Document:

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                                                                  EXHIBIT 4(c).7

[WESTPAC AUSTRALIA'S FIRST BANK LETTERHEAD]

21 January 2002

                                                          PRIVATE & CONFIDENTIAL

Mr. Michael Coomer
50 Switchback Road
Chirnside Park VIC 3116

Dear Michael

I feel we are at the point now where I can welcome you into the Westpac Group
Executive Team. There are a few formalities to close off, which will help us
both ensure a successful transition of you into the organisation and manage our
mutual expectations going forward.

I would like to formally offer you a position as Westpac's Group Executive, e-IT
and Operations, on the terms set out below and those contained in the attached
Executive Employment Agreement.

1.   DATE OF COMMENCEMENT

Your date of commencement will be 29 January 2002.

2.   POSITION AND DUTIES

Your role will be that of Group Executive, e-IT and Operations which will report
to David Morgan, Chief Executive Officer.

Over the month following your commencement, we will work together to clarify and
agree the scope of your responsibilities in a way that meets our mutual
objectives. Because of the dynamic nature of the industry and our commitment to
developing our key people, the scope of the role could change over time. It is
envisaged that after a period of time and at a mutually agreed date this role
would also take responsibility for our Shared Services function.

We understand that you are not subject to any obligation to a prior employer or
other entity which would impede the performance of your duties to Westpac as a
member of the Group Executive.

<Page>

3.   REMUNERATION ARRANGEMENTS

3.1  PACKAGE

Your Remuneration Package will be $681,250. This is made up of a Fixed
Remuneration Package of $625,000 and a superannuation employer contribution of
$56,250 (9% of $625,000). The Fixed Remuneration Package is inclusive of car(s),
parking, salary sacrifice superannuation and air fares - the last item estimated
at $20,000 per annum.

The following benefits, which will be fully costed to your Fixed Remuneration
Package, may be selected as part of your remuneration arrangements. The value of
these non-cash benefits can be up to a maximum of 40% of your Fixed Remuneration
Package. Any Fringe Benefits Tax ("FBT") incurred will be charged to your
package.

3.2  SUPERANNUATION

Your superannuation benefits will be provided for in the accumulation benefits
section of the Westpac Staff Superannuation Plan (WSSP). The accumulation
benefit allows you to invest in a range of investment options. A copy of the
WSSP booklet will be provided to you.

Under the rules of WSSP, you may elect to make nominated contributions, in
addition to the Bank funded contribution, from your Fixed Remuneration Package.
These contributions (plus contributions tax) will be deducted from your package
on a pre-salary sacrifice basis.

3.3  MOTOR VEHICLE

You will be entitled to package two motor vehicles under a novated lease
arrangement. Total running costs (which include lease payments, petrol,
insurance, FBT and registration) will be costed to your Fixed Remuneration
Package on a pre-tax basis.

3.4  PARKING

If you wish to include car parking in your package, the Bank will provide a
parking space in its head office building. The notional value of this facility,
presently $14,000 inclusive of FBT, will be costed to your Fixed Remuneration
Package.

3.5  BANK FUNDED SUPERANNUATION CONTRIBUTIONS

Regardless of the level of personal contribution you nominate, the Westpac
funded contribution will be 9% of your superannuation salary, which is currently
defined as your Fixed Remuneration Package Value (this is calculated as the
$56,250 superannuation benefit previously mentioned.

4.   SHORT TERM INCENTIVE AND LONG TERM INCENTIVE

In addition to your Remuneration Package, you:

(a)  will be eligible to participate in the Group Executive Short Term Incentive
     Plan; and

(b)  may from time to time be offered Westpac Share Options under the General
     Management Share Options Plan ("Long Term Incentive").

<Page>

These components vary with your individual performance and business performance,
as measured against challenging objectives to be agreed between us upon your
commencement and subject to annual review.

4.1  SHORT TERM INCENTIVE

You will be eligible for annual performance bonus consideration under Westpac's
Value Management Compensation Plan. This plan allows you to earn up to twice
your annual target for the achievement of stretch performance. The full year
2002 target STI (Short-term Incentive) of $550,000 will apply on pro-rata basis
for months of service in the first year 2002.

If personal and Group business results are above plan, you will have the
opportunity to earn bonus payments significantly in excess of this minimum. In
future years the target will be set annually at the commencement of the new
financial year.

Where actual short-term incentive exceeds target short-term incentive it is our
current policy to defer a portion of the short-term incentive payment. The
deferral period is up to three years from the first payment date. A portion of
the payment becomes due each year. Interest is applied to the balance
outstanding each year and paid annually. The deferred portion is any amount over
target short-term incentive.

4.2  LONG TERM INCENTIVE

You will also be eligible for share option allocations under the Bank's General
Management Share Option Plan (GMSOP). These are subject to performance hurdles
which determine the number of options that can be exercised within the
performance period. An explanation of the GMSOP and a copy of the Plan rules
will be provided to you on commencement.

For option grants made at the end of the financial year 2002, the Bank will
guarantee a target of 350,000-550,000 share options. This grant can be higher
depending on your assessed personal contribution and potential and Group
business results.

The Bank may introduce and substitute other option or share schemes at its
discretion. GMSOP is currently under review and Westpac will be recommending a
new suite of share and option plans (Proposed Share and Option Plans) to the
Board for approval during 2002. Any subsequent long-term incentive awards made
during 2002 are likely to be covered by the Proposed Share and Option Plans and
will deliver equivalent remuneration value to the options range outlined above.
Based on internal notional valuations in December 2001 the current valuation of
the options range outlined above as LTI range is [no of options X $2.02].

5.   SHARE OPTION GRANT UPON COMMENCEMENT

In addition, and subject to Board approval, the Bank will offer you on
appointment a grant of 300,000 share options under the GMSOP. A formal letter
offering these options will be provided to you upon commencement.

These options, which are issued in terms of the Plan rules, have an exercise
price based on the market price at the time the offer is approved by the Board,
and have a minimum exercise

<Page>

6.   OTHER BENEFITS

LIVING AWAY FROM HOME

There will be rental assistance of up to $2,000 per week. The Bank will pay the
rent on your behalf and charge the cost to your Fixed Remuneration Package on a
pre-tax salary sacrifice basis.

Information on additional Bank funded benefits is provided in the attached
Executive Employment Agreement.

7.   TERM AND PERIOD OF NOTICE

The Bank's arrangements regarding term and termination of your employment are
outlined in the attached Executive Employment Agreement.

Michael, I am looking forward to working with you as a key member of the Group
Executive Team. If you agree that this letter reflects our discussions and meets
your expectations in terms of your appointment would you please sign the
enclosed copy and return it to me. In the meantime, please contact me if there
is anything further you wish to discuss.

Yours sincerely,

/s/ Ann Sherry

Ann Sherry
Group Executive, People and Performance

I accept the terms and conditions as outlined in this letter and the attached
Executive Employment Agreement.

/s/ [ILLEGIBLE]            06/02/2002
---------------------
(signature and date)

                                        4
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EXECUTIVE EMPLOYMENT AGREEMENT

This Agreement applies to your employment as a Group Executive at Westpac. It
should be read in conjunction with the accompanying letter of offer.

1.   ANNUAL REMUNERATION REVIEW

The major components of your remuneration (your Fixed Remuneration Package,
Short Term Incentive "STI" and Long Term Incentive "LTI") will be reviewed
annually, usually shortly after the end of the financial year (30th September).
This review will include the determination of your target STI and target Share
Options/LTI range for the following year. Any changes in your Fixed Remuneration
Package will take effect from 1st January in the calendar year following the
review.

2.   OTHER BENEFITS

In addition to your fixed package the Bank will also provide the following
benefits.

Life Insurance              The Bank will provide you with death and total and
                            permanent disability insurance cover of up to
                            $600,000 in the Westpac Executive Group Life Plan.

Health Checks               You will be invited to attend an annual
                            comprehensive health check at the Bank's expense.
                            This is provided as a benefit to you, and the
                            results of the health check will not be disclosed to
                            the Bank.

Health Cover                The Bank has negotiated with private health insurer
                            HCF a corporate package of benefits for all
                            employees. Membership is entirely at your
                            discretion. To help you with your consideration, a
                            brochure detailing the scheme will be provided on
                            commencement.

Westpac Employee            You may access Westpac's discretionary staff
Advantage                   benefits under the Employee Advantage Program, which
                            may include priority customer discounts on loans and
                            other Bank products as well as corporate discounts
                            on various third party goods and services covering
                            health and lifestyle benefits and other products. We
                            will introduce you to Westpac Private Bank for your
                            personal Banking requirements.

                            The products and services provided under the
                            Employee Advantage Program may vary from time to
                            time.

<Page>

3.   MINIMUM SHAREHOLDING GUIDELINES

Westpac's Board Remuneration Committee has recently approved the broad
principles of Executive Shareholding Guidelines ("Guidelines"). Any grants made
under the Proposed Share and Option Plans will be subject of the Guidelines.

The broad principles of the Guidelines are as follows:

- Group Executives will be required to hold a minimum of 60,000 Westpac shares;
- the minimum number of shares will be reviewed every 3 years;
- disposal restrictions will be placed on a proportion of any shares/options to
  be awarded to a participant in Proposed Share and Options Plans until such
  time as the minimum number of shares to be held under the Guidelines is met;
- disposal restrictions will be placed on no more than 50% of the shares or
  options awarded under the proposed Share and Option Plans until such time as
  the minimum number of shares to be held under the Guidelines is met; and
- there will be no time requirements placed upon executives for meeting the
  Guidelines.

4.   BUSINESS EXPENSES

The Bank will reimburse you for all reasonable out of pocket expenses incurred
by you on Westpac business.

5.   TERMINATION

5.1  TERMINATION AND NOTICE PERIOD

This Agreement and your employment with the Bank may be terminated at any time
by the Bank or you giving six months' written notice. The Bank may elect to make
a payment to you (based on your Fixed Package) in lieu of part or all of this
notice period.

During any period of notice of termination, the Bank may direct you to perform
different duties or no duties, depending on the circumstances of your departure.

If you have committed serious misconduct or a serious or persistent breach of
this Agreement, the Bank may terminate this Agreement and your employment with
the Bank with immediate effect and without any payment in lieu of notice.

If you are unable to fulfil the contract because of illness or incapacity the
Bank may terminate this Agreement and your employment with the Bank with
immediate effect and without any payment in lieu of notice.

If you are a director of Westpac or any of its subsidiaries at the time that
your employment with the Bank concludes for any reason, you agree to resign from
that office.

<Page>

5.2  TERMINATION AND CHANGE IN CONTROL

The Bank acknowledges that particular concerns may arise in relation to your
appointment conditions in the event of a change in control of the ownership of
Westpac. If the Bank terminates your employment for reasons other than poor
performance or misconduct at any time during a period of up to six months
following a change in control, the Bank will extend your payment in lieu of
notice on termination to 1.5 times your annual fixed package. In these
circumstances, this payment would replace any other payment in lieu of notice.

For this purpose 'change of control' is defined to mean that a person or
corporate entity becomes the beneficial owner of at least 35% of the voting
shares of Westpac Banking Corporation on issue.

5.3  TERMINATION, INCENTIVE PAYMENTS AND OPTIONS

If you leave Westpac in most cases you will forfeit your rights to unpaid
incentive payments and unvested options. There are provisions under the rules of
the Westpac General Management Share Option Plan ("GMSOP") to alter the vesting
period and/or the exercise period in certain termination circumstances. In the
case of a change in control, particular provisions apply under the GMSOP rules
to vary or waive exercise conditions at the discretion of the Directors. These
rules may vary from time to time.

6.   CORE BUSINESS VALUES

Our set of core values provides the basis for how we go about our business of
being a great Australian company.

At Westpac our core business values are:

   - Teamwork
   - Integrity
   - Performance.

These values shape our decisions and our relationships with all our key
stakeholders including customers, shareholders and employees.

7.   EXECUTIVE CONDUCT

7.1  REQUIREMENTS

As a member of the executive team we require you to:

   - Give the whole of your time, ability and attention in normal working hours,
     or when reasonably required outside those hours (without additional
     remuneration), to the business and affairs of the Bank and any other
     Westpac company

<Page>

   - Faithfully and diligently perform the duties and exercise the powers
     consistent with your position and any other responsibilities that may be
     assigned to you by the Bank from time to time.

   - Comply with the Bank's Code of Conduct (copy attached)

   - Disclose any business interests, activities or decisions which conflict, or
     appear to conflict, with your duties or responsibilities to the Bank

   - Refrain from other business activities (including directorships) or
     employment without the written consent of the Bank

   - Refrain from any business activity or employment outside the Bank that
     could involve you having financial dealings with the Bank which may
     establish some responsibility of the Bank to another party

   - Not accept any payment or benefit in money or kind from any person or
     entity as an inducement or reward for any act or forbearance in connection
     with any matter or business transacted by or on behalf of the Bank

   - Maintain and disclose a register of your investments that may be made
     available to shareholders

   - Maintain and disclose a register of your directorships of companies not
     related to Westpac

   - Not use or disclose any confidential information which is disclosed to you
     in the course of your employment, including (without limitation):
     -    information concerning the business of the Bank and any of its
          customers and any transactions in which the Bank or any of its
          customers may be or may have been concerned or interested;
     -    strategic, business or marketing plans of the Bank or any of its
          customers; and
     -    any trade secret, record, data of the Bank or any of its customers
     provided that this information is not in the public domain.

   - Maintain the confidentiality of your remuneration and the terms of this
     Agreement as a private matter between yourself and the Bank.

7.2  POLICIES

In particular you should ensure that while you are employed with the Bank you
read and at all times observe and foster compliance with the key employment
policies including the:

   - Code of Conduct
   - Insider Trading Policy
   - Internet Technologies Code of Use
   - discrimination and harassment policies
   - occupational health and safety policies

<Page>

   - media policies.
   - privacy policies

These policies are reviewed on a regular basis and amended to meet the needs of
changing business circumstances.

We will supply you with a set of these and other relevant policies that are
likely to impact your role. Further information on particular issues is also
available on the Bank's intranet.

7.3  CUSTOMERS AND EMPLOYEES

Your appointment to the Bank will mean that you will come into contact with
market sensitive information concerning the Bank, its customers and employees
that is of significant commercial value. To protect this value, we require that
during your employment and for a period of twelve months after the termination
of your employment, you will not:

   - Solicit or entice away any director or employee of the Bank

   - Directly or indirectly employ or engage any person who has during your
     employment by the Bank been a director or employee of or independent
     contractor to the Bank

   - Solicit or entice away from the Bank any customer, or potential customer,
     with whom you have had dealings during your employment.

8.   INTELLECTUAL PROPERTY

The Bank will retain ownership of all ideas, inventions, patents, trade marks or
other products or processes developed or created by you (either alone or with
another person) during your employment with the Bank.

You consent to all acts or omissions of (or for the benefit of) the Bank which
would otherwise constitute a breach of any moral rights you may have in relation
to any works or other copyright subject matter which is connected with your
employment with the Bank.

In addition, we also require that during your employment:

   - You do not knowingly infringe any other person's intellectual property
     rights, and

   - Whenever work produced by you in the course of your employment contains
     material over which a third party has any propriety or intellectual
     property rights, you must take all reasonable steps to obtain any consent
     required by law from the third party.

9.   DISCLOSURE

You should be aware that the terms of your employment including this agreement
and the accompanying letter of offer may need to be disclosed to discharge
legislative and regulatory requirements both in Australia and overseas.<Page>

                                                                  EXHIBIT 4(c).8

[WESTPAC AUSTRALIA'S FIRST BANK LETTERHEAD]

12 April 2002

                                                          PRIVATE & CONFIDENTIAL

Mr Mike Pratt
8 Barkly Street
Brighton VIC 3186

Dear Mike

I feel we are at the point now where I can welcome you into the Westpac Group
Executive Team. There are a few formalities to close off, which will help us
both ensure a successful transition of you into the organisation and manage our
mutual expectations going forward.

I would like to formally offer you the position initially as Westpac's Group
Executive, New Zealand and Pacific Banking. This position is subject to review
at the end of the financial year. Your employment will be on the terms set out
below and those contained in the attached Executive Employment Agreement.

1.   DATE OF COMMENCEMENT

Your date of commencement will be Monday 29 April 2002.

2.   POSITION AND DUTIES

Initially, your role will be that of Group Executive, New Zealand and Pacific
Banking, which will report to me.

Over the month following your commencement, we will work together to clarify and
agree the scope of your responsibilities in a way that meets our mutual
objectives. Because of the dynamic nature of the industry and our commitment to
developing our key people, the scope of the role may change over time.

We understand that you are not subject to any obligation to a prior employer or
other entity which would impede the performance of your duties to Westpac as a
member of the Group Executive team.

<Page>

3.   REMUNERATION ARRANGEMENTS

FIXED PACKAGE

Your Fixed Package will be $550,000 per annum.

The following items may be selected from your Fixed Package. The value of these
non-cash benefits can be up to a maximum of 40% of your Fixed Package. Any
Fringe Benefits Tax ("FBT") incurred will be charged to your Fixed Package.

LIVING AWAY FROM HOME

There will be rental assistance of up to $2,000 per week. The Bank will pay the
rent on your behalf and charge the cost to your Fixed Remuneration Package on a
pre-tax salary sacrifice basis. In addition we will pay reasonable airfares for
your travel between Melbourne and Sydney in addition to any other travel in the
course of your work.

This arrangement will initially be for one year and we will review this
arrangement at the end of that year.

EMPLOYEE SUPERANNUATION CONTRIBUTIONS

You may elect to make nominated contributions to WSSP (see below), from your
Fixed Package. These contributions (plus contributions tax) will be deducted
from your Fixed Package on a pre-salary sacrifice basis.

MOTOR VEHICLE

You will be entitled to package two motor vehicles under a novated lease
arrangement. Total running costs (which include lease payments, petrol,
insurance, FBT and registration) will be costed to your Fixed Remuneration
Package on a pre-tax basis.

PARKING

If you wish to include car parking in your package, the Bank will provide a
parking space in its head office building. The notional value of this facility,
presently $9,000 inclusive of FBT, will be costed to your Fixed Package.

4.   SUPERANNUATION FUND

In addition to your Fixed Package, Westpac will make superannuation
contributions of 9% of your Fixed Package to the Westpac Staff Superannuation
Plan ("WSSP").

Your superannuation benefits will be provided for in the accumulation benefits
section of the WSSP The accumulation benefit allows you to invest in a range of
investment options. A copy of the WSSP booklet will be provided to you.

                                        2
<Page>

5.   VARIABLE REMUNERATION

In addition to your Fixed Package, you:

(a)  will be eligible to participate in the Group Executive Short Term Incentive
     Plan ("STI"); and

(b)  may from time to time be offered Westpac Share Options under the General
     Management Share Options Plan ("GMSOP") or other plans as determined by the
     Bank. ("Long Term Incentive" or "LTI").

These components vary with your individual performance and business performance,
as measured against challenging objectives to be agreed between us upon your
commencement and subject to annual review. Further information is included in
the Employment Agreement attached.

6.   SHARE OPTION GRANT UPON COMMENCEMENT

Subject to Board approval, on appointment the Bank will offer you a grant of
100,000 share options under the GMSOP. A formal letter offering these options
will be provided to you upon commencement.

These options, which are issued in terms of the Plan rules, have an exercise
price based on the market price at the time the offer is approved by the Board,
and have a minimum exercise period of three years and a maximum of ten years. In
the event of resignation within three years of options grant, or dismissal for
just cause, options that are not exercisable would lapse.

7.   OTHER BENEFITS

Details of other benefits are included in Employment Agreement attached.

8.   TERMINATION AND PERIOD OF NOTICE

The Bank's arrangements regarding termination of your employment are outlined in
the attached Executive Employment Agreement.

Mike, I am looking forward to working with you as a key member of the Group
Executive Team. If you agree that this letter reflects our discussions and meets
your expectations in terms of your appointment would you please sign the
enclosed copy and return it to me. In the meantime, please contact me if there
is anything further you wish to discuss.

Yours sincerely

/s/ David Morgan

David Morgan
Chief Executive Officer
Westpac Banking Corporation

                                        3
<Page>

I, Mike Pratt, accept the terms and conditions as outlined in this letter and
the attached Executive Employment Agreement.

/s/ [ILLEGIBLE]                       12/4/2002
------------------------------

(signature and date)

                                        4
<Page>

be higher or lower than the pro-rated target depending on your assessed personal
contribution and potential and Group business results.

The Bank may introduce and substitute other option or share schemes at its
discretion. GMSOP is currently under review and Westpac will be recommending a
new suite of share and option plans ("PROPOSED SHARE AND OPTION PLANS") to the
Board for approval during 2002. Any subsequent Long Term Incentive awards made
during 2002 are likely to be covered by the Proposed Share and Option Plans and
will deliver equivalent remuneration value to the options range outlined above.
Based on internal notional valuations in December 2001 the current valuation of
the options range outlined above as LTI range is [no of options X $2.02].

3.   ANNUAL REMUNERATION REVIEW

Your remuneration will be reviewed annually, usually shortly after the end of
the financial year (30 September), effective 1 January of the following year.

4.   OTHER BENEFITS

In addition to your fixed package the Bank will also provide the following
benefits:

Disability Insurance   The Bank will provide you with death and total and
                       permanent disability insurance cover of up to $600,000 in
                       the Westpac Executive Group Life Plan. This is in
                       addition to any entitlement you have as a member of WSSP.

Health Checks          You will be invited to attend an annual comprehensive
                       health check at the Bank's expense. This is provided as a
                       benefit to you, and the results of the health check will
                       not be disclosed to the Bank.

Westpac Employee       You may access Westpac's discretionary staff benefits
Advantage              under the Employee Advantage Program, which may include
                       priority customer discounts on loans and other Bank
                       products as well as corporate discounts on various third
                       party goods and services covering health and lifestyle
                       benefits and other products. We will introduce you to
                       Westpac Private Bank for your personal Banking
                       requirements.

                       The products and services provided under the Employee
                       Advantage Program may vary from time to time.

5.   MINIMUM SHAREHOLDING GUIDELINES

Westpac's Board Remuneration Committee has recently approved the broad
principles of Executive Shareholding Guidelines ("GUIDELINES"). Any grants made
under the Proposed Share and Option Plans will be the subject of the Guidelines.

                                        6
<Page>

For this purpose 'change of control' is defined to mean that a person or
corporate entity becomes the beneficial owner of at least 35% of the voting
shares of Westpac Banking Corporation on issue.

TERMINATION, INCENTIVE PAYMENTS AND OPTIONS

If you leave Westpac in most cases you will forfeit your rights to unpaid
incentive payments and unvested options. There are provisions under the rules of
the Westpac General Management Share Option Plan ("GMSOP") to alter the vesting
period and / or the exercise period in certain termination circumstances. In the
case of a change in control, particular provisions apply under the GMSOP rules
to vary or waive exercise conditions at the discretion of the Directors. These
rules may vary from time to time.

8.   EXECUTIVE CONDUCT

REQUIREMENTS

As a member of the executive team we require you to:

    -  Give the whole of your time, ability and attention in normal working
       hours, or when reasonably required outside those hours (without
       additional remuneration), to the business and affairs of the Bank and any
       other Westpac company

    -  Faithfully and diligently perform the duties and exercise the powers
       consistent with your position and any other responsibilities that may be
       assigned to you by the Bank from time to time

    -  Comply with the Bank's Code of Conduct (copy attached)

    -  Disclose any business interests, activities or decisions which conflict,
       or appear to conflict, with your duties or responsibilities to the Bank

    -  Refrain from other business activities (including directorships) or
       employment without the written consent of the Bank

    -  Refrain from any business activity or employment outside the Bank that
       could involve you having financial dealings with the Bank which may
       establish some responsibility of the Bank to another party

    -  Not accept any payment or benefit in money or kind from any person or
       entity as an inducement or reward for any act or forbearance in
       connection with any matter or business transacted by or on behalf of the
       Bank

    -  Maintain and disclose a register of your investments that may be made
       available to shareholders

    -  Maintain and disclose a register of your directorships of companies not
       related to Westpac

                                        8
<Page>

    -  Not use or disclose any confidential information which is disclosed to
       you in the course of your employment, including (without limitation):
       -  information concerning the business of the Bank and any of its
          customers and any transactions in which the Bank or any of its
          customers may be or may have been concerned or interested;
       -  strategic, business or marketing plans of the Bank or any of its
          customers; and
       -  any trade secret, record, data of the Bank or any of its customers
       provided that this information is not in the public domain.

    -  Maintain the confidentiality of your remuneration and the terms of this
       Agreement as a private matter between yourself and the Bank.

POLICIES

In particular you should ensure that while you are employed with the Bank you
read and at all times observe and foster compliance with the key employment
policies including the:

    -  Code of Conduct
    -  Insider Trading Policy
    -  Internet Technologies Code of Use
    -  discrimination and harassment policies
    -  occupational health and safety policies
    -  media policies
    -  privacy policies

These policies are reviewed on a regular basis and amended to meet the needs of
changing business circumstances.

We will supply you with a set of these and other relevant policies that are
likely to impact your role. Further information on particular issues is also
available on the Bank's intranet.

CUSTOMERS AND EMPLOYEES

Your appointment to the Bank will mean that you will come into contact with
market sensitive information concerning the Bank, its customers and employees
that is of significant commercial value. To protect this value, we require that
during your employment and for a period of twelve months after the termination
of your employment, you will not:

    -  Solicit or entice away any director or employee of the Bank

    -  Directly or indirectly employ or engage any person who has during your
       employment by the Bank been a director or employee of or independent
       contractor to the Bank

    -  Solicit or entice away from the Bank any customer, or potential customer,
       with whom you have had dealings during your employment.

                                        9
<Page>

8.   INTELLECTUAL PROPERTY

The Bank will retain ownership of all ideas, inventions, patents, trade marks or
other products or processes developed or created by you (either alone or with
another person) during your employment with the Bank.

You consent to all acts or omissions of (or for the benefit of) the Bank which
would otherwise constitute a breach of any moral rights you may have in relation
to any works or other copyright subject matter which is connected with your
employment with the Bank.

In addition, we also require that during your employment:

    -  You do not knowingly infringe any other person's intellectual property
       rights, and

    -  Whenever work produced by you in the course of your employment contains
       material over which a third party has any propriety or intellectual
       property rights, you must take all reasonable steps to obtain any consent
       required by law from the third party.

DISCLOSURE

You should be aware that the terms of your employment including this Agreement
and the accompanying letter of offer may need to be disclosed to discharge
legislative and regulatory requirements both in Australia and overseas.

                                       10

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