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2017 FULL YEAR FINANCIAL RESULTS Westpac Banking Corporation ABN - PowerPoint PPT Presentation

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200 years proudly supporting Australia 2017 FULL YEAR FINANCIAL RESULTS Westpac Banking Corporation ABN 33 007 457 141 Westpac Full Year 2017 result index 3 Image on right 2017 Full Year Result Presentation 25 Bank of New South Wales

  1. Results at a glance 14 Cash earnings movements ($m) Infrequent/volatile items ($m) Revenue up $34m Cash earnings impact 2H16 1H17 2H17 (36) 133 4,045 (103) (339) 4,017 637 Asset sales (4) 4 0 (169) Performance fees/ (95) 22 0 (3) manager revaluation Group CVA 1 3 15 20 Provision for customer 0 0 (118) Up 1% refunds/payments(after tax) 1H17 Markets & Treasury refunds/payments Bank Levy Expenses Impairment Tax & non-controlling 2H17 All other income charges Total impact 21 19 (101) Customer interests Bank Levy from 1 July 2017 (after tax) (66) 1 CVA is credit valuation adjustment. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  2. Margins resilient 15 Net interest margin movement (% and bps) 2bps (2bps) 7bps 0bp 0bp (1bp) (3bps) 2.11 2.10 2.07 0.04 0.07 0.07 Treasury & Markets impact on NIM 2.06 2.04 2.00 NIM excl. Treasury & Markets 2H16 1H17 Loans Customer Term Bank Levy Capital & Liquidity Treasury & 2H17 deposits wholesale other Markets funding Term deposit costs over benchmark (portfolio) Lower returns on capital and low rate deposits 1.5% 3 year swap rate (spot) Tractor¹ 9% 7% 1.0% 5% 0.5% 3% 0.0% 1% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 1 Tractor is the 3 year moving average hedge rate for hedges on capital and low rate deposits. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  3. Non-interest income 16 Non-interest income ($m) Wealth/insurance non-interest income ($m) Fees and Commissions Wealth/Insurance 30 (56) Trading Other Down 4% 75 2 (13) Down 9% 924 3,068 Cyclone 2,905 43 886 2,784 25 Debbie claims 27 713 $37m in 1H17 514 504 -29% Up 4% 970 886 924 4% 1H17 Insurance income Performance fees refunds/payments Funds Managment Other 2H17 Customer Hastings income 1,426 1,396 1,329 -7% 1 1 2H16 1H17 2H17 1 Fees and commissions in 2H16 and 1H17 restated to reflect the accounting change to the Westpac New Zealand credit card rewards scheme. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  4. Markets & Treasury 1 – soft 2H17 17 Markets non-customer and Treasury income ($m) Markets customer income ($m) Markets non-customer Treasury 504 482 473 462 465 447 436 401 362 247 339 142 131 89 266 203 147 72 259 257 250 231 131 119 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1. Includes net interest income and non-interest income but excludes DVA. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  5. Expenses well managed 18 Movement in expenses ($m) Divisional expense growth 2H17 – 1H17 $m % Consumer Bank 79 5 143 (144) 54 4,604 Business Bank 17 2 50 BTFG 20 3 4,501 WIB 9 1 New Zealand (in NZ$) (11) (2) Group Businesses (3) (1) Consistency in productivity (annual savings $m) 1,208 262 Up 2% 263 239 219 1 1H17 expenses Productivity Regulatory/ compliance Investment 2H17 Ongoing 225 FY13 FY14 FY15 FY16 FY17 Cumulative 1 1H17 restated to reflect the accounting change to the Westpac New Zealand credit card rewards scheme. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  6. Investment spend 19 Total investment spend (expensed and capitalised) ($m) Capitalised software balance and amortisation 1 ($bn) Capitalised software Annual software amortisation 2.71 700 676 % of 2H17 spend 580 527 1.93 1.92 11% 1.86 27% 62% 0.62 0.57 Growth & productivity 0.39 0.38 Regulatory change Other technology 1H16 2H16 1H17 2H17 Peer 1 Peer 2 Peer 3 WBC 1 Data based on FY17 results, excludes write-offs. Amortisation expense is based on amortisation expense excluding any impairment and is based on FY17. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  7. Australian mortgage trends 20 Mortgage portfolio ($bn) Switching from I/O to P&I 1 ($m) 2H16 1H17 2H17 2H17 $18.6bn Customer initiated New lending 40.2 37.0 40.3 Reached end of I/O period Run-off 26.8 27.3 27.0 7,913 Net flows 13 10 13 4,261 2,604 2,368 17 18 Fixed (% of book) 21 3,447 3,004 2,554 2,592 46 Interest only (% of book) 51 50 1Q17 2Q17 3Q17 4Q17 Australian mortgages 90+ day delinquencies (%) Properties in Possession (#) 2 NSW/ACT VIC/TAS QLD NSW/ACT VIC/TAS QLD 3.0 200 WA SA/NT ALL WA SA/NT Total: 437 150 146 2.0 129 Introduced new hardship treatment 100 65 1.0 52 50 45 0 0.0 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1 I/O is interest only mortgage lending, restated to include RAMS. 2 Consumer only. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  8. Australian mortgage deep dive 21 Australian mortgage lending 1 by origination date, dynamic LVR 2 (%) 2015+ 2011-14 <2011 78 69 46 43 24 16 11 7 6 >80 60-80 <=60 >80 60-80 <=60 >80 60<=80 <=60 Dynamic LVR bands (%) 41 33 26 % of portfolio Westpac interest 7.25 6.80 6.80 rate floor (%) Average house 0 – 23% 40% – 23% At least 40% price changes 3 1 Portfolio comprised of residential mortgages, excluding RAMS, and business mortgages originated via a separate platform such as construction loans and loans to SMSFs . 2 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 3 Source, Westpac Economics, CoreLogic. All dwellings Australia - average 8 major capital cities. Prices to Sept 17. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  9. Asset quality remains sound 22 Stressed assets as a % of TCE 1 Corporate/business stressed exposure by sector ($bn) Watchlist & substandard 2.5 Sep-16 Sep-17 90+ day past due and not impaired Impaired 3.20 2.0 2.48 1.5 2.17 2.07 1.0 1.45 1.60 1.24 1.24 0.5 1.20 1.14 1.05 0.85 0.99 0.46 0.71 0.65 0.59 0.41 0.56 0.35 0.0 0.54 0.31 Agriculture, forestry & Wholesale & Property Transport & storage Manufacturing Services Property services & Construction Accommodation, cafes Mining Finance & insurance Utilities retail trade business services Other 0.26 0.33 0.35 & restaurants 0.67 0.25 0.34 0.62 0.58 0.44 fishing 0.27 0.22 0.20 0.20 0.15 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Mar-17 Sep-17 1 TCE is total committed exposure. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  10. Impairment charge components ($m) 23 Individually assessed provisions Collectively assessed provisions Total Other movement Write-backs Write-offs New IAPs in Collective & recoveries direct provisions 667 525 457 493 484 471 463 443 418 412 364 360 341 330 293 273 256 246 Interest carrying (48) (64) (110) (86) adjustment ($m) (114) (173) 98 92 97 96 95 93 (174) (183) (218) (210) (228) (228) 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  11. Considerations for FY18 24 • Remaining disciplined on growth/return • Expect system lending growth to moderate • Exit margin ( Sept 17 month ) higher than 2H17. FY18 margin will be impacted by more mortgage switching from interest only to principal & interest • Headwinds from changes in ATM and transaction fees (approximately $50m) • Targeting similar productivity savings and keeping costs in 2-3% range • Asset quality remains in good shape Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  12. 200 years proudly supporting Australia Investor Discussion Pack Financial results based on cash earnings unless otherwise stated. Refer page 33 for definition. Results principally cover the FY17, FY16 and 2H17 and 1H17 periods. Comparison of 2H17 Westpac Banking Corporation versus 1H17 (unless otherwise stated) ABN 33 007 457 141

  13. 200 years proudly supporting Australia Strategy

  14. WBC Westpac Group at a glance: Australia’s First Bank listed on Strategy 27 ASX & NZX Consumer Business BT Financial Westpac Westpac • In its 200 th year, Australia’s first bank and first company, opened 1817 Bank Bank Group Institutional New Zealand • Australia’s 2nd largest bank and 24th largest bank in the world; Bank ranked by market capitalisation 1 • Well positioned across key markets with a service-led strategy focused on customers and differentiated through service • Supporting consumers and businesses in Australia and New Zealand and customers with ties to these markets • Unique portfolio of brands providing a full range of financial services including consumer, business and institutional banking, Pacific wealth management and insurance • One of the most efficient banks globally 2 • Consistent earnings profile over time • Capital top quartile globally, with sound asset quality • Credit ratings 3 AA- / Aa3 / AA- • Leader in sustainability 4 Key statistics at 30 September 2017 Key financial data for Full Year 2017 Customers 13.8m Reported net profit after tax $7,990m Australian household deposit market share 5 23% Cash earnings $8,062m Australian mortgage market share 6 23% Expense to income ratio 9 42.2% Australian business market share 6 19% Common equity Tier 1 capital ratio (APRA basis) 10.6% New Zealand deposit market share 7 Return on equity 9 19% 13.8% New Zealand consumer lending market share 7 19% Total assets $852bn Australian wealth platforms market share 8 19% Market capitalisation 10 $108bn 1 30 September 2017. Source: S&P Capital IQ, based in US$. 2 Credit Suisse analysis of expense to income ratio of world’s largest banks October 2017. 3 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. S&P Global Ratings has Westpac on a negative outlook, Moody’s Investor Services and Fitch Ratings have Westpac on a stable outlook. 4 Included in 2017 Global 100 most sustainable companies, announced at World Economic Forum in January 2017. 5 APRA Banking Statistics, September 2017. 6 RBA Financial Aggregates, September 2017. 7 RBNZ, September 2017. 8 Plan for Life, June 2017, All Master Funds Admin. 9 Cash earnings basis. 10 Based on share price at 29 September 2017 of $31.92. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  15. Progress on our strategic agenda Strategy 28 Our To be one of the world’s great service companies, Vision: helping our customers, communities and people to prosper and grow Strategic Priorities Performance Service Digital Targeted Workforce Discipline Leadership Transformation Growth Revolution Employee Cost growth engagement in top Seeking to achieve Measures 2-3% per annum and Stronger growth of high performing +1m customers 13-14% ROE expense to income in wealth and SME norms, women in (2015-2017) (medium-term) ratio below 40% leadership 1 50% by end of 2017 Women in FUM up 12% 13.8m customers leadership 50% Expenses up 2% Progress up 3% ROE 13.8% FUA up 5% Employee Expense to income FY17 Down 22 bps Grew by 1m SME lending engagement ratio 42.2% 2015-2017 up 6% 79% 1 Refer slide 136 for metric definition. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  16. Areas of comparative advantage Strategy 29 Clear strategic position Conservative balance sheet • Asset quality • Seeking to differentiate on service − Lowest impaired assets of peers (0.22% of gross loans); well • No. 1 or 2 position across key markets - all divisions well placed provisioned at 46% 1 − Sound quality; balance sheet weighted to mortgages • Unique portfolio of brands, reaching a broader customer set − Sector leading through global financial crisis • Comparative advantage in wealth platforms • Capital - CET1 ratio above APRA’s “unquestionably strong” • Embracing digital opportunities with leading online and mobile benchmark internationally harmonised ratio in top quartile of capability international peers • Liquidity - LCR of 124%; NSFR of 109% • Only major Australian bank SEC registered and listed on NYSE Global efficiency leader Sustainability culture • Expense to income ratio of 42.2% at lower end of global peers and • Australia’s first bank and first company, reached 200 year less than the average of Australian major banks anniversary on 8th April 2017 • Targeting expense to income ratio below 40% • Global banking leader in Dow Jones Sustainability Index since 2002, named sector leader 10 times, including 2014, 2015, 2016 • Productivity focus has delivered $2.1bn of savings FY09 to FY17 and 2017 • Ranked as one of the Global 100 most sustainable corporations in the world by Corporate Knights for 10 of the last 11 years • Released refreshed climate change policy 1 Gross impaired asset provisions to gross impaired loans. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  17. Consistent performer over the long term Strategy 30 Cash earnings ($bn) Cash earnings per share (cents) 245.4 248.2 235.5 239.7 8.1 197.8 209.3 214.8 227.8 7.8 7.8 7.6 189.4 198.3 163.7 7.1 6.6 6.3 5.9 5.0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 4.7 Common equity Tier 1 capital ratio (%) 3.5 16.2 10.6 9.5 9.5 9.1 9.0 8.2 7.4 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 International FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 1 comparable 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. For more details on adjustments refer slide 91. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  18. A conservative, high quality bank Strategy 31 Individually assessed provisions to Collectively assessed provisions to Impaired assets to gross loans 1 (%) impaired assets 1 (%) credit RWA 1 (bps) 0.43 0.41 47.7 46.3 45.5 86 0.30 36.1 79 0.22 76 73 Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC Capitalised software, average Capitalised software balance and Effective tax rate 1 (%) amortisation period 1,2 (years) amortisation 1,2 ($bn) 6.2 2.71 4.8 30.4 1.93 1.92 1.86 3.9 29.4 28.7 28.4 2.9 0.62 0.57 0.39 0.38 Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC 1 Based on FY17 results. 2 Peer 2 data based on FY17 cash earnings results, excludes write-offs. Amortisation expense is based on amortisation expense excluding any impairment or accelerated amortisation. Based on FY17 expense. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  19. 200 years proudly supporting Australia Overview

  20. Cash earnings and reported net profit reconciliation Results 33 Reported net profit and cash Cash earnings 1 policy earnings adjustments ($m) • Westpac Group uses a measure of performance referred to as cash earnings to assess financial performance at both a Group and divisional level FY16 FY17 • This measure has been used in the Australian banking market for around 15 years and management believes it is the most effective way to assess performance for the current period against prior Reported net profit 7,445 7,990 periods and to compare performance across divisions and across peer companies • To calculate cash earnings, reported net profit is adjusted for: − Material items that key decision makers at Westpac Group believe do not reflect ongoing Amortisation of intangible assets 158 137 operations − Items that are not considered when dividends are recommended, such as the amortisation of intangibles, impact of treasury shares and economic hedging impacts Acquisition transaction and 15 - − Accounting reclassifications between individual line items that do not impact reported results integration expenses Fair value (gain)/loss on 203 69 Reported net profit and cash earnings % chg % chg economic hedges ($bn) FY17 FY17- 2H17- ($m) FY16 1H17 Reported profit Cash earnings Ineffective hedges (9) 16 8.1 8.0 8.0 Cash earnings 8,062 3% 1% 7.8 7.8 7.6 7.6 Partial sale of BTIM - (171) 7.4 7.1 Cash EPS (cents) 239.7 2% - 6.8 Treasury shares 10 21 Reported net profit 7,990 7% 5% Cash earnings 7,822 8,062 FY13 FY14 FY15 FY16 FY17 1 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes non-cash items reflected in net profit determined in accordance with AAS (Australian Accounting Standards). The specific adjustments outlined include both cash and non-cash items. Cash earnings is reported net profit adjusted for material items to ensure they appropriately reflect profits available to ordinary shareholders. All adjustments shown are after tax. For further details refer to slide 132. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  21. FY17 financial snapshot Results 34 Change Change Change Change FY17 FY17 – FY16 2H17 – 1H17 FY17 FY17 – FY16 2H17 – 1H17 Balance sheet Earnings 1 Total assets ($bn) 851.9 2% 1% Earnings per share (cents) 239.7 2% - Common equity Tier 1 10.56 108bps 59bps (CET1) capital ratio (APRA basis) (%) Core earnings ($m) 12,451 1% (1%) CET1 capital ratio 16.20 177bps 86bps (Internationally comparable) (%) Cash earnings ($m) 8,062 3% 1% CET1 capital ($bn) 42.7 10% 6% Return on equity (%) 13.8 (22bps) (36bps) Risk weighted assets ($bn) 404.2 (1%) - Dividend (cents per share) 188 - - Loans ($bn) 684.9 3% 3% Expense to income ratio (%) 42.2 18bps 82bps Customer deposits ($bn) 486.7 4% 2% Net tangible assets per share ($) 14.66 5% 3% Net interest margin (%) 2.09% (4bps) 3bps Funding and liquidity Asset quality Customer deposit to loan ratio (%) 71.1 56bps 71bps Impairment charges to average gross loans 13 (4bps) (4bps) (bps) Net stable funding ratio (%) (estimate) 109 n/a n/a Impaired assets to gross loans (bps) 22 (10bps) (8bps) Liquidity coverage ratio (%) 124 (10ppts) (1ppt) Impaired provisions to impaired assets (%) 46.3 (3ppts) (6ppts) Total liquid assets 2 ($bn) 138 (4%) (1%) 1 All measures on a cash earnings basis. 2 Total liquid assets represent cash, interbank deposits and assets eligible for existing repurchase agreements with a central bank. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  22. Cash earnings up 3% over the year and 1% on prior half Performance discipline 35 Cash earnings features of FY17 – FY16 ($m) Cash earnings features of FY17 – FY16 ($m) % chg % chg FY17 FY17- 2H17 - AIEA 1 up 4%, Additional investment and higher ($m) FY16 1H17 margins down 4bps regulatory and compliance costs 271 (177) 356 (36) Net interest (174) 8,062 7,822 15,704 2 4 income Provision for customer refunds and payments, Lower individually assessed lower cards income, higher insurance claims Non-interest 5,852 (1) (9) provisions and higher write-backs and margin compression on FUM/FUA partly income and recoveries offset by higher markets income Up 3% Expenses (9,105) 2 2 FY16 Net interest Non-interest Expenses Impairment Tax & NCI FY17 income income charges Core earnings 12,451 1 (1) Cash earnings features of 2H17 - 1H7 ($m) Impairment Additional investment and higher AIEA up 2%, (853) (24) (27) regulatory and compliance costs charges margins up 3bps 318 (284) 133 (36) (103) 4,045 4,017 Tax and non- controlling (3,536) 5 2 Provision for customer refunds and interests payments, lower credit card and Lower individually markets income, partially offset by assessed provisions reduced general Insurance claims Cash earnings 8,062 3 1 Up 1% Reported net 1H17 Net interest Non-interest Expenses Impairment Tax & NCI 2H17 7,990 7 5 profit income income charges 1 AIEA is average interest-earning assets Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  23. Dividends Performance discipline 36 Key dividend considerations for 2H17 Dividends (cents per share) • Sustainability of payout ratio over medium term. Based on current Special dividend financial position/growth a payout ratio of 70-75% is considered sustainable 10 10 • CET1 capital ratio well positioned for APRA’s “unquestionably strong” benchmark 94 94 94 94 94 93 • Still awaiting final regulatory capital requirements from APRA 92 90 88 86 • Modest RWA growth • Impact of the Bank Levy (2 cents per share in 2H17) • Surplus franking credits 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 Westpac dividend yield 1 (%) Ordinary dividend payout ratio (%) Payout ratio (cash earnings basis) Effective payout ratio (after DRP) Ordinary yield Including franking 9.1 9.0 8.8 8.4 7.7 78.9 6.8 6.4 6.3 6.2 5.9 5.4 4.7 2 71.0 Reflects decision to add a 1.5% discount to the DRP market price 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1 Data using half year dividends and share price at 29 September 2017, or period end. 2 2H17 assumes DRP participation rate of 10%. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  24. Uplift in Consumer and Business divisions Performance discipline 37 2H17 divisional 1 cash earnings movements ($m) 2H17 divisional 1 core earnings movements ($m) (29) (196) 77 (98) 122 55 83 (23) 6,260 (96) 6,191 46 (64) 82 4,045 4,017 Up 1% Down 1% 3 2 2 3 1H17 CB BB BTFG WIB NZ Other 2H17 1H17 CB BB BTFG WIB NZ Other 2H17 2H17 ($m) CB BB BTFG WIB NZ 2 Other 3 Group Operating income 4,256 2,651 1,136 1,513 1,071 168 10,795 Bank Levy impact (pre-tax) (included above) (48) (27) (5) (15) - - (95) Expenses (1,708) (928) (598) (666) (442) (262) (4,604) Core earnings 2,548 1,723 538 847 629 (94) 6,191 Impairment (charges) / benefits (274) (162) (1) 8 37 32 (360) Tax & non-controlling interests (681) (470) (163) (251) (185) (36) (1,786) Cash earnings 1,593 1,091 374 604 481 (98) 4,045 Bank Levy impact (post-tax) 4 (34) (19) (3) (11) - - (66) % of Group cash earnings 39 27 9 15 12 (2) 1 Refer to division definitions, slide 133. 2 In A$. 3 Other is Group Businesses (including Treasury). 4 May not add due to rounding. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  25. Building long term franchise value Service leadership 38 Australian banking customer numbers (#m) Australian customers with a wealth product 2 (%) Westpac brand St.George brands Peers Consumer Bank Business Bank 10.84 10.62 10.44 10.26 10.09 9.94 9.90 1.73 1.71 1.69 1.65 1.48 19.8 1.45 18.8 14.9 9.11 8.91 8.75 8.49 8.61 8.61 14.3 11.9 1 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Sep-15 Sep-16 Sep-17 New Zealand customer numbers (#m) New Zealand wealth metrics 2,3 (%) Total FUM/FUA (NZ$bn) Customers with a wealth product (%) 1.34 1.35 1.35 1.35 1.32 1.36 1.28 29.0 28.6 28.3 28.4 28.1 28.0 10.1 9.7 9.5 9.0 8.5 7.9 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1 September 2014 customer numbers not split between Consumer Bank and Business Bank. 2 Refer slide 136 for metric definition. 3 No peer data available for New Zealand. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  26. Building long term franchise value – customer service Service leadership 39 Customer satisfaction 1 Customer complaints (#) Consumer and New Zealand (%), Business (mean) Westpac St.George brands Peers Australian retail (CB, BB and BT) Consumer 83.8% 82.0% 80.8% 80.1% Down 7% 79.1% Sep-15 Sep-16 Sep-17 Down 41% Westpac St.George brands Peers Business 2H15 1H16 2H16 1H17 2H17 7.6 7.3 7.3 7.1 6.9 New Zealand retail Sep-15 Sep-16 Sep-17 Down 27% Westpac Peers 80% New Zealand 79% 75% 70% 66% Down 31% 1H15 2H15 1H16 2H16 1H17 2H17 Sep-15 Sep-16 Sep-17 1 Refer slide 136 for metric definition. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  27. Actively responding to digital opportunities 1 Digital transformation 40 Westpac is actively responding to digital threats and opportunities through three streams of work. These streams seek to encourage digital innovation inside, adjacent and outside the Group. In this way Westpac can both learn directly, and gain access to emerging fintech developments Direct investment/partnering solving Reinventure is a $100m fintech Accelerating innovation venture capital fund business issues & customer problems Reinventure has directly invested in a range of fintech businesses to enable Westpac access to insights and Uno is a disruptor mortgage broker. “The Hothouse” provides innovation services assess adjacent business opportunities Enabling consumers to search, supported by Entrepreneurs-In-Residence to compare and apply for a home loan solve customer problems. Dedicated space at online, from a choice of 20 lenders Kogarah and 275 Kent St, Sydney The model also helps Westpac review different ways of working to be more innovative and deliver faster Surgical Partners helps medical practices improve efficiency by The Hotbox program supports the 16 investments to date covering areas such as: connecting practice management entrepreneurs within Westpac in creating • Blockchain software to cloud based accounting products and services that will form the leading edge of innovation at Westpac • Digital currencies Offers point-of-sale credit and • Payments digital payment services to the retail, health, travel and education • Peer-to-peer lending sectors. It also owns Pocketbook, a • Big data personal financial management app Sponsoring the innovation ecosystem through • Data analytics Stone & Chalk allows Westpac to partner with the fintech community and bring the best of LanternPay is a scalable, cloud • Social networks the outside in based claims and payments • B2B networks platform for use in consumer directed care programs such as the • Digital processes NDIS, aged / home care and Government insurance schemes For further details on these areas see following slide Active member of R3 creating opportunities QuintessenceLabs (Qlabs) creating through industry collaboration. Utilising opportunities with quantum distributed ledger-based systems to simplify technology that encrypts and automate financial services confidential data 1 Logos are of the respective companies Stone & Chalk, R3, Uno, Surgical Partners, zipMoney, LanternPay and Qlabs. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  28. Reinventure – Investing in new technology businesses 1 Digital transformation 41 Westpac has committed $100m to Reinventure, an independently run venture capital fund. The operation allows Westpac to gain access to emerging fintech business models, adjacent business opportunities and entrepreneurial ways to execute at speed Using data to shed light on high volume A bitcoin wallet and platform where A social media platform for local A trust framework and secure platform crimes, improving prevention and detection merchants and consumers can communities. Nabo differentiates itself that allows users to exchange data transact the digital currency, bitcoin by helping residents develop real online safely and securely geographical communities (by suburbs) A peer-to-peer lending platform reducing the A global Big Data, business A one-stop payments platform that helps A free, all-in-one HR and benefits cost of originating and managing consumer intelligence and enterprise data marketplaces, merchants and their platform that manages on-boarding loans, sharing its operating cost advantage warehousing company customers transact simply and securely and compliance and lets HR teams with both borrowers and investors to get a online (previously PromisePay) focus on value added tasks better deal A platform to help home sellers find Connects ordering apps, payment Standardises mobile forms into a A business loan marketplace that and compare real estate agents devices, loyalty and reservations format you can easily read and fill matches SMEs to the best lender platforms to any point of sale at the tap of a button based on their characteristics and needs New New A natural language AI system for data Indebted is providing a new way for Open Banking API platform that provides An app to revolutionise the payment analysis targeting relatively simple business businesses to collect outstanding debts. connectivity to over 100 financial sources process for customers when dining queries that comprise 70% of an analyst’s The system helps businesses of all sizes across Australia and NZ out or grabbing a coffee on the go work in a large organisation by leveraging modern communications, automation and machine learning 1 Logos are of the respective companies. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  29. Significant momentum in Customer Service Hub Digital transformation 42 Strategy Phase 1 Re-engineering the home loan process: Digitising the end-to-end home loan origination experience by 2020 Customer access Banker dashboard Application tracker via any channel Capabilities to be delivered Single point for bankers At any time customers Applications available to view customer information have clarity as to the seamlessly across channels and loan status status of their application Remote digital upload of information Customers can upload documents digitally Settlement Digitised offer Simplified application and acceptance assessment / approval for Digital settlement. Plain English terms customer and banker Integrated with land & conditions and online Digitises a number titles registry acceptance of manual processes Leading to More home Improved Increased Lower cost ownership Increased customer banker of change needs met at efficiency experience productivity origination Westpac Group 2017 Interim Results Presentation & Investor Discussion Pack

  30. Customers continue to migrate to digital Digital transformation 43 Digitally active customers 1 (#m) Digital sales 1 (#’000’s) 4.53 469 433 425 4.33 367 347 4.18 273 4.05 3.96 3.84 Up 5% Up 10% Up 8% Up 8% Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1H15 2H15 1H16 2H16 1H17 2H17 Branch transactions 1,2,3 (#m) Digital transactions 1,2 (#m) 29.5 304 28.1 287 279 25.6 262 24.4 254 241 22.5 21.7 Up 6% Down 4% Up 9% Down 11% 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1 Australian Consumer and Business customers. 2 Digital transactions are typically payments and transfers. Branch transactions are typically withdrawals and deposits along with transfers and payments. 3 Prior periods have been restated to exclude certain non-financial transactions that had previously been included. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  31. Mobile is our dominant channel….. Digital transformation 44 Improve mobile app useability 72% of digitally active customers use mobile Strategy of building out Building out mobile Improve mobile mobile capabilities and specific capabilities for app useability improving useability is working banking on the go Quick balance checks (#’000’s) 97.8 73.2 54.5 2017 Innovation Excellence Up 34% Award awarded to Quick Transfer 2H16 1H17 2H17 Quick transfer data (#’000’s) 1 3,527 Quick zone: A new on-boarding 1,639 Check balances and experience presents our transfer funds between capabilities upfront Up 115% accounts on your mobile and helps customers 204 without having to log on, sign on and use them making it easier to use quickly 2H16 1H17 2H17 1 Introduced for SGB customers in June 2016 and Westpac customers in December 2016. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  32. Increasing use of self-serve options is driving efficiency Digital transformation 45 Online overseas notifications (#’000’s) Westpac card activation (%) Online password change/reset (#’000’s) 284 Digital Branch and contact centre 1,348 1,179 212 210 988 944 50 49 53 58 161 63 69 70 Up 35% Up 14% Up 34% 51 50 47 42 37 Up 36% 31 30 1H16 2H16 1H17 2H17 1H16 2H16 1H17 2H17 2H14 1H15 2H15 1H16 2H16 1H17 2H17 Interest & tax statements (#m) Accounts with e-statements (#m) Proof of balance - Westpac brand (%) Digital Branch and contact centre Number of accounts % of accounts 2.5 43% 36% 1.9 7.2 50 54 29% 28% 62 6.0 1.3 4.8 4.6 Up 92% 50 46 0.3 38 Up 32% 1H16 2H16 1H17 2H17 Mar-16 Sep-16 Mar-17 Sep-17 2H16 1H17 2H17 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  33. New digital services launched over the last 6 months Digital transformation 46 Categorisation of spend Cardless cash at any Activate card with NFC 1 Connect 2 across (St.George brands only) Westpac Group ATM (Westpac brands only) all brands • Transaction, savings and • Cardless cash withdrawals • Customers with an eligible • Customers can connect to the credit card transactions are are now available from over Android device can activate contact centre directly from grouped into categories 3,000 Westpac Group their card using the NFC 1 mobile app with no need to and sub-categories ATMs (Westpac, chip in their phone rather verify with security questions St.George, BankSA and than scanning their card • Enables customers to • Saves ~60-90 seconds per Bank of Melbourne) with their phone's camera obtain insight into their call 3 or entering their card spending patterns • Offer to self-serve taken details manually up by ~46% of Connect logins 1 NFC is near field communication. 2 Connect allows for customers to connect directly with the contact centre once they are in a mobile app without the need to reverify. 3 Savings for Westpac brand. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  34. Helping customers manage their finances Digital transformation 47 Keeping on top of Control over Choice and flexibility Help managing credit card repayments spending in credit limits my debt • Credit card reminder • Customers can add • Customers can request a • SmartPlan is a new alerts allows customers extra discipline to their decrease to their credit structured repayment plan to subscribe to a spending habits by card limit in an instant to help customers manage notification via SMS or restricting all debit through desktop, mobile their credit card balance email 5 days before their transactions on their or tablet 1 • The system can break monthly credit card credit card account down payments into a repayment is due including direct debits number of regular and scheduled monthly instalments payments – all within their existing credit limit 1 SGB customers can access via desktop, mobile or tablet. Westpac customers can only access via desktop at this point. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  35. Workforce revolution delivering 48 Workforce revolution Major workforce developments Women in leadership positions 1 (%) Staff engagement 2 (%) Westpac Global high performing norm • Achieved 50% women in leadership 50 48 • Employee engagement up 10 percentage points to 46 77 79%, with improvements in ’ Risk Culture’ and 44 ‘Senior Leadership’ dimensions 42 • Health, safety and wellbeing metrics improved 79 reflecting the focus and efforts in preventing injury 69 across the Group. Lost time injury frequency rate 0.6 • Introduced new performance framework ‘Motivate’, Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-16 Sep-17 focused on values, conduct, ethics and customer- centred decision making High performer retention Lost time injury frequency rate • Continued to build a service culture through (rolling 12 months) (%) (rolling 12 months) (ratio) 3 specialist frameworks including: ‘Our Service Promise’, ‘Leadership Star’ and from updating the Group’s Code of Conduct 96 96 95 95 95 • Remuneration structures for tellers and personal 1.5 bankers updated to focus on service 1.1 • Around 10,000 employees now in flexible workplaces 0.8 0.8 0.6 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 1 Spot number as at 30 September for each period. 2 Global high performing norm reflects the benchmark score for high performance organisations in the IBM engagement database. 3 Lost time injuries per hours worked. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  36. Continued sustainability leadership Sustainable futures 49 Strategic priorities and 2H17 progress highlights Leading track record • Most sustainable bank globally in the 2017 Embracing societal change 1 Dow Jones Sustainability Index for the • Achieved goal of 50% women in leadership roles fourth year in a row, and among sector (up from 48% a year ago) leaders annually since 2002 Help improve the way • Exceeded 2017 target to recruit 500 Indigenous people work and live as • Assigned a Gold Class ranking in the employees our society changes RobecoSAM Sustainability Yearbook for 2017, released in January 2017 • Achieved ‘Leadership’ score level in the Environmental solutions • Released revised Climate Change Position 2 CDP 2 2017 climate change questionnaire Statement • Total committed exposure to the CleanTech and Help find solutions to environmental services sector was $7.0bn at 30 environmental challenges September 2017, exceeding target of $6.0bn 1 Significant achievements • Issued the first Australian originated offshore foreign currency Climate Bond • Met or exceeded 80% of 2013-17 Sustainability Strategy measures • Introduced new products to meet the changing • Awarded more than 200 scholarships 3 , 200 Better financial futures 3 community grants 4 , and recognised 200 needs of customers, including a low interest rate Businesses of Tomorrow in our 200 th year credit card and new savings accounts Help customers to have a • Continue to fund social enterprises • Lending to the social and affordable housing better relationship with developing skill pathways and employment sector increased to $1.32bn, up from $1.05bn a money, for a better life opportunities for vulnerable Australians year ago • Industry-first introduction of sustainability scoring data in BT Invest and BT Further information on Westpac’s Sustainability and progress on our Panorama strategic priorities is available at www.westpac.com.au/sustainability 1 From 2015, a higher threshold for green buildings was introduced in line with industry trends. 2 Formerly the Carbon Disclosure Project. 3 From the Westpac Bicentennial Foundation. 4 From the Westpac Foundation. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  37. Continue to strengthen sustainability governance Sustainable futures 50 • Updated the Group’s sustainability Climate change Reconciliation Human rights governance frameworks responding to material sustainability topics (issues and opportunities) which included updates to: − Climate Change Position Statement and 2020 Action Plan − Human Rights Position Statement and 2020 Action Plan − Reconciliation Action Plan 2018 - 2020 − Accessibility Action Plan 2018 - 2020 • Released our first Slavery and Human Trafficking Statement in response to the Supply chain Modern Slavery Act Accessibility UK Modern Slavery Act • Released our Responsible Sourcing Code of Conduct and established our global Responsible Sourcing Steering Committee to oversee its application Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  38. Supporting the transition to a sustainable economy Sustainable futures 51 CleanTech and environmental Mining portfolio to total lending Electricity generation exposure (%) 1 services exposure (%) 1,2 TCE (%) 2 1 TCE at 30 September 2017 $7.0bn 1 Renewable energy 3 4 Green buildings Gas 14 4 Total Group lending Renewable energy (ex. Mining) Black coal Forestry Mining 17 Brown coal 32 57 66 Waste Liquid fuel Other 99 Charts may not add to 100 due to rounding Emissions intensity (tCO 2 -e/MWh) – CleanTech and environmental Mining portfolio (TCE) by sector Australia only services exposure ($bn) (%) Westpac electricty generation portfolio TCE at 30 September 2017 $9.7bn National Electricity Market (NEM) Benchmark 50 1H16 2H16 1H17 2H17 0.91 0.90 7.0 0.87 0.86 40 6.7 6.3 6.2 6.1 30 20 0.41 0.38 0.38 0.36 10 0 Oil and Other Iron ore Mining Coal Other gas metal services 2014 2015 2016 2017 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 ore 1 Exposures in WIB only. 2 At 30 September 2017, Westpac had no exposure to water or land remediation projects that met the criteria for the Group’s CleanTech exposures. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  39. Actively supporting Australia Sustainable futures 52 Supporting communities 1 Income tax expense on a cash earnings basis ($m) FY16 FY17 $101bn • Provide loans to help Australians own new lending 2 Notional income tax based on the Australian company Backing their home or grow their business 3,354 3,479 $599bn economic tax rate of 30% • Support the efficient flow of funds in the total activity economy and keep deposits safe Aust. loans Net amounts not deductible/ (10) 50 (not assessable) $6.3bn • Support working and retired Australians in dividends 3 ; Wealth Total income tax expense 3,344 3,529 either directly or via their super funds Market of many in the income statement Australians capitalisation (630k shareholders) $108bn Effective tax rate (%) 29.9 30.4 >$3.5bn The • 2 nd largest Australian taxpayer 4 paying in income tax bottom Other major tax/government payments ($m) FY16 FY17 expense for more than $3bn in income tax in 2017 line the year Bank Levy 7 n/a 95 $4.7bn The • Employ over 39,000 people in payments Net GST, Payroll tax, FBT 447 469 workforce to employees Westpac also makes a number of other government and regulatory • Westpac 200 Businesses of Tomorrow >1% of payments including fees for the committed liquidity facility, APRA fees • First 200 Westpac Scholars 5 pre-tax and stamp duties which are not included in the above. The • 200 Community Grants 6 profit to Similarly, Westpac also collects tax on behalf of others, such as nation • 40+ years continuous support of the community withholding tax and PAYG. These are excluded from this analysis contributions Westpac Rescue Helicopter Service 1 All figures for the full year to 30 September 2017 unless otherwise stated. 2 New mortgage and new business lending in Australian retail operations which includes CB, BB and BTFG. 3 Dividends paid represents the 1H17 plus 2H17 dividend. 4 Source: ATO’s Corporate Tax Transparency Report for the 2014 - 15 Income Year, published December 2016. 5 From the Westpac Bicentennial Foundation. 6 From the Westpac Foundation. 7 Westpac is liable for the Major Bank Levy, which began to apply from 1 July 2017, and the amount payable for the last quarter of FY17 was $95m. This amount will be paid on 21 March 2018. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  40. 200 years proudly supporting Australia Earnings Drivers

  41. Net operating income flat over the half Revenue 54 Net operating income movement ($m) 162 (97) 38 (209) 156 (16) 10,795 168 (170) 18 10,761 199 30 (84) 10,600 Net interest flat Non-interest up 6% Net interest up 4% Non-interest down 9% 1 1 2H16 AIEA Margins Fees & Wealth Trading Other 1H17 AIEA Margins Fees & Wealth Trading Other 2H17 growth commissions growth commissions Net operating income by division ($m) 2H17 Divisional contribution (%) CB 94 (9) (187) 201 10 36 (101) BB 10,795 195 (29) 16 10,761 23 (46) 10,600 2 14 BTFG 39 WIB 11 2 NZ Up 2% Flat (up $34m) 25 3 Group (1%) 2 2 3 3 2H16 CB BB BTFG WIB NZ Group 1H17 CB BB BTFG WIB NZ Group 2H17 1 AIEA is average interest-earning assets. 2 New Zealand contribution represented in A$. 3 Group Businesses. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  42. Composition of lending Revenue 55 Composition of lending (% of total) Net loans ($bn) 2.2 0.9 684.9 2.5 1.1 3.2 10.3 666.9 661.9 Aust. mortgages 10.4 New Zealand lending up Aust. business 3.3 NZ$0.8bn 8.7 Aust. institutional Up 3% Aust. other consumer 13.1 62.3 New Zealand lending Sep-16 Mar-17 Consumer Business WIB Zealand (inc. BT) Sep-17 Other New Bank Bank Other overseas lending Australian mortgage lending 1 ($bn) Australian business lending 1 ($bn) New Zealand net loans (NZ$bn) 11.5 (9.8) 40.3 (27.0) 0.8 0.0 77.3 76.5 75.1 427.2 0.1 150.5 150.2 147.7 1.0 413.9 404.2 Up 2% Up 1% Up 3% 2 3 Sep-16 Mar-17 Consumer Business Sep-17 Sep-16 Mar-17 lending 2 run-off Sep-17 Sep-16 Mar-17 BB new BB run-off WIB net Other Sep-17 lending lending New Net 1 Gross loans. 2 Run-off includes repayment. 3 Other includes business lending in Private Wealth. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  43. Customer deposits Revenue 56 Customer deposit mix ($bn) and % of total Customer deposit composition ($bn) CB BB WIB BTFG, NZ & Other Term deposits Savings Online Transaction 479 487 487 467 479 467 Up 3% Up 2% 91 87 87 142 136 130 89 94 88 29% 92 96 84 115 112 111 39% 64 60 58 192 181 186 20% 189 191 191 12% Sep-16 Mar-17 Sep-17 LCR customer 13.5% 13.7% 13.4% Sep-16 Mar-17 Sep-17 deposit run-off New Zealand customer deposits (NZ$bn) and % of total Mortgage offset 1 balances ($bn) Term deposits Savings Online Transaction 58 58 57 38.1 Down 1% Up 1% 35.1 12 13 12 30.5 14 12 13 22% 23.5 3 3 18.4 4 51% 21% 30 29 28 6% Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-16 Mar-17 Sep-17 1 Included in transaction accounts. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  44. Net interest margin up 3bps; rise in asset spreads partly offset by Bank Levy and lower Treasury income Revenue 57 Net interest margin (NIM) movement (%) Net interest margin (NIM) (%) NIM excl. Treasury & Markets Treasury & Markets impact on NIM NIM NIM excl. Treasury & Markets Repricing of Lower Treasury contribution from certain mortgages interest rate risk management 2bps (2bps) 7bps 0bp 0bp (1bp) 2.10 (3bps) 2.18 2.11 2.06 2.03 2.10 2.07 0.04 0.07 New term senior 0.07 Term deposit repricing offset issuance lower cost 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 by the impact of lower than maturing deals interest rates on hedging of transaction deposits Net interest margin by division (%) 2.06 2.04 1H16 2H16 1H17 2H17 2.00 2.74 2.72 2.72 2.70 2.37 2.34 2.35 2.28 2.18 2.13 2.08 1.96 1.85 1.76 1.77 1.72 2H16 1H17 Loans Customer deposits Term wholesale Bank Levy Capital & other Liquidity 2H17 Treasury & Markets funding CB BB WIB NZ Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  45. Non-interest income down 9% from lower markets income and provision for customer refunds and payments Revenue 58 Non-interest income contributors ($m) Fees and commissions income 1 ($m) Provision for customer refunds and payments and lower card income, partly offset by higher business line fees 3,068 (97) (209) 38 1,482 2,905 1,426 1,396 (16) 1,392 2,784 1,329 Down 9% 2H16 1H17 Fees & Wealth & Trading Other 2H17 2H15 1H16 2H16 1H17 2H17 Comm. insurance income Wealth and insurance income ($m) Trading income ($m) Lower insurance claims, including general insurance claims from Cyclone Risk management income lower Debbie, partly offset by provision for customer refunds and payments (fixed income, FX and commodities) 1,090 713 970 610 941 924 886 539 514 504 2H15 1H16 2H16 1H17 2H17 2H15 1H16 2H16 1H17 2H17 1 Comparatives have been restated for the accounting change to the Westpac New Zealand credit card rewards. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  46. Wealth, insurance, markets and Treasury income Revenue 59 Wealth management income ($m) Insurance income ($m) 339 Fund flows partly offset by Customer refunds Hastings Higher premiums 665 622 585 305 Cyclone Debbie margin compression and revaluation of performance and lower claims 264 investment in fees boutique funds 382 365 371 126 136 143 116 97 201 206 86 82 80 128 42 86 82 51 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 Other FUM/FUA NZ & WIB Total Life General LMI & NZ Total (mostly BT) Markets income by activity ($m) Total Group market risk-related income ($m) 748 Lower fixed income and FX sales 523 546 Lower fixed income and FX risk 535 447 482 436 management income 349 250 257 247 230 247 131 89 89 72 72 27 19 27 10 19 10 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 2H16 1H17 2H17 Market risk Market risk Customer DVA 1 Total Treasury DVA 1 Total related related 1 DVA is derivative valuation adjustments. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  47. Expenses up 2% from investments and increased regulatory and compliance costs Expenses 60 Expense movements ($m) FTE run versus change (#) (144) 143 50 4,604 54 4,501 35,580 (296) 6 35,290 (210) 16 35,096 Run: ongoing operations Change: project based Up 2% 1 1H17 Ongoing Productivity Investment Regulatory/ 2H17 2H16 Run Change 1H17 Run Change 2H17 expenses compliance Divisional expense to income ratio (%) Global peer comparison of expense to income ratios 2 (%) Full Year ratios 2H16 1H17 2H17 62.9 62.3 60.5 59.9 52.6 50.5 51.0 50.0 46.1 45.9 42.7 42.7 42.2 45.0 44.4 44.0 42.3 41.4 40.3 40.2 40.1 38.6 35.6 35.5 35.0 European US regional Canadian average Hong Kong Peer 1 Singapore Peer 2 Peer 3 WBC Korean average average average average average 1 CB BB BTFG WIB NZ 1 Comparatives have been restated for the accounting change to the Westpac New Zealand credit card rewards. 2 Company data, Credit Suisse. Expense to income ratio average for Peer 1, 2 and 3 based on their FY17 results, all others based on FY16. European average excludes Deutsche Bank. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  48. Investment spend focused on growth and productivity Expenses 61 Investment spend capitalised 1 ($m) Total investment spend mix (% of total) Investment spend ($m) 2H16 1H17 2H17 2H16 1H17 2H17 Growth & productivity Regulatory change Capitalised software Expensed 261 236 243 Other technology Opening balance 1,651 1,781 1,814 Capitalised 1 439 344 433 Additions 428 344 424 Total investment Amortisation (294) (303) (312) 700 580 676 spend 11 11 14 Write-offs, impairments and (4) (8) (10) Investment spend foreign exchange translation 37% 41% 36% expensed Closing balance 1,781 1,814 1,916 Software amortisation 294 303 312 Other deferred expenses 24 27 23 Deferred acquisition costs 101 91 86 Average amortisation 2.8yrs 2.9yrs 2.9yrs period Other deferred expenses 45 56 28 Capitalised software balance Average amortisation period 2 (years ) and amortisation 2 ($bn) 6.2 2.71 4.8 65 63 62 1.93 1.92 1.86 3.9 2.9 0.62 0.57 0.39 0.38 2H16 1H17 2H17 Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC 1 Investment spend capitalised also includes technology hardware equipment. 2 Data based on FY17 results, excludes write-offs. Amortisation expense is based on amortisation expense excluding any impairment expense. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  49. Productivity track record: $2.1bn in savings since 2009 Expenses 62 $2.1bn saved from efficiency programs since FY09 ($m) Efficiency initiatives • Business model changes across divisions 262 2,090 1,828 • Head office consolidation and migration to flexible 263 FY09 - FY17 annual workspaces productivity savings 239 • Migration to digital, supporting the net reduction of 219 59 branches 225 238 • Improved e-Statement functionality in Consumer 289 Bank has supported an increase in the number of accounts registered for e-Statements to 7.2 million 212 • 67% of customers in New Zealand registered for e- 143 Statements • Fast tracked application to funds from 10 days to FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY09-FY16 FY17 Cumulative cumulative same day with electronic delivery and acceptance of St.George mortgage top–up documents • Improved time to cash for unsecured personal Metrics loans from 8.5 days, with 45% of customers experiencing same-day settlement Sep-15 Sep-16 Sep-17 • Roll out of the new digital cheque imaging technology, across all branches in Australia, Number of branches 1 1,429 1,310 1,251 scanning over 45,000 items daily. Digital cheque imaging reduces courier costs and results in faster Australian SmartATMs as a % of total ATM network 34% 41% 44% and more efficient processing • Introduced two-way SMS capability that enables Business Connect/Connect Now video conferencing 2 86% 90% 94% St.George customers to request an instant status update for their credit card or personal loan Consumer Bank and Business Bank active digital customers 3 (# m) 4.0 4.2 4.5 application and confirm any missing information required to assess their application Retail and business banking and wealth complaint reduction 4 28% 31% 18% Number of IT applications closed 3 119 151 186 1 Total branches in Australia, New Zealand and Westpac Pacific. 2 Represents % of Australian branches with Business Connect/Connect Now. 3 Cumulative numbers. 4 Percentage change is based on prior corresponding period. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  50. Lower 2H17 impairment charge reflects improving asset quality Asset Quality 63 Impairment charges ($m) Individually assessed Collectively assessed New IAPs Write-backs & recoveries Write-offs direct Other movements in CAP Total Lower due to absence of Higher due to unsecured Reflects improved large single names consumer hardship write-offs asset quality 667 525 493 484 471 457 443 418 364 360 256 246 (48) (86) (110) (174) (173) (228) (228) (183) 1H16 2H16 1H17 2H17 1H16 2H16 1H17 2H17 1H16 2H16 1H17 2H17 1H16 2H16 1H17 2H17 1H16 2H16 1H17 2H17 Impairment charges and stressed exposures 1 (bps) 120 500 Impairment charge to average loans annualised (lhs) 100 400 Stressed exposures to TCE (rhs) 80 300 60 200 40 105bps 100 20 11bps 0 0 2007 2008 2009 2010 2011 2012 2013 2014 1H15 2H15 1H16 2H16 1H17 2H17 1 Pre-2008 does not include St.George. 2008 and 2009 are pro forma including St.George for the entire period with 1H09 ASX Profit Announcement providing details of pro forma adjustments. Westpac Group 2017 Interim Results Presentation & Investor Discussion Pack

  51. 200 years proudly supporting Australia Asset Quality

  52. High quality portfolio with bias to secured consumer lending Asset quality 65 Asset composition as at 30 September 2017 (%) Loans (81%) Total assets ($852bn) Total loans ($685bn) Trading securities, financial assets at fair value and available-for-sale securities (10%) 1 Derivative financial instruments (3%) 1 1 1 Housing Cash and balances with central banks (2%) 17 2 Business 3 Life insurance assets (1%) 68 81 Institutional 10 11 Goodwill (1%) Other consumer 4 Receivables due from other financial institutions (1%) Other assets (1%) Exposure by risk grade as at 30 September 2017 ($m) Standard and Poor’s Risk Grade 1 Australia NZ / Pacific Asia Americas Europe Group % of Total 95,108 9,341 811 7,837 575 113,672 AAA to AA- 11% 31,918 5,419 6,198 4,864 2,815 51,214 A+ to A- 5% 59,189 10,367 8,025 2,133 1,582 81,296 BBB+ to BBB- 8% 73,368 10,787 1,638 321 526 86,640 BB+ to BB 9% BB- to B+ 59,416 9,397 96 78 5 68,992 7% <B+ 5,073 2,798 28 - 18 7,917 1% Secured consumer 493,322 51,949 447 - - 545,718 54% Unsecured consumer 45,175 5,258 - - - 50,433 5% Total committed exposures (TCE) 862,569 105,316 17,243 15,233 5,521 1,005,882 Exposure by region 2 (%) 86% 10% 2% 2% <1% 100% 1 Risk grade equivalent. 2 Exposure by booking office. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  53. A well diversified loan portfolio Asset quality 66 Top 10 exposures to corporations and NBFIs 5 Exposure at default 1 by sector ($bn) as a % of TCE (%) Finance & insurance 2 Largest corporation/NBFI single name exposure 1.9 represents less than 0.2% of TCE Property 3 1.4 1.3 1.3 Government admin. & defence 1.2 1.2 1.1 1.1 1.1 1.0 Wholesale & retail trade Manufacturing Sep-17 Services Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-17 Property services & business services Top 10 exposures to corporations & NBFIs 5 Sep-16 Transport & storage at 30 September 2017 ($m) Agriculture, forestry & fishing BBB- A Utilities S&P rating or equivalent BBB BBB Construction 4 A Accommodation, cafes A- & restaurants BBB+ Mining BBB+ BBB+ Other A+ 0 20 40 60 80 100 0 300 600 900 1,200 1,500 1,800 2,100 1 Exposure at default is an estimate of the committed exposure expected to be drawn by a customer at the time of default. Excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5 NBFI is non-bank financial institutions. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  54. Well provisioned, asset quality improved Asset quality 67 Provisions Total provisions ($m) Economic overlay Sep-16 Mar-17 Sep-17 Collectively assessed provisions Individually assessed provisions Total provisions to gross loans (bps) 54 52 45 5,061 Lower total provisions Impaired asset provisions to impaired assets (%) 49 52 46 453 mainly due to work out of 4,414 exposures in WIB 4,241 Collectively assessed provisions to credit RWA (bps) 76 77 76 346 3,949 363 3,602 389 3,513 Economic overlay ($m) 389 378 323 3,481 3,332 389 378 389 3,119 388 2,986 323 Impaired asset provisions to impaired assets (%) 2,607 2,408 FY16 1H17 FY17 2,196 52 49 2,344 48 2,225 2,348 46 46 45 43 2,275 41 2,316 38 36 36 35 1,622 1,461 1,470 1,364 867 869 787 669 480 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Mar-17 Sep-17 Westpac Peer 1 Peer 2 Peer 3 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  55. Stressed exposures lower Asset quality 68 Stressed exposures as a % of TCE Movement in stressed exposure categories (bps to TCE) (2) 120 (2) 2 (4) 114 (5) Watchlist & substandard (1) 0 (3) 105 90+ day past due (dpd) and not impaired 3.20 Impaired Mainly due to work-out of WIB exposures Sep-16 Impaired 90+ dpd not Substandard Watchlist Mar-17 Impaired 90+ dpd not Substandard Watchlist Sep-17 2.48 Lower stress reflects impaired impaired refinance and work-out of institutional facilities and an 2.17 improved outlook for some 2.07 NZ dairy exposures 1.45 New and increased gross impaired assets ($m) 1.60 1.24 1,748 1.24 1.20 1,519 0.85 1.05 0.99 1,343 1,194 1,078 0.46 1,060 0.71 0.65 997 958 0.41 0.56 0.35 0.54 708 609 607 633 0.31 477 589 440 0.26 0.33 0.67 0.25 0.34 0.62 0.58 0.44 0.27 0.22 0.20 0.15 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  56. Provision cover by portfolio category Asset quality 69 Provisioning to TCE (%) Exposures as a % of TCE Mar-16 Sep-16 Mar-17 Sep-17 Fully performing portfolio • Small cover as low probability of default (PD) 0.22 0.22 0.21 0.20 • Includes economic overlay Fully performing 98.80 98.86 98.95 98.97 portfolio Collective provisions Watchlist & substandard • Still performing but higher 4.89 4.51 4.52 4.76 cover reflects elevated PD 90+ day past due and not impaired Watchlist & 0.65 0.59 0.49 0.56 substandard • In default but strong security 4.99 4.57 5.04 5.08 90+ day past 0.28 0.33 0.35 due and not 0.34 provisions Impaired assets Impaired impaired asset 0.26 0.22 0.20 Impaired 0.15 • In default. High provision cover 47.65 49.44 52.07 46.30 reflects expected recovery Mar-16 Sep-16 Mar-17 Sep-17 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  57. Stressed exposures lower across industries Asset quality 70 Corporate and business portfolio stressed exposures by industry ($bn) 2.5 Sep-16 Mar-17 Sep-17 2.0 Includes New Zealand dairy 1.5 2 larger names in watchlist 1.0 0.5 0.0 1 Agriculture, forestry Wholesale & Property Transport & storage Manufacturing Services Property services & Construction Accommodation, Mining retail trade business services Other & restaurants cafes fishing & 1 Includes Finance & insurance, Utilities, Government admin. & defence. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  58. Areas of interest: Commercial property Asset quality 71 Commercial property portfolio Commercial property exposures % of TCE and % in stress Mar-17 Sep-17 10 Commercial property as % of TCE (lhs) 20 Commercial property % in stress (rhs) Total committed exposures (TCE) $65.5bn $65.2bn 8 15 Lending $49.7bn $49.6bn 6 10 Commercial property as a % of Group TCE 6.65 6.48 4 5 Median risk grade BB equivalent BB equivalent 2 0 0 % of portfolio graded as stressed 1,2 1.39 1.27 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 % of portfolio in impaired 2 0.46 0.38 Commercial property portfolio composition (%) Region (%) Borrower type (%) Sector (%) Exposures <$10m NSW & ACT Commercial offices 9 & diversified groups 16 16 Vic Developers >$10m Residential Qld 21 11 43 44 44 SA & NT Retail Investors >$10m 29 9 WA Industrial Diversified Property 6 NZ & Pacific 27 5 11 Groups and Property 9 Institutional Trusts >$10m (diversified) 1 Includes impaired exposures. 2 Percentage of commercial property portfolio TCE. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  59. Areas of interest: Inner city apartments Asset quality 72 Commercial property portfolio TCE ($bn) Sep-16 Mar-17 Sep-17 TCE % 1 • Progressively tightened risk appetite in areas of higher concern since 2012 Residential apartment development >$20m 5.1 4.1 4.2 6.4% • Actively monitoring settlements for >$20m residential development book Residential apartment development • While settlements have been slightly slower, Westpac’s debt has been 3.2 2.8 2.7 4.1% >$20m in major markets, shown below repaid in full given low LVRs Sydney major markets 1.2 1.3 1.5 2.3% • 2H17 new lending LVR 42% Inner Melbourne 1.4 1.0 0.7 1.1% • 2H17 new lending LVR 44% Inner Brisbane 0.4 0.2 0.4 0.6% • Exposure low, new lending at 47% LVR Perth metro 0.2 0.2 0.0 0.0% • Exposure low and falling Adelaide CBD 0.1 0.1 0.1 0.2% • One project Residential apartment development >$20m weighted average LVR (%) Consumer mortgages Consumer mortgages where Expected Completion Year security is within an inner city Mar-17 Sep-17 residential apartment development 53.9 50.5 48.3 Total consumer mortgage loans for Average portfolio $13.5bn $14.1bn inner city apartments 45.0 LVR 50% Average LVR at origination 71% 70% No major developments Average dynamic LVR 53% 53% yet for completion in 2021 Dynamic LVR >90% 2.0% 1.94% 2017 2018 2019 2020 90+ day delinquencies 37bps 36bps 1 Percentage of commercial property TCE. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  60. Asset quality areas of interest Asset quality 73 Mining (inc. oil and gas) portfolio New Zealand dairy portfolio Retail trade portfolio Mar-17 Sep-17 Mar-17 Sep-17 Mar-17 Sep-17 Total committed exposures (TCE) $10.4bn $9.7bn Total committed exposure (TCE) NZ$5.9bn NZ$6.0bn Total committed exposures (TCE) $15.3bn $15.4bn Lending $6.0bn $5.1bn Lending NZ$5.6bn NZ$5.8bn Lending $11.3bn $11.5bn % of Group TCE 1.05 0.96 % of Group TCE 1.55 1.53 % of Group TCE 0.55 0.55 % of portfolio graded as stressed 1,2 2.90 2.33 % of portfolio graded as stressed 1,2 21.70 17.02 % of portfolio graded as stressed 1,2 2.51 3.02 % of portfolio in impaired 2 1.15 0.44 % of portfolio in impaired 2 0.34 0.34 % of portfolio in impaired 2 0.40 0.31 Mining portfolio (TCE) NZ dairy portfolio (TCE) Retail portfolio (TCE) by sector (%) by security (%) by sector (%) 8 23 26 13 1 39 41 6 20 76 33 14 Oil and gas Iron ore Food Retailing Fully secured Other metal ore Coal Partially secured Motor Vehicle Retailing and Services Unsecured Mining services Other Personal and Household Good Retailing 1 Includes impaired exposures. 2 Percentage of portfolio TCE. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  61. Changes in the treatment of hardship now flowing through other consumer delinquencies Asset quality 74 APRA is standardising the industry treatment of delinquency classification of facilities in hardship Hardship allows eligible customers to reduce or defer repayments in the short term to manage through a period of financial difficulty (e.g. unemployment, injury, natural disasters). Solutions are tailored to customer circumstances and may include extending the loan or restructuring. Prior Westpac approach Current Westpac approach Industry comparability • An account in hardship continues to migrate • When a mortgage account entered hardship its • Westpac changed hardship treatment following through delinquency buckets delinquency status (30, 60, or 90 days etc.) was guidance from APRA. Implemented change for • Accounts reported as delinquent 1 until repayments frozen until after hardship arrangements ended or mortgage portfolio; changes for NZ and consumer maintained for 6 months (‘serviceability period’) 2 the facility returned to performing (or not) unsecured currently underway • Average hardship period granted is 3-4 months • When an unsecured account entered hardship its • Treatment across banks and non-banks, including • Hardship plus serviceability period averages 10 delinquency status was treated as performing whilst serviceability period applied is not yet aligned. This months under the hardship arrangement makes comparability of absolute 90+ day • Changes have no impact on Westpac’s risk profile delinquencies across the industry more difficult Impact on mortgages - completed Impact on unsecured consumer lending Australian mortgage delinquencies (bps) • Implemented for • Implemented in 1H16 Australian unsecured consumer delinquencies (bps) credit cards, personal and has now fully Accounts in serviceability period Accounts in serviceability period loans and auto in 2H16 flowed through Accounts in hardship increase Accounts in hardship increase and 1H17 90+ day delinquencies excl. hardship changes 90+ day delinquencies excl. hardship changes • Increased mortgage 0.7 • Impact on 90+ day 2.0 90+ day delinquencies delinquencies in FY17 0.12 0.6 by 18bps, with 4bps 0.12 0.16 was 56bps. 0.01 0.12 attributed to hardship 0.01 0.03 1.5 0.37 0.01 • Is resulting in higher 0.5 0.02 0.16 facilities for Cyclone write-offs 1 and higher Debbie. 0.19 0.01 recoveries 2 0.4 1.0 0.54 1.49 0.53 0.51 0.49 1.35 • The change has yet to 0.45 1.16 1.11 1.10 0.3 flow through to risk weighted assets 0.5 0.2 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1 For consumer unsecured portfolios when an account reaches 180 days past due, in line with portfolio practices, it is written off. 2 For consumer unsecured portfolios any payments received after write-off and until the serviceability period has expired and if the account returns to performing are recorded as recoveries.

  62. Australian consumer unsecured lending, 3% of Group loans Asset quality 75 Australian consumer unsecured lending portfolio 90+ day delinquencies (%) - By State Sep-16 Mar-17 Sep-17 NSW/ACT VIC/TAS QLD WA SA/NT 3.00 30+ day delinquencies (%) 2.95 3.99 3.60 2.00 90+ day delinquencies (%) 1.17 1.63 1.66 Estimated impact of changes to hardship 1bp 28bps 56ps 1.00 treatment for 90+ day delinquencies (bps) • APRA hardship policy adopted across Australian unsecured portfolios in FY17 • September 2017 unsecured consumer delinquencies, excluding hardship reporting - changes are 6bps lower than September 2016 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Australian unsecured portfolio ($bn) 90+ day delinquencies (%) 90+ day delinquencies (%) Personal loans Auto loans Total unsecured Credit cards Sep-16 Mar-17 Sep-17 consumer lending Personal loans Auto loans 23 23 22 Total ex-hardship Credit cards ex-hardship ex-hardship 3.00 3.00 ex-hardship 2.00 2.00 10 10 10 8 8 7 5 5 5 1.00 1.00 - Credit cards Personal Auto loans Total - loans (consumer) consumer unsecured Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  63. Australian mortgage portfolio continues to perform well, higher stress in regions impacted by mining slowdown Asset quality 76 Australian mortgage delinquencies and Australian mortgage portfolio delinquencies Sep-16 Mar-17 Sep-17 properties in possession (PIPs) 90+ day past due total 90+ day past due investor 30+ day delinquencies (bps) 130 139 130 3.0 30+ day past due total Loss rates 90+ day delinquencies (bps) 66 67 67 (includes impaired mortgages) 2.0 Introduced new hardship treatment Estimated cumulative impact of changes to 13 13 18 hardship treatment (bps) 1.0 Consumer PIPs 262 382 437 Increase in both 1H17 and 2H17 mainly due to rise in WA and Qld reflecting weaker economic conditions in those states 0.0 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Housing lending portfolio by State (%) Australian mortgages 90+ day delinquencies by state (%) 3.0 NSW/ACT VIC/TAS QLD 1 Australian banking system WA SA/NT ALL Westpac Group portfolio 45 41 FY17 Westpac Group drawdowns 36 2.0 Introduced new hardship treatment 28 27 26 18 17 16 1.0 12 9 7 7 6 6 0.0 NSW & ACT VIC & TAS QLD WA SA & NT Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1 Source ABA Cannex August 2017. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  64. Australian mortgage portfolio well collateralised Asset quality 77 Sep-16 Mar-17 Sep-17 2H17 Australian mortgage portfolio Australian housing loan-to-value ratios (LVRs) 5 (%) balance balance balance flow 1 100 Total portfolio ($bn) 404.2 413.9 427.2 40.3 FY17 drawdowns LVR at origination 90 Owner occupied (%) 55.0 55.3 55.5 52.5 Portfolio LVR at origination 80 Investment property loans (%) 39.3 39.5 39.8 46.8 Portfolio dynamic LVR 70 Portfolio loan/line of credit (%) 5.7 5.3 4.8 0.7 61 60 Variable rate / Fixed rate (%) 83 / 17 82 / 18 79 / 21 64 / 36 50 48 50 Interest only (%) 51.0 50.1 45.5 34.2 40 Low doc (%) 2.4 2.2 2.0 0.4 Proprietary channel (%) 57.9 57.7 57.3 54.1 30 18 17 16 8.6 8.4 8.1 6.5 20 First home buyer (%) 15 14 13 12 11 18.4 18.1 17.5 14.1 10 6 Mortgage insured (%) 5 5 4 2 2 1 Sep-16 Mar-17 Sep-17 0 0<=60 60<=70 70<=80 80<=90 90<=95 95+ Average loan size 2 ($’000’s) 254 259 264 Sep-16 Mar-17 Sep-17 Australian mortgage portfolio LVRs Customers ahead on repayments balance balance balance 72 71 70 including offset account balances 3,5 (%) Average LVR at origination 5,6 (%) 70 70 70 Actual mortgage losses 31 36 48 net of insurance 4 ($m) Average dynamic LVR 5,6,7 (%) 43 42 42 Actual mortgage loss rate 2 2 2 Average LVR of new loans 5,6,8 (%) 70 68 67 annualised (bps) 1 Flow is all new mortgages settled during the 6 month period ended 30 September 2017 and includes RAMS. 2 Includes amortisation. 3 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 4 Mortgage insurance claims 2H17 $9m (1H17 $3m, 2H16 $7m). 5 Excludes RAMS. 6 LVR calculated as simple average by balances. 7 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 8 Average LVR of new loans is on rolling 6 month window. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  65. Interest only now 46% of mortgage portfolio Asset quality 78 Flow of interest only 1 (% of total limits) Switching from I/O to P&I 2 ($m) Mortgage lending growth (%) New interest only flows now <30% Customers switching to P&I Investor lending 3 growth remaining <10% Applications Settlements Reached end of I/O period Customer initiated Investor (APRA Extended definition) Owner occupied 9.8% 50 5.9% 49 46 45 43 7,913 35 5.4% 4,261 26 4.4% 23 2,604 2,368 3,447 3,004 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 2,554 2,592 1Q17 2Q17 3Q17 4Q17 1Q17 2Q17 3Q17 4Q17 Key changes to interest only mortgage settings Interest only flow definition • The 30% interest only cap incorporates all new • Pricing – differential pricing for investor property Current variable mortgage interest rate 4 (%) interest only loans including bridging facilities, lending, interest only and SMSF lending Owner occupied Investor construction loans and limit increases on existing • 80% maximum LVR for all new interest only loans loans 5.50 (includes limit increases, interest only term 5.03 4.99 • The interest only cap excludes flows from switching extension and switches) with limited exceptions 4.44 between repayment types, such as interest only to • No switch fee for customers switching to P&I from P&I or from P&I to interest only and also excludes interest only since June 2017 term extensions of interest only terms within • No longer accepting external refinances (from other product maximums 5 financial institutions) for owner-occupied • Any request to extend term beyond the product interest only maximum is considered a new loan, and hence is included in the cap P&I I/O P&I I/O 1 Flow is based on APRA definition. 2 I/O is interest only mortgage lending. P&I is principal and interest mortgage lending. 3 Investor is as per APRA extended definition used for reporting against the 10% cap. 4 Interest rates as at 20 September 2017 for Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount assuming loan amount $250,000 - $499,999. 5 Product maximum term for Interest only is 5 years for owner occupied and 10 years for investor loans. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  66. Performance of interest only mortgages remains sound Asset quality 79 Interest only lending Interest only lending by dynamic LVR 2,5 and income band (%) Applicant gross income bands • Interest only (I/O) loans assessed on a principal and interest basis, from 2015 over the residual 59 <$100k $100k - $250k >$250k amortising term. I/O loans are full recourse 14 • Serviceability assessments include an interest rate buffer (at least 2.25%), minimum assessment rate 33 (7.25%) and a requirement to be in surplus 1 31 7 18 8 I/O portfolio statistics as at 30 September 2017 2 15 5 8 2 • 67% average LVR of interest only loans at <=60% 60%<=80% >80% origination 2,3 Dynamic LVR bands (%) Chart may not add due to rounding • 65% of customers ahead of repayments (including offset accounts) 2,4 Westpac Australian offset account balances 2 ($bn) . • Offset account balances attached to interest only Offset account balances attached to P&I mortgages loans represent 62% of offset account balances Offset account balances attached to I/O mortgages I/O portfolio performance as at 30 September 2017 38 36 35 33 31 • 90+ day delinquencies 52bps (compared to portfolio 27 24 of 67bps) 21 18 16 • Annualised loss rate 2bp (net of insurance claims) 15 13 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1 A surplus requirement measures the extent to which a borrower’s income exceeds loan repayments, expenses and other commitments, as assessed. 2 Excludes RAMS. 3 LVR calculated as simple average by balances. 4 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 5 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  67. Investor property lending (IPL) portfolio: sound underwriting Asset quality 80 Applicants by gross income band (%) LVR at origination 1 (%) Owner occupied IPL 30 Owner occupied IPL 50 25 40 20 15 30 10 20 5 10 0 <=50 50<=75 75<=100 100<=125 125<=150 150<=200 200<=500 500<=1m 1m+ 0 0<=60 60<=70 70<=75 75<=80 80<=85 85<=90 90<=95 95<=97 97+ Investment property lending portfolio Sep-16 Mar-17 Sep-17 Investment property portfolio by number of properties per customer (%) Average LVR of IPL loans at origination 1,2 (%) 72 72 72 1 1 Average LVR of new IPL loans in the period 1,2,3 (%) 66 65 66 1 7 2 2 Average dynamic LVR 1,2,4 of IPL loans (%) 48 47 47 3 Average loan size 5 ($’000) 305 309 313 26 4 Customers ahead on repayments 62 61 59 62 including offset accounts 1,6 (%) 5 90+ day delinquencies (bps) 48 47 49 6+ Annualised loss rate (net of insurance claims) (bps) 2 2 3 1 Excludes RAMS. 2 LVR calculated as simple average by balances. 3 Average LVR of new loans is on rolling 6 month window. 4 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 5 Includes amortisation. 6 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  68. Mortgage serviceability assessment settings Asset quality 81 Westpac’s key serviceability requirements and controls Mortgage interest rate buffers (%) 2 Westpac owner occupied SVR inc package discount • Income and employment is verified Westpac minimum assessment ('floor') rate • Separate guidelines in place to assess self employed and 9 Income contractor applicants • Discounts of 20% apply to less certain income sources such as 7.25 rental income/bonuses/dividends 7 Higher of declared expenses or HEM 1 (HEM varies by family • Expenses size, income level and geography) 4.44 5 • Verified using payments data, bank statements and/or Credit Other loans Bureau 3 • New loans assessed at principal & interest over the residual Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 amortising term Interest only loans • Max LVR 80% (with limited exceptions) and max interest only term 5 years (owner occupied) / 10 years (investment) Australian home loan customers ahead on repayments 3 (%) Interest rate • Higher of customer rate plus 2.25% or the minimum assessment Sep-16 Mar-17 Sep-17 29 buffer (‘floor’) rate of 7.25% applied 30 27 26 25 25 24 24 23 25 23 • Conservative bank valuation methodologies Security • Maximum LVR limits 20 18 17 17 • Minimum property size and location restrictions apply 15 • LVR restrictions apply to single-industry towns, high-density 10 apartments in defined areas 7 7 6 • LVR restrictions to Australian and NZ citizens and permanent visa Restrictions 5 holders using foreign income 1 1 1 • Loans to non-residents not offered since April 2016 (limited 0 exceptions) Behind On Time < 1 Month < 1 Year < 2 Years > 2 Years 1 HEM is the Household Expenditure Measure, produced by the University of Melbourne. 2 SVR is the Standard Variable Rate for owner-occupied Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount. 3 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. ‘Behind’ is more than 30 days past due. ‘On time’ includes up to 30 days past due. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  69. Australian mortgage deep dive Asset quality 82 Australian mortgage lending 1 by origination date, dynamic LVR 2 and income (%) 2015+ 2011-14 <2011 Gross income bands 78 >$250k 69 7 $100k - $250k 12 33 46 <$100k 43 8 36 10 24 25 22 3 16 38 11 1 13 7 6 21 7 2 1 1 13 6 11 4 3 8 7 3 2 2 >80 60<=80 <=60 Dynamic LVR bands (%) >80 60-80 <=60 >80 60-80 <=60 % of portfolio 41 33 26 Westpac SVR 3 (%) 5.24 6.89 – 5.70 7.86 (excl. discounts) Westpac interest rate buffer (%) 2.25 1.80 1.80 Westpac interest rate floor (%) 7.25 6.80 6.80 House price changes 4 0 – 23% 40% – 23% At least 40% 1 Portfolio comprised of residential mortgages, excluding RAMS, and business mortgages originated via a separate platform such as construction loans and loans to SMSFs. 2 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 3 Based on a specific Rocket Repay rate offered during the period. Westpac Rocket Repay Home Loan exclusive of discounts assuming loan amount $250,000 - $499,999. 4 Source, Westpac Economics, CoreLogic. All dwellings Australia - average 8 major capital cities. Prices to Sept 17. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  70. Lenders mortgage insurance arrangements Asset Quality 83 Lenders mortgage insurance Lenders mortgage insurance arrangements • Where mortgage insurance is required, mortgages LVR Band Insurance are insured through Westpac’s captive mortgage insurer, Westpac Lenders Mortgage Insurance 1 • LVR ≤80% Not required (WLMI), and reinsured through external LMI • Low doc LVR ≤60% providers, based on risk profile • WLMI is well capitalised (separate from bank capital) • LVR >80% to ≤ 90% • Where insurance required, insured through captive insurer, WLMI and subject to APRA regulation. WLMI targets a capitalisation ratio of 1.2x PCR 2 and has consistently • Low doc • LMI not required for certain borrower groups been above this target LVR >60% to ≤ 80% • Reinsurance arrangements: • Scenarios indicate sufficient capital to fund claims − 40% risk retained by WLMI arising from events of severe stress – estimated losses for WLMI from a 1 in 200 year event are − 60% risk transferred through quota share arrangements with Arch Reinsurance $117m net of re-insurance recoveries (1H17: $130m) Limited, Tokio Millennium Re, Endurance Re, Everest Re, Trans Re and AWAC • LVR >90% • 100% reinsurance through Arch Reinsurance Limited − Reinsurance arrangements see loans with LVR >90% insured through WLMI with Australian mortgage portfolio (%) 100% of risk subsequently transferred to Arch Reinsurance Limited 83 Not insured Insurance statistics Insured by third 2H16 1H17 2H17 3 parties Insurance claims ($m) 7 3 9 Insured by WLMI 7 WLMI loss ratio 4 (%) 17 7 27 10 WLMI gross written premiums 5 ($m) 154 141 109 1 From 18 May 2015 WLMI underwrites all mortgage insurance, where required, on Westpac originated Mortgages. The in-force portfolio of loans includes mortgage insurance provided by external providers. 2 Prudential Capital Requirement (PCR) calculated in accordance with APRA standards. 3 Insured coverage is net of quota share. 4 Loss ratio is claims over the total earned premium plus reinsurance plus exchange commission. 5 LMI gross written premium includes loans >90% LVR reinsured with Arch Reinsurance Limited. 2H17 gross written premium includes $73m from the arrangement (1H17: $107m, 2H16: $125m). Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  71. Mortgage portfolio stress testing outcomes Asset quality 84 • Westpac regularly conducts a range of portfolio stress tests as part of its Australian mortgage portfolio stress testing regulatory and risk management activities as at 30 September 2017 • The Australian mortgage portfolio stress testing scenario presented represents a severe recession and assumes that significant reductions in consumer spending Stressed scenario and business investment lead to six consecutive quarters of negative GDP growth. This results in a material increase in unemployment and nationwide falls in Key assumptions Current Year 1 Year 2 Year 3 property and other asset prices • Estimated Australian housing portfolio losses under these stressed conditions are Portfolio size ($bn) 426 411 403 400 manageable and within the Group’s risk appetite and capital base − Cumulative total losses of $2.9bn over three years for the uninsured portfolio Unemployment rate (%) 5.6 11.8 10.8 9.5 (FY16: $2.9bn) − Cumulative claims on LMI, both WLMI and external insurers, of $762m over the Interest rates (cash rate, %) 1.50 0.50 0.50 0.50 three years (FY16: $856m) − Cumulative loss rates are unchanged (69bps compared to 69bps at FY16) House prices - (13.0) (22.4) (26.2) (% change cumulative) − WLMI separately conducts stress testing to test the sufficiency of its capital position to cover mortgage claims arising from a stressed mortgage environment Annual GDP growth (%) 1.8 (4.8) (1.1) 0.8 • Capital targets incorporate buffers at the Westpac Group level that also consider the combined impact on the mortgage portfolio and WLMI of severe stress scenarios Stressed loss outcomes (net of LMI recoveries) 1 $ million 85 1,033 1,622 527 Basis points 2 2 22 35 12 1 Assumes 30% of LMI claims will be rejected in a stressed scenario. 2 Stressed loss rates are calculated as a percentage of mortgage exposure at default. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  72. 200 years proudly supporting Australia Capital, Funding and Liquidity

  73. Well positioned for “Unquestionably strong” Capital, Funding and Liquidity 86 CET1 capital ratio (%) and CET1 capital ($bn) Highlights (APRA basis) Westpac CET1 capital (lhs, $bn) • 108bps increase over the year APRA industry 10.6% CET1 Westpac CET1 capital ratio (rhs, %) guidelines >10.5% • 59bps increase from March 2017 capital ratio unquestionably strong $bn % Building for 1% 55 12.0 DSIB 1 10.6 10.2 10.5 10.1 10.0 10.0 • APRA’s unquestionably strong industry 50 Above APRA’s 9.5 9.5 9.3 10.0 benchmark is 10.5% unquestionably 8.4 8.8 9.0 9.0 strong • Well placed to respond to final APRA 45 8.3 benchmark requirements 8.0 Impact of APRA’s 40 changes to mortgage RWA 2 35 6.0 • Total RWA flat over the half Disciplined • Credit risk RWA 1.0% lower over the half 30 RWA 43 from disciplined RWA management and 4.0 40 41 management 39 38 38 improvement in asset quality 37 37 25 34 32 30 30 29 2.0 27 20 • 1.5% discount on 1H17 DRP 15 0.0 • Further sell down of BTIM Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Capital built • Life insurance statutory fund consolidation 1 Domestic systemically important bank. 2 APRA’s revision to the calculation of RWA for Australian residential mortgages, which came into effect on 1 July 2016. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  74. CET1 ratio, top quartile globally Capital, Funding and Liquidity 87 Capital ratios Key capital ratios (%) Internationally comparable 1 basis APRA basis Sep-16 Mar-17 Sep-17 BIS 75 th percentile 2 21.1 18.6 CET1 capital ratio 9.5 10.0 10.6 16.2 14.8 12.7 10.6 Additional Tier 1 capital 1.7 1.7 2.1 Tier 1 capital ratio 11.2 11.7 12.7 CET1 Tier 1 Total CET1 Tier 1 Total Tier 2 capital 1.9 2.3 2.1 regulatory regulatory capital capital Total regulatory capital ratio 13.1 14.0 14.8 • Internationally comparable ratios exclude Basel III transitional Risk weighted assets (RWA) ($bn) 410 404 404 instruments, which are included in the APRA capital ratios on a transitional basis Leverage ratio 5.2 5.3 5.7 • Westpac is seeking to replace Basel III transitional instruments with Basel III fully compliant instruments. Should Westpac do this, pro Internationally comparable ratios 1 forma internationally comparable: − Tier 1 capital ratio would be 19.0% 3 (up from 18.6%) Leverage ratio (internationally comparable) 5.9 6.0 6.3 − Total regulatory capital ratio would be 21.9% 3 (up from 21.1%) − CET1 capital ratio would be unchanged CET1 ratio (internationally comparable) 14.4 15.3 16.2 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. For more details on adjustments refer slide 91. 2 Group 1 banks BIS 75 th percentile fully phased-in Basel III capital ratios from BIS monitoring report released 12 September 2017. 3 Includes transitional capital instruments eligible as Additional Tier 1 and Tier 2 capital under APRA Basel III rules. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  75. Strong capital generation supported by disciplined loan growth Capital, Funding and Liquidity 88 CET1 capital ratio (% and bps) 16.20 1H17 DRP A reduction in credit risk has Capitalised expenses participation rate been offset by movements in and other small equity 35.6% non-credit risk investments 100 (50) 4 (2) 2 10.56 6 (4) (7) 10 9.97 9.48 Organic +39bps Other +20bps Up 59 basis points Sep-16 Mar-17 Cash earnings Interim Ordinary Other Sell down of Life insurance Regulatory FX translation Defined Sep-17 Sep-17 1 APRA APRA dividend RWA movements BTIM statutory fund modelling impact benefit impact APRA Int. Comp. (net of DRP) growth consolidation change 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  76. Disciplined management and improved asset quality reduce RWA Capital, Funding and Liquidity 89 Movement in risk weighted assets ($bn) 410.1 404.4 (3.4) 3.0 404.2 0.6 (0.4) Higher interest Spread risk on the liquids portfolio See below rate exposure and repricing and yield curve risk Down $0.2bn Sep-16 Mar-17 Credit risk Market Operational IRRBB Sep-17 risk risk Movement in credit risk weighted assets ($bn) 358.8 3.9 (1.8) (4.6) 352.7 349.3 (0.9) Updates to credit models Improved asset quality Down $3.4bn or 1.0% Sep-16 Mar-17 Business growth Regulatory modelling Credit quality and Mark-to-market Sep-17 changes portfolio mix Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  77. Well placed on internationally comparable CET1 and leverage ratios Capital, Funding and Liquidity 90 Common equity Tier 1 ratio (%) 25% 20% 16.20% 15% 10% 5% 0% Nordea Westpac Rabobank Deutsche Bank Lloyds Credit Suisse Barclays Unicredit Credit Agricole SA BNP Paribas Wells Fargo Mizuho FG Bank of America Scotiabank Natixis BBVA Toronto Dominion Bank Santander Norinchukin Bank ANZ CBA ING HSBC RBS BPCE NAB Standard Chartered Commerzbank Intesa Sanpaolo Citigroup JPMorgan Chase China Construction Bank ICBC Sumitomo Mitsui China Merchants Bank Societe Generale Mitsubishi UFG Bank of Montreal Bank of China Royal Bank of Canada Bank of Communications Agricultural Bank of China Leverage ratio (%) 8% 6.33% 6% 4% 2% 0% ICBC China Construction Bank Intesa Sanpaolo Bank of China BBVA Bank of Communications Westpac ANZ Agricultural Bank of China HSBC Standard Chartered NAB Norinchukin Bank China Merchants Bank CBA RBS Credit Suisse Unicredit Lloyds Commerzbank BPCE Rabobank Barclays Santander Mitsubishi UFG Credit Agricole SA Sumitomo Mitsui ING Nordea Scotiabank Royal Bank of Canada Bank of Montreal Societe Generale BNP Paribas Deutsche Bank Toronto Dominion Bank Mizuho FG Natixis Peer group comprises listed commercial banks with assets in excess of A$700bn and which have disclosed fully implemented Basel III ratios or provided sufficient disclosure to estimate. Based on company reports/presentations. Ratios at 30 June 2017, except for Westpac, ANZ and NAB, which are at 30 Sep 2017, while Scotiabank, Bank of Montreal, Royal Bank of Canada and Toronto Dominion are at 31 July 2017. For CET1, assumes Basel III capital reforms fully implemented. Leverage ratio is on a transitional basis. Where accrued expected dividends have been deducted, these have been added back for comparability. US banks are excluded from leverage ratio analysis due to business model differences, for example from loans sold to US Government sponsored enterprises. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  78. Internationally comparable capital ratio reconciliation Capital, Funding and Liquidity 91 APRA’s Basel III capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported capital ratios by Australian banks. In July 2015, APRA published a study that compared the major banks’ capital ratios against a set of international peers 1 . The following details the adjustments from this study and how Westpac’s APRA Basel III CET1 capital ratio aligns to an internationally comparable ratio (%) Westpac’s CET1 capital ratio (APRA basis) 10.6 Equity investments Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements 0.5 Deferred tax assets Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements 0.3 Interest rate risk in the banking APRA requires capital to be held for IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB 0.4 book (IRRBB) Loss given default (LGD) of 15%, compared to the 20% LGD floor under APRA’s requirements. APRA also applies a Residential mortgages 1.8 correlation factor for mortgages higher than the 15% factor prescribed in the Basel rules Unsecured non-retail exposures LGD of 45%, compared to the 60% or higher LGD under APRA’s requirements 0.7 Non-retail undrawn commitments Credit conversion factor of 75%, compared to 100% under APRA’s requirements 0.5 Use of internal-ratings based (IRB) probabilities of default (PD) and LGDs for income producing real estate and project Specialised lending finance exposures, reduced by application of a scaling factor of 1.06. APRA applies higher risk weights under a supervisory 0.8 slotting approach, but does not require the application of the scaling factors Increase in the A$ equivalent concessional threshold level for small business retail and small to medium enterprise Currency conversion threshold 0.2 corporate exposures APRA requires these items to be deducted from CET1. The BCBS only requires exposures classified as intangible assets Capitalised expenses 0.4 under relevant accounting standards to be deducted from CET1 Internationally comparable CET1 capital ratio 16.2 Internationally comparable Tier 1 capital ratio 18.6 Internationally comparable total regulatory capital ratio 21.1 1 Methodology aligns with the APRA study titled “International capital comparison study", dated 13 July 2015.

  79. Optimising returns by actively managing capital Capital, Funding and Liquidity 92 Ordinary equity (spot and includes reserves) ($bn) Actively managing returns • All divisions with a full year ROE > 13% 0.9 61.3 1.1 0.9 59.3 • Divisional capital allocation model to be refined in 2018 (post APRA 0.3 58.1 clarification) • $3.8bn of capital still to be allocated • Group ROE is lower from higher levels of capital held; average equity up 5%, cash earnings up 3% over FY17 • Leverage ratio improved from the increased average ordinary equity (AOE) Sep-16 DRP Other Mar-17 DRP Other Sep-17 Capital allocated to divisions (average, $bn) Return on equity (%) Division 2H16 1H17 2H17 Division FY16 FY17 2H17 Total Group (including intangibles) 56.6 57.7 59.4 Total Group 14.0 13.8 13.6 Consumer Bank and Business Bank 23.7 24.4 23.7 Consumer Bank and Business Bank 16.6 17.0 17.6 BTFG 3.3 3.4 3.4 BTFG 15.6 14.0 13.6 WIB 9.6 9.4 8.9 WIB 10.6 13.4 12.7 Westpac NZ (A$) 4.4 4.6 4.4 Westpac NZ (A$) 17.2 18.3 19.4 Excess capital held in Group Businesses 1.7 1.8 3.8 Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  80. New term issuance well diversified Capital, Funding and Liquidity 93 FY17 new term issuance composition 1 (%) By investor location 2 By tenor 3,4 By type By currency 30 22 43 3 18 9 4 5 1 2 4 8 12 8 28 49 21 66 30 17 19 0.3 Senior Unsecured Covered Bonds Asia Australia & NZ AUD USD EUR 1 Year 2 Years 3 Years Securitisation Hybrid Europe North America GBP Other Subordinated Debt 4 Years 5 Years >5 years UK Other Charts may not add to 100 due to rounding. Term debt issuance and maturity profile 1,3,5 ($bn) Australian covered bond issuance 6 ($bn) Sub Debt Issuance Maturities Outstanding Remaining capacity Senior/Securitisation (8% cap & over-collateralisation) 42 Hybrid 37 Covered Bond 33 33 31 34 31 27 27 26 26 31 22 21 20 27 25 23 20 14 Peer 1 Peer 2 Peer 3 Westpac FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 >FY22 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 370 days excluding US Commercial Paper and Yankee Certificates of Deposit. 2 Westpac public benchmark transactions only. 3 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. 4 Tenor excludes RMBS and ABS. 5 Perpetual sub-debt has been included in >FY22 maturity bucket. Maturities exclude securitisation amortisation. 6 Sources: Westpac, APRA Banking Statistics September 2017. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  81. Well positioned for NSFR on 1 January 2018 Capital, Funding and Liquidity 94 Liquidity coverage ratio ($bn and %) Liquidity coverage ratio (%) Unencumbered liquid assets ($bn) Self securitisation Committed Liquidity Facility ($bn) Sep-16 Mar-17 Sep-17 5 Private securities and deposits with other banks HQLA ($bn) Cash, government and semi-government bonds HQLA 1 69.4 73.6 71.9 LCR (%) 144 CLF 2 58.6 49.1 49.1 139 138 134 127 125 124 Total LCR Liquid assets 128.0 122.7 121.0 56 47 48 16 18 21 Customer deposits 63.5 65.9 65.6 58.6 49.1 58.6 49.1 111 75 Wholesale funding 13.1 13.2 12.2 72 68 Other flows 3 19.2 19.1 20.1 73.6 71.9 69.4 66.2 Total short term Sep-16 Mar-17 Sep-17 Total cash outflows 95.8 98.2 98.0 wholesale debt 6 outstanding at LCR 4 134% 125% 124% Mar-16 Sep-16 Mar-17 Sep-17 30 Sep 17 Net stable funding ratio (NSFR, $bn) Total funding composition (%) New term issuance by tenor 11,12 (%) 566 By residual maturity 521 4.7yrs 4.9yrs 5.4yrs 5.8yrs WAM 11 Liquids W’sale funding Wholesale Onshore <1yr 7 6 and other 8 & other liabilities 16 8 8 >5years 18 Corporate & Wholesale Offshore <1yr 25 28 Institutional Other loans 9 20 4 43 deposits 4 5 years Wholesale Onshore >1yr 11 11 1 Retail & SME 1 8 Wholesale Offshore >1yr 8 4 years 44 deposits 4 40 Residential 10 45 mortgages Securitisation 1 3 years 5 ≤35% 30 10 Capital Equity 62 61 2 years 25 Customer deposits Available Stable Required Stable 44 30 17 Funding Funding 25 1 years 7 8 4 Mar-17 Sep-17 Estimated NSFR 7 FY14 FY15 FY16 FY17 Sep-08 Sep-16 Sep-17 108% 109% 1 Includes HQLA as defined in APS 210, RBNZ eligible liquids, less RBA open repos funding end of day ESA balances with the RBA. 2 The RBA makes available to Australian Authorised Deposit-taking Institutions a committed liquidity facility (CLF) that, subject to qualifying conditions, can be accessed to meet LCR requirements under APS210 – Liquidity. 3 Other flows include credit and liquidity facilities, collateral outflows and inflows from customers. 4 LCR is calculated as the percentage ratio of stock of HQLA and CLF over the total net cash outflows in a modelled 30 day defined stressed scenario. Calculated on a spot basis. 5 Private securities include Bank paper, RMBS, and Supra-nationals. 6 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 7 NSFR is estimated based on current APRA guidelines. NSFR will commence in Australia on 1 January 2018. 8 Other includes derivatives and other assets. 9 Other loans includes off balance sheet exposures and residential mortgages >35% risk weight. 10 Equity excludes FX translation, Available-for-Sale securities and Cash Flow Hedging Reserves. 11 Tenor excludes RMBS and ABS. 12 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  82. 200 years proudly supporting Australia Divisional results

  83. Consumer Bank – growing the franchise Consumer 96 Cash earnings ($m) Key financial metrics Change on AIEA up 3%, margin up 7bps, repricing of 2H16 1H17 2H17 1H17 mortgages partly offset by some switching, customer preference for fixed rate home Revenue ($m) 5% loans and the impact of the Bank Levy (3bps) 4,053 4,055 4,256 Net interest margin (%) 7bps 2.34 2.28 2.35 247 (46) (79) (7) (33) (4bps) Expense to income (%) 40.3 40.2 40.1 1,593 1,539 1,511 Customer deposit to loan ratio (%) 13bps 52.4 52.8 52.9 Stressed assets to TCE (%) (2bps) Investments, product 0.61 0.64 0.62 development and regulatory and Lower cards fees compliance cost Key operating metrics and provision for increases partly customer refunds offset by productivity Change on and payments 2H16 1H17 2H17 1H17 Total customers (#m) 2% 8.8 8.9 9.1 Up $82m or 5% Active digital customers (#m) 5% 3.6 3.8 4.0 2H16 1H17 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H17 Total branches (#) (13) 1,085 1,059 1,046 Customer satisfaction 1 (%) 30bps 81.3 81.6 81.9 Net promoter score (NPS) 1 6mma +4.9 4 th 4 th 1 st Service quality – complaints (#‘000) 8% 13.1 11.8 12.7 1 Refer slide 136 for metric definition and details of provider. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  84. A disciplined 2H17 performance Consumer 97 Revenue 1 ($m) Core earnings 1 ($m) Cash earnings 1 ($m) 2,548 1,593 4,256 1,539 1,511 2,426 2,420 3,972 4,053 4,055 1,445 2,335 1,382 3,779 2,201 1,243 3,564 2,029 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 Expense to income ratio 1 (%) Revenue per FTE 1 ($’000’s) Loans ($bn) & deposit to loan ratio (%) 417 Loans Customer deposit to loan ratio 52.8 52.9 52.4 52.4 43.1 398 52.1 396 51.7 393 41.8 362 41.2 352 360 40.3 345 40.2 40.1 334 321 324 311 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1 Following an update to the Group’s capital allocation framework, numbers prior to 1H17 have been restated to ensure comparability to 1H17 and 2H17. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  85. Improving the customer experience through digital and new products Consumer 98 SmartPlan Categorisation of spend Banker in Pocket – all brands • Enables customers to ring the • Launched in May 2017, • Enables St.George contact centre directly from SmartPlan is a structured customers to obtain insight mobile app with no need to repayment plan that helps into their spending patterns verify with security questions customers manage their credit card balance by breaking it down • Automatically groups credit • Saves ~60-90 seconds into a number of regular monthly card, everyday 1 and savings per call instalments – all within their account transactions into existing credit limit categories • Before connecting to the • Supported with SMS alerts to contact centre, customers • Monthly spend is categorised assist customers to make their directed to a targeted self- by category and sub-category payments on time serve option, with around 50% • Over 3,700 SmartPlans have of customers taking up the been established self-serve option Bump Westpac Life Westpac Lite • Bump Savings account introduced in April. • Launched in June, Westpac Lite is a basic credit • Westpac Life is a new savings product designed to Designed to encourage children (and their parents) card with a low interest rate (9.90%) and low fees help customers save on a regular basis by to develop saving habits rewarding savings behaviour (1.5% plus 0.8% • No fees for foreign transactions or late payments bonus if balance is higher at month end) • The account has no fees, a competitive base interest rate (1.5%) and the opportunity to earn a • Low credit limit, between $500 and $4,000 • Since the August launch, over 25,000 accounts bonus interest rate (plus 0.8%) have been opened, with an average balance of • Over 1,600 $32k • For eligible children 2 , Westpac will deposit $200 into cards activated their account since launch • 37% of these accounts are for customers who have not had a savings account with Westpac • Since launch, around 33,000 accounts have been opened, with an average balance of $1,400. 25% are new to bank customers 1 Everyday accounts are consumer transaction accounts. 2 Eligible children must be born in 2017, have a permanent Australian residential address and have the Bump Savings account opened in their name by 31 May 2018. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  86. Business Bank delivers another solid result Business 99 Cash earnings ($m) Key financial metrics Change on AIEA up 2%, margin up 4bps from asset Increased technology, 2H16 1H17 2H17 1H17 repricing, partially offset by increase in regulatory and funding costs and the Bank Levy investment costs Revenue ($m) 4% 2,534 2,557 2,651 Net interest margin (%) 4bps 2.72 2.70 2.74 43 (37) 19 (17) 1,091 (62bps) 75 Expense to income (%) 35.5 35.6 35.0 Customer deposit to loan ratio (%) 62bps 72.1 72.6 73.2 1,008 999 Stressed assets to TCE (%) (16bps) 2.24 2.32 2.16 Higher line fees and Lower stressed assets transaction fees Key operating metrics Change on 2H16 1H17 2H17 1H17 Up $83m or 8% Total business customers (‘000’s) 2% 1,170 1,183 1,207 2H16 1H17 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H17 Customer satisfaction 1 (rank) - #1 =#1 #1 Customer satisfaction - SME 1 (rank) + 1 place #1 #2 #1 Digital sales (%) 2 + 2ppt 9 10 12 Loans via LOLA ($m) 3 1% 729 1,236 1,244 1 Refer slide 136 for metric definition and details of provider. 2 Represents the % of sales of products that are available via digital. 3 Loans via LOLA in 2H16 includes both loans completed on the platform and conditional limits. From 1H17 this metric no longer includes conditional limits. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

  87. A disciplined 2H17 performance Business 100 Revenue 1 ($m) Core earnings 1 ($m) Cash earnings 1 ($m) 2,651 1,723 1,091 2,557 2,534 1,634 1,646 1,008 1,006 2,495 999 1,599 976 2,427 951 1,547 2,376 1,525 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 Expense to income ratio 1 (%) Revenue per FTE 1 ($’000) Loans ($bn) & deposit to loan ratio (%) Loans Customer deposit to loan ratio 843 73.2 72.6 72.5 72.1 71.2 36.3 818 69.5 811 811 35.9 35.8 35.6 157 35.5 154 787 153 149 146 35.0 141 721 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 1H15 2H15 1H16 2H16 1H17 2H17 1H15 2H15 1H16 2H16 1H17 2H17 1 Following an update to the Group’s capital allocation framework, numbers prior to 1H17 have been restated to ensure comparability to 1H17 and 2H17. Westpac Group 2017 Full Year Results Presentation & Investor Discussion Pack

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