Westpac Capital Notes 7 Investor Presentation

ASX Release


4 November 2020

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Westpac Capital Notes 7 (WCN 7) Offer – Investor Presentation

Westpac Banking Corporation today released an investor presentation regarding its offer for
WCN 7, details of which were separately lodged with the ASX today. A copy of the investor
presentation is attached.



For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.

Disclaimer

This announcement does not constitute an offer in any place in which, or to any person to
whom, it would not be lawful to make such an offer. In particular, this announcement does
not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United
States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S
under the U.S. Securities Act of 1933) (U.S. Person). WCN 7 are being offered in Australia
only and will not be offered or sold in the United States or to, or for the account or benefit of,
any U.S. Person.
Level 18, 275 Kent Street
Sydney, NSW, 2000

Westpac
Capital Notes 7
Investor Presentation
CAUTION –Westpac Capital Notes 7 are not deposit liabilities of Westpac, are riskier than bank deposits and may not be suitablefor 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 your investment.
If you do not fully understand how they work or the risks associated with them, you should obtain professional advice.
Not for distribution in the United States
Westpac Banking Corporation ABN 33 007141

Disclaimer
THISPRESENTATIONISNOTFORDISTRIBUTIONINTHEUNITEDSTATES.
YOUSHOULDCONSIDERANDREADTHEPROSPECTUSINFULLBEFOREDECIDINGWHETHERTOINVESTINWESTPACCAPITALNOTES7.
ThispresentationhasbeenpreparedandauthorisedbyWestpacBankingCorporation(ABN33007457141,AFSL233714)(“Westpac”)inconnectionwithaproposedoffer
(“Offer”)ofWestpacCapitalNotes7(“Notes”).
TheOfferisbeingmadeunderaprospectus(“Prospectus”)whichwaslodgedwiththeAustralianSecuritiesandInvestmentsCommission(“ASIC”)on4November2020,
andareplacementProspectus,whichwillincludetheMarginandBrokerFirmApplicationForm,andisexpectedtobelodgedwithASIConorabout13November2020.
WestpacInstitutionalBank,ANZSecuritiesLimited,CitigroupGlobalMarketsAustraliaPtyLtd,CommonwealthBankofAustralia,E&PCorporateAdvisoryPtyLtd,MorgansFinancial
Limited,OrdMinnettLimitedandShawandPartnersLimitedaretheJointLeadManagerstotheOffer(“JointLeadManagers”).
TheinformationinthispresentationisanindicativeoverviewanddoesnotcontainallinformationnecessarytomakeaninvestmentdecisioninrelationtotheNotes.Itisintended
toconstituteasummaryofcertaininformationrelatingtoWestpacandtheOfferanddoesnotpurporttobeacompletedescriptionofWestpacortheOffer.Thispresentationalso
includesinformationderivedfrompubliclyavailablesourcesthathasnotbeenindependentlyverified.
TheinformationinthispresentationissubjecttochangewithoutnoticeandWestpacisnotobligedtoupdateorcorrectit.Certainstatementscontainedinthispresentationcontain
languagesuchas‘will’,‘may’,‘expect’,‘indicative’,‘intend’,‘seek’,‘would’,‘should’,‘could’,‘continue’,‘plan’,‘probability’,‘risk’,‘forecast’,‘likely’,‘estimate’,‘anticipate’or‘believe’
andmayconstitutestatementsabout“futurematters”forthepurposesofsection728(2)oftheCorporationsAct2001(Cth).Theforward-lookingstatementsincludestatements
regardingourintent,belieforcurrentexpectationswithrespecttoourbusinessandoperations,marketconditions,resultsofoperationsandfinancialcondition,including,without
limitation,futureloanlossprovisions,indicativedriversandperformancemetricoutcomes.Theseforward-lookingstatementsreflectourcurrentviewswithrespecttofutureevents
andaresubjecttochange,certainrisks,uncertaintiesandassumptionswhichare,inmanyinstances,beyondourcontrolandhavebeenmadebaseduponmanagement’s
expectationsandbeliefsconcerningfuturedevelopmentsandtheirpotentialeffectuponus.Therecanbenoassurancethatfuturedevelopmentswillbeinaccordancewithour
expectationsorthattheeffectoffuturedevelopmentsonuswillbethoseanticipated.
Shouldoneormoreoftherisksoruncertaintiesmaterialise,orshouldunderlyingassumptionsproveincorrect,actualresultsmayvarymateriallyfromtheexpectations
describedinthispresentation.Allstatementsastofuturemattersarenotguaranteedtobeaccurateandanystatementsastopastperformancedonotrepresentfuture
performance.
Nothinginthispresentationconstitutesinvestment,legal,tax,financialproductorotheradvice.Theinformationinthispresentationisnotintendedtocreateanylegalorfiduciary
relationshipanddoesnottakeintoaccountyourinvestmentobjectives,financialsituationorparticularneeds,soyoushouldconsideritsappropriatenesshavingregardtothese
factorsbeforeactinguponit.Thispresentationisnotintendedasanoffer,invitation,solicitationorrecommendationwithrespecttothepurchaseorsaleofanysecurity.Inmaking
aninvestmentdecision,investorsmustrelyontheirownexaminationofWestpacandtheOfferincludingthemeritsandrisksinvolved.Investorsshouldconsultwiththeirown
legal,tax,businessand/orfinancialadvisersinconnectionwithanyacquisitionofsecurities.
Westpac Capital Notes 7 I November 2020
2

Disclaimer (continued)
Norepresentationorwarranty,expressorimplied,ismadeastotheaccuracy,adequacy,currency,completenessorreliabilityofanystatements,estimatesoropinionsorother
informationcontainedinthispresentation.Tothemaximumextentpermittedbylaw,Westpac,theJointLeadManagersandtheirrelatedbodiescorporate,affiliatesandeachof
theirrespectivedirectors,officers,employeesandagentsdisclaimallliabilityandresponsibility(includingwithoutlimitationanyliabilityarisingfromfaultornegligenceonthepart
ofWestpac,theJointLeadManagersandtheirrelatedbodiescorporate,affiliatesandeachoftheirrespectivedirectors,officers,employeesandagents)foranydirectorindirect
lossordamagewhichmaybesufferedbyanyrecipientthroughuseoforrelianceonanythingcontainedinoromittedfromthispresentation.Ifanylawprohibitstheexclusionof
suchliability,Westpac’sliability,tothemaximumextentpermittedbylaw,islimitedtothere-supplyoftheinformationinthispresentationtotheextentwhichisfairand
reasonable.
TheNotesarenotdepositliabilitiesorprotectedaccountsofWestpacforthepurposesoftheBankingAct1959(Cth)ortheFinancialClaimsSchemeandarenot
subjecttothedepositorprotectionprovisionsofAustralianbankinglegislation(includingtheAustralianGovernmentguaranteeofcertainbankdeposits).The
Notesarenotguaranteedorinsuredbyanygovernmentagency,byanymemberoftheWestpacGrouporanyotherperson.
TheProspectusisavailableontheOfferwebsiteatwww.westpac.com.au/westpaccapnotes7.ApplicationsfortheNotesmayonlybemadeduringtheOfferPeriodby
completingandsubmittingaBrokerFirmApplicationFormormakinganonlineReinvestmentApplicationorSecurityholderApplicationviatheOfferwebsiteat
www.westpac.com.au/westpaccapnotes7.
Thispresentationisnotaprospectusoranofferofsecuritiesforsubscriptionorsaleinanyjurisdiction.ThedistributionofthispresentationortheProspectusinjurisdictions
outsideofAustraliamayberestrictedbylaw.AnypersonwhocomesintopossessionofthispresentationortheProspectusinjurisdictionsoutsideAustraliashouldseekadvice
onandobserveanysuchrestrictions.Nothinginthispresentationistobeconstruedasauthorisingthedistribution,ortheofferorsaleoftheNotesinanyjurisdictionotherthan
Australia,andWestpacandtheJointLeadManagersdonotacceptanyliabilityinthisregard.Failuretocomplywiththeserestrictionsmayconstituteaviolationofapplicable
securitieslaws.Inparticular,theNoteshavenotbeen,andwillnotbe,registeredundertheUnitedStatesSecuritiesActof1933,asamended(“USSecuritiesAct”)orthe
securitieslawsofanystateorotherjurisdictionoftheUnitedStatesandmaynotbeoffered,sold,deliveredortransferredwithintheUnitedStatesorto,orfortheaccountor
benefitof,any“U.S.persons”(asdefinedinRegulationSundertheUSSecuritiesAct).
AllamountsareinAustraliandollarsunlessotherwiseindicated.
Unlessotherwisespecified,capitalisedtermsinthispresentationhavethesamemeaninggiventothemintheProspectus.
Westpac Capital Notes 7 I November 2020
3

Westpac Capital Notes 7
Summary of terms and conditions
1 Redemption issubjectto APRA’sprior writtenapproval.Therecan be nocertainty thatAPRAwillprovideitsprior written approval. 2 ThenumberofOrdinarySharesthatcan beissuedonConversionislimitedto a MaximumConversionNumber. If
ConversionofNotesfollowinga CapitalTrigger Eventor a Non-Viability Trigger Eventdoesnotoccurfor anyreasonand Ordinary Shares are not issued for any reason by 5.00 pm on the 5thBusinessDayafter the Capital Trigger Event Conversion
Date or Non-Viability Trigger Event Conversion Date (as the case may be),allrightsin relation to thoseNoteswillbe terminated(theinvestmentwilllose allofitsvalueandHolderswillnotreceive anycompensation or unpaidDistributions)andNoteswill
havenoranking in a WindingUp. 3 Your ability to use franking credits will depend on your individual tax position. 4 The Tax Rate is 30% (or 0.30 expressed as a decimal) as at the date of this presentation but that rate may change.
Issuer•WestpacBankingCorporation(“Westpac”)
Quotation•ExpectedtobequotedonASXundercodeWBCPJ
Size•ApproximatelyA$750millionwiththeabilitytoraisemoreor less
Purpose
•Notes willqualify asAdditionalTier1Capital oftheWestpacGroup
•TheproceedsreceivedundertheOfferwillbeusedbyWestpacforgeneralbusinesspurposes
Term
•Perpetual(nofixedmaturitydate) unlessConverted,Redeemed
1
or Transferred
–WestpacoptiontoConvert,Redeemor Transferon22 March 2027 (approximately6.3yearsfromissuance)
–ScheduledConversionintoOrdinary Shares on22 March 2029(approximately8.3yearsfromissuance),subjecttosatisfaction of the
scheduled conversionconditions
–Conversion
2
intoOrdinary SharesmustoccurfollowingaCapitalTrigger Eventor aNon-ViabilityTrigger Event
–Conversion,Redemptionor Transferinother limitedcircumstances
Distributions
•Floatingrate,payablequarterly andexpectedtobefullyfranked
3
•DistributionRate= (3 monthBBSW Rate + Margin)x (1–TaxRate)
4
•Discretionary,non-cumulativeandonly payablesubjecttotheDistributionPaymentConditions
•Marginexpectedtobeintherangeof3.40%-3.60%per annum.TheMarginwillbedeterminedattheendoftheBookbuild
Distribution
PaymentConditions
•The payment of Distributionsissubjecttothe satisfaction of the Distribution Payment Conditions, being (i) Westpac'sabsolutediscretion,(ii)
theDistributionpaymentnotresultinginabreachofWestpac’scapital requirements(onaLevel 1basis)or of the Westpac Group’s capital
requirements (on a Level 2 basis),(iii)theDistributionpaymentnotresultinginWestpacbecoming,or beinglikelytobecome, insolventfor
the purposes of the Corporations Act,and(iv)APRAnototherwiseobjectingtothepayment
Dividendand
CapitalRestrictions
•IfaDistributionis notpaidinfullonarelevantDistributionPaymentDate,thenuntil aDistributionis paidinfullonasubsequentDistribution
PaymentDate(or inother limitedcircumstances),Westpacmustnotdetermineor payOrdinary ShareDividendsor undertakeany
discretionaryBuyBackor Capital Reduction,subjecttocertainexceptions. The restrictions on determining or paying a Dividend will be of
limited application in circumstances where Westpac has deferred its decision on determining a Dividend or determines not to pay a Dividend.
These restrictions would not apply where the reason a Distribution was not paid was because the Distribution Rate was zero ornegative
Westpac Capital Notes 7 I November 2020
4

Westpac Capital Notes 7
Summary of terms and conditions (continued)
CapitalTriggerEvent
•ACapital Trigger EventoccursifWestpacdetermines,orAPRAnotifies Westpacinwritingthatitbelieves,thatWestpac’sCommonEquity
Tier 1Capital Ratiois equaltoor lessthan5.125%on either or both aLevel 1or Level2basis
Non-ViabilityTrigger
Event
•ANon-ViabilityTriggerEventoccursifAPRAnotifiesWestpacinwritingthatitbelievesConversionofNotes(or conversion, write-offor write
downofother capitalinstrumentsoftheWestpacGroup)or apublicsectorinjectionofcapital,or equivalentsupport,is necessarybecause,
withoutit,Westpacwouldbecomenon-viable
•IfaNon-ViabilityTrigger EventoccursbecauseAPRAhasdeterminedthatWestpacwouldbecomenon-viablewithoutapublic sector
injection ofcapital(or equivalentsupport),allNotes mustbeConvertedat their full Face Value
Conversionfollowing
aCapitalTrigger
EventorNon-
ViabilityTrigger
Event
•UpontheoccurrenceofaCapital Trigger Eventor aNon-ViabilityTrigger Event,WestpacmustimmediatelyConvertallorsomeof the
Notes intoavariablenumberofOrdinary Sharesata1% discounttothe5BusinessDay VWAPpriortotheCapitalTriggerEvent
ConversionDateor Non-ViabilityTriggerEventConversionDate (as applicable),subjecttoaMaximumConversionNumber
•Conversioninthis caseisnotsubjecttoconversionconditions
Maximum
ConversionNumber
•TheMaximumConversionNumberlimitsthenumberofOrdinary SharesthatmaybeissuedonConversion
•TheMaximumConversionNumberforaCapital Trigger Eventor Non-ViabilityTriggerEventistheFaceValueoftheNote(initially$100
per Note) dividedby 20%oftheIssueDateVWAP(as adjustedinlimitedcircumstances)
•IfanyNotes areConvertedfollowingaCapital Trigger Eventor Non-ViabilityTriggerEvent,theMaximumConversionNumberwill apply and
limitthenumberofOrdinary Shares tobeissued.Inthis case,thevalueoftheOrdinary Sharesreceivedmay(inthecaseofaCapital Trigger
Event)andislikely to(inthecaseofaNon-ViabilityTriggerEvent)besignificantly less thantheFaceValueofthoseNotes andHoldersmay
sufferloss as aconsequence
Terminationof
Holders’rightsif
Conversiondoesnot
occur
•IfConversionoftheNotesdoesnotoccurforanyreasonby5:00pmonthefifthBusinessDay aftertheCapital Trigger EventConversion
Date or Non-ViabilityTrigger EventConversionDate,Holders’rights inrelationtotheNoteswillbeterminatedandtheHolderswilllose all of
their investmentandtheywillnotreceiveanycompensationor unpaidDistributions
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,and (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 Notes have Converted into Ordinary Shares, Holderswill rank equally with existing holdersof Ordinary Shares. If Conversion does not
occur for any reason, all rights in relation to the Notes will be terminated. It is likely that a Capital Trigger Event or Non-Viability Trigger Event
would occur prior to a Winding Up
Westpac Capital Notes 7 I November 2020
5

Comparison toother
WestpacGroupASXlistedAdditionalTier1 securities
1
Westpac Capital Notes 7 I November 2020
6
1On21September2017,Westpacissuedperpetualnon-call10USD SECregisteredAdditionalTier1securities(USD AT1Securities)thatrankparipassuwithWestpac’sASXlistedAdditionalTier1securitiesandprovidesforlossabsorptionupon
Capital TriggerEventandNon-ViabilityTriggerEventonsubstantiallythesametermsasWestpac’sASXlistedAdditional Tier1securities.TheUSDAT1Securitiespayafixedcouponof5%untilthefirstresetdateinSeptember2027.2Notesare
expectedtotradeonASXundercodeWBCPJ.3 Your ability to use franking credits will depend on your individual tax position. 4 If Conversion ofNotesdoesnotoccurforanyreasonand Ordinary Shares are not issued for any reason by 5.00 pm on
the 5thBusinessDayafter the Capital Trigger Event Conversion Date or Non-Viability Trigger Event Conversion Date (as the case may be),thentheHolders’rightsinrelationtothoseNoteswill beterminatedimmediately, and Holders will lose all of
the value of their investment in the Notes and theywillnotreceiveanycompensationorunpaidDistributions.
WestpacCapitalNotes7WestpacCapitalNotes6WestpacCapitalNotes 3
ASXcodeWBCPJ
2
WBCPIWBCPF
Issuedate•4 December2020•18 December2018•8 September 2015
Term•Perpetualwiththefirstpossible
Scheduled ConversionDateon22
March 2029
•Perpetualwiththefirstpossible
scheduledconversiondateon31July
2026
•Perpetual with the first possible
scheduled conversion date on 22 March
2023
Margin•Expectedtobeintherangeof
3.40%-3.60% p.a.andwillbe
determined attheendoftheBookbuild
•3.70%p.a.•4.00%p.a.
Distributions•Discretionary,floatingrate,non-
cumulative, payablequarterly inarrear–
subjecttothe DistributionPayment
Conditions
•Discretionary,floatingrate,non-
cumulative, payablequarterly inarrear–
subjecttothe distributionpayment
conditions
•Discretionary,floatingrate,non-
cumulative, payablequarterly inarrear–
subjecttothe distributionpayment
conditions
Expected franking•Yes,subjecttogross-upfor
unfranked portion
3
•Yes,subjecttogross-upfor
unfranked portion
3
•Yes,subjecttogross-upfor
unfranked portion
3
Westpacredemption rights (subject
to priorwrittenAPRA approval)
•Yes,on22 March 2027andincertain
specifiedcircumstances
•Yes,on31 July 2024 andincertain
specifiedcircumstances
•Yes,on22March2021andincertain
specifiedcircumstances
Conversionto OrdinaryShares (other
than on aCapitalTrigger EventorNon-
ViabilityTrigger Event)
•Yes,ScheduledConversionon22
March 2029,followinganAcquisition
Eventor OptionalConversion,each
being subjecttocertainconditions
•Yes,scheduledconversionon31 July
2026,followinganacquisitioneventor
optionalconversion,eachbeing subject
tocertainconditions
•Yes,scheduledconversionon22 March
2023,subject to Scheduled Conversion
Conditions or following an acquisition
event
Conversionupon aCapital Trigger
EventorNon-Viability TriggerEvent
•Yes
4
,someor all Notes mustbe
Converted intoOrdinary Shares,subject
toa MaximumConversionNumber
•Yes
4
,someor all notesmustbe
convertedintoordinaryshares,subjectto
a maximumconversionnumber
•Yes
4
,someor all notesmustbe
convertedintoordinaryshares,subjectto
a maximumconversionnumber
Capitalclassification•Additional Tier 1•Additional Tier 1•Additional Tier 1

WestpacCapitalNotes7Offersummary
Westpac Capital Notes 7 I November 2020
Offer
•The Offer is for the issue of Westpac Capital Notes 7 at an Issue Price of A$100 to raise approximately A$750million, with the ability to raise
more or less
•The Offer includes a Reinvestment Offer, which is a priority offer to Eligible Westpac Capital Notes 3 Holders to reinvest all or some of their
Westpac Capital Notes 3 in the Westpac Capital Notes 7
•Westpac Capital Notes 7 are not deposit liabilities of Westpac, are riskier 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 yourinvestment. If you
do not fully understand how they work or the risks associated 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 3 at 7.00pm Sydney time on 28 October 2020 and
shown on the Register to have an address in Australia (“Eligible Westpac Capital Notes 3 Holders”)
–a Securityholder Offer –an offer to registered holders of Ordinary Shares, Westpac Capital Notes 2, Westpac Capital Notes 4, Westpac
Capital Notes 5 and/or Westpac Capital Notes 6 at 7.00pm Sydney time on 28 October 2020 and shown on the Register to have an address
in Australia (“Eligible Securityholders”)
–a Broker Firm Offer –an offer to Australian resident clients of the Syndicate Brokers including clients who are also Eligible Westpac Capital
Notes 3 Holders and are applying under the Reinvestment Offer
–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 minimum 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 7”)
More information
•The Prospectus contains important information about investing in Westpac Capital Notes 7 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 Prospectus is
available at www.westpac.com.au/westpaccapnotes7
7

PriorityReinvestmentOfferfor
EligibleWestpac Capital Notes 3Holders
Westpac Capital Notes 7 I November 2020
Reinvestment Offer
•A priority offer to Eligible Westpac Capital Notes 3 Holders to apply to reinvest all or some of their Westpac Capital Notes 3 in
Notes through the Reinvestment Offer
Who can participate in the
Reinvestment Offer?
•An Eligible Westpac Capital Notes 3 Holder is:
–a registered holder of Westpac Capital Notes 3 at 7.00pm (Sydney time) on the Reinvestment Offer Record date, being 28
October 2020; and
–shown on the Register as having an address in Australia
Options for Eligible Westpac
Capital Note Holders
•Apply to automatically reinvest all or some of their Westpac Capital Notes 3 in Notes
•Do nothing (see below)
Applications
•Eligible Westpac Capital Notes 3 Holders who wish to apply and who own 50 Westpac Capital Notes 3 or fewer must apply to
reinvest all of their Westpac Capital Notes 3 and those who own more than 50 Westpac Capital Notes 3 must apply to reinvest
a minimum of 50 Westpac Capital Notes 3 ($5,000)
•Eligible Westpac Capital Notes 3 Holders may apply for additional Notes if they reinvest all of their Westpac Capital Notes 3
•Priority will be given to Applications received under the Reinvestment Offer (including Applications made through Syndicate
Brokers), but will not extend to Applications for additional Notes
Pro-RataDistributions
•A First Pro-Rata Westpac Capital Notes 3 Distribution on all Westpac Capital Notes 3 in respect of the period from (but
excluding) 22 September 2020 to (and including) 4 December 2020, payable on 4 December 2020. This is the last distribution
payable on any Participating Westpac Capital Notes 3
1
Differences between Westpac
Capital Notes 3 and Notes
•The Notes and Westpac Capital Notes 3 are similar, however there are somekey differences between the Notes and the
Westpac Capital Notes 3 which you should be aware of beforedeciding whether to reinvest your Westpac Capital Notes 3
under the Reinvestment Offer.Eligible Westpac Capital Notes 3 Holders should read the Prospectus in full before deciding
whether to apply for Notes
•A comparison of Notes and Westpac Capital Notes 3 is contained on slide 6 of this presentation and in section 3.4 of the
Prospectus
•If you have any questions about the differences between Notes and Westpac Capital Notes 3 or the Reinvestment Offer, you
should seek advice from your professional adviser before deciding to participate in the Reinvestment Offer and invest in Notes
Non-Participating Westpac
Capital Notes 3
•On 22 March 2021, Westpac intends to transfer all outstanding Westpac Capital Notes 3 to the Westpac Capital Notes 3
Nominated Party in accordance with the Westpac Capital Notes 3 Terms. If the intended transfer proceeds, Non-Participating
Westpac Capital Notes 3 Holders will receive $100 per Westpac Capital Note 3
•A Second Pro-Rata Westpac Capital Notes 3 Distribution on Non-Participating Westpac Capital Notes 3 in respect of the
period from (but excluding) 4 December 2020 to (and including) 22 December 2020, payable on 22 December 2020
1
•An Intended Final Westpac Capital Notes 3 Distribution on Non-Participating Westpac Capital Notes 3 in respect of the period
from (but excluding) 22 December 2020 to (and including) 22 March 2021, payable on 22 March 2021
1
8
1 All Westpac Capital Notes 3 distribution payments are subject to the satisfaction of the distribution payment conditions in the Westpac Capital Notes 3 Terms

Key dates
Westpac Capital Notes 7 I November 2020
1 Distributionsare payablequarterly,subjectto satisfactionofthe DistributionPaymentConditions. 2 Subjectto satisfactionofthe OptionalConversionRestriction.3 Therecan be nocertainty thatAPRAwillprovide itsprior writtenapprovalfor anysuch
Redemption.4ConversionoftheNotesto OrdinaryShareson thisdateissubjectto satisfactionoftheScheduledConversionConditions.5 Subjectto satisfactionofthe distributionpaymentconditions in the WestpacCapital Notes3 Terms.
Key dates for the Offer
RecorddatefordeterminingEligible
Securityholders (7.00pmSydneytime)
28 October 2020
AnnouncementofOfferandlodgementof the
ProspectuswithASIC
4 November 2020
Bookbuild period commences4 November 2020
Announcementofthe Margin12 November 2020
LodgementofreplacementProspectuswithASIC13 November 2020
OpeningDate13 November 2020
ClosingDatefortheSecurityholderOffer(5.00pm
Sydneytime)
30 November 2020
ClosingDatefortheBrokerFirmOffer(5.00pm
Sydneytime)
30 November 2020
IssueDateofNotes4 December 2020
Commencementofnormalsettlementtrading7 December 2020
Holding Statements dispatched by8 December 2020
Key dates for Westpac Capital Notes 7
Record Date for first Distribution12 March 2021
First Distribution Payment Date
1
22 March 2021
Option for Westpac to Convert
2
, Redeem
3
or Transfer the Notes22 March 2027
Scheduled Conversion Date
4
22 March 2029
9
Reinvestment Offer Record Date for determining Eligible
Westpac Capital Notes 3 Holders (7.00pm Sydney time)
28 October 2020
Opening Date for the Reinvestment Offer13 November 2020
Record date for First Pro-Rata Westpac Capital Notes 3
Distribution (7.00pm Sydney time)
26 November 2020
Closing Date for the Reinvestment Offer (5.00pm Sydney
time)
30 November 2020
Expected date of transfer of Participating Westpac Capital
Notes 3 to Westpac Capital Notes 3 Nominated Party
4 December 2020
Issue Date of Notes for the Reinvestment Offer4 December 2020
Payment date for First Pro-Rata Westpac Capital Notes 3
Distribution
5
4 December 2020
Key dates for Reinvestment Offer

Westpac Capital Notes 7 Key Risks
•There is a risk that Distributions will not be paid. Distributions are discretionary,
non-cumulative and are only payable subject to satisfaction of the Distribution
Payment Conditions.
•If a Distribution is not paid in full because the Distribution Payment Conditions are
not satisfied, Holders are not entitled to receive the unpaid Distribution.
•Conversion may not occur on 22 March 2029, 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 to Holders in
light of market conditions or your individual circumstances. Holders have no right
to request Conversion, Redemption or Transfer.
•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 Australian 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, impacts of regulatory change, changes in investor perception and
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 less liquid than the market 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.
•The value and availability of franking credits to a Holder will depend on that
Holder’s particular circumstances and the tax rules that apply at the time of each
Distribution.
•The Distribution Rate will fluctuate (increase and/or decrease) over time with
movements in the 3 month BBSW Rate. It is possible for the 3 month BBSW Rate
to become negative. Should this occur, the negative amount will be taken into
account in calculating the Distribution Rate (but there is no obligation on Holders to
pay Westpac if the Distribution Rate becomes negative and there would be no
Distribution in those circumstances).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-Viability 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).
Caution-Westpac Capital Notes 7 are not deposit liabilities of Westpac, are riskier 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 your investment.Ifyou 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 7 Prospectus in full before deciding to invest (including Section 5 “Investment risks”)
Westpac Capital Notes 7 I November 2020
10

•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 Trigger Event or a Non-Viability Trigger Event (for example, due to
applicable law, order of a court or action of any government authority or
operational delays), all rights in relation to those Notes will be terminated
immediately and the Notes will not be Converted, Redeemed or Transferred on
any subsequent date. Holders will lose all of the value of their investment and will
not receive any compensation or unpaid Distributions.
•Any credit rating assigned to the Notes or other Westpac securities could be
reviewed, suspended, withdrawn or downgraded by credit rating agencies, or credit
rating agencies could change their rating methodology, at any time which could
adversely affect the market price and liquidity 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 the market price of Ordinary Shares at
the time of Conversion because the price used in the calculation is based on the
VWAP during the relevant period prior to the Conversion Date.
•As the Notes are perpetual instruments and have no fixed maturity date, there is a
risk the Notes could remain on issue indefinitely and 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 those Notes will be terminated on the Capital Trigger Event
Conversion Date or Non-Viability 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 compensation 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 increase the chance at a later date that Conversion
takes place due to the occurrence 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 7 are not deposit liabilities of Westpac, are riskier 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 your investment.Ifyou 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 7 Prospectus in full before deciding to invest (including Section 5 “Investment risks”)
Westpac Capital Notes 7 Key Risks (continued)
Westpac Capital Notes 7 I November 2020
11

2H20 Key financial metrics
Westpac Capital Notes 7 I November 2020
Financial metrics2H201H20
Change
2H20-1H20
Reported net profit$1,100m$1,190m(8%)
Cash earnings$1,615m$993m63%
Net interest margin2.03%2.13%(10bps)
Expense to income ratio63.59%59.57%large
Return on equity4.72%2.94%178bps
1. 1H19 reflects the adoption of AASB 9 from 1 October 2020. 2008 and 2009 are pro forma including St.George for the entire periodwith First Half 2009 Profit Announcement providing details of pro forma adjustments. 2. LCR figures are a quarterly
average.
27
191
0
100
200
300
400
500
0
20
40
60
80
20082010201220141H161H171H181H191H20
Impairment charge to average
loans annualised (lhs)
Stressed exposures to TCE (rhs)
Stronger balance sheet
993
1,615
(56)
(380)
1,298
(240)
1H20Operating
expenses
Impairment
charges
Tax and NCI2H20
Net operating
income before
operating
expenses and
impairment charges
Cash earnings ($m)
73
76
80
Sep-19Mar-20Sep-20
Deposit to loan ratio (%)
132
140
151
112
117
122
Sep-19Mar-20Sep-20
LCRNSFR
2
LCR(%) and NSFR(%)
Asset quality: stress emerging, less than expected
2H20 earnings up from lower impairments
Impairment charges and stressed exposures
1
(bps)
12

Asset quality
0.67
0.58
0.44
0.27
0.20
0.22
0.15
0.14
0.17
0.20
0.26
0.46
0.35
0.31
0.26
0.25
0.33
0.34
0.39
0.48
0.50
0.80
2.07
1.24
0.85
0.71
0.54
0.65
0.56
0.55
0.55
0.62
0.85
3.20
2.17
1.60
1.24
0.99
1.20
1.05
1.08
1.20
1.32
1.91
Sep-10Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19
Mar-20
Sep-20
Watchlist & substandard
90+ day past due (dpd) and not impaired
Impaired
Stressed exposures as a % of total committed exposure (%)
54.7
16.6
10.1
1.0
64.8
17.6
Packages providedPackages outstanding at 28 Oct 2020
MortgagesBusiness
Australian deferral packages
1
($bn)
Provisions for impairments
Sept-19Mar-20Sep-20
Total loan provisions to gross loans (bps)548088
Impaired asset provisions to impaired assets (%)455041
Collectively assessed provisions to
credit RWA (bps)
95140154
Total provisions to credit RWA(bps)107157171
1 Business packages outstanding represents customers on deferral who are yet to end their 6 month deferral package of the original $10.1bn provided. Check-ins on customers granted packages are underway. 2 Refers to customers eligible for
deferral package i.eTotal committed exposure less than $10m.
Mortgages: ~4% of book
Business: ~2% of book
2
Westpac Capital Notes 7 I November 2020
13

Key capital ratios
Westpac Capital Notes 7 I November 2020
1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 2 The regulatory requirement of 4.5% and 3.5% Capital Conservation Buffer for D-SIBs. It may be higher for
individual banks. 3 Credit Risk Weighted Assets. 4 Credit Risk Weighted Assets / Exposure at Default.
Unquestionably strong benchmarkRegulatory capital requirement
2.5%
Unquestionably
Strong expectation
4.5%
CET1
Minimum
4.5%
CET1
Minimum
3.1% Buffer
0.6% Buffer
3.5%
Capital
Conservation
Buffer
3.5%
Capital
Conservation
Buffer
CET1 capital ratio 11.1% at 30 September 2020
$13.7bn
10.5% unquestionably
strong benchmark
8.0% requirement
2
%
Sep-19Mar-20Sep-20
CET1 capital ratio 10.710.811.1
Additional Tier 1 capital2.22.12.1
Tier 1 capital ratio12.812.913.2
Tier 2 capital2.83.43.1
Total regulatory capital ratio15.616.316.4
Risk weighted assets
(RWA)($bn)
429444438
Leverage ratio 5.75.75.8
Level 1 CET1 ratio11.011.111.4
Internationally
comparable ratios
1
Leverage ratio
(internationally comparable)
6.46.36.4
CET1 capital ratio (internationally
comparable)
15.915.816.5
Key capital ratios
14
CRWA
3
sensitivity
Central economic estimate
V-shaped recession, mortgage
delinquencies 1.5x current levels,
business downgrades across a
range of sectors
Downside
W shaped recovery, mortgage
delinquencies 2x current levels,
further downgrades
CRWA/
EAD
4
FY20 Actual
~0.8ppts~0.8ppts
FY21
~3ppts~3ppts
FY22
~2ppts~3ppts
CET1
FY20 Actual
~(16bps)~(16bps)
FY21
~(64bps)~(66bps)
FY22
~(36bps)~(59bps)

AdditionalTier1 profile
1 FX at issue date. 2 Transaction includes a reinvestment offer. 3 FX as at 30 September 2020.
1,253
1,012
1,245
1,454
1,460
1,254
131
299
79
248
230
169
1,384
1,311
2
1,324
1,702
2
1,576
1,690
2
1,423
FY13FY14FY15FY16FY17FY18FY19
.USD issuanceAUD issuance (securityholder/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
10.6
10.7
11.1
16.5
2.2
2.2
2.1
2.7
2.0
2.8
3.1
4.0
14.7
15.6
16.4
23.2
Sep-18Sep-19Sep-20Sep-20
CET1Additional Tier 1Tier 2
Internationally
comparable
AT1 refinancing needs are limited
3
Westpac AT1 calls (notional amount, AUD m)
1,324
3,013
1,423
1,690
1,759
FY21FY22FY23FY24FY25FY26FY27>FY27
AUD issuanceUSD issuance
WCN 3
WCN 2 & 4
WCN
6
WCN 5
USD AT1
Securities
Level 2 regulatory capital ratios (%)
AT1 managed at or
around 2%
(APRA basis)
2
APRA basis
Westpac Capital Notes 7 I November 2020
15
Bars may not add due to rounding

Capitaland earningsbuffers
1 TheDistributionRestrictionTrigger iscurrently 8.0%for D-SIBs,however,itmaybehigherfor individualADIs(including Westpac). ApplicableatLevel1 andLevel2. 2 Prudentialcapitalrequirement. 3 Basedon Westpac’scapitalposition as at30
September 2020andassumingthatindustryminimumsapplyas at30 September 2020. 4Representsan additional potential amount that may be available to absorb losses (based on Westpac's financial year 2020 statutory profitbeforeimpairment
chargesandincometaxexpense).This amount is not a forecast of future earnings and past performance is not necessarily an indicator of future performance.
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
APRA
capital
conservation
buffer 3.5%
Distribution
Restriction
Trigger (DRT)
8.0%
Westpac
CET1
above
DRT
FY2020
earnings
4
CET1
below
5.125%
CET1
between
DRT and
5.125%
$7.4bn
$13.7bn
$12.6bn
$22.4bn
Maximum
Distributable
Amount
Distribution
increasingly
restricted
Potential measures available to
Westpac to strengthen capital
•Asset sales, including the businesses within the
Specialist Business division
•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
•FY20 aggregate AT1 coupons were approximately
$250m, which are de minimis relative to Westpac’s
total Tier 1 Capital
•An ADI can apply to APRA to make payments in
excess of the Maximum Distributable Amount
Westpacindicative capital
buffers in context as at
30 Sept 2020 (APRA basis)Level 1Level 2
Westpac CET1 surplus >DRT
1
$14.7bn$13.7bn
Westpac CET1 surplus >5.125%$27.2bn$26.3bn
APRA Prudential Standard
CET1 11.1%
as at
30 Sep 2020
Westpac Capital Notes 7 I November 2020
16

Additional Information
and Appendices
Additional Information
Scheduled Conversion
Summary of certain events that may occur
Appendix 1: Joint Lead Managers

18
Westpac CapitalNotes7Additionalinformation
1 The Tax Rate is 30% (or 0.30 expressed as a decimal) as at the date of this presentation but that rate may change. 2 Therecan benocertaintythatAPRAwillprovideitsprior writtenapprovalfor anysuchRedemption.
Distributions
•Non-cumulative, floating rate Distributions paid quarterly in arrear
•Expected to be fully franked (if not fully franked the cash amount of the Distribution will be increased to compensate for the
unfranked portion)
•Distributions are payable on 22 March, 22 June, 22 September, and 22 December of each year, commencing on 22 March 2021
•Distributions are at Westpac’s discretion and subject to the Distribution 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
DistributionRate
and Margin
•The Distribution Rate = (3 month BBSW Rate + Margin) ×(1 –Tax Rate)
1
•Margin expected to be in the range of 3.40% -3.60% per annum. The Margin will be determined at the end of the Bookbuild
Dividendand CapitalRestriction
•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 Converted at their full Face Value, Redeemed or terminated
following a failure to Convert) Westpac must not:
–determineor payanyDividendsonits Ordinary Shares;or
–undertakeanydiscretionary BuyBack orCapitalReduction,
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). These restrictions would not apply where the reason a Distribution was not paidwas
because the Distribution Rate was zero or negative
OptionalConversion,
Redemption or Transfer
•WestpacmayelecttoConvertintoOrdinary Shares (subjecttocertainconditions),Redeemor Transfer:
–all or someoftheNotes on22 March 2027;or
–alloftheNotesfollowingaTaxEventor aRegulatory Event
•Redemptionis subjecttoWestpacreceivingAPRA’sprior writtenapproval
2
•Conversionis subjecttocertainconditions
MandatoryConversion
upon an Acquisition Event
•Westpac must Convert all of the Notes into Ordinary Shares following an Acquisition Event, subject to certain conditions
Holderrights
•HoldershavenorighttorequestConversion,RedemptionorTransferforanyreason
•Torealisetheirinvestment,HoldersmayselltheirNotesontheASXattheprevailingmarketprice.Dependingonmarket
conditionsatthetime,theNotesmaybetradingatamarketpricebelowtheFaceValueand/orthemarketfortheNotesmaynot
beliquid.TheNotesmayexperiencemarketpricevolatilitymoreorlessthanOrdinaryShares
Westpac Capital Notes 7 I November 2020

1 Basedon theInitialFace Value of$100perNote andtheVWAP ofOrdinarySharesduringthe 20 Business Daysbeforethe ScheduledConversionDate, with abenefitofa 1%discount.The valueofthe OrdinarySharesreceivedonConversion
maybeworthmoreor lessthan$101.01dependingonthemarketprice ofOrdinarySharesbeforeConversionandtheFaceValueofthe Notesatthe ConversionDate. Holderswouldalso receive aDistribution.Distributionsaresubjectto the
DistributionPaymentConditionsbeingsatisfied,including beingatWestpac’sabsolutediscretion.
19
Westpac CapitalNotes7Additionalinformation
ScheduledConversion
Westpac Capital Notes 7 I November 2020
Scheduled Conversion
•On22 March 2029, the first possible “ScheduledConversionDate”andsubjecttotheScheduledConversionConditionsbeing
satisfied,theNoteswillmandatorily ConvertintoOrdinaryShares
•Holders willreceiveforeachNotethey holdavariablenumberofOrdinary Shareswiththe benefit ofa1% discounttothe20
BusinessDay VWAPpriortotheScheduled ConversionDate
Scheduled Conversion
Conditions
•Thesatisfaction of the ScheduledConversionConditions on the Scheduled Conversion Date willdependonthepriceofOrdinary
Shares:
–First Scheduled ConversionCondition-theVWAPofOrdinary Shares onthe25thBusinessDay before(butnot
including)theScheduledConversionDatemustbegreaterthan56.12%oftheIssueDateVWAP;and
–Second Scheduled ConversionCondition -theVWAPofOrdinary Sharesduringthe20BusinessDaysbefore(butnot
including)the ScheduledConversionDatemustbegreater than50.51%oftheIssueDateVWAP
Purposeof the Scheduled
Conversion Conditions
•It is intendedthat upon a Scheduled Conversion,Holdersshould receiveOrdinaryShares worthapproximately$101.01
1
per Note
Deferralof Conversion
•IftheScheduledConversionConditions arenotmeton22 March 2029,Conversionwillnotoccuruntil thenextDistributionPayment
Dateon whichtheScheduledConversionConditionsaresatisfied, if ever
•Notes mayremainonissueindefinitelyifthe Scheduled Conversion Conditions arenotsatisfiedand the Face Value may not be repaid

20
Westpac CapitalNotes7Additionalinformation
Summaryof certaineventsthatmayoccur
Westpac Capital Notes 7 I November 2020
1HoldersshouldnotexpectthatAPRA’sapprovalwillbegivenifrequested.2ConversionisconditionalonWestpac’sOrdinarySharepricebeingaboveaspecifiedlevelintheperiodpriortoConversion.3BasedontheInitialFaceValueof$100per
NoteandtheVWAPofOrdinarySharesduringtherelevantVWAPPeriodbeforetheConversionDate,withabenefitofa1%discount.ThevalueoftheOrdinarySharesreceivedonConversionmaybeworthmoreorlessthan$101.01dependingonthe
marketpriceofOrdinarySharesbeforeConversionandtheFaceValueoftheNotesattheConversionDate.4HolderswouldalsoreceiveacashDistribution.DistributionsaresubjecttotheDistributionPaymentConditionsbeingsatisfied,including
beingatWestpac’sabsolutediscretion.5BasedontheInitialFaceValueof$100,maybelessiftheFaceValuehasbeenreduced(followingaCapitalTriggerEventorNon-ViabilityTriggerEvent).6BasedonanInitialFaceValueof$100perNote.7
IfforanyreasonConversionofNotesdoesnotoccurandOrdinarySharesarenotissuedforanyreasonby5.00pmonthe5thBusinessDayaftertheCapitalTriggerEventConversionDateorNon-ViabilityTriggerEventConversionDate(asthe
casemaybe),thentheHolders’rightsinrelationtothoseNotesareterminated,theinvestmentwillloseallofitsvalueandHolderswillnotreceiveanycompensationorunpaidDistributions.8WestpacmayonlyRedeemNotesifitreplacesthemwith
capitalofthesameorbetterquality(andthereplacementisdoneunderconditionsthataresustainablefortheincomecapacityofWestpac)orobtainsconfirmationthatAPRAissatisfiedthatWestpacdoesnothavetoreplacetheNotes.
EventWhen?IsAPRA
approval
required?
Arethere other
other pre-
conditions to
theevent?
WhatvaluewillHolderreceiveforeachNote?In what formwill
that value be
provided to
Holders?
Redemptionat
Westpac’s option
22 March 2027 or ifaTax
Event or RegulatoryEvent
occurs
Yes
1
Yes, before or
concurrently with
Redemption
8
$100
4,5
Cash
TransferatWestpac’s
option
22 March 2027 or ifaTax
Event or RegulatoryEvent
occurs
NoNo$100
4,5
Cash
Conversionat
Westpac’s option
22 March 2027 or ifaTax
Event or RegulatoryEvent
occurs
NoYes
2
OrdinarySharesworthapproximately$101.01
3,4
Variablenumber of
Ordinary Shares
ScheduledConversion22 March 2029 or thefirst
Distribution PaymentDate
afterthatdateonwhichthe
ScheduledConversion
Conditionsare satisfied
NoYes
2
OrdinarySharesworthapproximately$101.01
3,4
Variable number of
Ordinary Shares
Conversion in other
circumstances
IfanAcquisitionEventoccursNoYes
2
OrdinarySharesworthapproximately$101.01
3,4
Variable number of
Ordinary Shares
IfaCapitalTriggerEvent or
Non-Viability TriggerEvent
occurs
NoNoDependingonthepriceofOrdinaryShares,atthe
relevanttime,Holdersmay(inthecaseofa Capital
TriggerEvent) andarelikelyto(inthecaseof aNon-
ViabilityTriggerEvent) receivesignificantlylessthan
approximately$101.01
6
andmayreceivenothingif
Conversiondoesnotoccurfor anyreasonand Ordinary
Sharesarenotissuedfor anyreason
7
Variable number of
Ordinary Shares up
to the Maximum
Conversion
number
7
.
The table below is a summary of certain events that may occur while the Notes are on issue and what Holders may receive underthe Westpac Capital Notes 7 Terms.
The events may not occur as their occurrence is dependent upon factors including share price, the occurrence of contingenciesand in some cases Westpac’s discretion.

Appendix 1: Joint Lead Managers
ARRANGER AND JOINT LEAD MANAGER
Westpac Institutional Bank
•Allan O’Sullivan (02) 8254 1425
•Robert Moulton (02) 8253 4584
JOINT LEAD MANAGERS
ANZ Securities Limited
•Tariq Holdich (02) 8037 0622
•Brenton Smith (02) 8037 0036
Citigroup Global Markets Australia Pty Ltd•Ian Campbell (02) 8225 6033
Commonwealth Bank of Australia
•Truong Le (02) 9118 1205
•Rob Kenna (02) 9118 1219
E&P Corporate Advisory Pty Ltd•Scott Favaloro(03) 9631 9877
MorgansFinancial Limited
•Steven Wright (07) 3334 4941
•Karyn Ferguson (07) 3334 4915
Ord MinnettLimited
•Robert Thomson (03) 9608 4134
•Kyle Pleash(02) 8216 6712
Shaw and Partners Limited•Conrad Anderson (02) 9238 1372
21
Westpac Capital Notes 7 I November 2020

More information
Contact our team
www.westpac.com.au/investorcentre
X
-+
Joanne Dawson
Treasurer, Westpac Banking Corporation
+61 2 8253 4420
joannedawson@westpac.com.au
Jacqueline Boddy
Head of Debt Investor Relations
+61 2 8253 3133
jboddy@westpac.com.au
Guy Volpicella
Managing Director, Structured Funding and Capital
+61 2 8254 9261
gvolpicella@westpac.com.au
John Georgiades
Executive Director, Structured Funding and Capital
+61 2 8253 1053
johngeorgiades@westpac.com.au
22
Westpac Capital Notes 7 I November 2020