:

: 2

The material contained in this presentation is intended to be general background information on Westpac Securities NZ Limited, Westpac New Zealand

Covered Bond Limited and Westpac New Zealand Limited and their activities. It should not be reproduced, distributed or transmitted to any person

without consent of Westpac New Zealand Limited and is not intended for distribution in any jurisdiction in which such distribution would be contrary to

local law or regulation.

The information is supplied in summary form and is therefore not necessarily complete. It does not constitute a prospectus, offering memorandum or

other offering document or an offer of securities. Also, it is not intended that it be relied upon as advice to investors or potential investors, who should

consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs.

The material contained in this presentation may include information derived from publicly available sources that have not been independently verified.

No representation or warranty is made as to the accuracy, completeness or reliability of the information.

This presentation is directed only at persons who (i) have professional experience in matters relating to investments; or (ii) are persons falling within

Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2001 (as amended); or (iii) are outside the United Kingdom (all such persons together being referred to as “relevant persons”). This

document must not be acted on or relied on by persons who are not relevant persons.

All amounts are in New Zealand dollars unless otherwise indicated. All financial data in this presentation is as at 30June 2015 unless

otherwise stated.

This presentation contains statements that constitute “forward-looking statements” within the meaning of section 21E of the United States Securities

Exchange Act 1934. Forward-looking statements are statements about matters that are not historical facts. The forward-looking statements include

statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and

financial condition.

We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’,

‘estimate’, ‘anticipate’, ‘believe’, or other similar words to identify forward-looking statements. These statements reflect our current views with respect to

future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been

made based upon management’s expectations and beliefs concerning future developments and their potential effect upon Westpac Securities NZ

Limited, Westpac New Zealand Covered Bond Limited and/or Westpac New Zealand Limited. Should one or more of the risks or uncertainties

materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation.

Factors that may impact on the forward-looking statements made include those described in the section entitled “Principal risks and uncertainties” in the

Management Report in the Westpac Securities NZ Limited Financial Statements for the nine months ended 30 June 2015. When relying on forward-

looking statements to make decisions with respect to Westpac Securities NZ Limited and/or Westpac New Zealand Limited, investors and others should

carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking

statements contained in this presentation.

: 3

Overview of Westpac New Zealand Limited

New Zealand Economic Outlook

Strategy, Financial Results and Capital

Wholesale Funding

New Zealand Housing Portfolio

Covered Bond Programme

Appendix

:

Westpac Group

Westpac Life New Zealand

BT Funds Management (NZ)

Westpac Securities NZ Limited

(WSNZL)

New Zealand Australia

Westpac New Zealand

Limited (WNZL)

Locally incorporated Bank, wholly owned but not guaranteed by Westpac Banking Corporation

Comprises Westpac’s consumer, business and institutional banking operations in NZ

Financial performance disclosed via quarterly WNZL Disclosure Statement (DS) Guarantor for WSNZL funding programmes

A wholly owned subsidiary of WNZL

Unconditional and irrevocable guarantees of funding programmes from WNZL

Provides offshore wholesale funding for WNZL through its London branch

4

:

:

NZ export commodity prices (Index, July 1986 = 100)

Source: RBNZ, Westpac Economics

New Zealand’s economic outlook has undergone significant change in the last 12 months, with the growth outlook now weaker than previously forecast.

A headwind for the economy is the weaker outlook for export earnings. The outlook for New Zealand’s dairy exports has undergone a substantial reversal with the slowing of the Chinese economy and increases in global supply contributing to dramatic falls in global dairy prices.

Westpac expects a recovery in dairy pricing in the medium term as the lower pricing sees supply reduced from high cost producers

While dairy prices have been negatively impacted by the Chinese slowdown other agricultural commodity prices have maintained relatively strong prices providing some relief for farmers as they diversify crops to manage through the dairy price cycle.

The downturn in dairy prices has contributed to a rapid fall in the New Zealand dollar. This is providing a boost to the broader export sector (esp. tourism), and is helping to offset some of the impact of lower global dairy prices on farm incomes.

NZD/USD

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2000 2003 2006 2009 2012 2015 2018

6

Westpac

forecast

50

100

150

200

250

300

350

400

450

50

100

150

200

250

300

350

400

450

2000 2002 2004 2006 2008 2010 2012 2014 2016

Dairy

Beef

Westpac

forecast

6

: 7

Fonterra

:

• Final 2015 payout forecast NZ$4.25-4.35/kg (Kilo Milk Solid)

• Forecast Payout 2016 NZ$3.85/kg

• Fonterra to provide interest free loan of further NZ$0.5/kg to be repaid when payouts return to above $6/kg

• New Zealand remains one of the global lowest cost producers

8

Production cost $/100kg

:

Source: Westpac Economics

Canterbury reconstruction activity (2012 dollars)

Source: Statistics NZ, Westpac Economics

A key driver of the non-farm economy has been the post-earthquake rebuild in Canterbury, and renewed building activity in Auckland.

Post-earthquake construction in Canterbury has now reached its peak. While reconstruction activity will remain elevated for some time, the wind-down in this activity from 2017 onwards will be a drag on economic growth.

Housing shortages in Auckland are forecast to continue to be a positive for construction activity for the rest of this decade, with positive migration further contributing to the shortage.

It is expected that at least some of the construction resources freed up from Christchurch will relocate to Auckland where construction in the residential sector continues to fall below population growth. The residential shortfall in Auckland is expected to peak at around 26,000 units in 2016 before returning to around 10,000 housing units by 2020.

LVR restrictions and changes in the taxation of investor owned housing are expected to have only a modest impact on Auckland housing prices

Overall, Westpac expected that the economy will grow 2.2% over 2015 and 1.8% over 2016.

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

2011 2013 2015 2017 2019 2021

$bn $

bn

Residential

Commercial

Other construction

9

GDP Growth

-4

-2

0

2

4

6

8

-4

-2

0

2

4

6

8

2000

2002

2004

2006

2008

2010

2012

2014

2016

Qtr % chg Annual average % change

Westpac

forecast

9

Westpac

forecast

:

Net Migration

10

3

4

5

6

7

8

9

10

11

12

3

4

5

6

7

8

9

10

11

12

1990 1993 1996 1999 2002 2005 2008 2011 2014 2017

% %

Westpac

Forecast

House Price by region

80

90

100

110

120

130

140

150

160

170

80

90

100

110

120

130

140

150

160

170

2007 2008 2009 2010 2011 2012 2013 2014 2015

Index =

100 a

t peak

Index =

100 a

t peak

Auckland

Wellington

ChCh

Other Nth Is.

Other Sth Is.

Source: REINZ, Westpac

Monthly New Building Consents

Unemployment Rate

-50

-25

0

25

50

75

-100

-50

0

50

100

150

1992 1995 1998 2001 2004 2007 2010 2013 2016

000s 000s

Net (right axis) Arrivals

Departures

Westpac

Forecast

Source: Statistics NZ, Westpac Economics Source: Statistics NZ, Westpac

: 11

• Dairy is significant but represents only 28% of NZ exports • All sectors benefit from weakening currency particularly immediate improvement for Tourism and Education • NZ has strong trading relationships benefiting from continued urbanisation in broad Asia. • North American recovery provides further lift for non-dairy exports.

Statistics NZ at 31 March 2015

: 12

• Low inflation expectations, coupled with a slowdown in the Dairy sector, the RBNZ have embarked on an easing cycle.

• The RBNZ continues to signal room for further falls in interest rates dependent on data over coming months . • Market pricing infers OCR at or below 2.5% by year end.

:

: 14

Revenue Customer Experience #1 in NPS by FY20

Productivity Materially increasing capability and

cadence

Cost-to-Income of 37% by FY18

14

: 15

Five priority areas to deliver Westpac’s Service Revolution

To win in our chosen markets and deliver the leading customer experience, digitally enabled, anywhere, anytime.

ST

RA

TE

GIC

P

RIO

RIT

IE

S

VA

LU

ES

AS

PIR

A-

TIO

N

To be one of the world’s great companies for our customers,

communities and people to prosper and grow ^

VIS

IO

N

Service Revolution Digital

Transformation Growth

Performance

Disciplines

Workforce

Revolution

One of the World’s

Great Service

Companies

Empowering

Customers

Anywhere, Anytime

Winning in Our

Chosen Markets

New Zealand’s Best

Performing Bank

Talent Factory

Know Me Empower Me Bank Wow!

15

: 16

Award winning

Key Financial Data

Nine months

ended 30

Jun 2015

% Change

vs. PCP*

Net profit after tax $689m 9%

Cost to income ratio 39.3% 152bps

NIM 2.47% 9bps

Common equity Tier 1

ratio 11.8% 30bps

Total gross loans $68b 6%

Customer deposits $51b 7%

Credit Ratings (Short term / Long term / Outlook)

Standard and Poor’s A-1+ / AA- / Stable

Moody’s Investor

Services P-1 / Aa3 / Stable

Fitch Ratings F1+ / AA- / Stable

Market share1 As at 30 June 2015

Consumer lending 20%

Retail deposits 21%

WNZL at a glance

• One of New Zealand’s largest banking organisations

• Regulated by the Reserve Bank of New Zealand (RBNZ)

and Australian Prudential Regulations Authority (APRA)

• A wholly owned subsidiary of Westpac Banking

Corporation

• Strategy focused on organic targeted growth within New

Zealand

• Strong franchise with 190 branches nationwide and

1.3m customers

* Excludes $48m gain on VISA shares sale

Best bank in New Zealand – Global Finance World Best Bank awards

Awarded with the 2015 Canstar Best Online Bank in New Zealand

1 Source: RBNZ

16

:

1 Source: WNZL Disclosure Statements 2 3Q14 adjusted to exclude non-interest income VISA share sale gains

(NZ$m) 1 3Q14YTD 2 3Q15YTD

vs. PCP

($)

vs. PCP

(%)

Net interest income 1,210 1,332 122 10%

Non interest income 295 300 5 2%

Net operating income 1,505 1,632 127 8%

Operating expenses (614) (641) (27) 4%

Underlying profit/ core earnings 891 991 100 11%

Impairment charges (6) (45) (39) 650%

Income tax expense (250) (257) (7) 3%

Profit after income tax expense

/ cash earnings635 689 54 9%

17

:

1 Source: WNZL Disclosure Statements

(NZ$m) 1 30-Jun-14 30-Sep-14 30-Jun-15

YTD

($)

YTD

(%)

vs PCP

($)

vs PCP

(%)

Assets

Net loans 63,788 64,582 67,747 3,165 5% 3,959 6%

Funded Liquids 6,757 6,682 7,773 1,091 16% 1,016 15%

Due from related entities 1,918 1,900 2,814 914 48% 896 47%

Other assets 1,398 1,285 1,565 280 22% 167 12%

Total assets 73,861 74,449 79,899 5,450 7% 6,038 8%

Liabilities

Customer deposits 48,280 49,416 51,443 2,027 4% 3,163 7%

Wholesale funding 14,667 13,746 16,367 2,621 19% 1,700 12%

Intra-company borrowings 2,100 2,100 2,100 0 0% 0 0%

Other due to related entities 1,480 1,337 1,620 283 21% 140 9%

Other liabilities 937 1,245 1,616 371 30% 679 72%

Total liabilities 67,464 67,844 73,146 5,302 8% 5,682 8%

18

: 19

:

Deposit to loan ratio (%)

Peer leading metric

Tier 1 Capital ratio (%)

Strong capital base

Gross loans ($b)

Steady loan growth

61.1%

75.9%

40%

60%

80%

FY10 FY11 FY12 FY13 FY14 3Q15

9.9% 10.5% 12.0% 12.3% 11.9%

11.8%

0.0%

7.0%

14.0%

FY10 FY11 FY12 FY13 FY14 3Q15

50.8 51.8

60.0 62.1

65.0 68.2

40

50

60

70

FY10 FY11 FY12 FY13 FY14 3Q15

Thousands

Customer deposits ($b)

Consistent strong deposit growth

30.6 33.3

41.7

46.6 49.4

51.4

25

30

35

40

45

50

55

FY10 FY11 FY12 FY13 FY14 3Q15

Thousands

20

: 21

Net interest margin (%)

Disciplined margin management

Impairment charges ($m)

Strong asset quality

Expense to income ratio (%)

Improvements in efficiency

Cash earnings ($m)

Consistent performance uplift

2.17%

2.45%

2.00%

2.20%

2.40%

2.60%

FY10 FY11 FY12 FY13 FY14 3Q15

334

224 190

107 26 60

0

100

200

300

400

FY10 FY11 FY12 FY13 FY14 3Q15**

433

613 714

853 921

0

250

500

750

1,000

FY11 FY12 FY13 FY14* 3Q15**

47.5% 43.5% 42.5% 40.2% 39.3%

0.0%

12.5%

25.0%

37.5%

50.0%

FY11 FY12 FY13 FY14* 3Q15**

*excludes gain on Visa shares sale **3Q15 annualised

21

: 22

All capital is currently Common Equity Tier 1 Capital (CET1)

Focus on making the capital base more efficient

Shareholders equity WNZLs actual

regulatory capital

RBNZ regulatory

capital assessment

$4,642m

$5,819m

Pillar 2

Pillar 1

$6,750m

CET

1

Oth

er

Sh

are

Cap

ital

$3

,70

0m

WNZL Capital

As at 30 June 2015

Other includes Retained profits of $3,079m, Available-for-sale reserve of $22m and Cash Flow Hedge reserve of $(51m)

Capital Adequacy

Ratios Jun-15

RBNZ

Minimum

Headroom

to RBNZ

Minimum

Common Equity Tier 1

Capital 11.8% 7.0% 4.8%

Tier 1 Capital 11.8% 8.5% 3.3%

Total Regulatory Capital 11.8% 10.5% 1.3%

Buffer Ratio 3.8% 2.5% 1.3%

WNZL’s dividend policy is to consider the payment of dividends and/or the repayment of capital to WNZL’s parent entity on a six monthly basis

The payment of dividends is subject to liquidity, regulatory, and solvency requirements at the discretion of the WNZL Board

Capital Adequacy ratios

22

:

:

63 67 69 68

10 9 9 9 3 3 3 4 4 3 4 2 4 3 2 8 6 8 7

8 6 5 7

FY12 FY13 FY14 3Q15

Wholesale Offshore <1Yr

Wholesale Offshore >1Yr

Wholesale Onshore <1Yr

Wholesale Onshore >1Yr

Intercompany Debt

Equity

Customer Deposits

Commentary Core Funding Ratio (%)

Funding composition (%)

24

• Ongoing reduction of reliance on offshore funding markets (28% FY11 to 13% 3Q15) driven by strong deposit growth.

• Term maturities well spread for manageable annual refinancing task.

• Core Funding Ratio comfortably above the RBNZ minimum (75%).

Term maturities ($bn)

: 25

Wholesale funding (%) @ 30 June 2015 Wholesale funding by currency (%) @ 30 June 2015

• WNZL has a well balanced funding structure. • Ongoing reduction in US Commercial Paper.

• $7bn (FY11) down to $3bn (3Q15)

• Equity and Customer deposits 80% of Total Assets

• Customer Deposits >75% Customer Loans

Commentary Funding mix

68%

12%

6% 14%

Customer Deposits

Equity & Interco.

Wholesale Onshore

Wholesale Offshore

:

Commentary

Liquid assets ($bn)

Liquid assets composition at 30 June 2015

26

Liquid asset holdings have remained robust over the last 5 years.

Liquid asset portfolio diversified.

All liquid assets are RBNZ repo eligible.

Liquid assets as % maturing wholesale debt

15%

5%

9%

18%

10%

12%

31%

Cash

Short term inter-bank assets

Supranational securities

NZ Government securities

NZ Local Authority securities

NZ Bank and SOE securities

RMBS

:

:

Mortgage Products

Fixed Rate

Fixed term and rate. Repayment amount can be increased up to 20% but no lump-sum prepayments

Floating - Standard

Variable rate. Primarily amortising principal value

Floating - Everyday

Variable rate. Revolving credit and transactional facility

Capped Rate

1 & 2 year terms where the interest rate is the lesser of capped rate or floating base rate

Offset

Floating home loan that allows you to offset your savings balances against your loan balances for interest calculation purposes

Key statistics – as at 30 June 2015

Active mortgage customers 190k

Total Mortgage Portfolio $41.0bn

Market share 20.18%

YTD mortgage growth rate annualised

4.6%

Portfolio > 80% LVR 16.2%

Average loan size $217k

Average LVR 67%

28

:

New Zealand mortgage portfolio LVR distribution (%) Interest type mix (%) NZ property activity

Portfolio origination mix (%)

Interest type mix (%)

New Zealand mortgage portfolio (%)

29

29

73% 61%

70%

27% 39%

30%

0%

20%

40%

60%

80%

100%

Fixed Floating Total

P&I Interest Only

1

CoreLogic, Inc.

: 30

Mortgage Portfolio – Regional Profile

Mortgage Portfolio – LVR (Historical Value) Mortgage Portfolio – Original Loan Amount

Mortgage Portfolio – Maturation Profile

Average LVR 67% Average Loan $217k

: 31

• Asset quality of the mortgage portfolio continues to improve.

• Post 2008 mortgage vintages continue to perform well. • Mortgage 90+ day delinquencies remain low and are at

0.21%, 5bps lower than the prior year reflecting an improvement in borrowers performance helped by robust house prices and the stable NZ macroeconomic conditions.

• Loss rates stable and continue to run at less than 0.5% annualised.

Commentary

Mortgage Portfolio – Delinquency Rates

Mortgages % 30 dpd and written off – Yearly Averages

Mortgage Portfolio – Loss Rates Each Half (%)

:

:

Issuer Westpac Securities NZ Limited, London Branch

Group Guarantor Westpac New Zealand Limited

Group Guarantor Rating AA-/Aa3/AA- by S&P / Moody’s / Fitch

Format Legislative Covered Bond

Covered Bond Rating Aaa / AAA by Moody’s / Fitch

Programme Size €5 billion

Maturity Options Soft and Hard Bullet

Covered Bond Guarantor Westpac NZ Covered Bond Limited, a special purpose vehicle (SPV)

Covered Bond Guarantee Covered Bond Guarantor has guaranteed payments of interest and principal under the Covered Bonds secured over the Mortgage Loans and its other assets (Limited in recourse to its assets)

LVR Cap in Asset Coverage Test 75%

Asset Percentage Subject to rating agency requirements, Programme maximum 90%

Collateral New Zealand prime, first ranking residential mortgages

Programme Listing London Stock Exchange

Covered Bond Guarantor Governing Law New Zealand

33

:

• Covered Bond Pool eligibility criteria:

– First ranking mortgage registered under the New Zealand Real Property Legislation

– All loans are secured by a mortgage over land and a completed residential dwelling

– All residential mortgages are denominated and payable in New Zealand dollars

– Loans are originated by WNZL in the ordinary course of its business, subject to standard loan offer terms and conditions

– Outstanding Principal Balance owed by the borrower is not more than NZD1.5 million

– Borrower is a New Zealand resident

– Loans become amortising loans after any “interest only” period

– Loans are not governed or regulated by any rural, primary production, moratorium or mediation legislation other than Credit Contracts Act 1981 (NZ) or the Credit Contracts and Consumer Finance Act 2003 (NZ)

– Loans required to be repaid within 30 years of sale

– Loans are not delinquent more than 30 days or in default

34

Cover Pool Loan Statistics as at 30 June 2015

Total Pool Loan Balance1 NZ$5,124,400,611

Number of Loans 39,747

Average Loan Size NZ$128,925

Max Loan Size NZ$1,487,176

Weighted Average Current LVR 55.21%

WA LVR (Indexed) 53.04%

90 day + Arrears 0.00%

Weighted Average Seasoning 44 months

Weighted Average Remaining

Term to Maturity 269 months

Max Remaining Term to Maturity 30 years

Weighted Average Interest Rate 5.93%

Fixed / Floating Split 83% / 17%

Interest Only 15%

1 Pool loan balance excludes cash balances. Total covered pool contains an additional NZ$375,599,389 cash balance.

:

Key

1. Loans sold by WNZL to CBG

2. CBG pays WNZL, funded via Intercompany

Loan from WNZL

3. WNZL issues guarantee to Bond Investors

4. CBG issues guarantee to Bond Investors

5. WSNZL (London branch) issues Covered

Bonds to Bond Investors

6. Bond Investors pay WSNZL for Covered

Bonds

7. WSNZL on-lends proceeds to WNZL

8. WNZL is the Interest Rate Swap Provider

and WBC is the Covered Bond Swap

Provider to CBG

Covered

Bond Investors

Westpac

New Zealand

Limited (WNZL) Seller, Group Guarantor, &

Interest Rate Swap Provider

Westpac Securities

NZ Limited (WSNZL) Issuer

Westpac NZ

Covered Bond

Limited (CBG) Covered Bond

Guarantor

1

2

7

5 6

3 4

Westpac Banking

Corporation (WBC)

Covered Bond Swap

Provider

8

8

35

:

Structure Covered Bonds are issued by Westpac Securities NZ Limited, and guaranteed by WNZL (AA-/Aa3/AA-) , backed by an unconditional and irrevocable guarantee by the Covered Bond Guarantor (Westpac NZ Covered Bond Limited), which is limited in recourse to its assets

Security Security comprises a high quality pool of first ranking, prime New Zealand residential mortgages which meet the eligibility criteria (the cover pool). Mortgages in the cover pool are sold to the Covered Bond Guarantor to ensure that covered bondholders have a priority claim over the cover pool in the event of issuer insolvency

Overcollateralisation Prior to service of a Notice to Pay on the Covered Bond Guarantor, an Asset Coverage Test is run monthly to ensure the Covered Bond Guarantor has sufficient assets to support the outstanding covered bonds, plus a level of overcollateralisation set by the ratings agencies. The Asset Percentage requirement is confirmed by the rating agencies quarterly and is subject to a maximum of 90%, which represents a minimum level of overcollateralisation of 11%.

Following service of a Notice to Pay on the Covered Bond Guarantor, an Amortisation Test is run monthly to ensure the Covered Bond Guarantor has sufficient assets to meet the covered bond obligations

Asset Monitor PricewaterhouseCoopers has been appointed to monitor the calculation of the Asset Coverage Test and the Amortisation Test on at least an annual basis

Hedging The Interest Rate Swaps and Covered Bond Swaps are used to hedge any exposure of the Covered Bond Guarantor to interest rate and currency risks

Regulatory Support The RBNZ permits Covered Bonds as repo eligible instruments. Covered Bond legislation passed in December 2013. The RBNZ has set an initial limit of 10% of total assets of an issuing bank (calculated by reference to the value of assets encumbered for the benefit of covered bond holders)

36

: 37

:

Region Population

Northland 151,689

Auckland 1,415,689

Waikato 403,639

Bay of Plenty 267,741

Gisborne 46,653

Hawke's Bay 151,179

Taranaki 109,608

Manawatu-Wanganui 222,689

Wellington 471,315

Tasman 47,157

Nelson 46,437

Marlborough 43,416

West Coast 32,148

Canterbury 539,433

Otago 202,470

Southland 93,339

Total 4,244,602

Northern

(53% of

population)

Central

(24% of population)

South (23% of population)

Source: Statistics NZ, 2013 Census

38

: 39

Country 2010 2011 2012 2013 2014 Total

United Kingdom 6,800 5,400 5,500 6,400 5,500 29,600

India 5,600 5,800 5,100 5,200 7,700 29,400

China 3,500 4,500 5,100 5,400 6,600 25,100

Philippines 1,500 1,800 2,000 2,100 3,100 10,500

Germany 1,400 1,400 1,600 1,900 2,300 8,600

Total 18,800 18,900 19,300 21,000 25,200 103,200

Immigration New Zealand

:

• RBNZ (Covered Bonds) Amendment Act 2013

• RBNZ LVR restrictions

• October 2013 – Limit 10% >80% LVR

• June 2015 – Outside Auckland – Limit 15% >80% LVR

• RBNZ Investor Housing Loans

• Limit 5% >70% LVR on Investor Housing Loans in Auckland

• Higher RWA for Capital purposes on non-Owner Occupied to be introduced later in 2015

• APRA LCR regulations January 2015

• 100% Liquidity Coverage Ratio for 1 month maturities.

• Term Deposits must honour contractual Term, or 30 days notice for economic break.

40

:

• Legislation passed December 2013

⁻ RBNZ1 (Covered Bonds) Amendment Act 2013

• Programme must be registered with RBNZ

⁻ WNZL first New Zealand bank registered - April 2014

• Non compliance, RBNZ can compel issuer to take immediate corrective action

• Cover Pool (SPV) is not an associated, related or subsidiary company under Statutory Management regime

• Cover Pool Monitor

⁻ Independent Auditor (PwC)

⁻ Verify all calculations

⁻ Moment in time observation

1 Reserve Bank of New Zealand

41

:

For further information contact: Jim Reardon Treasurer Westpac New Zealand Limited +64 9 367 3539 jim_reardon@westpac.co.nz John Toro Westpac Securities NZ Limited +44 20 7621 7540 nzfunding@westpac.com.au

For further information on WNZL and WSNZL:

• Funding and Securitisation Programmes

• WNZL Disclosure Statement

• WSNZL Financial Statements

Please visit our investor website:

http://www.westpac.com.au/about-westpac/investor-

centre/fixed-income-investors/

Click on “Westpac New Zealand” or

“Westpac Securities NZ Limited”

42