Westpac Banking : Dividend/Distribution - WBCPI

Notification of dividend / distribution

Announcement Summary

Entity name

WESTPAC BANKING CORPORATION

Security on which the Distribution will be paid

WBCPI - CAP NOTE 3-BBSW+3.70% PERP NON-CUM RED T-07-26

Announcement Type

New announcement

Date of this announcement

Monday December 23, 2019

Distribution Amount

$ 0.80100000

Ex Date

Monday March 9, 2020

Record Date

Tuesday March 10, 2020

Payment Date

Wednesday March 18, 2020

Additional Information

The Distribution Rate was determined using the following formula: (3 month BBSW Rate + Margin) x (1 - Tax Rate)

as follows:

3 month BBSW Rate on 19 December 2019: 0.8900% pa

• Margin: 3.7000% pa = 4.5900% pa
  x (1 - Tax Rate): 0.70
  = Distribution Rate: 3.2130% pa

The cash amount of the Distribution on each Westpac Capital Note 6 (WCN 6) was calculated as follows: Distribution Rate: 3.2130% pa

x Face Value: AUD 100

x days in Distribution Period: 91 / 365

= cash amount of Distribution: AUD 0.8010 fully franked

Refer to below for full details of the announcement

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Notification of dividend / distribution

Announcement Details

Part 1 - Entity and announcement details

1.1 Name of +Entity

WESTPAC BANKING CORPORATION

1.2	Registered Number Type	Registration Number
ABN	33007457141
1.3	ASX issuer code
WBC

1. The announcement isNew announcement
2. Date of this announcement

Monday December 23, 2019

1.6 ASX +Security Code

WBCPI

ASX +Security Description

CAP NOTE 3-BBSW+3.70% PERP NON-CUM RED T-07-26

Part 2A - All dividends/distributions basic details

2A.1 Type of dividend/distribution

Ordinary

2A.2 The Dividend/distribution:

relates to a period of one quarter

2A.3 The dividend/distribution relates to the financial reporting or payment period ending ended/ending (date)

Wednesday March 18, 2020

2A.4 +Record Date

Tuesday March 10, 2020

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2A.5 Ex Date

Monday March 9, 2020

2A.6 Payment Date

Wednesday March 18, 2020

2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable?

Security holder approval

Court approval

Lodgement of court order with +ASIC

ACCC approval

FIRB approval

Another approval/condition external to the entity required before business day 0 of the timetable for the dividend/distribution.

No

2A.8 Currency in which the dividend/distribution is made ("primary currency")

AUD - Australian Dollar

2A.9 Total dividend/distribution payment amount per +security (in primary currency) for all dividends/distributions notified in this form

$ 0.80100000

2A.10 Does the entity have arrangements relating to the currency in which the dividend/distribution is paid to securityholders that it wishes to disclose to the market? No

2A.11 Does the entity have a securities plan for dividends/distributions on this +security?

We do not have a securities plan for dividends/distributions on this security

2A.12 Does the +entity have tax component information apart from franking?

No

Part 3A - Ordinary dividend/distribution

3A.1 Is the ordinary dividend/distribution estimated at this time?

No

3A.1b Ordinary Dividend/distribution amount per security

$ 0.80100000

Estimated or Actual?

Actual

3A.1a Ordinary dividend/distribution estimated amount per +security

$

3A.2 Is the ordinary dividend/distribution franked? Yes

3A.2a Is the ordinary dividend/distribution fully franked? Yes

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3A.3 Percentage of ordinary dividend/distribution that is	3A.3a Applicable corporate tax rate for franking credit
franked	(%)
100.0000 %	30.0000 %

3A.4 Ordinary dividend/distribution franked amount per +security

$ 0.80100000

3A.6 Ordinary dividend/distribution unfranked amount per +security excluding conduit foreign income amount

$ 0.00000000

3A.7 Ordinary dividend/distribution conduit foreign income amount per security

$ 0.00000000

Part 3D - Preference +security distribution rate details

3A.5 Percentage amount of dividend which is unfranked

0.0000 %

3D.1	Start date of payment period	3D.2 End date of payment period
Thursday December 19, 2019	Wednesday March 18, 2020
3D.3	Date dividend/distribution rate is set (optional)
Thursday December 19, 2019

3D.4 Describe how the date that dividend/distribution rate is set is determined

First Business Day of the Distribution Period

3D.5 Number of days in the dividend/distribution period

91

3D.6 Dividend/distribution base rate (pa)

0.8900 %

3D.7 Comments on how dividend/distribution base rate is set

3 month BBSW Rate on the first Business Day of the Distribution Period. For more information, refer to the WCN 6 Prospectus.

3D.8 Dividend/distribution margin

3.7000 %

3D.9 Comments on how dividend/distribution margin is set

Margin set at the time of issue of WCN 6 and will not change. For more information, refer to the WCN 6 Prospectus.

3D.10 Any other rate / multiplier used in calculating dividend/distribution rate

-1.3770 %

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3D.11 Comments on how other rate used in calculating dividend/distribution rate is set

Other rate = A - B where

A = (3 month BBSW Rate + Margin) x (1 - Tax Rate) B = 3 month BBSW Rate + Margin

Tax Rate (expressed as a decimal) means the Australian corporate tax rate applicable to the franking account of Westpac as at the relevant Distribution Payment Date (30%). For more information, refer to the WCN 6 Prospectus.

3D.12 Total dividend/distribution rate for the period (pa)

3.2130 %

3D.13 Comment on how total distribution rate is set

Distribution Rate = (3 month BBSW Rate + Margin) x (1 - Tax Rate)

Part 5 - Further information

5.1 Please provide any further information applicable to this dividend/distribution

Capitalised terms in this announcement have the meanings given in the WCN 6 Prospectus, which is available from https:/ /www.westpac.com.au/westpaccapnotes6

This Distribution payment is subject to Westpac's absolute discretion and the Distribution payment conditions being satisfied in respect of the Distribution Payment Date. (NB: These are standard conditions in respect of each quarterly Distribution paid on WCN 6 - refer to the WCN 6 Prospectus.)

5.2 Additional information for inclusion in the Announcement Summary

The Distribution Rate was determined using the following formula: (3 month BBSW Rate + Margin) x (1 - Tax Rate)

as follows:

3 month BBSW Rate on 19 December 2019: 0.8900% pa

• Margin: 3.7000% pa = 4.5900% pa
  x (1 - Tax Rate): 0.70
  = Distribution Rate: 3.2130% pa

The cash amount of the Distribution on each Westpac Capital Note 6 (WCN 6) was calculated as follows: Distribution Rate: 3.2130% pa

x Face Value: AUD 100

x days in Distribution Period: 91 / 365

= cash amount of Distribution: AUD 0.8010 fully franked

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