBC– 01/01/2009

1925 (Commercial) Limited	Australia	St George Equity Finance Limited	Australia
1925 (Industrial) Pty Limited	Australia	St George Finance Holdings Limited	Australia
1925 (Insurance Premium Funding) Pty Limited	Australia	St George Finance Limited	Australia
1925 (Properties) Pty Limited	Australia	St George Financial Investments 1 Pty Limited	Australia
		St George Financial Investments New Zealand
1925 Advances Pty Limited	Australia	Limited	New Zealand
1925 House Limited	Australia	St George Financial Services Limited	Australia
A.C.N. 001 231 027 Pty Limited	Australia	St George Foundation Limited	Australia
A.F.G. Insurances Limited9	Australia	St George Group Holdings Pty Limited	Australia
	Papua New
A.G.C. (Pacific) Limited	Guinea	St George Insurance Australia Pty Limited	Australia
Acacia Securities Limited	Australia	St George Life Limited	Australia
Advance Asset Management Limited	Australia	St George Management Services Pty Limited	Australia
Advance Leasing Limited	Australia	St George Motor Finance Limited	Australia
Agri Private Capital Management Limited	New Zealand	St George New Zealand Limited	New Zealand
Altitude Administration Pty Limited	Australia	St George Procurement Management Pty Limited	Australia
Altitude Rewards Pty Limited	Australia	St George Security Holdings Pty Limited	Australia
Asgard Capital Management Limited (Asgard		St George Wealth Mangement Pty Limited (formerly
Subsidiary)	Australia	KPMG Financial Services Pty Limited)	Australia
Asgard Wealth Solutions Limited (Formerly Sealcorp
Holdings Limited)	Australia	St George WEL Limited	Australia
Assirt Software Pty Limited	Australia	Sydney Capital Corp Inc	USA
Athena Finance Pty Limited	Australia	Tasman Funding No.1 Limited	New Zealand
Augusta (1962) Limited	New Zealand	Tasman Funding No.2 Limited	New Zealand
Australian Employee Share Ownership Plan (No.4)
Limited	Australia	Tasman Pacific Investments Pty Limited	Australia
Australian Infrastructure Fund International 1 Pty
Limited	Australia	Tavarua Funding Trust III	USA
Australian Loan Processing Security Company Pty
Limited	Australia	Tavarua Funding Trust IV	USA
Australian Loan Processing Security Trust	Australia	TBNZ Capital Limited	New Zealand
Autodirect Pty Limited	Australia	TBNZ Developments Limited	New Zealand
Beech Trust	Australia	TBNZ Equity Limited	New Zealand
Belliston Pty Limited	Australia	TBNZ Investments (UK) Limited	UK
Bill Acceptance Corporation Limited	Australia	TBNZ Investments Limited	New Zealand
BLE Capital (NZ) Limited	New Zealand	TBNZ Limited	New Zealand
BLE Capital Investments Pty Limited	Australia	Teuton Pty Limited	Australia
BLE Capital Limited	Australia	The Exchange Plaza Trust	Australia
BLE Development Pty Limited	Australia	The Home Mortgage Company Limited	New Zealand
BLE Holdings Pty Limited	Australia	The Mortgage Company Pty Limited	Australia
Brenmar Holdings Pty Limited	Australia	The Swan Trust	Australia
BT (Queensland) Pty Limited	Australia	The Warehouse Financial Services Limited (51%)	New Zealand
BT Australia Corporate Services Pty Limited	Australia	TIF Energy Holdings Pty Limited	Australia
BT Australia Pty Limited	Australia	TIF Energy Pty Limited	Australia
BT Finance & Investments Pty Limited	Australia	TIF International 1 Pty Limited	Australia
BT Finance Pty Limited	Australia	Value Nominees Pty Limited

Page 9 of 12

BT Financial Group (NZ) Limited	New Zealand	Victor Finance Pty Limited	Australia
BT Financial Group Pty Limited	Australia	Victor Funding Pty Limited	Australia
BT Funds Management (NZ) Limited	New Zealand	Votraint No. 1182 Pty Limited
BT Funds Management Limited	Australia	Voyager Funds Management Pty Limited (50%)	Australia
BT Funds Management No.2 Limited	Australia	VS&L Insurance Agency Pty Limited	Australia
BT Investment Management No.2 Limited	Australia	VS&L Services Pty Limited	Australia
BT Investment Management No.3 Pty Limited	Australia	Waratah Receivables Corp (NZ) Limited	New Zealand
BT Life Limited	Australia	Waratah Receivables Corp Pty Limited	Australia
BT Nominees Pty Limited	Australia	Waratah Securities Australia Limited	Australia
BT Portfolio Services Limited	Australia	Westpac (NZ) Investments Limited	New Zealand
BT Securities Limited	Australia	Westpac Administration Pty Limited	Australia
Buchelin Pty Limited	Australia	Westpac Altitude Rewards Trust	Australia
Canberra Advance Property Limited	Australia	Westpac Americas Inc.	USA
Castlereagh Pacific Investments Pty Limited	Australia	Westpac Asian Lending Pty Limited	Australia
Castlereagh Trust	Australia	Westpac Asset Services Pty Limited	Australia
CBA Limited	Australia	Westpac Bank of Tonga	Tonga
Challenge Funds Management Limited	Australia	Westpac Bank Samoa Limited (93.5%)	Samoa
Challenge Information Technology Pty Limited	Australia	Westpac Banking Corporation	Australia
			Papua New
Challenge Limited	Australia	Westpac Bank-PNG-Limited (89.9%)	Guinea
Challenge Pty Limited	Australia	Westpac Capital Corporation	USA
Chifley Services Pty Limited	Australia	Westpac Capital Holdings Inc.	USA
Codrington S.a.r.l.	Luxembourg	Westpac Capital Trust III	USA
Colmso Pty Limited	Australia	Westpac Capital Trust IV	USA
Colmtea Pty Limited	Australia	Westpac Capital-NZ-Limited	New Zealand
Como Properties Pty Limited	Australia	Westpac Cook Cove Trust I	Australia
Comserv (No 3011) Pty Limited	Australia	Westpac Cook Cove Trust II	Australia
Crusade CP Management Pty Limited	Australia	Westpac Custodian Nominees Limited	Australia
Crusade Management limited	Australia	Westpac Debt Securities Pty Limited	Australia
Danaby Pty Limited	Australia	Westpac Delta LLC	USA
Diversified Security Investments (99.9%)	USA	Westpac Direct Equity Investments Pty Limited	Australia
Dragon Investment Services Limited	Australia	Westpac Equipment Finance (No.1) Pty Limited	Australia
Dysty Pty Limited	Australia	Westpac Equipment Finance Limited	Australia
Enfield Downs Pty Limited	Australia	Westpac Equity Holdings Pty Limited	Australia
FAI No. 2 Trust	Australia	Westpac Equity Pty Limited	Australia
Fairlawn Holding Trust	Australia	Westpac Europe Limited	UK
First Residential Property Trust	Australia	Westpac Finance (HK) Limited	Hong Kong
G.C.L. Investments Limited	Australia	Westpac Financial Consultants Limited	Australia
Gemini Trust	Australia	Westpac Financial Holdings Pty Limited	Australia
General Credit Holdings Pty Limited	Australia	Westpac Financial Services Group Limited	Australia
General Credits Limited	Australia	Westpac Financial Services Group-NZ-Limited	New Zealand
Halcyon Securities Limited	Australia	Westpac Financial Services Limited	Australia
Hargrave Investments Pty Limited	Australia	Westpac Funding Holdings Pty Limited	Australia
Hastings Advisers LLC	USA	Westpac Funds Financing HoldCo Pty Limited	Australia
Hastings Forestry Investments Limited	New Zealand	Westpac Funds Financing Pty Limited	Australia
		Westpac Funds Management Administration Pty
Hastings Forests Australia Pty Limited	Australia	Limited	Australia
Hastings Funds Management (UK) Limited	UK	Westpac Funds Management Limited	Australia
Hastings Funds Management (USA) Inc.	USA	Westpac General Insurance Limited	Australia
Hastings Funds Management Limited	Australia	Westpac General Insurance Services Limited	Australia
Hastings Private Equity Fund IIA Pty Limited	Australia	Westpac Group Investment-NZ-Limited	New Zealand

Page 10 of 12

Hastings Private Equity Fund IIB Pty Limited	Australia	Westpac Group Investments Australia Pty Limited	Australia
Hickory Trust	Australia	Westpac Holdings-NZ-Limited	New Zealand
		Westpac Information Technology Services Pty
Hitton Pty Limited (Asgard subsidiary)	Australia	Limited	Australia
Infrastructure Australia (No.1) Limited	Australia	Westpac Institutional Holdings Pty Limited	Australia
Infrastructure Australia (No.3) Limited	Australia	Westpac Investment Capital Corporation	USA
Infrastructure Australia (No.4) Limited	Australia	Westpac Investment Vehicle No.2 Pty Limited	Australia
Jacaranda Trust	Australia	Westpac Investment Vehicle Pty Limited	Australia
Magnitude Group Pty Limited	Australia	Westpac Investments U.K. Limited	UK
Minami Investments Pty Limited	Australia	Westpac Leasing Nominees Pty Limited	Australia
Mortgage Management Limited	Australia	Westpac Leasing Nominees-Vic.-Pty Limited	Australia
Nationwide Mangement Pty Limited	Australia	Westpac Leasing Pty Limited	Australia
Net Nominees Limited	Australia	Westpac Lenders Mortgage Insurance Limited	Australia
Oakjet Pty Limited	Australia	Westpac Life Insurance Services Limited	Australia
Oniston Pty Limited	Australia	Westpac Life-NZ-Limited	New Zealand
Orion Trust	Australia	Westpac Matching Gifts Limited	Australia
Pacific Structured Funding Limited	Australia	Westpac New Zealand Group Limited	New Zealand
Packaging Properties 1 Pty Limited	Australia	Westpac New Zealand Limited	New Zealand
Packaging Properties 2 Pty Limited	Australia	Westpac Nominees-NZ-Limited	New Zealand
Packaging Properties 3 Pty Limited	Australia	Westpac NZ Funding Limited	New Zealand
Pact Accountants Investment Group Pty Limited
(Asgard subsidiary)	Australia	Westpac NZ Operations Limited	New Zealand
Partnership Pacific Limited	Australia	Westpac Overseas Holdings No. 2 Pty Limited	Australia
Partnership Pacific Securities Limited	Australia	Westpac Overseas Holdings Pty Limited	Australia
Pashley Investments Pty Limited	Australia	Westpac Pacific Limited Partnership	Australia
PersonalDirect Limited	Australia	Westpac Private Equity Pty Limited	Australia
PF No. 2	New Zealand	Westpac Properties-NSW-Pty Limited	Australia
Phoenix Trust	Australia	Westpac Properties-Vic-Limited	Australia
Qvalent Pty Limited	Australia	Westpac Property Investments Pty Limited14	Australia
RAMS Financial Group Pty Limited	Australia	Westpac Real Estate Investment Trust I	Australia
Real Estate Investment Trust A	Australia	Westpac Real Estate Investment Trust II	Australia
Real Estate Investment Trust B	Australia	Westpac Residential Property Trust	Australia
RESI Statewide Corporation Pty Limited	Australia	Westpac Resources and Infrastructure Pty Limited	Australia
RESI-Statewide Mortgage Corporation Pty Limited	Australia	Westpac Securities Administration Limited	Australia
RMS Warehouse Trust 2007-1	Australia	Westpac Securities Limited	Australia
Sallmoor Pty Limited	Australia	Westpac Securities NZ Limited	New Zealand
Sarnia Pty Limited	Australia	Westpac Securitisation Holdings Pty Limited	Australia
Securitor Financial Group Limited (Asgard subsidiary)	Australia	Westpac Securitisation Management Pty Limited	Australia
Segregated Asset Management LLC (subsidiary of
Diversified Security Investments LLC)	USA	Westpac Structured Management Pty Limited	Australia
Series 2002-1G WST Trust	Australia	Westpac Structured Products Limited	Australia
Series 2005-1G WST Trust	Australia	Westpac Superannuation Nominees-NZ-Limited	New Zealand
Series 2006-1D WST Trust	Australia	Westpac Syndications Management Pty Limited	Australia
Series 2007-1G WST Trust	Australia	Westpac TPS Trust	Australia
Series 2007-1M WST Trust	Australia	Westpac Training Services Pty Limited	Australia
Sixty Martin Place (Holdings) Pty Limited	Australia	Westpac Unit Trust	Australia
Southern Cross Inc.	USA	Westpac USA Inc.	USA
St George (Note Issuing Vehicle Only) Pty Limited	Australia	WFAL No.1 Loan Trust	Hong Kong
St George APL Pty Limited	Australia	Wollemi Trust	Australia

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St George Business Finance Pty Limited	Australia	Wollemi Trust 2005 – 1	Australia
St George Commercial Credit Corporation Limited	Australia	WST Funding Trust New Zealand	New Zealand
St George Crusade Investment Pty Limited	Australia	WST Funding Trust New Zealand - NZ branch	New Zealand
St George Crusade Investment Pty Limited	Australia	WST Warehouse Trust #1	Australia
St George Custodial Pty Limited	Australia	WST-NZ Series WLIS#6 Trust	New Zealand
St George Dragon Investment Pty Limited	Australia	WST-NZ Warehouse Trust #1	New Zealand

Note: Westpac retains 60% ownership of BT Investment Management Limited who lodges separate notices under ASX code ‘BTT’ BT Investment Mangement Limited (60%)

BT Investment Mangement (RE) Limited (Subsidiary of BT Investment Management Limited)

Australia Australia

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