The year has got off to a great start with the launch of the Fidelity Capital Guaranteed Bonds offered by Fidelity Capital Guaranteed Bond Limited (Issuer); giving investors the opportunity to earn a generous return while protecting their capital with a guarantee from Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia (New Zealand division) (Westpac).

The Bonds are promoted by NZ insurer Fidelity Life Assurance Company Limited. Income on the Bonds is generated through the investment of the issue proceeds by Tyndall Investment Management, with Westpac Institutional Bank, a division of Westpac Banking Corporation, New Zealand Branch (ABN 33 007 457 141) and First NZ Capital Securities Limited being the joint lead managers.

This unique fixed term investment offers a return of 9.25% per annum payable half yearly over approximately a 6.3 year period. While the offer does not close until 30 March 2007, firm allocations have already exceeded the $75 million Bonds on offer.

Milton Jennings, Chief Executive Officer says “the number of firm allocations received has exceeded our expectations. The partnership we have with joint lead managers, Westpac Institutional Bank and First NZ Capital has worked extremely well and shows that there is a strong demand for similar products in the market”.

For more information on the Bonds and to obtain a copy of the investment statement, please call the joint lead managers, Westpac on 0800 489 222 or First NZ Capital on 0800 111 233.

Westpac guarantees the payment in full of the principal amount at maturity of the Bonds to the extent that the principal amount is not paid in full by the Issuer. The capital guarantee, if invoked, ranks as an unsecured obligation of Westpac. The Bonds constitute second ranking secured obligations of the Issuer. The minimum investment in Bonds is $5,000. The payment of interest is a second ranking secured obligation of the Issuer, but may be suspended in certain circumstances and is not guaranteed.

Application has been made to NZX for permission to list the securities and all the requirements of the NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.