Rate Sheet | Direct Broking

Issuer	Westpac Banking Corporation
Instrument	Subordinated Unsecured Debt Obligations of WBC
NZDX Code	WBC010
Ranking	Subordinated Unsecured
Issue Size	$400m
Maturity Date	01 September 2026
Coupon Rate	4.695%
Credit Rating	BBB+
Reset Date	01 September 2021
Maturity Mechanism	The notes have a maturity date of 1 September 2026 However, the notes could be repaid early following a Regulatory or Tax event and on the reset date, 1 September 2019, or on any quarterly interest payment date thereafter subject to regulatory consent.
Payment Frequency	Quarterly
Coupon Payments	Quarterly Interest Payments on 1 March, 1 June, 1 September and 1 December.
Minimum Holding	10,000
Minimum Parcel Size	1,000
Registry	Computershare

Jarden Securities Limited (“us”, “we” or “our”) owns and operates the Direct Broking platform and service. We have compiled this fixed interest term sheet (“Term Sheet”) for your information purposes only. We have provided this Term Sheet to you in good faith and have prepared it using our own views, external sources, material, systems and other information that we believe to be accurate, complete and reliable at the time of preparation, but the accuracy, correctness and completeness cannot be guaranteed. We make no representation or warranty, express or implied, as to the accuracy, correctness or completeness of the information contained within this Term Sheet, and nothing shall be deemed to constitute any representation or warranty. To the fullest extent permitted by law, we shall not be liable or responsible for any error or omission.

This Term Sheet is not to be relied upon as a basis for making any investment decision. This Term Sheet does not take into account your particular financial situation or goals, and does not, therefore, constitute personalised financial advice under the Financial Advisers Act 2008, nor does it constitute advice of a legal, tax, accounting or other nature. Please consult your adviser in relation to any investment decision. To the fullest extent permitted by law, we shall not be liable for any decision made or action taken by you or a third party based on, or in reliance on, any information contained in this Commentary.

We and our related and associated companies, directors, employees may have an interest in the bonds mentioned in this Term Sheet, including but not limited to financial. We are an NZX Firm. A disclosure statement is available on request.

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