Westpac NZ PPS - Distribution Rate For First Five Years Set

Westpac New Zealand Limited (WNZL) has set the Distribution Rate for the first 5 years (until the First Optional Redemption Date (13 September 2029)) of its NZ$375 million perpetual preference shares (PPS) issue at 7.10% per annum. This equals the Margin of 3.50% per annum plus the 5-year Swap Rate. After the First Optional Redemption Date, the Distribution Rate will change to a floating rate that resets at quarterly intervals, which will be equal to the Margin plus the applicable 3 Month Bank Bill Rate. The PPS are expected to be issued on 13 September 2024 and quoted on the NZX Debt Market under the ticker code WNZHA on 16 September 2024. A copy of the terms sheet (updated for the Distribution Rate set out above) will be released via NZX shortly. For further information, please contact a Joint Lead Manager (listed below) or your usual financial advice provider. Arranger and Joint Lead Manager Westpac 0800 772 142 Joint Lead Managers BNZ 0800 284 017 Craigs Investment Partners 0800 272 442 Forsyth Barr 0800 367 227 Jarden 0800 800 372 Authorised by: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995 The contact person for this announcement is: Name: Ollie Williams, Treasurer, Westpac New Zealand Limited. Contact Details: (+64 9) 348 9995