Westpac Banking : Dividend/Distribution - WBCPE

Notification of dividend / distribution

Notification of dividend / distribution

Announcement Summary

Entity name

WESTPAC BANKING CORPORATION

Security on which the Distribution will be paid

WBCPE - CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22

Announcement Type

New announcement

Date of this announcement

Tuesday March 29, 2016

Distribution Amount

AUD 0.94310000

Ex Date

Tuesday June 14, 2016

Record Date

Wednesday June 15, 2016

Payment Date

Thursday June 23, 2016

Additional Information

The Distribution Rate on each Westpac Capital Note 2 (WCN 2) 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 24 March 2016: 2.2950% pa

+ Margin: 3.0500% pa

= 5.3450% pa

x (1 - Tax Rate): 0.70

= Distribution Rate: 3.7415% pa

The cash amount of the Distribution was calculated as follows:

Distribution Rate: 3.7415% pa x Face Value: AUD 100

x days in Distribution Period: 92

/ 365

= cash amount of Distribution: AUD 0.9431, fully franked

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

WBCPE

ASX +Security Description

CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22

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)

Thursday June 23, 2016

2A.4 +Record Date

Wednesday June 15, 2016

2A.5 Ex Date

Tuesday June 14, 2016

2A.6 Payment Date

Thursday June 23, 2016

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

AUD 0.94310000

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 0.94310000

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

Yes

3A.3 Percentage of ordinary dividend/distribution that is franked 100.0000 %

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

AUD 0.94310000

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

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.5 Percentage amount of dividend which is unfranked

0.0000 %

Part 3D - Preference +security distribution rate details

3D.1 Start date of payment period

Thursday March 24, 2016

3D.2 End date of payment period

Thursday June 23, 2016

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

Thursday March 24, 2016

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

92

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

2.2950 %

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

90 day Bank Bill Rate on the first Business Day of the Distribution Period. For more information, refer to the WCN 2 Prospectus.

3D.8 Dividend/distribution margin

3.0500 %

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

Margin set at the time of issue of WCN 2 and will not change. For more information, refer to the WCN 2 Prospectus.

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

-1.6035 %

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 2 Prospectus.

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

3.7415 %

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

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

Part 5 - Further information