Estimated Distribution – WBCPD (period ending 18 Dec 2018)

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Announcement Summary
Entity name
WESTPAC BANKING CORPORATION

Security on which the Distribution will be paid
WBCPD - CAP NOTE 3-BBSW+3.20% PERP NON-CUM RED T-03-19

Announcement Type
New announcement

Date of this announcement
Friday December 7, 2018

Distribution Amount
AUD 0.09940000

Ex Date
Monday December 10, 2018

Record Date
Tuesday December 11, 2018

Payment Date
Tuesday December 18, 2018

Additional Information
This announcement is in relation to a pro-rata Distribution for Westpac Capital Notes (WCN). In accordance with the
amended WCN Terms, a pro-rata Distribution is payable on 18 December 2018 for the period from 9 December 2018 to
18 December 2018 (inclusive).

The Distribution Rate will be determined using the following formula:
(90 day Bank Bill Rate + Margin) x (1 - Tax Rate)

The Distribution Rate set out in this announcement is an estimate only based on the 90 day Bank Bill Rate as at 10:30am
(Sydney time) on Friday, 7 December 2018. In accordance with the amended WCN Terms, the final, actual Distribution
Rate and Distribution amount will be based on the 90 day Bank Bill Rate as at 10:30am (Sydney time) on Monday, 10
December 2018, being the first Business Day of the Distribution Period for the pro-rata Distribution. The final, actual
Distribution Rate is expected to be announced on Monday, 10 December 2018.

Refer to below for full details of the announcement


Announcement Details



Part 1 - Entity and announcement details

1.1 Name of +Entity
WESTPAC BANKING CORPORATION

1.2 Registered Number Type
ABN
Registration Number
33007457141

1.3 ASX issuer code
WBC

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1.4 The announcement is
New announcement

1.5 Date of this announcement
Friday December 7, 2018

1.6 ASX +Security Code
WBCPD

ASX +Security Description
CAP NOTE 3-BBSW+3.20% PERP NON-CUM RED T-03-19


Part 2A - All dividends/distributions basic details

2A.1 Type of dividend/distribution
Ordinary

2A.2 The Dividend/distribution:
relates to a period of one month

2A.3 The dividend/distribution relates to the financial reporting or payment period ending
ended/ending (date)
Tuesday December 18, 2018

2A.4 +Record Date
Tuesday December 11, 2018

2A.5 Ex Date
Monday December 10, 2018

2A.6 Payment Date
Tuesday December 18, 2018

2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of
the timetable?
• Security holder approval
• Court approval
• Lodgement of court order with +ASIC
• ACCC approval
• FIRB approval
• Another approval/condition external to the entity required before business day 0 of the
• timetable for the dividend/distribution.

No

2A.8 Currency in which the dividend/distribution is made ("primary currency")
AUD - Australian Dollar

2A.9 Total dividend/distribution payment amount
per +security (in primary currency) for all
dividends/distributions notified in this form
AUD 0.09940000

Estimated or Actual?
Estimated

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2A.10 Does the entity have arrangements
relating to the currency in which the
dividend/distribution is paid to securityholders
that it wishes to disclose to the market?
No

2A.11 Does the entity have a securities plan for
dividends/distributions on this +security?
We do not have a securities plan for
dividends/distributions on this security

2A.12 Does the +entity have tax component
information apart from franking?
No


Part 3A - Ordinary dividend/distribution

3A.1 Is the ordinary dividend/distribution
estimated at this time?
Yes

3A.1a Ordinary dividend/distribution estimated
amount per +security
AUD 0.09940000

3A.1a(i) Date that actual ordinary amount will be
announced
Monday December 10, 2018

Estimated or Actual?
Estimated

3A.1b Ordinary Dividend/distribution amount per
security
AUD


3A.2 Is the ordinary dividend/distribution
franked?
Yes

3A.2a Is the ordinary dividend/distribution fully
franked?
Yes

3A.3 Percentage of ordinary
dividend/distribution that is franked
100.0000 %

3A.3a Applicable corporate tax rate for franking
credit (%)
30.0000 %

3A.4 Ordinary dividend/distribution franked
amount per +security
AUD 0.09940000

3A.5 Percentage amount of dividend which is
unfranked
0.0000 %

3A.6 Ordinary dividend/distribution unfranked
amount per +security excluding conduit foreign
income amount
AUD 0.00000000


3A.7 Ordinary dividend/distribution conduit
foreign income amount per security
AUD 0.00000000



Part 3D - Preference +security distribution rate details

3D.1 Start date of payment period
Sunday December 9, 2018
3D.2 End date of payment period
Tuesday December 18, 2018

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3D.3 Date dividend/distribution rate is set (optional)
Monday December 10, 2018

3D.4 Describe how the date that dividend/distribution rate is set is determined
First Business Day of the Distribution Period

3D.5 Number of days in the dividend/distribution
period
10

3D.6 Dividend/distribution base rate (pa)
1.9850 %

3D.7 Comments on how dividend/distribution base rate is set
90 day Bank Bill Rate on the first Business Day of the Distribution Period. For more information, refer to the WCN
Prospectus and amended WCN Terms.

The base rate set out in this announcement is an estimate only based on the 90 day Bank Bill Rate as at 10:30am
(Sydney time) on Friday, 7 December 2018. In accordance with the amended WCN Terms, the final base rate will be
based on the 90 day Bank Bill Rate as at 10:30am (Sydney time) on Monday, 10 December 2018, being the first Business
Day of the Distribution Period for the pro-rata Distribution.

3D.8 Dividend/distribution margin
3.2000 %

3D.9 Comments on how dividend/distribution margin is set
Margin set at the time of issue of WCN and will not change. For more information, refer to the WCN Prospectus.

3D.10 Any other rate / multiplier used in calculating dividend/distribution rate
-1.5555 %

3D.11 Comments on how other rate used in calculating dividend/distribution rate is set
Other rate = A - B
where
A = (90 day Bank Bill Rate + Margin) x (1 - Tax Rate)
B = 90 day Bank Bill Rate + Margin
Tax Rate (expressed as a decimal) means the Australian corporate tax rate applicable to the franking account of Westpac
as at the relevant Distribution Payment Date (30%). For more information, refer to the WCN Prospectus.

The other rate set out in this announcement is an estimate only based on the 90 day Bank Bill Rate as at 10:30am
(Sydney time) on Friday, 7 December 2018. The final other rate will be based on the 90 day Bank Bill Rate as at 10:30am
(Sydney time) on Monday, 10 December 2018, being the first Business Day of the Distribution Period for the pro-rata
Distribution.

3D.12 Total dividend/distribution rate for the period (pa)
3.6295 %

3D.13 Comment on how total distribution rate is set
Distribution Rate = (90 day Bank Bill Rate + Margin) x (1 - Tax Rate)


Part 5 - Further information

5.1 Please provide any further information applicable to this dividend/distribution
Capitalised terms in this announcement have the meanings given in the amended WCN Terms, which were lodged on
ASX on 12 November 2018 and are also available from www.westpac.com.au/westpaccapnotes.

This Distribution payment is subject to Westpac's absolute discretion and the Distribution payment conditions being
satisfied. (Refer to the amended WCN Terms.)

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5.2 Additional information for inclusion in the Announcement Summary
This announcement is in relation to a pro-rata Distribution for Westpac Capital Notes (WCN). In accordance with the
amended WCN Terms, a pro-rata Distribution is payable on 18 December 2018 for the period from 9 December 2018 to
18 December 2018 (inclusive).

The Distribution Rate will be determined using the following formula:
(90 day Bank Bill Rate + Margin) x (1 - Tax Rate)

The Distribution Rate set out in this announcement is an estimate only based on the 90 day Bank Bill Rate as at 10:30am
(Sydney time) on Friday, 7 December 2018. In accordance with the amended WCN Terms, the final, actual Distribution
Rate and Distribution amount will be based on the 90 day Bank Bill Rate as at 10:30am (Sydney time) on Monday, 10
December 2018, being the first Business Day of the Distribution Period for the pro-rata Distribution. The final, actual
Distribution Rate is expected to be announced on Monday, 10 December 2018.