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Funding strategy

Strategy
Westpac's funding activities are focused on diversity and flexibility, with a view to reducing the volatility and cost of it's wholesale funding base within the parameters of prudent liquidity management. In respect of wholesale funding, Westpac's strategy covers:

Diversification
The diversity of Westpac's funding base is looked at from a number of different perspectives. These perspectives are considered in light of the nature of the underlying debt profile and include diversity across:

Currency
Retail and wholesale markets
Debt product types and maturity term
Debt investor types and geographical location

Flexibility
Another key aspect of Westpac's strategy is to have the maximum flexibility to access the widest range of funding markets, debt investors and products. As market preferences and investor's demands change, Westpac is required to operate in a variety of jurisdictions. This dynamic environment requires an appropriate and up-to-date documentary infrastructure, a global integrated approach to debt pricing and risk management and an efficient chain of delegated authorities allowing Westpac to execute transactions in a responsive and effective manner.

Global Debt Presence and Performance
The barriers to access international funding markets continue to fall and borrowing spreads for issuers are increasingly "internationalised". As a major commercial bank, Westpac takes the view that a global borrowing profile in these markets is essential, as is the necessity to directly communicate it's current credit, business and funding story to institutional investors and intermediaries.

Westpac is very conscious of maintaining and improving its international profile when accessing the public debt markets. Consequently a significant amount of energy and internal due diligence is put into each public transaction, to ensure that the deal structure, syndicate group, pricing, maturity and timing is right for the market at launch. Westpac expects every public deal to perform well in the primary market. We expect dealers to support the issue price of public transactions which, in turn, will set a base to underpin price performance into the secondary market.

Management of Global Funding
The management and execution of the wholesale funding strategy is the responsibility of Group Treasury. Within Group Treasury, the Global Funding unit manages Westpac's offshore and domestic issuance programmes.

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Disclaimer:
This page contains information about the global funding strategy of Westpac, public information about Westpac's debt securities programmes and public information about completed debt issuance of Westpac. Nothing in this page constitutes, or is intended to constitute, an offer for subscription, an invitation to subscribe for or an offer to sell or acquire any securities of Westpac or a recommendation, advice, or solicitation, whether directly or indirectly, to do any or all those things.

Important Disclosure Information Relating to New Zealand:
A copy of Westpac's current disclosure statement, published under section 81 of the Reserve Bank of New Zealand Act 1989, may be obtained from any Westpac (WestpacTrust) branch in New Zealand.