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									Westpac Multi-Sector
Unit Trusts
Investment Statement
IN V E S T MEN T A DV I SO RY SERV ICE




                                         This is an investment statement for the purposes of the
                                             Securities Act 1978 and is dated 16 September 2011.
Important information

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


Choosing an investment                                                           Financial advisers are regulated by the Financial Markets
                                                                                 Authority to varying levels, depending on the type of adviser
When deciding whether to invest, consider carefully the
                                                                                 and the nature of the services they provide. Some financial
answers to the following questions, that can be found on the
                                                                                 advisers are only allowed to provide advice on a limited range
pages noted below:
                                                                                 of products.

                                                                Page             When seeking or receiving financial advice you should check -

What sort of investment is this?                                     1           •	 the	type	of	adviser	you	are	dealing	with:

Who is involved in providing it for me?                              1           •	 the	services	the	adviser	can	provide	you	with:

How much do I pay?                                                   2           •	 the	products	the	adviser	can	advise	you	on.	

What are the charges?                                                3           A financial adviser who provides you with personalised
                                                                                 financial adviser services may be required to give you a
What returns will I get?                                             5
                                                                                 disclosure statement covering these and other matters. You
What are my risks?                                                   8           should ask your adviser about how he or she is paid and any
                                                                                 conflicts of interest he or she may have.
Can the investment be altered?                                     10
                                                                                 Financial advisers must have a complaints process in place
How do I cash in my investment?                                    11
                                                                                 and they, or the financial services provider they work for, must
Who do I contact with inquiries about                                            belong to a dispute resolution scheme if they provide services
my investment?                                                     11            to retail clients. So if there is a dispute over an investment,
                                                                                 you can ask someone independent to resolve it.
Is there anyone to whom I can
complain if I have problems                                                      Most financial advisers, or the financial services provider
with the investment?                                               12            they work for, must also be registered on the financial service
                                                                                 providers register. You can search for information about
What other information can I obtain                                              registered financial service providers at:
about this investment?                                             12            http://www.fspr.govt.nz.

In addition to the information in this document, important                       You can also complain to the Financial Markets Authority if
information can be found in the current registered prospectus                    you have concerns about the behaviour of a financial adviser.
for the investment. You are entitled to a copy of that
prospectus on request.
                                                                                 To help you achieve your savings and
                                                                                 investment goals, Westpac offers a range
The Financial Markets Authority regulates
                                                                                 of investments.
conduct in financial markets                                                     The Westpac Multi-Sector Unit Trusts can help you make the
The Financial Markets Authority regulates conduct in New                         most of the money you have to invest. The Trusts are spread
Zealand’s financial markets. The Financial Markets Authority’s                   across a wide range of investment sectors, countries and
main objective is to promote and facilitate the development of                   companies. They have all been designed to provide potential
fair, efficient, and transparent financial markets.                              capital growth and are particularly suitable for long-term
For more information about investing, go to:                                     investors. You can choose from three different Trusts – each
                                                                                 one offers a different investment mix. You can invest in
http://www.fma.govt.nz.
                                                                                 any or all of these Trusts by making regular or lump sum
                                                                                 investments when it suits. In the following pages you’ll find
Financial advisers can help you make                                             important information you need to know before you make
                                                                                 your decision. It includes the investment statement covering
investment decisions                                                             things we have to tell you by law, and other information
Using a financial adviser cannot prevent you from losing                         we think you’ll find useful. If you’ve got any questions once
money, but it should be able to help you make better                             you’ve read this, talk with your investment adviser or call us
investment decisions.                                                            on 0800 738 641.



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

The Westpac Multi-Sector Unit Trusts                                       Each Trust is a portfolio investment                                       in alternative investments1 and use
(the “Trusts”) invest across a number                                      entity (“PIE”) for tax purposes.                                           derivatives.
of investment sectors, countries and
companies. There are three Trusts you
                                                                           Here’s an overview of how                                                  The Trusts may invest in other funds
                                                                                                                                                      (“Other Funds”) to obtain the appropriate
can invest in – the Westpac Growth Trust,                                  the Trusts work                                                            exposure to these sectors.
the Westpac Diversified Trust and the                                      The Trusts are managed funds. Investors’
Westpac Income Plus Trust. Each one offers                                 money is pooled and managed by a team                                      The Trusts are unit-based. The money you
a different investment mix and different                                   of experienced professionals.                                              invest buys units in the Trust you choose.
levels of potential return. You can invest                                                                                                            Each unit represents a beneficial interest
in any or all of these Trusts by regular                                   The Trusts give you access to a wider                                      in the Trust’s assets, so changes in asset
payments, lump sum payments or both.                                       range of investments and more buying                                       values affect the unit value. The unit
                                                                           power than you have as an individual                                       value is calculated daily.
Units in the Trusts can be applied for by                                  investor.
completing an application form at the back                                                                                                            The Trusts are market-linked. The value
of this investment statement.                                              The Trusts are multi-sector. Each Trust                                    of your investment and any returns you
                                                                           may invest in all or some of the different                                 get depend on the value of the assets and
This offer is open only to persons who are                                 investment sectors – cash, bonds,                                          any income they earn. The value of your
in New Zealand. You must notify us if you                                  shares and property (including both New                                    investment will go up or down in line
change your address or leave New Zealand                                   Zealand and international shares and                                       with the market value of those assets.
permanently, or if your tax residency is not                               bonds, and listed and unlisted interests
or is no longer in New Zealand.                                            in property). The Trusts may also invest



Who is involved in providing it for me?

The Trusts are provided by BT Funds                                        online at:                                                                   P
                                                                                                                                                      •		 eter	David	Wilson	of	Wellington,	
Management (NZ) Limited. You can ask                                       www.business.govt.nz/companies.                                              New Zealand
for advice about the Trusts, or make an                                                                                                               The directors may change from time to
                                                                           The Manager is responsible for the
application, at any Westpac branch.                                                                                                                   time without notice to investors. A list of
                                                                           implementation of the Trusts’ investment
                                                                                                                                                      the directors of Westpac NZ is available
Manager and issuer                                                         strategies and administration of the
                                                                                                                                                      online at:
                                                                           Trusts.
BT Funds Management (NZ) Limited is the                                                                                                               www.business.govt.nz/companies.
Manager and issuer of the Trusts.                                          Promoters
                                                                                                                                                      Trustee
The Manager’s principal place of business                                  The Manager is a Promoter of the Trusts.
                                                                                                                                                      The New Zealand Guardian Trust
is Level 10, Westpac on Takutai Square,                                    Westpac New Zealand Limited (“Westpac                                      Company Limited, Level 7, Vero Centre
16 Takutai Square, Auckland, 1010.                                         NZ”) and its directors are also Promoters                                  48 Shortland Street Auckland 1010
                                                                           of the Trusts with the exception of
Write to:
                                                                           George Frazis who is also a director of the                                Write to:
PO Box 695,                                                                Manager.                                                                   PO Box 1934,
Wellington 6140
                                                                           Westpac NZ’s principal place of business is                                Auckland 1140
Phone 0800 738 641
                                                                           Westpac on Takutai Square,                                                 Phone 09 377 7300
The directors of the Manager are:                                          16 Takutai Square, Auckland, 1010                                          The Trustee monitors the Manager’s
•		an	Nicholas	New	of	Wellington,	
  I                                                                        Write to:                                                                  compliance with the requirements of the
  New Zealand                                                              Westpac on Takutai Square,                                                 trust deed. The Trustee is independent of
                                                                           53 Galway Street, Auckland, 1010.                                          the Manager and holds all of the assets
•	Mark	John	Smith	of	Sydney,	Australia                                                                                                                of the Trusts on behalf of investors
                                                                           Westpac NZ’s directors are:
•		 eorge	Frazis	of	Auckland,	
  G                                                                                                                                                   (either directly or through its nominee or
                                                                             P
                                                                           •		 hilip	Matthew	Coffey	of	Sydney,	                                       custodian).
  New Zealand
                                                                             Australia
•		 ichard	Warren	Jamieson	of	Sydney,	
  R                                                                                                                                                   Other Funds into which the Trusts may
                                                                             G
                                                                           •		 eorge	Frazis	of	Auckland,	
  Australia                                                                                                                                           invest often utilise specialist investment
                                                                             New Zealand
                                                                                                                                                      managers which may be added to,
•		 avid	Alexander	McLean	of	Auckland,	
  D                                                                          C
                                                                           •		 hristopher	John	David	Moller	of	                                       removed, or replaced at any time without
  New Zealand                                                                Lower Hutt, New Zealand                                                  prior notice being given to investors.
                                                                             J
                                                                           •		anice	Amelia	Dawson	of	Auckland,	                                       Details of the current underlying specialist
The directors may change from time to
                                                                             New Zealand                                                              investment managers can be obtained by
time without notice to investors. A list of
                                                                           •		 alph	Graham	Waters	of	Sydney,	
                                                                             R                                                                        calling us on 0800 738 641 or by visiting
the directors of the Manager is available
                                                                             Australia                                                                www.westpac.co.nz.

1 Alternative investments refer to a growing range of investments that do not fall within the four main asset classes. Alternative investments can be based on publicly traded securities like shares, bonds and derivatives
  (which include hedge funds, absolute return funds and commodity investments). Some alternative investments are based on private securities; these include venture capital and private equity. Investment strategies
  that may be found in some alternative investments include the use of gearing, short selling (selling something you do not own with a view to buying it back later at a lower price), the use of performance fees and
  more extensive use of derivatives.

                                                                                               Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts                                                     1
Who is involved in providing it for me? continued

Administration Managers                         The addresses referred to above in            Trusts
                                                respect of the Manager, the Promoters,
Trustees Executors Limited, MMc Limited         the Trustee and the Administration            These Trusts are New Zealand unit trusts,
and The Hongkong and Shanghai Banking           Managers may change from time to time         set up in accordance with the Unit Trusts
Corporation Limited provide certain             without notice to investors. Details of the   Act 1960. The names of the Trusts this
administrative functions for the Trusts.        addresses of the Manager, the Promoters,      investment statement covers are the
Trustees Executors Limited’s contact            the Trustee and the Administration            Westpac Diversified Trust and the Westpac
address is the same as the Manager’s. Its       Managers are available online at:             Income Plus Trust (both established
principal place of business is currently        www.business.govt.nz/companies.               31July	1992)	and	the	Westpac	Growth	
Level 5, 10 Customhouse Quay,                                                                 Trust (established 30 November 1994).
Wellington 6011. MMc Limited’s address
                                                                                              An overview of how the Trusts work
is currently Level 13, 23 Customs Street,
                                                                                              is set out in the section ‘What sort of
Auckland 1010. The Hongkong and
                                                                                              investment is this?’.
Shanghai Banking Corporation Limited’s
address is currently Level 9, HSBC House,
1Queen Street, Auckland 1010.




How much do I pay?

Subject to the minimum investment,              You may find it more convenient to make       How much is a unit worth?
how much you pay into to a Trust is up          your investment by direct debit, so that
                                                                                              Unit values vary with the market value
to you. Every investment you make buys          you can easily alter the amount whenever
                                                                                              of the Trusts’ assets and are calculated
units in the Trust of your choice. These        you want by visiting us at a branch.
                                                                                              regularly. To do this we divide the
units represent your share of that Trust’s
                                                You’ll find a direct debit authority at the   total value of a Trust’s assets (less any
assets. You can choose to make regular
                                                back of this investment statement – just      provisions for liabilities (eg expenses),
investments, or pay in lump sums – or
                                                give your completed authority to your         excluding any amount which results from
both. You can invest in more than one
                                                branch with your application.                 treating units as liabilities) by the number
Trust at the same time. All payments are
                                                                                              of units on issue for that Trust. This is
made to Guardian Nominees Limited (the          You can also pay by automatic payment.
                                                                                              called the mid price. Units are issued
Trustee’s nominee) and can be made at           If you fail to make a regular payment, no
                                                                                              and redeemed at allocation and release
any Westpac branch.                             units will be issued to you in respect of
                                                                                              unit prices respectively. These prices
                                                that missed payment.
                                                                                              may include a margin which is retained
Making regular investments                                                                    in the Trust and used to meet the costs
If you are investing by way of regular          Paying in lump sums                           of buying and selling assets. The margin
                                                                                              is currently nil (see the section headed
payments, there is no minimum initial           There is a minimum of $5,000 initial
                                                                                              ‘Issuing and redeeming units’).
investment for each Trust. However, there       investment for each Trust. After this
is an annual minimum regular investment         threshold has been met, you can pay in
for each Trust of $1,200.                       lump sums whenever you like and the           What unit price applies?
                                                minimum is $500. You can pay lump
You can make your payments weekly,                                                            The unit price that applies with respect
                                                sums by cheque made out to Guardian
fortnightly, monthly or quarterly –                                                           to each amount invested in a Trust is the
                                                Nominees Limited, at any Westpac
whatever suits you best. You can alter                                                        price applicable to the date the Manager
                                                branch.	Just	attach	your	first	cheque	to	
the amount of your payments whenever                                                          receives your complete application and
                                                your application.
you want (provided you still pay the                                                          payment. This may vary from the price
minimum). You can even stop them for a                                                        on the day you posted or lodged your
while, if you need to.                                                                        payment.




    Do you want to...    The minimum...                          You can pay by...

    Make regular         $1,200 a year minimum for each Trust    Automatic payment or
    investments                                                  direct debit

    Pay in lump sums     $5,000 minimum for first lump sum       Cheque made out to
    for each Trust       and $500 each lump sum after that       Guardian Nominees Limited




2       Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
What are the charges?

Charges for investment include initial service, administration, management and Trustee fees and
expenses. They may vary at times – you can check them by calling us on 0800 738 641.

Initial service fee                           If your investment is…         The management charge (excluding GST) is…
$100 is deducted from your lump sum
                                              $100,000 plus                  1.75% p.a. on the first $100,000, plus
investment each time you make a lump
                                                                             1.50% p.a. on the next $400,000, plus
sum payment into a Trust. This fee is
waived on any regular investment you                                         1.25% p.a. on any amount over $500,000

are making by way of direct debit or
automatic payment authority.                 Here are some examples of what the management fee will effectively cost you (this
                                             assumes the investment stays the same).

Administration fee                            If your investment is…         Effectively your annual cost (excluding GST) is…
An administration fee is currently charged
at the rate of $1.95 a week (deducted         $100,000                       1.75%
from your investor account monthly). It
may be increased annually in line with        $250,000                       1.60%
increases in the Consumer Price Index.
                                              $500,000                       1.55%
Any GST applicable must also be paid.
                                              $1,000,000                     1.40%
The fee is waived if you are making
regular investments by direct debit          If you have held units continuously since before 1 April 2000, the adjustment to your
or automatic payment authority and           unitholder account will continue to be based on the following table.
the balance of your account is less
than $5,000, unless payments are
discontinued, suspended or dishonoured        If your investment is…         The management charge (excluding GST) is…
or if a withdrawal is made.                   Over $25,000                   1.75% p.a. on first $25,000, plus
Investors that have held units                                               1.575% p.a. on the next $75,000, plus
continuously since before 1 April 2000 do                                    0.875% p.a on any amount over $100,000
not pay an administration fee.
                                             The guide above shows how we work               Other expenses
Trustee fee                                  out any adjustment (please note all rates
                                                                                             The Manager and Trustee are entitled
                                             can vary).
The Trustee’s fee is currently up to                                                         to be reimbursed from the Trusts for all
0.075% per annum of the total gross          Exposure to investment assets may be            expenses, costs or liabilities incurred
fund value of each Trust, plus any GST       gained where appropriate, by investing in       by them acting as Manager and Trustee
applicable. It is deducted from each         Other Funds. Investment management              respectively. Generally the amount of these
Trust’s assets each month and is reflected   functions for Other Funds will be               expenses cannot be ascertained until they
in the unit price. As at the date of this    provided by investment managers who             are incurred and will vary from time to
investment statement the Trustee has         may include the Manager and its related         time. These reimbursable expenses may
no current intention to increase the         entities.                                       include, but are not limited to:
Trustee’s fee above that stated here and     The Manager’s current policy is to                c
                                                                                             •		 osts	and	expenses	of	the	Trustee	and	
will in conjunction with the Manager         make certain adjustments to ensure                Manager in carrying out their respective
give investors three months notice of        that investors do not bear the cost               duties, including the fees charged by
any increase. When total funds under         of management fees charged by the                 auditors, solicitors, valuers and other
management reach a certain level the         investment managers in the Other Funds.           advisers including those related to any
Trustee’s fee may be reduced.
                                             In addition, where the Manager or a               amendments to the trust deed and any
                                             related entity is the investment manager          offer documents
Management fee                               or manager of an Other Fund, the                  i
                                                                                             •		nterest	on	any	borrowing,	GST,	and	any	
The management fee is currently up to        Manager’s current policy is to achieve            other taxes
1.75% a year of the total gross fund value   the above by means of adjustments
                                             referred to under the heading “Related            c
                                                                                             •		 osts	involved	in	buying,	selling,	
of each Trust, plus any GST applicable, is
                                             party investment arrangements and                 registering, other dealings with, and
deducted from each Trust’s assets each
                                             transactions” below.                              custody of assets
month and is reflected in the unit price.
However, for larger investments we make      However Other Funds may charge other              c
                                                                                             •		 osts	involved	in	holding	meetings	for	
an adjustment to your investor account       fees and expenses (such as performance            investors
that effectively reduces the fee applying    fees and transaction costs) which will, if
                                                                                               b
                                                                                             •		 anking	service	charges,	including	any	
to your investment by way of bonus issue     applicable, affect the value of the Trusts
                                                                                               payable to Westpac NZ or Westpac
of units.                                    and consequently, returns to investors.


                                                     Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts         3
What are the charges? continued

•		 osts	for	administration	services,	
  c                                               The Manager may, at its discretion,           Related party investment
  including unit registry, asset registry, unit   pay amounts (including non-monetary
  pricing and investment accounting costs,        benefits) from the fees it receives, to
                                                                                                arrangements and
  and costs associated with the provision         investment advisers or other persons          transactions
  of certain financial information relating       approved by the Manager. These                The Trusts may invest from time to time
  to the Trusts.                                  payments are not an additional cost to        into Other Funds that the Manager or a
                                                  investors.                                    related entity of the Manager manages
These costs, together with management
and Trustee fees, are taken into account          The Manager is not responsible for the        (referred to as “Related Funds” for the
when the Trust’s net income is calculated         advice given by these advisers.               purposes of this section). In these
and will affect returns. The Manager may                                                        circumstances, the Manager’s current
choose in its absolute discretion not to          Issuing and redeeming units                   policy is:
seek reimbursement for any of the above                                                            N
                                                                                                •	 	 o	application	fee		(if	any)	is	payable		
                                                  Units are issued and redeemed at the
fees and expenses from time to time. In                                                            to the Related Fund
                                                  current allocation or release unit prices
its discretion, the Manager has currently
                                                  (see the section headed ‘How much do             M
                                                                                                •	 	 anagement	fees	(excluding	
elected to limit the total of the following
                                                  I pay?’) and margins may be applied to           performance fees) are either not
expenses (where they are incurred on a
                                                  cover the costs of buying and selling            collected by the Related Fund or if
normal day-to-day basis) recovered from
                                                  assets. Margins are reviewed regularly           they are, they are rebated in full to the
each of the Trusts to 0.15% per annum of
                                                  and at the time of printing this investment      investing Trust.
the total gross fund value of each Trust:
                                                  statement no margins are applied.
	•		 osts	and	expenses	incurred	by	the	
   c                                                                                            Similarly, if the trustee of a Related Fund
                                                  You can switch your investment                is the Trustee (or a related entity of the
   Trustee and the Manager in carrying out
                                                  between the Trusts. A switch is treated       Trustee), then the trustee fees are only
   their respective duties, including the
                                                  as redeeming and issuing units in the         charged at one level.
   fees charged by, solicitors, valuers and
                                                  applicable Trusts.
   other advisers                                                                               Any other fees or expenses are not
                                                  There is no charge for switching but          rebated and affect the value of the Trust .
  b
•		 ank	account	charges	applicable	to	the	
                                                  any applicable margins may apply. The
  Trusts
                                                  margin is currently nil.
 	c
•		 osts	for	administration	services,	
                                                  See the taxation summary for the tax
  including unit registry, asset registry, unit
                                                  related consequences of redeeming,
  pricing and investment accounting costs,
                                                  issuing and switching units.
  and costs associated with the provision
  of certain financial information relating       Charges may vary
  to the Trusts.
                                                  Charges may vary at times by agreement
Where such expenses are not recovered             between the Manager and the Trustee.
from the Trusts, they are borne by the            Charges and fees may also be introduced
Manager out of its own money. All                 at any time as permitted by the trust
expenses paid by the Trusts are shown in          deed. The initial service, administration
the Trusts’ financial statements.                 and management fees are paid to the
                                                  Manager, and the trustee fee to the
                                                  Trustee. You may check the current
                                                  charges by calling us on 0800 738 641.
                                                  The reimbursable expenses of the Trusts
                                                  will vary from time to time depending on
                                                  the expenses of the Trusts.




4     Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
What returns will I get?

The returns on your investment in               proportion of a Trust in a short period of    managers cannot control or guarantee
a Trust are made up of any capital              time.                                         the performance of investment markets,
growth in the unit price of that Trust                                                        which can be influenced by many
                                                The Manager may also refuse to allow a
and distributions (if any). The unit price                                                    factors, including economic, political and
                                                withdrawal where necessary to protect a
of a Trust depends on the value of that                                                       international events.
                                                Trust’s PIE status.
Trust’s assets (which incorporates any
                                                                                               An investor can also, in part, affect the
income or losses of that Trust).                As at the date of this investment
                                                                                              performance they may experience on
                                                statement, it is not the Manager’s
Assets may be split into growth assets                                                        their investment by failing to remain
                                                intention to regularly distribute some or
and income assets, where growth assets                                                        invested for the recommended minimum
                                                all of the income and/or realised capital
refer to investments such as shares and                                                       timeframe, or by redeeming their
                                                gains of a Trust. That means all returns to
property, and income assets generally                                                         investment during times of adverse
                                                investors in a Trust will generally be by
describe cash and fixed interest                                                              market conditions. An investor’s
                                                way of capital growth in the unit price of
investments.                                                                                  performance may also be affected by the
                                                that Trust. However, the Manager reserves
                                                                                              subscriptions, redemptions and other
Typically growth assets have the                the right to vary the distribution policy
                                                                                              actions of other investors in the relevant
potential to achieve capital growth over        from time to time.
                                                                                              Trust.
the medium to long term but involve
                                                If the Manager decides to pay a
more risk with the potential for higher                                                       The amount of any fees or expenses paid
                                                distribution from a Trust, the amount to
returns. Income assets on the other                                                           by a Trust will also affect performance.
                                                be distributed to you will be based on the
hand tend to provide generally steady,                                                        This is because fees and expenses are
                                                number of units you own at the relevant
but low levels of return. Alternative                                                         paid out of the assets of a Trust.
                                                time.
investments tend to be a mixture of
both growth and income assets.                  The Manager may adjust your distribution
                                                entitlement or your unit holding to reflect
The more growth assets you have
                                                tax paid by a Trust on your share of that
in your investment, the higher your
                                                Trust’s income at your prescribed investor
potential returns should be over the
                                                rate (“PIR”) under the PIE tax regime.
long-term.
                                                See “Taxation summary” below for more
General information                             details on PIE tax.
about returns                                   If the Manager decides to pay a
The Trusts are market-linked investments.       distribution from a Trust, the Manager
Your investment and returns are affected        may offer a distribution reinvestment
by the value of the Trust’s assets and any      option. If the Manager offers this option
interest or dividends they earn.                and you have elected for this option to
                                                apply, the Manager will buy units in your
So the value of your investment in a Trust
                                                name at the unit price applicable to the
can go up or down as the market value of
                                                first business day following the end of the
the assets of that Trust changes.
                                                relevant distribution period.
No amount of returns, or payment of
                                                The Manager’s initial service fee will not
any set amount at any time, is promised
                                                apply and there is no minimum level of
by any person. Your capital and returns
                                                investment for the purpose of distribution
are not guaranteed by the Manager or
                                                reinvestment.
any member of the Westpac group of
companies, or by the Trustee or any other       The distribution reinvestment plan
party. Past performance is not necessarily      (if offered) will comply with the
indicative of future performance. Returns       requirements of, and contains the terms
may be negative and investors may               and conditions required under, the
receive less than their principal invested.     Securities Act (Dividend Reinvestment)
                                                Exemption Notice 1998, as amended or
The Manager is the person legally liable
                                                substituted from time to time.
to pay any withdrawals. The Trustee, on
direction from the Manager, is the person       Three key factors which can influence
legally liable to pay distributions (if any).   returns are:
In certain exceptional circumstances the
                                                •	Investment	performance;
Manager can decide to suspend or delay
payment of withdrawal amounts.                  •	Fees	and	expenses;	and
 Examples of when this may occur are            •	Applicable	taxes.
where the Manager determines in good
                                                A significant factor in the investment
faith that this is desirable to protect
                                                performance of a Trust is the performance
investors, or withdrawal requests are
                                                of the investment markets. Fund
received in respect of a significant


                                                            Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts       5
What returns will I get? continued

Taxation summary                                for each income year. FIF international          funds), charity, PIE, PIE investor proxy,
                                                equity interests generally include shares        superannuation fund or trustee of a
We set out below the current tax                in overseas companies (other than                trust that does not elect the 28% rate
treatment of the Trusts. Tax legislation, its   companies referred to above) and units in        (or another available PIR); and
interpretation, and the rate and bases of       overseas unit trusts.
taxation may change. The application of                                                        •	10.5%	if	you	are	a	New	Zealand	tax	
taxation laws depends upon an investor’s        Dividends received from FIF international        resident natural person who earned
individual circumstances and therefore          equity interests and profits from sales of       $14,000 or less of taxable income
investors should seek professional tax          most FIF international equity interests are      (excluding income from PIEs) and
advice on the tax consequences of their         not taxed. Generally a tax deduction may         $48,000 or less in total of taxable
investment.                                     not be claimed for any losses in respect of      income (including net PIE income after
                                                a FIF international equity interest. See the     subtracting attributable PIE losses) in
Each of the Trusts is a PIE for tax
                                                prospectus for more details.                     either of the last two income years, or
purposes.
                                                                                                 a New Zealand tax resident trustee of
                                                The Trusts will be taxed under the
How the Trusts are taxed                        ordinary tax rules in respect of their other
                                                                                                 certain testamentary trusts which elects
Any gain made by a Trust when selling                                                            to apply the 10.5% rate; and
                                                income, and will therefore be taxable on
shares in companies resident in New             all interest received.                         •	17.5%	if	you	are	a	New	Zealand	tax	
Zealand or companies resident in                                                                 resident natural person who does not
Australia and listed on certain approved        Trusts taxed at investors’ PIR                   qualify for the 10.5% rate, but earned
Australian Stock Exchange (“ASX”) indices       The Manager will calculate daily the             $48,000 or less of taxable income
(which currently includes the Standard &        amount of taxable income (or loss)               (excluding income from PIEs) and
Poors All Ordinaries Index) that maintain       and any tax credits or other amounts             $70,000 or less in total of taxable
a franking credit account are not subject       attributable to you from a Trust. The            income (including net PIE income after
to tax under the PIE regime. Dividends          Trust will pay tax on the taxable income         subtracting attributable PIE losses) in
on these shares are taxable but may             attributed to you at the PIR notified by         either of the last two income years, or
be offset by any imputation credits or          you. Your PIR will be one of the following       a New Zealand tax resident trustee of a
foreign withholding tax credits received.       four rates (assuming you provide us with         trust (but not a unit trust or a charitable
For tax purposes, the Trusts will generally     your correct IRD number):                        trust) that elects to apply the 17.5%
be treated as deriving taxable income                                                            rate; and
                                                •	0%	if	you	are	a	New	Zealand	tax	
equal to 5% of the average daily market           resident company (including a unit           • 28% for all other investors who do not
value of their foreign investment fund            trust and certain group investment             qualify for the 17.5%, 10.5% or 0% rate.
(“FIF”) international equity interests




                                                 What returns will I get?
    Investments can be compared to
    the rungs of a ladder.
                                                 In the long-term a well-balanced share portfolio is likely to give the highest return of
    At the foot of the ladder the returns
                                                 all the investments shown here.
    are relatively low over the longer-term
    but they are likely to be more stable.
                                                 Of the three Trusts, this one has the highest proportion of growth assets and the
    The higher up the ladder you go the
                                                 potential for the greatest returns over time.
    greater the potential for a higher
    return over time, but the more likely it
    is that your returns will fluctuate.         This Trust balances income and growth assets, offering the potential for a medium
                                                 level of return.


                                                 This Trust invests in a higher proportion of fixed interest and cash assets. Your
                                                 returns are likely to be lower than the other trusts over the long-term.


                                                 Bank term investments offer stable returns, but in the long-term the return is likely
                                                 to be lower than investments which include growth assets.




6       Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
Income years generally commence on 1            If you do not provide the Manager with          Manager and the Trustee shall not be liable
April in any year and end on 31 March in        your PIR and your IRD number, then any          for the attribution of income, losses or
the following year.                             taxable income attributed to you by the         refunds nor the payment of tax in respect
                                                relevant Trust will be taxed at 28%.            of units held by PIE Investor Proxies.
The Manager currently intends to reflect
PIE tax by cancelling for no consideration      If your PIR subsequently changes, you           The Commissioner of Inland Revenue
units of an investor equal in aggregate         must inform the Manager (except where a         can require the Trust to disregard
value to the PIE tax paid by the relevant       change is due to a change in the statutory      the PIR notified by an investor, if the
Trust in respect of that investor. This         tax rate rather than a change in your           Commissioner considers the rate is
cancellation will usually occur after the       income). If you do not advise your correct      incorrect. In such cases, the Trust must
end of the relevant Trust’s income year.        PIR, then you may be obliged to pay             apply the rate the Commissioner of Inland
However if an investor redeems, switches,       any tax shortfall (plus any interest and        Revenue considers appropriate.
withdraws or transfers units during             penalties), if your notified PIR is too low,
                                                                                                Further information on PIEs, and on tax
the year, then immediately prior to the         and may be required to file a tax return.
                                                                                                generally, is contained in the prospectus
redemption, switch, withdrawal or transfer,     Any excess tax paid on your behalf if your
                                                                                                for the Trusts. Further information on PIRs
the Manager will cancel units held by the       notified PIR is too high, cannot be claimed
                                                                                                can be found at www.ird.govt.nz.
investor equal in aggregate value to the PIE    back as PIE tax is final tax.
tax on income attributable to those units.
                                                 Investors will not be subject to tax on
Please indicate the correct PIR on the          any distributions from the Trusts or
application	form.	Joint	investors	will	         redemptions of their units. Investors may
be treated as a single investor with a          be subject to tax on transfers in certain
PIR equal to the highest PIR of the joint       circumstances. See the prospectus for
investors.	Joint	investors	must	provide	        more details.
both PIRs and IRD numbers or tax will
                                                Where you invest through an investor-
be deducted at the highest PIR (currently
                                                directed portfolio service or nominee or
28%).
                                                custody service which is a proxy for an
Trustees that elect a PIR that is lower than    investor in a PIE (“PIE Investor Proxy”), the
28% must return the PIE income/(loss) and       PIE Investor Proxy will be responsible for
pay any applicable tax themselves (with a       the payment of tax, and the attribution of
credit for tax paid by the Trust in respect     income, losses, tax credits and refunds
of the PIE income attributed to the trustee).   for tax purposes, on your behalf. The




Which investment?                                                                               What are my investment risks?

Investing in a range of shares                           Higher potential return                Your returns will fluctuate. There may be
                                                            Higher volatility                   significant negative returns at times.


Westpac Growth Trust                                      High potential return                 Your returns will vary and may
                                                             High volatility                    be low or negative some years.


Westpac Diversified Trust                               Medium potential return                 Your returns will vary and could be low
                                                          Medium volatility                     or negative at times.


Westpac Income Plus Trust                                Lower potential return                 Your returns will vary but are likely to be
                                                            Lower volatility                    more stable than for the other Trusts.


Bank term investments                                    Lowest potential return                Your returns are related to market
                                                            Lowest volatility                   interest rates.




                                                             Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts         7
What are my risks?

Risk is the likelihood of you not getting all   •		 redit risk – a borrower or other
                                                  c                                            In managing their risks (particularly market
your money back, or getting a lower return        counterparty defaults. This potentially      and currency risk), financial instruments
than you expected. All investments have           arises with various securities including     known as derivatives may be used by
some level of risk. In general terms, the         fixed interest and mortgage securities       the Trusts. Derivatives may be used as an
lower the risk is, the lower the potential        or derivatives                               alternative to investing in the physical asset
returns will be over the long-term. The                                                        or as a risk management tool, by providing
                                                • contractor risk – a third party fails to
higher the exposure to growth assets, the                                                      a similar exposure to the investment as
                                                  properly provide services to the Trusts
greater the potential for negative returns                                                     buying or selling the asset underlying the
in the short-term. To compensate for this       •		 roduct risk – changes may be
                                                  p                                            derivative. It is not the Manager’s policy for
risk the Trusts with higher exposure have         made to the Trusts from time to time         derivatives to be used to gear the Trusts
the potential for higher returns over the         including changing a Trust’s aim,            (that is, obtain greater exposure to markets
medium to long-term. Volatility is the word       strategy or asset allocation targets,        than the net asset value of the Trusts). If for
used to describe how much the value               benchmarks and the underlying                any reason (including market movements
of your investment varies. The levels of          specialist investment managers, adding       or cash flows) a Trust becomes geared,
volatility shown previously are likely to         to, closing or winding up the Trusts,        the Trust will be realigned as soon as
increase during periods of investment             and changing the fees and charges or         practicable to remove any gearing.
market uncertainty.                               minimum amounts. Further details of
                                                  how the Trusts can be changed are set        The funds that the Trusts invest into may
Returns can be positive or negative. If a         out in the section ‘Can the investment       however use gearing.
Trust’s returns are insufficient to meet its      be altered?’                                 You are not liable to pay money to anyone
expenses, it is reasonably foreseeable
                                                •		 IE related risks – if a Trust fails to
                                                  P                                            if a Trust or the Manager become insolvent.
that you could receive back less than
                                                  satisfy the PIE eligibility criteria (as     If a Trust or the Manager are liquidated or
the total of your investment when you
                                                  set out in the Income Tax Act 2007),         wound up, creditors’ claims rank ahead of
withdraw. You need to choose a Trust
                                                  and that failure is not remedied within      investors’ claims. All investors’ claims rank
where the investment strategy and risks
                                                  the period permitted under that Act,         equally.
are acceptable to you.
                                                  the Trust may lose its PIE status, in
Some examples of the risks that may               which case it will be taxed at 28% on
produce this result and that are involved in      its taxable income. The Manager has
an investment in the Trusts include:              implemented processes to monitor
•		nvestment risk – exposure to a
  i                                               ongoing PIE eligibility compliance for
  security may be affected by unexpected          the Trusts, and has a number of powers
  changes in that security’s or sector’s          available to it to proactively manage
  business environment. The value of              this risk. You may incur a tax liability
  share and fixed interest derivatives is         as a result of advising the wrong PIR or
  linked to the value of the underlying           failing to advise the Manager when your
  assets and can be highly volatile. As           PIR increases.
  with all investment decisions, there is       •		 egulation risk – any change in tax or
                                                  r
  a risk that actual performance does not         other applicable legislation or regulation
  meet expectations                               could impact on a Trust’s returns.
•		 arket risk – markets are affected by
  m                                             •	operational risk – risks associated
  a host of factors including economic,         with a failure of internal processes and
  taxation and regulatory conditions,           procedures, fraud, litigation, disruption to
  market sentiment, political events,           business by industrial disputes, systems
  movements in interest rates and               failures, pandemics, natural disasters and
  currency, and environmental and               other unforeseen external events which
  technology issues                             might affect the business of the Manager
                                                or the Trusts and their investments.




8     Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
Which Trust is right for you?                                               How do they compare?                                              How is my money invested?
You have a choice of three different multi-                                                                                                                                                  Cash 5%
sector unit trusts to invest in: the Westpac                                Westpac Growth Trust                                                                                             Alternative
                                                                                                                                                                                             Investments 5%
Growth, Westpac Diversified or Westpac
                                                                            The Westpac Growth Trust is                                                                                      International
Income Plus Trust. Each one invests in the                                                                                                                                                   Fixed Interest 6.5%
                                                                            for investors who want higher                                                                                    Listed
different investment sectors in different
                                                                            potential returns and who are more                                                                               Property 10%
ways and offers different levels of                                                                                                                                                          NZ Fixed Interest
                                                                            comfortable with greater fluctuations                                                                            11%
potential returns. You can invest in any or
                                                                            in returns. This Trust has the                                                                                   International
all of these Trusts.                                                                                                                                                                         Equities 37.5%
                                                                            highest proportion of growth assets
                                                                                                                                                                                             NZ Equities1 25%
                                                                            (including shares and/or listed and
Finding the right balance                                                   unlisted interests in property), may
                                                                            invest in alternative investments
It’s important to find the right balance
                                                                            and has the potential for the highest
between return and risk, to suit your
                                                                            return over time. However, returns
investment style and needs. You need to
                                                                            will vary and are likely in some years
be comfortable about your investments –
                                                                            to be low or negative.
they should not cause you to lose sleep.
You’ll want to consider how long you are
investing for and what growth factor will
help you achieve your financial goals.
Investment needs change, so it’s also                                       Westpac Diversified Trust                                                                                        Cash 5%
                                                                                                                                                                                             Alternative
important to review your choice of Trusts                                   The Westpac Diversified Trust is for                                                                             Investments 5%
                                                                                                                                                                                             Listed
from time to time.                                                          investors who prefer to accept a                                                                                 Property 5%
                                                                            medium potential return for medium                                                                               International
                                                                                                                                                                                             Fixed Interest 12%
                                                                            risks. This Trust balances income
Spreading your investment                                                   and growth assets, and may invest
                                                                                                                                                                                             International
                                                                                                                                                                                             Equities 33%
Spreading or diversifying your investment                                   in alternative investments. It has the                                                                           NZ Fixed
                                                                                                                                                                                             Interest 20%
is a key strategy for achieving your long-                                  potential for high returns over time                                                                             NZ Equities1 20%
term financial goals. The investments                                       due to the still significant proportion
of each of the Trusts are spread across                                     of growth assets. However, returns
different investment sectors, as well as                                    will vary and at times may be low or
across different countries, industries                                      negative.
and companies. For example, the New
Zealand fixed interest portion of each
Trust includes a variety of interest earning
investments from both government
and private sectors. International                                          Westpac Income Plus Trust                                                                                        Listed Property 5%
share investments are spread across a                                                                                                                                                        Cash 30%
                                                                            The Westpac Income Plus Trust is
number of countries such as the USA,                                                                                                                                                         NZ Equities1 10%
                                                                            for people who require more stable
UK	and	Japan	and	cover	a	wide	range	of	                                                                                                                                                      International
                                                                            returns. This Trust invests in a higher                                                                          Equities 10%
industries and companies.
                                                                            proportion of income assets than the
                                                                            other Trusts. Returns will vary but are                                                                          International Fixed
                                                                                                                                                                                             Interest 15%
Building up your investment                                                 likely to be more stable than with the
                                                                            other Trusts, although they can still                                                                            NZ Fixed
Your approach to investing in these Trusts                                                                                                                                                   Interest 30%
                                                                            be low or negative at times.
can be as flexible as you want it to be.                                                                                                                                                     Alternative2
                                                                                                                                                                                             Investments 0%
You can invest a lump sum, make regular
investments – or both. You can pay in
extra whenever you want and even stop
your payments for a while.


                                                                            These charts show typical investment mixes as at the date of this investment
                                                                            statement. Actual mixes may vary considerably from time to time. In preparing
                                                                            the asset exposure of the Trusts, we have taken into account both direct and
                                                                            indirect investments and the effects of futures and options contracts.




1 From time to time up to 50% of NZ Equities can be invested in the Australian Sharemarket
2 Although the benchmark asset allocation towards alternative investments for the Westpac Income Plus Trust is zero, the Trust may from time to time have an exposure to alternative investments.



                                                                                            Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts                                                 9
Can the investment be altered?


There are some circumstances               Changes you can make:                        The Manager can alter the minimum
                                                                                        investment and withdrawal amounts, and
where you can alter your                   •	you	can	switch	between	Trusts	by	
                                                                                        any notice periods. The Manager can also
                                             redeeming and issuing units (see below
investment, and some where                                                              close or wind up a Trust.
                                             for details)
the Manager can make                                                                    The Trustee and the Manager may amend
                                           •	you	can	change	your	regular	
changes as well.                             investments whenever you want (you
                                                                                        the provisions of the trust deed or the
                                                                                        conditions of establishment (including,
                                             must still pay the minimum investment)
                                                                                        without limitation, limits on any charges,
                                           •	you	can	pay	in	extra	lump	sums	            a Trust’s investment objectives, policy,
                                             whenever you want (you must still pay      strategic asset allocation or ranges) under
                                             the minimum investment)                    certain circumstances outlined in the trust
                                                                                        deed.
                                           •	you	can	withdraw	or	transfer	all	or	
                                             part of your investment (see the           While each Trust is a PIE, the Manager
                                             following section ‘How do I cash in my     may adjust any distribution entitlement
                                             investment?’)                              or your unit holding (including on
                                                                                        withdrawals, transfers, switches or sales)
                                           •	if	you	are	a	regular	investor	you	can	
                                                                                        to reflect the PIE tax liability arising with
                                             stop your payments for a time, as long
                                                                                        respect to your units in a Trust. The
                                             as you maintain the minimum holding
                                                                                        Manager may take all steps necessary to
                                           •	you	can	change	your	details	relating	to	   ensure that a Trust is eligible, or continues
                                             your account – see the section ‘Who        to be eligible, for PIE status or otherwise
                                             do I contact with inquiries about my       complies with the requirements of tax
                                             investment?’ for contact details and       legislation relating to PIEs (including
                                             we will let you know what to do,           rejecting applications, switch and transfer
                                             depending on what is to change             requests, and withdrawing an investor’s
                                                                                        units, in its discretion).
                                           •	you	can	change	your	PIR	by	notifying	
                                             the Manager.                               The specialist underlying investment
                                                                                        managers and administration managers
                                                                                        will be regularly monitored and reviewed.
                                           Switching Trusts                             Accordingly, they may be removed
                                           You can switch your investment               or added without prior notice to you.
                                           between the Trusts. A switch is treated      As a result, the identity and number
                                           as redeeming and issuing units in the        of specialist underlying investment
                                           applicable Trusts – but please note the      managers or administration managers
                                           minimum holding you can have in any          for a Trust may vary from time to time.
                                           of the Trusts is usually 5,000 units or      Details of the current underlying specialist
                                           $5,000 (whichever is less). There is no      investment managers can be obtained by
                                           charge for switching, but margins may        calling us on 0800 738 641 or by visiting
                                           apply to unit prices (see the section        www.westpac.co.nz.
                                           headed ‘How much do I pay?’). The
                                                                                        Where a practice of the Manager is
                                           Manager can suspend switches. To make
                                                                                        referred to or the description “generally”,
                                           a switch you can fill in a switch request.
                                                                                        “normally” or “currently” is used in this
                                           These are available from any Westpac
                                                                                        investment statement in relation to a
                                           branch or by calling us on 0800 738 641.
                                                                                        practice, the reference is to the practice
                                           A switch is a disposal of units for tax
                                                                                        of the Manager at the date of this
                                           purposes. See the taxation summary for
                                                                                        investment statement. The Manager
                                           the tax related consequences of a switch.
                                                                                        reserves the right to review and change
                                                                                        its practices without further notice within
                                           Changes by the Manager and                   the terms of the trust deed. Your rights
                                                                                        may also be varied by changes to relevant
                                           Trustee
                                                                                        law, accounting and other regulatory
                                           The Manager can change (with the             requirements.
                                           consent of the Trustee) any charges or the
                                           margins used to set allocation and release
                                           unit prices. Investors or a Trust (as the
                                           case may be) will be required to pay any
                                           such altered charges.




10   Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
How do I cash in my investment?

Subject to the restrictions set out in       When will I be paid out?                      Can I sell or transfer my
the section headed ‘What returns will
I get?’, you can generally withdraw all
                                             Units will be cashed in at the current        investment?
                                             release unit price.
of your investment in a Trust at any                                                       We don’t consider there is an established
time. You can also withdraw parts of         See the tax summary for the tax related       market for the public sale of Trust units,
it in parcels of 1,000 units (or $1,000,     consequences of a withdrawal.                 but you can apply to transfer units to
whichever is less), provided you maintain                                                  someone else. Any PIE tax payable by a
                                             Payment is generally made within ten          Trust on income attributed to you will also
the minimum holding of 5,000 units
                                             working days of your withdrawal request,      be deducted when you transfer your units.
or $5,000 (whichever is less) in the
                                             at the then current release unit price (the
Trust you are withdrawing from. You                                                        Please note that we can’t make a transfer:
                                             conditions of establishment say you will
can also make regular withdrawals of a
                                             be paid within 30 working days unless
minimum of $1,200 per year (payable                                                        •	in	the	14	days	before	a	Trust	is	due	to	
                                             the Manager has suspended withdrawals).
monthly, quarterly or half yearly),                                                          make a distribution (if applicable); or
                                             See the section headed ‘What returns will
provided the minimum holding in that
                                             I get?’ for information about suspension      •	if	you	owe	any	charges,	taxes	or	duties	
Trust is maintained. If you continue to
                                             and delay of withdrawals. Unit prices           related to your investment; or
make regular investments to a Trust, the
                                             change regularly so the amount you are
minimum holding is not applicable.                                                         •	if	the	other	person	is	not	allowed	to	be	
                                             paid may differ from any amount quoted
                                                                                             an investor under the trust deed.
There are currently no fees payable to the   to you earlier.
Manager or the Trustee for withdrawing
                                             Investors may change (subject to the
your investment. If your withdrawal
                                             minimum regular withdrawal) or suspend
                                                                                           What do I need to do?
means that you would have less than the                                                    To cash in or transfer your units you can
                                             a regular withdrawal whenever they wish.
applicable minimum holding the Manager                                                     fill in a withdrawal request. These are
                                             Please note that the Manager can suspend
may pay out the entire amount instead.                                                     available from any Westpac branch or
                                             withdrawals and switches subject to the
                                             terms of the trust deed.                      if you’d like to talk with us about it, call
                                                                                           us on 0800 738 641. We’ll be happy to
 Withdrawal       Minimum Amount
 method                                                                                    explain the process and send you any
                                                                                           requests you need.
 Lump sum         $1,000 or 1,000 units
                  (whichever is less)

 Regular          $1,200 per year
 withdrawal




Who do I contact with inquiries about my investment?

You can call your financial adviser or our    The principal place of business of the
Customer Relations Team on 0800 738          Manager is set out in the section ‘Who is
641, visit your local Westpac branch, or     involved in providing it for me?’.
write to us at PO Box 695, Wellington
6140 for anything to do with your
investment.




                                                         Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts        11
Is there anyone to whom I can complain if I have problems
with the investment?

If there is a problem please call your         The Trustee                                   The Banking Ombudsman
financial adviser or our Customer
                                               The New Zealand Guardian Trust                The Manager is a member of the
Relations Team on 0800 738 641, visit
                                               Company Limited                               independent dispute resolution scheme
your local Westpac branch, or write to us
                                               Level 7, Vero Centre                          operated by the Banking Ombudsman
at PO Box 695, Wellington 6140.
                                               48 Shortland Street Auckland 1010             and approved by the Ministry of
The principal place of business of the         PO Box 1934, Auckland 1140                    Consumer Affairs, for the purposes of the
Manager is set out in the section ‘Who is      Phone 09 377 7300                             Financial Service Providers (Registration
involved in providing it for me?’.                                                           and Dispute Resolution) Act 2008.
                                                                                             Under the terms of this scheme, the
If you are still not happy you can contact
                                                                                             Manager has three months to resolve
the Trustee or the Banking Ombudsman.
                                                                                             your complaint. If you are not satisfied
                                                                                             by the Manager’s response you may refer
                                                                                             the matter to the Banking Ombudsman.
                                                                                             Level 11, BP House
                                                                                             20 Customhouse Quay
                                                                                             Wellington 6011
                                                                                             Email: help@bankomb.org.nz
                                                                                             Phone: 0800 805 950
                                                                                             Write to:
                                                                                             Freepost 218002
                                                                                             PO Box 10573, The Terrace
                                                                                             Wellington 6143




What other information can I obtain about this investment?

Other information about the Trusts or the      on the Companies Office website at            How do I apply?
Manager is included in the prospectus          www.business.govt.nz/companies. Where
                                                                                             To apply to buy units in any of our multi-
and financial statements for the Trusts.       relevant documents are not available on
                                                                                             sector Trusts, please fill in the application
                                               the website, a request for the documents
You are also welcome to call or write to us                                                  at the back of this investment statement.
                                               can be made (on payment of any
any time you’d like more details.                                                            We’ll need to know how much you want
                                               relevant fee) by contacting the Ministry of
                                                                                             to invest, which Trust or Trusts you want
You can call 0800 738 641 and ask us:          Economic Development Business Service
                                                                                             to invest in and how you’d like to make
                                               Centre on 0508 266 726 or emailing
•		or	the	latest	value	of	your	investment,	
  f                                                                                          your investments.
                                               info@companies.govt.nz.
  at no charge;
                                                                                             Your investment adviser can answer
•		or	a	copy	of	the	trust	deed	and	any	
  f                                                                                          your questions and help you fill in your
  amendments (currently the charge is
                                               Keeping track of your                         application. We will contact you when
  20 cents a page) or you can arrange          progress                                      your application is accepted or if we need
  with us to view it at our office;            Each year we’ll send you a copy of the        more details from you. The Manager has
                                               financial statements for the Trusts, a        the right to decline any applications.
  f
•		or	a	copy,	at	no	charge,	of	the	
  prospectus, investment statement or          copy of the auditor’s report on those         If at any stage you’d like more
  financial statements complying with          financial statements and a summary of the     information on anything to do with the
  the Financial Reporting Act 1993 for the     amendments made to the trust deed or          Trusts, please call us on 0800 738 641,
  Trusts; and                                  conditions of establishment of the Trusts     or write to us at PO Box 695, Wellington
                                               over the past year. You’ll also get notices   6140.
  t
•		o	show	you	or	provide	a	copy	of	the	        about any distributions and details of your
  Manager’s register of investors, at no       investment. And of course you can call us
  charge.                                      if you’d like an update on your investment.
Copies of the trust deed, prospectus and
financial statements and other documents
relating to the Trusts are filed on a public
register at the Companies Office of the
Ministry of Economic Development and
most are available for public inspection



12   Westpac Saving and investing in the Westpac Multi-Sector Unit Trusts
                                                                                                                Westpac use only                                                                                                             QA ref

Westpac Multi-Sector                                                                                            Application number                                                                 Amount deposited              $
Unit Trusts application                                                                                         UT account number                                                                  Date deposited                       DAY / MONTH / YEAR
Date of Investment Statement
16 September 2011

To the Trustee                                          This application is for the Westpac Multi-Sector Unit Trusts. *Denotes compulsory information
.....................................................................................................................................................................................................................................................................................

1: Investor details                                     *Please select from the following options:

                                                              New Unit Holder

                                                        Please complete all sections of this form

                                                              Existing Unit Holder
                                                        *Unit Holder Name                                                                                           *Unit Holder Number

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

2: New Personal                                               Individual Unit Holder                                    	Joint	Unit	Holder	                                                  Child under 18^
   Investors                                            ^
                                                         The child’s details should be entered as “Applicant A” and parent/guardian details should be entered as “Applicant B”. The Manager will act on the
                                                        instructions of the parent/guardian until the child reaches the age of 18. Once the child is 18, the Manager will act on the instructions of the child.
         Applicant A
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)
                                                                                                                                                                                                                                  *CRS number               Westpac use only
                                                        *Given name(s)

                                                        *Surname

                                                        *Date of birth DAY / MONTH / YEAR                                               *IRD number

                                                        *Prescribed Investor Rate (tax rate)                                          10.5%             17.5%             28%


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

         Applicant B
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)
                                                                                                                                                                                                                                  *CRS number               Westpac use only
                                                        *Given name(s)

                                                        *Surname

                                                        *Date of birth DAY / MONTH / YEAR                                               *IRD number

                                                        *Prescribed Investor Rate (tax rate)                                          10.5%             17.5%             28%


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

         Applicant C
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)
                                                                                                                                                                                                                                  *CRS number               Westpac use only
                                                        *Given name(s)

                                                        *Surname

                                                        *Date of birth DAY / MONTH / YEAR                                               *IRD number

                                                        *Prescribed Investor Rate (tax rate)                                          10.5%             17.5%             28%


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


3: New Entity                                                 Partnership                                        Family or individual trust                                       Corporate trustee                                          Corporate investor
   Investors                                                  Deceased estate                                    Incorporated society/association                                 Club or unincorporated body

                                                        *Name of Entity                                                                         *IRD number                                                                       *CRS number               Westpac use only


                                                        *Prescribed Investor Rate (tax rate)                            0%            10.5%             17.5%             28%

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

         Signatory A
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)

                                                        *Given name(s)                                                                                              *Surname

.....................................................................................................................................................................................................................................................................................
         Signatory B
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)

                                                        *Given name(s)                                                                                              *Surname
.....................................................................................................................................................................................................................................................................................
         Signatory C
                                                        *Title           Mr           Mrs            Ms           Miss            Other (please specify)

                                                        *Given name(s)                                                                                              *Surname

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

4: Contact                                              *Contact name

   Details                                              *Postal address NUMBER & STREET/BOX NUMBER                                                                                                                          SUBURB

                                                        TOWN/CITY                                                                                                                                                           POSTCODE

                                                        *Telephone home 0-                                                                                          Alternative number 0-
.....................................................................................................................................................................................................................................................................................

5: Investment                                                                                             Lump sum investment                         Regular investment                            Transfer in

   Details                                              Westpac Growth Trust                          $                                           $
         (see the section headed
         ’How much do I pay?’                                                                         $                                           $
                                                        Westpac Diversified Trust
         for minimum levels)
                                                        Westpac Income Plus Trust                     $                                           $

                                                        Investment Frequency for regular investment:                                       Weekly                         Fortnightly                        Monthly                       Quarterly

                                                        Commence my regular investment on                                 DAY / MONTH / YEAR                    (but no more than one month from the date of application)            or            immediately

                                                        Please complete the attached Direct Debit form
                                                        Note: Cheques should be made payable to Guardian Nominees Limited and crossed “Not Transferable”. For direct credits, please transfer
                                                        into Guardian Nominees Limited bank account 03 0584 0026000 84.
.....................................................................................................................................................................................................................................................................................


6: Distribution                                         Please select your preferred distribution option – if no option is selected, distributions will automatically be reinvested.

   Details                                                    Reinvest in additional units                                                    Direct credit to bank account

                                                        Bank account details for any payments:

                                                        Bank                                                                           Branch

                                                        Account name                                                                   Account Number
                                                                                                                                                                         Bank          Branch number                     Account number                         Suffix
                                                        Distribution information is collected in the event that the Manager makes a distribution from the Trusts. The Manager does not intend to
                                                        make regular distributions from the Trusts.
.....................................................................................................................................................................................................................................................................................

7: Regular                                              Regular Withdrawal Amount (net of tax) $                                                                          Monthly                            Quarterly                     Six Monthly

   Withdrawal                                           Commence my regular withdrawal amount on                                       DAY / MONTH / YEAR

   Details                                              Please complete bank account details if different from above.
         (see the section headed
         ‘How do I cash in                              Bank                                                                                           Branch
         my investment?’
         for minimum levels)                            Account name                                                                    Account Number
                                                                                                                                                                         Bank          Branch number                     Account number                         Suffix
.....................................................................................................................................................................................................................................................................................

8: Signatures and                                                 I have received and read the Investment Statement dated 16 September
                                                                  2011 to which this Application Form was attached and agree to be
                                                                                                                                                                              - For all lump sum investments, units will be allocated at the unit price
                                                                                                                                                                                ruling on the business day on which the application and moneys are
   Acknowledgements                                               bound by the terms and conditions of the Trust Deed, Investment
                                                                  Statement and Prospectus, or other current offering document (each as
                                                                                                                                                                                received by the Manager.
                                                                                                                                                                              - I consent to the Manager reinvesting into the Trusts any amount if
                                                                  amended) relating to the Trusts;                                                                              a distribution option is not selected on the Application Form, or if
                                                                  - I understand that by completing this Application Form I will be                                             the bank account details are incorrect or a distribution or any other
                                                                    providing personal information about me which will be held securely                                         cheque is returned.
                                                                    by the Manager, its related companies and their agents. This                                              Joint	Investors:	In	addition	to	the	conditions	previously	stated,	we	(the	
                                                                    information will be used now and in the future to make available                                          joint investors) also:
                                                                    to me the full range of services offered by Westpac and its related                                           - agree to hold the units as joint tenants;
                                                                    companies. I have the right to access and correct this information                                            - acknowledge that unless otherwise stated, all signatures are always
                                                                    subject to the provisions of the Privacy Act 1993. This information                                             required for instructions on our investment;
                                                                    may be used to update other information about me by any member of
                                                                                                                                                                                  - agree that all liability shall be both joint and several;
                                                                    the Westpac group of companies.
                                                                                                                                                                                  - agree that any tax will be deducted at the PIR equal to the highest
                                                                  - I agree that if the Manager makes an incorrect payment to me, the
                                                                                                                                                                                    PIR applicable to us.
                                                                    Manager is entitled to deduct the amount incorrectly paid from
                                                                                                                                                                              Investments made to the Trusts do not represent bank deposits or
                                                                    any holding I have with the Manager or any related company of the
                                                                                                                                                                              other liabilities of Westpac Banking Corporation ABN 33 007 457
                                                                    Manager.
                                                                                                                                                                              141 (Westpac), Westpac New Zealand Limited (Westpac NZ) or other
                                                                  - I acknowledge and agree that:
                                                                                                                                                                              members of the Westpac group of companies. They are subject to
                                                                      - if a transaction request is invalid, it will not be processed until valid                             investment and other risks, including possible delays in payment of
                                                                        documentation is received;                                                                            withdrawal amounts in some circumstances, and loss of investment
                                                                      - if the Manager reasonably believes a signature on a document,                                         value, including principal invested. The ultimate holding company
                                                                        such as a withdrawal request, to be genuine, the Manager is                                           of BT Funds Management (NZ) Limited is Westpac. None of BT Funds
                                                                        entitled to rely on that signature and will not be liable for any loss                                Management (NZ) Limited (as manager), Westpac NZ, Westpac, or
                                                                        the investor may suffer if it is later found that the signature was a                                 any member of the Westpac group of companies, The New Zealand
                                                                        fraud.                                                                                                Guardian Trust Company Limited (as trustee), any director or nominee
                                                                  - I consent to telephone conversations being recorded and listened to                                       of any of those entities, or any other person guarantees the Trusts
                                                                    for training purposes or to provide security for transactions.                                            performance, returns or repayment of capital. The Trusts are not
                                                                                                                                                                              offered, and the investment statement does not constitute an offer, in
                                                                                                                                                                              any jurisdiction other than in New Zealand.


                                                            *Signature A                                                                                                                                       *Date DAY / MONTH / YEAR


                                                            *Signature B                                                                                                                                       *Date DAY / MONTH / YEAR


                                                            *Signature C                                                                                                                                       *Date DAY / MONTH / YEAR
.....................................................................................................................................................................................................................................................................................

9: Signing                                              *(Please tick one)                         All to sign                          Any to sign                           Any                                investors to sign (insert number)
   instructions
   for all requests
.....................................................................................................................................................................................................................................................................................

10: Investment                                           Adviser Instructions

    Adviser Details                                      Adviser Name                                                                                                       Adviser Staff number

                                                         *Investor’s ID verified

                                                         *Funds received from                       New to bank                       Westpac Managed Fund                              Westpac Term Deposit                              Westpac Other


                                                            *Adviser signature                                                                                                                                            *Date DAY / MONTH / YEAR
.....................................................................................................................................................................................................................................................................................

11: Westpac use only                                       Entered by                                                                                                                                                    Date DAY / MONTH / YEAR

                                                         Units issued                                                                       Checked by
Westpac Multi-Sector Unit Trusts

 *Name of account                                                                                                 Authority
                                                                                                                   to accept
 *Customer (acceptor) to complete bank, branch number, account                                                  Direct Debits
  number and suffix of account to be debited.
                                                                                                             (Not to operate as an
                                                                      –                                    assignment or agreement)
        Bank   Branch number             Account number                     Suffix

                                                                                                                 Authorisation code
To the Manager, (Please print full postal address clearly for window envelope)                                    0 3 0 6 0 3 6
                                                                                                                      (User number)
*Bank Branch


*Mailing Address

                                                                                                      *Date:
                                                                                                                   DAY   / MONTH / YEAR
*Town/City




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



       Guardian Nominees Limited (hereinafter referred to as the Initiator)



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



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




                                             Information to appear on my/our bank statement

                       Payer particulars                                  Unit Holder number                          Payer reference

               I N V E S T



Customer signature(s):
                               *Signature                                                                            *Date DAY / MONTH / YEAR




                                *Signature                                                                            *Date DAY / MONTH / YEAR




                                  Westpac use only:

                                                          Date             Recorded        Checked
                                                          received:        by:             by:
          Approved


                                                                                                                                      Bank stamp
         06 03
                                  Original                – Retain at branch
         11 03
                                  Copy                    – Forward to Initiator if requested
                                                      Conditions of this Authority to Accept Direct Debits

1.   The Initiator:

     (a)    Undertakes to give notice to the Acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is
            drawn (but no more than 2 calendar months). This notice will be provided either:
            (i) in writing; or
            (ii) by electronic mail where the Customer has provided prior written consent to the Initiator.

            Where the Direct Debit system is used for the collection of payments which are regular as to frequency, but variable as to amounts, the Initiator
            undertakes to provide the Acceptor with a schedule detailing each payment amount and each payment date.

            In the event of any subsequent change to the frequency or amount of the Direct Debits, the Initiator has agreed to give advance notice of at least 30
            days before changes come into effect. This notice must be provided either:
            (i) in writing; or
            (ii) by electronic mail where the Customer has provided prior written consent to the Initiator.

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

2.   The Customer may:

     (a)    At any time, terminate this Authority as to future payments by giving written notice of termination to the Bank and to the Initiator.

     (b)    Stop payment of any Direct Debit to be initiated under this Authority by the Initiator by giving written notice to the Bank prior to the Direct Debit being
            paid by the Bank.

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

3.   The Customer acknowledges that:

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

     (b)    In any event this Authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account.

     (c)    Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct
            Debit has not been paid in accordance with this Authority. Any other disputes lie between me/us and the Initiator.

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

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

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

4.   The Bank may:

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

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

     (c)    Charge its current fees for this service in force from time to time.
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IN V E S T MEN T A DV I SO RY SERV ICE




12102WT-4 07-11

								
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