WBC - NZ Banking Group Disclosure Statement - 31 Mar 2026

ASX RELEASE


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



12 May 2026

Westpac Banking Corporation – New Zealand Banking Group Disclosure
Statement


Westpac Banking Corporation (“Westpac”) today provides the attached Westpac New
Zealand Banking Group 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' and the Chief Executive Officer, NZ Branch's statement
5
Financial statements
Income statement6Note 6 Loans14
Statement of comprehensive income7Note 7 Provision for expected credit losses
14
Balance sheet8Note 8 Deposits and other borrowings
17
Statement of changes in equity9Note 9 Debt issues
18
Statement of cash flows10Note 10 Related entities
18
Note 1 Financial statements preparation 11Note 11 Fair values of financial assets and financial liabilities
18
Note 2 Net interest income12
Note 12 Credit related commitments, contingent assets and
contingent liabilities
21
Note 3 Non-interest income 13
Note 4 Operating expenses13Note 13 Segment reporting
22
Note 5 Impairment charges/(benefits)14
Registered bank disclosures
i. General information24iv. Credit and market risk exposures and capital adequacy34
ii. Additional financial disclosures27v. Insurance business35
iii. Asset quality33vi. Risk management policies36
Conditions of Registration
36
Independent auditor’s review report
37
Independent assurance report
39
Contents
Westpac Banking Corporation - New Zealand Banking Group
3

Certain information contained in this Disclosure Statement is required by the Order.
In this Disclosure Statement, reference is made to:
-Overseas Bank - refers to Westpac Banking Corporation;
-Overseas Banking Group - refers to the Overseas Bank and all other entities included in the Overseas Bank's group for the purposes of
public reporting of the group financial statements in Australia;
-NZ Branch - refers to the New Zealand business (as defined in the Order) of the Overseas Bank;
-Westpac New Zealand - refers to Westpac New Zealand Limited; and
-NZ Banking Group - refers to the financial reporting group (as defined in the Order) of the Overseas Bank. Controlled entities of the NZ
Banking Group are set out in Note 22 to the financial statements included in the Disclosure Statement for the year ended 30 September 2025
and changes (if any) to the NZ Banking Group since 30 September 2025 are included in Note 10;
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
GDP
Gross domestic product
IAP
Individually assessed provisions
APRA
Australian Prudential Regulation Authority
IRB
Internal ratings-based
AT1
Additional Tier 1 capital
IRRBB
Interest rate risk in the banking book
AUSTRAC
Australian Transaction Reports and Analysis
Centre
LVR
Loan-to-value ratio
NCI
Non-controlling interests
BPR
Banking Prudential Requirements
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards
CAP
Collectively assessed provisions
CB
Programme
Westpac New Zealand's Global Covered Bond
Programme
Order
Registered Bank Disclosure Statements (Overseas
Incorporated Registered Banks) Order 2014 (as
amended)
ECL
Expected credit losses
Financial
statements
Condensed consolidated interim financial
statements
PPS
Perpetual preference shares
Reserve Bank
Reserve Bank of New Zealand
FVIS
Fair value through income statement
RWAs
Risk weighted assets or risk weighted exposures
FX
Foreign exchange
WSNZL
Westpac Securities NZ Limited
Glossary of terms
4
Westpac Banking Corporation - New Zealand Banking Group

Each Director of the Overseas Bank and the Chief Executive Officer, NZ Branch, 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 Overseas Bank and the Chief Executive Officer, NZ Branch, believes, after due enquiry, that, over the six months ended 31
March 2026:
(a)the Overseas Bank has complied in all material respects with each condition of registration that applied during that period; and
(b)the NZ Branch and other members of the NZ Banking Group had systems in place to monitor and control adequately the material risks of
relevant members of the NZ Banking Group, including credit risk, concentration of credit risk, interest rate risk, currency risk, equity risk,
liquidity risk and other business risks, and that those systems were being properly applied. For this purpose, a relevant member of the NZ
Banking Group means a member of the NZ Banking Group that is not a member of Westpac New Zealand's Banking Group, as defined in
Westpac New Zealand's Disclosure Statement for the six months ended 31 March 2026.
The Disclosure Statement has been signed on behalf of all of the Directors by Catherine McGrath, Chief Executive Officer, Westpac New Zealand,
and by Christopher Leuschke as Chief Executive Officer, NZ Branch.
Catherine McGrath
Christopher Leuschke
Dated this 12th day of May 2026
Directors' and the Chief Executive Officer, NZ Branch's statement
Westpac Banking Corporation - New Zealand Banking Group5

NZ 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
2,964
3,631
Other2
103
125
Total interest income 3,067
3,756
Interest expense2
(1,685)
(2,337)
Net interest income 1,382
1,419
Non-interest income
Net fees and commissions3
93
92
Net wealth management3
25
23
Trading3
55
68
Other3
7
8
Total non-interest income 180
191
Net operating income 1,562
1,610
Operating expenses4
(792)
(766)
Impairment (charges)/benefits5
(37)
(33)
Profit before income tax expense 733
811
Income tax expense
(206)
(227)
Profit after income tax expense 527
584
Net profit attributable to NCI
(10)
(10)
Net profit attributable to the owners of the Overseas Bank 517
574
The above income statement should be read in conjunction with the accompanying notes.
Income statement for the six months ended 31 March 2026
6
Westpac Banking Corporation - New Zealand Banking Group

NZ BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Profit after income tax expense 527
584
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
132
(14)
Cost of hedging
(33)
-
Transferred to income statement:
Cash flow hedging instruments
(25)
11
Cost of hedging
(1)
-
Income tax on items taken to or transferred from equity:
Investment securities
(5)
(7)
Cash flow hedging instruments
(30)
1
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)
66
17
Total comprehensive income
593
601
Attributable to:
Owners of the Overseas Bank
583
591
NCI
10
10
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Statement of comprehensive income for the six months ended 31 March 2026
Westpac Banking Corporation - New Zealand Banking Group7

NZ BANKING GROUP
$ millions
Note
31 Mar 26
Unaudited
30 Sep 25
Audited
Assets
Cash and balances with central banks
4,950
6,188
Collateral paid
269
176
Trading securities and financial assets measured at FVIS
6,847
6,153
Derivative financial instruments
7,568
7,182
Investment securities
8,604
8,206
Loans6,7
109,407
106,800
Other financial assets
1,108
1,248
Due from related entities
3,677
3,004
Property and equipment
443
472
Deferred tax assets
177
191
Intangible assets
923
953
Other assets
164
177
Total assets 144,137
140,750
Liabilities
Collateral received
1,558
1,332
Deposits and other borrowings8
85,473
82,832
Other financial liabilities
3,292
4,989
Derivative financial instruments
5,024
4,729
Due to related entities
5,203
4,334
Debt issues9
27,496
26,406
Current tax liabilities
3
96
Provisions
151
204
Other liabilities
288
322
Loan capital
3,335
3,318
Total liabilities 131,823
128,562
Net assets 12,314
12,188
Head office account
Branch capital
1,300
1,300
Retained profits
1,690
1,647
Total head office account 2,990
2,947
NZ Banking Group equity
Share capital
6,045
6,045
Reserves
(3)
(68)
Retained profits
2,913
2,895
Total NZ Banking Group equity 8,955
8,872
Total equity attributable to owners of the Overseas Bank 11,945
11,819
NCI
369
369
Total shareholders' equity and NCI 12,314
12,188
The above balance sheet should be read in conjunction with the accompanying notes.
Balance sheet as at 31 March 2026
8
Westpac Banking Corporation - New Zealand Banking Group

NZ BANKING GROUP
NZ Branch
Head Office Account
Other Members of
the NZ Banking Group
Total equity
attributable
to the
owners of
the Overseas
BankNCI
Total
shareholders'
equity and
NCI$ millions
Branch
Capital
Retained
Profits
Share
CapitalReserves
Retained
Profits
As at 30 September 2024 (Audited)
1,300 1,598 6,045 (64) 2,446 11,325 369 11,694
Six months ended 31 March 2025
(Unaudited)
Profit after income tax expense - 74 - - 500 574 10 584
Net other comprehensive income/(expense) - - - 16 1 17 - 17
Total comprehensive income/(expense)
- 74 - 16 501 591 10 601
Transactions with equity holders:
Dividends paid on ordinary shares (Note 10) - - - - (308) (308) - (308)
Dividends paid on PPS - - - (10) (10)
As at 31 March 2025 (Unaudited)
1,300 1,672 6,045 (48) 2,639 11,608 369 11,977
As at 30 September 2025 (Audited) 1,300 1,647 6,045 (68) 2,895 11,819 369 12,188
Six months ended 31 March 2026
(Unaudited)
Profit after income tax expense
- 43 - - 474 517 10 527
Net other comprehensive income/(expense)
- - - 65 1 66 - 66
Total comprehensive income/(expense) - 43 - 65 475 583 10 593
Transactions with equity holders:
Dividends paid on ordinary shares (Note 10)
- - - - (457) (457) - (457)
Dividends paid on PPS
- - - - - - (10) (10)
As at 31 March 2026 (Unaudited) 1,300 1,690 6,045 (3) 2,913 11,945 369 12,314
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
Westpac Banking Corporation - New Zealand Banking Group9

NZ 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
3,042
3,674
Interest paid
(1,819)
(2,340)
Non-interest income received
260
(11)
Operating expenses paid
(678)
(682)
Income tax paid
(307)
(368)
Cash flows from operating activities before changes in operating assets and liabilities
498
273
Net (increase)/decrease in:
Collateral paid
(93)
107
Trading securities and financial assets measured at FVIS
(613)
(102)
Loans
(2,797)
(1,228)
Other financial assets
(29)
61
Due from related entities
(39)
4
Other assets
5
-
Net increase/(decrease) in:
Collateral received
226
965
Deposits and other borrowings
2,624
1,446
Other financial liabilities
(1,486)
240
Due to related entities
(58)
(1)
Other liabilities
(6)
6
Net movement in external and related entity derivative financial instruments
264
930
Net cash provided by/(used in) operating activities (1,504)
2,701
Cash flows from investing activities
Proceeds from investment securities
-
10
Purchase of investment securities
(558)
(522)
Purchase of intangible assets
(51)
(44)
Purchase of property and equipment
(30)
(46)
Net cash provided by/(used in) investing activities (639)
(602)
Cash flows from financing activities
Proceeds from debt issues
6,779
2,759
Repayments of debt issues
(5,819)
(4,231)
Payments for the principal portion of lease liabilities
(20)
(32)
Maturities, repayments, buy-backs and reduction of loan capital
1
6
Dividends paid on ordinary shares10
(457)
(308)
Dividends paid on PPS
(10)
(10)
Net movement in due to related entities
6
30
Net cash provided by/(used in) financing activities 480
(1,786)
Net increase/(decrease) in cash and cash equivalents (1,663)
313
Cash and cash equivalents at the beginning of the period
8,076
8,261
Effect of exchange rate changes on cash and cash equivalents
19
103
Cash and cash equivalents at the end of the period 6,432
8,677
Cash and cash equivalents at the end of the period comprise:
Cash on hand
583
205
Balances with central banks
4,367
6,455
Total cash and balances with central banks 4,950
6,660
Amounts due from related entities classified as cash and cash equivalents
1,482
2,013
Interbank lending classified as cash and cash equivalents
-
4
Cash and cash equivalents at the end of the period 6,432
8,677
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
10
Westpac Banking Corporation - New Zealand Banking Group

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 Overseas Bank on 12 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 NZ 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 NZ 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 NZ 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 NZ 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 NZ 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 NZ 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 NZ 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 NZ
Banking Group.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group11

Note 2 Net interest income
NZ 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
3
2
Investment securities
161
140
Loans
2,702
3,272
Due from related entities
23
33
Other interest income
1
-
Total interest income calculated using the effective interest method 2,964
3,631
Other
Trading securities and financial assets measured at FVIS
103
125
Total other 103
125
Total interest income 3,067
3,756
Interest expense
Calculated using the effective interest method
Collateral received
22
22
Deposits and other borrowings
903
1,475
Due to related entities
19
29
Debt issues
380
279
Loan capital
95
95
Other financial liabilities
10
68
Total interest expense calculated using the effective interest method 1,429
1,968
Other
Deposits and other borrowings
27
46
Debt issues
73
87
Other interest expense
1
156
236
Total other 256
369
Total interest expense 1,685
2,337
Net interest income 1,382
1,419
1
Includes the net impact of Treasury's interest rate and liquidity management activities.
Notes to the financial statements
12
Westpac Banking Corporation - New Zealand Banking Group

Note 3 Non-interest income
NZ BANKING GROUP
$ millions
Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Net fees and commissions
Facility fees
27
25
Transaction fees and commissions
97
96
Other non-risk fee income
10
11
Fees and commissions income 134
132
Credit card loyalty programmes
(16)
(16)
Transaction fees and commissions related expenses
(25)
(24)
Fees and commissions expenses (41)
(40)
Net fees and commissions 93
92
Net wealth management 25
23
Trading 55
68
Other
Net ineffectiveness on qualifying hedges
2
(1)
Other
5
9
Total other 7
8
Total non-interest income 180
191
Note 4 Operating expenses
NZ BANKING GROUP
$ millions

Six Months
Ended
31 Mar 26
Unaudited
Six Months
Ended
31 Mar 25
Unaudited
Staff expenses
399
390
Lease expenses
10
11
Depreciation
54
59
Technology services and telecommunications
145
136
Purchased services
29
34
Software amortisation
81
67
Related entities - management fees
8
8
Other
1
66
61
Total operating expenses 792
766
1
'Other' includes expenses such as advertising, property related costs, postage and freight and non-lending losses.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group13

Note 5 Impairment charges/(benefits)
NZ 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 NZ Banking Group.
Note 6 Loans
NZ BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Residential mortgages
73,335
71,300
Other retail
2,597
2,578
Corporate
33,736
33,142
Other
215
230
Total gross loans 109,883
107,250
Provision for ECL on loans (refer to Note 7)
(476)
(450)
Total net loans 109,407
106,800
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 NZ 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 NZ 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
14
Westpac Banking Corporation - New Zealand Banking Group

Note 7 Provision for expected credit losses (continued)
The following table reconciles the provision for ECL on loans and credit commitments for the NZ Banking Group.
NZ 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)
80 238 89 69 476
Provision for ECL on credit commitments
13 26 - 2 41
Total provision for ECL on loans and credit commitments
as at 31 March 2026
93 264 89 71 517
The following table provides further details of the provision for ECL by types of exposure and stage:
NZ 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
Westpac Banking Corporation - New Zealand Banking Group15

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.
NZ 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 NZ 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).
NZ 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
16
Westpac Banking Corporation - New Zealand Banking Group

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 NZ 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 NZ Banking Group as at 31 March 2026 and 30 September
2025.
NZ 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 NZ 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 $3.7 billion (30 September 2025: increased by $12.4 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
NZ 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
Westpac Banking Corporation - New Zealand Banking Group17

Note 9 Debt issues
NZ 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 NZ Banking Group are set out in Note 22 to the financial statements included in the Disclosure Statement for the year
ended 30 September 2025.
On 19 February 2 0 2 6, Westpac New Zealand Group Limited declared and paid a cash dividend of $449 million to Westpac Overseas Holdings No.2
Pty Limited with imputation credits of $175 million attached (31 March 2025: $308 million dividend with $120 million imputation credits attached).
On 27 March 2 0 2 6, BT Financial Group (NZ) Limited declared and paid a cash dividend of $8 million to Westpac Equity Holdings Pty Limited with
no imputation credits attached (31 March 2025: no dividends were paid during the comparative period).
Note 11 Fair values of financial assets and financial liabilities
Fair Valuation Control Framework
The NZ 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 Overseas Banking 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 NZ Banking Group categorises all fair value instruments according to the hierarchy described below.
Valuation techniques
The NZ 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
18
Westpac Banking Corporation - New Zealand Banking Group

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
Exchange traded
products
Derivative financial
instruments
Exchange traded
interest rate futures -
derivative financial
instruments
These instruments are traded in liquid, active markets
where prices are readily observable. No modelling or
assumptions are used in the valuation.
Due from related entities
Due to related entities
FX products
Derivative financial
instruments
FX spot contracts
Debt instruments
Trading securities and
financial assets measured at
FVIS
New Zealand
Government bonds
Investment securities
Other financial liabilities
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 and FX
forward contracts –
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
Other financial liabilities
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.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group19

Note 11 Fair values of financial assets and financial liabilities (continued)
InstrumentBalance sheet categoryIncludesValuation
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 NZ 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.
Balances within this category of the fair value hierarchy are not considered material to the total derivative financial instruments balances.
The following table summarises the attribution of financial instruments measured at fair value to the fair value hierarchy:
NZ 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
1,258 5,566 23 6,847
1,411 4,742 - 6,153
Derivative financial instruments
- 7,568 - 7,568
- 7,182 - 7,182
Investment securities
4,312 4,292 - 8,604
3,930 4,276 - 8,206
Due from related entities
- 2,194 - 2,194
- 1,131 - 1,131
Total financial assets measured at fair value 5,570 19,620 23 25,213
5,341 17,331 - 22,672
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
253 1,378 - 1,631
322 1,724 - 2,046
Derivative financial instruments
- 5,023 1 5,024
- 4,728 1 4,729
Due to related entities
- 3,993 - 3,993
- 3,027 - 3,027
Debt issues at fair value
- 3,985 - 3,985
- 2,746 - 2,746
Total financial liabilities measured at fair value 253 16,108 1 16,362
322 14,037 1 14,360
Sensitivities to reasonably possible changes in non-market valuation assumptions would not have a material impact on the NZ Banking Group's
reported results (30 September 2025: no material impact).
Analysis of movements between fair value hierarchy levels
The NZ 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.
Notes to the financial statements
20
Westpac Banking Corporation - New Zealand Banking Group

Note 11 Fair values of financial assets and financial liabilities (continued)
Financial instruments not measured at fair value
The following table summarises the estimated fair value of the NZ Banking Group’s financial instruments not measured at fair value:
NZ BANKING GROUP
31 Mar 26
Unaudited
30 Sep 25
Audited
$ millions
Carrying
AmountFair Value
Carrying
AmountFair Value
Financial assets not measured at fair value
Cash and balances with central banks
4,950 4,950
6,188 6,188
Collateral paid
269 269
176 176
Loans
109,407 109,336
106,800 107,094
Other financial assets
1,108 1,108
1,248 1,248
Due from related entities
1,483 1,483
1,873 1,873
Total financial assets not measured at fair value 117,217 117,146
116,285 116,579
Financial liabilities not measured at fair value
Collateral received
1,558 1,558
1,332 1,332
Deposits and other borrowings
83,744 83,786
81,020 81,101
Other financial liabilities
1,661 1,661
2,943 2,943
Due to related entities
1,210 1,210
1,307 1,307
Debt issues
1
23,511 23,664
23,660 23,825
Loan capital
3,335 3,416
3,318 3,416
Total financial liabilities not measured at fair value 115,019 115,295
113,580 113,924
1
The estimated fair value of debt issues includes the impact of changes in the NZ 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.
Note 12 Credit related commitments, contingent assets and contingent liabilities
NZ BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Letters of credit and guarantees
1
1,382
1,329
Commitments to extend credit
2
29,088
28,556
Total undrawn credit commitments
3
30,470
29,885
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 NZ Banking Group may hold cash as collateral for
certain guarantees issued.
2
Commitments to extend credit include all obligations on the part of NZ Banking Group to provide credit facilities. As facilities may expire without being drawn upon,
the notional amounts do not necessarily reflect future cash requirements.
3
In addition to the commitments disclosed above, there is $2,903 million (30 September 2025: $1,358 million) of exposure to credit risk relating to credit exposures
offered and accepted but still revocable, which represent part of the NZ Banking Group's maximum exposure to credit risk.
Contingent assets
The NZ 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 NZ 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 NZ 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
Westpac Banking Corporation - New Zealand Banking Group21

Note 13 Segment reporting
The NZ Banking Group operates predominantly in the Consumer Banking and Wealth, Institutional and Business Banking and Financial Markets,
International Trade and Payments 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 NZ 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 NZ Banking Group's chief operating decision-maker.
This includes changes in the segmentation classification for small to medium enterprise customers.
The NZ Banking Group’s operating segments are defined by the customers they serve and the services they provide. The NZ Banking Group has
identified the following main operating segments:
●Consumer Banking and Wealth provides financial services for individuals and small to medium enterprise;
●Institutional and Business Banking provides a broad range of financial services for corporate, property finance, agricultural, institutional and
government customers; and
●Financial Markets provides foreign exchange, interest rate derivatives, fixed interest and debt securities, commodities, carbon and energy
capabilities. International Trade and Payments provide international trade solutions, payments products and services to consumer,
business and institutional 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/aggregation of the results, assets and liabilities of the NZ Banking Group’s controlled entities in the
preparation of the aggregated financial statements of the NZ Banking Group; and
●results of certain business units excluded for management reporting purposes, but included within the aggregated financial statements of
the NZ Banking Group for statutory financial reporting purposes.
NZ BANKING GROUP
$ millions
Consumer
Banking and
Wealth
Institutional
and Business
Banking
Financial Markets,
International Trade
and PaymentsOther Total
Six months ended 31 March
(Unaudited)
2026
2025
(Revised)
2026
2025
(Revised)
2026
2025
2026
2025
2026
2025
Net interest income 810
784
562
546
17
15
(7)
74
1,382
1,419
Net fees and commissions
Facility fees
14
15
10
7
2
2
1
1
27
25
Transaction fees and commissions
93
89
29
34
(1)
(1)
(24)
(26)
97
96
Other non-risk fee income
3
3
5
5
4
4
(2)
(1)
10
11
Fees and commissions income 110
107
44
46
5
5
(25)
(26)
134
132
Fees and commissions expenses
(41)
(40)
-
-
-
-
-
-
(41)
(40)
Net fees and commissions 69
67
44
46
5
5
(25)
(26)
93
92
Other non-interest income
-
-
-
-
35
28
52
71
87
99
Total non-interest income 69
67
44
46
40
33
27
45
180
191
Net operating income 879
851
606
592
57
48
20
119
1,562
1,610
Operating expenses
(528)
(494)
(219)
(206)
(17)
(18)
(28)
(48)
(792)
(766)
Impairment (charges)/benefits
(49)
(28)
12
(5)
-
-
-
-
(37)
(33)
Profit before income tax expense 302
329
399
381
40
30
(8)
71
733
811
Income tax expense
(85)
(92)
(112)
(108)
(11)
(8)
2
(19)
(206)
(227)
Profit after income tax expense 217
237
287
273
29
22
(6)
52
527
584
Net profit attributable to NCI
-
-
-
-
-
-
(10)
(10)
(10)
(10)
Net profit attributable to the owners of
the Overseas Bank
217
237
287
273
29
22
(16)
42
517
574
Notes to the financial statements
22
Westpac Banking Corporation - New Zealand Banking Group

Note 13 Segment reporting (continued)
NZ BANKING GROUP
$ millions
Consumer Banking
and Wealth
Institutional and
Business Banking
Financial Markets,
International Trade
and PaymentsOther Total
As at
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
31 Mar 26
Unaudited
30 Sep 25
Audited
Balance sheet
Total gross loans
73,026
70,790
36,351
35,732
414
496
92
232
109,883
107,250
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 Banking Corporation - New Zealand Banking Group23

This section contains the additional disclosures required by the Order.
i. General information
Guarantee arrangements
No material obligations of the Overseas Bank that relate to the NZ Branch are guaranteed as at the date the Directors and the Chief Executive
Officer, NZ Branch signed this Disclosure Statement.
Directors
The Directors of the Overseas Bank at the time this Disclosure Statement was signed were:
Steven Gregg, BCom – Chairman
Anthony Miller, LLB (Hons), BA – Managing Director & Chief Executive Officer
Tim Burroughs, MA (Hons), B Psy (Hons), FCA, FAICD
Nerida Caesar, BCom, MBA, GAICD
David Cohen, BA LLB, FAPI
Philippa Greenwood, LLB
Debra Hazelton, BA (Hons), MCom, GAICD
Andy Maguire, BA, BAI
Peter Nash, BCom, FCA, F Fin
Margaret (Margie) Seale, BA, FAICD
Michael Ullmer AO, BSc, FAICD, FCA, SF Fin
Changes to Directorate
There have been no changes in the composition of the Board of Directors of the Overseas Bank since 30 September 2025:
Chief Executive Officer, NZ Branch
Christopher Leuschke, BCom
Responsible person
All the Directors named above have authorised in writing Catherine McGrath, Chief Executive Officer, Westpac New Zealand to sign this Disclosure
Statement on the Directors’ behalf in accordance with section 82 of the Banking (Prudential Supervision) Act 1989.
Auditor
KPMG
18 Viaduct Harbour Avenue
Auckland, New Zealand
Credit ratings
The Overseas 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 and the Chief Executive Officer, NZ Branch signed this Disclosure Statement:
Rating AgencyCurrent Credit RatingRating Outlook
Fitch RatingsAA-Stable
Moody's Investors Service
Aa2Stable
S&P Global RatingsAA-Stable
Registered bank disclosures
Unaudited
24
Westpac Banking Corporation - New Zealand Banking Group

i. General information (continued)
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
Westpac New Zealand. We expect the Reserve Bank's IoNZ Standard will require changes to the activities the NZ Branch undertakes and as a
result, Westpac New Zealand 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 Westpac New Zealand) 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% 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.
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 Westpac New Zealand) 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.
APRA to consult on enhancements to bank capital and liquidity frameworks
On 16 March 2026, APRA announced that it will consult on a package of reforms to bank capital and liquidity settings. The consultation will be run
in three workstreams focusing on credit risk capital, liquidity risk and market risk, which include the following proposals:
●Targeted amendments to the standardised capital framework to increase risk sensitivity and better align capital requirements with
underlying risk.
●Changes to the liquidity framework including consideration of a new Pillar 2 liquidity framework to address risks not covered by existing
Liquidity Coverage Ratio minimum requirements.
●Implementation of a simplified version of the Basel Committee’s Fundamental Review of the Trading Book standard.
APRA has indicated that it will release a consultation paper in respect to the credit risk capital workstream in the first half of the 2026 calendar
year with industry engagement and consultation for the liquidity and market risk workstreams to continue into 2027.
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 Overseas Bank's permanent offshore establishments,
including Westpac New Zealand, BT Funds Management (NZ) Limited (BTNZ) and NZ Branch. In response, the Overseas Bank and the NZ 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 for the Overseas Bank and its permanent offshore establishments, 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 Overseas Bank's
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group25

i. General information (continued)
permanent offshore establishments. Given the scale of changes required, the NZ Banking Group has not completed implementation of all new
requirements as at 31 March 2026.
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 Overseas 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 Overseas Bank will continue to engage with AUSTRAC to support a phased implementation approach.
AUSTRAC related class action against Overseas Bank
The Overseas Bank is defending a class action proceeding which was commenced in December 2019 in the Federal Court of Australia on behalf of
certain investors who acquired an interest in the Overseas Bank's securities between 30 June 2014 and 19 November 2019. The proceeding
involves allegations relating to market disclosure issues connected to the Overseas Bank’s monitoring of financial crime over the relevant period
and matters which were the subject of the AUSTRAC civil proceedings. The total damages sought on behalf of members of the class have not been
specified. However, in the course of a procedural hearing in August 2022, the applicant indicated that a preliminary estimate of the losses that
may be alleged in respect of a subset of potential group members exceeded AU$1 billion. While it remains unclear how any damages awarded (if
the applicant succeeded) would be determined and its size, it is possible that the claim may be higher or lower than the amount referred to above.
Given the time period and the nature of the allegations, along with the reduction in the Overseas Bank's market capitalisation at the time of the
commencement of the AUSTRAC civil proceedings, it is likely that any total alleged damages sought by the applicant will be significant. The
Overseas Bank continues to deny both that its disclosure was inappropriate and, as such, that any group member has incurred damage. The Court
has made orders for a hearing to commence on 5 April 2027 with an estimated duration of six weeks.
Disclosure statements of the NZ Banking Group and the financial statements of the Overseas Bank and the Overseas
Banking Group
Disclosure Statements of the NZ Banking Group for the last five years are available, free of charge, at the internet address www.westpac.co.nz. A
printed copy will also be made available, free of charge, upon request.
The most recently published financial statements of the Overseas Bank and the Overseas Banking Group are for the year ended 30 September
2025 and for the six months ended 31 March 2026, respectively, and can be accessed at the internet address www.westpac.com.au.
Registered bank disclosures
Unaudited
26
Westpac Banking Corporation - New Zealand Banking Group

ii. Additional financial disclosures
Additional information on balance sheet
NZ BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Interest earning and discount bearing assets
129,707
127,857
Interest and discount bearing liabilities
107,610
106,277
Total amounts due from related entities
3,677
3,004
Total amounts due to related entities
5,203
4,334
Total liabilities of the NZ Branch, net of amounts due to related entities
10,054
9,556
Total retail deposits of the NZ Branch
-
-
Financial assets pledged as collateral
The NZ 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:
NZ BANKING GROUP
$ millions
31 Mar 26
Unaudited
30 Sep 25
Audited
Cash
269
176
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
1,116
801
Investment securities
2
-
550
Residential mortgage-backed securities
3
18
1,532
Total amount pledged to secure liabilities (excluding CB Programme) 1,676
3,324
1
As at 31 March 2026, $1,116 million of trading securities were pledged to third parties with the repurchase amount recorded within other financial liabilities on the
balance sheet (30 September 2025: $801 million).
2
As at 31 March 2026, no investment securities were pledged to the Sydney Branch of the Overseas Bank 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 NZ Banking Group has undertaken repurchase agreements with the Reserve Bank, under the Funding for Lending Programme and Term Lending Facility, using
residential mortgage-backed securities. 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
Westpac Banking Corporation - New Zealand Banking Group27

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.
NZ BANKING GROUP
$ millions31 Mar 26
Financial assets
Cash and balances with central banks
4,950
Collateral paid
269
Trading securities and financial assets measured at FVIS
6,847
Derivative financial instruments
7,568
Investment securities
8,604
Gross loans
109,883
Other financial assets
1,108
Due from related entities
3,677
Total financial assets 142,906
Undrawn credit commitments
Letters of credit and guarantees
1,382
Commitments to extend credit
29,088
Total undrawn credit commitments
1
30,470
Total maximum credit risk exposure 173,376
1
In addition to the commitments disclosed above, there is $2,903 million (30 September 2025: $1,358 million) of exposure to credit risk relating to credit exposures
offered and accepted but still revocable, which represent part of the NZ Banking Group's maximum exposure to credit risk.
Concentration of credit exposures
NZ BANKING GROUP
On-balance sheetOff-balance sheet
$ millions31 Mar 2631 Mar 26
Analysis of credit exposures by geographical areas
New Zealand
128,788 29,900
Overseas
14,118 570
Total credit exposures 142,906 30,470
Analysis of credit exposures by industry sector
Accommodation, cafes and restaurants
444 113
Agriculture
8,657 612
Construction
585 700
Finance and insurance
17,443 2,098
Forestry and fishing, agriculture support services
350 93
Government, administration and defence
15,555 775
Manufacturing
1,943 1,679
Mining
111 146
Property
9,838 1,447
Property services and business services
1,281 585
Services
2,156 1,166
Trade
2,445 1,983
Transport and storage
651 721
Utilities
2,834 2,480
Retail lending
74,726 15,872
Subtotal 139,019 30,470
Due from related entities
3,677 -
Other financial assets
210 -
Total credit exposures 142,906 30,470
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
28
Westpac Banking Corporation - New Zealand Banking Group

ii. Additional financial disclosures (continued)
Additional information on concentrations of funding
NZ BANKING GROUP
$ millions31 Mar 26
Funding consists of
Collateral received
1,558
Deposits and other borrowings
85,473
Other financial liabilities
1
1,658
Due to related entities
2
1,186
Debt issues
3
27,496
Loan capital
3,335
Total funding 120,706
Analysis of funding by geographical areas
3
New Zealand
88,061
Overseas
32,645
Total funding 120,706
Analysis of funding by industry sector
Accommodation, cafes and restaurants
334
Agriculture, forestry and fishing
1,728
Construction
1,934
Finance and insurance
44,236
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 119,520
Due to related entities
2
1,186
Total funding 120,706
1
Other financial liabilities, as presented above, are in respect of repurchase agreements, securities sold short and interbank placements.
2
Amounts due to related entities, as presented above, are in respect of deposits and other borrowings 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
Westpac Banking Corporation - New Zealand Banking Group29

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 NZ Banking Group’s net asset position
as at 31 March 2026. The NZ 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.

NZ 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
4,367 - - - - 583 4,950
Collateral paid
269 - - - - - 269
Trading securities and financial assets measured at
FVIS
3,898 1,107 165 385 1,292 - 6,847
Derivative financial instruments
- - - - - 7,568 7,568
Investment securities
701 82 600 1,263 5,958 - 8,604
Loans
53,385 11,544 17,548 18,049 7,567 1,314 109,407
Other financial assets
2 - - - - 1,106 1,108
Due from related entities
1,525 - - - - 2,152 3,677
Total financial assets 64,147 12,733 18,313 19,697 14,817 12,723 142,430
Non-financial assets
1,707
Total assets 144,137
Financial liabilities
Collateral received
1,558 - - - - - 1,558
Deposits and other borrowings
49,033 12,479 7,445 1,904 1,203 13,409 85,473
Other financial liabilities
1,631 15 - - - 1,646 3,292
Derivative financial instruments
- - - - - 5,024 5,024
Due to related entities
1,118 9 - - 37 4,039 5,203
Debt issues
4,085 1,444 5,216 3,690 13,358 (297) 27,496
Loan capital
- - - 600 2,785 (50) 3,335
Total financial liabilities 57,425 13,947 12,661 6,194 17,383 23,771 131,381
Non-financial liabilities
442
Total liabilities 131,823
On-balance sheet interest rate repricing gap 6,722 (1,214) 5,652 13,503 (2,566)
Net derivative notional principals
Net interest rate contracts (notional):
Receivable/(payable)
16,306 (25,161) 10,920 (26,237) 24,172
Net interest rate repricing gap 23,028 (26,375) 16,572 (12,734) 21,606
Registered bank disclosures
Unaudited
30
Westpac Banking Corporation - New Zealand Banking Group

ii. Additional financial disclosures (continued)
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 NZ 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 NZ Banking Group manages based on their contractual maturity are presented on a contractual undiscounted
basis in the following table.
NZ 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
- 1,558 - - - - 1,558
Deposits and other borrowings
45,239 5,631 11,888 20,368 3,309 - 86,435
Other financial liabilities
954 1,735 5 143 - - 2,837
Derivative financial instruments:
Held for trading
- 4,005 - - - - 4,005
Held for hedging purposes (net settled)
- 24 146 141 308 24 643
Held for hedging purposes (gross settled):
Cash outflow
- 696 1,742 3,640 5,344 1,910 13,332
Cash inflow
- (637) (1,452) (3,604) (5,332) (1,898) (12,923)
Due to related entities:
Non-derivative balances
1,164 - - - 46 - 1,210
Derivative financial instruments:
Held for trading
- 2,383 - - - - 2,383
Held for hedging purposes (net settled)
- - 1 4 2 1 8
Held for hedging purposes (gross settled):
Cash outflow
- 2,302 3,113 4,911 18,736 - 29,062
Cash inflow
- (2,117) (2,592) (4,593) (18,020) - (27,322)
Debt issues
- 83 939 9,305 19,671 407 30,405
Loan capital
- - 19 58 230 3,559 3,866
Total undiscounted financial liabilities 47,357 15,663 13,809 30,373 24,294 4,003 135,499
Total contingent liabilities and commitments
Letters of credit and guarantees
1,382 - - - - - 1,382
Commitments to extend credit
29,088 - - - - - 29,088
Total undiscounted contingent liabilities and
commitments
30,470 - - - - - 30,470
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group31

ii. Additional financial disclosures (continued)
Liquid assets
The following table shows the NZ 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.
NZ BANKING GROUP
$ millions31 Mar 26
Cash and balances with central banks
4,950
Supranational securities
1,995
NZ Government securities
5,582
NZ public securities
2,318
NZ corporate securities
2,625
Available liquid assets 17,470
In addition, the NZ Banking Group has $8,951 million (30 September 2025: $7,679 million) of own originated loans that are self-securitised via
Westpac New Zealand’s internal residential mortgage-backed securitisation programme. The AAA rated internal residential mortgage-backed
securities held are eligible for repurchase agreements with the Reserve Bank under certain circumstances.
Overseas Banking Group profitability and size
Information on the Overseas Banking Group is from the most recently published financial statements of the Overseas Banking Group for the six
months ended 31 March 2026.
Profitability31 Mar 26
Profit after income tax expense for the six months ended 31 March 2026 (A$ millions)
1
3,422
Profit after income tax expense for the 12 month period to 31 March 2026 as a percentage of average total assets
0.6%
1
Profit after income tax expense represents the amount before deductions for net profit attributable to non-controlling interests.
Total assets31 Mar 26
Total assets (A$ millions)
1,172,583
Percentage change in total assets over the 12 months ended 31 March 2026
6.7%
Reconciliation of mortgage-related amounts
The following table provides the NZ Banking Group’s reconciliation between any amounts disclosed in this Disclosure Statement that relate to
mortgages on residential property.
NZ BANKING GROUP
$ millions31 Mar 26
Residential mortgages - total gross loans (as disclosed in Note 6)
73,335
Reconciling items:
Unamortised deferred fees and expenses
(555)
Fair value hedge adjustments
20
Exposure at default for undrawn commitments and other off-balance sheet exposures
10,234
Residential mortgages by LVR (as disclosed in Additional mortgage information in Note iv. Credit and market risk
exposures and capital adequacy)
83,034
Registered bank disclosures
Unaudited
32
Westpac Banking Corporation - New Zealand Banking Group

iii. Asset quality
Past due assets
NZ BANKING GROUP
$ millions31 Mar 26
Past due but not individually impaired assets
Less than 30 days past due
1,278
At least 30 days but less than 60 days past due
269
At least 60 days but less than 90 days past due
130
At least 90 days past due
349
Total past due but not individually impaired assets 2,026
Movements in components of loss allowance
Refer to Note 7 Provision for expected credit losses for the movements in components of loss allowance on loans and credit commitments.
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.
NZ BANKING GROUP
31 Mar 26
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 92,300 13,885 852 213 107,250
Transfers:
Transfers to Stage 1
4,349 (4,346) (3) - -
Transfers to Stage 2
(4,935) 5,190 (246) (9) -
Transfers to Stage 3 CAP
(39) (349) 403 (15) -
Transfers to Stage 3 IAP
(1) (12) (61) 74 -
Net further lending/(repayment)
(2,759) (354) (17) (19) (3,149)
New facilities originated
12,372 - - - 12,372
Facilities derecognised
(5,289) (1,152) (111) (18) (6,570)
Amounts written-off
- - (12) (8) (20)
Total gross carrying amount as at 31 March 2026 95,998 12,862 805 218 109,883
Provision for ECL as at 31 March 2026
(80) (238) (89) (69) (476)
Total net carrying amount as at 31 March 2026 95,918 12,624 716 149 109,407
Other asset quality information
NZ BANKING GROUP
$ millions31 Mar 26
Undrawn commitments with individually impaired counterparties
5
Other assets under administration
-
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group33

iii. Asset quality (continued)
Overseas Banking Group asset quality
Information on the Overseas Banking Group is from the most recently published financial statements of the Overseas Banking Group for the six
months ended 31 March 2026.
31 Mar 26
Total non-performing exposures
1
(A$ millions)
9,788
Total non-performing exposures expressed as a percentage of total assets
0.8%
Total provision for ECL on non-performing exposures
2
(A$ millions)
1,732
Total provision for ECL on non-performing exposures expressed as a percentage of total non-performing exposures
17.7%
Total collectively assessed provision for ECL
2
(A$ millions)
4,589
1
Non-financial assets have not been acquired through the enforcement of security.
2
Total provision for ECL on non-performing exposures and total collectively assessed provision for ECL both include A$1,122 million of provision for ECL that has been
calculated collectively on groups of assets which have been determined to be non-performing, but which are not individually significant.
iv. Credit and market risk exposures and capital adequacy
Additional mortgage information
Residential mortgages by LVR as at 31 March 2026
LVRs are calculated as the current exposure divided by the NZ Banking Group’s valuation of the associated residential property at origination.
The NZ Banking Group utilises data from its loan system to obtain origination valuations. For loans originated prior to 1 January 2008, or those
originated outside of the loan system, the origination valuation is not recorded in the system and is therefore, due to system limitations, not
available for disclosure. For these loans, the NZ Banking Group utilises the earliest valuation recorded as the closest available alternative to
estimate an origination valuation.
Exposures for which no LVR is available have been included in the ‘Exceeds 90%’ category in accordance with the requirements of the Order.
NZ BANKING GROUP
31 Mar 26
LVR range ($ 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
Market risk
The NZ Banking Group’s aggregate market risk exposure is derived in accordance with BPR140 Market risk exposure and is calculated on a six-
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 NZ Banking Group’s peak end-of-day aggregate capital charge is derived in accordance with the scalar
approach as referred to in BPR140 Market risk exposure. Under this approach, the end-of-period capital charge is scaled by the ratio of peak
capital charge to end-of-period capital charge using the internal value-at-risk method.
The following table provides a summary of the NZ Banking Group’s notional capital charges by risk type as at the reporting date and the peak end-
of-day notional capital charges by risk type for the six months ended 31 March 2026:
NZ BANKING GROUP
31 Mar 26
$ millionsImplied Risk Weighted ExposureNotional Capital Charge
End-of-period
Interest rate risk
19,384 1,551
Currency risk
64 5
Equity risk
- -
Peak end-of-day
Interest rate risk
22,696 1,816
Currency risk
83 7
Equity risk
- -
Registered bank disclosures
Unaudited
34
Westpac Banking Corporation - New Zealand Banking Group

iv. Credit and market risk exposures and capital adequacy (continued)
Overseas Banking Group and Overseas Bank capital adequacy
The following table represents the capital adequacy calculation for the Overseas Banking Group and Overseas Bank based on APRA's application of
the Basel III capital adequacy framework.
%31 Mar 26
31 Mar 25
Overseas Banking 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
Overseas 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 ratio22.7
22.9
1
The capital ratios represent information mandated by APRA. The capital ratios of the Overseas Banking Group are publicly available in the Overseas Banking Group’s
Pillar 3 report. This information is made available to users via the Overseas Bank’s website (www.westpac.com.au).
2
Overseas Banking Group (excluding entities specifically excluded by APRA regulations) comprises the consolidation of the Overseas 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
Overseas Bank.
3
Overseas Bank (Extended Licensed Entity) comprises the Overseas Bank and its subsidiary entities that have been approved by APRA as being part of a single
Extended Licensed Entity for the purpose of measuring capital adequacy (Level 1).
Under APRA’s Prudential Standards, Australian authorised deposit-taking institutions, including the Overseas Banking Group and Overseas 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 Overseas Banking Group and Overseas Bank are accredited by APRA to
apply advanced models. The Overseas Banking Group and Overseas Bank use the Advanced IRB approach for credit risk, the Standardised
Measurement Approach (SMA) for operational risk and the internal model approach for IRRBB for calculating regulatory capital.
APRA has set a Total Common Equity Tier 1 (CET1) requirement for Domestic Systemically Important Banks (D-SIBs), including the Overseas 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 Overseas 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 Overseas 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 Overseas 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 Overseas Banking Group is required to disclose information on its capital adequacy on a quarterly basis. This information is made available to
users via the Overseas Bank’s website (www.westpac.com.au).
The Overseas Banking Group (excluding entities specifically excluded by APRA regulations), and the Overseas Bank (Extended Licensed Entity as
defined by APRA), exceeded the minimum capital adequacy requirements as specified by APRA as at 31 March 2026.
v. Insurance business
The NZ Banking Group does not conduct any insurance business.
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group35

vi. Risk management policies
Refer to Note vi. 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 NZ Banking Group Disclosure Statement for the year ended 30 September 2025 for
further details on the NZ Banking Group’s risk management policies.
Conditions of Registration
Changes to Conditions of Registration
On 1 December 2025, the Overseas 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
36
Westpac Banking Corporation - New Zealand Banking Group

Independent Auditor’s
Review Report
To the New Zealand business of Westpac Banking Corporation (the Branch)
Report on the aggregated interim disclosure statement
Conclusion
Within the aggregated interim disclosure statement we have completed a review of the accompanying
aggregated half-year financial statements and the supplementary information (excluding supplementary
information relating to General Information and Credit and Market Risk Exposures and Capital Adequacy) (the
half-year financial statements and supplementary information) which comprise:
–the aggregated 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 other explanatory information
(excluding the information disclosed in accordance with Schedules 3, 5, 7, 9, 12 and 14 of the
Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014
(as amended) (the Order) and is included within notes i to vi);
(the half-year financial statements).
–the supplementary information that is required to be disclosed in accordance with Schedules 5, 7, 12
and 14 of the Order (the supplementary information), contained within registered bank disclosures ii,
iii, v and vi.
Based on our review, the accompanying half-year financial statements and supplementary information of the
New Zealand business of Westpac Banking Corporation and its financial reporting group, as defined by the
Order, (the NZ Banking Group) within pages 6 to 23 and 27 to 36, 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, 12
and 14 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 NZ 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 NZ 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 Banking Corporation - New Zealand Banking Group37

employees of our firm may also deal with the NZ Banking Group on normal terms within the ordinary course of
trading activities of the business of the NZ Banking Group. These matters have not impaired our independence
as auditor of the NZ Banking Group. The firm has no other relationship with, or interest in, the NZ Banking
Group.
Use of this Independent Auditor's Review Report
This report is made solely to the Branch. Our review work has been undertaken so that we might state to the
Branch 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 Branch for our review work, this report, or any of the conclusions we have formed.
Responsibilities of directors for the aggregated interim disclosure statement
The Directors, on behalf of the NZ Banking Group, are responsible for:
— the preparation and fair presentation of the NZ Banking Group’s aggregated interim disclosure
statement in accordance with NZ IAS 34 and Schedules 3, 5, 7, 9, 12 and 14 of the Order; and
— implementing necessary internal control to enable the preparation of aggregated 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 NZ
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, 12 and 14 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 does 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
12 May 2026
38Westpac Banking Corporation - New Zealand Banking Group

Independent Limited
Assurance Report
To the New Zealand business of Westpac Banking Corporation (the Branch)
Report on the supplementary information relating to Credit and Market Risk Exposures and Capital
Adequacy Requirements
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
Credit and Market Risk Exposures and Capital Adequacy Requirements, disclosed in registered bank
disclosure iv within the aggregated interim disclosure statement, is not, in all material respects disclosed in
accordance with Schedule 9 of the Registered Bank Disclosure Statements (Overseas Incorporated
Registered Banks) Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the supplementary information relating to Credit and Market Risk Exposures and Capital
Adequacy Requirements, as disclosed in registered bank disclosure iv within the aggregated interim disclosure
statement for the period ended 31 March 2026. Our conclusion on the Credit and Market Risk Exposures and
Capital Adequacy Requirements does not extend to any other information included, or referred to, in the
aggregated interim disclosure statement.
Criteria
The supplementary information relating to Credit and Market Risk Exposures and Capital Adequacy
Requirements comprises the information that is required to be disclosed in accordance with Schedule 9 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 Credit and Market Risk
Exposures and Capital Adequacy Requirements 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 Credit and Market Risk Exposures and Capital Adequacy
Requirements.
© 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 Banking Corporation - New Zealand Banking Group39

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.
A limited assurance engagement for the period ended 31 March 2026 does not provide assurance on whether
compliance with Schedule 9 of the Order will continue in the future.
Use of this assurance Report
This report is made solely for the Branch. Our assurance work has been undertaken so that we might state to the
Branch 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 Branch 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 Branch 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 Credit and Market Risk
Exposures and Capital Adequacy Requirements
The Directors of the Branch are responsible for the compliance activities undertaken to meet their identified
compliance requirements and disclosure of the supplementary information relating to Credit and Market Risk
Exposures and Capital Adequacy Requirements in accordance with Schedule 9 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
Credit and Market Risk Exposures and Capital Adequacy Requirements 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 Credit and Market Risk Exposures and Capital Adequacy Requirements 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 Branch.
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 9 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 9 of the Order.
In undertaking limited assurance, the procedures we primarily performed were:
40Westpac Banking Corporation - New Zealand Banking Group

- obtained an understanding of the process, models, data and internal controls implemented over the
preparation of the information relating to Credit and Market Risk Exposures and Capital Adequacy
Requirements;
- performed inquiry and analytical procedures over the Credit and Market Risk Exposures and Capital
Adequacy Requirements;
- obtained an understanding of the Branch’s compliance framework and internal control environment over
the information relating to Credit and Market Risk Exposures and Capital Adequacy Requirements,
including the Branch’s assessment of any matters of non-compliance with the Reserve Bank of New
Zealand’s Prudential Requirements; and
- agreed the information relating to Credit and Market Risk Exposures and Capital Adequacy
Requirements, extracted from the Branch’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 Branch 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 Branch on normal terms within the ordinary course of trading activities of the
business of the Branch. 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 Branch.
For and on behalf of:
KPMG
Auckland
12 May 2026
Westpac Banking Corporation - New Zealand Banking Group41