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Investor Presentaiton

WNZL Covered Bond - Structural overview Westpac New Zealand Westpac NZ Covered Bond 8 Limited (WNZL) Limited (CBG) Seller, Group Guarantor, & Interest Rate Swap Provider 2 Covered Bond Guarantor 7 3 Westpac Securities NZ Limited (WSNZL) Issuer 6 5 Covered Bond Investors 8 Westpac Banking Corporation (WBC) Covered Bond Swap Provider 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 37
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