30 Oct 2008 13:05
WESTPAC BANKING CORPORATION
FINAL DIVIDEND NOTICE, OPERATION OF THE DIVIDEND REINVESTMENT PLAN (DRP) AND DRP UNDERWRITE
2008 Final Dividend
The Board of Westpac Banking Corporation (Westpac) announced today in its full year 2008 results announcement that it has determined to pay a final ordinary dividend for the year ended 30 September 2008 of 72 cents per fully paid ordinary share on 17 December 2008.
This dividend will be franked to the extent of 100% with Australian franking credits.
The dividend will be paid to all holders of Westpac ordinary shares who are registered on the share register as at the record date, 5.00 pm (Sydney time) on 11 November 2008 (5.00 pm (New York time) on 10 November 2008).
Dividend Reinvestment Plan
Westpac advises that it has entered into an agreement with J.P. Morgan Australia Limited to underwrite the balance of the 2008 final dividend which is not reinvested by shareholders in the DRP.
Westpac has determined that in relation to the 2008 final dividend the DRP will operate as follows:
the Market Price at which shares are issued under the DRP will include a discount of 2.5%; and
the pricing period for setting the Market Price will be extended to 15 trading days (previously 10 trading days).
The calculation of the Market Price, including the above determinations, will only apply to the 2008 final dividend.
The DRP discount and other terms are reviewed prior to each dividend payment and the DRP terms that will apply to future dividends will be announced to the ASX.
The DRP terms that apply for each dividend and a complete copy of the DRP terms and conditions can be found within the Shareholder Services section of Westpac's website at www.westpac.com.au/investorcentre.
If shareholders wish to participate in the DRP for the upcoming dividend, or change their level of participation, they must complete a DRP application or variation form and return it to Westpac's share registry, Link Market Services, by no later than 5.00pm (Sydney time) on 11 November 2008.
More information about the operation of the DRP for the 2008 final dividend is contained in the attached shareholder letters, which are expected to be mailed to eligible shareholders on 3 November 2008.
The shareholder letters can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/0554H_-2008-10-30.pdf
Copies of these documents have been delivered to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel No. (020) 7066 1000
30 October 2008