Westpac NZ Considers Offer of Perpetual Preference Shares

Westpac New Zealand Limited (WNZL) is considering making an offer of up to NZ$100 million (with the ability to accept unlimited oversubscriptions at WNZL’s discretion) of perpetual preference shares (PPS) to investors in New Zealand. The PPS are expected to constitute Additional Tier 1 Capital for WNZL’s regulatory capital requirements. The PPS will not have a fixed term and will remain on issue indefinitely if not redeemed by WNZL. If certain conditions are met, WNZL may redeem the PPS after 5 years or on any quarterly scheduled distribution payment date after that, or at any time for tax or regulatory reasons. The PPS are expected to have a credit rating of BBB+ from S&P Global Ratings. It is expected that full details of the proposed offer will be released in the near future and that the proposed offer will open on 2 September 2024, subject to market conditions. WNZL has appointed Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) (Westpac) as Arranger, and Bank of New Zealand, Craigs Investment Partners Limited, Forsyth Barr Limited, Jarden Securities Limited and Westpac as Joint Lead Managers in relation to the offer. Investors can register their interest in the offer by contacting a Joint Lead Manager or their usual financial advice provider. Indications of interest will not be an obligation or commitment to buy the PPS. No money is currently being sought and applications for the PPS cannot currently be made. If WNZL offers the PPS, the offer will be made in accordance with the Financial Markets Conduct Act 2013. The PPS are expected to be quoted on the NZX Debt Market. Authorised by: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995 The contact person for this announcement is: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995