Westpac NZ Lodges Limited Disclosure Document For PPS Offer

Westpac New Zealand Limited (WNZL) has registered a Limited Disclosure Document (LDD) for its 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 will 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 on the First Optional Redemption Date (13 September 2029) or on any quarterly Scheduled Distribution Payment Date after that, or at any time for tax or regulatory reasons. The PPS have a credit rating of BBB+ from S&P Global Ratings. The offer is expected to open on 2 September 2024 and close on 6 September 2024. The PPS are expected to be issued on 13 September 2024 and quoted on the NZX Debt Market on 16 September 2024. The Distribution Rate until the First Optional Redemption Date will be a fixed rate equal to the sum of the Swap Rate plus the Margin, after which it will change to a floating rate that resets at quarterly intervals. The Margin and the initial Distribution Rate will be set following a bookbuild process. Distributions are expected to comprise a cash amount and imputation credits. Distributions on the PPS are scheduled to be paid quarterly but are discretionary and subject to conditions. If a distribution is not paid when scheduled, WNZL is under no obligation to pay that distribution at a later date. Details of the offer and the PPS are contained in the LDD, which is available on the Disclose Register at https://disclose-register.companiesoffice.govt.nz/ (search offer number OFR13796). This offer is being made in accordance with the Financial Markets Conduct Act 2013. There is no public pool for the offer, with all of the PPS being reserved for clients of the Joint Lead Managers (listed below), NZX Participants and other approved financial intermediaries. Investors can register their interest by contacting a Joint Lead Manager or their usual financial advice provider. A copy of the LDD is available from these same parties. 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