Westpac NZ Subordinated Notes – Interest Rate Set

Westpac New Zealand Limited (WNZL) has set the interest rate for the first 5 and a half years (until the First Optional Redemption Date (14 February 2029)) of its NZ$600 million unsecured subordinated notes (Notes) issue at 6.73% per annum. This reflects an Issue Margin of 2.00% per annum over the underlying Swap Rate. From the First Optional Redemption Date, the interest rate will change to a floating rate that resets at quarterly intervals, which will be equal to the Issue Margin plus the applicable 3 Month Bank Bill Rate. The Notes are expected to be quoted on the NZX Debt Market under the ticker code WNZ2T2 on 15 August 2023. The Issue Date is 14 August 2023. A copy of the terms sheet (updated for the final interest rate set out above) will be announced via NZX shortly. For further information, please contact a Joint Lead Manager or your usual financial advice provider. Authorised by: Name: Ben Turner, WNZL Treasurer Contact Details: (64 9) 348 9995 The contact person for this announcement is: Name: Ben Turner, WNZL Treasurer Contact Details: (64 9) 348 9995 End CA:00415753 For:WNZ Type:OFFER Time:2023-08-03 13:14:48