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World Bank Offer to Retail Investors starts today

Media Release


23 June 2008

World Bank Offer to Retail Investors via Lead Manager, Westpac, starts today


Westpac, Lead Manager for the new retail investment product from the World Bank, has announced the opening of the retail offering period. Co-Managers selected for the transaction are Direct Broking Limited and Bank of New Zealand. Rod Smith, the Head of Debt Capital Markets for Westpac Institutional Bank, believes this unique investment will appeal to socially responsible institutional and retail investors.

“The notes offer financial and social returns, providing a good return from an AAA/Aaa issuer plus the chance to make a difference in developing countries by investing in the World Bank’s funding programme,” says Mr Smith.

The offer is open from 23 June 2008 for a period of 3 weeks. The issuer is International Bank for Reconstruction and Development (“IBRD”), a part of the World Bank Group. The notes are senior unsecured obligations of IBRD and are not obligations of any Government. The minimum holding of notes is $5,000. IBRD is not a registered bank under the Reserve Bank of New Zealand Act 1989.

Interest on the notes will be paid semi-annually in arrears on 16 January and 16 July each year until maturity. The interest rate will be set on 14 July 2008 and will be the Base Rate of the four year swap rate less the Margin. The Margin has been set at -0.4000%. By way of illustration, the interest rate would be 7.2200% if set today on 23 June 2008. The actual interest rate may be more or less than 7.2200% depending on the level of the four year swap rate on 14 July 2008.

The World Bank is an international organisation, established in 1945 and owned by its 185 member countries (including New Zealand). As a global development cooperative, the World Bank’s purpose is to work with its borrowing members so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global problems.

Doris Herrera-Pol, Global Head of Capital Markets for the World Bank, who recently visited New Zealand says:

"We are very pleased to be offering this sustainable investment opportunity through Westpac which has an outstanding reputation in corporate and social responsibility. This offering gives New Zealanders the chance to invest their money with the world's largest development organisation. They can earn both a financial and social return by supporting the World Bank's financing in a wide variety of social and ethically responsible sectors, such as environment, health and education."

This special offer is only available for three weeks (opens 23 June 2008, closes 12.00 p.m. 11 July 2008), so request an Investment Statement now by calling 0800 489 222, visiting www.westpac.co.nz/world or speaking to a Westpac Wealth Adviser in branch.

ENDS

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