OUR PRODUCT COMMITMENT TO YOU.

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1 OUR PRODUCT COMMITMENT TO YOU. PRODUCT DISCLOSURE STATEMENT Issued by: Westpac Banking Corporation ABN AFSL Dated: 12 November xylo.com.au

2 CONTENTS CONTENTS XYLO Foreign Exchange Snapshot 3 Section 1 Product Disclosure Statement 4 XYLO Foreign Exchange Snapshot Section 1 Product Disclosure Statement 1.1 What is XYLO Foreign Exchange? What is XYLO Foreign Exchange? 1.2 What is a Foreign Exchange Transaction? What is a Foreign Exchange Transaction? 1.3 Benefits of using XYLO Foreign Exchange Benefits of using XYLO Foreign Exchange 1.4 Risks of using XYLO Foreign Exchange Risks of using XYLO Foreign Exchange 1.5 Fees and Charges Fees and Charges 1.6 How to register for XYLO Foreign Exchange 1.6 How to register for XYLO Foreign Exchange 1.7 Additional information about XYLO Foreign Exchange 1.7 Additional information about XYLO Foreign Exchange 1.8 General Information 1.8 General Information

3 xylo.com.au SNAPSHOT SNAPSHOT Issuer Westpac Banking Corporations (ABN AFSL ). Purpose XYLO Foreign Exchange is an online Foreign Exchange (FX) and international payments Issuer Westpac Banking Corporations (ABN AFSL ). platform. It provides users with competitive FX rates, low fees, and a quick and reliable international money transfer service, all via a single, secure website. Purpose XYLO Foreign Exchange is an online Foreign Exchange (FX) and international payments Suitability platform. XYLO Foreign It provides Exchange users was with designed competitive for small FX and rates, medium-sized low fees, and businesses, a quick and to provide reliable a international simple, no-frills money foreign transfer exchange service, solution all via for a making single, and secure receiving website. international payments. Cost Suitability Cost Key Benefits Key Benefits Key Risks Key Risks Transaction Limit Transaction Limit How do I Register? How Do I Register? XYLO Foreign Exchange is was free designed to join. There for small are no and establishment medium-sized fees businesses, and no annual to provide fees. a There simple, is a no-frills flat fee foreign of $10 per exchange payment solution (otherwise for making known and as a receiving Telegraphic international Transfer or payments. TT). There are also other fees and charges associated with XYLO. See the section on Fees and XYLO Charges Foreign on page Exchange 12. is free to join. There are no establishment fees and no annual fees. XYLO There enables is a you flat to fee make of $10 and per receive payment payments (otherwise in a wide known range as of a currencies. Telegraphic Transfer or TT). There are also other fees and charges associated with XYLO. See the section on Fees With XYLO, and Charges your transaction page limit 12. will be assessed upon registration. XYLO is available 24 hours a day, 7 days a week, wherever you can access the internet for all XYLO enables you to make and receive payments in a wide range of currencies. functions, except the booking of rates which can only be completed between 7:30am Monday, With Sydney XYLO, (AEST) your and transaction 5:00pm Friday limit will New be York assessed (EDT) upon registration. XYLO is available 24 hours a day, 7 days a week, wherever you can access the internet XYLO uses the latest internet security technology so you can be assured your personal details for all functions, except the booking of rates which can only be completed between 7:30am and funds Monday, are kept Sydney safe. To (AEST) protect and against 5:00pm unauthorised Friday New use York of your (EDT) account, each user is provided with an individual security token which provides access to the XYLO platform to book XYLO FX Rates, uses set the up latest transactions, internet and security authorise technology payments. so you can be assured your personal details and funds are kept safe. To protect against unauthorised use of your account, each For more user information is provided on with these an and individual other significant security token benefits, which refer provides to Benefits access of Using to the XYLO XYLO on page platform 8. to book FX Rates, set up transactions, and authorise payments. For Foreign more Exchange information markets on these can be and volatile. other significant The Exchange benefits, Rate which refer to you Benefits are quoted of Using XYLO on page 8. may change significantly due to volatility, up until such time as you choose to accept that Exchange Rate. Foreign Exchange markets can be volatile. The Exchange Rate which you are quoted may Payments change may significantly take longer due to be to credited volatility, to up your until payee s such time nominated as you bank choose account to accept as a result that Exchange of any unforeseen Rate. circumstances experienced by your payee s bank. Payments XYLO may may terminate take longer any or all to of be your credited outstanding to your FX payee s Transactions nominated where bank you account fail to pay as any a result applicable of any fees, unforeseen where funds circumstances are not cleared experienced or are dishonoured, by your payee s where we bank. suspect you are XYLO involved may in any terminate fraudulent any activity or all of or your misuse outstanding of XYLO, or FX for Transactions any other reason where specified you fail to in pay any this applicable PDS. fees, where funds are not cleared or are dishonoured, where we suspect you are involved in any fraudulent activity or misuse of XYLO, or for any other reason specified For more information this PDS. on these and other significant risks, refer to Risks of Using XYLO Foreign Exchange on page 10. For more information on these and other significant risks, refer to Risks of Using XYLO Foreign This will Exchange be assessed on by page XYLO 10. upon registration. This To register, will be go assessed to xylo.com.au by XYLO and upon complete registration. the online registration form, or call and register with XYLO Customer Care. To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 3

4 SECTION 1 PRODUCT DISCLOSURE STATEMENT CONTENTS Important Information About This Product Disclosure Statement XYLO Foreign Exchange Snapshot A Product Disclosure Statement (PDS) is an information document. Its purpose is to provide you with enough Section information 1 so that Product you can Disclosure decide if the Statement product you are considering will meet your needs. A PDS is also a tool for 1.1 comparing What is the XYLO features Foreign of other Exchange? similar products you may be considering. 1.2 What is a Foreign Exchange Transaction? This PDS relates to Foreign Exchange (FX) Transactions made and received through the XYLO Foreign Exchange online 1.3 Benefits of using platform offered by Westpac Banking Corporation (Westpac). 1.4 Risks of using XYLO Foreign Exchange XYLO Foreign Exchange is a trademark of Westpac. XYLO is used in this PDS to refer to the online transaction 1.5 platform, Fees XYLO and Charges Foreign Exchange for FX Transactions operated by Westpac under the XYLO Foreign Exchange 1.6 trading How name. to register When the for trading XYLO name Foreign XYLO Exchange Foreign Exchange or XYLO is used in this PDS, it refers to Westpac operating under that trading name. References to we or us are also references to Westpac trading under 1.8 the name General XYLO Information Foreign Exchange or XYLO. 1.7 Additional information about XYLO Foreign Exchange This PDS, and any confirmations received from us while transacting on XYLO Foreign Exchange, form the contract between you and us relating to your use of XYLO Foreign Exchange, and as such, their terms are legally binding on you in your dealings with us. They also set out significant benefits, risks, characteristics and features of XYLO Foreign Exchange, the terms and conditions applying to XYLO FX Transactions, and your obligations in respect of them. Trading in Foreign Exchange requires a good understanding of the way Foreign Exchange contracts and markets work. You should read and consider all sections of this PDS carefully before making a decision about the suitability of this product for you. You may also wish to obtain independent expert advice about this. If you have any questions about this product, please contact XYLO Customer Care. If you decide to enter into an FX Transaction, you should keep a copy of this PDS and any associated documentation at hand. You should also promptly tell us if at any time you 3 experience any financial difficulty. The information set out in this PDS is general in nature. It has been prepared without taking into account your personal or business objectives, financial situation or needs. Because 5 of this, you should consider its appropriateness having regard to your objectives, financial situation and needs. By 6 providing this PDS, we do not intend to provide financial advice or any financial recommendations. 8 The information in this PDS is subject to change. We will provide updated information by issuing a supplementary or replacement PDS if required (such as if the change was materially adverse to you), or by posting the information on our website at xylo.com.au. You can obtain a paper copy of any updated information free of charge by contacting XYLO Customer Care. This PDS is intended only for those businesses based in Australia with a local Australian-dollar bank account and, 21 where applicable, a registered Australian Business Number (ABN). Distribution of this PDS in jurisdictions outside Australia may be restricted by law, and persons who come into possession of it who are not in Australia should seek advice. If you are in Australia and have received this PDS electronically, we will provide you with a paper copy free of charge, upon request. To obtain a paper copy, contact XYLO Customer Care. XYLO is not offered to a U.S. person as it is defined in the rules, regulations, orders and interpretations (including, without limitation, any guidance) published or issued by the United States Commodity Futures Trading Commission, as amended and/or supplemented from time to time

5 xylo.com.au 1.1 WHAT IS XYLO FOREIGN SNAPSHOT EXCHANGE? Funding XYLO Foreign Exchange Transactions You can transfer funds into your XYLO account from any Australian dollar bank account by using the following payment services provided they are available on that account: XYLO Issuer Foreign Exchange is an online Westpac Foreign Banking Exchange Corporations (FX) (ABN Direct debit 457 for 141 any AFSL bank ). account within Australia by and international payments platform. It provides users with signing a direct debit request competitive Purpose FX rates, low telegraphic XYLO transfer Foreign (TT) Exchange fees, and is an online By Foreign BPAY from Exchange any bank (FX) account and international that has BPAY. payments We a smart, simple and secure international platform. money It provides transfer users with competitive will provide FX you rates, with low details fees, and of our a quick BPAY and Biller reliable code to service, all via a single website. international money transfer service, all via a single, secure website. enable you to make transactions There Suitability is no need to install or download XYLO additional Foreign Exchange software was designed By Phone for small and and Internet medium-sized Banking businesses, to transfer AUD to provide to XYLO or programs. Instead, XYLO operates a simple, via an no-frills internet foreign exchange solution via direct for credit making or and RTGS receiving (if you international have these facilities). payments. browser, making it accessible for users to log on anywhere the Cost internet is available. XYLO Foreign Exchange is free Irrespective to join. There of the are payment no establishment method selected, fees and no you annual must fees. There is a flat fee of $10 per ensure payment that sufficient (otherwise cleared known funds as a Telegraphic are transferred Transfer to us by With XYLO Foreign Exchange, you or can: TT). There are also other fees the and time charges funds are associated required with to settle XYLO. a XYLO See the transaction. section Fees and Charges on page 12. Access competitive wholesale FX rates If you do not have sufficient funds in the account from which Key Transact Benefits in a wide range of foreign XYLO currencies enables you to make and a receive payment payments is to be made in a wide you range may be of charged currencies. a dishonour charge (see Fees and Charges on page 12). You should Send your international payment With in XYLO, 3 simple your steps transaction limit will be assessed upon registration. consider the terms and conditions of the account from XYLO is available 24 hours a day, 7 days a week, wherever you can access the internet Use a variety of payment options for all to functions, pay for your which payments will be made to find out how long it will except the booking of rates which can only be completed between purchase of foreign currency 7:30am including: Monday, direct debit, Sydney (AEST) take and for 5:00pm cleared Friday funds New to be York available (EDT) to settle your XYLO direct credit, BPAY or Real Time XYLO Gross transaction. uses the latest internet security technology so you can be assured your personal Settlement ( RTGS ) details and funds are kept safe. To protect against unauthorised use of your account, each user is provided with an individual Business security Customers token which provides access to the payment confirmations to your payees XYLO platform to book FX Rates, set up transactions, and authorise payments. Place FX transaction orders (via For phone more information only) XYLO Foreign Exchange was designed for small and on these and other significant benefits, refer to Benefits of Using XYLO on page 8. medium-sized businesses, to provide a simple, no-frills View, print, and export your payments history for the foreign exchange solution for making and receiving last 100 days Key Risks Foreign Exchange markets can international be volatile. The payments. Exchange Rate which you are quoted Access Westpac s economic may and market change forecasts significantly due to volatility, up until such time as you choose to accept that Please note: To be eligible for XYLO Foreign Exchange, and research commentary Exchange Rate. you must be an Australian Resident for the purposes of the Payments may take longer to be credited to your payee s nominated bank account as a Talk to our dealers about strategies result of to any protect unforeseen your Income Tax Assessment Act 1997 and where appropriate, an circumstances experienced by your payee s bank. business against currency movements Australian Business Number ( ABN ) may be required before XYLO may terminate any or all of your outstanding FX Transactions where you fail to pay you can register with XYLO. Take comfort knowing your international any applicable transfer fees, is where funds are not cleared or are dishonoured, where we suspect protected by the latest banking you security are involved technology. in any fraudulent activity or misuse of XYLO, or for any other reason specified in this PDS. For more information on these and other significant risks, refer to Risks of Using XYLO Foreign Exchange on page 10. Transaction Limit How Do I Register? This will be assessed by XYLO upon registration. To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 35

6 1.2 WHAT IS A FOREIGN CONTENTS EXCHANGE TRANSACTION? A Spot Exchange Rate refers to the Exchange Rate applicable to an FX Transaction where the Maturity Date is 2 business days after the transaction date. Transactions for Value Spot (i.e. transactions with a Spot Exchange Rate) are commonly referred to as Spot Contracts. A Foreign Exchange (FX) Transaction is an agreement between you and a Foreign Exchange dealer to exchange XYLO a specific Foreign amount of Exchange one currency for Snapshot another at an agreed Exchange Rate on an agreed date. An FX Transaction may Section be necessary 1 for Product conducting Disclosure business in connection Statement with exporting or importing goods or services denominated in a 1.1 foreign What currency, is XYLO investing Foreign borrowing Exchange? overseas, repatriating profits, converting foreign currency denominated dividends, or 1.2 settling What other is foreign a Foreign currency Exchange contractual Transaction? arrangements. 1.3 Benefits of using XYLO Foreign Exchange When you enter into an FX Transaction, you nominate the currencies to be exchanged, the amount to be exchanged, 1.4 and Risks the date of at using which XYLO the exchange Foreign is Exchange to take place. This is known as the Contract Amount or Contract Rate. 1.5 Fees and Charges The price at which one currency is exchanged for another is known as the Exchange Rate. 1.6 How to register for XYLO Foreign Exchange The Exchange Rate will vary depending on market 1.7 conditions Additional and will information be determined about by a XYLO number Foreign of factors Exchange including the current interbank Exchange Rate, market 1.8 volatility, General and the Information type of currencies you are trading. When using XYLO Foreign Exchange, the Exchange Rate will be displayed on your computer screen prior to you deciding whether to proceed with the transaction. When you enter into an FX Transaction, the date that the transaction settles is known as the Maturity Date or the Value Date. Contract Rates are quoted as Spot Exchange Rates or Forward Exchange Rates, depending on the Maturity Date nominated by you. A Value Today Rate refers to the Exchange Rate applicable to an FX Transaction where the Maturity Date is the same date as the transaction date (i.e. today). A Value Tomorrow Rate refers to the Exchange Rate applicable to an FX Transaction where the Maturity Date is the business day after the transaction date. A Forward Exchange Rate refers to the Exchange Rate applicable to an FX Transaction where the Maturity Date is more than 2 business days after the transaction date. Transactions for all such maturity dates (i.e. transactions with a Forward Exchange Rate) are commonly referred to as Forward Exchange Contracts. You can nominate a Forward Exchange Contract term of up to 6 months depending on XYLO s credit assessment of you. The rates used for Forward Exchange Contracts are determined by XYLO by calculating a Forward Margin. All Foreign Exchange is transacted at spot (i.e. 2 business days). If a settlement is required on any date away from this date (pre or post) then the rate will be adjusted by a forward margin. (An explanation of how forward margins are calculated is provided later in this section)

7 xylo.com.au Buying Foreign Currency Selling Foreign Currency If you are buying foreign currency under a spot contract and If you are selling foreign currency, the Australian Dollar choose the payment method of direct debit, the Australian Contract Amount, less any fees, will be credited to your bank Dollar SNAPSHOT Contract Amount, plus any fees, will be direct debited account as advised to us at the time the XYLO transaction is from your nominated bank account on the date you enter entered into once the foreign currency funds have cleared. into Issuer the contract if this account is Westpac not with Westpac. Banking Corporations If the When (ABN you are confirming AFSL payment ). details, you will be account is held with Westpac, the funds are debited on the provided with XYLO s foreign currency payment instructions value Purpose date. XYLO Foreign Exchange is an online the Foreign payment Exchange screen. (FX) and international payments platform. It provides users with competitive FX rates, low fees, and a quick and reliable If you are buying foreign currency international under a Forward money transfer service, If foreign all via currency a single, is remitted secure website. to XYLO and a transaction Exchange Contract and choose the payment method of has not been booked to convert the currency to Australian direct Suitability debit, the Australian Dollar Contract XYLO Foreign Amount, Exchange plus was designed Dollars the for small foreign and currency medium-sized will be businesses, converted to to Australian provide a simple, no-frills foreign exchange solution for making and receiving international payments. any fees, will be direct debited from your nominated bank Dollars at the XYLO rate for same day value at the time of account 2 business days prior to the contract value date if conversion. The Australian Dollars will be subsequently Cost XYLO Foreign Exchange is free to join. There are no establishment fees and no annual this account is not with Westpac. If the account is held with credited to your nominated Australian Dollar account. fees. There is a flat fee of $10 per payment (otherwise known as a Telegraphic Transfer Westpac, the funds are debited on or the TT). value There date. are also other fees and charges associated with XYLO. See the section on Fees and Charges on page 12. How Are Forward Margins Determined? It is your responsibility to ensure that cleared funds are available in any account you choose to make payment from. Key Benefits XYLO enables you to make and It receive is important payments to note in that a wide Forward range Margins of currencies. do not represent Where you are making a payment to a foreign supplier, funds forecasts that XYLO has made, nor do they guarantee where will be transferred to your recipient s With nominated XYLO, your account transaction on limit will be assessed upon registration. future Exchange Rates will be. the value date. Please note: XYLO XYLO Foreign is available Exchange 24 does hours a day, 7 days a week, wherever you can access the internet not take responsibility for any reasonable for all functions, delays incurred except the by booking Instead, of rates a Forward which Margin can only is derived be completed by XYLO between taking into 7:30am Monday, Sydney (AEST) and 5:00pm Friday New York (EDT) banks other than Westpac, including the Beneficiary s own account a variety of factors including the difference in bank or any intermediary banks. XYLO uses the latest internet security interbank technology interest rates so you between can be the assured currencies your that personal make details and funds are kept safe. up To the protect two currencies against unauthorised you are dealing use with. of your The account, margin is If you are registered and choose to each pay user for your is provided purchase with of an individual expressed security in Exchange token Rate which Points. provides access to the foreign currency using Electronic XYLO Funds platform Transfer to ( EFT ) book it FX is Rates, set up transactions, and authorise payments. your responsibility to transfer the Australian For more information Dollars ( AUD ) on these A and Forward other significant Margin can benefits, be either refer a positive to Benefits or a negative of Using to XYLO to be received in time for XYLO settlement. on page Often 8. there number. When a Forward Margin is a positive number, it is are lead times involved in an EFT. On your deal confirmation, added to the Spot Exchange Rate. When it is a negative we Key will recommend Risks a date and time Foreign by which Exchange you should markets can number, volatile. it is The subtracted Exchange from Rate the which Spot Exchange you are quoted Rate. may change significantly due to volatility, up until such time as you choose to accept that initiate the transfer. These timings are considered normal Exchange Rate. Forward Contracts are not available in all currencies. Please in most circumstances, however, in some circumstances it refer to the tables on pages 8 and 9. Payments may take longer to be credited to your payee s nominated bank account as a may actually take longer, in which case your settlement will result of any unforeseen circumstances The following experienced examples by are your indicative payee s only bank. and use FX rates be delayed. To be certain about how long the transfer to XYLO may terminate any or all and of your figures outstanding selected FX to demonstrate Transactions how where XYLO you Foreign fail to pay XYLO will take, we recommend you contact your financial any applicable fees, where funds Exchange are not works. cleared In or order are dishonoured, to assess the where merits we of suspect any FX institution that the funds are being you sent are from. involved in any fraudulent Transaction, activity or you misuse would of need XYLO, to or use for the any actual other FX reason rates and A facility is available to set up reminder specified s in this about PDS. figures quoted to you at the time. Fees may also apply (see upcoming EFT payments. For more information on these Fees and other and significant Charges on risks, page refer 12), to however Risks of for Using simplicity, XYLO Foreign Exchange on page 10. Fees cannot be paid by EFT. They will always be direct have not been included in the examples debited from the nominated account. This will be assessed by XYLO upon registration. Transaction Limit How Do I Register? To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 37

8 1.3 BENEFITS OF USING XYLO FOREIGN EXCHANGE CONTENTS The primary benefit of an FX Transaction is to allow you to make and receive payments in a foreign currency, thus allowing you to engage in trade and other financial XYLO transactions Foreign offshore. Exchange Snapshot XYLO allows you to exchange foreign currencies at Section competitive 1 rates, Product to make Disclosure and receive foreign Statement currency payments all over the world from a simple, secure, and 1.1 convenient What is website. XYLO Foreign Exchange? 1.2 Other What significant is a Foreign benefits Exchange of XYLO are: Transaction? XYLO provides both FX Transactions and payments. There is no need to use separate websites, FX providers or banks to exchange currencies and then send or receive your international payments 1.3 Benefits of using XYLO Foreign Exchange 1.4 Risks of using XYLO Foreign Exchange 1.5 Fees and Charges Make and receive payments in a wide range of currencies. 1.6 How to register for XYLO Foreign Exchange Using XYLO is as simple as making a domestic payment, such as a phone bill or via your internet banking. 1.7 Additional information about XYLO Foreign Exchange XYLO is quicker than visiting your bank branch. You can 1.8 complete General your Information FX Transaction and online payment in less than 60 seconds. You can nominate separate user access levels for your staff. For example, you may want some employees to only be able to set-up a payment or view Payment Histories, while you can provide other employees with full Access to authorise and send your payments. CURRENCIES FWDS AUD/USD US Dollar Yes AUD/NZD New Zealand Dollar Yes AUD/GBP British Pound Yes AUD/CAD Canadian Dollar Yes AUD/EUR Euro Yes AUD/CHF Swiss Franc Yes AUD/JPY Japanese Yen Yes AUD/HKD Hong Kong Dollar Yes AUD/SGD Singapore Dollar Yes AUD/NOK Norwegian Kronor Yes AUD/DKK Danish Kroner Yes AUD/SEK Swedish Kroner Yes AUD/THB AUD/INR AUD/VUV AUD/FJD AUD/WST AUD/XPF AUD/LKR AUD/BND AUD/PHP Thai Baht Indian Rupee Vanuatu Vatu Fiji Dollar West Samoan Tala French Pacific Franc Sri Lankan Rupee Brunei Darussalaam Philippine Peso To provide added security, you can nominate to have dual authorisation access. This allows for payments to have two authorisors before the payment is sent. 82

9 xylo.com.au CURRENCIES AUD/SBD SNAPSHOT AUD/SAR Solomon Island Dollar Saudi Arabia Riyals FWDS XYLO allows you to set up a list of payees who you make frequent international payments to. Simply select who you want to pay and how much. You can also send a payment confirmation to your payee. AUD/ZAR South African Rand Yes You can access your Payment History on XYLO for the last Issuer Westpac Banking Corporations (ABN AFSL ). AUD/PGK Papua New Guinea Kina 100 days. XYLO is available 24 hours a day, 7 days a week, wherever you can access the internet. XYLO s rates come AUD/PKR Purpose Pakistan Rupees XYLO Foreign Exchange is an online live from Foreign the FX Exchange Market which (FX) is and open international 7:30am Monday, payments platform. It provides users with competitive FX rates, low fees, and a quick and reliable * AUD/CNY Chinese Yuan Sydney (AEST) and 5:00pm Friday New York (EDT). You international money transfer service, all via a single, secure website. may book Live FX Rates through XYLO during these times. # AUD/KRW South Korean Won Please note: we may vary these access hours from time to Suitability XYLO Foreign Exchange was designed for small and medium-sized businesses, to provide # AUD/MYR Malaysian Ringgit a simple, no-frills foreign exchange time solution (e.g. Public for making Holidays). and receiving international payments. # AUD/VND Viet Nam Dong XYLO uses the latest internet security technology so you can Cost XYLO Foreign Exchange is free be to assured join. There your are personal no establishment details and fees funds and are no kept annual safe. To # AUD/IDR Indonesian Rupiah fees. There is a flat fee of $10 per payment (otherwise known as a Telegraphic Transfer protect against unauthorised use of your account, each user or TT). There are also other fees and charges associated with XYLO. See the section on # AUD/AED United Arab Emirates Dirham Fees and Charges on page 12. is provided with an individual security token which provides # AUD/TWD Taiwan New Dollar access to the XYLO platform to book FX Rates, set-up Key Benefits XYLO enables you to make and transactions, receive payments and authorise in a wide payments. range of currencies. # AUD/BDT Bangladesh Taka With XYLO, your transaction limit will be assessed upon registration. # AUD/CLP Chile Peso XYLO is available 24 hours a day, 7 days a week, wherever you can access the internet # AUD/BRL Brazil Real for all functions, except the booking of rates which can only be completed between 7:30am Monday, Sydney (AEST) and 5:00pm Friday New York (EDT) # AUD/ARS Argentina Peso XYLO uses the latest internet security technology so you can be assured your personal * AUD/CNH Chinese Offshore details Yuanand funds Yes are kept safe. To protect against unauthorised use of your account, each user is provided with an individual security token which provides access to the * Preferred minimum AUD 10,000. XYLO platform to book FX Rates, set up transactions, and authorise payments. Phone dealing only, settlement online through For more XYLO information FX. on these and other significant benefits, refer to Benefits of Using XYLO on page 8. #Preferred minimum AUD 50,000. Phone dealing only, manual settlements. Key Risks Foreign Exchange markets can be volatile. The Exchange Rate which you are quoted may change significantly due to volatility, up until such time as you choose to accept that Exchange Rate. Payments may take longer to be credited to your payee s nominated bank account as a result of any unforeseen circumstances experienced by your payee s bank. XYLO may terminate any or all of your outstanding FX Transactions where you fail to pay any applicable fees, where funds are not cleared or are dishonoured, where we suspect you are involved in any fraudulent activity or misuse of XYLO, or for any other reason specified in this PDS. For more information on these and other significant risks, refer to Risks of Using XYLO Foreign Exchange on page 10. Transaction Limit How Do I Register? This will be assessed by XYLO upon registration. To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 39

10 1.4 RISKS OF USING XYLO FOREIGN EXCHANGE CONTENTS It is important that you are also aware of the risks of using XYLO and the risks of engaging in FX Transactions generally. Foreign Exchange markets can be volatile. The Exchange XYLO Rate which Foreign you are Exchange quoted may change Snapshot significantly due to volatility, up until such time as you choose to accept that Section Exchange 1 Rate. Product Once you Disclosure have accepted Statement an Exchange Rate, it will remain fixed. 1.1 What is XYLO Foreign Exchange? If you have insufficient funds in your account with which 1.2 to make What your is payment, a Foreign you Exchange may be subject Transaction? to a dishonor charge (see Fees and Charges on page 12). Furthermore, 1.3 if an Benefits FX Transaction of using is dishonoured XYLO Foreign for some Exchange reason, we will be required to reverse that trade. This means the FX 1.4 Transaction Risks of will using be reversed XYLO at Foreign the current Exchange market Exchange Rate. If Exchange Rates have moved substantially, you may 1.5 be liable Fees to and pay Charges a substantial amount to cover this difference in Exchange Rates. 1.6 How to register for XYLO Foreign Exchange Payments may take longer to be credited to your payee s nominated bank account as a result of any unforeseen circumstances experienced by your payee s bank. XYLO takes no responsibility any reasonable delays in a payee 1.8 General Information receiving payments. 1.7 Additional information about XYLO Foreign Exchange XYLO is a fully-automated system, so any incorrect payee bank account details you provide may cause your payment to be delayed or declined. XYLO takes no responsibility for any reasonable delays in a payee receiving payments. Where a payment has not been made before a certain time (known as the Cut-Off Time, see What are the payment Cut-Off times? on page 15), those payment instructions may not be processed until the following business day. In this instance, the Maturity Date will be extended to the next business day, and any costs incurred by XYLO will be passed on to you as a charge (refer to Fees and Charges on page 12). XYLO may terminate any or all of your outstanding FX Transactions where you fail to pay any applicable fees, where funds to be debited from your nominated bank account are not cleared or are dishonoured, where we suspect you are involved in any fraudulent activity or misuse of XYLO, or for any other reason specified in this PDS. For full details of when we may terminate an outstanding FX Transaction, please refer to Can We Terminate Your FX Transactions? on page 15. Entering into an FX Transaction involves the risk that Exchange Rates relative to your Contract Rate will move between the time you enter into the FX Transaction and the 12 date you make your payment. Because the Exchange Rate is fixed, there is an opportunity cost that you cannot participate in any subsequent favourable Exchange Rate movement, because you have already locked in an Exchange Rate. Whilst we work hard to ensure the security of your XYLO online with the use of Secure Socket Layer (SSL) technology, transactions over the internet do involve security risks. You must protect your passwords and Access Codes to minimise the risk of any unauthorised transactions on your account. This includes not writing down any passwords or access codes, or selecting a code which could easily be guessed by others (such as your date of birth or telephone number)

11 xylo.com.au XYLO may not always be available for use, due to technical outages or other problems. Whether these outages are due to maintenance of the XYLO site or problems with SNAPSHOT You must make your own assessment of our ability to meet our obligations. However, as a regulated Australian bank, we are subject to prudential regulation which is intended to reduce the risk of us failing to perform our obligations. Further information about Westpac, including copies of our your own internet connection, if XYLO is unavailable for any reason, you will not be able to enter FX transactions or make electronic international payments. XYLO does recent financial statements, is available on our website at Issuer Westpac Banking Corporations (ABN AFSL ). not accept any liability for your inability to book an FX westpac.com.au. Transaction or make an electronic international payment. If Purpose XYLO Foreign Exchange is an online Foreign Exchange (FX) and international payments XYLO is unavailable for any reason, platform. it may be It provides necessary users to with Currency competitive restrictions FX rates, low fees, and a quick and reliable contact XYLO Customer Care directly international order to money book transfer FX service, all via a single, secure website. Transaction over the phone. We may, at our discretion, offer Delivery of some currencies may be governed by, or subject access Suitability to alternative payment methods XYLO Foreign until the Exchange service is was designed to certain for legal small and and regulatory medium-sized requirements businesses, and to obligations. provide restored. a simple, no-frills foreign exchange It is solution your responsibility for making and to ensure receiving that international these laws payments. and regulations are complied with and we suggest you seek and Cooling-Off Cost Period XYLO Foreign Exchange is free obtain to join. your There own are independent, no establishment expert fees advice and in no relation annual to fees. There is a flat fee of $10 per such payment matters. (otherwise known as a Telegraphic Transfer There is no cooling-off period once or Foreign TT). There Exchange are also other fees and charges associated with XYLO. See the section on Fees and Charges on page 12. transaction details have been negotiated and agreed. FX Use of agent and correspondent banks Transactions may be terminated early, subject to the risk that Key Benefits XYLO enables you to make and receive payments in a wide range of currencies. additional costs may be incurred. To deliver some currencies (other than AUD), we may use With XYLO, your transaction limit agents will be and assessed correspondent upon registration. banks. We will use reasonable care Counterparty And Operational XYLO Risk available 24 hours a day, in the 7 days selection a week, of such wherever agents you and can correspondent access the internet banks. for all functions, except the booking of rates which can only be completed between 7:30am Monday, Sydney (AEST) If the and agent 5:00pm or correspondent Friday New York bank (EDT) fails to deliver the As is the case with most financial markets products we enter required currency when due, we will work with the agent or into, Westpac has performance obligations XYLO uses under the latest a Foreign internet security technology so you can be assured your personal Exchange Transaction. details and funds are kept safe. correspondent To protect against bank unauthorised to effect delivery. use of If after your such account, action each user is provided with an individual delivery cannot security be token made, which we will provides promptly access return to your the funds Our ability to fulfill our obligations XYLO is linked platform to our to financial book FX Rates, or make set up alternative transactions, arrangements and authorise with payments. you. wellbeing and to the effectiveness For of our more internal information systems, on these To and the other extent significant allowed benefits, by law, we refer will to not Benefits be liable of for Using any processes and procedures. The first XYLO type on of page risk (our 8. direct or indirect losses, claims, actions or expenses financial wellbeing) is commonly referred to as credit or incurred by you as a result of the failure by an agent or counterparty Key Risks risk. The second type Foreign of risk Exchange (the effectiveness markets can be volatile. The Exchange Rate which you are quoted of our internal systems, processes may and change procedures) significantly is due to correspondent volatility, up until bank such to deliver time as the you required choose currency. to accept that Exchange Rate. commonly referred to as operational risk. Payments may take longer to be credited to your payee s nominated bank account as a result of any unforeseen circumstances experienced by your payee s bank. XYLO may terminate any or all of your outstanding FX Transactions where you fail to pay any applicable fees, where funds are not cleared or are dishonoured, where we suspect you are involved in any fraudulent activity or misuse of XYLO, or for any other reason specified in this PDS. For more information on these and other significant risks, refer to Risks of Using XYLO Foreign Exchange on page 10. Transaction Limit How Do I Register? This will be assessed by XYLO upon registration. To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 11 3

12 1.5 FEES AND CHARGES CONTENTS XYLO is free to join. There are no annual fees, and no establishment fees. There is a flat fee of $10 per international payment (also known as a Telegraphic Transfer or TT). Other fees and charges are set out in the following table. XYLO Foreign Exchange Snapshot All fees are expressed in Australian Dollars and will be debited from your account on the utilisation of the service. Section 1 Product Disclosure Statement Certain Fees May Apply For Other Services 1.1 What is XYLO Foreign Exchange? XYLO may change these fees at any time. We will notify you 1.2 in advance What is of a any Foreign changes Exchange to these fees Transaction? in writing or by advertisement in national or local media. 1.3 Benefits of using XYLO Foreign Exchange The current fees will also be available on the XYLO website at xylo.com.au 1.4 Risks of using XYLO Foreign Exchange XYLO derives a financial benefit by incorporating a Margin 1.5 into the Fees Exchange and Charges Rate. The Margin is the difference between the interbank 1.6 Exchange How to Rate register we are for able XYLO to obtain Foreign and the Exchange Rate we offer to the customer. It may be considered as an indirect cost to you. In effect, you pay for the FX Transaction by accepting the Exchange Rate quoted by 1.8 XYLO. General The amount Information of this margin may depend on a number of factors including: 1.7 Additional information about XYLO Foreign Exchange Volatility in Foreign Exchange markets at the time. Generally, if Foreign Exchange markets are more volatile, our margin may be greater The currencies in which you are trading The frequency with which and the amount you trade with us. For example, we may offer a discount in the form of a reduced margin for our more frequent traders. FEE/CHARGE DESCRIPTION FEE File investigations $25.00 Sending SWIFT messages for follow-ups to beneficiary banks Insufficient funds/dishonour Non-Westpac Accounts Insufficient funds/dishonour Westpac Accounts Extending a deal Due to insufficient funds or currency cut-offs being missed Attaching a payee to payment on customer s behalf Authorising a payee/payment on customer s behalf $10.00 $9.00 $9.00 $9.00 $50.00 $50.00 Processing AUD receipts to WBC account $10.00 Processing AUD receipts to Non-WBC account Inward Telegraphic Transfer Fee (per payment) Outward Telegraphic Transfer Fee (per payment) $15.00 $10.00 $10.00 Replace Lost or Damaged Token $20.00 Historical Transaction Records $40.00 per hour Cancel/Reverse/Amend Deal $20.00 Unsettled Trade $ You must pay all Government duties, taxes, fees and charges which arise as a result of using XYLO. Payment and handling of fees and charges could also be levied by other banks as part of making international payments to your Beneficiaries. Bank fees resulting from an international payment may be borne by your payee (the Beneficiary). We have no control over the fees or charges that other banks may levy. 12 2

13 xylo.com.au 1.6 HOW TO REGISTER FOR XYLO FOREIGN EXCHANGE SNAPSHOT 1.7 ADDITIONAL INFORMATION ABOUT XYLO FOREIGN EXCHANGE You can register for XYLO by completing the online registration Issuer form at xylo.com.au, or Westpac by calling Banking XYLO Corporations (ABN AFSL ). This section outlines other important information about XYLO Customer Care. During your registration process, you can and forms the terms and conditions of using XYLO. nominate Purpose any user(s) who you would XYLO like Foreign to grant Exchange access to is an online Foreign Exchange (FX) and international payments platform. It provides users with competitive FX rates, low fees, and a quick and reliable your account. international money transfer service, Same-Day all via a Value single, secure website. In accordance with Australian Anti-Money Laundering and Suitability XYLO Foreign Exchange was designed Foreign for currency small and is able medium-sized to be bought businesses, with the same to provide day Counter-Terrorism Financing legislation, and to protect your a simple, no-frills foreign exchange value solution by customers for making who and have receiving nominated international a Westpac security, you will need to provide us with original certified payments. account as their nominated direct debit account or have copies of certain identification documents in order to Cost XYLO Foreign Exchange is free registered to join. There for RTGS. are no There establishment are strict fees cut-off and times no annual associated complete your registration. Details of what documentation fees. There is a flat fee of $10 per with payment same-day (otherwise value deals. known These as a cut-off Telegraphic times are Transfer available you must provide will be outlined during the registration or TT). There are also other fees on and the charges website associated in the deal screen with XYLO. and in See the the Administration section process. Identification documents Fees will be and required Charges for each on page 12. tab. Before entering into a same-day value deal, these cutoff times should be checked. user you wish to grant access to your account. Key Benefits XYLO enables you to make and receive payments in a wide range of currencies. Once your registration is complete, we will courier your Welcome Pack to your nominated With primary XYLO, office your address. transaction limit will be assessed upon registration. When Can You Transact With XYLO? This Pack contains steps to activate XYLO your is account, available your 24 hours a day, 7 days a week, wherever you can access the internet personal Security Token to log into for your all functions, account and except a the booking XYLO of is rates available which 24 can hours only a day, be completed 7 days a week, between wherever 7:30am Monday, Sydney (AEST) and 5:00pm Friday New York (EDT) Quick-Start guide. you can access the internet for all functions except the XYLO uses the latest internet security booking technology of rates which so you can can only be be assured completed your between personal Each user will receive a Security Token. details This and Security funds are kept safe. 7:30am To protect Monday, against Sydney unauthorised (AEST) and use 5:00pm of your account, Friday New Token is used for all functions within each the user administration is provided and with an individual security token which provides access to the York (EDT). Please note these AEST times do not take into authorisation of your account, and XYLO for executing platform and to book settling FX Rates, set up transactions, and authorise payments. account your own time zone or global daylight saving. your FX Transactions (according to For the more access information levels you on these and other significant benefits, refer to Benefits of Using have granted each user). During your XYLO registration, page 8. you may Warning: if XYLO is unavailable for any reason, you will not nominate a particular administrator to receive and distribute be able to enter FX transactions and make international the Key Security Risks Tokens to all user(s) on Foreign your account. Exchange markets can payments. be volatile. If The XYLO Exchange is unavailable Rate which due to you operational are quoted may change significantly due to disruptions, volatility, up we until may, such at our time discretion, as you choose offer access to accept to that Exchange Rate. an alternative payment process method until the service Payments may take longer to be is credited restored. to your payee s nominated bank account as a result of any unforeseen circumstances experienced by your payee s bank. XYLO may terminate any or all of your outstanding FX Transactions where you fail to pay any applicable fees, where funds are not cleared or are dishonoured, where we suspect you are involved in any fraudulent activity or misuse of XYLO, or for any other reason specified in this PDS. For more information on these and other significant risks, refer to Risks of Using XYLO Foreign Exchange on page 10. Transaction Limit How Do I Register? This will be assessed by XYLO upon registration. To register, go to xylo.com.au and complete the online registration form, or call and register with XYLO Customer Care. 3

14 Are There Any Credit Requirements Before Dealing? Before entering into an FX Transaction, we will assess your CONTENTS financial position to determine whether or not your situation satisfies our normal credit requirements. This assessment is to determine your creditworthiness. We do not consider the suitability of this product for you as part of this process. In XYLO line with Foreign industry standards, Exchange a credit Snapshot report may be sought from an independent credit reporting agency as part of Section this assessment. 1 Product Disclosure Statement 1.1 What is XYLO Foreign Exchange? Security What Are Your Obligations? Maintaining your security is important. If unauthorised 1.2 What is a Foreign Exchange Transaction? user finds out your XYLO account details, they can assume 1.3 your Benefits identity and of their using actions XYLO will Foreign be attributed Exchange to you. It is important to keep your XYLO account details and passwords 1.4 (known Risks as your of using Access XYLO Codes) Foreign secure, Exchange and to protect your Security Token from loss, theft, or inappropriate use. 1.5 Fees and Charges Your responsibilities for ensuring security are: 1.6 How to register for XYLO Foreign Exchange Always log out to prevent unauthorised persons from assuming your identity and gaining access to your 1.7 XYLO Additional account information about XYLO Foreign Exchange Never reveal your Access Codes to anyone 1.8 General Information Ensure that all users with access to your account protect their Access Codes Notify XYLO Customer Care if you intend to add, change or delete users. You must ensure each user is made aware of the following security obligations. You must protect your Access Codes to minimise the risk of unauthorised FX Transactions. To protect your Access Codes you must: Destroy any documentation we issue to you containing Access Codes Not keep any record of your Access Codes on, with or near your computer, even if they are disguised Not disclose your Access Codes to anyone, including family members, friends, employees or our XYLO staff Select Access Codes that are not numbers or words that can be easily associated with you such as your date of birth, telephone number or driver s licence number 6 Make sure nobody watches you or hears you when you are entering or using your Access Codes at a computer. If you make a record of your Access Codes, you must either take reasonable steps to prevent unauthorised access to that record, or ensure that record is reasonably disguised. We do not consider that you have made a reasonable attempt to disguise Access Codes if, for example, you only: Record it as a series of numbers or words with any of them marked to indicate the Access Codes Record the Access Codes as a telephone number with the Access Code in its correct sequence within the telephone number Disguise the Access Codes as a date or as an amount. We will treat any FX Transaction affected through XYLO by the use of your Access Codes as an FX Transaction that is undertaken with your authority, without us being required to verify your authority in any case. If there is a loss or theft of an Access Code, or you suspect that the security of the Access Code has been breached, you must ensure that you inform XYLO Customer Care of the loss, theft or suspected breach and you must ensure that the Access Codes are changed