This presentation is produced by OM-IP Hedge Plus Limited.

The Westpac Guarantee, which is subject to the terms set out in the Prospectus, applies only to the holders ofredeemable shares in OM-IP Hedge Plus Limited ("Shares") on the Maturity Date, 30 June 2011, as certified by thecompany's registrar.

Past performance is no guarantee of future results.

The OM-IP Hedge Plus Strategy has been structured as a medium to long term investment. To judge performanceover a short time period can be misleading as returns are sometimes significantly less than 18%pa, sometimes more.

OM-IP Hedge Plus Limited, through its wholly owned subsidiary, OM-IP Hedge Plus Trading Limited, will participatein the trading of a managed portfolio of investments on international markets. This participation may be by investingin hedge funds or by the trading of futures, options and interbank foreign exchange markets. The Shares offered bythe Prospectus should be considered as speculative and investors should consider the risk factors set out in the Prospectus. However, the return of capital on the Maturity Date is guaranteed by Westpac subject to the conditionsin chapter 2 of the Prospectus and the amount guaranteed by Westpac may in certain circumstances increase.Neither Westpac nor OM Strategic Investments Limited guarantee the performance of the company.

Investments in OM-IP Hedge Plus do not represent deposits or other liabilities of Westpac and Westpac does not inany way stand behind the assets or performance of OM-IP Hedge Plus. Investments in Shares in OM-IP Hedge Plusare subject to investment risk as outlined in the Prospectus. Westpac's liabilities to shareholders of OM-IP HedgePlus are limited to its liabilities under and subject to the terms of the Westpac Guarantee.

A Prospectus dated 10 September 2001 has been lodged with the Australian Securities & Investments Commission.Offers for Shares are made to Australian investors in the Prospectus and to New Zealand investors in the InvestmentStatement. Anyone wishing to acquire Shares will need to complete the Application Form referred to in and attachedto the Prospectus or the Investment Statement, as the allotment of Shares will only be made on the receipt of acompleted Application Form.