Westpac Climate Bond Impact Report 2019

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Westpac Banking Corporation the wedge. ABN 33 007 457 141

NOTE: All content placeholders are adaptable. If a placeholder already contains (for example) a bar chart, this can be deleted to insert a table, text, image or other content. The template is very flexible. There are a lot of FONT SIZES layout options provided, manipulate them as needed to suit your content but if it’s not looking right, you can always ‘Reset’ the slide to revert back to the templated layout. IDP TEMPLATE Charts: 10pt │Tables: 12pt │ Text boxes: 12pt │ Text box headings: 14pt

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All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Disclaimer 2 To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab NotesTo replace that arethe specificimage, simplyto a certain select The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) (ABN layoutand delete will be the placed existing here image then 33 007 457 141) and its activities. click on the ADD PICTURE icon to It should not be reproduced, distributed or transmitted to any person without the consent of Westpac and is not intended for distribution in any insert new image. jurisdiction in which such distribution would be contrary to local law or regulation. It does not constitute a prospectus, offering memorandum or offer of securities. The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to GRID investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly To show the grid, right click the slide and Body – 12pt Arial Regular sentence case available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular reliability of the information. All amounts are in Australian dollars unless otherwise indicated.  Second Bullet – 12pt Arial Regular Financial information in this presentation may be presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to Westpac’s 2018 Annual Report on (incorporating the requirements of Appendix 4E) for the year ended 30 September 2018 available at Heading – 14pt Times New Roman Bold www.westpac.com.au details of the basis of preparation of cash earnings. Note – 10pt Arial Regular Financial data in this presentation is as at 30 September 2018 unless otherwise indicated. Comparisons of FY18 financial results are to FY17 unless otherwise stated. Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation unless we specifically state that the information is incorporated by reference thereby forming part of the presentation. All references in this Text boxes have 0.0cm margin on all sides presentation to websites are inactive textual references and are for information only. 0.40 Disclosure regarding forward-looking statements Chart heading text boxes have 0.25cm margin on left This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 0.80 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about Subheading in charts is 10pt bold matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements Text in charts is 10pt regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted TABLES economic indicators and performance metric outcomes. SHAPES We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘aim’, ‘probability’, ‘risk’, Headings 12pt bold all CAPS ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or other similar words to identify forward-looking statements. These forward-looking statements Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many All other horizontal lines .75pt grey instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and Total line same as heading their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect All text 12pt where possible, reduced of future developments on us will be those anticipated. Should one or more of the risks or uncertainties materialise, or should underlying where required to a minimum of 8pt assumptions prove incorrect, actual results could differ materially from the expectations described in this presentation. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk factors’ in Westpac’s Annual Report on Form 20-F for the year ended 30 September 2018 filed with the SEC. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, CHART HEADINGS and do not intend, to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation. The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. Height must remain consistent, width will vary. Most layouts use a one line heading box, you can 8.20 E.g. these: manually paste a two line heading box over this area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

R77 R228 R73 R84 R147 R173 R73 R139 R59 R42 R120 R104 R44 BANK SA ST.GEORGE BTFG RAMS BANK OF MELB G77 G27 G87 G49 G147 G17 G19 G15 G12 G52 G120 G9 G9 R44 R92 R127 R0 R127 B79 B19 B97 B78 B147 B9 B56 B9 B44 B58 B120 B6 B33 G71 G188 G167 G174 G128 B158 B38 B187 B239 B189

Westpac Grey, Westpac Red, not used in charts used as the HIGHLIGHT colour NOTE: All content placeholders are adaptable. If a placeholder already contains (for example) a bar chart, this can be deleted to insert a table, text, image or other content. The template is very flexible. There are a lot of FONT SIZES layout options provided, manipulate them as needed to suit your content but if it’s not looking right, you can always ‘Reset’ the slide to revert back to the templated layout. IDP TEMPLATE Charts: 10pt │Tables: 12pt │ Text boxes: 12pt │ Text box headings: 14pt

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 3 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Climate Change Solutions To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here

GRID

To show the grid, right click the slide and Body – 12pt Arial Regular sentence case Overview select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular  Second Bullet – 12pt Arial Regular • Westpac Group has long recognised that climate change is one of the most significant issues that will impact the long-term prosperity of our Heading – 14pt Times New Roman Bold economy and way of life. Note – 10pt Arial Regular • Westpac is one of 28 banks from around the world working to develop Principles for Responsible Banking – aligning the purpose of banking with society’s goals as expressed in the United Nations Sustainable Development Goals (SDGs) and the Paris Climate Agreement as part of a United Nations Environment Programme Finance Initiative (UNEP FI). Text boxes have 0.0cm margin on all sides 0.40 • Westpac is focussed on providing finance to back Climate Change Solutions Chart heading text boxes have 0.25cm margin on left 0.80  Westpac’s Climate Change Position Statement and Action Plan builds on our strong track record, outlining the next phase of actions we Subheading in charts is 10pt bold are taking to meet our commitment to operate in a manner consistent with limiting global warming to less than two degrees Celsius above Text in charts is 10pt pre-industrial levels. They also set our Climate Change Solutions financing targets required to remain on a credible pathway to net zero TABLES emissions by 2050. SHAPES Headings 12pt bold all CAPS  We define Climate Change Solutions as technologies and practices that are consistent with the investment required to limit global Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. 1 All other horizontal lines .75pt grey warming to less than two degrees and address its impacts. Total line same as heading All text 12pt where possible, reduced  Westpac’s plan to provide finance to back Climate Change Solutions encompasses the total direct and indirect financing of customers’ where required to a minimum of 8pt Climate Change Solutions activities. • Westpac Climate Bonds CHART HEADINGS  Westpac issues Climate Bonds as part of its commitment to facilitate up to $3 billion in Climate Change Solutions by 2020. The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the  The net proceeds of a Climate Bond are used to finance or maintain the finance for projects/assets which meet the requirements of the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join CBI standard (which is also aligned with the Green Bond Principles). The procedures outlined in our Climate Bond Framework set out the 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. process for regular tracking of the Climate Bond issuance and asset allocation pool. Height must remain consistent, width will vary. Most layouts use a one line heading box, you can 8.20 E.g. these: manually paste a two line heading box over this  More information can be found at: https://www.westpac.com.au/about-westpac/investor-centre/fixed-income-investors/Climate-Bonds/ area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ 1 As per our scenario analysis and external sources such as the IPCC Fifth Assessment Report and Climate Bond Initiative’s criteria. Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Westpac Grey, Westpac Red, not used in charts used as the HIGHLIGHT colour

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 4 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Climate Change Solutions To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here

GRID

To show the grid, right click the slide and Body – 12pt Arial Regular sentence case Overview cont. select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular  Second Bullet – 12pt Arial Regular • Climate Change Solutions are assessed to comply with the Equator Principles1 Heading – 14pt Times New Roman Bold where the asset is financed by project finance. Note – 10pt Arial Regular • They have been identified as (but are not limited to)2:

 Renewable energy;  Energy efficiency technologies; Text boxes have 0.0cm margin on all sides 0.40  Green buildings; Chart heading text boxes have 0.25cm margin on left  Low-emissions transport; 0.80 Subheading in charts is 10pt bold  Waste; Text in charts is 10pt  Water; TABLES  Carbon abatement and sequestration projects; SHAPES Headings 12pt bold all CAPS  Forestry and land rehabilitation; Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. All other horizontal lines .75pt grey  Adaptation infrastructure. Total line same as heading All text 12pt where possible, reduced • Climate Bonds’ net proceeds raised to date have been allocated to projects/assets in where required to a minimum of 8pt three categories, namely – renewable energy (solar and wind), green buildings and low carbon transport (rail). CHART HEADINGS

The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. 1 As a founding signatory to the Equator Principles, where an asset is financed by project finance, Westpac agreed to provide loans Height must remain consistent, width will vary. only for projects whose sponsors can demonstrate their ability and willingness to comply with processes that ensure they are Most layouts use a one line heading box, you can 8.20 E.g. these: developed in a socially responsible manner, according to sound environmental management practices manually paste a two line heading box over this 2 Find out more at https://www.westpac.com.au/about-westpac/sustainability/ area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt 5 Arrows are block style to fit text inside, see 8.40 Climate Bond Issuance and Project/Asset Allocation ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent AGGREGATE STATISTICS (30/09/2018) $m % 7.00 buttons on the Home tab Energy Efficiency TCEퟏ (A$m) Drawn Amount2 (A$m) Share of Climate Bond Poolퟑ (%) Notes that are specific to a certain Renewable Energy Projects (Solar) 235.0 184.0 7.8 layout will be placed here Renewable Energy Projects (Wind) 1,108.2 872.8 36.7 Green Buildings 910.6 815.5 30.2 Low Carbon Transport (Rail) 763.7 403.7 25.3 Total 3017.5 4 2,276.0 100.0 GRID Outstanding Issuance (as at 30/09/18) A$m Equivalent5 Original Currency (m) Public/Private AUD senior 5 year due 2021 500.0 AUD 500.0 Public AUD MTN Benchmark To show the grid, right click the slide and Body – 12pt Arial Regular sentence case USD senior 10 year due 2027 63.8 USD 50.0 Private Placement select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular EUR senior 7 year due date 2024 754.0 EUR 500.0 Public EUR EMTN Benchmark  Second Bullet – 12pt Arial Regular AUD senior 5 year due date 2023 117.3 AUD 117.3 Public Uridashi Total 1,435.1 Heading – 14pt Times New Roman Bold Remaining Pool Capacity 1,582.4 Note – 10pt Arial Regular GREEN BUILDINGS RENEWABLE ENERGY - WIND

Customer State Description Customer State Description 321 Exhibition Street, Melbourne VIC 6 Star NABERS Rating Collgar Wind Farm VIC Direct lending and refinancing of existing asset. Text boxes have 0.0cm margin on all sides Green Building 1 ACT 5 Star NABERS Rating Wind Asset 1 NSW Project finance to support construction of wind farm. 0.40 Green Building 2 NSW 5 Star NABERS Rating Wind Asset 2 TAS Project finance to support construction of wind farm. Chart heading text boxes have 0.25cm margin on left 55 Elizabeth Street, Brisbane QLD 5.5 Star NABERS Rating Gunning Wind Energy Developments Pty Ltd WA Direct lending and refinancing of existing asset. 0.80 Horizon MP Management, 70 Eagle Street QLD 5 Star NABERS Rating Hallett 4 Wind Farm (North Brown Hill) SA Direct lending and refinancing of existing asset. Subheading in charts is 10pt bold Green Building 3 NSW 5 Star NABERS Rating Hallett 5 Wind Farm (Bluff Range) SA Direct lending and refinancing of existing asset. Text in charts is 10pt Green Building 4 NSW 5 Star NABERS Rating Expected Infigen Energy Limited NSW Corporate lending over renewable portfolio. PGA Creek QLD 5.5 Star NABERS Rating Lal Lal Wind Farm VIC Project finance to support construction of wind farm. TABLES Zenith Sub Trust, Chatswood NSW 5 Star NABERS Rating Murra Warra Wind Farm VIC Support construction of the wind farm. SHAPES Oaklands Hill Wind Farm VIC Direct lending and refinancing of existing asset. Headings 12pt bold all CAPS PARF Coopers Gap Wind Farm QLD Project finance to support construction of wind farm. Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. PARF Silverton Wind Farm NSW Project finance to support construction of wind farm. All other horizontal lines .75pt grey Pyrenees Wind Energy Developments Pty Ltd VIC Direct lending and refinancing of existing asset. Total line same as heading All text 12pt where possible, reduced Wind Asset 3 VIC Support construction of the wind farm. where required to a minimum of 8pt Tilt Renewables Group AUST Corporate lending over wholly renewable portfolio. Wind Asset 4 VIC Provides transmission infrastructure. White Rock Wind Farm NSW Project finance to support operation of wind farm. CHART HEADINGS LOW CARBON TRANSPORT (RAIL) RENEWABLE ENERGY - SOLAR Customer State Description Customer State Description The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. Rail Asset 1 NSW Rail station operator. Emerald Solar Farm QLD Project Finance for construction of solar farm. angles of the curves on each side. 1 line heading box = 0.8cm height Evolution Rail VIC High Capacity Metro Trains ("HCMT"). Pacific Hydro Haughton Solar Farm QLD Project Finance for construction of solar farm. To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. Rail Asset 2 NSW Includes 100% green power mandate. PARF Finco 1 (Nyngan and Broken Hill PV) NSW Direct lending and refinancing of existing asset. Height must remain consistent, width will vary. Rail Asset 3 NSW Financing for Metro Train Tunnel. Ross River Operations Trust QLD Project Financed 116MW solar project. Most layouts use a one line heading box, you can 8.20 E.g. these: manually paste a two line heading box over this Notes • 1 TCE (Total Committed Exposures) represent the lending commitment to fund the projects/assets. • 4 Total TCE is A$232.7m less than audited FY18 TCE as Westpac has subsequently determined two assets area. Select from the pre-made options on ‘chart • 2 The amount drawn against the lending commitment for each project/asset. which have become ineligible, and have removed these from the allocated pool. title text boxes’ slide in the ‘Editable Elements’ Become: • 3 Share of Climate Bond Pool is calculated as % of TCE. • 5 FX rate used to derive the AUD equivalent is at the time of the Climate Bond issuance. section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 6 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Environmental Impacts – Green Buildings To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here • Green Buildings financed in part by Westpac Climate Bonds on average, have a 16% lower 2 Environmental greenhouse gas (GHG) emissions intensity (kgCO2-e/m ) compared to the average Climate 1 Impacts Bond Initiative (CBI) top 15% city emissions performance benchmark for energy efficiency. GRID To show the grid, right click the slide and Body – 12pt Arial Regular sentence case select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular  Second Bullet – 12pt Arial Regular

Heading – 14pt Times New Roman Bold Environmental Impact Assessment Overview Note – 10pt Arial Regular

As at 30 September 2018 Better than Average Text boxes have 0.0cm margin on all sides 0.40 Average CBI Top 15% City Chart heading text boxes have 0.25cm margin on left Share of Eligibility for Portfolio Average Portfolio Emissions 0.80 Total Committed Portfolio Climate Bonds Lifetime Net Lettable Area GHG Intensity Performance 2 2 2 Subheading in charts is 10pt bold Energy Efficiency Exposure A$m Financing (%) (%) (Months) (m ) (kgCO2-e/m ) Benchmark (%) Text in charts is 10pt Green Buildings 910.6 30.2 100 12.6 322,701.8 59.7 16.0 TABLES TOTAL 910.6 30.2 100 12.6 322,701.8 59.7 16.0 SHAPES Headings 12pt bold all CAPS Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. All other horizontal lines .75pt grey . Green Buildings make up 30.2% of the total share of portfolio financing as at 30 September 2018. Total line same as heading . Green Building financing varies across assets, and we have estimated Westpac’s share of financing at 25-50%. All text 12pt where possible, reduced . Eligibility criteria is assessed in accordance with CBI sector-specific technical criteria. where required to a minimum of 8pt . Each Green Building is assessed for its GHG intensity via published information on NABERS (if the building has been in operation for more than 1 year and has a NABERS rating). Where NABERS ratings and published information is not available, Westpac endeavours to use best estimates from asset owners such as engineer’s 2 reports. The average portfolio GHG intensity (kgCO2-e/m ) is then compared to the average CBI top 15% city emissions performance benchmark. CHART HEADINGS 2 . CBI standard uses emission footprint baseline in a particular city representing the top 15% for carbon intensity (kgCO2-e/m ). Average city GHG intensity is 71.3 2 The heading box should sit 0.2cm indented from kgCO2-e/m per year (using CBI calculator 2016-2027 duration). Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. Notes Height must remain consistent, width will vary. Most layouts use a one line heading box, you can 8.20 • 1 Average CBI top 15% city emissions performance benchmark includes only those cities relevant to the Green Buildings in Westpac’s Climate Bond pool. The performance benchmark is linked to Westpac E.g. these: Climate Bond issuances’ 10 year duration. manually paste a two line heading box over this • 2 Most projects are refinanced on a 5 yearly cycle, regardless of project lifetime. area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 7 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Environmental Impacts – Renewable Energy To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here • Renewable energy (RE) projects financed in part by Westpac Climate Bonds have the potential Environmental to: Impacts  Generate 13.4 million megawatt hours (MWh) of clean energy. GRID

 Reduce annual GHG emissions by 11.0 million tonnes of carbon dioxide equivalents (tCO2-e). To show the grid, right click the slide and Body – 12pt Arial Regular sentence case  Westpac’s estimated share for renewable energy is 3.3 million tCO -e avoided. select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular 2  Second Bullet – 12pt Arial Regular Environmental Impact Assessment Overview Heading – 14pt Times New Roman Bold Note – 10pt Arial Regular As at 30 September 2018 Total Average Westpac’s Committed Share of Eligibility for Portfolio Annual Energy Annual GHG estimated Text boxes have 0.0cm margin on all sides 0.40 Exposure Portfolio Climate Bonds Lifetime Capacity Generation emissions proportion 1 Chart heading text boxes have 0.25cm margin on left Energy Efficiency A$m Financing (%) (%) (Months) (MW) (MWh) avoided (tCO2-e) (tCO2-e) 0.80 RE Projects (Wind) 1,108.2 36.7 100 22.9 4,089.5 12,244,482.0 10,040,475.3 3,012,142.6 Subheading in charts is 10pt bold Text in charts is 10pt RE Projects (Solar) 235.0 7.8 100 29.1 439.0 1,137,067.1 932,395.0 279,718.5 TABLES TOTAL 1,343.2 44.5 100 52.0 4,528.5 13,381,549.1 10,972,870.3 3,291,861.1 SHAPES Headings 12pt bold all CAPS Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. All other horizontal lines .75pt grey . RE projects make up 44.5% of the total share of portfolio financing as at 30 September 2018. RE project financing is generally syndicated across several banks and Total line same as heading Westpac’s average share is approximately 30%. All text 12pt where possible, reduced . Energy generation for RE projects are based on actual or forecast2 generation data (MWh/year) from either project/asset operating reports, due diligence reports or where required to a minimum of 8pt origination submissions CRG reports.

. Emission reductions (tCO2-e/MWh) is the Grid Connected Total for 2016-2017 of 0.82 multiplied by MWh Generated (annual). The GHG intensity is the sum of total emissions (tCO2-e) / Electricity Production (MWh) for the Grid Connected Total of the generation facilities (these are reported by National Greenhouse and Energy CHART HEADINGS Reporting (NGER)). . Where projects are still in construction, electricity generation (MWh/year) has been forecast and the NGER GHG intensity is applied. The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. Height must remain consistent, width will vary. Notes Most layouts use a one line heading box, you can 8.20 E.g. these: • 1 Most projects are refinanced on a 5 yearly cycle, regardless of project lifetime. manually paste a two line heading box over this • 2 Forecast data is based on P50 Predicted methodology. area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 8 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. Environmental Impacts – Low Carbon Transport To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here • Low Carbon Transport (Rail) projects financed in part by Westpac Climate Bonds:

Environmental  Have the potential to reduce annual GHG emissions by 112,864.5 tCO2-e. Impacts  Westpac’s estimated share for low carbon transport is 33,057.1 of the total annual GHG GRID emissions avoided. To show the grid, right click the slide and Body – 12pt Arial Regular sentence case select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular  Second Bullet – 12pt Arial Regular

Heading – 14pt Times New Roman Bold Environmental Impact Assessment Overview Note – 10pt Arial Regular

As at 30 September 2018 Total Text boxes have 0.0cm margin on all sides Committed Share of Portfolio Eligibility for Average Portfolio Annual GHG emissions Westpac’s estimated 0.40 1 1 Energy Efficiency Exposure A$m Financing (%) Climate Bonds (%) Lifetime (Months) avoided (tCO2-e) proportion (tCO2-e) Chart heading text boxes have 0.25cm margin on left 0.80 Low Carbon Transport (Rail) 763.7 25.3 100 46.4 112,864.5 33,057.1 Subheading in charts is 10pt bold TOTAL 763.7 25.3 100 46.4 112,864.5 33,057.1 Text in charts is 10pt TABLES

SHAPES . Low Carbon Transport (Rail) projects make up 25.3% of the total share of portfolio financing as at 30 September 2018. The assets/projects in the Climate Bond pool relate Headings 12pt bold all CAPS to rail and are under construction or in operation. Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. . Low Carbon Transport financing is generally syndicated across several banks and we estimate Westpac’s average share to be approximately 37%2. All other horizontal lines .75pt grey 3 Total line same as heading . In estimating the GHG emissions avoided (tCO2-e), the focus was on the operational phase of the asset/project life cycle . The estimated numbers are sourced from either All text 12pt where possible, reduced the asset/projects’ environmental effects statements or based on modal shift by comparing road transport GHG emissions per annum to passenger rail travel GHG where required to a minimum of 8pt emissions per annum4.

CHART HEADINGS

The heading box should sit 0.2cm indented from Notes Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. • 1 Most projects are refinanced on a 5 yearly cycle, regardless of project lifetime. angles of the curves on each side. 1 line heading box = 0.8cm height • 2 Actual share of financing is used to estimate the proportion of emissions avoided if this data point is available, otherwise it is assumed that Westpac’s share is 30%. To create a longer wave shape, resize proportionally and join 2 line heading box = 1.2cm height • 3 Where information is available on GHG emission intensity of the project during the construction phase, this has been included in estimate of the GHG emission avoided (tCO -e). multiple shapes together with aligning and grouping. 2 Height must remain consistent, width will vary. • 4 The functional unit used for the modal shift is assumed to be150 grams CO per passenger kilometres travelled (PKT) for cars and 90 grams CO per PKT for national average passenger rail projected to 2030 2 2 Most layouts use a one line heading box, you can 8.20 (source: Transport for NSW). E.g. these: manually paste a two line heading box over this area. Select from the pre-made options on ‘chart title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Guides 13.80 4.80 4.40 0.20 0.20 4.40 4.80 13.80

TEXT LINES AND ARROWS

All text is black. No grey text Lines are solid black or red, 1.5pt Arrows are block style to fit text inside, see 8.40 9 ‘pullout boxes and arrows’ elements slide These are your 5 levels of styles. More information | www.westpac.com.au/investorcentre To move through the different styles, select the text and press TAB. To return to the previous style, press SHIFT + TAB. Text inside If you are on a blank line, use the Increase or Decrease Indent 7.00 buttons on the Home tab Notes that are specific to a certain layout will be placed here + - X

GRID

To show the grid, right click the slide and Body – 12pt Arial Regular sentence case select ‘Grids and Guidelines’ > ‘Guides” • Bullet – 12pt Arial Regular  Second Bullet – 12pt Arial Regular Heading – 14pt Times New Roman Bold Note – 10pt Arial Regular

Text boxes have 0.0cm margin on all sides 0.40 Chart heading text boxes have 0.25cm margin on left 0.80 Subheading in charts is 10pt bold Text in charts is 10pt TABLES

SHAPES Headings 12pt bold all CAPS Heading divider line 1.5pt red Use the shapes supplied in the ‘Editable Elements’ section. All other horizontal lines .75pt grey Total line same as heading Contact our Global Funding team All text 12pt where possible, reduced where required to a minimum of 8pt Curt Zuber Alexander Bischoff

Treasurer, Westpac Banking Corporation Head of Global Funding & Balance Sheet Management CHART HEADINGS +61 2 8253 4230 +61 2 8253 4314 [email protected] [email protected] The heading box should sit 0.2cm indented from Never skew the shape. Resize proportionally in order to keep the the top and right side of the chart background box. angles of the curves on each side. 1 line heading box = 0.8cm height To create a longer wave shape, resize proportionally and join Trang Trinh Emily Blythe Jacqueline Boddy 2 line heading box = 1.2cm height multiple shapes together with aligning and grouping. Height must remain consistent, width will vary. Most layouts use a one line heading box, you can 8.20 Director, Global Funding Associate, Global Funding Director, Debt Investor Relations E.g. these: +61 2 8253 4314 +61 2 8253 4314 +61 2 8253 3133 manually paste a two line heading box over this area. Select from the pre-made options on ‘chart [email protected] [email protected] [email protected] title text boxes’ slide in the ‘Editable Elements’ Become: section.

10.00 Below is the chart colour sequence. If your chart has more than 12 series‘ you will need to manually colour the additional series. Consumer Brands

Westpac Grey, Westpac Red, not used in charts used as the HIGHLIGHT colour