WNZL Disclosure Statement - 31 Mar 2026

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000



5 May 2026

Westpac New Zealand Limited Disclosure Statement


Westpac Banking Corporation (“Westpac”) today provides the attached Westpac New
Zealand Limited Disclosure Statement for the six months ended 31 March 2026.









For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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

This page has been intentionally left blank

Glossary of terms
4
Directors’ statement
5
Financial statements
Income statement6Note 6 Loans13
Statement of comprehensive income6Note 7 Provision for expected credit losses13
Balance sheet7Note 8 Deposits and other borrowings16
Statement of changes in equity8Note 9 Debt issues17
Statement of cash flows9Note 10 Related entities17
Note 1 Financial statements preparation 10Note 11 Fair values of financial assets and financial liabilities17
Note 2 Net interest income11
Note 12 Credit related commitments, contingent assets and
contingent liabilities
20
Note 3 Non-interest income 12
Note 4 Operating expenses12Note 13 Segment reporting21
Note 5 Impairment charges/(benefits)13
Registered bank disclosures
i. General information22
v. Concentration of credit exposures to individual
counterparties
46
ii. Additional financial disclosures24
iii. Asset quality29vi. Insurance business46
iv. Capital adequacy and regulatory liquidity ratios33vii. Risk management policies46
Conditions of Registration
46
Independent auditor’s review report
47
Independent assurance report
49
Contents
Westpac New Zealand Limited3

Certain information contained in this Disclosure Statement is required by the Order.
In this Disclosure Statement, reference is made to:
-Westpac New Zealand Limited (otherwise referred to as the ‘Bank’);
-Westpac New Zealand Limited and its controlled entities (otherwise referred to as the ‘Banking Group’). Controlled entities of the Bank are
set out in Note 22 to the financial statements included in the Disclosure Statement for the year ended 30 September 2025 and any changes
(if any) to the Banking Group since 30 September 2025 are included in Note 10;
-Westpac Banking Corporation (otherwise referred to as the ‘Ultimate Parent Bank’);
-Ultimate Parent Bank and its controlled entities (otherwise referred to as the ‘Ultimate Parent Bank Group’); and
-New Zealand Branch of the Ultimate Parent Bank (otherwise referred to as the ‘NZ Branch’).
Words and phrases not defined in this Disclosure Statement, but defined by the Order, have the meaning given by the Order when used in this
Disclosure Statement.
The Disclosure Statement also uses the following terms as defined below.
ANZSIC
Australian and New Zealand Standard Industrial
Classification
IRB
Internal ratings-based
LGD
Loss given default
APRA
Australian Prudential Regulation Authority
LVR
Loan-to-value ratio
AT1
Additional Tier 1 capital
NZ IFRS
New Zealand equivalents to International
Financial Reporting Standards
BPR
Banking Prudential Requirements
CAP
Collectively assessed provisions
NZX
NZX Limited
CB Programme
The Bank's Global Covered Bond Programme
Order
Registered Bank Disclosure Statements (New
Zealand Incorporated Registered Banks) Order
2014 (as amended)
EAD
Exposure at default
ECL
Expected credit losses
Financial
statements
Condensed consolidated interim financial
statements
PD
Probability of default
PPS
Perpetual preference shares
FVIS
Fair value through income statement
Reserve Bank
Reserve Bank of New Zealand
FX
Foreign exchange
RMBS
Residential mortgage-backed securities
GDP
Gross domestic product
RWAs
Risk weighted assets/risk weighted exposures
IAP
Individually assessed provisions
SPV
Special purpose vehicle
Internal PPS
Perpetual preference shares issued to the NZ
Branch
WSNZL
Westpac Securities NZ Limited
Glossary of terms
4Westpac New Zealand Limited

Each Director of the Bank believes, after due enquiry, that, as at the date on which this Disclosure Statement is signed, the Disclosure Statement:
(a) contains all the information that is required by the Order; and
(b) is not false or misleading.
Each Director of the Bank believes, after due enquiry, that over the six months ended 31 March 2026:
(a) the Bank has complied in all material respects with each condition of registration that applied during that period;
(b) credit exposures to connected persons were not contrary to the interests of the Banking Group; and
(c) the Bank had systems in place to monitor and control adequately the Banking Group’s material risks, including credit risk, concentration of
credit risk, interest rate risk, currency risk, equity risk, liquidity risk, operational risk and other business risks, and that those systems were
being properly applied.
This Disclosure Statement has been signed by all the Directors:
Philippa GreenwoodCatherine McGrath
Debra BirchNathan Goonan
David GreenRobert Hamilton
David HavercroftIan Samuel Knowles
Dated this 4th day of May 2026
Directors’ statement
Westpac New Zealand Limited5

THE BANKING GROUP
$ millions
Note
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Interest income:
Calculated using the effective interest method2
2,925
3,588
Other2
45
57
Total interest income 2,970
3,645
Interest expense2
(1,583)
(2,218)
Net interest income 1,387
1,427
Non-interest income
Net fees and commissions3
117
115
Other3
4
6
Total non-interest income 121
121
Net operating income 1,508
1,548
Operating expenses4
(755)
(730)
Impairment (charges)/benefits5
(37)
(33)
Profit before income tax expense 716
785
Income tax expense
(201)
(220)
Profit after income tax expense 515
565
The above income statement should be read in conjunction with the accompanying notes.
Statement of comprehensive income for the six months ended 31 March 2026
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Profit after income tax expense 515
565
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Gains/(losses) recognised in equity on:
Investment securities
18
25
Cash flow hedging instruments
142
(12)
Cost of hedging
(33)
-
Transferred to income statement:
Cash flow hedging instruments
(30)
(4)
Cost of hedging
(1)
-
Income tax on items taken to or transferred from equity:
Investment securities
(5)
(7)
Cash flow hedging instruments
(31)
4
Cost of hedging
9
-
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation recognised in equity (net of tax)
1
1
Net other comprehensive income/(expense) (net of tax)
70
7
Total comprehensive income
585
572
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Income statement for the six months ended 31 March 2026
6Westpac New Zealand Limited

THE BANKING GROUP
$ millions
Note
31 Mar 26
Unaudited
30 Sep 25
Audited
Assets
Cash and balances with central banks
4,852
6,091
Collateral paid
154
32
Trading securities and financial assets measured at FVIS
2,501
2,353
Derivative financial instruments
1,218
1,057
Investment securities
8,604
8,206
Loans6,7
109,015
106,328
Other financial assets
398
389
Due from related entities
1,615
2,086
Property and equipment
443
472
Deferred tax assets
166
181
Intangible assets
870
901
Other assets
163
176
Total assets 129,999
128,272
Liabilities
Collateral received
1,090
936
Deposits and other borrowings8
85,473
82,832
Other financial liabilities
752
2,513
Derivative financial instruments
105
153
Due to related entities
1,501
1,766
Debt issues9
27,496
26,406
Current tax liabilities
27
98
Provisions
146
195
Other liabilities
286
320
Loan capital
1,709
1,726
Total liabilities 118,585
116,945
Net assets 11,414
11,327
Shareholders' equity
Ordinary share capital
7,300
7,300
Perpetual preference shares
1,369
1,369
Reserves
3
(66)
Retained profits
2,742
2,724
Total shareholders' equity 11,414
11,327
The above balance sheet should be read in conjunction with the accompanying notes.
Balance sheet as at 31 March 2026
Westpac New Zealand Limited7

THE BANKING GROUP
Reserves
$ millionsNote
Ordinary
Share
Capital PPS
Investment
Securities
Reserve
Cash Flow
Hedge
Reserve
Cost of
Hedging
Reserve
Retained
Profits
Total
Shareholders'
Equity
As at 30 September 2024 (Audited)
7,300 1,369 (115) 53 - 2,270 10,877
Six months ended 31 March 2025 (Unaudited)
Profit after income tax expense - - - - - 565 565
Net other comprehensive income/(expense) - - 18 (12) - 1 7
Total comprehensive income/(expense)
- - 18 (12) - 566 572
Transactions with equity holders:
Dividends paid on ordinary shares10 - - - - - (328) (328)
Dividends paid on PPS - - - - - (41) (41)
Supplementary dividends paid on PPS - - - - - (5) (5)
Tax credit on supplementary dividends - - - - - 5 5
As at 31 March 2025 (Unaudited)
7,300 1,369 (97) 41 - 2,467 11,080
As at 30 September 2025 (Audited) 7,300 1,369 (54) (12) - 2,724 11,327
Six months ended 31 March 2026 (Unaudited)
Profit after income tax expense
- - - - - 515 515
Net other comprehensive income/(expense)
- - 13 81 (25) 1 70
Total comprehensive income/(expense) - - 13 81 (25) 516 585
Transactions with equity holders:
Dividends paid on ordinary shares10
- - - - - (464) (464)
Dividends paid on PPS
- - - - - (34) (34)
Supplementary dividends paid on PPS
- - - - - (4) (4)
Tax credit on supplementary dividends
- - - - - 4 4
As at 31 March 2026 (Unaudited) 7,300 1,369 (41) 69 (25) 2,742 11,414
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Statement of changes in equity for the six months ended 31 March 2026
8Westpac New Zealand Limited

THE BANKING GROUP
$ millions
Note
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Cash flows from operating activities
Interest received
2,947
3,571
Interest paid
(1,719)
(2,252)
Non-interest income received
107
87
Operating expenses paid
(641)
(639)
Income tax paid
(281)
(357)
Cash flows from operating activities before changes in operating assets and liabilities
413
410
Net (increase)/decrease in:
Collateral paid
(122)
58
Trading securities and financial assets measured at FVIS
(155)
(410)
Loans
(2,879)
(1,119)
Other financial assets
(27)
60
Due from related entities
-
12
Other assets
6
-
Net increase/(decrease) in:
Collateral received
154
565
Deposits and other borrowings
2,624
1,446
Other financial liabilities
(1,626)
4
Due to related entities
(41)
(66)
Other liabilities
(6)
7
Net movement in external and related entity derivative financial instruments
578
386
Net cash provided by/(used in) operating activities (1,081)
1,353
Cash flows from investing activities
Proceeds from investment securities
-
10
Purchase of investment securities
(533)
(522)
Purchase of intangible assets
(50)
(44)
Purchase of property and equipment
(30)
(46)
Net cash provided by/(used in) investing activities (613)
(602)
Cash flows from financing activities
Proceeds from debt issues
6,779
2,759
Repayments of debt issues
(5,809)
(4,256)
Payments for the principal portion of lease liabilities
(20)
(32)
Dividends paid on ordinary shares10
(464)
(328)
Dividends paid on PPS
(38)
(46)
Net movement in due to related entities
53
22
Net cash provided by/(used in) financing activities 501
(1,881)
Net increase/(decrease) in cash and cash equivalents (1,193)
(1,130)
Cash and cash equivalents at the beginning of the period
6,831
8,243
Effect of exchange rate changes on cash and cash equivalents
17
44
Cash and cash equivalents at the end of the period 5,655
7,157
Cash and cash equivalents at the end of the period comprise:
Cash on hand
550
185
Balances with central banks
4,302
6,339
Total cash and balances with central banks 4,852
6,524
Amounts due from related entities classified as cash and cash equivalents
803
629
Interbank lending classified as cash and cash equivalents
-
4
Cash and cash equivalents at the end of the period 5,655
7,157
The above statement of cash flows should be read in conjunction with the accompanying notes.
Statement of cash flows for the six months ended 31 March 2026
Westpac New Zealand Limited9

Note 1 Financial statements preparation
These financial statements have been prepared in accordance with the Order and Generally Accepted Accounting Practice, as appropriate for for-
profit entities, and the New Zealand equivalent to International Accounting Standard 34 Interim Financial Reporting. They also comply with
International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. These financial
statements do not include all the notes of the type normally included in annual financial statements. Accordingly, they should be read in
conjunction with the annual financial statements included in the Disclosure Statement for the year ended 30 September 2025.
The financial statements were authorised for issue by the Board of Directors of the Bank on 4 May 2026.
Accounting policies
The accounting policies adopted in the preparation of these financial statements are consistent with those in the annual financial statements for
the year ended 30 September 2025, except for certain hedge accounting changes as outlined below. The going concern concept has been applied.
Effective 1 October 2025, the Banking Group adopted the hedge accounting requirements of NZ IFRS 9 Financial instruments. As permitted by NZ
IFRS 9, the adoption of these requirements is considered a change in accounting policy for the Banking Group and is applied prospectively. As the
accounting for macro hedging activities of interest rate risk is not explicitly addressed in NZ IFRS 9, the Banking Group will continue to apply NZ
IAS 39 Financial Instruments: Recognition and Measurement hedge accounting principles for its portfolio-level fair value hedging of retail
products.
NZ IFRS 9 simplifies hedge accounting by more closely aligning hedge relationships with the Banking Group’s risk management strategies and
allows a broader range of hedged items and hedging instruments to be designated. Certain cost-of-hedging elements may now be deferred i n
other comprehensive income (OCI) in a cost of hedging reserve (COHR). In addition, the hedge effectiveness testing is less prescriptive. Whereas
NZ IAS 39 requires hedge effectiveness to be within a range of 80%–125% or otherwise hedge accounting is discontinued, NZ IFRS 9 instead
requires a qualitative assessment of whether an economic relationship exists between the hedged item and the hedging instrument and also
permits rebalancing for hedge relationships where effectiveness levels have changed.
All the Banking Group’s existing hedge accounting relationships previously designated under NZ IAS 39 continued to qualify for hedge accounting
under NZ IFRS 9 and comparative information has not been restated. Under NZ IFRS 9, costs of hedging (cross-currency basis spreads) are being
reflected in a new COHR within OCI. The balance of the COHR as at 31 March 2026 is $(25) million (30 September 2025: Nil).
All amounts in these financial statements are presented in New Zealand dollars and have been rounded to the nearest million dollars unless
otherwise stated.
Comparative information has been revised where appropriate to conform to changes in presentation in the current year and to enhance
comparability. Where there has been a material restatement of comparative information, the nature of, and the reason for, the restatement is
disclosed in these financial statements.
Critical accounting assumptions and estimates
In preparing the interim financial statements, the application of the Banking Group’s accounting policies requires the use of judgement,
assumptions and estimates. The areas of judgement, assumptions and estimates in these financial statements, including the key sources of
estimation uncertainty, are consistent with those in the Disclosure Statement for the year ended 30 September 2025. Recent geopolitical
developments have led to a higher than usual degree of uncertainty with the assumptions and estimates used to determine the provision for ECL.
Actual outcomes may differ significantly from the assumptions used. Details of the specific judgements in relation to the calculation of the
provision for ECL including overlays are included in Note 7.
Amendments to Accounting Standards effective this period
Except for certain hedge accounting changes as outlined above, no new accounting standards have been adopted by the Banking Group for the six
months ended 31 March 2026. There have been no amendments to existing accounting standards that have had a material impact on the Banking
Group.
Notes to the financial statements
10Westpac New Zealand Limited

Note 2 Net interest income
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Interest income
Calculated using the effective interest method
Cash and balances with central banks
74
184
Collateral paid
1
-
Investment securities
161
140
Loans
2,689
3,259
Due from related entities
-
5
Total interest income calculated using the effective interest method 2,925
3,588
Other
Trading securities and financial assets measured at FVIS
45
57
Total other 45
57
Total interest income 2,970
3,645
Interest expense
Calculated using the effective interest method
Collateral received
18
13
Deposits and other borrowings
903
1,475
Due to related entities
8
16
Debt issues
381
279
Loan capital
56
61
Other financial liabilities
9
69
Total interest expense calculated using the effective interest method 1,375
1,913
Other
Deposits and other borrowings
27
46
Due to related entities
1
9
Debt issues
73
87
Other interest expense
1
107
163
Total other 208
305
Total interest expense 1,583
2,218
Net interest income 1,387
1,427
1
Includes the net impact of Treasury's interest rate and liquidity management activities.
Notes to the financial statements
Westpac New Zealand Limited11

Note 3 Non-interest income
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Net fees and commissions
Facility fees
25
23
Transaction fees and commissions
123
122
Other non-risk fee income
10
10
Fees and commissions income 158
155
Credit card loyalty programmes
(16)
(16)
Transaction fees and commissions related expenses
(25)
(24)
Fees and commissions expenses (41)
(40)
Net fees and commissions 117
115
Other
Net ineffectiveness on qualifying hedges
(1)
(1)
Other
5
7
Total other 4
6
Total non-interest income 121
121
Note 4 Operating expenses
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Staff expenses
382
372
Lease expenses
9
10
Depreciation
54
59
Technology services and telecommunications
142
135
Purchased services
22
26
Software amortisation
81
67
Related entities - management fees
5
5
Other
1
60
56
Total operating expenses 755
730
1
'Other' includes expenses such as advertising, property related costs, postage and freight and non-lending losses.
Notes to the financial statements
12Westpac New Zealand Limited

Note 5 Impairment charges/(benefits)
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Provisions raised/(released):
Performing
24
5
Non-performing
10
24
Bad debts written off/(recovered) directly to the income statement
3
4
Impairment charges/(benefits) 37
33
of which relates to:
Loans and credit commitments
37
33
Impairment charges/(benefits) 37
33
Impairment charges/(benefits) on all other financial assets are not material to the Banking Group.
Note 6 Loans
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Residential mortgages
73,351
71,318
Other retail
2,597
2,578
Corporate
33,322
32,646
Other
215
230
Total gross loans 109,485
106,772
Provision for ECL on loans (refer to Note 7)
(470)
(444)
Total net loans 109,015
106,328
As at 31 March 2026, $7,537 million of residential mortgages, accrued interest (representing accrued interest on the outstanding residential
mortgages) and cash (representing collections of principal and interest from the underlying residential mortgages) were used by the Banking
Group to secure the obligations of WSNZL under the CB Programme (30 September 2025: $7,539 million).
In addition, $18 million of residential mortgages and accrued interest have been pledged as collateral as part of the repurchase agreements with
the Reserve Bank, under the Term Lending Facility (30 September 2025: $1,532 million under the Term Lending Facility and Funding for Lending
Programme (which was fully repaid during the period ended 31 March 2026)).
The pledged assets were not derecognised from the Banking Group's balance sheet in accordance with the accounting policies outlined in Note 1
Financial statements preparation included in the Disclosure Statement for the year ended 30 September 2025. As at 31 March 2026, the New
Zealand dollar equivalent of bonds issued by WSNZL under the CB Programme was $5,020 million (30 September 2025: $6,613 million) and the
cash value of the repurchase agreements with the Reserve Bank was $15 million (30 September 2025: $1,134 million).
Note 7 Provision for expected credit losses
Loans and credit commitments
Movements in components of loss allowance
The reconciliation of the provision for ECL for loans and credit commitments has been determined by an aggregation of monthly movements over
the period. The key line items in the reconciliation represent the following:
●“Transfers between stages” represents transfers between Stage 1, Stage 2 and Stage 3 prior to remeasurement of the provision for ECL.
●“New facilities originated” represents new accounts originated during the period.
●“Facilities derecognised” represents loans derecognised due to final repayments during the period.
●“Other charges/(credits) to the income statement” represents the impact on the provision for ECL due to changes in credit quality during
the period (including transfers between stages), changes in portfolio overlays, changes in key economic assumptions and partial
repayments and additional drawdowns on existing facilities over the period.
●"Amounts written off" represents a reduction in the provision for ECL as a result of derecognition of exposures where there is no reasonable
expectation of full recovery.
Notes to the financial statements
Westpac New Zealand Limited13

Note 7 Provision for expected credit losses (continued)
The following table reconciles the provision for ECL on loans and credit commitments for the Banking Group.
THE BANKING GROUP
31 Mar 26
Unaudited
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3 Stage 3
$ millions
CAP CAP CAP IAP
Provision for ECL on loans and credit commitments as at
30 September 2025
85 248 92 66 491
Transfers to Stage 1
59 (58) (1) - -
Transfers to Stage 2
(8) 48 (38) (2) -
Transfers to Stage 3 CAP
- (20) 22 (2) -
Transfers to Stage 3 IAP
- (1) (9) 10 -
Reversals of previously recognised impairment charges
- - - (13) (13)
New facilities originated
18 - - - 18
Facilities derecognised
(7) (37) (16) - (60)
Changes in CAP due to amounts written off
- - (12) - (12)
Other charges/(credits) to the income statement
(54) 84 51 20 101
Total charges/(credits) to the income statement for ECL 8 16 (3) 13 34
Amounts written off from IAP
- - - (8) (8)
Total provision for ECL on loans and credit commitments
as at 31 March 2026
93 264 89 71 517
Presented as:
Provision for ECL on loans (refer to Note 6)
79 233 89 69 470
Provision for ECL on credit commitments
1
14 31 - 2 47
Total provision for ECL on loans and credit commitments
as at 31 March 2026
93 264 89 71 517
1
Includes provision for ECL on related entity credit commitments of $6 million classified as Due to Related Entities in the Balance Sheet.
The following table provides further details of the provision for ECL by types of exposure and stage:
THE BANKING GROUP
31 Mar 26
Unaudited
30 Sep 25
Audited
Performing Non-performing
PerformingNon-performing
Stage 1 Stage 2 Stage 3 Stage 3
Stage 1Stage 2Stage 3Stage 3
$ millions
CAP CAP CAP IAP Total
CAPCAPCAPIAPTotal
Provision for ECL on loans and
credit commitments
Residential mortgages
44 129 61 30 264
39 104 57 31 231
Other retail
15 36 11 3 65
13 34 10 2 59
Corporate
34 99 17 38 188
33 110 25 33 201
Total provision for ECL on loans
and credit commitments
93 264 89 71 517
85 248 92 66 491
Notes to the financial statements
14Westpac New Zealand Limited

Note 7 Provision for expected credit losses (continued)
Impact of overlays on the provision for ECL on loans and credit commitments
The following table attributes the provision for ECL on loans and credit commitments between individually assessed and collectively assessed
provisions. Collectively assessed provisions are disaggregated into the modelled ECL provision and portfolio overlays.
Portfolio overlays are used to capture areas of potential risks and uncertainties that are not captured in the underlying modelled ECL.
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Individually assessed provisions for ECL on loans and credit commitments
71
66
Modelled provision for ECL on loans and credit commitments (a)
453
452
Overlays (b)
(7)
(27)
Total provision for ECL on loans and credit commitments 517
491
Details of changes related to forward-looking economic inputs and portfolio overlays, based on reasonable and supportable information up to the
date of this disclosure statement, are provided below.
(a) Modelled provision for ECL on loans and credit commitments
The modelled provision for ECL on loans and credit commitments is a probability weighted estimate based on three scenarios which together
represent the Banking Group’s view of the forward-looking distribution of potential loss outcomes. The changes in provisions as a result of
changes in modelled ECL are reflected through the “Other charges/(credits) to the income statement” line in the “Movements in components of
loss allowance” table. Overlays are used to capture potential risks and uncertainties that are not captured in the underlying modelled ECL.
The base case scenario uses the latest Westpac Economics forecast. Certain data points from this forecast are shown below:
Key economic assumptions for base case
scenario
31 Mar 26
Unaudited
30 Sep 25
Audited
Annual GDP
Forecast growth ofForecast growth of
1.9% for calendar year 2026 and
1.7% for calendar year 2025 and
3.9% for calendar year 2027.
3.1% for calendar year 2026.
Residential property pricesForecast annual price contraction of
Forecast annual price appreciation of
0.9% for calendar year 2026 and
0.6% for calendar year 2025 and
forecast annual price appreciation of
5.4% for calendar year 2026.
2.0% for calendar year 2027.

Cash rate
Forecast cash rate ofForecast cash rate of
2.50% at December 2026 and2.25% at December 2025 and
4.00% at December 2027.2.50% at December 2026.
Unemployment rate
Forecast rate ofForecast rate of
5.4% at December 2026 and5.3% at December 2025 and
4.6% at December 2027.4.6% at December 2026.
The downside scenario is an economic downturn scenario with ECL higher than the base case. This scenario assumes a recession with a
combination of negative GDP growth, declines in residential property prices and an increase in the unemployment rate, which simultaneously
impact ECL across all portfolios from the reporting date. The assumptions used in this scenario and relativities to the base case are monitored
having regard to the emerging economic conditions and updated where necessary. The upside scenario represents a modest economic
improvement to the base case.
The following sensitivity table shows the reported provision for ECL on loans and credit commitments based on the probability weighted scenarios
and what the provision for ECL on loans and credit commitments would be assuming a 100% weighting is applied to the base case scenario and to
the downside scenario (with all other assumptions held constant).
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Reported probability-weighted ECL
517
491
100% base case ECL
303
286
100% downside ECL
781
744
Notes to the financial statements
Westpac New Zealand Limited15

Note 7 Provision for expected credit losses (continued)
If 1% of the Stage 1 gross exposure from loans and credit commitments (calculated on a 12 month ECL) were transferred to Stage 2 (calculated on
a lifetime ECL) the provision for ECL on loans and credit commitments would increase by $21 million (30 September 2025: $17 million). If 1% of
Stage 2 loans and credit commitments (calculated on a lifetime ECL) were transferred to Stage 1 (calculated on a 12 month ECL), the provision for
ECL on loans and credit commitments would decrease by $3 million (30 September 2025: $2 million) for the Banking Group. These estimates apply
the average modelled provision coverage ratio by stage to the transfer of loans and credit commitments.
The following table discloses the macroeconomic scenario weightings applied by the Banking Group as at 31 March 2026 and 30 September 2025.
THE BANKING GROUP
Scenario weightings (%)
31 Mar 26
Unaudited
30 Sep 25
Audited
Upside
5.0
5.0
Base
50.0
50.0
Downside
45.0
45.0
(b) Portfolio overlays
Portfolio overlays are used to address areas of risk, including significant uncertainties that are not captured in the underlying modelled ECL. These
risks may result in under or over estimation of the modelled provision for ECL. Determination of portfolio overlays requires expert judgement and
is thoroughly documented and subject to comprehensive internal governance and oversight. Portfolio overlays are continually reassessed and if
the risk is judged to have changed (increased or decreased), or is subsequently captured in the modelled ECL, the portfolio overlays will be
released or remeasured.
The Banking Group’s total portfolio overlays as at 31 March 2026 were $(7) million (30 September 2025: $(27) million).
Impact of changes in gross carrying amount on the provision for ECL
●Stage 1 gross carrying amount had a net increase of $3.8 billion (30 September 2025: increased by $12.3 billion), primarily driven by new
lending and underlying portfolio movement from residential mortgages and corporate lending, partially offset by repayments. The Stage 1
ECL increase is in line with the increase in exposures, primarily driven by underlying portfolio movements and a more conservative
economic outlook.
●Stage 2 gross carrying amount decreased by $1.0 billion (30 September 2025: decreased by $8.2 billion), primarily driven by the movement
of exposures to Stage 1 from residential mortgages and corporate lending along with repayments. The Stage 2 ECL increase is primarily from
management overlay, along with an impact from a weaker economic outlook, partially offset by underlying portfolio movements.
●Stage 3 gross carrying amount decreased by $0.04 billion (30 September 2025: increased by $0.1 billion), reflecting gross movements of
exposures between Stage 3 and Stage 2, along with repayments, resulting in a small net reduction over the period. The increase in Stage 3
ECL is largely driven by new IAPs.
Refer to Note iii. Asset quality of the Registered bank disclosures for further details.
Note 8 Deposits and other borrowings
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Certificates of deposit
1,729
1,812
Non-interest bearing, repayable at call
13,409
12,174
Other interest bearing:
At call
30,273
30,019
Term
40,062
38,827
Total deposits and other borrowings 85,473
82,832
Notes to the financial statements
16Westpac New Zealand Limited

Note 9 Debt issues
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Short-term debt:
Commercial paper
3,985
2,746
Total short-term debt 3,985
2,746
Long-term debt:
Non-domestic medium-term notes
14,781
13,577
Covered bonds
4,934
6,553
Domestic medium-term notes
3,796
3,530
Total long-term debt 23,511
23,660
Total debt issues 27,496
26,406
Note 10 Related entities
Controlled entities of the Bank are set out in Note 22 to the financial statements included in the Disclosure Statement for the year ended 30
September 2025.
On 18 February 2 0 2 6, the Bank declared and paid a cash dividend of $464 million to its immediate parent company, Westpac New Zealand Group
Limited, with imputation credits of $180 million attached (31 March 2025: $328 million dividend with $128 million imputation credits attached).
On 22 December 2025 and 23 March 2026, the Bank paid quarterly AT1 PPS distributions on the Internal PPS of $14 million (including
supplementary dividends of $2 million) and $14 million (including supplementary dividends of $2 million) to the NZ Branch, with imputation credits
of $3 million and $2 million, respectively (31 March 2025: $19 million distribution on 23 December 2024 (including supplementary dividends of $3
million) and $17 million distribution on 21 March 2025 (including supplementary dividends of $3 million) with $3 million and $3 million imputation
credits attached, respectively).
Note 11 Fair values of financial assets and financial liabilities
Fair Valuation Control Framework
The Banking Group uses a Fair Valuation Control Framework where the fair value is either determined or validated by a function independent of the
transaction. This framework formalises the policies and procedures used to achieve compliance with relevant accounting, industry and regulatory
standards. The framework includes specific controls relating to:
●the revaluation of financial instruments;
●independent price verification;
●fair value adjustments; and
●financial reporting.
A key element of the framework is the Revaluation Committee, comprising senior valuation specialists from within the Ultimate Parent Bank Group.
The Revaluation Committee reviews the application of the agreed policies and procedures to assess that a fair value measurement basis has been
applied.
The method of determining fair value differs depending on the information available.
Fair value hierarchy
A financial instrument’s categorisation within the valuation hierarchy is based on the lowest level input that is significant to the fair value
measurement.
The Banking Group categorises all fair value instruments according to the hierarchy described below.
Valuation techniques
The Banking Group applies market accepted valuation techniques in determining the fair valuation of over-the-counter derivatives. This includes
credit valuation adjustments and funding valuation adjustments, which incorporate credit risk and funding costs and benefits that arise in relation
to uncollateralised derivative positions, respectively.
The specific valuation techniques, the observability of the inputs used in valuation models and the subsequent classification for each significant
product category are outlined as follows:
Notes to the financial statements
Westpac New Zealand Limited17

Note 11 Fair values of financial assets and financial liabilities (continued)
Financial instruments measured at fair value
Level 1 instruments
The fair value of financial instruments traded in active markets is based on recent unadjusted quoted prices. These prices are based on actual
arm’s length basis transactions.
The valuations of Level 1 instruments require little or no management judgement.
InstrumentBalance sheet categoryIncludesValuation
Debt instruments
Trading securities and financial
assets measured at FVIS
New Zealand
Government bonds
These instruments are traded in liquid, active markets where
prices are readily observable. No modelling or assumptions
are used in the valuation.
Investment securities
Level 2 instruments
The fair value for financial instruments that are not actively traded is determined using valuation techniques which maximise the use of observable
market prices. Valuation techniques include:
●the use of market standard discounting methodologies;
●option pricing models; and
●other valuation techniques widely used and accepted by market participants.
InstrumentBalance sheet categoryIncludesValuation
Interest rate
products
Derivative financial
instruments
Due from related entities
Due to related entities
Interest rate swaps, forwards
and options – derivative
financial instruments
Industry standard valuation models are used to calculate
the expected future value of payments by product, which
is discounted back to a present value. The model’s
interest rate inputs are benchmark interest rates and
active broker quoted interest rates in the swap, bond and
futures markets. Interest rate volatilities are sourced from
brokers and consensus data providers. If consensus
prices are not available, these are classified as Level 3
instruments.
FX products
Derivative financial
instruments
Due from related entities
Due to related entities
FX swaps – derivative
financial instruments
Derived from market observable inputs or consensus
pricing providers using industry standard models. If
consensus prices are not available, these are classified as
Level 3 instruments.
Non-asset backed
debt instruments
Trading securities and financial
assets measured at FVIS
Investment securities
Due from related entities
Due to related entities
Local authority and NZ
public securities, other bank
issued certificates of deposit,
commercial paper, other
government securities, off-
shore securities and
corporate bonds
Repurchase agreements and
reverse repurchase
agreements over non-asset
backed debt securities
Valued using observable market prices which are sourced
from independent pricing services, broker quotes or
inter-dealer prices. If prices are not available from these
sources, these are classified as Level 3 instruments.
Deposits and other
borrowings at fair
value
Deposits and other borrowingsCertificates of deposit
Discounted cash flow using market rates offered for
deposits of similar remaining maturities.
Debt issues at fair
value
Debt issuesCommercial paper
Discounted cash flows, using a discount rate which
reflects the terms of the instrument and the timing of
cash flows adjusted for market observable changes in the
Banking Group’s implied creditworthiness.
Level 3 instruments
Financial instruments valued where at least one input that could have a significant effect on the instrument’s valuation is not based on observable
market data due to illiquidity or complexity of the product.
As at 31 March 2026, the Banking Group has no financial instruments valued under this category (30 September 2025: nil).
Notes to the financial statements
18Westpac New Zealand Limited

Note 11 Fair values of financial assets and financial liabilities (continued)
The following table summarises the attribution of financial instruments measured at fair value to the fair value hierarchy:
THE BANKING GROUP
31 Mar 26
Unaudited
30 Sep 25
Audited
$ millionsLevel 1Level 2Level 3Total
Level 1Level 2Level 3Total
Financial assets measured at fair value on a
recurring basis
Trading securities and financial assets measured at FVIS
270 2,231 - 2,501
267 2,086 - 2,353
Derivative financial instruments
- 1,218 - 1,218
- 1,057 - 1,057
Investment securities
4,312 4,292 - 8,604
3,930 4,276 - 8,206
Due from related entities
- 800 - 800
- 1,354 - 1,354
Total financial assets measured at fair value 4,582 8,541 - 13,123
4,197 8,773 - 12,970
Financial liabilities measured at fair value on a
recurring basis
Deposits and other borrowings at fair value
- 1,729 - 1,729
- 1,812 - 1,812
Other financial liabilities
- - - -
- 550 - 550
Derivative financial instruments
- 105 - 105
- 153 - 153
Due to related entities
- 353 - 353
- 767 - 767
Debt issues at fair value
- 3,985 - 3,985
- 2,746 - 2,746
Total financial liabilities measured at fair value - 6,172 - 6,172
- 6,028 - 6,028
Analysis of movements between fair value hierarchy levels
The Banking Group considers transfers between levels, if any, to have occurred at the end of the reporting period. During the period, there were
no material transfers between levels of the fair value hierarchy.
Financial instruments not measured at fair value
The following table summarises the estimated fair value of the Banking Group’s financial instruments not measured at fair value:
THE BANKING GROUP
31 Mar 26
Unaudited
30 Sep 25
Audited
$ millionsCarrying AmountFair Value
Carrying AmountFair Value
Financial assets not measured at fair value
Cash and balances with central banks
4,852 4,852
6,091 6,091
Collateral paid
154 154
32 32
Loans
109,015 108,941
106,328 106,619
Other financial assets
398 398
389 389
Due from related entities
815
815
732 732
Total financial assets not measured at fair value 115,234 115,160
113,572 113,863
Financial liabilities not measured at fair value
Collateral received
1,090 1,090
936 936
Deposits and other borrowings
83,744 83,786
81,020 81,101
Other financial liabilities
752 752
1,963 1,963
Due to related entities
1,148
1,148
999 999
Debt issues
1
23,511 23,664
23,660 23,825
Loan capital
1
1,709
1,765
1,726 1,799
Total financial liabilities not measured at fair value 111,954 112,205
110,304 110,623
1
The estimated fair value of debt issues and loan capital includes the impact of changes in the Banking Group's credit spreads since origination.
A detailed description of how fair value is derived for financial instruments not measured at fair value is disclosed in Note 24 of the financial
statements included in the Disclosure Statement for the year ended 30 September 2025.
Notes to the financial statements
Westpac New Zealand Limited19

Note 12 Credit related commitments, contingent assets and contingent liabilities
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Letters of credit and guarantees
1,2
1,799
1,796
Commitments to extend credit
3
28,835
28,325
Total undrawn credit commitments
4
30,634
30,121
1
Standby letters of credit and guarantees are undertakings to pay, against presentation of documents, an obligation in the event of a default by a customer.
Guarantees are unconditional undertakings given to support the obligations of a customer to third parties. The Banking Group may hold cash as collateral for certain
guarantees issued.
2
Letters of credit and guarantees includes the value of exposures guaranteed by the Bank to NZ Branch.
3
Commitments to extend credit include all obligations on the part of the Banking Group to provide credit facilities. As facilities may expire without being drawn upon,
the notional amounts do not necessarily reflect future cash requirements.
4
In addition to the commitments disclosed above, there is $2,972 million (30 September 2025: $1,478 million) of exposure to credit risk primarily relating to credit
exposures offered and accepted but still revocable, which represent part of the Banking Group's maximum exposure to credit risk.
Contingent assets
The Banking Group enters into various arrangements with customers that constitute contingent assets. If a specified contingent event occurs,
these commitments will be called upon and recognised on the balance sheet as loans.
Contingent liabilities
The Banking Group has contingent risks and liabilities arising from the conduct of its business, including: actual and potential disputes, claims,
legal proceedings, investigations, inquiries and reviews (formal and informal) carried out by regulatory authorities; and internal investigations and
reviews.
The scope of reviews (internal and external), investigations and inquiries can be wide-ranging and can result in litigation (including class action
proceedings and enforcement proceedings), fines and penalties, customer remediation and/or other sanctions and reputational damage.
All potential claims and other liabilities are assessed on a case-by-case basis. A provision will be recognised where the Banking Group has
conducted an assessment which determines the likelihood of loss as probable and where its potential loss can be reliably estimated. A contingent
liability exists in respect of actual or potential claims where the likely loss is not assessed as probable, where the law is uncertain or, in rare
circumstances, where the outflow of resources cannot be reliably estimated.
Notes to the financial statements
20Westpac New Zealand Limited

Note 13 Segment reporting
The Banking Group’s segment reporting incorporates Consumer Banking and Wealth and Institutional and Business Banking sectors within New
Zealand. On this basis, no geographical segment reporting is provided.
The operating segment results have been presented on a management reporting basis and consequently internal charges and transfer pricing
adjustments have been reflected in the performance of each operating segment. Intersegment pricing is determined on a cost recovery basis.
The Banking Group does not rely on any single major customer for its revenue base.
Segment comparative information for the six months ended 31 March 2025 and as at 30 September 2025 has been revised to align to the current
period's basis for reporting, and is consistent with the information provided internally to the Banking Group's chief operating decision-maker. This
includes changes in the segmentation classification for small to medium enterprise customers.
The Banking Group’s operating segments are defined by the customers they serve and the services they provide. The Banking Group has identified
the following main operating segments:
●Consumer Banking and Wealth provides financial services for individuals and small to medium enterprise; and
●Institutional and Business Banking provides a broad range of financial services for corporate, property finance, agricultural, institutional and
government customers.
Other primarily represents:
●business units that do not meet the definition of a reportable operating segment under NZ IFRS 8 Operating Segments;
●elimination entries on consolidation of the results, assets and liabilities of the Banking Group’s controlled entities in the preparation of the
consolidated financial statements of the Banking Group; and
●results of certain business units excluded for management reporting purposes, but included within the consolidated financial statements of
the Banking Group for statutory financial reporting purposes.
THE BANKING GROUP
$ millions
Consumer Banking
and Wealth
Institutional and
Business BankingOther Total
Six months ended 31 March
(Unaudited)
2026
2025
(Revised)
2026
2025
(Revised)
2026
2025
2026
2025
Net interest income 810
784
562
546
15
97
1,387
1,427
Net fees and commissions
Facility fees
14
15
10
7
1
1
25
23
Transaction fees and commissions
93
89
29
34
1
(1)
123
122
Other non-risk fee income
3
3
5
5
2
2
10
10
Fees and commissions income 110
107
44
46
4
2
158
155
Fees and commissions expenses
(41)
(40)
-
-
-
-
(41)
(40)
Net fees and commissions 69
67
44
46
4
2
117
115
Other non-interest income
-
-
-
-
4
6
4
6
Total non-interest income
69
67
44
46
8
8
121
121
Net operating income 879
851
606
592
23
105
1,508
1,548
Operating expenses
(528)
(494)
(219)
(206)
(8)
(30)
(755)
(730)
Impairment (charges)/benefits
(49)
(28)
12
(5)
-
-
(37)
(33)
Profit before income tax expense 302
329
399
381
15
75
716
785
Income tax expense
(85)
(92)
(112)
(108)
(4)
(20)
(201)
(220)
Profit after income tax expense 217
237
287
273
11
55
515
565
31 Mar 26
Unaudited
30 Sep 25
Audited
(Revised)
31 Mar 26
Unaudited
30 Sep 25
Audited
(Revised)
31 Mar 26
Unaudited
30 Sep 25
Audited
31 Mar 26
Unaudited
30 Sep 25
Audited
$ millions
Balance sheet
Total gross loans
73,026
70,790
36,351
35,732
108
250
109,485
106,772
Total deposits and other borrowings
55,764
54,578
27,980
26,442
1,729
1,812
85,473
82,832
Notes to the financial statements
Westpac New Zealand Limited21

This section contains the additional disclosures required by the Order.
i. General information
Guarantee arrangements
No material obligations of the Bank are guaranteed as at the date the Directors signed this Disclosure Statement.
Neither Westpac New Zealand Group Limited nor the Ultimate Parent Bank guarantees any of the obligations of the Bank or any member of the
Banking Group.
Changes to the Board of Directors
There have been three changes to the Board of Directors of the Bank since 30 September 2025. Michael Rowland, a Non-Executive Director of the
Bank, retired from the Board effective 8 October 2025. Christine Parker, a Non-Executive Director of the Bank, retired from the Board effective 4
November 2025. Nathan Goonan was appointed as a Non-Executive Director of the Bank effective 24 November 2025.
Auditor
KPMG
18 Viaduct Harbour Avenue
Auckland, New Zealand
Pending proceedings or arbitration
No pending legal proceedings or arbitration concerning any member of the Banking Group is expected to have a material adverse effect on the
Bank or the Banking Group.
Credit ratings
The Bank has the following credit ratings with respect to its long-term senior unsecured obligations, including obligations payable in New Zealand
in New Zealand dollars, as at the date the Directors signed this Disclosure Statement:
Rating AgencyCurrent Credit RatingRating Outlook
Fitch RatingsA+Stable
Moody's Investors ServiceA1
Stable
S&P Global RatingsAA-Stable
Other material matters
Reserve Bank review of overseas bank branches
On 30 October 2025, the Reserve Bank released the exposure draft of the Incorporation outside New Zealand Standard (IoNZ Standard) under the
Deposit Takers Act 2023. The proposed IoNZ Standard will require that overseas bank branches only conduct business with wholesale clients; the
total size of an overseas bank's branch not exceed NZ$15 billion in total assets; the New Zealand business be less than 50% of its total business;
and dual-operating branches (such as the NZ Branch) only conduct business with “large corporate or institutional clients" (LCIC).
The IoNZ Standard proposes that LCIC includes (broadly) those with consolidated annual turnover of over NZ$50 million or total assets of over
NZ$75 million and funds management entities and custodians with total assets under management of over NZ$250 million. The implementation
date is expected to be 1 December 2028.
The NZ Branch currently provides financial markets, trade finance and international payment products and services to customers referred by the
Bank. We expect the Reserve Bank’s IoNZ Standard will require changes to the activities the NZ Branch undertakes and as a result, the Bank may
also make changes to the scope of the activities it undertakes.
Reserve Bank capital review
On 17 December 2025, the Reserve Bank announced its decisions relating to its review of key capital settings for deposit takers (2025 Capital
Review). Once implemented, the updated settings for Group 1 deposit takers (including the Bank) will:
●remove AT1 from the capital stack and phase out the recognition of existing AT1 instruments.
●require the deposit taker to have a Common Equity Tier 1 (CET1) capital ratio of 12% (including a 6% prudential capital buffer (PCB) ratio).
●require the deposit taker to have a total capital ratio of 15% (including a 6% PCB ratio). Up to 3% of the total capital ratio requirement can
consist of subordinated debt eligible as Tier 2 capital to be issued to the Australian parent bank.
●require the deposit taker to have an additional 6% of RWAs of Loss Absorbing Capacity (LAC) instruments to be issued to the Australian
parent bank, bringing the total requirement including LAC to 21%.
●introduce more granular and lower standardised risk weights for certain asset classes.
The new Tier 2 and LAC instruments will include conversion to equity or write-off provisions.
Registered bank disclosures
Unaudited
22Westpac New Zealand Limited

i. General information (continued)
On 27 February 2026, the Reserve Bank released further information relating to the 2025 Capital Review, including further information on indicative
transition timelines and confirmation it will continue to consider applications for redemption of AT1 instruments, subject to the relevant prudential
requirements being satisfied.
On 13 April 2026, the Reserve Bank published an exposure draft consultation to update the BPRs for some of the decisions made as part of the
2025 Capital Review. For Group 1 deposit takers (including the Bank) these draft BPRs propose, as an interim measure, permitting the issuance of
Tier 2 instruments with a shorter maturity date or earlier redemption date than is permitted under the current settings. Additionally, a separate
amortisation table for Tier 2 instruments issued with a maturity date of less than 5 years has been proposed.
The Reserve Bank has also indicated it intends to consult during 2026 on the new Tier 2 and LAC instrument design and related implementation
timelines.
Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Reforms
In 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth), introducing
major reforms to the AML/CTF regime. A substantial number of reforms took effect from 31 March 2026. The reforms include the extension of a
number of provisions (including customer due diligence obligations) that apply to the Ultimate Parent Bank's permanent offshore establishments,
including the Bank and certain other members of the Banking Group. In response, the Ultimate Parent Bank and the relevant members of the
Banking Group are updating their policies, procedures, systems and controls, and are taking steps to address compliance gaps. Full
implementation will require a multi-year implementation plan, including complex technology upgrades to customer due diligence, expanding
transaction monitoring and reporting infrastructure. Timing and delivery challenges are an industry wide issue. In recognition of these challenges,
the AML/CTF Transitional Rules (Transitional Rules) commenced alongside the new regime, providing legislative transitional arrangements for a
limited subset of obligations applicable to existing reporting entities, including deferred commencement of certain requirements, subject to
specified conditions. These Transitional Rules do not, however, apply to the Banking Group. Given the scale of changes required, the Banking
Group has not completed implementation of all new requirements as at 31 March 2026.
Australian Transaction Reports and Analysis Centre (AUSTRAC) has also published its regulatory expectations, noting that it does not expect
immediate compliance, provided reporting entities continue to effectively identify, mitigate and manage money laundering and terrorism
financing risk and show sustained effort and reasonable progress against their implementation plans. During this period, AUSTRAC expects
existing AML/CTF controls to continue to operate.
The Ultimate Parent Bank has developed, and continues to refine, a phased implementation plan, that addresses both obligations subject to
transitional arrangements and broader reforms not covered by the Transitional Rules, including those applicable to its permanent offshore
establishments. The Ultimate Parent Bank will continue to engage with AUSTRAC to support a phased implementation approach.
Depositor Compensation Scheme
The Depositor Compensation Scheme (DCS) took effect from 1 July 2025. If a licensed deposit taker (including the Bank) fails, the DCS will protect
eligible depositors with money held in DCS-protected accounts up to $100,000 per depositor, per deposit taker. Most transaction, savings, notice,
term deposit and PIE accounts are protected accounts. The DCS is administered by the Reserve Bank. For more information about the scheme,
please refer to the Reserve Bank's website.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited23

ii. Additional financial disclosures
Additional information on balance sheet
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Interest earning and discount bearing assets
124,044
122,187
Interest and discount bearing liabilities
103,768
102,713
Total amounts due from related entities
1,615
2,086
Total amounts due to related entities
1,501
1,766
Financial assets pledged as collateral
The Banking Group is required to provide collateral to other financial institutions, as part of standard terms, to secure liabilities. In addition to
assets supporting the CB Programme disclosed in Note 6, the carrying value of these financial assets pledged as collateral is:
THE BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Cash
154
32
Securities pledged as collateral for derivative contracts:
Investment securities
273
265
Securities pledged under repurchase agreements:
Trading securities and financial assets measured at FVIS
1
40
217
Investment securities
2
-
550
Residential mortgage-backed securities
3
18
1,532
Total amount pledged to secure liabilities (excluding CB Programme) 485
2,596
1
As at 31 March 2026, $40 million of trading securities were pledged as collateral to the NZ Branch, with the repurchase amount recorded within due to related
entities on the balance sheet (30 September 2025: $217 million).
2
As at 31 March 2026, no investment securities were pledged as collateral to the NZ Branch or third parties (30 September 2025: $550 million investment securities
were pledged to third parties, with the repurchase amount recorded within other financial liabilities on the balance sheet).
3
The Banking Group has undertaken repurchase agreements with the Reserve Bank, under the Funding for Lending Programme and Term Lending Facility, using
RMBS. During the period ended 31 March 2026, the Funding for Lending Programme facility was fully repaid, with no balance outstanding as at 31 March 2026 (30
September 2025: $1,110 million recorded within other financial liabilities on the balance sheet, with underlying securities to the value of $1,503 million provided under
the arrangement). For the Term Lending Facility, the repurchase cash amount at 31 March 2026 is $15 million (30 September 2025: $24 million), which is recorded
within other financial liabilities on the balance sheet, with underlying securities to the value of $18 million provided under the arrangement (30 September 2025: $29
million).
Registered bank disclosures
Unaudited
24Westpac New Zealand Limited

ii. Additional financial disclosures (continued)
Additional information on concentrations of credit risk
The maximum exposure to credit risk (excluding collateral received) is represented by the carrying amount of on-balance sheet financial assets
and undrawn credit commitments as set out in the following table.
THE BANKING GROUP
$ millions31 Mar 26
Financial assets
Cash and balances with central banks
4,852
Collateral paid
154
Trading securities and financial assets measured at FVIS
2,501
Derivative financial instruments
1,218
Investment securities
8,604
Gross loans
109,485
Other financial assets
398
Due from related entities
1,615
Total financial assets 128,827
Undrawn credit commitments
Letters of credit and guarantees
1,799
Commitments to extend credit
28,835
Total undrawn credit commitments
1
30,634
Total maximum credit risk exposure 159,461
1
In addition to the commitments disclosed above, there is $2,972 million (30 September 2025: $1,478 million) of exposure to credit risk primarily relating to credit
exposures offered and accepted but still revocable, which represent part of the Banking Group's maximum exposure to credit risk.
Concentration of credit exposures
THE BANKING GROUP
On-balance sheetOff-balance sheet
$ millions31 Mar 2631 Mar 26
Analysis of credit exposures by geographical areas
New Zealand
123,670 30,064
Overseas
5,157 570
Total credit exposures 128,827 30,634
Analysis of credit exposures by industry sector
Accommodation, cafes and restaurants
443 113
Agriculture
8,631 612
Construction
584 641
Finance and insurance
8,765 2,090
Forestry and fishing, agriculture support services
345 94
Government, administration and defence
13,170 768
Manufacturing
1,765 1,710
Mining
109 146
Property
9,795 1,448
Property services and business services
1,233 589
Services
2,135 1,168
Trade
2,056 2,336
Transport and storage
603 713
Utilities
2,652 2,336
Retail lending
74,728 15,870
Subtotal 127,014 30,634
Due from related entities
1,615 -
Other financial assets
198 -
Total credit exposures 128,827 30,634
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited25

ii. Additional financial disclosures (continued)
Additional information on concentrations of funding
THE BANKING GROUP
$ millions31 Mar 26
Funding consists of
Collateral received
1,090
Deposits and other borrowings
85,473
Other financial liabilities
1
22
Due to related entities
2
1,106
Debt issues
3
27,496
Loan capital
1,709
Total funding 116,896
Analysis of funding by geographical areas
3
New Zealand
87,722
Overseas
29,174
Total funding 116,896
Analysis of funding by industry sector
Accommodation, cafes and restaurants
334
Agriculture, forestry and fishing
1,728
Construction
1,934
Finance and insurance
40,506
Government, administration and defence
3,270
Manufacturing
2,011
Mining
49
Property services and business services
7,725
Services
5,979
Trade
1,643
Transport and storage
615
Utilities
1,124
Households
44,325
Other
4
4,547
Subtotal 115,790
Due to related entities
2
1,106
Total funding 116,896
1
Other financial liabilities, as presented above, are in respect of repurchase agreements and interbank placements.
2
Amounts due to related entities, as presented above, are in respect of deposits and borrowings and repurchase agreements, and exclude amounts which relate to
derivative financial instruments and other liabilities.
3
The geographic region used for debt issues is based on the nature of the debt programmes. The nature of the debt programmes is used as a proxy for the location
of the original purchaser.
4
Includes deposits from non-residents.
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
26Westpac New Zealand Limited

ii. Additional financial disclosures (continued)
Additional information on interest rate sensitivity
The following table presents a breakdown of the earlier of the contractual repricing or maturity dates of the Banking Group’s net asset position as
at 31 March 2026. The Banking Group uses this contractual repricing information as a base, which is then altered to take account of customer
behaviour to manage its interest rate risk.
THE BANKING GROUP
31 Mar 26
$ millions
Up to 3
Months
Over 3
Months
and Up to
6 Months
Over 6
Months
and Up to
1 Year
Over 1
Year and
Up to 2
Years
Over 2
Years
Non-
interest
BearingTotal
Financial assets
Cash and balances with central banks
4,302 - - - - 550 4,852
Collateral paid
154 - - - - - 154
Trading securities and financial assets measured at
FVIS
1,958 323 79 141 - - 2,501
Derivative financial instruments
- - - - - 1,218 1,218
Investment securities
701 82 600 1,263 5,958 - 8,604
Loans
53,096 11,431 17,537 18,049 7,567 1,335 109,015
Other financial assets
- - - - - 398 398
Due from related entities
803 - - - - 812 1,615
Total financial assets 61,014 11,836 18,216 19,453 13,525 4,313 128,357
Non-financial assets
1,642
Total assets 129,999
Financial liabilities
Collateral received
1,090 - - - - - 1,090
Deposits and other borrowings
49,033 12,479 7,445 1,904 1,203 13,409 85,473
Other financial liabilities
- 15 - - - 737 752
Derivative financial instruments
- - - - - 105 105
Due to related entities
1,012 9 2 - 84 394 1,501
Debt issues
4,085 1,444 5,216 3,690 13,358 (297) 27,496
Loan capital
499 - - 600 600 10 1,709
Total financial liabilities 55,719 13,947 12,663 6,194 15,245 14,358 118,126
Non-financial liabilities
459
Total liabilities 118,585
On-balance sheet interest rate repricing gap 5,295 (2,111) 5,553 13,259 (1,720)
Net derivative notional principals
Net interest rate contracts (notional):
Receivable/(payable)
8,253 (964) (2,090) (10,658) 5,459
Net interest rate repricing gap 13,548 (3,075) 3,463 2,601 3,739
Additional information on liquidity risk
Contractual maturity of financial liabilities
The following table presents cash flows associated with financial liabilities, payable at the balance sheet date, by remaining contractual maturity.
The amounts disclosed in the table are the future contractual undiscounted cash flows, whereas the Banking Group manages inherent liquidity risk
based on expected cash flows.
Cash flows associated with these financial liabilities include both principal payments as well as fixed or variable interest payments incorporated
into the relevant coupon period. Principal payments reflect the earliest contractual maturity date. Derivative financial instruments designated in
hedge accounting relationships and used as economic hedges are expected to be held for their remaining contractual lives, and reflect gross cash
flows over the remaining contractual term.
Trading derivatives that are considered economic hedges are included as ‘held for hedging purposes’ in the following table. Derivatives held for
trading, which excludes economic hedges, and certain liabilities classified in “Other financial liabilities” which are measured at FVIS are not
managed for liquidity purposes on the basis of their contractual maturity, and accordingly these liabilities are presented in the up to 1 month
column. Only the liabilities that the Banking Group manages based on their contractual maturity are presented on a contractual undiscounted
basis in the following table.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited27

ii. Additional financial disclosures (continued)
THE BANKING GROUP
31 Mar 26
$ millions
On
Demand
Up to 1
Month
Over 1
Month
and Up to
3 Months
Over 3
Months
and Up to
1 Year
Over 1 and
Up to 5
Years
Over 5
YearsTotal
Financial liabilities
Collateral received
- 1,090 - - - - 1,090
Deposits and other borrowings
45,239 5,631 11,888 20,368 3,309 - 86,435
Other financial liabilities
69 91 5 143 - - 308
Derivative financial instruments:
Held for hedging purposes (net settled)
- 1 34 (1) 78 (3) 109
Due to related entities:
Non-derivative balances
1,025 40 26 4 93 - 1,188
Derivative financial instruments:
Held for hedging purposes (net settled)
- 17 128 102 51 - 298
Held for hedging purposes (gross settled):
Cash outflow
- 1 477 878 - - 1,356
Cash inflow
- (3) (470) (867) - - (1,340)
Debt issues
- 83 939 9,305 19,671 407 30,405
Loan capital
- - 19 58 230 1,873 2,180
Total undiscounted financial liabilities 46,333 6,951 13,046 29,990 23,432 2,277 122,029
Total contingent liabilities and commitments
Letters of credit and guarantees
1,799 - - - - - 1,799
Commitments to extend credit
28,835 - - - - - 28,835
Total undiscounted contingent liabilities and
commitments
30,634 - - - - - 30,634
Liquid assets
The following table shows the Banking Group’s qualifying liquid assets held for the purpose of managing liquidity risk. These assets are eligible for
repurchase agreements with the Reserve Bank and are held in cash, government, local government and highly rated investment grade securities.
The level of liquid asset holdings is reviewed frequently and is consistent with regulatory, balance sheet and market condition requirements.
THE BANKING GROUP
$ millions31 Mar 26
Cash and balances with central banks
4,852
Supranational securities
1,995
NZ Government securities
5,332
NZ public securities
2,278
NZ corporate securities
1,473
Total on-balance sheet liquid assets 15,930
In addition, the Banking Group has $8,951 million (30 September 2025: $7,679 million) of own originated loans that are self-securitised via the
Bank’s internal residential mortgage-backed securitisation programme. The AAA rated internal RMBS held are eligible for repurchase agreements
with the Reserve Bank under certain circumstances.
Registered bank disclosures
Unaudited
28Westpac New Zealand Limited

ii. Additional financial disclosures (continued)
Reconciliation of mortgage-related amounts
The following table provides the Banking Group’s reconciliation between any amounts disclosed in this Disclosure Statement that relate to
mortgages on residential property.
THE BANKING GROUP
$ millions
31 Mar 26
Residential mortgages - total gross loans (as disclosed in Note 6 and Note iii. Asset quality of the Registered
bank disclosures)
73,351
Reconciling items:
Unamortised deferred fees and expenses
(555)
Fair value hedge adjustments
4
EAD for undrawn commitments and other off-balance sheet exposures
10,234
Residential mortgages by LVR (as disclosed in Additional mortgage information in Note iv. Capital adequacy and
regulatory liquidity ratios of the Registered bank disclosures)
83,034
Accrued interest receivable
103
Partial write-offs
3
Residential mortgages - EAD (as disclosed in Credit risk exposures by asset class in Note iv. Capital adequacy
and regulatory liquidity ratios of the Registered bank disclosures)
83,140
iii. Asset quality
Past due assets
THE BANKING GROUP
31 Mar 26
$ millions
Residential
MortgagesOther RetailCorporateTotal
Past due but not individually impaired assets
Less than 30 days past due
1,072 64 142 1,278
At least 30 days but less than 60 days past due
196 12 61 269
At least 60 days but less than 90 days past due
116 8 6 130
At least 90 days past due
284 19 46 349
Total past due but not individually impaired assets 1,668 103 255 2,026
Registered bank disclosures
Unaudited
Westpac New Zealand Limited29

iii. Asset quality (continued)
Movements in components of loss allowance
Refer to Note 7 Provision for expected credit losses for movements in the components for loss allowance on loans and credit commitments for
total exposure. The provision for ECL on loans and credit commitments can be further disaggregated into the following types of credit exposures:
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3 Stage 3
$ millions CAP CAP CAP IAP
Residential mortgages
Provision for ECL as at 30 September 2025 39 104 57 31 231
Transfers to Stage 1
28 (28) - - -
Transfers to Stage 2
(3) 29 (24) (2) -
Transfers to Stage 3 CAP
- (10) 12 (2) -
Transfers to Stage 3 IAP
- - (9) 9 -
Reversals of previously recognised impairment charges
- - - (7) (7)
New facilities originated
8 - - - 8
Facilities derecognised
(3) (8) (14) - (25)
Changes in CAP due to amounts written off
- - (1) - (1)
Other charges/(credits) to the income statement
(25) 42 40 6 63
Total charges/(credits) to the income statement for ECL 5 25 4 4 38
Amounts written off from IAP
- - - (5) (5)
Total provision for ECL on loans and credit commitments
as at 31 March 2026
44 129 61 30 264
Other retail
Provision for ECL as at 30 September 2025 13 34 10 2 59
Transfers to Stage 1
25 (24) (1) - -
Transfers to Stage 2
(3) 5 (2) - -
Transfers to Stage 3 CAP
- (7) 7 - -
Transfers to Stage 3 IAP
- - - - -
Reversals of previously recognised impairment charges
- - - - -
New facilities originated
4 - - - 4
Facilities derecognised
(2) (3) (1) - (6)
Changes in CAP due to amounts written off
- - (10) - (10)
Other charges/(credits) to the income statement
(22) 31 8 2 19
Total charges/(credits) to the income statement for ECL 2 2 1 2 7
Amounts written off from IAP
- - - (1) (1)
Total provision for ECL on loans and credit commitments
as at 31 March 2026
15 36 11 3 65
Corporate
Provision for ECL as at 30 September 2025 33 110 25 33 201
Transfers to Stage 1
6 (6) - - -
Transfers to Stage 2
(2) 14 (12) - -
Transfers to Stage 3 CAP
- (3) 3 - -
Transfers to Stage 3 IAP
- (1) - 1 -
Reversals of previously recognised impairment charges
- - - (6) (6)
New facilities originated
6 - - - 6
Facilities derecognised
(2) (26) (1) - (29)
Changes in CAP due to amounts written off
- - (1) - (1)
Other charges/(credits) to the income statement
(7) 11 3 12 19
Total charges/(credits) to the income statement for ECL 1 (11) (8) 7 (11)
Amounts written off from IAP
- - - (2) (2)
Total provision for ECL on loans and credit commitments
as at 31 March 2026
34 99 17 38 188
The above movements in components of loss allowance table does not include ‘Loans - Other’ credit exposures on the basis that the provision for
ECL is nil.
Registered bank disclosures
Unaudited
30Westpac New Zealand Limited

iii. Asset quality (continued)
Impacts of changes in gross financial assets on loss allowances - total
Refer to Note 7 Provision for expected credit losses for the impacts of changes in gross financial assets on loss allowances. The following table
explains how changes in gross carrying amounts of loans during the period have contributed to changes in the provision for ECL on loans.
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3Stage 3
$ millions
CAP CAP CAP IAP
Total gross carrying amount as at 30 September 2025 91,922 13,788 850 212 106,772
Transfers:
Transfers to Stage 1
4,339 (4,336) (3) - -
Transfers to Stage 2
(4,929) 5,183 (245) (9) -
Transfers to Stage 3 CAP
(39) (348) 402 (15) -
Transfers to Stage 3 IAP
(1) (12) (61) 74 -
Net further lending/(repayment)
(2,687) (343) (17) (20) (3,067)
New facilities originated
12,357 - - - 12,357
Facilities derecognised
(5,278) (1,150) (111) (18) (6,557)
Amounts written off
- - (12) (8) (20)
Total gross carrying amount as at 31 March 2026 95,684 12,782 803 216 109,485
Provision for ECL as at 31 March 2026
(79) (233) (89) (69) (470)
Total net carrying amount as at 31 March 2026 95,605 12,549 714 147 109,015
Registered bank disclosures
Unaudited
Westpac New Zealand Limited31

iii. Asset quality (continued)
Impacts of changes in gross financial assets on loss allowances – by types of credit exposure
The gross carrying amounts of loans can be further disaggregated into the following types of credit exposures:
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3Stage 3
$ millions
CAP CAP CAP IAP
Residential mortgages
Total gross carrying amount as at 30 September 2025 62,476 8,045 679 118 71,318
Transfers:
Transfers to Stage 1
2,780 (2,780) - - -
Transfers to Stage 2
(3,697) 3,886 (180) (9) -
Transfers to Stage 3 CAP
(36) (290) 340 (14) -
Transfers to Stage 3 IAP
(1) (10) (59) 70 -
Net further lending/(repayment)
(1,981) (209) (13) (18) (2,221)
New facilities originated
9,156 - - - 9,156
Facilities derecognised
(4,091) (696) (97) (12) (4,896)
Amounts written off
- - (1) (5) (6)
Total gross carrying amount as at 31 March 2026 64,606 7,946 669 130 73,351
Provision for ECL as at 31 March 2026
(40) (121) (61) (30) (252)
Total net carrying amount as at 31 March 2026 64,566 7,825 608 100 73,099
Other retail
Total gross carrying amount as at 30 September 2025 1,965 559 50 4 2,578
Transfers:
Transfers to Stage 1
405 (402) (3) - -
Transfers to Stage 2
(402) 407 (5) - -
Transfers to Stage 3 CAP
(3) (30) 34 (1) -
Transfers to Stage 3 IAP
- - (2) 2 -
Net further lending/(repayment)
(122) 27 (5) 2 (98)
New facilities originated
307 - - - 307
Facilities derecognised
(132) (35) (12) - (179)
Amounts written off
- - (10) (1) (11)
Total gross carrying amount as at 31 March 2026 2,018 526 47 6 2,597
Provision for ECL as at 31 March 2026
(11) (30) (11) (3) (55)
Total net carrying amount as at 31 March 2026 2,007 496 36 3 2,542
Corporate
Total gross carrying amount as at 30 September 2025 27,282 5,153 121 90 32,646
Transfers:
Transfers to Stage 1
1,154 (1,154) - - -
Transfers to Stage 2
(830) 890 (60) - -
Transfers to Stage 3 CAP
- (28) 28 - -
Transfers to Stage 3 IAP
- (2) - 2 -
Net further lending/(repayment)
(594) (130) 1 (4) (727)
New facilities originated
2,888 - - - 2,888
Facilities derecognised
(1,055) (419) (2) (6) (1,482)
Amounts written off
- - (1) (2) (3)
Total gross carrying amount as at 31 March 2026 28,845 4,310 87 80 33,322
Provision for ECL as at 31 March 2026
(28) (82) (17) (36) (163)
Total net carrying amount as at 31 March 2026 28,817 4,228 70 44 33,159
The above gross carrying amount table does not include 'Other' credit exposures (refer to Note 6) on the basis that the provision for ECL is nil.
Registered bank disclosures
Unaudited
32Westpac New Zealand Limited

iii. Asset quality (continued)
Other asset quality information
THE BANKING GROUP
31 Mar 26
$ millions
Residential
MortgagesOther RetailCorporateOtherTotal
Undrawn commitments with individually impaired counterparties
- 1 4 - 5
Other assets under administration
- - - - -
iv. Capital adequacy and regulatory liquidity ratios
The information regarding capital adequacy contained in this note has been derived in accordance with the Bank’s Conditions of Registration
which relate to capital adequacy and the Reserve Bank BPR.
The Banking Group maintains an actively managed capital base to cover risks inherent in the business. The adequacy of the Banking Group’s
capital is monitored using, among other measures, the rules and ratios established by the Basel Committee on Banking Supervision and adopted
by the Reserve Bank in supervising the Banking Group.
The Banking Group’s capital summary as at 31 March 2026
THE BANKING GROUP
$ millions31 Mar 26
Tier 1 capital
Common Equity Tier 1 capital
Paid-up ordinary shares issued by the Bank plus related share premium
7,300
Retained earnings (net of appropriations)
2,742
Accumulated other comprehensive income and other disclosed reserves
1
3
Less deductions from Common Equity Tier 1 capital
Goodwill
(477)
Other intangible assets
2
(409)
Cash flow hedge reserve
(69)
Deferred tax asset deduction
(166)
Expected loss excess over eligible allowance
(51)
Total Common Equity Tier 1 capital 8,873
Additional Tier 1 capital
Additional Tier 1 loan capital
3
500
PPS
4
1,375
Total Additional Tier 1 capital 1,875
Total Tier 1 capital 10,748
Tier 2 capital
Tier 2 capital instruments
3
1,200
Revaluation reserves
-
Eligible impairment allowance in excess of expected loss
-
Total Tier 2 capital 1,200
Total capital 11,948
1
Accumulated other comprehensive income and other disclosed reserves consist of investment securities, cash flow hedge and cost of hedging reserves disclosed
as reserves on the balance sheet.
2
Includes capitalised transaction costs on PPS, loan capital and debt issues.
3
Classified as a liability under Generally Accepted Accounting Practice and excludes capitalised transaction costs. Additional Tier 1 loan capital and Tier 2 capital
instruments are itemised on page 35 and 36. Further details on convertibility for Additional Tier 1 loan capital are noted in the 'Conversion' section.
4
Classified as equity under Generally Accepted Accounting Practice and excludes transaction costs. AT1 PPS are itemised on page 34.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited33

iv. Capital adequacy and regulatory liquidity ratios (continued)
Capital structure
Ordinary shares
In accordance with BPR110 Capital definitions, ordinary share capital is classified as Common Equity Tier 1 capital.
The ordinary shares have no par value. Subject to the constitution of the Bank, each ordinary share of the Bank carries the right to one vote on a
poll at meetings of shareholders, the right to an equal share in dividends authorised by the Board and the right to an equal share in the distribution
of the surplus assets of the Bank in the event of liquidation.
AT1 Perpetual preference shares (AT1 PPS)
On 21 December 2023, the Bank issued two classes of AT1 PPS to the NZ Branch, totalling $1,000 million ('Internal PPS').
On 13 September 2024, the Bank issued $375 million of AT1 PPS, which are quoted on the NZX Debt Market ('Quoted PPS').
The AT1 PPS qualify as AT1 under the Reserve Bank’s capital adequacy framework. The AT1 PPS are classified as equity instruments as there is no
contractual obligation for the Banking Group to either deliver cash or another financial instrument or to exchange financial instruments on a
potentially unfavourable basis.
A summary of the key terms and features of each class of AT1 PPS is provided below:
$Issue dateCounterpartyAT1 PPS distribution rateOptional redemption date
Internal PPS
NZ$500
million
21 December
2023
NZ BranchNZ 3 month bank bill rate + 3.9723% p.a.
21 December 2028 and each quarterly scheduled
distribution payment date after that date
NZ$500
million
21 December
2023
NZ BranchNZ 3 month bank bill rate + 4.0219% p.a.
21 December 2029 and each quarterly scheduled
distribution payment date after that date
Quoted PPS
NZ$375
million
13 September
2024
External
Fixed at 7.10% p.a. until 13 September
2029 (when it resets to a floating rate
equal to the NZ 3 month bank bill rate +
3.50% p.a.)
13 September 2029 and each quarterly
scheduled distribution payment date after that
date
Ranking and rights in liquidation
The AT1 PPS were issued by the Bank and, in a liquidation of the Bank, rank equally amongst themselves and the Bank’s AT1 notes, are
subordinated to the claims of depositors and other creditors of the Bank (including holders of Tier 2 loan capital), and rank ahead of the Bank’s
ordinary shares. The AT1 PPS do not carry any voting rights.
AT1 PPS distributions payable
Quarterly AT1 PPS distributions are payable at the absolute discretion of the Bank. In addition, AT1 PPS distributions will only be paid if the Bank is
solvent on the payment date and remains solvent immediately after such payment is made and the payment will not result in a breach of the
Bank’s conditions of registration as at the time of the payment.
AT1 PPS distributions are non-cumulative. In respect of a class of AT1 PPS, if an AT1 PPS distribution is not paid in full, the Bank may not determine
or pay any dividends on its ordinary shares or undertake a discretionary buy-back or capital reduction of the Bank’s ordinary shares until a
subsequent AT1 PPS distribution is paid in full on that class (except in limited circumstances).
Redemption
The Bank may elect to redeem all or some of each class of the Internal PPS, or all of the Quoted PPS, on a related optional redemption date or at
any time for certain tax or regulatory reasons. Redemption is subject to certain conditions, including the Reserve Bank’s prior written approval and
the Bank remaining solvent immediately after the redemption. Holders have no right to require redemption.
On 17 December 2025 the Bank determined that a regulatory event had occurred in relation to the Quoted PPS, following the release by the
Reserve Bank of its 2025 Capital Review decisions. No decision has been made by the Bank to redeem the Quoted PPS.
Conversion
The AT1 PPS have no conversion or exchange options and no non-viability triggers.
Registered bank disclosures
Unaudited
34Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Additional Tier 1 loan capital (AT1 notes)
A summary of the key terms and features of the AT1 notes is provided below:
$Issue dateCounterpartyInterest rateOptional redemption date
NZ$500 million notes22 September 2017NZ Branch
NZ 90 day bank bill
rate + 3.9594% p.a.
21 September 2027 and every fifth
anniversary thereafter
Ranking and rights in liquidation
The AT1 notes were issued by the Bank and, in a liquidation of the Bank, rank equally amongst themselves and the Bank's AT1 PPS, are
subordinated to the claims of depositors and senior or less subordinated creditors of the Bank, and rank ahead of the Bank’s ordinary shares.
Transitional phase-out schedule
In accordance with BPR110 Capital definitions, the Bank’s AT1 notes are subject to a transitional phase-out from 1 January 2022 until 1 July 2028,
with the maximum eligible amount declining by 12.5% each year, and completely phased out from 1 July 2028. The base amount was fixed at the
total nominal amount of the Bank’s AT1 notes outstanding as at 30 September 2021, being $1,500 million. The total value able to be recognised as
AT1 is set out in BPR110 Capital definitions, with the lower of the outstanding amount or 37.5% of the base amount able to be recognised between 1
January 2026 and 31 December 2026 in line with the phase-out schedule. On 21 December 2023, the Bank exercised its option, for regulatory
reasons, to redeem $1,000 million of the AT1 notes for their face value, as approved by the Reserve Bank. As at 31 March 2026, the remaining
outstanding amount of $500 million is fully recognised as AT1 in accordance with the transitional phase-out schedule.
Interest payable
Quarterly interest payments on the AT1 notes are payable at the absolute discretion of the Bank and will only be paid if the payment conditions are
satisfied, including that the interest payment will not result in the Bank becoming insolvent immediately following the interest payment; not result
in a breach of the Reserve Bank's BPR; and the payment date not falling on the date of a capital trigger event or non-viability trigger event. Interest
payments are non-cumulative. If interest is not paid in full, the Bank may not determine or pay any dividends on its ordinary shares or undertake a
discretionary buy back or capital reduction of the Bank’s ordinary shares (except in limited circumstances).
Redemption
The Bank may elect to redeem all or some of the AT1 notes for their face value on 21 September 2027 and every fifth anniversary thereafter, subject
to the Reserve Bank’s prior written approval. Early redemption of all or some of the AT1 notes for certain tax or regulatory reasons is permitted
subject to the Reserve Bank’s prior written approval.
Conversion
If a capital trigger event or non-viability trigger event occurs, the Bank must convert some or all of the AT1 notes into a variable number of ordinary
shares issued by the Bank (calculated with reference to the net assets of the Bank and the total number of ordinary shares on issue at the
conversion date) that is sufficient, in the case of a capital trigger event, to return the Bank’s Common Equity Tier 1 capital ratio to above 5.125% as
determined by the Bank in consultation with the Reserve Bank; or, in the case of a non-viability trigger event, to satisfy the direction of the Reserve
Bank or the decision of the statutory manager of the Bank. A capital trigger event occurs when the Bank determines, or the Reserve Bank notifies in
writing that it believes, the Bank’s Common Equity Tier 1 capital ratio is equal to or less than 5.125%. A non-viability trigger event occurs when the
Reserve Bank or the statutory manager (appointed pursuant to section 117 of the Banking (Prudential Supervision) Act 1989) directs the Bank to
convert or write off all or some of its AT1 notes.
If conversion of the AT1 notes does not occur within five business days of a capital trigger event or a non-viability trigger event, holders’ rights in
relation to the AT1 notes will be immediately and irrevocably terminated.
The Bank is able to elect to convert all the AT1 notes for certain tax or regulatory reasons (or in certain other circumstances).
Registered bank disclosures
Unaudited
Westpac New Zealand Limited35

iv. Capital adequacy and regulatory liquidity ratios (continued)
Tier 2 loan capital
A summary of the key terms and features of the subordinated notes is provided below:
$Issue dateInterest rateMaturity dateOptional redemption date
NZ$600 million
notes
16 September 2022Fixed at 6.19% until 16 September
2027. Resets on 16 September 2027
to a floating rate: NZ 3 month bank
bill rate + 2.10% p.a.
16 September 203216 September 2027 and every quarterly
interest payment date thereafter
NZ$600 million
notes
14 August 2023Fixed at 6.73% until 14 February
2029. Resets on 14 February 2029 to
a floating rate: NZ 3 month bank bill
rate + 2.00% p.a.
14 February 203414 February 2029 and every quarterly
interest payment date thereafter
Ranking and rights in liquidation
The subordinated notes were issued by the Bank and, in a liquidation of the Bank, the 2022 and 2023 subordinated notes rank equally with each
other and amongst themselves, are subordinated to the claims of depositors and senior or less subordinated creditors of the Bank, and rank
ahead of the AT1 notes, AT1 PPS and the Bank's ordinary shares.
Common features of subordinated notes
Interest payable
Quarterly interest payments on the subordinated notes are subject to the Bank being solvent at the time of, and immediately following, the
interest payment.
Early redemption
The Bank may elect to redeem all or some of the 2022 or 2023 subordinated notes for their face value together with accrued interest (if any) on an
optional redemption date for the series specified above, subject to the Reserve Bank’s prior written approval. Early redemption of all of the 2022
or 2023 subordinated notes for certain tax or regulatory reasons is permitted on an interest payment date subject to the Reserve Bank’s prior
written approval.
Registered bank disclosures
Unaudited
36Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Credit risk subject to the IRB approach
Credit risk exposures by asset class
The Banking Group’s credit risk exposures by asset class as at 31 March 2026
Weighted
Average PDEAD
Exposure-
weighted
LGD
Exposure-
weighted
Risk WeightRWA
1
Exposure-weighted PD Grade (%)%$ millions%%$ millions
Residential mortgages
Up to and including 0.10
- - - - -
Over 0.10 up to and including 0.50
0.47 36,052 14 12 5,018
Over 0.50 up to and including 1.0
0.70 29,966 22 24 8,740
Over 1.0 up to and including 2.5
1.52 15,340 26 52 9,579
Over 2.5 up to and including 10.0
3.79 980 27 93 1,099
Over 10.0 up to and including 99.99
- - - - -
Default
100.00 802 23 155 1,492
Total 1.75 83,140 20 26 25,928
Other retail
Up to and including 0.10
0.05 739 46 7 60
Over 0.10 up to and including 0.50
0.26 1,778 40 18 379
Over 0.50 up to and including 1.0
0.78 824 41 35 350
Over 1.0 up to and including 2.5
1.82 838 54 67 671
Over 2.5 up to and including 10.0
5.06 475 62 91 521
Over 10.0 up to and including 99.99
19.10 66 67 136 107
Default
100.00 59 44 258 183
Total 2.56 4,779 46 40 2,271
Corporate
Up to and including 0.04
0.03 5,504 41 18 1,176
Over 0.04 up to and including 0.10
0.06 2,811 44 22 753
Over 0.10 up to and including 0.40
0.22 7,577 34 34 3,134
Over 0.40 up to and including 3.0
1.10 14,933 31 60 10,782
Over 3.0 up to and including 10.0
4.78 329 30 91 359
Over 10.0 up to and including 99.99
24.82 963 34 163 1,880
Default
100.00 213 54 83 213
Total 2.02 32,330 35 47 18,297
Total credit risk exposures subject to the IRB approach 120,249 46,496
1
RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited37

iv. Capital adequacy and regulatory liquidity ratios (continued)
The following table summarises the Banking Group’s credit risk exposures by asset class arising from undrawn commitments and other off-
balance sheet contingent liabilities and counterparty credit risk on derivatives and securities financing transactions. These amounts are included
in the previous tables.
THE BANKING GROUP
31 Mar 26
Undrawn commitments and
other off-balance sheet
contingent liabilities
1
Counterparty credit risk on
derivatives and securities
financing transactions
$ millionsValueEADValueEAD
Residential mortgages
14,145 10,234 - -
Other retail
3,448 2,160 - -
Corporate
12,403 6,562 3,839 106
Total 29,996 18,956 3,839 106
1
Certain balances which are part of the guarantee with the NZ Branch are not included as off-balance sheet contingent liabilities, reflecting their treatment in RWAs
calculations as components of on-balance sheet or counterparty credit risk exposure.
Additional mortgage information
Residential mortgages by LVR as at 31 March 2026
LVRs are calculated as the current exposure divided by the Banking Group’s valuation of the associated residential property at origination.
The Banking Group utilises data from its loan system to obtain origination valuations. For loans originated prior to 1 January 2008, or those
originated outside of the loan system, the origination valuation is not recorded in the system and is therefore, due to system limitations, not
available for disclosure. For these loans, the Banking Group utilises the earliest valuation recorded as the closest available alternative to estimate
an origination valuation.
Exposures for which no LVR is available have been included in the ‘Exceeds 90%’ category in accordance with the requirements of the Order.
THE BANKING GROUP
31 Mar 26
LVR range ($ millions)
Does not
exceed 60%
Exceeds 60%
and not 70%
Exceeds 70%
and not 80%
Exceeds 80%
and not 90%Exceeds 90%Total
On-balance sheet exposures
30,743 14,976 18,614 6,087 2,380 72,800
Undrawn commitments and other off-balance
sheet exposures
7,805 1,126 970 172 161 10,234
Value of exposures 38,548 16,102 19,584 6,259 2,541 83,034
Specialised lending subject to the slotting approach
The Banking Group’s specialised lending: Project and property finance credit risk exposures as at 31 March 2026
Total Exposures
After Credit Risk
Mitigation (EAD)Risk Weight RWA
1
On-balance sheet exposures subject to the slotting approach$ millions%$ millions
Supervisory slotting grade
Strong
5,547 70 4,660
Good
2,545 90 2,748
Satisfactory
283 115 390
Weak
44 250 133
Default
2 - -
EAD
Average Risk
WeightRWA
1
Off-balance sheet exposures subject to the slotting approach$ millions%$ millions
Undrawn commitments and other off-balance sheet exposures
1,798 79 1,697
Total specialised lending exposures subject to the slotting approach 10,219 9,628
1
RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview.
Registered bank disclosures
Unaudited
38Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Standardised equivalents of IRB risk weighted assets
The following table shows the standardised equivalent RWAs of the IRB RWAs for each IRB exposure class, as used in the floor calculation.
THE BANKING GROUP
31 Mar 26
$ millions
Exposure
Under the IRB
ApproachIRB RWA
1
Equivalent
Exposure
Under the
Standardised
Approach
Standardised
Equivalents of
RWA
IRB Exposure Class
Residential mortgages
83,140 25,928 79,711 30,755
Other retail
4,779 2,271 2,727 2,498
Corporate
32,330 18,297 31,335 29,999
Specialised lending subject to the slotting approach
10,219 9,628 9,427 9,235
Total
130,468 56,124 123,200 72,487
1
IRB RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview
Credit risk exposures subject to the standardised approach
The Banking Group’s credit risk exposures subject to the standardised approach as at 31 March 2026
Total Exposure
After Credit
Risk MitigationRisk WeightRWA
1
On-balance sheet exposures by separate risk weight$ millions%$ millions
Cash and gold bullion
550 0 -
Sovereigns and central banks
9,835 0 -
- 20 -
- 50 -
- 100 -
- 150 -
Multilateral development banks and other international organisations
1,816 0 -
- 20 -
- 50 -
- 100 -
- 150 -
Public sector entities
2,006 20 401
- 50 -
- 100 -
- 150 -
Banks
874 20 174
822 50 411
- 100 -
- 150 -
Registered bank disclosures
Unaudited
Westpac New Zealand Limited39

iv. Capital adequacy and regulatory liquidity ratios (continued)
Total Exposure
After Credit
Risk Mitigation
Average Risk
WeightRWA
1
Other on-balance sheet exposures by average risk weight
2
$ millions%$ millions
Past due assets
6 150 10
Other assets
3
2,008 55 1,098
Total Exposure
Or Principal
Amount
Average Credit
Conversion
Factor
Credit
Equivalent
Amount
Average Risk
WeightRWA
1
Off-balance sheet exposures
2
$ millions%$ millions%$ millions
Total off-balance sheet exposures subject to the
standardised approach
961 42.77 411 25 104
Counterparty credit risk for counterparties
subject to the standardised approach
Total Exposure
Or Principal
Amount
Credit
Equivalent
Amount
Average Risk
WeightRWA
1
$ millions$ millions%$ millions
FX contracts
26,338 1,315 31 413
Interest rate contracts
67,170 209 25 53
Other
2
14 30 - -
Credit Valuation Adjustment capital charge
4
N/AN/AN/A 483
Total ExposureRisk WeightRWA
1
Equity exposures
2
$ millions%$ millions
Equity holdings (not deducted from capital) not included in NZX50 or overseas
equivalent
3 400 12
Total credit risk exposures subject to the standardised approach
19,885 3,159
1
RWAs includes a scalar of 1.0 as required by BPR130 Credit risk RWAs overview.
2
The Banking Group has no exposures to be disclosed under the following categories: Undrawn commitments to the Business Growth Fund; Other corporate or
residential mortgage on-balance sheet exposures subject to the standardised approach; exposures arising from trades settled on qualifying central counterparties
other than as a client of a clearing member where the exposures are risk weighted as exposures to the clearing member; Equity holdings in the Business Growth
Fund; Equity holdings (not deducted from capital) included in the NZX 50 or overseas equivalent index.
3
Relate to property and equipment, other assets and related parties.
4
The Credit Valuation Adjustment (CVA) capital charge is $39 million and the implied risk weighted exposure for CVA is $483 million.
Credit risk mitigation
The Banking Group uses a variety of techniques to reduce the credit risk arising from its lending activities (refer to Note 13.5 to the financial
statements included in the Disclosure Statement for the year ended 30 September 2025 for further details). This includes the Banking Group
establishing that it has direct, irrevocable and unconditional recourse to collateral and other credit enhancements through obtaining legally
enforceable documentation.
Portfolios subject to the standardised approach
The following table shows the value of exposures in portfolios subject to the standardised approach which are covered by eligible financial
collateral as at 31 March 2026.
Registered bank disclosures
Unaudited
40Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
THE BANKING GROUP
31 Mar 26
$ millions
Total value of exposures covered by eligible
financial collateral (after haircutting)
Sovereign
-
Bank
1,046
Corporate (including specialised lending)
-
Residential mortgages
-
Other
-
Total for portfolios subject to the standardised approach 1,046
All portfolios
The Banking Group includes the effect of credit risk mitigation through eligible guarantees within the calculation applied to LGD. Due to system
limitations, the value of the guarantee is not always separately recorded, and therefore, neither the total value of exposures covered by
guarantees, nor a close alternative, is available for disclosure under Clause 7 of Schedule 11 to the Order. The Banking Group does not apply any
credit risk mitigation from credit derivatives as at 31 March 2026.
Impact of the Standardised Floor on Total Credit Risk RWAs
BPR130 Credit risk RWAs overview requires IRB Banks to calculate total credit risk RWAs as the sum of:
●The greater of:
-1.2 x total RWAs subject to the IRB treatment (as shown in the tables in the sections Credit risk subject to the IRB approach and
Specialised lending subject to the slotting approach on pages 37 and 38 respectively); and
-0.85 x total Standardised Equivalent RWAs for each credit risk exposure subject to the IRB treatment (commonly referred to as the
standardised floor); and
●1.0 x total RWAs subject to the Standardised treatment.
The following table shows the output from these calculations, and the resulting total credit risk RWAs used in the calculation of the Bank and the
Banking Group’s total capital requirements and capital ratios as at 31 March 2026.
THE BANKING GROUP
31 Mar 26
RWA
$ millions
Calculated for
compliance purposes
Recalculated using the
standardised approach
Total IRB and supervisory slotting exposures
1
56,124 72,487
Standardised floor at 85% of standardised equivalents
N/A 61,614
IRB and slotting RWAs with floor applied
61,614 N/A
RWAs for standardised exposures
2
3,159 N/A
Total credit risk RWAs 64,773 N/A
1
A scalar of 1.2 is applied when calculating the IRB RWAs for compliance purposes.
2
A scalar of 1.0 is applied when calculating RWAs for standardised exposures.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited41

iv. Capital adequacy and regulatory liquidity ratios (continued)
Operational risk
Operational risk capital requirement
The following table sets out the Banking Group’s implied risk-weighted exposures under the Standardised Approach for operational risk capital in
accordance with BPR150 Standardised operational risk.
THE BANKING GROUP
31 Mar 26
$ millions
Implied Risk Weighted
Exposure
Total Operational Risk
Capital Requirement
Standardised Approach
Operational risk
8,260 661
Whilst the Bank has transitioned to the Standardised Approach for calculating Operational Risk capital in line with BPR150 Standardised
operational risk, it continues to comply with the qualitative requirements set out in section B1 of BPR151 Advanced Measurement Approach
operational risk.
Market risk
The Banking Group’s aggregate market risk exposure is derived in accordance with BPR140 Market risk exposure and is calculated on a monthly
basis. The end-of-period aggregate market risk exposure is calculated from the period end balance sheet information.
For each category of market risk, the Banking Group’s peak end-of-day aggregate capital charge is derived by determining the maximum over the
six months ended 31 March 2026 of the aggregate capital charge for that category of market risk derived in accordance with BPR140 Market risk
exposure.
The following table provides a summary of the Banking Group’s capital charges by risk type as at the reporting date and the peak end-of-day
capital charges by risk type for the six months ended 31 March 2026:
THE BANKING GROUP
31 Mar 26
$ millionsImplied Risk Weighted ExposureAggregate Capital Charge
End-of-period
Interest rate risk
2,581 207
Foreign currency risk
16 1
Equity risk
- -
Peak end-of-day
Interest rate risk
9,486 759
Foreign currency risk
66 5
Equity risk
- -
Total capital requirements
Banking Group Pillar 1 Total Capital Requirement
THE BANKING GROUP
31 Mar 26
$ millions
Total Exposure After
Credit Risk Mitigation
Risk Weighted Exposure
or Implied Risk
Weighted Exposure
Total Capital
Requirement
1
Total credit risk
143,085 64,773 5,830
Operational risk
N/A 8,260 743
Market risk
N/A 2,597 234
TotalN/A 75,630 6,807
1
Calculated based on 9.0% Reserve Bank minimum total capital ratio requirement.
Registered bank disclosures
Unaudited
42Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Capital ratios
The following table is disclosed under the Reserve Bank’s Basel III framework in accordance with Clauses 15 and 16 of Schedule 11 to the Order and
represents the capital adequacy calculation based on the Reserve Bank BPR.
For the purpose of calculating the capital adequacy ratios for the Bank on a solo basis, non-SPV subsidiaries are consolidated within the Bank if
they are either funded exclusively and wholly owned by the Bank, or if there is a full, unconditional and irrevocable cross guarantee between the
non-SPV subsidiary and the Bank. An SPV must be consolidated with the Bank if it is either a covered bond SPV or an internal RMBS SPV.
THE BANKING GROUPTHE BANK
%
Reserve Bank
Minimum
Ratios31 Mar 26
31 Mar 25
31 Mar 26
31 Mar 25
Common Equity Tier 1 capital ratio 4.5
11.7
12.0
11.7
12.0
Tier 1 capital ratio 7.0
14.2
14.7
14.2
14.7
Total capital ratio 9.0
15.8
16.4
15.8
16.4
Buffer Trigger
Ratio
Prudential capital buffer ratio
1
5.5
6.8
7.4
N/A
N/A
1
The prudential capital buffer ratio increased from 4.5% to 5.5% on 1 July 2025.
Capital for other material risks
The Banking Group’s internal capital adequacy assessment process identifies, reviews and measures additional material risks that must be
captured within the Banking Group’s capital adequacy assessment process. The additional material risks considered are those not captured by
Pillar 1 regulatory capital requirements and include compliance and conduct risk, liquidity and funding risk, reputational and sustainability risk,
financial crime risk, other assets risk, strategic risk and cyber risk. The internal capital adequacy assessment process also takes account of future
strategic objectives, stress testing and regulatory developments.
The Banking Group’s internal capital allocation for ‘other material risks’ is $419 million as at 31 March 2026 (31 March 2025: $315 million).
Standardised equivalent capital ratios
The following table is disclosed in accordance with Clause 17B of Schedule 11 to the Order. The Banking Group’s standardised equivalent capital
ratios are for disclosure purposes and do not form part of the Bank's Conditions of Registration. Refer to the Capital ratios section above for the
Banking Group’s capital adequacy ratios for compliance purposes.
The RWAs and capital amounts have been calculated in line with the Reserve Bank BPR standardised requirements. The capital amount has been
recalculated to exclude any capital adjustments related to the expected loss provisions that only apply under the IRB approach. The credit risk
RWAs of these exposures have been recalculated under the requirements of BPR131 Standardised credit risk RWAs. The credit risk RWAs that are
currently calculated using the standardised methodology, market risk RWAs, and operational risk RWAs remain unchanged.
THE BANKING GROUP
31 Mar 26
CET1 capitalTier 1 capitalTotal capital
Standardised equivalent capital amount ($ millions)
8,924 10,799 11,999
Standardised equivalent total RWAs ($ millions)
86,503 86,503 86,503
Ratio (%)
10.3 12.5 13.9
Registered bank disclosures
Unaudited
Westpac New Zealand Limited43

iv. Capital adequacy and regulatory liquidity ratios (continued)
Historical comparison with standardised capital ratios and risk weights
The following table discloses total capital ratios and average risk weights under the IRB and standardised approaches for comparative purpose:
THE BANKING GROUP
%31 Mar 26
30 Sep 2530 Sep 24
IRB Approach
Total capital ratio
1
15.8
16.2 16.2
Actual average risk weight for all modelled credit risk exposures
2
43.0
43.0 43.4
Standardised Approach
Total capital ratio
3
13.9
14.3 14.2
Average risk weight for all modelled credit risk exposures
4
58.8
58.7 59.5
1
This represents the proportion of eligible capital the Banking Group holds against its total RWAs as calculated under its Conditions of Registration.
2
This represents the ratio of the total RWAs for all exposures that are subject to the IRB modelling approach or the supervisory slotting approach (including any
applicable scalar) to the total EAD for the modelled exposure classes.
3
This represents the proportion of the standardised equivalent of eligible capital the Banking Group holds against its total RWAs as calculated under the Reserve
Bank standardised approach.
4
This represents the ratio of the total RWAs for all exposures that are subject to the IRB modelling approach or the supervisory slotting approach, recalculated using
the standardised approach, to the total on-balance sheet and credit equivalent amounts for these exposures.
Ultimate Parent Bank Group and Ultimate Parent Bank capital adequacy
The following table represents the capital adequacy calculation for the Ultimate Parent Bank Group and Ultimate Parent Bank based on APRA’s
application of the Basel III capital adequacy framework.
%31 Mar 26
31 Mar 25
Ultimate Parent Bank Group (excluding entities specifically excluded by APRA)
1,2
Common Equity Tier 1 capital ratio
12.4
12.2
Additional Tier 1 capital ratio
1.9
2.3
Tier 1 capital ratio
14.3
14.5
Tier 2 capital ratio
7.2
7.1
Total regulatory capital ratio
21.5
21.6
Ultimate Parent Bank (Extended Licensed Entity)
1,3
Common Equity Tier 1 capital ratio
12.8
12.5
Additional Tier 1 capital ratio
2.0
2.5
Tier 1 capital ratio
14.8
15.0
Tier 2 capital ratio
7.9
7.9
Total regulatory capital ratios 22.7
22.9
1
The capital ratios represent information mandated by APRA. The capital ratios of the Ultimate Parent Bank Group are publicly available in the Ultimate Parent Bank
Group’s Pillar 3 report. This information is made available to users via the Ultimate Parent Bank’s website (www.westpac.com.au).
2
Ultimate Parent Bank Group (excluding entities specifically excluded by APRA regulations) comprises the consolidation of the Ultimate Parent Bank and its
subsidiary entities except for those entities specifically excluded by APRA regulations for the purposes of measuring capital adequacy (Level 2). The head of the Level
2 group is the Ultimate Parent Bank.
3
Ultimate Parent Bank (Extended Licensed Entity) comprises the Ultimate Parent Bank and its subsidiary entities that have been approved by APRA as being part of a
single Extended Licensed Entity for the purposes of measuring capital adequacy (Level 1).
Under APRA’s Prudential Standards, Australian authorised deposit-taking institutions, including the Ultimate Parent Bank Group and the Ultimate
Parent Bank, are required to maintain minimum ratios of capital to risk weighted assets, as determined by APRA, which are at least equal to those
specified under the Basel III capital framework. For the calculation of RWAs, the Ultimate Parent Bank Group and Ultimate Parent Bank are
accredited by APRA to apply advanced models. The Ultimate Parent Bank Group and Ultimate Parent Bank use the Advanced IRB approach for
credit risk, the Standardised Measurement Approach (SMA) for operational risk and the internal model approach for interest rate risk in the
banking book for calculating regulatory capital.
Registered bank disclosures
Unaudited
44Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
APRA has set a Total Common Equity Tier 1 (CET1) requirement for Domestic Systemically Important Banks (D-SIBs), including the Ultimate Parent
Bank, of at least 10.25% (noting that APRA may apply higher CET1 requirements for an individual bank). This requirement includes a capital
conservation buffer of 4.75% applicable to D-SIBs and a base level for the countercyclical capital buffer of 1.0% for Australian exposures which
APRA may vary between 0% and 3.5%.
On 4 December 2025, APRA published the final changes to the relevant prudential and reporting standards resulting from the phase out of AT1
with an effective date of 1 January 2027. Under the revisions, large internationally active banks such as the Ultimate Parent Bank will replace 1.5%
of AT1 capital with 1.25% of Tier 2 capital and 0.25% of CET1 capital. The total CET1 requirement, including regulatory buffers, will increase from
10.25% to 10.50%. There is no overall increase in total capital requirements for banks.
On implementation of these revised prudential and reporting standards, existing AT1 capital instruments would be included in the calculation of
the amount of total capital, until their first scheduled call date. Existing Ultimate Parent Bank AT1 capital instruments would reach their first
scheduled optional redemption dates by 2031 at the latest.
In addition, effective 1 January 2027 the minimum leverage ratio requirement will be 3.25% based on CET1 capital replacing the current
requirement of 3.50% based on Tier 1 capital. APS 221 Large Exposures and APS 222 Associations with Related Entities exposure limits remain
unchanged, however will be based on CET1 capital rather than Tier 1 capital.
The Ultimate Parent Bank Board has determined a target post dividend CET1 capital ratio of above 11.25% in normal operating conditions.
APRA’s prudential standards are generally consistent with the International Regulatory Framework for Banks, also known as Basel III, issued by the
Basel Committee on Banking Supervision, except where APRA has exercised certain discretions.
The Ultimate Parent Bank Group is required to disclose information on its capital adequacy on a quarterly basis. This information is made available
to users via the Ultimate Parent Bank’s website (www.westpac.com.au).
The Ultimate Parent Bank Group (excluding entities specifically excluded by APRA regulations) and Ultimate Parent Bank (Extended Licensed Entity
as defined by APRA) exceeded the minimum capital adequacy requirements as specified by APRA as at 31 March 2026.
Regulatory liquidity ratios
The Bank calculates liquidity ratios in accordance with the Reserve Bank document 'Liquidity Policy'. Ratios are calculated daily and are part of the
Bank’s management of liquidity risk. Quarterly average ratios are produced in line with the Reserve Bank rules and guidance.
THE BANKING GROUP
%31 Mar 26
31 Dec 25
Average for the three months ended
One-week mismatch ratio
8.7
8.5
One-month mismatch ratio
8.3
8.1
Core funding ratio
86.9
86.5
Registered bank disclosures
Unaudited
Westpac New Zealand Limited45

v. Concentration of credit exposures to individual counterparties
The following credit exposures are based on actual credit exposures to individual counterparties and groups of closely related counterparties.
The number of individual non-bank counterparties to which the Banking Group has an aggregate credit exposure or peak end-of-day aggregate
credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital:
THE BANKING GROUP
Exposure as at
31 March 2026
1
Peak end-of-day
exposure over
six months to 31
March 2026
2
Exposures to non-bank counterparties
3
With a long-term credit rating of A- or A3 or above, or its equivalent
Exceeds 10% and not 15%
2 2
With a long-term credit rating at least BBB- or Baa3, or its equivalent, and at most BBB+ or Baa1, or its equivalent
Exceeds 10% and not 15%
- 1
Exposures to bank counterparties
4
With a long-term credit rating of A- or A3 or above, or its equivalent
Exceeds 10% and not 15%
- 1
1
There are no non-bank counterparties with an aggregate credit exposure as at 31 March 2026 that equals or exceeds 10% of the Banking Group’s Common Equity
Tier 1 capital and with a long-term credit rating of less than A- or A3, or its equivalent, or unrated. There are no bank counterparties with an aggregate credit
exposure as at 31 March 2026 that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital .
2
There are no non-bank counterparties with an aggregate peak end-of-day credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1
capital and with a long-term credit rating of less than BBB- or Baa3, or its equivalent, or unrated. There are no bank counterparties with an aggregate peak end-of-
day credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital and with a long-term credit rating of less than A- or A3, or its
equivalent, or unrated.
3
A counterparty is a non-bank counterparty if it is a non-bank that is not a member of a group of closely related counterparties or it is a group of closely related
counterparties of which a bank is not the parent.
4
A counterparty is a bank counterparty if it is a bank that is not a member of a group of closely related counterparties or it is a group of closely related
counterparties of which a bank is the parent.
The peak end-of-day aggregate credit exposure to each individual counterparty (which are not members of a group of closely related
counterparties) or a group of closely related counterparties has been calculated by determining the maximum end-of-day aggregate amount of
actual credit exposure over the six-month period ending 31 March 2026, and then dividing that amount by the Banking Group’s Common Equity
Tier 1 capital as a t 31 March 2026.
Credit exposures to individual counterparties (not being members of a group of closely related counterparties) and to groups of closely related
counterparties exclude exposures to connected persons, to the central government or central banks of any country with a long-term credit rating
of A- or A3 or above, or its equivalent, or to any supranational or quasi-sovereign agency with a long-term credit rating of A- or A3 or above, or its
equivalent. These calculations relate only to exposures held in the financial records of the Banking Group and were calculated net of individually
assessed provisions.
vi. Insurance business
The Banking Group does not conduct any insurance business.
vii. Risk management policies
Refer to Note viii. Risk management policies of the Registered bank disclosures, Note 13 Credit risk management and Note 31 Risk management,
funding and liquidity risk and market risk included in the Banking Group Disclosure Statement for the year ended 30 September 2025 for further
details on the Banking Group's risk management policies.
Conditions of Registration
Changes to Conditions of Registration
On 1 December 2025, the Bank's Conditions of Registration were updated to ease residential mortgage loan-to-value ratio (LVR) restrictions as
follows:
●for owner occupiers, increasing the limit on the share of new lending allowed with an LVR above 80% to 25% (up from 20%); and
●for investors, increasing the limit on the share of new lending allowed with an LVR above 70% to 10% (up from 5%).
Registered bank disclosures
Unaudited
46Westpac New Zealand Limited

Independent Auditor’s
Review Report
To the shareholder of Westpac New Zealand Limited (the Bank)
Report on the consolidated interim disclosure statement
Conclusion
Within the consolidated interim disclosure statement we have completed a review of the accompanying
consolidated half-year financial statements and the supplementary information (excluding supplementary
information relating to General Information and Capital Adequacy and Regulatory Liquidity Ratios) (the half-
year financial statements and supplementary information) which comprise:
‒ the consolidated half-year financial statements comprised of:
–the balance sheet as at 31 March 2026;
–the income statement and statements of comprehensive income, changes in equity and cash
flows for the 6 month period then ended; and
–notes, including material accounting policy information and oth
er explanatory information
(excluding the information disclosed in accordance with Schedules 3, 5, 7, 11, 13, 16 and 18 of
the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks)
Order 2014 (as amended) (Order) and is included within registered bank disclosures i to vii);
(the half-year financial statements).
‒ the supplementary information that is required to be disclosed
in accordance with Schedules 5, 7, 13,
16 and 18 of the Order (the supplementary information), contained within registered bank
disclosures ii, iii, v, vi and vii.
Based on our review, the accompanying half-year financial statements and supplementary information of
Westpac New Zealand Limited and its controlled entities (the Banking Group) within pages 6 to 21, 24 to 33
and 46, nothing has come to our attention that causes us to believe that:
‒ the half-year financial statements have not been prepared, in all material respects, in accordance
with New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting
(NZ IAS 34); and
‒ the supplementary information that is required to be disclosed
in accordance with Schedules 5, 7, 13,
16 and 18 of the Order:
–does not present fairly, in all material respects, the matters to which it relates;
–is not disclosed, in all material respects, in accordance with
those schedules; and
–has not been prepared, in all material respects, in accordance with any condition of registration
relating to disclosure requirements imposed under section 74(4)
(c) of the Banking (Prudential
Supervision) Act 1989.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in
the Auditor's responsibilities for the review of the half-year financial statements and supplementary information
section of our report.
We are independent of the Banking Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual disclosure statement and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Banking Group in relation to regulatory compliance assurance,
climate report limited assurance and agreed upon procedures. Subject to certain restrictions, partners and
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Westpac New Zealand Li mited47

employees of our firm may also deal with the Banking Group on normal terms within the ordinary course of
trading activities of the business of the Banking Group. These matters have not impaired our independence as
auditor of the Banking Group. The firm has no other relationship with, or interest in, the Banking Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholder. Our review work has been undertaken so that we might state to the
shareholder those matters we are required to state to them in the independent auditor’s review report and for no
other purpose.
To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any
of their respective members or employees, accept or assume responsibility and deny all liability to anyone other
than the shareholder for our review work, this report, or any of the conclusions we have formed.
Responsibilities of directors for the consolidated interim disclosure statement
The Directors, on behalf of the Banking Group, are responsible for:
—the preparation and fair presentation of the Banking Group's consolidated interim disclosure statement
in accordance with NZ IAS 34 and Schedules 3, 5, 7, 11, 13, 16 and 18 of the Order; and
—implementing necessary internal control to enable the preparation of a consolidated interim disclosure
statement that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the half-year financial statements and
supplementary information
Our responsibility is to express a conclusion on the half-year financial statements and supplementary information
based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the:
—half-year financial statements, taken as a whole, do not present fairly, in all material respects, the
Banking Group’s financial position as at 31 March 2026 and its financial performance and cash flows for
the 6 month period ended on that date;
—half-year financial statements, taken as a whole, do not, in all material respects, comply with NZ IAS 34;
and
—the supplementary information does not fairly state, in all material respects, the matters to which it
relates in accordance with Schedules 5, 7, 13, 16 and 18 of the Order.
A review of the half-year financial statements and supplementary information in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the half-year
financial statements and supplementary information.
The engagement partner on the review resulting in this independent auditor’s review report is Sonia Isaac.
For and on behalf of:
KPMG
Auckland
4 May 2026
48 Westpac New Zealand Limited

Independent Limited
Assurance Report
To the shareholder of Westpac New Zealand Limited (the Bank)
Report on the supplementary information relating to Capital Adequacy and Regulatory Liquidity Ratios
Conclusion
Our limited assurance conclusion has been formed on the basis of the matters outlined in this report.
Based on our limited assurance engagement, which is not a reasonable assurance engagement or audit,
nothing has come to our attention that would lead us to believe that the supplementary information relating to
Capital Adequacy and Regulatory Liquidity Ratios, disclosed in registered bank disclosure iv within the
consolidated interim disclosure statement, is not, in all material respects disclosed in accordance with
Schedule 11 of the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks)
Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the supplementary information relating Capital Adequacy and Regulatory Liquidity Ratios, as
disclosed in registered bank disclosure iv within the consolidated interim disclosure statement for the period
ended 31 March 2026. Our conclusion on the Capital Adequacy and Regulatory Liquidity Ratios does not extend
to any other information included, or referred to, in the consolidated interim disclosure statement.
Criteria
The supplementary information relating to Capital Adequacy and Regulatory Liquidity Ratios comprises the
information that is required to be disclosed in accordance with Schedule 11 of the Order.
Standards we followed
We conducted our limited assurance engagement in accordance with Standard on Assurance Engagements
3100 (Revised) Compliance Engagements (SAE 3100 (Revised)) issued by the New Zealand Auditing and
Assurance Standards Board (Standard). We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our limited conclusion.
Our responsibilities under the Standard are further described in the ‘Our responsibility’ section of our report.
How to interpret limited assurance and material misstatement and non-compliance
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in
relation to both the risk assessment procedures, including an understanding of internal control, and the
procedures performed in response to the assessed risks.
Misstatements, including omissions, within the supplementary information relating to Capital Adequacy and
Regulatory Liquidity Ratios and non-compliance are considered material if, individually or in aggregate, they
could reasonably be expected to influence the relevant decisions of the intended users taken on the basis of the
supplementary information relating to Capital Adequacy and Regulatory Liquidity Ratios.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure it is
possible that fraud, error or non-compliance with compliance requirements may occur and not be detected.
© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Westpac New Zealand Li mited49

A limited assurance engagement for the period ended 31 March 2026 does not provide assurance on whether
compliance with Schedule 11 of the Order will continue in the future.
Use of this assurance Report
This report is made solely to the shareholder. Our assurance work has been undertaken so that we might state to
the shareholder those matters we are required to state to them in the assurance report and for no other purpose.
Our report should not be regarded as suitable to be used or relied on by anyone other than the Bank and its
shareholder for any purpose or in any context. Any other person who obtains access to our report or a copy
thereof and chooses to rely on our report (or any part thereof) will do so at its own risk.
To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or
any of their respective members or employees accept or assume any responsibility and deny all liability to
anyone other than the Bank for our work, for this independent assurance report, and/or for the opinions or
conclusions we have reached.
Our conclusion is not modified in respect of this matter.
Directors’ responsibility for the supplementary information relating to Capital Adequacy and
Regulatory Liquidity Ratios
The Directors of the Bank are responsible for the compliance activities undertaken to meet their identified
compliance requirements and disclosure of the supplementary information relating to Capital Adequacy and
Regulatory Liquidity Ratios in accordance with Schedule 11 of the Order. This responsibility includes such
internal control as the Directors determine is necessary to enable the identification of risks that threaten the
compliance requirements being met, designing and implementing controls which will mitigate those risks, monitor
ongoing compliance and to enable the disclosure of the supplementary information relating to Capital Adequacy
and Regulatory Liquidity Ratios that is free from material misstatement and non-compliance whether due to fraud
or error.
Our responsibility
We have responsibility for:
- planning and performing the engagement to obtain limited assurance about whether the supplementary
information relating to Capital Adequacy and Regulatory Liquidity Ratios is free from material
misstatement and non-compliance, whether due to fraud or error;
- forming an independent conclusion based on the procedures we have performed and the evidence we
have obtained; and
- reporting our conclusion to the shareholder.
Our work was carried out by a multidisciplinary team, including specialists in Financial Risk Management, who
assisted with the procedures below. We remain solely responsible for the assurance conclusion.
Summary of the work we performed as the basis for our conclusion
In a limited assurance engagement, the assurance practitioner performs procedures, primarily consisting of
discussion and enquiries of management and others within the entity, as appropriate, and observation and walk-
throughs, and evaluates the evidence obtained. The procedures selected depend on our judgement, including
identifying areas where the risk of material misstatement and non-compliance with Schedule 11 of the Order is
likely to arise.
We exercised professional judgment and maintained professional skepticism throughout the engagement. We
designed and performed our procedures to obtain evidence about the compliance activities and controls
implemented to meet the requirements of Schedule 11 of the Order.
In undertaking limited assurance, the procedures we primarily performed were:
50Westpac New Zealand Limited

- obtaining an understanding of the process, models, data and internal controls implemented over the
preparation of the information relating to Capital Adequacy and Regulatory Liquidity Ratios;
- performing inquiry and analytical procedures over the Capital Adequacy and Regulatory Liquidity Ratios;
- obtaining an understanding of the Bank’s compliance framework and internal control environment over
the information relating to Capital Adequacy and Regulatory Liquidity Ratios, including the Bank’s
assessment of any matters of non-compliance with the Reserve Bank of New Zealand’s Prudential
Requirements; and
- agreeing the information relating to Capital Adequacy and Regulatory Liquidity Ratios, extracted from
the Bank’s models, accounting records or other supporting documentation, to the consolidated
disclosure statement
The procedures performed in a limited assurance engagement vary in nature and timing from and are less in
extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the assurance that would have been obtained had a
reasonable assurance engagement been performed.
Our independence and quality management
We have complied with the independence and other ethical requirements of Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board, which is founded on
fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or
Reviews of Financial Statements, or Other Assurance or Related Services Engagements (PES 3), which requires
the firm to design, implement and operate a system of quality control including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Our firm has also provided other services to the Bank in relation to regulatory compliance assurance, climate
report limited assurance and agreed upon procedures. Subject to certain restrictions, partners and employees of
our firm may also deal with the Bank on normal terms within the ordinary course of trading activities of the
business of the Bank. These matters have not impaired our independence as assurance providers of the Bank
for this engagement. The firm has no other relationship with, or interest in, the Bank.
For and on behalf of:
KPMG
Auckland
4 May 2026
Westpac New Zealand Li mited51