Commentary & Deal Flow

Reoffer: 5yr: MS+32bp / 100 / 3.119%
Benchmark: 5yr: OBL 2.5 31 #193 @ 99.187 / B+44.5bp / HR 100%

Final Books: €3.8bn (incl. €325m JLM). Peak book €3.8bn.

Launched: 5yr: €750m @ MS+32bp - Books above €3.5bn (incl. €325m JLM), pre-rec
Book Update: Books over €2bn (inc. €325m JLMs)
Guidance: 5yr: MS+39a

• Issuer: Westpac Securities NZ Limited (acting through its London Branch)
• LEI: 549300W0N3O6Q4RCKE25
• Group Guarantor: Westpac New Zealand Limited (“WNZL”)
• Covered Bond Guarantor: Westpac NZ Covered Bond Limited, a limited liability company incorporated in New Zealand (company number 3201526)
• Type: New Zealand legislative Covered Bond backed by New Zealand prime residential mortgage loans
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Bearer Form, Classic Global Covered Bond, Reg S (TEFRA D rules apply - no communications with or into the US; no sales into Canada)
• Size: €750m
• Maturity: 15-May-31, soft bullet maturity
• Settlement: 15-May-26 (T+6)
• Coupon: 3.119% Fixed, Annual, Act/Act (ICMA), Unadjusted
• Re-offer: MS+32bps / 100.000 / 3.119%
• Ref Benchmark: OBL 2.5 31 #193 (99.187 bid) + 44.5bps | HR 100%
• Listing/Denom: London Stock Exchange’s main market / €100,000 + €1,000
• Joint Leads: Barclays, HSBC (B&D), UBS Investment Bank, Natixis, Westpac Banking Corporation
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only / No PRIIPs KID or UK CCI Regulations product summary
• Selling Restrictions: As set out in the Prospectus (as defined below)
• Programme: €7.5 billion Global Covered Bond Programme (the “Programme”) as described in the Base Prospectus dated 9-Dec-25 relating to the Programme and as supplemented from time to time (the “Prospectus”)
• Governing Law: The Covered Bonds and the Trust Deed are governed by English law
• ISIN: XS3372781750
• Common Code: 337278175
• Advertisement: The Prospectus and any supplements thereafter are available via: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
• Singapore Sales to Institutional Investors and Accredited Investors Only: This will be specified in the Final Terms for the Covered Bonds as “Applicable” (please refer to the Prospectus for full details)
• Timing: ToE 14h58 UKT | FTT 15h20 UKT