Notification of dividend / distribution

Announcement Summary

Entity name

WESTPAC BANKING CORPORATION

Security on which the Distribution will be paid

WBCPG - CAP NOTE 3-BBSW+4.90% PERP NON-CUM RED T-12-21

Announcement Type

New announcement

Date of this announcement

Friday January 4, 2019

Distribution Amount

AUD 1.20650000

Ex Date

Thursday March 21, 2019

Record Date

Friday March 22, 2019

Payment Date

Monday April 1, 2019

Additional Information

The Distribution Rate was determined using the following formula: (Bank Bill Rate + Margin) x (1 - Tax Rate)

as follows:

Bank Bill Rate is the 90 day Bank Bill Rate on 31 December 2018: 2.0900% pa + Margin: 4.9000% pa = 6.9900% pa x (1 - Tax Rate): 0.70 = Distribution Rate: 4.8930% pa

The cash amount of the Distribution on each Westpac Capital Note 4 (WCN 4) was calculated as follows: Distribution Rate: 4.8930% pa

x Face Value: AUD 100 x days in Distribution Period: 90 / 365 = cash amount of Distribution: AUD 1.2065, fully franked

As 30 March 2019 is not a Business Day, the Distribution payment will be made on the next Business Day, 1 April 2019.

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

1.1 Name of +Entity

WESTPAC BANKING CORPORATION

Registration Number

1.2 Registered Number Type

ABN

1.3 ASX issuer code

WBC

1.4 The announcement is

New announcement

1.5 Date of this announcement

Friday January 4, 2019

1.6 ASX +Security Code

WBCPG

ASX +Security Description

CAP NOTE 3-BBSW+4.90% PERP NON-CUM RED T-12-21

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)

Saturday March 30, 2019

2A.4 +Record Date

Friday March 22, 2019

2A.5 Ex Date

Thursday March 21, 2019

2A.6 Payment Date

Monday April 1, 2019

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

Security holder approvalCourt approval

Lodgement of court order with +ASICACCC 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

AUD 1.20650000

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

AUD 1.20650000

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

Yes

3A.3 Percentage of ordinary dividend/distribution that is franked100.0000 %

Estimated or Actual?

Actual

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

AUD

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

Yes

3A.3a Applicable corporate tax rate for franking credit (%)

30.0000 %

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

AUD 1.20650000

3A.5 Percentage amount of dividend which is unfranked0.0000 %

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

AUD 0.00000000

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

AUD 0.00000000

Part 3D - Preference +security distribution rate details

3D.1 Start date of payment period

3D.2 End date of payment period

Monday December 31, 2018

Saturday March 30, 2019

3D.3 Date dividend/distribution rate is set (optional)

Monday December 31, 2018

  • 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 period90

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

2.0900 %

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

    90 day Bank Bill Rate displayed on the first Business Day of the Distribution Period. For more information, refer to the WCN 4 Prospectus.

  • 3D.8 Dividend/distribution margin4.9000 %

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

    Margin set at the time of issue of WCN 4 and will not change. For more information, refer to the WCN 4 Prospectus.

  • 3D.10 Any other rate / multiplier used in calculating dividend/distribution rate-2.0970 %

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

Other rate = A - B where

  • A = (Bank Bill Rate + Margin) x (1 - Tax Rate)

  • B = Bank Bill 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 4 Prospectus.

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

4.8930 %

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

Distribution Rate = (Bank Bill 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 4 Prospectus, which is available fromwww.westpac.com.au/westpaccapnotes4.

    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 4 - refer to the WCN 4 Prospectus.)

  • 5.2 Additional information for inclusion in the Announcement Summary

The Distribution Rate was determined using the following formula:

(Bank Bill Rate + Margin) x (1 - Tax Rate)

as follows:

Bank Bill Rate is the 90 day Bank Bill Rate on 31 December 2018: 2.0900% pa + Margin: 4.9000% pa = 6.9900% pa x (1 - Tax Rate): 0.70 = Distribution Rate: 4.8930% pa

The cash amount of the Distribution on each Westpac Capital Note 4 (WCN 4) was calculated as follows: Distribution Rate: 4.8930% pa

x Face Value: AUD 100 x days in Distribution Period: 90 / 365 = cash amount of Distribution: AUD 1.2065, fully franked

As 30 March 2019 is not a Business Day, the Distribution payment will be made on the next Business Day, 1 April 2019.

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Disclaimer

Westpac Banking Corporation published this content on 04 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 January 2019 08:48:02 UTC