Westpac Capital Notes 6 Investor Presentation

CAUTION – Westpac Capital Notes 6 are not deposit liabilities of Westpac, are riskier than bank deposits and may not be suitable for some investors. The
ir
complexity may make them difficult to understand and the risks associated with the Notes could result in the loss of all of your investment. If you do not
fully
understand how they work or the risks associated with them, you should obtain professional advice.Westpac Banking CorporationABN 33 007 457 141
Results are reported throughout this
Investor Presentation on a cash
earnings basis unless otherwise stated.
For an explanation of cash earnings
refer to Appendix 4 and for a reconciliation to reported results refer to Appendix 3.

Disclaimer
THIS PRESENTATION IS NOT FOR DISTRIBUTION IN THE UNITED STATES.YOU SHOULD CONSIDER AND READ THE PROSPECTUS IN FULL BEFORE DECIDING WHETHER TO INVEST IN WESTPAC CAPITAL NOTES 6.This presentation has been prepared and
authorised by Westpac Banking Corpor
ation (ABN 33 007 457 141, AFSL 233714)
(“Westpac”) in connection with a proposed offer (“Offer”) of Westpac Capital Notes 6 (“Notes”).The Offer is being made under a Prospectus which was lodged with the Australian Securities and Investments Commission (“ASIC”) on 12 November 2018 and a replacement Prospectus, wh
ich will include the Margin and Broker Firm Application
Form, expected to be lodged with ASIC on or about 20 November 2018.Westpac Institutional Bank, ANZ Securities Limited, Commonwealth Bank of Australia, J.P. Morgan Securities Australia Limited,Morgans Financial Limited, National Australia Bank and
UBS AG, Australia Branch are the Joint Lead Managers to the Offer
(“Joint Lead Managers”).The information in this presentation is an indicative overview and
does not contain all information necessary to make an investment
decision in relation to Westpac Capital Notes 6. It is intended to cons
titute a summary of certain information relating to Westpac
and the Offer and does not purport to be a complete description of Westpac
or the Offer. This presentation also includes information
derived from publicly available sources that has not been independently verified.The information in this presentation is s
ubject to change without notice and Westpac is not obliged to update or correct it. Certain
statements contained in this pres
entation contain language such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’,
‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’,
‘likely’, ‘estimate’, ‘anticipate’ or ‘believe’ and may constitute

statements about “future matters” for the purposes of section
728(2) of the Corporations Act 2001 (Cth). The forward-looking
statements include statements regarding our
intent, belief or current expectations with respect to our business and operations,
market conditions, results of operations and financial condition, includi
ng, without limitation, future loan loss provisions, indicative
drivers and performance metric outcomes. These forward-looking s
tatements reflect our current view
s with respect to future events
and are subject to change, certain ri
sks, uncerta
inties and assu
mptions which are, in many inst
ances, beyond our c
ontrol and have
been made based upon management’s expectations and beliefs concerni
ng future developments and their potential effect upon us.
There can be no assurance that future developments will be in acco
rdance with our expectations or that the effect of future
developments on us will be those anticipated.Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this present
ation. All statements as to future matters are not guaranteed to be
accurate and any statements as to past performance do not represent future performance.Nothing in this presentation constitutes investment, legal, tax, fi
nancial product or other advice. The i
nformation in this presentation
is not intended to create any legal or fiduciary relationship and does not take into account your investment objectives, financial situation or particular needs, so you should consider its appropria
teness having regard to these factors before acting upon it. This
presentation is not intended as an offer, in
vitation, solicitation or recommendation with respect to the purchase or sale of any
security. In making an investment decision, investors must rely on their own examination of Westpac and the Offer including the merits and risks involved. Investors should consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities.
2
Westpac Capital Notes 6 I November 2018
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Disclaimer (continued)
No representation or warranty, express or implied, is made as to the accuracy, adequacy, currency, completeness or reliability of any statements, estimates or opinions or ot
her information contained in this presentatio
n. To the maximum extent permitted by law,
Westpac, the Joint Lead Managers and their rel
ated bodies corporate, affiliates and each of their respective directors, officers,
employees and agents disclaim all liability and responsibility (includi
ng without limitation any liability a
rising from fault or negligence
on the part of Westpac, the Joint Lead Managers and their related bodies
corporate, affiliates and each of their respective directors,
officers, employees and agents) for any direct or indirect loss or damage which may be suffered by any recipient through useof or reliance on anything contained in or omitted from this presentation. If any law prohibits the exclusion of such liability, Westpac’s liability, to the maximum extent permitted by law, is lim
ited to the re-supply of the information in this presentation to the
extent which is fair and reasonable.Westpac Capital Notes 6 are not deposit liabilities or prot
ected accounts of Westpac for the purposes of the Banking Act
1959 (Cth) or the Financial Claims Scheme and are not subject to the depositor protection provisions of Australian banking legislation (including the Australian Government guarantee of certain bank deposits). Westpac Capital Notes 6are not guaranteed or insured by any government agency, by any member of the Westpac Group or any other person.A copy of the Prospectus is available at www.westpac.com.au/westpaccapnotes6. Applications for Westpac Capital Notes 6 may only be made during the Offer Period by completing and returning an Application Form attached to or accompanying the Prospectus or online at www.westpac.com.au/westpaccapnotes6.This presentation is not a prospectus or an offer of securities for s
ubscription or sale in any jurisdiction. The distribution of this
presentation or the Prospectus in jurisdictions outside of Au
stralia may be restricted by law. Any person who comes into
possession of this presentation or the Prospectus in jurisdict
ions outside Australia should seek advice on and observe any such
restrictions. Nothing in this presentation is to be construed as aut
horising the distribution, or the offer or sale of Westpac Capital
Notes 6 in any jurisdiction other than Australia, and Westpac and
the Joint Lead Managers do not accept any liability in this regard.
Failure to comply with these restrictions may constitute a violation of applicable securities laws. In particular, Westpac Capital Notes 6 have not been, and will not be, registered under the United States Securities Act of 1933, as amended (“US Securities Act”) or the securities laws of any state or other jurisdiction
of the United States and may not be offered, sold, delivered or
transferred within the United States or to, or for the account or
benefit of, any “U.S. persons” (as
defined in Regulation S under the
US Securities Act).All amounts are in Australian dollars unless otherwise indicated.
3
Westpac Capital Notes 6 I November 2018
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Westpac Capital Notes 6
Summary of terms and conditions
1 Redemption is subject to APRA’s prior written approval. There can be no certainty that APRA will provide its prior written approval. 2 Th
e number of Ordinary Shares that can be issued on Conversion is limited to a
Maximum Conversion Number. If Conversion of Notes following a Capital Trigger Event or a Non-Viab
ility Tri
gger Event does not occur for any reason
and Ordinary Shares are not issued for any reason by 5.00 pm
on the 5th Business Day after the Capital Trigger Event Conversion Da
te or Non-Viability Trigger Event
Conversion Date (as the cas
e may be), all rights in relation to those Notes will be terminated (the investment
will lose all of its value and Holders will not receive any compensation or unpaid Distributions) and Notes will have no ranking in a Winding Up.
3 Your ability to use franking credi
ts will depend on your individual tax
position. Refer to slide 14 in this Investor Presentation in re
lation to the risk of a Labor Party proposal to remove cash refun
ds for excess franking credits.
Issuer
•
Westpac Banking Corporation (“Westpac”)
Quotation
•
Expected to be quoted on ASX under code WBCPI
Size
•
Approximately A$750 million with the ability to raise more or less
Purpose
•
Notes will qualify as Additional Tier 1 Capital of the Westpac Group
•
The proceeds received under the Offer will be used by Westpac for general business purposes
Term
•
Perpetual (no fixed maturity date) unless Converted, Redeemed
1
or Transferred
–
Westpac option to Convert, Redeem or Transfer on 31 July 2024 (approximately 5.6 years from issuance)
–
Scheduled Conversion into Ordinary Shares on 31 July 2026 (approximately 7.6 years from issuance), subject to conversion conditions being satisfied
–
Conversion
2
into Ordinary Shares must occur following a Capital Trigger Event or a Non-Viability Trigger Event
–
Conversion, Redemption or Transfer in other limited circumstances
Distributions
•
Floating rate, payable quarterly and expected to be fully franked
3
•
Distribution Rate = (3 month BBSW Rate + Margin) x (1 – Tax Rate)
•
Discretionary, non-cumulative and only payable subject to the Distribution Payment Conditions
•
Margin expected to be in the range of 3.70% - 3.90% per annum. The Margin will be determined at the end of the Bookbuild
Distribution Payment Conditions
•
Distribution payments are subject to (i) Westpac's absolute discretion, (ii) the Distribution payment not resulting in a breach of Westpac’scapital requirements (on a Level 1 or Level 2 basis), (iii) the Distribution payment not resulting in Westpac becoming, or being likely tobecome, insolvent, and (iv) APRA not otherwise objecting to the payment
Dividend and Capital Restrictions
•
If a Distribution is not paid in full on a relevant Distribution Payment Date, then until a Distribution is paid in full on a subsequent Distribution
Payment
Date (or in other limited circumstances), Westpac must not determine or pay Ordinary Share Dividends or undertake any Buy Back or Capital Reduction, subject to certain exceptions
Westpac Capital Notes 6 I November 2018
4

Westpac Capital Notes 6
Summary of terms and conditions
(continued)
Capital Trigger Event
•
A Capital Trigger Event occurs if Westpac determines, or APRA notifies Westpac in writing that it believes, that Westpac’s Common Equity Tier 1Capital Ratio is equal to or less than 5.125% on a Level 1 or Level 2 basis
Non-Viability Trigger Event
•
A Non-Viability Trigger Event occurs if APRA notifies Westpac in writing that it believes Conversion of all or some Notes (or conversion, write-o
ff or
write down of other capital instruments of the Westpac Group) or a public sector injection of capital, or equivalent support, is necessary becau
se,
without it, Westpac would become non-viable
•
If a Non-Viability Trigger Event occurs because APRA has determined that Westpac would become non-viable without a public sector injection ofcapital (or equivalent support), all Notes must be Converted
Conversion following a Capital Trigger Event or Non-Viability Trigger Event
•
Upon the occurrence of a Capital Trigger Event or a Non-Viability Trigger Event, Westpac must immediately Convert all or some of the Notes into avariable number of Ordinary Shares at a 1% discount to the 5 Business Day VWAP prior to the Capital Trigger Event Conversion Date or Non-Viability Trigger Event Conversion Date (as applicable), subject to a Maximum Conversion Number
•
Conversion in this case is not subject to conversion conditions
Maximum Conversion Number
•
The Maximum Conversion Number limits the number of Ordinary Shares that may be issued on Conversion
•
The Maximum Conversion Number for a Capital Trigger Event or Non-Viability Trigger Event is the Face Value of the Note (initially $100 per Note) divided by 20% of the Issue Date VWAP (as adjusted in limited circumstances)
•
If any Notes are Converted following a Capital Trigger Event or Non-Viability Trigger Event, it is likely that the Maximum Conversion Number wil
l apply
and limit the number of Ordinary Shares to be issued. In this case, the value of the Ordinary Shares received may (in the case of a Capital TriggerEvent) and is likely to (in the case of a Non-Viability Trigger Event) be significantly less than the Face Value of those Notes and holders may suff
er loss
as a consequence
Termination of Holders’ rights if Conversion does not occur
•
If Conversion of the Notes does not occur for any reason by 5:00pm on the fifth Business Day after the Capital Trigger Event Conversion Date orNon-Viability Trigger Event Conversion Date, Holders’ rights in relation to the Notes will be terminated and the Holders will lose all of their invest
ment
and they will not receive any compensation or unpaid Distributions
Ranking
•
In a Winding Up of Westpac, if not previously Redeemed, Converted or otherwise had the rights attaching to them terminated following a Capital Trigger Event or Non-Viability Trigger Event, the Notes would rank for payment (i) ahead of Westpac’s obligations to holders of Ordinary Shares
,(ii)
equally among themselves and with Equal Ranking Capital Securities (which includes existing Basel III Additional Tier 1 Capital on issue), an
d (iii)
behind Westpac’s obligations to Senior Creditors
•
The ranking of the investment in a Winding Up will be adversely affected if a Capital Trigger Event or Non-Viability Trigger Event occurs. If the N
otes
have Converted into Ordinary Shares, holders will rank equally with existing holders of Ordinary Shares. If Conversion does not occur for anyreason, all rights in relation to the Notes will be terminated. It is likely that a Capital Trigger Event or Non-Viability Trigger Event woul
d occur prior to
a Winding Up
Westpac Capital Notes 6 I November 2018
5

Comparison to otherWestpac Group ASX listed
Additional Tier 1 securities
1
6
1 On 21 September 2017, Westpac issued perpetual non-call 10 USD SEC registered Additional Tier 1 securities (USD AT1 Securities) that rank pari pas
su with Westpac’s ASX listed Additional Tier 1 securities and provides for loss absorption upon a
capital trigger event and non-viab
ility trigger
event on substantially th
e same terms as Westpac’s ASX listed Additional Tier 1 securities. The USD
AT1 Securities pay a fixed coupon of 5% until the first reset date in September 2027. 2 Notes are expected
to trade on ASX under code WBCPI. 3 Your ability to use franking credi
ts will depend on your individual tax position. Refer to slide
14 in this Investor Presentation in re
lation to the risk of a Labor Party proposal to
remove cash refunds for excess franking
credits. 4 If Conversion of Notes does not occur for any reason
and Ordinary Shares are not issued for any
reason by 5.00 pm on the 5th Business Day a
fter the Capital Trigger Event Conversion Da
te or Non-Viability Trigger Event Conversion
Date (as the case may be), then the Holders’ rights in relation to those Notes will be terminated, the investment will lose all of its value and Ho
lders will not receive any compensation or unpaid Distributions.
Westpac Capital Notes 6
Westpac Capital Notes 5
Westpac Capital Notes
ASX code
WBCPI
2
WBCPH
WBCPD
Issue date
•
18 December 2018
•
13 March 2018
•
8 March 2013
Term
•
Perpetual with the first possibleScheduled Conversion Date on 31 July 2026
•
Perpetual with the first possiblescheduled conversion date on 22September 2027
•
Perpetual with the first possiblescheduled conversion date on 8March 2021
Margin
•
Expected to be in the range of3.70% - 3.90% p.a. and will bedetermined at the end of the Bookbuild
•
3.20% p.a.
•
3.20% p.a.
Distributions
•
Discretionary, floating rate, non-cumulative, payable quarterly in arrear –subject to the Distribution PaymentConditions
•
Discretionary, floating rate, non-cumulative, payable quarterly in arrear –subject to the distribution paymentconditions
•
Discretionary, floating rate, non-cumulative, payable quarterly in arrear –subject to the distribution paymentconditions
Expected franking
•
Yes, subject to gross-up forunfranked portion
3
•
Yes, subject to gross-up forunfranked portion
3
•
Yes, subject to gross-up forunfranked portion
3
Westpac redemption rights (subject to prior written APRA approval)
•
Yes, on 31 July 2024 and in certain specified circumstances
•
Yes, on 22 September 2025 and incertain specified circumstances
•
Yes, on 8 March 2019 and in certain specified circumstances
Conversion to Ordinary Shares (otherthan on a Capital Trigger Event or Non-Viability Trigger Event)
•
Yes, Scheduled Conversion on 31 July 2026, following an Acquisition Event or Optional Conversion, each being subject to certain conditions
•
Yes, scheduled conversion on 22 September 2027, following anacquisition event or optionalconversion, each being subject tocertain conditions
•
Yes, scheduled conversion on 8March 2021 or following anacquisition event, each being subjectto certain conditions
Conversion upon a Capital TriggerEvent or Non-Viability Trigger Event
•
Yes
4
, some or all Notes must be
Converted into Ordinary Shares, subjectto a Maximum Conversion Number
•
Yes
4
, some or all notes must be
converted into ordinary shares, subject toa maximum conversion number
•
Yes
4
, some or all notes must be
converted into ordinary shares, subject toa maximum conversion number
Capital classification
•
Additional Tier 1
•
Additional Tier 1
•
Additional Tier 1
Westpac Capital Notes 6 I November 2018

Westpac has limited
Additional Tier 1 needs
7
Westpac Total Regulatory Capital (%)
1,250
1,000
1,250
1,450
1,450
134
311
74
252
240
1,384
1,311
2
1,324
1,702
2
1,576
1,690
2
FY13
FY14
FY15
FY16
FY17
FY18
.
USD issuanceAUD issuance (securityhol
der/general reinvestment)
AUD issuance (at bookbuild)
Westpac Basel III AT1 issuance from FY13 (notional amount, AUD m)
Annual issuance in the range of AUD1.3bn - 1.7bn
1
9.5
10.6
10.6
16.1
1.7
2.1
2.2
2.9
1.9
2.1
1.9
2.5
13.1
14.8
14.7
21.5
Sep-16
Sep-17
Sep-18
Sep-18
CET1
Additional Tier 1
Tier 2
Internationally
comparable
APRA basis
AT1 refinancing needs are limited
3
Westpac AT1 calls (notional amount, AUD m)
1,384
1,324
1,702
1,311
1,690
1732
4
AUD issuanceUSD issuance
Westpac Capital Notes 6 I November 2018
AT1 managed at or
around 2%
(APRA basis)
WCN
WCN 3
WCN 4
WCN 2
WCN 5
USD AT1 Securities
1 FX at issue date. 2 Transaction includes
a reinvestment offer. 3 FX as at 28 September 2018. 4 USD1.25bn SEC AT1 Securitie
s issued on 21 September 2017.

8
Westpac 2018
financial performance
1 Results are reported throughout this In
vestor Presentation on a cash earnings bas
is unless otherwise stated. For an explanat
ion of cash earnings refer to Appendix 4 and fo
r a reconciliation to reported results refer
to Appendix 3. 2 NCI is non-controlling interests. 3 The basis
of the internationally comparable CET1 capital ratio aligns w
ith the APRA study titled “International capital comparison study", released 13 July 2015. For
more details on adjustments refer to Appendix 1.
Balance sheet in great shape across all dimensions
•
CET1 capital ratio 10.6%, APRA Basel III basis
•
CET1 capital ratio 16.1%, Basel III internationally comparable
3
basis
•
LCR 133%
•
NSFR 114%
•
Asset quality sound

Stressed exposures to TCE at 1.08%

Australian mortgages 90+
day delinquencies 72bps
0.35
0.30
0.39
0.32
0.30
0.22
0.22
0.20
1H15
2H15
1H16
2H16
1H17
2H17
1H18
2H18
Gross impaired assets to gross loans (%)
Flat cash earnings
1
growth in a challenging year
Cash earnings movements ($m) full year
8,062
8,065
635
143
(240)
(481)
(54)
FY17
Net interest income
Non-interest income
Expenses
Impairment
charges
Tax & NCI²
FY18
Flat
Incl. $163m rise in remediation costs
Westpac Capital Notes 6 I November 2018

32
34
37
38
37
39
38
40
41
43
42
44
44
45
9.0
9.5
10.2
10.5
10.1
9.5
9.3
10.0
10.0
10.6
10.1
10.5
10.4
10.6
024681012
152025303540455055
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Westpac CET1 capital (lhs, $bn)Westpac CET1 capital ratio (rhs, %)
CET1 capital ratio (%) and CET1 capital ($bn) (APRA basis)
Capital ratios (%)
Well positioned
for ‘Unquestionably strong’
1 Internationally comparable methodology aligns with the APRA
study titled ‘International Capital Comparison Study’ dated 13 Ju
ly 2015. 2 Domestic systemically important bank. 3 APRA’s revision to the calculation
of RWA for Australian residential mortgages, which came into effect on 1 July 2016.
$bn
%
APRA industry
guidelines 10.5%
unquestionably strong
Impact of APRA’s
changes to
mortgage RWA
3
Building for 1%
DSIB
2
buffer
Sep-17
Mar-18
Sep-18
CET1 capital ratio
10.6
10.5
10.6
Additional Tier 1 capital
2.1
2.3
2.2
Tier 1 capital ratio
12.7
12.8
12.8
Tier 2 capital
2.1
2.0
1.9
Total regulatory capital ratio
14.8
14.8
14.7
Risk weighted assets (RWA) ($bn)
404
416
425
Leverage ratio
5.7
5.8
5.8
Internationally comparable ratios
1
Leverage ratio (internationally comparable)
6.3
6.4
6.5
CET1 capital ratio (internationally comparable)
16.2
16.1
16.1
Westpac Capital Notes 6 I November 2018
9

Significant
capital and earnings buffers
10
Minimum
CET1
4.5%
Distribution Restriction Trigger
1
Indicative Level 2 buffers
3
Minimum
CET1
4.5%
≤
PCR
2
+ 3.5%
≤
PCR
+2.625%
≤
PCR
+1.75%
≤
PCR
+0.875%
20%40%60%
0%
4
th
quartile
3
rd
quartile
2
nd
quartile
1
st
quartile
Management
Buffer
Capital buffer3.5%Distribution Restriction Trigger (DRT) 8.0%
Westpac
CET1
above
DRT
FY18
earnings
4
CET1
below
5.125%
CET1
between
DRT and
5.125%
$12.4bn
$11.2bn$12.2bn$21.8bn
Maximum
Distributable
Amount
Distribution
increasingly
restricted
Potential measures available to Westpac to strengthen capital
•
DRP discount and/or DRP underwrite
•
New share issuance
•
RWA management
•
Reducing dividends
Maximum Distributable Amount•
If CET1 level falls below Westpac’s Distribution Restriction Trigger (DRT)
i.e. below the PCR and
capital buffer, distribution of earnings is increasingly restricted
•
Restrictions include restrictions on ordinary share dividends and buybacks, discretionary staff bonuses and AT1 coupon payments
•
Westpac expects to prioritise distribution payments on AT1 securities so it is not restricted from paying dividends on ordinary shares
•
AT1 coupons per annum $367m are de minimis at 5.7% of Westpac ordinary share dividends in FY18
•
An ADI can apply to APR
A to make payments in
excess of the Maximum Distributable Amount
Westpac indicative capital buffers in context as at 30 Sept 2018 (APRA basis)
Level 1
Level 2
Westpac CET1 surplus >DRT
1
$10.2bn
$11.2bn
Westpac CET1 surplus >5.125%
$22.0bn
$23.4bn
CET1 10.6% as at
30 Sept 2018
1 The Distribution Restriction Trigger is currently 8.0% for D-SIBs, however, it may be higher for individual ADIs (including Westpac). Appl
icable at Level 1 and Level 2. 2 Prudential capital requirement. 3 Based on
Westpac’s capital position as at 30 September 2018 and assuming that i
ndustry minimums apply as at 30 September 2018. 4 Represents an
additional potential amount that may be available to absorb losses (based
on Westpac's financial year 2018 statutory profit before impairment c
harges and income tax expense). This amount is not a forecast of fu
ture earnings and past performance is not
necessarily an indicator of future
performance.
APRA Prudential Standard
Westpac Capital Notes 6 I November 2018

Westpac Capital Notes 6
Offer Summary
Offer
•
The Offer is for the issue of Westpac Capital Notes 6 at an I
ssue Price of A$100 to raise approximately A$750 million, with the
ability to raise
more or less
•
The Offer includes a Reinvestment Offer, which is a prio
rity offer to Eligible Westpac Capital Notes Holders
•
Westpac Capital Notes 6 are not deposit li
abilities of Westpac, are ri
skier than bank deposits and
may not be suitable for some
investors. Their
complexity may make them difficult to understand and the risks associated with the Notes could result in the loss of all of you
r investment. If you
do not fully understand how they work or the risks asso
ciated with them, you should obtain professional advice
Who can apply?
•
The Offer consists of:
–
a Reinvestment Offer – a priority offer to registered holders of
Westpac Capital Notes at 7.00pm Sydney time on 5 November 2018
and
shown on the Register to have an address in Australia
–
a Securityholder Offer – an offer to registered holders of Ordinary
Shares, Westpac Capital Notes 2, Westpac Capital Notes 3, Wes
tpac
Capital Notes 4 and/or Westpac Capital Notes 5 at 7.00pm Sydney time on 5 November 2018 and shown on the Register to have an ad
dress
in Australia
–
a Broker Firm Offer – an offer to Australian resident clients of the Syndicate Brokers
–
an Institutional Offer – an offer to Institutional Investors invited by Westpac Institutional Bank
•
There is no general public offer of the Notes
Applications
•
Applications under the Securityholder Offer and Applications for
additional Notes under the Reinvestment Offer must be for a min
imum of 50
Notes (A$5,000) and in incremental multiples of 10 Notes (A$1,000) thereafter
•
Applications may be scaled back if there is excess demand
How to apply
•
For more information on how to apply, see Section 8 of
the Prospectus (“Applying for Westpac Capital Notes 6”)
More information
•
The Prospectus contains important information about investing in
Westpac Capital Notes 6 and you should read the Prospectus in
full
before applying. The information in this presentation should be
read in conjunction with the Prospectus. A copy of the Prospect
us is
available at www.westpac.com.au/westpaccapnotes6
Westpac Capital Notes 6 I November 2018
11

Priority Reinvestment Offer
for Eligible Westpac Capital Notes Holders
Reinvestment Offer
•
A priority offer to Eligible Westpac Capital Notes Holders to apply to reinvest some or all of their Westpac Capital Notes in No
tes
through the Reinvestment Offer
Who can participate in the Reinvestment Offer?
•
An Eligible Westpac Capital Notes Holder is:
–
a registered holder of Westpac Capital Notes at 7.00pm (Sydney time) on 5 November 2018; and
–
shown on the Register as having an address in Australia
Options for Eligible Westpac Capital Note Holders
•
Apply to automatically reinvest some or all of their Westpac Capital Notes in Notes
•
Do nothing (see below)
Applications
•
Eligible Westpac Capital Notes Holders who own 50 Westpac Capital Notes or fewer must apply to reinvest all of their Westpac Capital Notes and those who own more than 50 Westpac Capital Notes must apply to reinvest a minimum of 50 Westpac Capital Notes ($5,000)
•
Eligible Westpac Capital Notes Holders may apply for additional Notes if they reinvest all of their Westpac Capital Notes
•
Priority will be given to Applications received under the Reinvestment Offer, but will not extend to Applications for additiona
l Notes
Pro-Rata Distributions
•
A pro-rata distribution on all Westpac Capital Notes for the period from 9 December 2018 to 18 December 2018 (inclusive), payab
le
on 18 December 2018. This is the last distribution payable on any Participating Westpac Capital Notes
1
Differences between Westpac Capital Notes and Notes
•
The Notes and Westpac Capital Notes are similar, however there are some key differences between the Notes and the Westpac Capital Notes which you should be aware of before deciding whether to reinvest your Westpac Capital Notes under the Reinvestment

Offer. Eligible Westpac Capital Notes Holders should read the Prospectus in full before deciding whether to apply for Notes
•
A comparison of Notes and Westpac Capital Notes is contained on slide 6 of this presentation and in section 3.4 of the Prospect
us
•
If you have any questions about the differences between Notes and Westpac Capital Notes or the Reinvestment Offer, you shouldseek advice from your professional adviser before deciding to participate in the Reinvestment Offer and invest in Notes
Non-Participating WCN
•
On 8 March 2019, Westpac intends to transfer all outstanding Westpac Capital Notes to the Westpac Capital Notes Nominated Party
in
accordance with the Westpac Capital Notes Terms. If the intended transfer proceeds, Non-Participating Westpac Capital Notes Hol
ders
will receive $100 per Westpac Capital Note
•
A pro-rata distribution on all Westpac Capital Notes for the period from 9 December 2018 to 18 December 2018 (inclusive), payab
le
on 18 December 2018
1
•
An intended final distribution on Non-Participating Westpac Capital Notes for the period from 19 December 2018 to 8 March 2019 (inclusive), payable on 8 March 2019
1
Westpac Capital Notes 6 I November 2018
12
1 All Westpac Capital Notes distribution payments are subject to
the satisfaction of the distri
bution payment conditions in th
e Westpac Capital Notes Terms

Key dates
Key dates for Westpac Capital Notes 6
Key dates for the Offer
Record date for determining Eligible Securityholders(7.00pm Sydney time)
5 November 2018
Announcement of Offer and lodgement of Prospectus with ASIC
12 November 2018
Bookbuild
19 November 2018
Announcement of Margin
19 November 2018
Lodgement of replacement Prospectus with ASIC
20 November 2018
Opening Date
20 November 2018
Closing Date for the Securityholder Offer (5.00pm Sydney time)
11 December 2018
Closing Date for the Broker Firm Offer (5.00pm Sydney time)
11 December 2018
Issue Date of Notes
18 December 2018
Commencement of deferred settlement trading
19 December 2018
Holding Statements dispatched by
21 December 2018
Commencement of normal settlement trading
24 December 2018
Record Date for first Distribution
8 March 2019
First Distribution Payment Date
1
18 March 2019
Option for Westpac to Convert
2
, Redeem
3
or Transfer
the Notes
31 July 2024
Scheduled Conversion Date
4
31 July 2026
1 Distributions are payable quarterly, subject to satisfaction of the Distribution Payment Conditions. 2 Subject to satisfaction of the Op
tional Conversion Restriction. 3 There can be no certainty that APRA will provide its
prior written approval for any such Redemption. 4 Conversion of the Notes to Ordinary Shares on this date is subject to satisfaction of the Sched
uled Conversion Conditions. 5 Subject to satisfaction of the distribution
payment conditions in the Westpac Capital Notes Terms.
Reinvestment Offer Record Da
te for determining Eligible
Westpac Capital Notes Holders (7.00pm Sydney time)
5 November 2018
Opening Date for the Reinvestment Offer
20 November 2018
Ex-date for Pro-Rata Westpac Capital Notes Distribution
10 December 2018
Record date for Pro-Rata Westpac Capital Notes Distribution (7.00pm Sydney time)
11 December 2018
Closing Date for the Reinvestment Offer (5.00pm Sydney time)
11 December 2018
Expected date of transfer of Participating Westpac Capital Notes to Westpac C
apital Notes Nominated Party
18 December 2018
Issue Date of Notes for the Rein
vestment Offer
18 December 2018
Payment date for Pro-Rata Westpac Capital Notes Distribution
5
18 December 2018
Westpac Capital Notes 6 I November 2018
13
Key dates for Re
investment Offer

Westpac Capital Notes 6
key risks
•
The Notes are not deposit liabilities or protected accounts of Westpac for the purposes of the Banking Act or Financial
Claims Scheme and are not subject to
the depositor protection provisions of Aust
ralian banking legislation (including the
Australian Government guarantee of certain bank deposits)
•
It is possible that the Notes may trade at a market price below their Face Value (initially $100 per Note). Circumstances in which the market price of the Notes may decline include general conditions, changes in government policy, changes in regulatory policy, changes in invest
or sentiment in relation to Westpac,
changes in the market price of other securities issued by Westpac or other issuers and the occurrence of or increase in the likelihood of the occurrence of a Capital Trigger Event or a Non-Viability Trigger Event
•
The market for the Notes will likely be le
ss liquid than the ma
rket for Ordinary
Shares. Holders who wish to sell their Notes may be unable to do so at an acceptable price, or at all, if insufficient
liquidity exists in the market for the Notes
•
In March 2018 the Labor Party announced plans to remove cash refunds for excess franking credits to certain investor
s that are currently able to claim them
(including individuals and complying superannuation entities), with effect from 1 July 2019. If Labor forms Federal Government and its proposal becomes law in Australia, Holders may not be able to claim cash refunds for excess franking credits received in respect of Distributi
ons on the Notes. Accordingly, the Notes
may be less valuable to those investors in
the future and the market price of the
Notes and/or the liquidity of the mark
et for the Notes could be adversely
impacted
•
There is a risk that Distributions will not
be paid. Distributions are discretionary,
non-cumulative and are only payable subjec
t to satisfaction of the Distribution
Payment Conditions
•
If a Distribution is not paid in full becau
se the Distribution Payment Conditions
are not satisfied, unpaid Distributi
ons will not be made
up or accumulate
•
The Distribution Rate will fluctuate (incre
ase and/or decrease) over time with
movements in the 3 month BBSW Rate. There is a risk that the Distribution Rate may become less attractive compared to returns available on comparable securities or investments
•
If a Capital Trigger Event or Non-Viabilit
y Event Trigger occurs, the value of
Ordinary Shares received on Conversion may (in the case of a Capital Trigger Event) and is likely to (in the case of a Non-Viability Trigger Event) be significantly less than approximately $101.
01 for each Note (based on the Initial
Face Value of $100 per Note)
•
If for any reason Conversion of Notes does not occur and Ordinary Shares are not issued for any reason by 5.00pm
on the fifth Business Day after the
occurrence of a Capital Tr
igger Event or a Non-Viab
ility Trigger Event (for
example, due to applicable law, order of
a court or action of any government
authority or operational delays), all ri
ghts in respect of those Notes will be
terminated and the Notes will not be Conv
erted, Redeemed or Transferred at a
later date. Holders will lose all of the va
lue of their investment and they will not
receive any compensation or unpaid Distributions
Caution
- Westpac Capital Notes 6 are not deposit liabilities of Westpac
, are riskier than bank deposits
and may not be suitable for som
e investors. Their complexity may
make them difficult to understand and the risks associated with the
Notes could result in the loss of all of your investment. If
you do not fully understand how they work or the
risks associated with them, you should obtain professional advice
This is a summary of the key risks only. You should read the Westpac Capital Notes 6 Prospectus in full before deciding to inve
st (including Section 5 “Investment risks”)
Westpac Capital Notes 6 I November 2018
14

Westpac Capital Notes 6
key risks
(continued)
•
Any credit rating assigned to the Notes or other Westpac securities could be reviewed, suspended, withdrawn or downgraded by ratings agencies, or credit rating agencies could change their rating methodology, at any time which could adversely affect the market price and li
quidity of the Notes and other Westpac
securities
•
The Ordinary Share price used to calculate the number of Ordinary Shares to be issued on Conversion may be different to t
he market price of Ordinary Shares at
the time of Conversion because the price
used in the calculations is based on the
VWAP during the relevant period prior to the Conversion Date. The value of Ordinary Shares Holders receive may t
herefore be less than the value of those
Ordinary Shares on the Conversion Date
•
Conversion may not occur on 31 July 2026, being the first possible Scheduled Conversion Date, or at all, if the
Scheduled Conversion Conditions are not
satisfied
•
Conversion, Redemption or Transfer may occur in certain circumstances before the Scheduled Conversion Date, which may be disadvantageous in light of market conditions or your individual circumstances. Holders have no right to request Conversion, Redemption or Transfer
•
The Notes are perpetual instruments and have no fixed maturity date, so could remain on issue indefinitely, in which case Holders may not be repaid their investment
•
In the event of a Winding Up, if the
Notes are still on issue and have not been
Redeemed or Converted, they will rank
ahead of Ordinary Shares, equally
among themselves and with all other Equal Ranking Capital Securities and behind Senior Creditors, including depositors and all holders of Westpac’s senior or less subordinated debt. If there is a shortfall of funds on a Winding Up to pay all amounts ranking senior to
and equally with the Notes, Holders will lose all or
some of their investment. However, it is
likely that a Capital Trigger Event or
Non-Viability Trigger Event would occur prior to a Winding Up and the Notes would have been Converted into Ordinary Shares, in which case Holders will hold Ordinary Shares and rank equally with
other holders of Ordinary Shares in a
Winding Up. If Conversion does not occur for any reason following a Capital Trigger Event or Non-Viability Trigger Event
and Ordinary Shares are not issued
for any reason by 5.00pm on the fifth Business Day after the Capital Trigger Event Conversion Date or Non-Viability
Trigger Event Conversion Date (as the
case may be), all rights attaching to t
hose Notes will be terminated on the Capital
Trigger Event Conversion Date or Non-Vi
ability Trigger Event Conversion Date
(as the case may be), and Holders will lose
all of the value of their investment in
those Notes and they will
not receive any compensatio
n or unpaid Distributions
and those Notes will have no ranking in a Winding Up
•
Any fall in Westpac’s Common Equity Tier 1 Capital Ratio as a result of future changes to regulatory capital requirements may adversely impact the market price of the Notes or potentially incr
ease the chance at a later date that
Conversion takes place due to the occurr
ence of a Capital Trigger Event or Non-
Viability Trigger Event
•
Westpac may issue further securities which rank equally with, or ahead of, the Notes
•
An investment in Notes may be affected by Westpac’s ongoing performance and financial position and other risks associated with Westpac and the Westpac Group
Caution
- Westpac Capital Notes 6 are not deposit liabilities of Westpac
, are riskier than bank deposits
and may not be suitable for som
e investors. Their complexity may
make them difficult to understand and the risks associated with the
Notes could result in the loss of all of your investment. If
you do not fully understand how they work or the
risks associated with them, you should obtain professional advice
This is a summary of the key risks only. You should read the Westpac Capital Notes 6 Prospectus in full before deciding to inve
st (including Section 5 “Investment risks”)
Westpac Capital Notes 6 I November 2018
15

Additional Information and Appendices
Westpac Capital Notes 6 I November 2018

Westpac Group at a glance:
Australia’s First Bank
Westpac Capital Notes 6 I November 2018
1 30 September 2018 Source: S&P Capital IQ, based in US$. 2 Credit
Suisse analysis of expense to income ratio of world’s large
st banks October 2018. 3 S&P Global Ratings, M
oody’s Investors Service and Fitch Ratings
respectively. S&P Global Ratings has West
pac on a negative outlook, Moody’s Investor
Services and Fitch Ra
tings have Westpac o
n a stable outlook. 4 A member of banking sector leadership group DJSI World, since 2002.
Ranked leader in Sustainalytics ESG Rating. 5 APRA Banking Statistics, September
2018. 6 RBA Financial Aggregates, September 2018. 7 RBNZ, Sept
ember 2018. 8 Strategic Insights June 2018, All Master Funds Admi
n.
9 Cash earnings basis. 10 Based on shar
e price at 28 September 2018 of $27.93.
17
•
In its 202
nd
year, Australia’s first bank and first company, opened 1817
•
Australia’s 2nd largest bank and 20
th
largest bank in the world;
ranked by market capitalisation
1
•
Well positioned across key markets with a service-led strategy focused on customers
•
Supporting consumers and businesses in Australia and New Zealand and customers with ties to these markets
•
Unique portfolio of brands providing a full range of financial services including consumer, business and institutional banking, andwealth administration
•
One of the most efficient banks globally
2
•
Consistent earnings profile over time
•
Capital ratios are in the top quartile globally, with sound asset quality
•
Credit ratings
3
AA- / Aa3 / AA-
•
Leader in sustainability
4
Institutional
Bank
Westpac
New Zealand
Consumer
Bank
Pacific
Business
Bank
BT Financial
Group
Key statistics at
30 September 2018
Key financial data for Full Year 2018
Reported net profit after tax
$8,095m
Cash earnings
$8,065m
Expense to income ratio
9
43.7%
Common equity Tier 1 capital ratio (APRA basis)
10.6%
Return on equity
9
13.0%
Total assets
$880bn
Market capitalisation
10
$96bn
Customers
14.2m
Australian household deposit market share
5
23%
Australian mortgage market share
6
23%
Australian business credit market share
6
19%
New Zealand deposit market share
7
18%
New Zealand consumer lending market share
7
19%
Australian wealth platforms market share
8
19%

Consistent performer over the
long term
Westpac Capital Notes 6 I November 2018
Ordinary dividend yield (%)Cash earnings per share (cents)
Cash earnings ($bn)
18
198.3
163.7
197.8
209.3
214.8
227.8
245.4
248.2
235.5
239.7
236.2
FY08 FY09 FY10 FY11 FY12 FY
13 FY14 FY15 FY16 FY17 FY18
6.2
6.4
5.4
5.9
6.6
6.7
8.8
9.1
7.7
8.4
9.4
9.6
1H16
2H16
1H17
2H17
1H18
2H18
Ordinary yield
Including franking
5.0
4.7
5.9
6.3
6.6
7.1
7.6
7.8
7.8
8.1
8.1
FY08 FY09 FY10 FY11 FY12 FY
13 FY14 FY15 FY16 FY17 FY18

AUD32bn
new term funding
raised in FY18
19
Westpac Capital Notes 6 I November 2018
1 Based on residual maturity and FX spot cu
rrency translation. Includes all debt issuance
with contractual maturity greater tha
n 13 months excluding US Commercial Paper
and Yankee Certificates of Deposit.
2 Contractual maturity date for hybrids and callable subordinat
ed instruments is the first sc
heduled conversion date or call da
te for the purposes of this disclosure.
3 Perpetual sub-debt has been included in >FY23
maturity bucket. Maturities exclude securi
tisation amortisation. 4 Tenor excludes RM
BS and ABS. 5 WAM is weighted average maturi
ty.
33
31
42
37
32
29
30
30
22
17
5
27
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
>FY24
Covered bond
Hybrid
Senior/Securitisation
Sub debt
Issuance
Maturities
Term debt issuance and maturity profile
1,2,3
($bn)
2
8
7
25
17
7
2
10
45
30
30
28
43
47
FY16
FY17
FY18
>5years5 years4 years3 years2 years1 year
5.4yrs
5.8yrs
New term issuance by tenor
2,4
(%)
6.5yrs
WAM
5
New term issuance by type (%)
New term issuance by currency (%)
77
66
73
12
18
13
3
5
5
4
4
5
5
8
4
FY16
FY17
FY18
SubordinatedDebtHybridSecuritisationCovered BondsSeniorUnsecured
10
4
11
3
3
4
6
22
21
54
49
32
28
21
32
FY16
FY17
FY18
AUDUSDEURGBPOther
Charts may not add to 100 due to rounding.
Charts may not add to 100 due to rounding.
Charts may not add to 100 due to rounding.

Westpac Tier 2
issuance and maturities
2,947
925
1,000
921
1,907
2,879
1,290
FY12
FY13
FY14
FY15
FY16
FY17
FY18
AUD
USD
CNY
SGD
JPY
NZD
HKD
.
Basel III issuance
1
($m)
Basel III
transitional
issuance
1 Represents AUD equivalent notional am
ount using spot FX translation at ti
me of issuance. 2 Represents AUD
equivalent notional amount using spot FX translation at 28 September 2018. Dated callable Tier 2
trades are profiled to the first call date for the purposes of th
is disclosure except for the per
petual floating rate note issue
d September 1986.
Westpac Tier 2 issuance ($m, AUD equivalent)
1
1,000
252
1,066
1,195
1,150
350
491
2,078
941
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 >FY29
Westpac Tier 2 maturities
2
(A$m)
Westpac Capital Notes 6 I November 2018
20

Stressed exposures
little changed
1,343
1,060
1,194
997
958
708
609
607
633
1,078
477
589
440
471
450
2H11
1H12
2H12
1H13
2H13
1H14
2H14
1H15
2H15
1H16
2H16
1H17
2H17
1H18
2H18
Stressed exposures as a % of TCE (%)
New and increased gross impaired assets ($m)
Provisions
Sep-17
Mar-18
Sep-18
Total provisions to gross loans (bps)
45
45
43
Impaired asset provisions to impaired assets (%)
46
46
46
Collectively assessed provisi
ons to credit RWA (bps)
76
75
73
Westpac Capital Notes 6 I November 2018
21
0.62
0.58
0.44
0.27
0.20
0.22
0.20
0.15
0.15
0.14
0.41
0.35
0.31
0.26
0.25
0.33
0.35
0.34
0.37
0.39
1.45
1.24
0.85
0.71
0.54
0.65
0.59
0.56
0.57
0.55
2.48
2.17
1.60
1.24
0.99
1.20
1.14
1.05
1.09
1.08
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Watchlist & substandard90+ day past due (dpd) and not impairedImpaired
1 Facilities 90 days or more past due date not impaired. These fa
cilities, while in default, are not treated as impaired for ac
counting purposes.
1

Australian mortgage portfolio
performance
Westpac Capital Notes 6 I November 2018
Australian mortgages 90+ day de
linquencies by State (%)
Housing lending portfolio by State (%)
Australian mortgage delinquencies and properties in possession (PIPs)
Sep-17
Mar-18
Sep-18
30+ day delinquencies (bps)
130
144
140
90+ day delinquencies (bps) (includes impaired mortgages)
67
69
72
Consumer PIPs
437
398
396
Properties in possession continue to be mostly in WA and Qld however Qld properties reduced over the year, while WA increased. A targeted collections approach has improved customer outcomes, supporting customers through the foreclosure process
0.01.02.03.0
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
90+ day past due total
90+ day past due investor
30+ day past due total
Loss rates
0.01.02.03.0
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
ALL
37
27
17
12
6
41
27
17
9
7
44
30
14
6
7
NSW & ACT
VIC & TAS
QLD
WA
SA & NT
Australian banking systemWestpac Group portfolioFY18 Westpac Group drawdowns
1 Source ABA Cannex August 2018. 2 Under the changes in hardship tr
eatment, an account in hardship
continues to migrate through
delinquency buckets until 90+ days past due. Accounts are then reported as 90+
days past due until full repayments are maintained for 6 months.
22
1
Introduced new hardship treatment
2
Australian mortgage portfolio delinquencies (%)
Introduced new hardship treatment
2
Chart does not add to 100 due to rounding

Australian mortgage portfolio
well collateralised
Westpac Capital Notes 6 I November 2018
23
1 Flow is new mortgages settled in the
6 months ended 30 September 2018 and includes RAMS. 2 Includes amortisation. 3 Exclude
s RAMS in 2H17. Includes RAMS in 1H18 and 2H18.
Loans ahead on payments exclude equity
/line of credit products
as there are no scheduled principal payments.
4 Mortgage insurance claims 2H18 $4m (1
H18 $6m; 2H17 $9m). 5 Excludes RAMS in
all periods. 6 LVR calculated as simple average by balanc
es. 7 Dynamic LVR is the loan-to-value ratio taking into
account the current loan balance,
changes in security value, offs
et account balances and other l
oan adjustments. Property val
uation source Australian Property Monitors. 8 Average LVR of
new loans is on rolling 6 months. 9 Weighted average LVR
calculation considers size of outstanding balances.
Australian housing loan-to-value ratios (LVRs) (%)
Australian mortgage portfolio LVRs
Sep-17
balance
Mar-18
balance
Sep-18
balance
Simple averages
LVR at origination
6
(%)
70
70
70
Dynamic LVR
5,6,7
(%)
42
41
43
LVR of new loans
6,8
(%)
67
69
69
Weighted averages
LVR at origination
9
(%)
74
74
74
Dynamic LVR
5,7,9
(%)
52
52
54
LVR of new loans
8,9
(%)
73
71
71
22
15
46
10
6
0
N/A
17
14
49
11
5
4
57
16
17
7
1
1
1
0
102030405060708090
100
0<=60
60<=70
70<=80
80<=90
90<=95
95<=100
>100
FY18 drawdowns LVR at originationPortfolio LVR at originationPortfolio dynamic LVR
Australian mortgage portfolio
Sep-17
balance
Mar-18
balance
Sep-18
balance
2H18
flow
1
Total portfolio ($bn)
427.2
437.2
444.7
36.9
Owner occupied (%)
55.5
56.0
56.8
62.0
Investment property loans (%)
39.8
39.5
39.1
37.6
Portfolio loan/line of credit (%)
4.7
4.5
4.1
0.4
Variable rate / Fixed rate (%)
79 / 21
77 / 23
77 / 23
78 / 22
Interest only (%)
45.5
39.6
34.8
23.1
Proprietary channel (%)
57.3
56.5
56.1
51.6
First home buyer (%)
8.1
7.9
7.8
8.2
Mortgage insured (%)
17.5
16.9
16.3
11.1
Sep-17
Mar-18
Sep-18
Average loan size
2
($’000)
264
270
273
Customers ahead on repayments including offset account balances
3
(%)
70
68
69
Actual mortgage losses net of insurance
4
($m, for the 6 months ending)
48
48
38
Actual mortgage loss rate annualised (bps, for the 6 months ending)
22
2
5

Impact of
macro-prudential measures
across Australian industry
Westpac Capital Notes 6 I November 2018
Lower new flow of 90%+ LVR loans
Change in composition of housing credit
Lower flow of interest only loans
24
Sources: RBA, Westpac Economics.
Sources: ABS, APRA, RBA, Westpac Economics.
Sources: ABS, APRA, RBA, Westpac EconomicsSource: APRA, RBA, Westpac Economics
High LVR housing loans
5.205.90
5.90
6.35
5.05.56.06.57.07.5
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
%
Own-occ. - principal and interestOwn-occ. - interest onlyInvestor - principal and interestInvestor - interest only
Mortgage interest rates (major bank average)
28.816.6
0
102030405060
Mar-09
Mar-11
Mar-13
Mar-15
Mar-17
Mar-19
%
Outstanding loansNew loans
10% investor
credit growth limit
APRA 30%
interest only new
flow limit
13.3
6.5
05
10152025
Mar-09
Mar-11
Mar-
13
Mar-15
Mar-17
%
80-90%
90%+
Interest only housing loans
Introduction of differe
ntiated mortgage pricing
4.60.86.7
048
1216
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
TotalInvestorOwner-occupier
Australian housing credit growth (6mth % change annualised)
%
10% limit on investment
property annual portfolio growth
30% limit on interest
only originations

The Australian housing market
has cooled
Westpac Capital Notes 6 I November 2018
Price decline felt most in
the top 25% of house prices
25
Dwelling prices cooling
Unit pricing vs. detached house pricing
Sources: CoreLogic, Westpac Economics.
Dwelling prices by property type
(%, 3month annualised, seasonally adjusted by Westpac)
-15-10-50510152025303540
-15-10
-5
05
10152025303540
Oct-10
Oct-12
Oct-14
Oct-16
Oct-18
%
%
Houses
Units
macro-prudential tightening
Sources: CoreLogic, Westpac Economics.
Dwelling prices by property value
(annual %, all dwellings, seaso
nally adjusted by Westpac)
-15-10-50510152025303540
-15-10
-5
05
10152025303540
Oct-10
Oct-12
Oct-14
Oct-16
Oct-18
ann %
ann %
Top 25%Middle 50%Bottom 25%
macro-prudential tightening
Sources: ABS, CoreLogic, Westpac Economics.
Sources: CoreLogic, Westpac Ec
onomics. Dwelling prices are
all dwellings, 6mth annualised growth.
Change in Australian dwelling prices (annual %)
-10-5051015202530
-10
-5
05
10152025
Oct-10
Oct-12
Oct-14
Oct-16
Oct-18
ann%
ann%
SydneyMelbourneBrisbanePerth
Capital city
Pop’n
% Change last
3mths (Oct-18)
% Change YoY
(Oct-18)
Avg since
2007
Sydney
4.8m
Down 2.0%
Down 7.4%
Up 5.1%
Melbourne
4.5m
Down 2.1%
Down 4.7%
Up 4.8%
Brisbane
2.3m
Flat
Up 0.4%
Up 0.9%
Perth
1.9m
Down 2.0%
Down 3.3%
Down 0.8%

Westpac Capital Notes 6 I November 2018 Physical supply/demand
fundamentals remain supportive
across wider market
26
Sources: ABS, Westpac Economics. Dwelling stock is
net of demolitions – implied by Census data.
Population versus dwelling stock (annual average change ‘000)
Dwelling supply has not kept pace with stronger demand
Rental vacancy rates remain low in Sydney and Melbourne
Population growth remains high in Australia
Source: ABS, Westpac Economics
050100150200250300350400450
0
50
100150200250300350400450
1950s
1960s
1970s
1980s
1990s
2000s
Last 6yrs Next 4yrs
‘000
‘000
Population
Total increase
in dwellings
high rise
Dwelling approvals down from 2016 highs
Sources: ABS, RBA, Westpac Economics.
Dwelling approvals (‘000 month, annualised)
80120160200240
80
120160200240
Sep-98
Sep-02
Sep-06
Sep-10
Sep-14
Sep-18
Trend
SA
Private approvals
RBA easing cycles
Sources: REIA, Westpac Economics
Rental vacancy rates (%, quarterly, seasonally adjusted by Westpac)
2.52.4
2.1
5.0
012345678
Jun-88
Jun-93
Jun-98
Jun-
03
Jun-08
Jun-13
Jun-18
%
Sydney
Brisbane
Melbourne
Perth
National average since 1980
0.00.40.81.21.62.02.4
0.00.40.81.21.62.02.4
Mar-92
Mar-96
Mar-
00
Mar-04
Mar-08
Mar-12
Mar-16
Mar-20
% ann
% ann
Population growth
Average from 2010 = 1.6%
Average to 2004 =1.1%
Peak, 2008

Australian economic snapshot –
growth to moderate
Australian economy key statistics (latest available as at October 2018)
Sources: RBA, Westpac Economics.
Commodity prices resilient in 2018
27
Westpac Capital Notes 6 I November 2018
GDP
3.4%
Westpac Economics Forecast (end calendar 2019)
2.7%
Unemployment Rate
5.0%
Westpac Economics Forecast (end calendar 2019)
5.0%
Inflation
1.9%
Westpac Economics Forecast (end calendar 2019)
1.7%
Cash Rate
1.50%
Westpac Economics Forecast (end calendar 2019)
1.50%
AUD/USD
US$0.71
3
Westpac Economics Forecast (end calendar 2019)
US$0.72
Sources: RBA, Westpac Economics.
AUD has moved lower
Global backdrop less positive
Inflation remains subdued
1
1 Average RBA core CPI is average of seas
onally adjusted trimmed mean & weighted medi
an CPI. 2 Includes WCFI+BI commodities in
dex, 2 year swap spread and NFD to GDP. 3 Exchange rate at as 31 October
2018.
0.400.500.600.700.800.901.001.101.20
Sep-94 Sep-99 Sep-04 Sep-09 Sep-14 Sep-19
USD
'fair value' bandAUD/USD actual & forecast
fc/s toend2019
2
-0.40.00.40.81.21.62.02.42.83.2
-1
012345678
Sep-96 Sep-00 Sep-04 Sep-08 Sep-12 Sep-16
%qtr
%yr
Avg RBA core CPI %qtr (rhs)Headline CPI %yr (lhs)Avg RBA core CPI %yr (lhs)
f/cs
Sources: Reuters, Westpac Economics
Sources: ABS, RBA, Westpac Economics
30354045505560
Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 Sep-18
Westpac global trade PMIJPMorgan global manufacturing PMI
Index
RBA Commodity Price Index, AUD terms,
based to 100 in 2016-17
20406080
100120140160180
Sep-03 Sep-06 Sep-09 Sep-12 Sep-15 Sep-18
index

28
Westpac Capital Notes 6 I November 2018
Westpac Capital Notes 6
Additional Information
1 Refer to slide 14 in this Investor Presentation in relation to
the risk of a Labor Party proposal to remove cash refunds for e
xcess franking credits. 2 There can be no certainty that APRA will provide its prior written
approval for any such Redemption.
Distributions
•
Non-cumulative, floating rate Distributions paid quarterly in arrear
•
Expected to be fully franked (if not fully
franked the cash amount of the Distributi
on will be increased to compensate for the
unfranked portion)
1
•
Distributions are payable on 18 March, 18
June, 18 September, and 18 December of each year, commencing on 18 March 2019
•
Distributions are at Westpac
’s discretion and subject to the Distribut
ion Payment Conditions being satisfied
•
Non-payment will not be an event of default and Holders
have no right to apply for a Winding Up for non-payment
Distribution Rateand Margin
•
The Distribution Rate = (3 month BBSW Rate + Margin) × (1 – Tax Rate)
•
Margin expected to be in the range of
3.70% - 3.90% per annum. The Margin will
be determined at the end of the Bookbuild
Dividend and Capital Restriction
•
If for any reason a Distribution has not been paid in full for a
relevant Distribution Payment Date, then until a Distribution
is paid in
full on a subsequent Distribution Payment Date (or all Notes are C
onverted at their full Face Value, Redeemed or terminated
following a failure to Conv
ert) Westpac must not:
–
determine or pay any Dividends on its Ordinary Shares; or
–
undertake any discretionary Buy Back or Capital Reduction,
unless the amount of the unpaid Distribution is paid in full within 20 Business Days of the relevant Distribution Payment Date
(and
in certain other limited circumstances)
Optional Conversion,Redemption or Transfer
•
Westpac may elect to Convert into Ordinary Shares (subject to certain conditions), Redeem or Transfer:–
all or some of the Notes on 31 July 2024; or
–
all (but not some) of the Notes following a Tax Event or a Regulatory Event
•
Redemption is subject to Westpac receiving APRA’s prior written approval
2
•
Conversion is subject to certain conditions
Mandatory Conversionupon an Acquisition Event
•
Westpac must Convert all (but not some) of the Notes into Ordi
nary Shares following an Acquisition Event, subject to certain
conditions
Holder rights
•
Holders have no right to request Conversion, Redemption or Transfer for any reason
•
To realise their investment, Holders may sell their Note
s on the ASX at the prevailing market price. Depending on market
conditions at the time, the Notes may be trading at a market price below the Face Value and/or the market for the Notes may notbe liquid

1 Based on the Initial Face Value of $100 per Note and the VWAP of Ordinary Shares during the relevant VWAP Period before the Scheduled Conversi
on Date, with a benefit of a 1% discount. The value of the
Ordinary Shares received on Conversion may be worth more or less than
$101.01 depending on the market price of Ordinary Shares before Conversion and
the Face Value of the Notes at the Conversion Date.
Holders would also receive a Distribution. Distributions are subject to the Distribution Payment Conditions being satisfied, including bein
g at Westpac’s absolute discretion.
29
Westpac Capital Notes 6 Additional InformationScheduled Conversion
Scheduled Conversion
•
On 31 July 2026, the first possible “Scheduled Conversion Date” and subject to the Scheduled Conversion Conditions beingsatisfied, the Notes will mandatorily Convert into Ordinary Shares
•
Holders will receive for each Note they hold a variable number of Ordinary Shares with the benefit of a 1% discount to the 20Business Day VWAP prior to the Scheduled Conversion Date
Scheduled Conversion Conditions
•
The satisfaction of the Scheduled Conversion Conditions will depend on the price of Ordinary Shares:–
First Scheduled Conversion Condition
- the VWAP of Ordinary Shares on the 25th Business Day before (but not
including) the potential Scheduled Conversion Date must be greater than 56.12% of the Issue Date VWAP; and
–
Second Scheduled Conversion Condition
- the VWAP of Ordinary Shares during the 20 Business Days before (but not
including) the potential Scheduled Conversion Date must be greater than 50.51% of the Issue Date VWAP
Purpose of the Scheduled Conversion Conditions
•
It is intended that upon a Scheduled Conversion Holders s
hould receive Ordinary Shares worth approximately $101.01
1
per Note
Deferral of Conversion
•
If the Scheduled Conversion Conditions are not met on 31 July 2026, Conversion will not occur until the next Distribution PaymentDate on which the Scheduled Conversion Conditions are satisfied
•
Notes may remain on issue indefinitely if those conditions are not satisfied
Westpac Capital Notes 6 I November 2018

30
Westpac Capital Notes 6 Additional Information Summary of certain events that may occur
1 Holders should not expect that APRA’s approval will be given if requested. 2 Conversion is conditional on Westpac’s Ordinary Share price being a
bove a specified level in the period prior to Conversion. 3 Based on the
Initial Face Value of $100 per Note and the VWAP of Ordinary Shares during the relevant VWAP Period before the Conversion Date, with a benefit of a
1% discount. The value of the Ordinary Shares received on
Conversion may be worth more or less than $101.01 depending on the market pri
ce of Ordinary Shares before Conversion and the Face Value of the Notes at
the Conversion Date. 4 Holders would also receive a
Distribution. Distributions are subject to the Distribution Payment Conditions being satisfied, including being at Westpac’s absolute disc
retion. 5 Based on the Initial Face Value of $100, may be less if the Face Value has
been reduced (following a Capital Trigger Event or Non-Viab
ility Tri
gger Event). 6 Based on an Initial Face Value of $100 per Note. 7 If for any reason Conversion of Notes does not occur and Ordinary Shares are not
issued for any reason by 5.00 pm on the 5th Business Day after the C
apital Trigger Event Conversion Da
te or Non-Viability Trigger E
vent Conversion Date (as the case may be), then the Holders’ rights in relation to
those Notes are terminated, the investment will lose all of its value and Holders will not receive any compensation or unpaid Distributions. 8
Westpac may only Redeem Notes if it replaces them with capital of the same or
better quality (and the replacement is done under conditions that are sustainable for the income capacity of Westpac) or obtains confirmation
that APRA is satisfied that Westpac does not have to replace the Notes.
Event
When?
Is APRA
approval
required?
Are there other
other pre-
conditions to
the event?
What value will Holder receive for each Note?
In what form will thatvaluebeprovidedtoHolders?
Scheduled Conversion
31 July 2026 or the first Distribution PaymentDate after that date on which the ScheduledConversion Conditions are satisfied
No
Yes
2
Ordinary Shares worth
approximately $101.01
3,4
Variable number of Ordinary Shares
R
edemption at
W
estpac’s option
31 July 2024 or if a Tax Event or
Regulatory Event occurs
Yes
1
Yes
8
$100
4,5
Cash
Transfer at Westpac’soption
31 July 2024 or if a Tax Event or
Regulatory Event occurs
No
No
$100
4,5
Cash
Conversion at
W
estpac’s option
31 July 2024 or if a Tax Event or
Regulatory Event occurs
No
Yes
2
Ordinary Shares worth
approximately $101.01
3,4
Variable number of Ordinary Shares
Conversion inother circumstances
If an Acquisition Event occurs
No
Yes
2
Ordinary Shares worth
approximately $101.01
3,4
Variable number of Ordinary Shares
If a Capital Trigger Event or Non-Viability Trigger Event occurs
No
No
Depending on the price of Ordinary Shares, at the
relevant time, Holders may (in the case of a Capital Trigger Event) and are likely to (in the case of a Non-Viability Trigger Event) receive significantly less than approximately $101.01
6
and may receive nothing if
Conversion does not occur for any reason and Ordinary Shares are not issued for any reason
7
Variable number of Ordinary Shares up to the Maximum Conversion number
7
.
Westpac Capital Notes 6 I November 2018
The table below is a summary of certain ev
ents that may occur while the Notes are on issue and what Holders may receive under th
e Westpac Capital Notes 6 Terms.
The events may not occur as their occurrence is dependent upon fa
ctors including share price, the occurrence of contingencies an
d in some cases Westpac’s discretion.

Appendix 1:Internationally comparable
capital ratio reconciliation
1 Methodology aligns with the APRA study titled “Int
ernational capital comparison study", dated 13 July 2015.
(%)
Westpac’s CET1 capital ratio (APRA basis)
10.6
Equity investments
Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirem
ents
0.4
Deferred tax assets
Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s require
ments
0.3
Interest rate risk in the banking book (IRRBB)
APRA requires capital to be held for IRRBB. The BCBS d
oes not have a Pillar 1 capi
tal requirement for IRRBB
0.4
Residential mortgages
Loss given default (LGD) of 15%, compared to the 20% LG
D floor under APRA’s requirements. APRA also applies a
correlation factor for mortgages higher than the 15% factor prescribed in the Basel rules
1.8
Unsecured non-retail exposures
LGD of 45%, compared to the 60% or higher LGD under APRA’s requirements
0.7
Non-retail undrawn commitments
Credit conversion factor of 75%, compared to 100% under APRA’s requirements
0.5
Specialised lending
Use of internal-ratings based
(IRB) probabilities of default (P
D) and LGDs for income produc
ing real estate and project
finance exposures, reduced by application of a scaling factor
of 1.06. APRA applies higher risk weights under a supervisory
slotting approach, but does not require the application of the scaling factors
0.8
Currency conversion threshold
Increase in the A$ equivalent concessional threshold level
for small business retail and small to medium enterprise
corporate exposures
0.2
Capitalised expenses
APRA requires these items to be deducted from CET1. The BCBS onl
y requires exposures classified as intangible assets
under relevant accounting standards to be deducted from CET1
0.4
Internationally comparable CET1 capital ratio
16.1
Internationally comparable Tier 1 capital ratio
19.0
Internationally comparable to
tal regulatory capital ratio
21.5
APRA’s Basel III capital requirements are more
conservative than those of the Basel
Committee on Banking Supervision (BCBS), le
ading to lower reported
capital ratios by Australian banks. In July 2015, APRA publishe
d a study that compared the major banks’ capital ratios against
a set of international peers
1
.
The following details the adjustments from
this study and how Westpac’s APRA Basel III
CET1 capital ratio aligns to an internat
ionally comparable ratio
Westpac Capital Notes 6 I November 2018
31

Appendix 2:
Regulatory capital agenda
Westpac Capital Notes 6 I November 2018
2H18
2021
2020
2019
New Basel III framework
Consult Finalise
Implementation
Counterparty credit risk
Implement – 1 July
2019
Leverage ratio
Finalise
Implement – 1 July
2019
Standardised approach
to credit risk
Consult
Consult and
finalise
Implementation
Advanced approach to
credit risk capital
Consult
Consult and
finalise
Implementation
Measurement of capital
Consult Finalise
Implementation
Related party
exposures
Consult Finalise
Implementation
Loss absorbing
capacity
Commence consult
APRA expects to notify
D-SIBs of increases to
their Total Capital
requirements in 2019
Implementation
Resolution planning
Consult
32
2023+

Appendix 3:
Cash earnings adjustments
Cash earnings adjustment
FY18
($m)
FY17
($m)
Description
Reported net profit
8,095
7,990
Net profit attributable to owners of Westpac Banking Corporation
Amortisation of intangible assets
17
137
Identifiable intangible assets arising from
business acquisitions are amortised over
their useful lives, ranging between four an
d twenty
years. This amortisation (excluding capita
lised software) is a cash earnings adjustmen
t because it is a non-cash flow item and
does
not affect cash distributions available to shareholders. The la
st of these intangible assets were fully amortised in December
2017
Fair value (gain)/loss on economic hedges
(126)
69
Fair value on economic hedges (which do not qualify for hedge accounting under AAS) comprise:•
The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting non-interest income is reversed in deriving cash earnings as their may create a mate
rial timing difference on reported results but do not affect th
e
Group’s cash earnings over the life of the hedge; and
•
The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed in deriving cash earnings as they may create a material timing difference on repo
rted results but do not affect the Group’s cash earnings over
the life of the hedge
Ineffective hedges
13
16
The unrealised (gain)/loss on ineffective hedges is reversed in deriving cash earnings for the period because the gain or loss arising from the fair value movement in these hedges reverses
over time and does not affect the Group’s profits over time
Adjustments related to Pendal (previously BTIM)
73
(171)
The Group recognised a gain, net of costs, associated with the parti
al sale of shares in Pendal Group Limited in FY17. In FY18
,
the Group marked to market its current holdings of Pendal shares
. Consistent with prior years, these items have been treated a
s a
cash earnings adjustment given their size and
that it does not reflect ongoing operations. The Group has indicated that it may
sell
the remaining 10% shareholding in Pendal at
some future date. Any future gain or
loss on this shareholding will similarly be
excluded from the calculation of cash earnings
Treasury shares
(7)
21
Under AAS, Westpac shares held by the Group in the managed
funds and life busine
sses are deemed to be Treasury shares and
the results of holding these shares
can not be recognised as income in the report
ed results. In deriving cash earnings, these
results are included to ensure there is no asymmetrical impac
t on the Group’s profits because the Treasury shares support
policyholder liabilities and equity derivative transac
tions which are re-valued in determining income
Cash earnings
8,065
8,062
33
Westpac Capital Notes 6 I November 2018

Appendix 4:
Definitions
Westpac Capital Notes 6 I November 2018
34
Capital ratios
As defined by APRA (unless stated otherwise)
Risk weighted assets or RWA
Assets (both on and off-balance sheet) are risk weighted according to each asset’s inherent potential for default and what the likely losses would be in case of default. In the case of non asset-backed risks (i.e. market and operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5
Leverage ratio
As defined by APRA (unless stated otherwise). Tier 1 capital divided by ‘exposure measure’ and expressed as a percentage. ‘Exposure measure’ is the sum of on-balance sheet exposures, derivative exposures, securities financing transaction exposures and other off-balance sheet exposures
Internationally comparableratios
Internationally comparable regulatory capital ratios are Westpac’s estimated ratios after adjusting the capital ratios determined under APRA Basel III regulations for variou
s items. Analysis aligns with
the APRA study titled “International capital comparison study” dated 13 July 2015
Cash earnings
Cash earnings is viewed as a measure of the level of profit that is generated by ongoing operations and is therefore considered in assessing distributions, including dividends. Cash earnings is neither a measure of cash flow nor net profit determined on a cash accounting basis, as it includes both cash and non-cash adjustments to statutory net profit. Management believes this allows the Group to more effectively assess performance for the current period against prior periods and to compare performance across business divisions and across peer companies. To determine cash earnings, three categories of adjustments are made to reported results: materi
al items that key decision makers
at the Westpac Group believe do not reflect ongoing operations; items that are not considered when dividends are recommended such as the amortisation of intangibles, impact of Treasure shares and economic hedging; and, accounting reclassifications between individual line items that
do not impact reported results.
For details of these adjustments refer to Appendix 3.
Net stable funding ratio (NSFR)
The NSFR is defined as the rati
o of the amount of available
stable funding (ASF) to the amount of required stable funding (RSF) defined by APRA. The amount of ASF is the portion of an ADI’s capital and liabilities expect
ed to be a reliable source of
funds over a one year time horizon. The amount of RSF is a function of the liquidity characteri
stics and residual maturities of
an ADI’s assets and off-balance
sheet activities. ADI’s must
maintain an NSFR of at least 100%
Liquidity coverage ratio (LCR)
An APRA requirement to maintain an adequate level of unencumbered high quality liquid assets, to meet liquidity needs for a 30 calendar day period under an APRA-defined severe stress scenario. Absent a situation
of financial stress, the value of
the LCR must not be less than 100%, effective 1 January 2015. LCR is calculated as the percentage ratio of stock of HQLA and CLF over the total net cash out flows in a modelled 30 day defined stressed scenario
High quality liquid assets (HQLA)
Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the LCR
Committed liquidity facility (CLF)
The RBA makes available to Au
stralian Authorised Deposit-
taking Institutions a CLF that, subject to qualifying conditions, can be accessed to meet L
CR requirements under APS210
Liquidity

Appendix 4:
Definitions (cont.)
Westpac Capital Notes 6 I November 2018
35
Total committed exposures (TCE)
Represents the sum of the committed portion of direct lending (including funds placement overall and deposits placed), contingent and pre-settlement risk plus the committed portion of secondary market trading and underwriting risk
Impaired assets
Includes exposures that have deteriorated to the point where full collection of interest and principal is in doubt, based on an assessment of the customer’s outlook, cashflow, and the net realisation of value of assets to which recourse is held and includes:•
facilities 90 days or more past due,
and full recovery is in doubt:
exposures where contractual payments are 90 or more days in arrears and the net realisable value of assets to which recourse is held may not be sufficient to allow full collection of interest and principal, including overdrafts or
other revolving facilities that
remain continuously outside approved limits by material amounts for 90 or more calendar days;
•
non-accrual assets: exposures with individually assessed
impairment provisions held against them, excluding restructured loans;
•
restructured assets: exposures where the original contractual
terms have been formally modified to provide for concessions of interest or principal for reasons related to the financial difficulties of the customer;
•
other assets acquired through security enforcement (includes
other real estate owned): includes the value of any other assets acquired as full or partial settl
ement of outstanding obligations
through the enforcement of security arrangements; and
•
any other assets where the full collection of interest and principal
is in doubt.
Individually assessed provisions
Provisions raised for losses that have already been incurred on loans that are known to be impaired and are assessed on an individual basis. The estimated losses on these impaired loans is based on expected future cash flows discounted to their present value and as this discount unwinds, interest
will be recognised in the income
statement
Collectively assessed provisions
Loans not found to be individually
impaired or significant will be
collectively assessed in pools of
similar assets with similar risk
characteristics. The size of the
provision is an estimate of the
losses already incurred and will
be estimated on the basis of
historical loss experience for asse
ts with credit characteristics
similar to those in the collective pool. The historical loss experience will be adjusted based on current observable data. Included in the collectively assessed provision is an economic overlay provision which is calculated based on changes that occurred in sectors of the economy or in the economy as a whole
Stressed assets
Stressed assets are the total of watchlist and substandard, 90 days past due and not impaired and impaired assets
Watchlist and substandard
Loan facilities where customers
are experiencing operating
weakness and financial difficulty but
are not expected to incur loss
of interest or principal
90 days past due and not impaired
Includes facilities where:•
contractual payments of interest and / or principal are 90 or
more calendar days overdue, including overdrafts or other revolving facilities that remain
continuously outside approved
limits by material amounts for 90 or more calendar days, including accounts for customers who have been granted hardship assistance; or
•
an order has been sought for the customer’s bankruptcy or
similar legal action has been instituted which may avoid or delay repayment of its credit obligations; and
•
the estimated net realisable value
of assets / security to which
Westpac has recourse is sufficient to cover repayment of all principal and interest, where there are otherwise reasonable grounds to expect payment in full and interest is being taken to profit on an accrual basis.
These facilities, while in defaul
t, are not treated as impaired for
accounting purposes

Appendix 5:
Joint Lead Managers
Westpac Capital Notes 6 I November 2018
36
ARRANGER AND JOINT LEAD MANAGERWestpac Institutional Bank
•
Allan O’Sullivan (02) 8254 1425
•
Ryan Evans (02) 8254 4694
JOINT LEAD MANAGERSANZ Securities Limited
•
Tariq Holdich (02) 8037 0622
Commonwealth Bank of Australia
•
Truong Le (02) 9118 1205
•
Annie Feng (02) 9117 7591
J.P. Morgan Securities Australia Limited
•
Duncan Beattie (02) 9003 8358
•
Rishik Arya (02) 9003 7923
Morgans Financial Limited
•
Steven Wright (07) 3334 4941
National Australia Bank Limited
•
Nicholas Chaplin (02) 9237 9518
•
Stefan Visser (02) 9237 9505
UBS AG, Australia Branch
•
Enrico Musso (02) 9324 2985

More information |
www.westpac.com.au/investorcentre
Curt ZuberTreasurer, Westpac Banking Corporation
+61 2 8253 4230 czuber@westpac.com.au
John GeorgiadesExecutive Director, Structured Funding & Capital
+61 2 8253 1053 johngeorgiades@westpac.com.au
Joanne DawsonDeputy Treasurer, Westpac Banking Corporation
+61 2 8204 2777 joannedawson@westpac.com.au
Jacqueline BoddyDirector, Debt Investor Relations
+61 2 8253 3133 jboddy@westpac.com.au
X
-
+
Key Treasury contacts
Guy VolpicellaManaging Director, Structured Funding & Capital
+61 2 8254 9261 gvolpicella@westpac.com.au
Westpac Capital Notes 6 I November 2018
37