Commentary & Deal Flow

Reoffer: 3.7yr: MS+20 / 99.999 / 3.041% 10yr: MS+42 / 100 / 3.477%
Benchmark: 3.7yr: OBL 2.4 30 #191 @ 98.991 / B+36.2 / HR 96% 10yr: DBR 2.9 15-Feb-36 @ 99.042 / B+46.3 / HR 101%

Tranche 1 (3.7yr): Final Books €1.75bn+ (incl. €275m JLM). Peak book €1.75bn+
Tranche 2 (10yr): Final Books €1.15bn+ (incl. €265m JLM). Peak book €1.25bn+

Launched:
3.7yr: €1.25bn @ MS+20bp - Books above €1.75bn+ (incl. €275m JLM)
10yr: €600m @ MS+42bp - Books above €1.2bn+ (incl. €265m JLM)
Spread set at: 3.7yr: MS+20bp - Books above €1.75bn+ (incl. €275m JLM) 10yr: MS+42bp - Books above €1.25bn+ (incl. €265m JLM)
Book Update: Combined books: €2.75bn+ (incl €540m JLM)
Guidance: 3.7yr: MS+25a 10yr: MS+47a

• Issuer: Westpac Banking Corporation (ABN 33 007 457 141)
• LEI: EN5TNI6CI43VEPAMHL14
• Covered Bond Guarantor: BNY Trust Company of Australia Limited, in its capacity as Trustee of the Westpac Covered Bond Trust
• Type: Australian legislative Covered Bond, backed 100% by prime Australian residential mortgages
• Issuer Rating: Aa2 (Stable) / AA- (Stable) / AA- (Stable) (Moody's/Fitch/S&P)
• Expected Issue Rating: Aaa / AAA (Moody's/Fitch)
• Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply – no communications with or into the US)
• Size:
• • 3.7yr: €1.25bn
  • 10yr: €600m
• Settlement Date: 23-Jun-26 (T+7)
• Maturity Date:
• • 3.7yr: 01-Mar-30, soft bullet maturity
  • 10yr: 23-Jun-36, soft bullet maturity
• Coupon:
• • 3.7yr: 3.038% Fixed, Annual, Act/Act (ICMA), Unadjusted. Short first coupon
  • 10yr: 3.477% Fixed, Annual, Act/Act (ICMA), Unadjusted
• Re-offer:
• • 3.7yr: MS+20 / 3.041% yld / 99.999
  • 10yr: MS+42 / 3.477% yld / 100
• Benchmark:
• • 3.7yr: OBL 2.4 30 #191 + 36.2 (Spot:98.991 / HR 96%)
  • 10yr: DBR 2.9 15-Feb-36 + 46.3 (SPOT: 99.042 / HR 101%)
• ISIN:
• • 3.7yr: XS3413338065
  • 10yr: XS3413338149
• Joint Leads:
• • 3.7yr: Barclays, Crédit Agricole CIB, Natixis, Societe Generale, UBS (B&D) and Westpac Banking Corporation
  • 10yr: Barclays, Crédit Agricole CIB, Natixis (B&D), Societe Generale, UBS and Westpac Banking Corporation
• Listing / Denoms: London Stock Exchange’s Main Market / EUR100k + EUR1k
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No EEA PRIIPS KID or disclosure document required by the FCA Product Disclosure Sourcebook – Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK)
• Timing: Priced 3.7Y TOE: 15:09 UKT, 10Y TOE: 15:05 UKT FTT: 15:45 UKT
• Advertisement: US$40 billion Global Covered Bond Programme, Prospectus dated 7-Nov-25 and as supplemented from time to time. The base prospectus relating to the Programme, including any supplements thereto are, and any Final Terms, when published, will be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism