Investors holding instalment receipts now have the following options available to them:

Option 1 Continue to hold instalment receipts

Investors holding instalment receipts can elect to do nothing, and will continue to receive distributions net of instalment debt interest.

The term of all instalment receipts has now been extended by a further two years and the instalment debt repayment arrangements varied from $0.50 per instalment receipt which was previously payable on 1 November 2011 to $0.25 per instalment receipt payable on 1 November 2011 with the remaining $0.25 payable on 1 November 2013.

Option 2 - Sell all or part of your investment through brokers who will sell the underlying units

If you wish to exit your investment in instalment receipts you may do so by taking the following steps:

1. Instruct your broker to sell some or all of your instalment receipts.
2. The broker will confirm the number of instalment receipts, the corresponding units and the amount of the instalment debt.
3. The broker will execute the sale of units.
4. Upon settlement, the proceeds from the sale of the units will firstly be directed to repay the instalment debt.
5. The remaining proceeds (net of transaction costs) will be paid to you by your broker.

Should units in the Trust be trading at a price which is less than the amount necessary to repay the instalment debt, the broker will seek the difference from the investor before proceeding with the trade.

Option 3 - Convert part or all of your instalment receipt holding to fully paid units, through early repayment of the instalment debt

Applications to convert will be processed quarterly on each quarterly record date. You will then receive the distribution for that quarter for the fully paid unit.

Applications will be accepted from the first working day of the last month in the quarter, up to 5 business days prior to the end of the quarter. For the remainder of the current financial year these dates are:

• 1st and 23rd of December 2009
• 1st and 24th of March 2010
• 1st and 23rd of June 2010.

Early repayment forms can be found here.

Following the revised arrangements for conversion of instalment receipts to units, approved by investors at the meeting held on 10 September 2009, investors have the option to repay the instalment debt prior to each quarterly record date. The instalment receipt conversion period for the March 2010 quarter will be from 1 Mach 2010 until 5pm, 24 March 2010.

Investors who elect to repay the instalment debt during this conversion period will receive fully paid units and the full distribution of 1.6625 cents per unit for the quarter ending 31 March 2010.

Early repayment applications received during this conversion period will be processed on 31 March 2010 and units will be transferred to investors within five business days.

Investors can choose to repay the instalment debt and receive units by completing an early repayment form and mailing it with a cheque for the instalment debt amount to be received by Link Market Services within the conversion period. Investors may convert any proportion of their holdings and should not seek to trade their units until they receive a holding statement from the Registry. The early repayment form is attached and is also available from the investor centre on the Westpac Office Trust website at www.westpacfunds.com.au or by calling the investor info line on 1300 766 855 (for callers within Australia) and +61 2 8280 7072 (for callers outside Australia).

Application forms received outside this window will be returned to the unit holder and can be resubmitted during the next quarter's instalment receipt conversion period.

Future dates of the instalment receipt conversion periods will be:

• 1 June 2010 to 5pm 22 June 2010
• 1 September 2011 to 5pm 22 September 2010