WSTP 5.618% 20Nov2035 Corp (USD)

Bond Factsheet

Westpac Banking Corp

Indicative

Full Lot

Bid Price

95.039

Change in Bid Price

0.500

Bid Yield (%)

6.322 %

Change in Bid Yield

remove 0.082

Ask Price

95.291

Change in Ask Price

0.506

Ask Yield (%)

6.286 %

Change in Ask Yield

remove 0.082

Indicative price as of 02 Oct 2026, 4:33pm

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Bond Information

Westpac Banking Corporation provides banking services. The Bank offers accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and internet banking services. Westpac Banking serves customers worldwide.

Bond Issuer

Westpac Banking Corp

Guarantor

Announcement Date

12 Nov 2024

Issue Date

20 Nov 2024

Maturity Date

20 Nov 2035

Years to Maturity / Next Call

9.131 / 8.131

Modified Duration

6.838 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.618

Coupon Type

Variable

Annual Coupon Rate

5.618

Coupon Frequency

Semi Annually

Seniority

Subordinated

Capital Structure

Tier 2

Reference Rate

Reset Date: 20 November 2034
Reset Rate: Prevailing 1-Year USD Treasury Rate + Initial Margin (1.200%)

ISIN

US961214FW85

CUSIP

961214FW8

Bond Currency

USD

Total Issue Size

1,500,000,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Banks

Issuer Credit Rating (S&P/ Fitch)

***/ AA-

Bond Credit Rating (S&P/ Fitch)

***/ A-

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Tier 2

Conversion Upon the Occurrence of a Non-Viability Trigger Event

Upon the occurrence of a Non-Viability Trigger Event, the Issuer must Convert (or Write-off, if Conversion does not occur within five ASX Business Days after the Non-Viability Trigger Event Date) all or some notes (or the percentage of the Outstanding Principal Amount of each note). On the Non-Viability Trigger Event Date, the Issuer will allot and issue to each holder of notes the Conversion Number of Ordinary Shares for each note (subject always to the Conversion Number being no greater than the Maximum Conversion Number).

If any notes are Converted following a Non-Viability Trigger Event, it is likely that the Maximum Conversion Number will apply and limit the number of Ordinary Shares to be issued. In this case, the value of the Ordinary Shares received is likely to be significantly less than Outstanding Principal Amount of those notes. The Australian Dollar may depreciate in value against the U.S. dollar by the time of Conversion. In that case, the Maximum Conversion Number is more likely to apply. Depending on a holders’ circumstances, a holder may receive Ordinary Shares or the proceeds from the sale thereof. See Section 3.10 under “Description of the Subordinated Debt Securities—Additional Provisions” in the Prospectus.

If Conversion of the notes (or the percentage of the Outstanding Principal Amount of the notes) does not occur for any reason within five ASX Business Days after the Non-Viability Trigger Event Date, the notes (or the percentage of the Outstanding Principal Amount of the notes to be Converted) will be Written-off and the holders’ rights in relation to the notes (including with respect to payments of interest or accrued but unpaid interest, and the repayment of Outstanding Principal Amount and, upon Conversion, the receipt of Ordinary Shares issued in respect of such notes) will be immediately and irrevocably Written-off and terminated with effect on and from the Non-Viability Trigger Event Date and it is likely that Holders will be worse off than holders of Ordinary Shares, as described in Section 2.3 under “Description of the Subordinated Debt Securities—Additional Provisions” in the Prospectus.

if a Non-Viability Trigger Event occurs, Westpac must:

(i) subject to the limitations described in Section 2.3 below, Convert; or

(ii) if the applicable prospectus supplement or term sheet for the Subordinated Debt Securities of any series specifies that the primary method of loss absorption will be Write-off without Conversion as described in Section 2.3 below, Write-off,

all Subordinated Debt Securities or, if paragraph (a) of the definition of “Non-Viability Trigger Event” applies, subject to the provisions described in Section 2.1(b) below, all or some Subordinated Debt Securities (or a percentage of the Outstanding Principal Amount of each Subordinated Debt Security), such that the aggregate Outstanding Principal Amount of all Subordinated Debt Securities Converted or Written-off is, together with the outstanding principal amount of all other Relevant Securities converted, written-off or written-down as described in Section 2.1(b) below, is equal to the aggregate outstanding principal amount of Relevant Securities as is necessary to satisfy APRA that Westpac will no longer be non-viable).

Issuer Call

Subject to certain limitations, the Issuer may redeem all, but not less than all, of the notes on the Reset Date, as described in the Preliminary Prospectus Supplement under “Description of the Notes” and in the Prospectus under “Description of the Subordinated Debt Securities—Redemption of Subordinated Debt Securities—General”. Redemption is subject to the prior written approval of APRA (which may or may not be given and Holders should not expect that APRA’s prior written approval will be given for any redemption of the notes if requested by the Issuer). Any redemption of the notes does not imply or indicate that the Issuer will in future exercise any right it may have to redeem any other outstanding regulatory capital instruments issued by us. Any such redemption would also be subject to APRA’s prior written approval (which may or may not be given).

If the Issuer redeems the notes in these circumstances, the redemption price of each note redeemed will be equal to 100% of the Outstanding Principal Amount of such note. In addition, the Issuer will pay to the holders of the notes redeemed in these circumstances accrued but unpaid interest to, but excluding, the date of redemption.

Reset Date: The Interest Payment Date on November [20], 2034, subject to the Business Day Convention

Additional Note

Redemption for Regulatory Reasons

The subordinated indenture provides that if a Regulatory Event (as defined below) has occurred, Westpac may, subject to the conditions described below and provided that Westpac has obtained a supporting opinion of advisers of recognized standing in Australia or confirmation from APRA, redeem all, but not less than all, of any series of Subordinated Debt Securities at a redemption price, equal to the Outstanding Principal Amount of the Subordinated Debt Securities to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. (Section 13.6 of the subordinated indenture.)

A “Regulatory Event” shall, with respect to any of the Subordinated Debt Securities of a series, mean that either:

(i) as a result of any amendment to, clarification of or change (including any announcement of a change that will be introduced) in, any law or regulation of the Commonwealth of Australia or the Prudential Standards, or any official administrative pronouncement or action or judicial decision interpreting or applying such law, regulation or Prudential Standards, which amendment, clarification or change is effective, or pronouncement, action or decision is announced, on or after the issue date of the Subordinated Debt Securities of such series; or

(ii) written confirmation is received from APRA after the issue date of the Subordinated Debt Securities of such series that,

Westpac is not or will not be entitled to treat all of the Subordinated Debt Securities of such series as Tier 2Capital in whole, provided that, in each case, Westpac did not expect at the issue date of the Subordinated Debt Securities of such series that the matter giving rise to the Regulatory Event would occur.

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Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

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