Fitch Revises Outlook on Westpac New Zealand to Positive

Fitch Ratings has revised the Outlook on Westpac New Zealand Limited's (WNZL) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the ratings at 'A+' at the same time. Fitch Ratings has also affirmed the Short-Term Foreign- and Local-Currency IDRs at 'F1', Shareholder Support Rating (SSR) at 'a+' and Viability Rating (VR) at 'a'. The Outlook revision indicates that Fitch Ratings expects to change the anchor rating for WNZL's SSR to the Long-Term IDR of its parent, Westpac Banking Corporation (AA-/Stable/a+), from the VR once WNZL is permitted to issue loss-absorbing capacity (LAC) instruments to its parent. This is likely to take place by late 2028. -ENDS- Authorised for release by: Emma Barnett Head of Legal, IBB, Corporate Advisory & Treasury, WNZL emma.barnett@westpac.co.nz The contact person for this announcement is: Ollie Williams Treasurer, WNZL ollie.williams@westpac.co.nz