UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

November 4, 2019

 

Commission File Number 1-10167

 

WESTPAC BANKING CORPORATION

(Translation of registrant’s name into English)

 

275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

 

Form 20-F         ____x_____                  Form 40-F         __________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  __________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___________

 


 

Index to Exhibits

 

Exhibit
No.

 

Description

 

 

 

1

 

Westpac Group 2019 Full Year Financial Results – Presentation & Investor Discussion Pack

2

 

Westpac 2019 Full Year Dividend Details

 


 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

WESTPAC BANKING CORPORATION

 

(Registrant)

 

 

 

 

 

Date:  November 4, 2019

By:

/s/ Leisha White

 

 

Leisha White

 

 

Practice Leader

 


Exhibit 1

'llestpac GROUP 2019 Full Year Financial Results For the 12 months ended 30 September 2019

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Westpac 2019 Full Year Results Index 2019 Full Year Result Presentation 3 Investor Discussion Pack of 2019 Full Year Result 34 Strategy 35 Overview Performance discipline Service leadership Digital transformation 40 45 47 50 Governance and Culture 62 Earnings drivers Revenue Expenses Impairments 72 73 76 78 Credit quality 79 Capital, Funding and Liquidity 101 Divisional results Consumer Business Westpac Institutional Bank Westpac New Zealand 111 112 116 121 124 Economics 130 Appendix and Disclaimer 146 Contact us 155 Disclaimer 156 Image on front and left Westpac’s ‘Baker of Beirut’ campaign; helping people when it matters.

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Brian Hartzer ChiefExecutive Officer 'llestpac GROUP

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2019 Results – Overview 4 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack •Result reflects the challenging environment •Prioritising strength •Acting decisively to reshape our business •Delivering on our strategic priorities •Positioning for the digital future

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FY19 earnings snapshot 5 Change FY19 – FY181 Change 2H19 – 1H191 FY19 Reported net profit $6,784m (16%) 14% Cash earnings2 $6,849m (15%) 8% Cash EPS3 198.2c (16%) 7% Return on equity4,5 10.8% (225bps) 63bps Margin (excl. Treasury & Markets)5 2.04% (7bps) – Expense to income ratio5 48.6% Large (261bps) (2H19)6 Dividend per share 80c (7%) (15%) Cash earnings2 $7,979m (4%) (3%) Cash EPS3 230.9c (6%) (4%) Return on equity4 12.5% (94bps) (59bps) Margin (excl. Treasury & Markets)5 2.08% (4bps) (2bps) Expense to income ratio5 43.9% 113bps 38bps 1 Prior year cash earnings comparatives have been restated for the impacts of AASB 9 & AASB 15. 2 Cash earnings is a measure of profit generated from ongoing operations for further detail see slide 42. 3 Cash EPS is cash earnings divided by weighted average ordinary shares. 4 Return on equity is cash earnings divided by average ordinary equity. 5 Cash earnings basis. 6 Full year 2019 Dividend per share 174c. 7 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Cash earnings excluding notable items7

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FY19 divisional snapshot 6 % Change FY19 – FY18 Cash earnings FY19 ($m) notable items1 As reported Excl. Consumer $3,288 (4%) (6%) Business $2,431 (12%) (2%) Westpac Institutional Bank $1,014 (7%) (7%) New Zealand (NZ$) $1,042 3% 4% Group Businesses ($869) Large Large 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Prioritising strength – Key ratios 7 55 12 10 45 45 30 6 25 1 LCR is liquidity coverage ratio, NSFR is net stable funding ratio. 2 Peer 1 and 2 based on FY19 results as reported on a continuing operations basis. Peer 3 based on 1H19 results as reported. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Stressed exposures to total committed exposure (%) Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Mar-19 Sep-19 2.17 1.60 1.24 1.20 1.20 1.05 1.08 1.10 0.99 Impaired assets to gross loans2 (%) 0.48 0.33 0.26 0.25 Peer 1Peer 2Peer 3WBC Common equity tier 1 (ratio % and $bn) $bnRatio (%)10.610.610.610.7 11 50 9.19.09.59.5 9 40 8 35 7 5 20 4 153 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Mar-19 Sep-19 45 46 8.2 43 39 34 30 28 25 Liquidity ratios1 (%) LCRNSFR Sep-17Sep-18Mar-19Sep-19 138 133 127 124 114 113 112 109

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Prioritising strength – Capital 8 0.58 11.25 expected to be raised pro forma – Customer growth 1 RWA is risk weighted assets. 2 Assumes $500m to be raised under the SPP – the actual amount raised could be more or less. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 1 • CET1 capital ratio was little changed over FY19 (up 4bps).Common equity Tier 1 capital – However, CET1 capital ratio was impacted by ~75 bps fromPro forma (%) –Operational risk overlays (CGA self-assessment, standardised model top-up) –New standardised model for derivatives RWA1 –Customer remediation provisions and costs associated with the exit of financial planning • Expect to raise around $2.5bn of capital2 via an underwritten institutional placement and a non-underwritten share purchase plan (SPP) • Increases buffer over APRA’s unquestionably strong benchmark and gives additional capacity to respond to –Potential litigation or regulatory actions –RBNZ and APRA capital changesSep-19CapitalSep-19 2 10.67

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Prioritising strength – Reset dividend 9 Effective (after DRP)1 80 80 79 79 79 80 76 71 72 72 71 68 medium term range 1 2H19 assumes DRP participation rate of 10%. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Dividend payout ratio (%) Cash earnings basis Cash earnings excl. notable items98 85 76 63 5170-75% sustainable 1H162H161H172H171H182H181H192H19 Dividend considerations • Reset dividend to reflect capital raising, increase in shares on issue, and lower earnings per share • Final dividend of 80 cents per share, down 14 cents per share or 15% lower than both the 2019 interim dividend and the 2018 final dividend • 2H19 dividend represents a payout ratio of 79%; excluding notable items 71% • Payout ratio excluding notable items is within the sustainable medium-term range of 70-75% • Dividend yield of 5.4% (closing share price of $29.64 at 30 September 2019) • Franking surplus of $1.6bn Dividends per ordinary share (cents) 94949494949494 80 1H162H161H172H171H182H181H192H19

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Acting decisively to reshape our business 10 • BT integrated into Consumer and Business actions • Agreement to sell most Australian offsite ATMs – 11 implemented, 11 underway issues New remediation hub, with over 500k3 customers refunded • Cost delivery efficiency • 5% FTE reduction 1 Australian ATMs. 2 At 1 November 2019. 3 Since 2017. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Wealth reset• Exited our financial planning business Portfolio• Consolidated 61 branches and 349 ATMs1 Distribution• New State based, multi-brand management structure (Business & Consumer) Royal Commission• 49 recommendations presently applicable to Westpac Deal with–27 awaiting legislation/regulatory action outstandingCGA self-assessment• ~40% of recommendations implemented2 Remediation• Significant provisions raised Structural• $405m productivity savings

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Delivering on our strategic priorities 11 Performance • • New operating rhythm focused on execution to drive performance metrics Significant investment in risk, compliance, financial crime and customer 1 NPP payments by value. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack • New State based structure reinforces accountability disciplines complaints systems and capabilities • # 1 NPS in commercial, SME, and Micro business Service• # 2 NPS in consumer for most of the year leadership• Strong service ethos and disciplines in place (e.g. complaints resolution) • “Help when it matters” brand campaign supporting customer growth • Customer Service Hub (CSH) rolled out for Westpac 1st party mortgages Digital• Panorama build complete; fastest-growing platform in market ($23bn in FUA) transformation• New Payments Platform complete; ~40% of all payments1 in the market • No Severity 1 incidents in FY19

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Positioning for the digital future – Innovation 12 ecosystem 1 See page 153 for definitions. 2 Subject to outstanding industry issues and testing being completed in a timely manner. 3 Zip offers point-of-sale credit and digital payment services. 4 Uno is an online mortgage broker. 5 Committed capital. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Fintech partnerships 3 4 • Reinventure portfolio now $150m5 • Direct investments: Zip, Uno and planned investment in 10x • Well positioned to expand partnerships across fintech Digital experience • Digital sales now ~40% of total1 • St.George digital mortgage • Digital Institutional Bank (DIB) • Enhanced online Term Deposit renewals • EasyID (NZ account opening) • New AI chat-bot ‘Red’ • Ready for Open Banking (Feb 2020)2 Automation Customer Service Hub • Customer Service Hub rolled out (Westpac 1st party mortgages) • 80% of mortgages settled electronically (PEXA) • Enterprise Workflow System

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Positioning for the digital future – Technology 13 In production (examples) To be done • Human Digital Connections (call centre) St.George digital mortgage • • • Mobile Banking Banker dashboard ‘Red’ (AI chatbot) • • • Mobile banking 2.0 (2020) Digital mortgage (Westpac) Digital Institutional Bank enhancements • • • • • Real time data and insights (2Q20) CSH – other consumer products/channels Open Banking Phase 2 Risk and compliance system upgrades • • • CSH built; Westpac 1st party mortgages Group data platform (DDEP) Open Banking Phase 1 • • • • Investment platform consolidation Digital banking platform 10x Financial markets systems Core banking consolidation • • • Panorama New Payments Platform Enterprise Workflow • • • • Hybrid cloud environment Network backbone upgrade Worksmarter (desktop) OneConference (video, voice calls) • • • Continued cloud migration State-of-the-art command centre Complete network upgrades Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Infrastructure Products Customer Origination and Analytics Channel Systems

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Peter King ChiefFinancial Officer 'll estpac GROUP

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Results down 15% 15 1 notable items notable items 1 & NCI2 notable items1 notable items1 income income charges 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2 NCI is non-controlling interests. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Cash earnings movements ($m) FY19 – FY18 1. Hastings, Advice & Ascalon$308m 2. Lower insurance income$116m 2818,3465(619)3. Lower super, platforms and investments $91m FY18FY18FY18 excl.Net interestNon-interestExpensesImpairmentTaxFY19 excl.FY19FY19 8,065 2137,979(1,130) 1618 Down 4% Down 15% 6,849

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2H19 earnings up 8%, down 3% excl. notable items1 16 (128) 1 1 2 1 1 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2 NCI is non-controlling interests. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Cash earnings movements ($m) 2H19 – 1H19 95(106) 7534,049(36) 1H191H191H19 excl.Net interestNon-interestExpensesImpairmentTax2H19 excl.2H192H19 notable items notable itemsincomeincomecharges& NCInotable items notable items 3,296 563,930(377) Down 3% Up 8% 3,553

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Notable/infrequent/volatile items 17 Notable items1 – by area ($m after tax) Infrequent/volatile items ($m after tax) 2H18 1H19 2H19 2H18 1H19 2H19 Asset sales – 41 42 Wealth (141) (484) (194) Banking (140) (133) (147) Fund manager revaluations (13) – – Wealth reset – (136) (36) Group CVA2 13 (11) (41) Total (281) (753) (377) Total cash earnings impact – 30 1 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2 CVA is credit valuation adjustment. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Infrequent/volatile items detail • 2H19 Group CVA includes $41m (pre-tax) revised methodologies • Major asset sales (pre tax) included: –2H19: CBD branch $43m, financial planning $10m –1H19: Paymark NZ$40m, Ascalon $3m Wealth reset update • Spent or provisioned $241m (pre-tax) in FY19 • Continue to expect exit costs of $250-300m • 157 employees moved to Viridian • Around 14,000 individual customers moved to Viridian

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Australian mortgage growth slowed 18 Mortgage growth (%) 1H18 2H18 1H19 2H19 Owner occupied 3 3 2 2 2 1 – (1) Investor Fixed rate (% of flow) 30 23 36 35 Mortgage portfolio mix (%) Mar-18 Sep-18 Mar-19 Sep-19 (15.7) (15.2) 56 61 66 70 Principal & interest Interest only 40 35 31 27 Line of credit 4 4 3 3 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Net mortgage growth ($bn) 10.1 1H182H181H192H19 Mortgage flows ($bn) New flowsRun-off 17.416.517.0(16.4) 13.6(12.4)(12.2) 13.6 1Q192Q193Q19 4Q19 4Q18 7.5 2.52.0

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Margins well managed 19 2.12 Certain capital/deposit balances 30 Sept 19 ($bn) Capital hedged (Group) 49 41 Deposits hedged (Group) Australia at call; rate <25bps 95 Australia at call; rate 26bps to <75bps 28 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2 Benchmark is based on market rates with terms consistent with the duration of the term deposits. 3 Tractor is the 3 year moving average hedge rate for hedges on capital and low rate deposits. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Tractor rate3 (%) 3 year swap rate (spot)Tractor 3% 2% 1% 0% Oct-15Oct-16Oct-17Oct-18Oct-19 TD portfolio cost over benchmark2 (%) 1.00% 0.75% 0.50% 0.25% 0.00% Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Net interest margin (bps) Treasury & Markets impact on NIMNIM excl. Treasury & Markets 5bps2.171bp(6bps)6bps(1bp)(2bps)1bp2.16(3bps)2.13 0.08 Down 1bp 0.09 0.09 0.08 2.09 2.07 2.04 2.04 1H191H191H19 excl.LoansCustomerShort termCapital &LiquidityTreasury &2H19 excl.2H192H19 notablenotabledepositswholesaleother Marketsnotablenotable items1items 1fundingitems1items1

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Markets & Treasury1 income up 6% in 2H19 20 1 Includes net interest income and non-interest income but excludes derivative valuation adjustments. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Markets non-customer and Treasury income ($m) Markets non-customer Treasury 653 1H162H161H172H171H182H181H192H19 546 247 574 349 162 395396 142 484 89 412 406 404 395 60 362 114 127 72 335 282 277 235 Markets customer income ($m) 1H162H161H172H171H182H181H192H19 482 465 455 448 448 447 438 436

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Non-interest income up 16%, down 5% excl. notable items1 21 • WIB (down $19m); infrastructure & 1,095 9911 9471 16 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Net Fees4%1 • Cards and merchants (down $28m); higher reward program costs and lower interchange revenue syndication • Lower advice fees 1,0171,0491 351 293 325 297 325 326 271 274 399 395 376 372 1H182H181H192H19 Cards & merchants Other fees Business & institutional Wealth and Insurance6%1 • General insurance (up $94m) from lower claims • Life insurance (down $55m); TPD claims & write-off of DAC following Protect Your Super 1 32 1H182H181H192H19 Hastings Funds Insurance Other 929 180 1 7581802 509 500 459 459 326 294 272 232 94 89 71 67 Trading and Other19%1 • Lower trading income from CVA methodology change (2H19 charge of $41m) • Lower other income from revaluation of financial instruments and other small items 576565 69 475 101 459 507 56 464 443 419 1H182H181H192H19 Other Trading

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FY19 expenses up 3%, excl. notable items1 & FX down 1% 22 items1 items1 items 1 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Expense movements ($m) FY19 – FY18 22010,031 9,698(112) 91379,570 FY18FY18FY18 excl.HastingsBAU StructuralReg &Investment SoftwareFXFY19 excl.WealthFY19FY19 notablenotableproductivity complianceamortisationnotableresetremediation 340(405)241 9,586(158) 727 Down 1% excl. FX Up 3%

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2H19 expenses excl. notable items1 up 1% 23 187 4,990 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Expense movements ($m) 2H19 – 1H19 5,041(274) 4,767953 1H191H191H19 excl.BAU StructuralReg &Investment SoftwareFX2H19 excl. 2H192H19 notablenotableproductivitycomplianceamortisationnotablenotable items 1items 1items1items 1 135(259) 5934,803 Up 1% Down 1%

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Credit quality 24 2.0 Sep-18 Mar-19 1.05 0.0 1 TCE is total committed exposure. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Agriculture, forestry & fishing Wholesale & retail trade Property Services Property & business services Construction Manufacturing Transport & storage Accommodation, cafes & restaurants Finance & insurance Mining Utilities Stressed exposures as a % of TCE1 Watchlist & substandard 2.1790+ day past due and not impaired 1.24 Impaired 1.60 0.85 1.241.201.20 0.71 0.99 0.65 1.091.081.10 0.55 0.57 0.55 0.50 0.56 0.54 0.35 0.31 0.48 0.43 0.58 0.33 0.26 0.37 0.39 0.34 0.25 0.44 0.27 0.22 0.20 0.17 0.17 0.15 0.15 0.14 Corporate/business stressed exposure by sector ($bn) 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 Sep-19

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Australian mortgage credit quality 25 QLD 1 Including offset balances. 2 Net of reinsurance costs. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Properties in possession (number) 558 WA Other Mar-18Sep-18Mar-19Sep-19 482 186 398396 186 135 152 162 133 122 103 210 163 141 141 Australian mortgages 90+ day delinquencies by State (%) 3.0 2.0 1.0 0.0 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 NSW/ACTVIC/TASQLD WASA/NTALL Australian mortgage portfolio characteristics Sep-18Mar-19Sep-19 30+ day delinquencies140bps159bps161bps 90+ day delinquencies72bps82bps88bps Customers ahead of repayments169%69%70% Realised mortgage losses2 ($m)385157 Dynamic LVR (weighted average)54%57%58% Australian mortgage portfolio delinquencies (%) 3.0tor 2.0 1.0 0.0 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 90+ day past due total90+ day past due inves 30+ day past due total

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2H19 Impairment charge 13bps of gross loans 26 Write-backs Write-offs New IAPs in Collective (90) (108) 1 1 Gross-up of write-offs. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Individually assessed provisions ($m)Collectively assessed provisions ($m)Total ($m) Other movement & recoveriesdirectprovisions 535 261 (74) (174) (168) (150) (144) (170) 1H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H19 509 461 430428418 198 15 444 173173170 368 333 (26)

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CET1 ratio 10.67% 27 10.64 (5) 10.67 10.63 items1,3 earnings ex dividend reinvestment RWA RWA movements capital CGA Standardised Capital Pro forma 63 11.21 10.98 (40) treatment of equity investments5 1 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2 Dividend reinvestment plan (DRP) reflects 1.5% discount applied for Interim 2019 dividend. 3 The impact of notable items on the CET1 ratio incudes capital deduction for the associated deferred tax assets. 4 58 basis point increase reflects the impact of the Underwritten Placement $2.0bn and assumes the SPP raises $500m. 5 “Revisions to APS 111 Capital Adequacy: Measurement of Capital” released on 15 October 2019. For this purpose equity investments includes Additional Tier 1 and Tier 2 capital. 6 63 basis point increase reflects the Level 1 impact of the underwritten $2.0bn Placement and assumes the SPP raises $500 million after allowing for the change to risk weights from the proposed change to APS 111. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Level 1 CET1 capital ratio (% & bps) 6 Proposed change to APRA Sep-19APRA proposalCapital expected toSep-19 be raisedLevel 1 pro forma Considerations • Further clarity on revised capital frameworks expected 2019/20 • Impact of AASB16 adoption 1 October 2019 (8bps) • Well positioned for proposed change to APS1115 with pro forma Level 1 CET1 of 11.21% CET1 capital ratio (% and bps) 584~11.25 Organic 51bpsOther (48bps) Up 3 bps Sep-18Mar-19Cash1H19DividendOrdinaryIRRBBOther capitalNotableDerivativeOp RiskOp RiskSep-19$2.5bnSep-19 notable items 1plan 2growthstandardOverlayOverlayraise 92(75)27(4)17(6) (13)(14)(16)

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Considerations for FY201 28 mortgage balances in 1H20 is offset by expected growth in 2H20 super migration, and platform margins (pricing & lower cash rates) ~$100m impairments to reflect economic environment 1 The information on this slide contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views with respect to future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are, in many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developments and their potential effect upon Westpac. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on forward-looking statements and statements of expectation. Except as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this presentation. The information in this slide is subject to the information in Westpac’s ASX filings, including its 2019 Annual Report, and elsewhere in this presentation. 2 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 3 Margin for month of September 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Average lending • Average lending expected to be relatively flat over FY20 as a likely decline in Net interest margin (excl. Treasury & Markets and notable2 items) • Margin for September 2019 (exit margin) of 2.04%3 (2H19 margin of 2.07%) Non-interest income (excluding notable items ) • Banking fees expected to reflect modest loan growth and impact of regulatory changes to credit cards • Wealth management and insurance income likely to be lower in FY20 from –Exit of financial planning business ~$50m decline –Industry/legislative change including, Protecting Your Super legislation, corporate –Insurance income dependent on claims experience and lapse rates • Any sales of non-current assets in FY20 unlikely to realise material gains (FY19 ~$100m pre tax) Impairment charges • Impairment charges remained low in FY19 at 11bps of average gross loans, FY20

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Considerations for FY201… continued 29 FY20 expenses are expected to be 1% higher, excluding potential notable2 items FY19 expenses excluding notable2 items of $9,570m) (based on • Increase in amortisation of capitalised software of ~$170m expected in FY20 following the rise in capitalised software and new systems becoming operational. The largest contributor is the Customer Service Hub Increase in amortisation • Reflecting the Group’s emphasis on strength, and a focus on enhancing Westpac’s compliance/risk management processes; related operational expenses are expected to rise by ~$245m. Includes costs related to risk management, compliance, financial crime and complaints management This investment is expected to lead to a more efficient and effective risk environment and, while higher spending will remain in FY21, cost reductions are expected thereafter Higher compliance/ risk spend • • Expecting ~$500m in productivity in FY20, up 23% from the $405m in FY19 Productivity offsets • Exit of financial planning business and Wealth reset expected to reduce expenses by ~$200m in FY20 1 The information on this slide contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views with respect to future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are, in many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developments and their potential effect upon Westpac. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on forward-looking statements and statements of expectation. Except as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this presentation. The information in this slide is subject to the information in Westpac’s ASX filings, including its 2019 Annual Report, and elsewhere in this presentation. 2 Notable items include provisions for estimated customer refunds, payments, associated costs, and litigation, along with costs associated with restructuring of the Group’s wealth business. For further details see slide 41. Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Brian Hartzer ChiefExecutive Officer 'llestpac GROUP

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Operating environment 31 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack •Economic activity expected to improve through the year but remain subdued (GDP growth ending calendar 2020 at 2.4%) •Housing expected to continue its recovery in Sydney and Melbourne •Expect credit to increase moderately across both business and consumer •Interest rates expected to go lower •Some regulatory uncertainty remains – expecting more clarity through 2020, particularly on capital •Continue to expect further remediation provisions/costs and possible litigation or regulatory actions

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Building a bank for the future 32 Scale & • Maintain funding sources • 14.2m customers • Digital bank capability • APIs and partnering 1 As measured by MFI market share. 2 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. 3 LinkedIn most desired employers in Australia. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Key service factorsWestpac position • Navigate economic cycle• Number 1 or 2 across all key segments1 strength• Spread cost of technology• Credit ratings2 AA-/Aa3/AA-and compliance• Unquestionably strong capital • Strong and trusted brands• National and regional brands Brand &• Ability to sustain marketing investment• Strong and improving NPS position service• High service quality • Economics of skill in technology,• 71% employee commitment; People &risk and analytics#1 on LinkedIn3 culture• High quality, engaged and diverse• Strong service ethos workforce• Strengthening risk capability • Modern, efficient, scalable platforms• Reinventure and direct fintech Technology• Superior data capabilitypartnerships (expected investment in 10x)

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Measures of success 33 • New mobile banking app • Launch Phase 2 of Open Banking and enhanced services • Complete infrastructure renewal 1 By September 2020. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2020Aspiration • ~$500m in productivity savings• <40% Cost to income ratio Performance($700m including Wealth Reset) disciplines• Restore mortgage growth to ~1X system1 • Further reshape network • Navigate low interest rate environment •Extend lead in business NPS• #1 NPS of major bank peers Service•Close gap to #1 in consumeracross all segments leadership • Roll out Customer Service Hub (CSH)• All consumer products on CSH Digitalto regional brands and brokers• Extend partnerships to deliver new transformation • Increase digital sales to 45%(networks, data, cloud)

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Investor Discussion Pack 'll estpac GROUP

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Strategy 'll estpac GROUP

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WBC listed on ASX & NZX Westpac Group at a glance: Australia’s First Bank Strategy 36 • Australia’s 2nd largest bank and 20th largest bank in the world; focused on customers Business across consumer, business and institutional banking, and Westpac New Zealand Pacific • Leader in sustainability4 Bank (WIB) Key statistics at 30 September 2019 Customers Key financial data for Full Year 2019 Reported net profit after tax 14.2m $6,784m Australian household deposit market share5 22% Cash earnings $6,849m Australian mortgage market share6 23% Expense to income ratio9 48.6% Australian business credit market share6 17% Common equity Tier 1 capital ratio (APRA basis) 10.7% New Zealand deposit market share7 Return on equity9 18% 10.7% New Zealand consumer lending market share7 18% Total assets $907bn Australian wealth platforms market share8 Market capitalisation10 18% $103bn 1 30 September 2019 Source: S&P Capital IQ, based in US$. 2 Credit Suisse analysis of expense to income ratio of world’s largest banks October 2019. 3 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. S&P Global Ratings and Moody’s Investor Services have Westpac on a stable outlook. Fitch Ratings have Westpac on a negative outlook. 4 A member of banking sector leadership group DJSI World, since 2002. Ranked leader in Sustainalytics ESG Rating. 5 APRA Banking Statistics, September 2019 . 6 RBA Financial Aggregates, September 2019. 7 RBNZ, September 2019. 8 Strategic Insights July 2019, All Master Funds Admin. 9 Cash earnings basis. 10 Based on share price at 30 September 2019 of $29.64. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack •In its 203rd year, Australia’s first bank and first company, opened 1817Four operating divisions ranked by market capitalisation1 •Well positioned across key markets with a service-led strategyConsumer •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 wealth administration •One of the more efficient banks globally2 •Capital ratios are in the top quartile globally, with sound credit quality •Credit ratings3 AA-/ Aa3 / AA-InstitutionalWestpac

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Framing our strategic agenda Strategy 37 To be one of the world’s great service companies, helping our customers, communities and people, to prosper and grow Our Vision Strategic Priorities Customer Franchise Performance Discipline Digital Transformation • • • • • Leading digital platforms and experience Superior data infrastructure capability More digitally active customers Streamline and simplify processes Build and strengthen digital partnerships • • • • Strength - a point of differentiation Return – ahead of peers Productivity – < 40% cost to income Growth – highly targeted • • • • • Great customer outcomes Differentiated brand portfolio Strong loyal customer base Motivated employees Supported communities 2020 Focus areas Deal with outstanding issues Reshape the business • • Finalise existing remediation Implement Royal Commission and CGA self-assessment recommendations Close outstanding legal/regulatory issues Improve regulatory and compliance processes and controls • • Simplify product set Reshape organisational design and enhance ways of working Complete roll-out of Customer Service Hub Complete infrastructure renewal (networks, data, cloud) • • • • Structural productivity Service • • $500m of productivity savings Further reshape the network branches/ATMs/digital • • • Extend NPS lead in business Close NPS gap to #1 in consumer Further enhance service culture Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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priorities1 Progress on our 2019 Strategy 38 - FTE 5% lower over the year - Removed 375 ATMs across the Group offsite ATMs in Australia - Converting India branch to rep office - 55% of accounts now use eStatements Westpac brand in FY19 majority of Westpac Group customers. Westpac value) 1 Progress over FY19 unless otherwise noted. 2 Refer to pages 153 and 154 for metric definitions and details of metric provider. 3 Australian NPS is August 2019. 4 Main financial institution. 5 Refers to Total SME. 6 Strategic Insights June 2019. All Master Funds Admin. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Structural cost reduction •$405m in productivity savings delivered in FY19 •FTE - Reduced operating divisions from 5 to 4 •Continued reshaping of distribution network - Entered an agreement to sell most of the Group’s - Rationalised 61 branches across the Group •Migrated activity to digital - >195k mortgages settled via eConveyancing - 112 WIB customers now use Corporate Lending Portal •Improvements in major platforms - Customer service hub (CSH) operational in - Additional functionality on Panorama with advanced reporting and eSignatures - Real time payments on NPP were enabled for the processes over 40% of all NPP payments (by Momentum in customer franchise2 •Increased Australian banking customer numbers by 124k to 11.2m over FY19 •Number 1 in Net Promotor Score (NPS) for business customers and Number 2 for consumer customers3 for most of FY19 •Australian NPS - Consumer NPS3 -7.3 (down 0.5 pts on Sep 18) - Business NPS3 -4.5 (up 8.4 pts on Sep 18) •NZ NPS - Consumer NPS +5 (down 3 pts on Sep 18) - Business NPS +3 (up 3 pts on Sep 18) •WIB NPS +51 (up 6 from Sep 18) •Deepen relationships - #2 MFI4 consumer market share (16.5%) - #2 MFI SME5 market share (20.3%) - #1 MFI commercial market share (25.5%) - #1 in platform funds under administration6 (18%) - 87 of top 100 ASX companies bank with WIB •Launched a range of new digital facilities - End-to-end digital mortgage in St.George - New chat-bot (Red) - Online pricing tool for term deposits - Real-time account opening in NZ (EasyID) •Material improvement in complaints management Deal with outstanding issues •Reset Wealth: - Exited personal financial advice by Westpac Group planners and authorised representatives and moving to a referral model - Restructured BTFG businesses into Consumer and Business divisions •Raised provisions for Advice customer remediation in FY19 for: - Salaried advisers of $137m (after tax) - Authorised representatives of $428m (after tax) •Centralised oversight of customer remediation into remediation hub. Paid $248m to customers in FY19 •Implemented 11 Royal Commission recommendations and 40% of CGA self-assessment recommendations

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What sets Westpac apart Strategy 39 0.25 banks globally Peer 1 Peer 2 Peer 3 WBC 4.9 capitalised software 4.4 Finance Initiatives Principles for Responsible Banking (2018) 1 As measured by market share or MFI share. 2 Peer 1 and 2 are on continuing operations basis. Peer 1 and 2 based on FY19 results as reported, Peer 3 based on 1H19 results as reported. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sustainability leadership • First Australian bank to: - Sign Equator Principles (2003) - Commit to 2 degree economy (2014) • Public support for Taskforce on Climate-related Financial Disclosures (TCFD) recommendations (2017) • Foundation member of United Nations Environment Program • Member of global banking leadership group in Dow Jones Sustainability Index since 2002; sector leader 11 times; ranked #1 in Australia in Financial Services in 2019, #9 globally Conservative financial management • Strong credit quality with lowImpaired assets to gross loans2 (%) impaired assets to gross loans0.48 • Capital ratios at top end of • Provision cover at upper end of peers • Balance sheet weighted to mortgagesCapitalised software average • Disciplined amortisation ofamortisation period2 (years) • Only SEC registered Australian Bank – Sarbanes Oxley certifications Peer 1Peer 2Peer 3WBC Effective tax rate2 (%) 30.3 29.228.829.3 Peer 1Peer 2Peer 3WBC 3.1 2.7 0.33 0.26 Strong strategic position – consistent strategy • No. 1 or 2 position across key markets1 – all divisions well placed • Unique portfolio of brands, reaching more customers • Strategic position in platforms and insurance • No material non-core businesses

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Overview 'll estpac GROUP

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Notable items in FY19 and FY18 Results 41 Remediation Wealth reset GB1 GB1 FY19 notable items ($m) Consumer Business NZ Group Net interest income (85) (246) (13) - - (344) Non-interest income (2) (55) (4) (759) - (820) Expenses 25 (87) (15) (143) (241) (461) Core earnings (62) (388) (32) (902) (241) (1,625) Impairment charges - - - - - - Tax and non-controlling interests 29 118 9 270 69 495 Cash earnings (33) (270) (23) (632) (172) (1,130) Remediation Wealth reset GB1 FY18 notable items ($m) Consumer Business NZ GB1 Group Net interest income (99) - (2) (4) - (105) Non-interest income (12) - (11) (140) - (163) Expenses (39) (5) (3) (65) - (112) Core earnings (150) (5) (16) (209) - (380) Impairment charges - - - - - - Tax and non-controlling interests 36 - 4 59 - 99 Cash earnings (114) (5) (12) (150) - (281) 1 Group Businesses. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack In FY19 and FY18, the Group raised certain provisions known throughout this document as “notable items” which relate to the following: Customer remediation Provisions of $958 million (after tax) in FY19, $281 million in FY18. The majority of the provisions relate to remediation programs for: • Certain ongoing advice service fees associated with the Group’s salaried financial planners and authorised representatives • Refunds for certain customers that had interest only loans that did not automatically switch, when required, to principal and interest loans • Refunds to certain business customers who were provided with business loans where they should have been provided with loans covered by the National Consumer Credit Protection Act • Other items as part of our get it right, put it right initiative Wealth reset In March 2019, the Group announced its decision to reset its Wealth business. In FY19, provisions for restructuring and transition costs were $241 million (after tax $172 million)

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Cash earnings and reported net profit reconciliation Results 42 Reported net profit and cash earnings adjustments ($m) FY18 FY19 Reported net profit 8,095 6,784 Amortisation of intangible assets 17 – Fair value (gain)/ loss on economic hedges (126) 35 % chg FY19-FY18 % chg 2H19-1H19 FY19 ($m) Ineffective hedges 13 (20) Cash earnings 6,849 (15) 8 Adjustments related to Pendal Group (formerly BTIM) 7.4 73 45 Cash EPS (cents) 198.2 (16) 7 Treasury shares (7) 5 Reported net profit 6,784 (16) 14 Reported EPS (cents) Cash earnings 8,065 6,849 196.5 (17) 13 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 page 42. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Reported net profit and cash earnings ($bn) Reported profitCash earnings 8.0 7.87.88.0 8.18.1 8.1 6.8 6.8 FY15FY16FY17FY18FY19 Cash earnings1 policy •Westpac Group uses a measure of performance referred to as cash earnings to assess financial performance at both a Group and divisional level •This measure has been used in the Australian banking market for over 15 years and management believes it is the most effective way to assess performance for the current period against prior 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 the Westpac Group believe do not reflect the Group’s operating performance - Items that are not considered when dividends are recommended, such as the amortisation of intangibles, impact of treasury shares and economic hedging impacts - Accounting reclassifications between individual line items that do not impact reported results

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FY19 financial snapshot Results 43 Change FY19-FY18 Change 2H19-1H19 Change FY19-FY18 Change 2H19-1H19 FY19 FY19 Balance sheet Earnings1 Total assets ($bn) 906.6 3% 2% Earnings per share (cents) 198.2 (16) 7 Common equity Tier 1 (CET1) capital ratio (APRA basis) (%) 10.7 4bps 3bps Core earnings ($m) 10,624 (15%) 10% CET1 capital ratio (Internationally comparable2) (%) 15.9 (29bps) (32bps) Cash earnings ($m) 6,849 (15%) 8% CET1 capital ($bn) 45.8 1% 2% Return on equity (%) 10.8 (225bps) 63bps Risk weighted assets ($bn) 429 1% 2% Dividend (cents per share) 80 (15%) (15%) Loans ($bn) 714.8 1% – Expense to income ratio (%) 48.6 481bps (261bps) Customer deposits ($bn) 524.5 1% 3% Net tangible assets per share ($) 15.36 – 2% Net interest margin (%) 2.12 (10bps) 1bp Funding and liquidity Credit quality Customer deposit to loan ratio (%) 73.4 43bps 175bps Impairment charges to average gross loans (bps) 11 (1bp) 4bps Net stable funding ratio (%) 112 (2ppts) (1ppt) Impaired assets to gross loans (bps) 25 5bps 1bp Liquidity coverage ratio (%) 127 (9ppts) (6ppts) Impaired provisions to impaired assets (%) 44.9 (120bps) (82bps) Total liquid assets3 ($bn) 169.9 11% 12% 1 All measures on a cash earnings basis. 2 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 3 Total liquid assets represent cash, interbank deposits and assets eligible for existing repurchase agreements with a central bank. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Reset dividend Results 44 98 9.6 9.4 9.1 8.8 8.4 7.7 6.4 71 64 63 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 1 DRP participation rate of 10% assumed. 2 Yield based on closing price as at 31 March or 30 September respectively. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Dividend payout ratio (%) Payout ratio (cash earnings basis) Effective payout ratio (after DRP shares issued) 777480807979768579 72727168761 4951 1 Ordinary dividend yield2 (%) Ordinary yieldIncluding franking 10.4 7.7 6.7 7.3 6.2 6.6 5.4 5.4 5.9 1H162H161H172H171H182H181H192H19 Dividend considerations • Reset the dividend given capital raising, increase in shares on issue and lower earnings • Sustainability of the payout ratio over the medium term • 2H19 payout ratio (ex notable items) 71% Dividends per ordinary share (cents) 939494949494949494 80 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19

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FY19 cash earnings impacted by notable items of $1,130m Performance discipline 45 margin 7bps lower (higher claims), and a negative movement in derivative valuation adjustment 213 7,979 (1,130) 16 18 notable notable income income charges notable items margin 1bp lower fee income, and a reduction in institutional bank lending fees provision and higher write-offs in 7,979 (4) (3) ex notable items notable notable income income charges notable items 1 Average interest-earning assets. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Cash earnings features of FY19 – FY18 ($m) AIEA1 up 3%,No Hastings revenue, lower wealth income, lower insurance income 8,0652818,3465(619) FY18Add backFY18 ex-Net interest Non-interest Expenses Impairment Tax & NCIFY19 ex-NotableFY19 itemsitems items Cash earnings features of 2H19 – 1H19 ($m) AIEA1 up 1%,A negative movement in derivative valuation adjustments, lowerMostly from higher new collective the consumer portfolios 7534,04995(106)(36)(128)563,930(377) 1H19Add back1H19 ex-Net interest Non-interest Expenses Impairment Tax & NCI2H19 ex-Notable2H19 itemsitems items 3,296 Down 3% ex notable items Up 8% 3,553 Down 4% ex notable items Down 15% 6,849 %% ChangeChange FY19FY19-2H19-$mFY181H19 Net interest 16,953(1)2 income Non-interest income3,702(26)16 Expenses(10,031)3(1) Core earnings10,624(15)10 Impairment(794)(2)38 charges Tax and non-controlling(2,981)(17)8 interests (NCI) Cash earnings6,849(15)8 Add back notable items (after tax)1,130Large(50) Cash earnings Reported net profit6,784(16)14

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Divisional1 contributions Performance discipline 46 (40) 27 3,930 (377) Group Businesses 2H19 ($m) Consumer Business WIB NZ Group Operating income 4,644 3,293 1,310 1,104 201 10,552 Expenses (1,931) (1,430) (631) (486) (512) (4,990) Core earnings 2,713 1,863 679 618 (311) 5,562 Impairment (charges)/benefits (313) (198) (31) 24 57 (461) Tax & non-controlling interests (719) (501) (178) (181) 31 (1,548) Cash earnings 1,681 1,164 470 461 (223) 3,553 % of Group cash earnings 47% 33% 13% 13% (6%) 100% 1 Refer to division definitions, page 150. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 1H19 Add back notable items 1H19 ex-notable items Consumer Business WIB NZ Group Businesses 2H19 ex-notable items Notable items 2H19 1H19 Add back notable items 1H19 ex-notable items Consumer Business WIB NZ Group Businesses 2H19 ex-notable items Notable items 2H19 2H19 divisional core earnings movements ($m) 1,086 6,148190(71)(93)(76)36,101 (539) 5,562 5,062 Down 1% ex notable items Up 10% 2H19 divisional cash earnings movements ($m) 7534,049103(135)(74) 3,296 Down 3% ex notable items Up 8% 3,553

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More customers, deeper relationships and strong balance sheet Service leadership 47 141.6 Customer deposits 1 Australian banking refers to banking customers in Consumer and Business divisions. 2 Other includes Wealth, WIB and Westpac Pacific. 3 Australian retail refers to Consumer and Business divisions. Business includes Private Wealth. 4 WIB includes Group Businesses. 5 In A$. 6 Refer to page 153 for details of metric provider. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Maintain balance sheet strength CET1 capital ratio (%) and capital ($bn) 10.6 10.6 10.7 9.19.09.59.5 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Funding composition by residual maturity (%) Wholesale Onshore <1yr Wholesale Offshore <1yr Wholesale Onshore >1yr Wholesale Offshore >1yr Securitisation Equity Sep-08Sep-18Sep-19 1 12 1 12 8 8 63 63 10 1 5 44 16 20 7 5 7 45 46 43 39 34 30 28 Deepen relationships Transaction account balances ($bn) Australian retail 3WIB4New Zealand 5 152.1161.1 Sep-16Sep-17Sep-18Sep-19 Australian customers with a wealth product6 (%) PeersSt.GeorgeWestpac 19.9 17.8 17.0 12.5 10.6 Sep-17Sep-18Sep-19 130.4 Grow customers Customer numbers (#m) Australian banking1New ZealandOther2 13.413.914.114.2 Sep-16Sep-17Sep-18Sep-19 Chart may not add due to rounding Increase in customer numbers (#’000’s) 460 FY16FY17FY18FY19 213 256 87 1.7 1.7 1.7 1.6 1.4 1.4 1.4 1.4 11.2 10.8 11.1 10.4

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Building long term franchise value – customer service Service leadership 48 Consumer and Business (mean), New Zealand (%) -6.0 7.4 7.2 -11.4 7.5 -2.3 -17.3 7.1 73% 20 5 67% 1 Refer page 153 for metric definition and details of provider. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack New Zealand Business Consumer New Zealand Business Consumer Customer satisfaction1 Net Promotor Score (NPS) WestpacSt.George brandsPeersWestpacSt.George brandsPeers 1.4 7.5 7.2-7.6 7.1-11.6 Aug-17Aug-18Aug-19Aug-17Aug-18Aug-19 WestpacSt.George brandsPeersWestpacSt.George brandsPeers 7.6 7.2-5.4 6.9-19.4 -24.5 Aug-17Aug-18Aug-19Aug-17Aug-18Aug-19 WestpacPeersWestpacPeers 38 76%21 71% 67%9 Sep-17Sep-18Sep-19Sep-17Sep-18Sep-19

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Transforming our workforce Workforce revolution 49 • Employees enrolled in over 360,000 courses on obtained over 290 micro-credentials, in • 750 employees completed the pilot of our Skills and have more future focused development month rolling average at 72% 1 Culture Index measures four elements: trust and care, service orientation, agility and innovation, and risk culture. 2 Spot number at 30 September for each period. Refer page 154 for metric definition. 3 Lost time injury frequency rate. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Women in Leadership positions2 (%) Sep-15Sep-16Sep-17Sep-18Sep-19 50 50 50 48 46 Employee culture and commitment • Employee commitment has remained stable in a challenging industry environment (71%) • Monthly spot commitment results have trended up since May 2019 (70% and above), reflecting employee pride in the delivery of our strategy and progress made towards achieving the organisation’s vision of becoming one of the world’s great service companies • The Culture Index1, a key measure of the health of the organisation’s culture, also remains stable with a six • Continued to foster a culture where it is safe to speak up, including a dedicated ‘Speaking Up Program”, designed to provide our people with extra protections and confidence about raising concerns LTIFR3 (rolling 12 months) (#) 0.800.80 0.60 0.390.43 Sep-15Sep-16Sep-17Sep-18Sep-19 Learning and development • Over 2,130 leaders participated in leadership development programs in 2019, including 433 senior business leaders commencing the new Executive Edge Program in September LearningBank, our learning platform. Employees partnership with AGSM, Deakin University and Udacity with a further 380 currently studying for a micro-credential Mapping tool, helping them understand their skills conversations Service leadership • The Navigate program continues to embed ‘Our Compass’, providing our people with a consistent understanding of our code of conduct, values, service promise and vision. The program focuses on clarity around ethical behaviour and treatment of customers • Simplified our ‘Service Promise’ to help guide employees in providing superior service and give them the tools to do so • Motivate performance framework continues to drive a focus on behaviours and culture; including tying behaviours to remuneration outcomes Simplification • Released PeopleHQ, a cloud based HR system, with improved position management and workforce controls, enabling tighter workforce management • Continued organisation design reviews focusing on structural simplification to support productivity • Increasing Agile transformation across the Group - Full implementation of agile ways of working in NZ - Extension of agile project methodologies and operating models, in particular, across Group Technology and Consumer Digital and Marketing - Implementation of agile flow to work model in HR as the template for support functions

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Four pillars of our digital strategy Digital transformation 50 cost to change Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Reducing cost3to serve and • Replacing aging infrastructure through projects such as Customer Service Hub, while also saving customers and bankers time • Streamlining customer interactions and engagement through digital self service • Shifting data storage to the cloud Secure and reliable • Protecting both the Group and customers against security threats through digital solutions • Ensuring customers have 24/7 access to core digital services • Improving our IT systems operational resilience • Leveraging data for credit decision making and better understanding of customers’ needs Investing in Fintech • Direct investment and investments via Reinventure, the Group’s fintech venture capital fund • Accessing insights and adjacent business opportunities • Creating new commercial partnerships that generate value for customers • Delivering new products for Westpac customers such as Presto Smart Giving customers control • Refining digital services to provide a superior experience • Encouraging customers to take greater control of their financial health through self-serve and control features • Creating new services to allow customers to manage their finances more easily

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Investment in stability and fraud protection Digital transformation 51 • A more personalised, intelligent and autonomous digital experience availability and security across all customer services overseas transactions community and help increase understanding and confidence to protect Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Protecting customers •Two-factor SMS authentication •Biometric fingerprint logon to mobile banking •Encouraging customers to notify us of their travel plans to prevent unauthorised •Malware indicator: inspecting online banking activities to identify if malicious software is present on a customer’s device •Dedicated scam assist team providing 24/7 support to customers and bankers. Has supported >2,000 customers since its launch in June 2019 •National Scam and Awareness seminars completed by branches to support themselves from scams. Seminars also conducted for small business customers Detecting fraudulent / suspicious behaviour Identifying fraudulent / suspicious behaviour quickly by implementing security solutions such as: •Real-time monitoring tools and Proactive Risk Manager: Monitoring transactions real-time & identifying suspicious transactions in milliseconds so they can be held, declined or an alert raised for investigation. Customers are then notified and prompted for additional validation •Device ID: Inspecting transaction devices to determine whether the customer is using a known device. Real time monitoring tools provide further validation if required Strengthening technology infrastructure •Simpler modern core systems through Customer Service Hub (CSH), Panorama, New Payments Platform (NPP) and cloud based human capital management system (PeopleHQ) through next generation mobile application and real-time data and insight platform •Digitisation and automation of operations to streamline process and strengthen control environment •Efficient and resilient group-wide infrastructure through accelerating adoption of cloud •A maturing service management platform to ensure the highest standard of Severity 1 IT incidents (Australia) 9 1H152H151H162H161H172H171H182H181H192H19 1010 5 5 2 0 000

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Giving customers more control Digital transformation 52 • Ability to lock and unlock lost cards online 122 • Historical statements, including for closed accounts 2 1 eWallet include transactions via Android Pay, Fitbit Pay, Garmin Pay and Samsung Pay. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack eWallet transactions (#m) 6.9 1H172H171H182H181H192H19 5.5 3.8 2.6 1.1 0.1 Online card lock /unlock / closure (# ´000’s) 1,312 1H172H171H182H181H192H19 1,114 933 710 538 347 Online credit card limit reduction (# ´000’s) 52 1H182H181H192H19 41 3133 Customer control features Continuing to develop and implement services which allow customers to control their finances including: • Ability to close/cancel credit card and reduce credit limits online • Ability to place controls on spend with merchants identified as providing gambling services • Online transaction history available for 13 months • Providing new payment methods through eWallet1 • Ability to obtain proof of balance Westpac Red interactions (AI chatbot) Conversations (#'000s)Resolved by Red (%) 7673 6866697070 156151157 127130 84 1H19Apr-19May-19Jun-19Jul-19Aug-19Sep-19

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Reducing cost to serve Digital transformation 53 55 49 43 9.6 7.7 7.2 1,046 1,025 1,006 971 955 1 Does not include RAMS. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack eACuosntvreaylaianncinAgT(M000s’s()#) 2,9702,9162,835 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 2,542 2,2132,193 eConveyancing1 (#´000’s) 104.6 1H172H171H182H181H192H19 90.8 79.7 59.1 39.2 26.1 Australian branches (#) 1,059 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Accounts with eStatements Number (#m)eStatements (%) 52 45 368.48.9 6.0 Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19 Progress on key initiatives Digitising processes to improve productivity and enhance the customer experience • More digital communication such as eConveyancing, eStatements, and eSignatures • Decreasing physical presence and supporting customer preference for cashless transactions by providing different ways to pay (wearables, eWallet, etc)

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digital channels1 Customers preferring Digital transformation 54 4.9 4.8 4.7 4.3 20.8 20.1 222 217 206 1 Refer page 153 for definitions. Prior periods digital sales, and digital and branch transactions have been restated to reflect a consistent definition of a transaction. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Branch transactions (#m) 22.521.7 18.617.7 own 4% Down 11% 1H172H171H182H181H192H19 D Digital transactions (#m) 257 234242 Up 6% 10% 1H172H171H182H181H192H19 Up Digitally active customers (#m) 5.0 4.5 2% 4% Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19 Up Up Sales via digital (%) 36373839 Up 1ppt 1H172H171H182H181H192H19 Up 2pp ts 2929

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Customer Service Hub Westpac 1st Party roll-out largely complete with Digital transformation significant improvements in the customer and banker experience 55 Re-engineering the home ownership process: Digitising the end-to-end home loan origination experience by 2020 Customer access via any channel Banker dashboard Customer application tracker At any time customers have clarity on their loan application status Single point for bankers to view customer information and loan application status Applications available seamlessly across channels Digital upload of information Customers can upload documents from home Every element of the process supports providing a record of verification Settlement Digital offer and acceptance Plain English terms & conditions and online acceptance Simplified application assessment / approval for customer and banker Digitises a number of manual processes Digital streamlined settlement integrated with land titles registry More home ownership needs met at origination Improved customer experience Increased banker productivity Lower cost of change Increased efficiency 1.7x to 1.2x reduction in costs. Single platform across multiple brands 50% reduction in customer documents, faster time to approval 10% more of customer’s lifestyle and protection needs met 25% reduction in banker time spent processing 25% reduction in the cost of mortgage origination Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Leading to: Capabilities delivered Strategy

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Reinventure – Investing in fintech businesses1 Digital transformation 56 Westpac has committed $1W5e0mstptoacfinisteacchtviveenltyurreescpapointadlinfugndto, Rdeiginitvaelntthure.aRtseiannvdenotuprpeoerntuanbilteisesW. estpac to access insights We encourage digital ainnndoavdajaticoenntthbruosuingehssinovpepsotirntugnitnievse, nbtouthreincaApuisttarla,lpiaaartnndeorsffhsihposrea.nd direct investments. The moWdeesl taplsaoc hcealnpsleWaernstdpaircectotlsyoaunrcdegcaoimn macecrceisasl ptaortenmeresrhgiipnsgthfianttcercehatdeevvaeluloepfmorecnutst.omers New business models New technology capabilities Data, AI and analytics Enterprise cyber security company that protects businesses from malicious bot attacks Enabling software development teams to scale processes and improve code quality A fund of funds for cryptocurrency and blockchain technology A natural language AI system for data analysis targeting relatively simple business queries that comprise 70% of an analyst’s work in a large organisation Open Banking API platform that provides connectivity to over 100 financial sources across Australia and NZ A trust framework and secure platform that allows users to exchange data safely and securely Conversational voice-based AI for digital interviewing, powered by machine learning Peer-to-peer (P2P) online lending platform connecting borrowers and investors Comprehensive cloud-based human resources and employee benefits platform to streamline HR processes Helps home sellers make decisions about who they choose to sell their property Connects ordering apps, payment devices, loyalty and reservations platforms to any point of sale Digitised debt collection, leveraging modern communications, automation and machine learning Enables the purchase of residential property, one ‘brick’ at a time * Full stack payments platform AI company that integrates neuroscience into their platform creating capability that not only manages complex problems but is able to form intrinsic relationships with humans AI-powered, context-as-a-service platform, to deliver personalised experiences to customers Standardises mobile forms into an easily readable format and fillable at the tap of a button B2B platform for physical retail stores that provides insights through their AI engine and in-store sensors Business loan marketplace that matches SMEs to the best lender based on their characteristics and needs Smart receipts that automatically link purchase receipts to customers’ bank accounts Uses data to shed light on high volume crimes, improving prevention and detection * Pioneering a new asset class called Tradeable Income Based Securities (TIBS) A payment app for customers when dining out or grabbing a coffee on the go * A consumer digital lending platform * A bitcoin wallet and platform * Turning buildings into community-centric dwellings Creating real-game assets for developers, using blockchain technology * * * New in 2019. 1 Logos are of the respective companies. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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New digital offers for customers1 Digital transformation 57 Examples of how Westpac’s and Reinventure’s investments are delivering 2 Building on Presto Smart for Westpac customers •Based on software built by Assembly, Presto Smart enables a business merchant terminal to connect with a range of point-of-sale systems Investing in merchant propositions Investing in the home ownership ecosystem 3 Strategic investments in Uno and OpenAgent •Bringing new capability to Australian property buyers, sellers and investors Leveraging Data Republic to support growth of the data ecosystem and governed data sharing •WIB working with Data Republic to deliver bespoke data insight tools for customers, including State Governments 5 4 Investing in data, AI and analytics 1 Logos are of the respective companies. 2 Zip offers point-of-sale credit and digital payment services. 3 Uno is an online mortgage broker. 4 Discovery Ag is an agribusiness focused on optimising on-farm efficiencies. 5 Quintessence Labs creates opportunities with quantum technology that encrypts confidential data. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Continued sustainability leadership Sustainable futures 58 United Nations Sustainable Development Goals alignment Westpac’s sustainability priority areas FY19 outcomes (unless otherwise stated) • Delivered financial capability communications for different demographic segments including for young Australians, in partnership with 26 universities and TAFE NSW (900k interactions); women, via Ruby Connection (724k interactions); and older Australians, via Starts at 60 (over 3 million interactions) Continued to offer financial health check programs for superannuation members, including the digital Wealth Review and My Wellbeing online portal • Helping people make better financial decisions • • • Helped customers experiencing financial hardship, issuing over 52,000 financial assistance packages Extended the $100m drought relief fund launched last year to support Australian farmers Assisted over 900 customers since launching the Priority Assist 1800 telephone line to support customers experiencing domestic and family violence and financial abuse Supported over 3,000 Indigenous Australians through a dedicated customer care team established this year to support remote Indigenous communities Helping people by being there when it matters most to them • • Awarded $4.3 million in educational scholarships through Westpac Scholars Trust, to the next 102 Westpac Scholars, bringing the total cohort to 416 Helped to create over 700 jobs1 for vulnerable Australians through Westpac Foundation job creation grants to social enterprises Increased lending to climate change solutions to $9.3bn2, progressing towards our 2020 target of $10bn2 • Helping people create a prosperous nation • • • • Maintained 50% women in leadership roles. Four female directors on Westpac Board (36%) 161 new-to-bank Aboriginal or Torres Strait Islander hires Established a new complaints strategy centred on customer connection, service excellence, priority support for vulnerable customers and root cause and complaints prevention Reduced average time to close complaints3 from 13 days to seven days Commenced tracking customer satisfaction of the complaint resolution experience A culture of doing the right thing • • • • Joined the ‘Raising the Bar’ initiative, committed to spend $21m with Indigenous businesses by 2024 Launched the world’s first Green Tailored Deposit to be certified by internationally recognised Climate Bonds Initiative (CBI) Delivered several sustainability-linked loans designed to incent and reward customers for meeting pre-determined sustainability targets Committed to source 100% of global electricity consumption through renewable energy sources by 2025 and joined RE100 The fundamentals – sustainability policies, action plans and frameworks • • Further information on Westpac’s Sustainability strategy and progress on strategic priorities is available at www.westpac.com.au/sustainability 1 All results as at 30 September 2019, except jobs created through the Westpac Foundation job creation grants to social enterprises which are as at 30 June 2019. 2 Total committed exposure. 3 Refers to complaints not subject to external dispute resolution. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Delivering sustainable value for all stakeholders1 Sustainable futures 59 Customers Employees Community Suppliers Investors Economy Environment 14.2m Customers 36,311 Employees2 ~500 relief packages for customers impacted by natural disasters $4.3m Awarded in educational scholarships to the next 102 Westpac Scholars3 $130m In community contributions in FY19 $5.9bn Spent with suppliers in Australia 10.7% Cash return on equity $3.0bn Income tax FY19 $9.3bn Committed exposure to climate change solutions Provided $61bn New home loans in Australia 50% Women in Leadership positions $3.6m Spent with Indigenous Australian suppliers4 $6.0bn In dividends to shareholders 30.3% Effective tax rate $3.6bn To facilitate climate solutions Provided $25bn New business lending in Australia (excludes Institutional) Over 52,000 Customers supported through Westpac Group Assist $5.0bn Paid to employees $18.6m Spent with diverse Australian suppliers4 +610k shareholders and more via super funds 3rd Largest tax payer in Australia5 100% Of global electricity consumption through renewable energy sources by 2025 18 years Global banking leader for the 18th year in a row. Ranked #1 bank in Australia in 2019 by DJSI. Received highest ESG Rating and best ESG Risk Rating of Australian major banks from Sustainalytics at October 2019 +619k financial education interactions 198.2 Cash earnings per ordinary share (cents) $391m Bank Levy 34.2% Effective tax rate including the Bank Levy 1 Data for FY19 or as at 30 September 2019 unless otherwise stated. 2 Refers to headcount. 3 Funded by Westpac Scholars Trust. 4 Diverse suppliers includes businesses at least 51% owned and controlled by indigenous Australians or women. Also includes Australian Disability Enterprises and social enterprises. 5 Source: Corporate Tax Transparency Report 2016 - 2017, published December 2018. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Climate-related metrics Sustainable futures 60 (% of TCE)1 at 30 September 2019 203 194 183 8.7 6.2 Brown coal 2 2020 target - 0.30tCO2e/MWh 2.6 Renewable energy 0.75 TCE 31.9 1 Exposures in WIB only. TCE is total committed exposure. 2 Data as at 30 June for the reporting year. 3 Australia only. NEM benchmark is sourced from Australian Energy Market Operator. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Emissions intensity (tCO e/MWh)3 Westpac electricity generation portfolio National electricity market (NEM) benchmark 0.900.860.82 FY16FY17FY18FY19 0.38 0.36 0.28 0.26 Climate change solutions exposure (% of TCE) at 30 September 2019 Green buildings 2.8 4.2 3.2 Low carbon transport 15.939.5Adaptation infrastructure $9.3bn Forestry Waste Other Mining exposure (TCE $bn) Sep-18Mar-19Sep-19 10.710.5 9.8 6.1 5.4 5.6 3.9 3.4 3.6 1.4 0.8 0.8 TotalNon-fossil fuelOil and gasCoal - thermal & metallurgical Electricity generation exposure 0.9 1.4 Renewable energy Gas TCEBlack coal $3.9bn 75.3Liquid fuel Climate change solutions exposure (TCE $bn) 9.19.3 7.0 Sep-16Sep-17Sep-18Sep-19 Total scope 1, 2 and 3 emissions (tCO2e, 000s)2 220 2016201720182019

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Climate-related disclosures – scenario analysis Sustainable futures 61 Disclosures (TCFD) 1.6% Data presented shows the postcodes that may risk at intervals of 2030 and 1 Australian Business and Institutional lending, excludes retail, sovereign, and bank exposures. 2 For further information see Westpac’s Annual Report – Risk and risk management. 3 Five natural perils were assessed: inundation, soil contraction, floods, wind and cyclones, and bushfires. 4 For further information see Westpac’s 2019 Annual Report – Risk and risk management. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Portfolio physical risk – 4 degree scenario Share of current portfolio exposed to higher physical risk (%) 2030 2050 share of current exposure to experience higher physical 2050 under our IPCC RCP 8.5 Scenario4 Physical risk – key points • Along with the Group’s commitment to the Paris Climate Agreement, Westpac continues to assess the resilience of its Australian mortgage portfolio to physical risks in line with TCFD recommendations • Westpac assessed potential physical risks3 (financial impacts of changes in climate patterns and extreme weather events) • Focused on the Australian mortgage portfolio and exposure to postcodes that may face increased physical risk under a 4-degree scenario • Approximately 1.6% of the current Australian mortgage portfolio is in postcodes which by 2050, may be exposed to higher physical risk under a 4-degree scenario Alignment with the TCFD • Westpac continues to integrate the consideration of climate-related risks and opportunities into its business operations. This includes alignment with the recommendations of the Task Force on Climate-related Financial • Climate change-related risks are managed within the Group’s sustainability, and wider risk management framework Transition risk – key points • Westpac assessed potential transition risks (policy, legal, technology and market changes related to climate change) • Analysis focused on our current Australian Business and Institutional lending1 and exposure to sectors that may face growth constraints under 1.5-degree and updated 2-degree scenarios2 • Approximately 2.5% of current business lending is exposed to sectors that by 2030, may experience higher risk in a transition to a 1.5-degree economy • Approximately 0.9% current business lending is exposed to sectors that by 2030, may experience higher risk in a transition to a 2-degree economy

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Governance & Culture 'll estpac GROUP

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Strengthening governance and non-financial risk management Conduct and governance 63 oard and executive ernance Royal Commission response plan Customer experience isk and pliance Culture c Remuneration andccountability Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Addressing shortcomings The Royal Commission, as well as our Culture, Governance and Accountability (CGA) self-assessment, uncovered shortcomings in our management of non-financial risk, handling of complaints and product design and performance Change underway Change programs commenced in 2018 and continue to strengthen our management of non-financial risk, improve the handling of customer complaints and enhance our risk culture Six areas of focus Programs are grouped under six areas which align with the CGA self-assessment recommendations, along with our Royal Commission response plan

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CGA self-assessment action plan progressing well Conduct and governance 64 implemented1,3 Submitted CGA self-assessment to APRA Commenced implementation of recommendations • CGA self-assessment action plan underway to respond to findings Board and executive governance Nov 2018 • Dedicated CGA team coordinating actions Customer experience • Sponsored by Chief Risk Officer 30 June 2019 20% implemented1 Risk and compliance • Group Executive accountability for each recommendation 30 Sept 2019 33% implemented1 Remuneration and accountability • Board oversight of the entire program Expect over 50% to be implemented1 31 Dec 2019 Culture 3 Program expected to be fully implemented2 2021 In progress Implemented Ongoing 1 As at 1 November 2019. 2 The response to the recommendation has been designed and implemented. Three out of the 45 (7%) recommendations are culture recommendations which will be ongoing and do not have a target closure date. 3 All implemented items will be subject to post-implementation verification to ensure durability of changes made. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 5 3 11 6 2 5 6 4 40% of recommendations Timeline Accountability Westpac completed a Culture, Governance and Accountability (CGA) self-assessment in 2018 at the request of the Australian Prudential Regulation Authority (APRA). It examined the Group’s risk culture, governance and accountability frameworks and practices, and the impact on the management of non-financial risks. As well as highlighting a number of strengths across the Group, the CGA self-assessment identified shortcomings and proposed 45 recommendations across five key areas.

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Board and executive governance Enhancing governance 65 • We have introduced changes to our Board and Committee reporting to provide clearer identification of principal risks, issues, options and assumptions, as well as enhancing reporting on non-financial risks, particularly in relation to customer complaints Reporting • Improving the effectiveness of Board Risk & Compliance Committee (BRCC) meetings, including through ongoing review of overall format and agenda content. Increased time allocated for the length of meetings and an additional BRCC meeting each year to enable expanded coverage of risk matters Ensuring the information flow between executive and Board committees is transparent, reinforced by overlapping committee membership, including formalising the appointment of the BRCC Chairman as a Member of the Board Audit Committee Effectiveness • • Enhanced reporting of non-financial risks, including ‘root-cause’ analysis and customer complaints, and adopted a risk taxonomy Non financial risks • Rationalising committees and other governance forums to reduce complexity and bureaucracy and enhance decision-making and accountability across the Group Governance structures Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Enhance governance practices and improve non-financial risk reporting Governance is being strengthened by enhancing Board and executive reporting, meeting effectiveness, management of non-financial risks and enhancing the Group’s governance structures

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Solving customer complaints with care Customer experience 66 • Resetting perception of complaints through Group-wide Navigate program, customer complaints training and ‘Spot It, Log it, Own It’ campaigns Increasing accountability for customer complaints through specific KPIs in Executive and GM scorecards ‘Customer voice’ roundtables to hear direct feedback from customers Culture & customer connection • 8.3 • 7.1 • New operating model: centralised triage; first response; complex and priority care Improved website and refreshed communications, making it easier to lodge a complaint ‘Moments’ team to help solve complaints in the moment Improved Group-wide complaints policy, framework and standards Service excellence • • • • • • Vulnerable Customer Action Plan and position statements Dedicated ‘1800’ Priority Assist telephone line Customer Outcome Committee focused on resolving complex, sensitive and long-dated complaints Priority support Through our new policy of logging all complaints (even those solved in under 5 days), making it easier to lodge complaints online, and our internal “Spot it. Log it. Own it.” campaign, complaints logged have increased by 94%. • Using complaints data to identify root causes and use insights in product reviews Investing in enhanced data analytics to identify root causes Action plans for General Managers to resolve root cause issues that cause complaints 255 Root cause fixes implemented 46% Time to resolve complaints 4,153 Vulnerable customer interactions Root cause and complaint prevention • • Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Improved complaint capture and time to solve (# and days) 13.2Days to solve internal dispute resolution 9.38.5 Sep-18Dec-18Mar-19Jun-19Sep-19 FY19 Complaints: 69,17824,196 9,101 4Q181Q192Q193Q194Q19 FY18 Complaints: 35,64616,35316,592 12,037 Through our centralised Customer and Corporate Relations division and complaints strategy, we are changing our complaints culture and making things better for our customers

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Get it right, put it right Customer experience 67 • • Completed extensive product reviews Reviewing matters identified through the Royal Commission Analysis of where we have not got it right • • Provisioned $977 million (after tax) in FY19 for estimated customer refunds, payments and associated costs The provisions cover a number of matters with the largest items relating to: advice service fees where the records of advice were insufficient or it is not clear that the services were provided; interest-only loans that did not automatically switch to principal-and-interest after the fixed-rate period; and loans to businesses that should have been provided to individuals under the National Consumer Credit Protection Act Provisioning for issues • • Centralised oversight of remediation under the Chief Operating Officer in a remediation hub Since 2017, paid around $350 million in refunds to more than 500,000 customers as part of our get it right, put it right initiative Accelerating customer refunds Provisions for customer refunds and payments ($m) 2017 2018 2019 Total Banking1 94 122 362 578 Wealth 75 146 802 1,023 Implementation costs - 62 232 294 Cash earnings impact of above 118 231 977 1,326 1 Excludes provisions and costs associated with litigation. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Strengthening non-financial risk management Risk and Compliance 68 • • New Risk Management Framework with three lines of defence and risk culture at its centre Introducing a more comprehensive risk “taxonomy” (catalogue of risks) to aid risk assessment, measurement, mitigation and reporting Increased focus on timely issue resolution and risk reduction, supported by transparent metrics Upgrading JUNO, our non-financial risk system of record, to make it easier to use and derive insight from Risk infrastructure • • • • • Comprehensive review of our three lines of defence operating model Clarification of roles and responsibilities in each line of defence Identification of capability requirements and development of training to uplift capability where required Three lines of defence • • Streamlining and, where redundant, eliminating policies Building a more standardised set of controls, to increase efficiency and effectiveness of risk mitigation Simplification • • Greater investment in root-cause analysis to better understand why things go wrong and fix them Increased focus on lessons learned and “read across” from one incident to other similar contexts across the company or across peer companies to test for the risk of further incidents arising from similar underlying causes Improved insights Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Stronger ‘three lines of defence’ and risk operating models

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Remuneration and accountability Remuneration 69 and accountability • • New business structure focused on customer segments Selective centralisation including remediation and customer complaints Structure and leadership • Banking Executive Accountability Regime (BEAR) rolled-out in 2018. Statements of responsibility for all key direct reports of Accountable Persons in FY19 Clarity of accountability • • Increased proportion of non-financial risk measures in executive scorecards Performance management framework, Motivate, emphasises behaviours, culture and delivery against objectives Goals, metrics and operating rhythm • • Implemented Sedgwick Review recommendations for employees Replaced variable reward for tellers with fixed pay; removed individual product specific targets for personal bankers and limited financial measures in bonus scorecards to no more than 30% for customer facing employees Group Remuneration Policy effectiveness review complete and enhancements underway to improve the Policy’s application and supporting frameworks Various changes to executive remuneration following shareholder feedback Remuneration structure • • • Enhanced Group-wide Consequence Management Framework in 2018 Consequence management Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sharpening accountability and strengthening conduct

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Building a stronger culture of service Culture 70 Strengthening leadership • New leadership development programs, including a program for Business Leaders and their direct reports focusing on better execution, accountability and culture leadership • Group-wide cultural immersion program, Navigate, provides a consistent understanding of our Code of Conduct, values, Service Promise and vision. Program initiated in 2018 with new modules rolled out quarterly Simplified Service Promise in June 2019, to make expectations clearer for our people Group-wide approach to strengthening risk capability to support the three lines of defence Clearer accountability • • • Strengthening our ‘speak up’ culture, including adoption of a single whistle-blower approach across the Group and extending whistleblowing protections to employees of service providers and family members Our Compass helps employees navigate the increasingly complex world of banking and financial services, bringing together our vision, values, Service Promise and our Code of Conduct to demonstrate how they all work together Group-wide performance management framework, Motivate, ties remuneration outcomes to behaviour Refreshed psychometric screening to ensure new recruits align to the Group’s culture and values The right behaviours • • • Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Our CGA self-assessment found that Westpac’s culture is analytical and highly consultative. While beneficial at times, this characteristic has slowed down decision making, created undue complexity and diluted accountability. We’re strengthening these aspects of our culture by building on existing programs which focus on leadership, skills and behaviours

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Royal Commission response plan underway Royal Commission 71 Response Plan • Dedicated team managing our Royal Commission response Group Executive accountability and Board oversight The Government's implementation roadmap (August 2019) envisages the introduction of some legislation in 2019 and the remainder in 2020 Implementing recommendations where we can. So far, of the 49 recommendations that presently apply to Westpac: Division # • Consumer 14 • Business 14 • Strategy & Enterprise Services 4 11 – 11 have been implemented. We have either established new practices and procedures to meet recommendations or we have existing practices consistent with the recommendations 11 are being implemented. Implementation work is in progress to meet recommendations. Some recommendations will require legislative or regulatory action before implementation can be completed 27 require legislative or regulatory action before implementation work can commence. We are undertaking preparatory work where possible, including through participation in Government consultation 27 Human Resources 8 11 76 Risk 4 endations – Customer and Corporate Relations 2 Shared across divisions 3 – Total 49 • Ongoing effectiveness of new processes will be tested through Westpac’s standard second and third line testing procedures Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack No action required by Westpac recomm 27 Implemented Implementation underway 49 Legislative / regulatory action required Executive accountability Progress ITmCEpAlTem30 eSnEPtTaEtMioBnERu2n01d8e$r3w.5BaNy

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Earnings Drivers 'll estpac GROUP

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lending and deposits Composition of Revenue 73 1 Gross loans. 2 Includes Group Business and NZ, (NZ in A$). Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-18 Mar-19 Consumer Business WIB New Zealand Sep-19 Sep-18 Mar-19 New lending Net run off Sep-19 Customer deposit mix ($bn) and % of total Term depositsSavingsTransaction 518Down 1%512Up 3%525 40% 152 161 30% 30% 147 152 151 161 214 214 203 Sep-18Mar-19Sep-19 Customer deposit composition ($bn) ConsumerBusinessWIBOther 2 518512525 Sep-18Mar-19Sep-19 63 67 67 105 101 96 144 148 143 206 206 209 Net loans ($bn) +3% in NZ$ 71071421(1)(1)715 Flat Composition of lending (% of total) 2Aust. mortgages 11Aust. business 3Aust. institutional Aust. other consumer 1363New Zealand lending Other overseas lending Australian mortgage lending1 ($bn) 31(29) 445447449

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NIM excluding Treasury & Markets and notable items, down 2bps Revenue 74 0bp (1bp) (2bps) 5bps 2.17 1bp 2.16 2.16 (3bps) Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2H18 1H19 Add back notable items 1H19 ex-notable items Short term wholesale funding Loans Customer deposits Term wholesale funding Capital & other Liquidity Treasury & Markets 2H19 ex notable items Notable items 2H19 Net interest margin by division (%) 2H181H192H19 ExExEx notablenotablenotable NIMitemsNIMitemsNIMitems Consumer2.142.202.202.232.272.29 Business3.183.183.043.233.083.17 WIB1.741.741.671.671.641.64 NZ2.252.252.232.232.092.12 Net interest margin (NIM) movement (%) Treasury & Markets impact on NIMNIM excl. Treasury & Markets 6bps 1bp (6bps) 2.122.13 0.10 0.08 Margin ex Treasury & Markets and notable items down 2bps 0.09 0.08 0.09 2.09 2.06 2.07 2.04 2.04 Net interest margin (%) NIMNIM excl. Treasury & Markets 13 2. 1.04 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 06 98 Restated for adoption of AASB 9 and 15 2. 2.

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Non-interest income impacted by notable items Revenue 75 1 2H18 includes $180m of fees associated with Hastings exit. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Wealth management income ($m) FundsOtherNZ & WIB1Notable items 769 5529 1H182H181H192H19 635 205 91426 27 82 90 498 474 435 430 (435) (102) Insurance income ($m) LifeGeneralLMI and NZNotable items 319 2904 1H182H(71)81H192H19 72 2704 75 2302 74 111 76 106 143 145 143 94 71 Non-interest income contributors ($m) FeesWealth and insuranceTradingOther 2,5222,456 4191,988 1H182H181H192H19 507 69 56 1,088 1,714 101 443 16 929 464 700 323 1,017 893 829 826 Net fee income ($m) Facility feesNet transaction feesOther non-risk fee incomeNotable items 1,017893826829 103 1H182H181H192H19 124 106 538 93 509 510 491 405 387 375 355 (156) (165) (110)

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Expenses well managed ex notable items Expenses 76 Expense movements FY19 – FY18 ($m) 262 263 239 Expense movements 2H19 – 1H19 ($m) (259) 57 3 4,803 4,767 100 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 1H19 FY18 Notable items Notable items FY18 ex notable items 1H19 ex-notable items Hastings Ongoing expenses Ongoing expenses Productivity Productivity Regulatory/ compliance Regulatory/ compliance Investment Investment FX FX 2H19 ex notable items FY19 ex notable items Notable items Notable items FY19 ex notable items 2H19 Productivity savings ($m) 405 304 FY15FY16FY17FY18FY19 FTE (#) 35,24135,58035,09635,029 33,288 Sep-15Sep-16Sep-17Sep-18Sep-19 9,698(112)9,586(158)340(405)9971379,57046110,031 Down 1% excl. FX Up 3% 5,041(274)1351874,990 Up 1% excl. FX Down 1%

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Investment spend focused on growth, productivity, risk and compliance Expenses 77 Investment spend ($m) FY17 FY18 FY19 Expensed 517 583 608 Capitalised 710 881 898 1,464 Total investment spend 1,256 1,464 1,506 Investment spend expensed 42% 40% 40% Capitalised software Opening balance 1,781 1,916 2,177 Additions 766 882 906 Amortisation (614) (618) (694) Other1 (17) (3) (24) Closing balance 1,916 2,177 2,365 Average amortisation period 2.9yrs 3.1yrs 3.1yrs Other deferred expenses Deferred acquisition costs 86 71 61 Other deferred expenses 28 29 29 1 Includes write-offs, impairments and foreign exchange translation. 2 Peer 1 and 2 are reported on a continuing operations basis. Based on FY19 results. Peer 3 based on 1H19. Amortisation excludes impairments and write-offs. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Capitalised software2 Capitalised software balance ($bn) Amortisation ($bn) Average amortisation period (years) Peer 1Peer 2Peer 3WBC 4.5 2.98 4.9 2.37 3.1 2.7 1.71 1.32 0.69 0.59 0.52 0.40 Investment spend mix ($m) Other technology Regulatory change Growth and productivity 1,506 FY17FY18FY19 219 1,323 197 139 503 377 325 890 859 784

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Impairment charges remain low Impairments 78 444 430 428 418 368 333 80 20 1 1 2 1 1H18 and 2H18 include impacts of pro forma adjustments to recoveries (other fees and expenses) and CAP (interest carrying adjustments). 2 1H19 reflects the adoption of AASB9 from 1 October 2018. 3 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 2019 Full Year Results Presentation & Investor Discussion Pack Impairment charges and stressed exposures3 (bps) 120500 Impairment charge to average loans 100400annualised (lhs) Stressed exposures to TCE (rhs) 300 60 200 40 100 00 2008 2009 2010 2011 2012 2013 2014 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 120bps 13bps Impairment charges ($m) Individually assessedCollectively assessed New IAPsWrite-backs & recoveries 1Write-offs directOther movements in CAP 1,2Total 535461 15 173198173170 (174) (168) (150) (170)(90)(108)(74) 1H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H191H18 2H18 1H19 2H19

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Credit Quality 'll estpac GROUP

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High quality portfolio with bias to residential mortgage lending Credit quality 80 Asset composition (%) Total assets ($907bn) Sep-17 Sep-18 Sep-19 Loans 80 81 79 Available-for-sale securities and investment securities 7 7 8 Trading securities and financial assets at fair value through income statement 3 3 4 Derivative financial instruments 3 3 3 Cash and balances with central banks 2 3 2 Other consumer Collateral paid and other financial assets 1 1 1 Intangible assets 1 1 1 Life insurance assets and other assets 3 1 2 Exposure by risk grade at 30 September 2019 ($m) Standard and Poor’s Risk Grade1 Australia NZ / Pacific Americas Asia Europe Group % of Total 104,527 10,933 10,701 3,331 729 130,221 12% AAA to AA-A+ to A-33,940 5,204 5,123 7,633 3,482 55,382 5% BBB+ to BBB-57,617 11,668 3,691 10,464 2,429 85,869 8% BB+ to BB 69,317 12,043 376 1,819 112 83,667 8% BB-to B+ 60,807 10,609 15 208 - 71,639 7% <B+ 6,126 1,665 - - - 7,791 1% Mortgages 511,658 56,983 - 191 - 568,832 54% Other consumer products 42,044 4,635 - - - 46,679 5% Total committed exposures (TCE) 886,036 113,740 19,906 23,646 6,752 1,050,080 85% 11% 2% 2% <1% 100% Exposure by region2 (%) 1 Risk grade equivalent. 2 Exposure by booking office. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Lending composition at 30 September 2019 (% of total) Total loans of $715bn Housing 17Business 69Institutional 11 3

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Loan portfolio composition Credit quality 81 1.1 1.0 1.0 1.0 at 30 September 2019 ($m) A-BBB A-1 Exposures at default is an estimate of the committed exposure expected to be drawn by a customer at the time of default. Excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5 NBFI is non-bank financial institutions. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack S&P rating or equivalent Top 10 exposures to corporations & NBFIs A+ BBB-BBBReflects clearing BBB+ A-BBB+ A 04008001,2001,6002,0002,400 house membership Exposures at default1 by sector ($bn) Finance & insurance 2 Government admin. & defence Property3 Wholesale & retail trade Manufacturing Property services & business services Services Agriculture, forestry & fishing Transport & storage Utilities Construction4 Accommodation, cafes & restaurants Other Mining 020406080100120 Includes the Group’s liquidity portfolio Sep-17 Sep-18 Sep-19 Top 10 exposures to corporations and NBFIs5 (% of TCE) The single largest corporation/NBFI exposure represents 0.2% of TCE 1.41.31.3 1.11.21.11.2 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

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Well provisioned, sound credit quality Credit quality 82 Provisioning ratios Sep-18 1-Oct-18 Mar-19 Sep-19 Loan provisions1 to gross loans (bps) 43 57 56 54 Impaired asset provisions to impaired assets (%) 46 47 46 45 Collectively assessed provisions to credit RWA (bps) 73 101 98 95 44 44 43 42 40 1 Includes provisions for credit commitments. 2 Sep-19 column reflects latest available data. Westpac and Peer 1 as at 30 September 2019. Peer 3 as at 30 June 2019. For Peer 2, periods are as at 30 June 2018, 31 December 2018 and 30 June 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Impaired asset provisions to impaired assets (%) Sep-18Mar-19Sep-192 46464546 WestpacPeer 1Peer 2Peer 3 343333 Total impairment provisions ($m) Overlay Collectively assessed provisions Individually assessed provisions 4,241 3,481 3,332 3,053 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Oct-18 Mar-19 Sep-19 363 3,9494,0423,9953,922 267 229 389 3,602 171 2,408 3,353 3,333 3,339 2,196 389 3,119 389 388 2,344 2,225 323 301 2,275 2,316 2,330 1,470 1,364 869 867 669 480 422 433 412 422

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Provision cover by portfolio category Credit quality 83 Provisioning to TCE (%) Mar-18 Sep-18 Mar-19 Sep-19 Fully performing portfolio Small cover as low probability of default (PD) 0.20 0.18 0.09 0.09 Non-stressed but significant increase in credit risk Non-stressed Watchlist & substandard Still performing but higher cover reflects deterioration 4.71 5.27 5.59 5.27 90+ day past due and not impaired In default but strong security 5.03 5.11 12.34 11.07 due and not Impaired assets In default. High provision cover reflects expected recovery 45.54 46.12 45.74 44.92 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Stage 3 provisions Stage 2 provisions Stage 1 provisions Lifetime expected loss based on future economic conditions 4.184.32 Exposures as a % of TCE Fully performing portfolio but significant increase in credit risk Watchlist & substandard 90+ day past impaired Impaired Mar-18 Sep-18 Mar-19 Sep-19 0.15 0.14 0.17 0.17 0.37 0.39 0.43 0.48 0.55 0.57 0.50 0.55 3.24 3.03 98.91 98.92 95.66 95.77

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Stressed exposures modest rise in FY19 Credit quality 84 4 (2) 5 (2) (3) 110 0 1.60 delinquencies and 1.20 1.20 1,078 550 519 477 471 450 440 1 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 1H12 Sep-18 2H12 Impaired 1H13 90+ dpd not impaired 1 2H13 1H14 Substandard 2H14 1H15 Watchlist 2H15 Mar-19 1H16 2H16 Impaired 1H17 90+ dpd not impaired1 2H17 Substandard 1H18 2H18 Watchlist 1H19 Sep-19 2H19 New and increased gross impaired assets ($m) 1,194 997 958 609 607 633 1,060 589 708 Stressed exposures as a % of TCE Watchlist & substandard 90+ day past due (dpd) and not impaired1 Impaired 2.17 1.24 Increase mainly due to rise in Australian mortgage 90+ day 0.85 increase in Watchlist 1.24 0.71 0.99 0.65 1.051.091.081.10 0.55 0.57 0.55 0.50 0.56 0.54 0.35 0.31 0.48 0.43 0.58 0.33 0.26 0.37 0.39 0.34 0.25 0.44 0.27 0.22 0.20 0.17 0.17 0.15 0.15 0.14 Movement in stress categories (bps) 7120 1083

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Overall corporate and business stressed exposures increased modestly over 2H19 Credit quality 85 1.8 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Wholesale & retail trade Agriculture, forestry & fishing Property Services Property & business services Manufacturing Construction Transport & storage Accommodation, cafes & restaurants Finance & insurance Mining Utilities Corporate and business portfolio stressed exposures by industry ($bn) 2.0 exposures migrated to 1.6 1.4 1.2 to Watchlist 1.0 0.8 0.6 0.4 0.2 0.0 A number of businessSep-18Mar-19Sep-19 Watchlist, in particular within motor vehicle retailing A small number of names downgraded

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Areas of interest: Commercial property Credit quality 86 Commercial property portfolio Sep-18 Mar-19 Sep-19 Total committed exposures (TCE) $67.6bn $66.9bn $66.9bn Lending $52.0bn $52.3bn $51.7bn Commercial property as a % of Group TCE 6.51 6.39 6.37 BB+ equivalent BB+ equivalent BB+ equivalent Median risk grade % of portfolio graded as stressed1,2 1.66 1.51 1.61 % of portfolio in impaired2 0.23 0.22 0.15 Developers <$10m 10 13 & diversified groups 19 VIC QLD SA & NT 10 45 25 8 Groups and Property (diversified) 1 Includes impaired exposures. 2 Percentage of commercial property portfolio TCE. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Commercial property portfolio composition (%) Region (%)Borrower type (%)Sector (%) NSW & ACTInvestors &Commercial offices Developers >$10mResidential 432342 Investors >$10mRetail WA36 4NZ & PacificDiversified PropertyIndustrial InstitutionalTrusts >$10m Commercial property exposures % of TCE and % in stress 10Commercial property as % of TCE (lhs)20 815 6 10 4 25 00 Commercial property % in stress (rhs)

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Areas of interest: Inner city apartments Credit quality 87 Commercial property portfolio TCE ($bn) Sep-18 Mar-19 Sep-19 TCE (%)1 Residential apartment development >$20m 4.1 3.3 3.4 5.1 • • • Approvals and new starts lower and expected to slow further. Tightened risk appetite for areas of concern remains in place Settlements remain slightly slower than historical experience, but Westpac’s debt has been repaid in full given low LVRs Residential apartment development >$20m in major markets, refer below2 2.6 2.8 2.8 4.2 • Increase due to expanding definition of ‘major ’ Sydney suburbs in Nov-18. Comparable TCE to Sep-18 would be $1.5bn at Sep-19 Sydney major markets 1.8 2.1 2.0 3.0 Inner Melbourne 0.6 0.5 0.5 0.7 • Weighted average LVR 48.8% Inner Brisbane 0.1 0.1 0.1 0.1 • Slow market. Exposure low Perth metro 0.1 0.1 0.1 0.1 • Activity slowly lifting Sep-18 Mar-19 Sep-19 inner city residential apartment development $15.2bn $15.3bn $15.3bn apartments 1 Percentage of commercial property TCE. 2 Totals may not add up due to rounding. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Consumer mortgages Consumer mortgages where security is within an Total consumer mortgage loans for inner city Average LVR at origination73%72%72% Average dynamic LVR57%56%56% Dynamic LVR >90%2.49%3.59%3.66% 90+ day delinquencies44bps62bps66bps Residential apartment development >$20m wei average LVR (%) 46.950.647.6 ghted Average portfolio LVR 49% 201920202021 Expected completion date

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Areas of interest: Retail trade Motor vehicle retailing stress increasing Credit quality 88 Retail trade portfolio Retail trade exposure (TCE) ($bn) Sep-18 Mar-19 Sep-19 Total committed exposures (TCE) $16.2bn $16.0bn $16.0bn 16.3 16.2 16.0 16.0 15.5 15.3 15.4 Lending $11.6bn $11.5bn $11.6bn Retail trade as a % of Group TCE 1.56 1.53 1.52 BB equivalent BB equivalent BB equivalent Median risk grade % of portfolio graded as stressed1,2 4.84 5.43 6.05 % of portfolio in impaired2 0.41 1.24 1.30 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 conditions, in particular the impact of lower 5.43 1 Includes impaired exposures. 2 Percentage of retail trade portfolio TCE. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack % of Retail trade portfolio graded as stressed (%) Rising stress reflects challenging economic new car sales on motor vehicle retailing 6.05 4.674.84 Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19 2.682.513.02 Retail trade by internal risk grade category (TCE) ($bn) 7.0 6.4 5.3 4.84.54.2 Investment Sub-investment Stressed Sep-19Sep-19Sep-19 al andvehicleetailing ehold goodg and lingces Sep-18 Person hous retai Sep-18 Motor retailin servi Sep-18 Food r

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Areas of interest: Mining and Australian Agriculture Credit quality 89 Mining (inc. oil and gas) portfolio Sep-18 Mar-19 Sep-19 Total committed exposure (TCE) $10.7bn $9.8bn $10.5bn Oil and gas 7 Lending $5.7bn $5.2bn $5.5bn 11 Median risk grade (S&P equivalent) BBB-BBB-BBB % of Group TCE 1.03 0.94 1.00 % of portfolio graded as stressed1,2 0.99 0.81 0.99 % of portfolio in impaired2 0.17 0.16 0.16 Australian Agriculture portfolio Sep-18 Mar-19 Sep-19 Total committed exposure (TCE) $10.6bn $10.9bn $11.2bn 11 27 Lending $8.5bn $8.6bn $9.1bn 5 32 Median risk grade (S&P equivalent) BB BB BB WA % of Group TCE 1.02 1.04 1.07 % of portfolio graded as stressed1,2 4.40 4.65 4.29 % of portfolio in impaired2 0.27 0.35 0.28 1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Sourced from Westpac Economics and Bloomberg. 4 The steel index 62% Fe fines benchmark. 5 Brent oil price. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian Agriculture (TCE) by state (%) NSW/ACT 6QLD VIC/TAS 14 21SA/NT 21 Institutional Australian Agriculture (TCE) portfolio composition (%) Grain Beef & Sheep 3 2Horticulture 4Dairy Services to Agri 6Cotton Fishing & Aquaculture 7 Viticulture 24Forestry & Logging Poultry Other Mining portfolio (TCE) by sector (%) 8 35Other metal ore Mining services Iron ore 16Coal Other 23 Iron Ore and Oil prices ($)3 Iron ore (USD/t) 4 Crude oil (USD/bbl) 5 140Westpac 100 60 20 Sep-16Sep-17Sep-18Sep-19Sep-20 Economics forecast

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Australian consumer unsecured lending, 3% of Group loans Credit quality 90 Australian consumer unsecured lending portfolio1 Sep-18 Mar-19 Sep-19 Lending $21.1bn $20.7bn $19.5bn 30+ day delinquencies (%) 3.65 4.08 3.68 90+ day delinquencies (%) 1.73 1.87 1.77 Small increase in consumer unsecured 90+ day delinquencies over FY19 due to portfolio contraction, temporary changes to collections operations partly offset by an improvement in Auto Finance arrears 7.4 7.1 6.7 (consumer) unsecured 1 Does not include Margin Lending. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Australian unsecured portfolio ($bn)1 Sep-18Mar-19Sep-19 21.1 20.7 19.5 9.2 9.2 8.7 4.5 4.4 4.1 Credit cardsPersonal loansAuto loansTotal consumer 90+ day delinquencies (%) 3.00Total unsecuredTotal ex-hardship 2.00 1.00 0.00 Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19 consumer lending Unsecured portfolio ($bn) 25Unsecured performing loans balance ($bn lhs)3 23 202 18 151 13 100 Unsecured 90+ day delinquencies balance ($bn rhs)

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Australian mortgage portfolio performance Credit quality 91 Australian mortgage portfolio Sep-18 Mar-19 Sep-19 30+ day delinquencies (bps) 140 159 161 0.82 6 0.77 0.75 90+ day delinquencies (bps) (inc. impaired mortgages) 72 82 88 Consumer properties in possession 396 482 558 Mortgage loss rate annualised (bps)1 2 2 3 • Australian mortgage 90+ day delinquencies had a peak in July 2019 of 91bps and declined in August and September 2019 Increase in FY19 reflects: • – Existing 90+ day borrowers remaining in collections for longer due mainly to weak housing market activity in most of FY19 A greater proportion of P&I loans in the portfolio (70% of portfolio at 30 September 2019) NSW/ACT delinquencies rose 6bps in 2H19 (16bps higher over FY19) to 69bps at 30 September 2019 (NSW/ACT represents 41% of the portfolio) Seasoning of the RAMS portfolio, as this portfolio has a higher delinquency profile – – – • Properties in possession continue to be mostly in WA and Qld 1 Mortgage loss rate is for the 6 months ending. 2 Source: Pillar 3 Reports, based on APRA Residential Mortgage classification. Exposure is on and off balance sheet exposure at default. Data as at 30 September 2019 for Westpac. Data as at 30 June 2019 for Peer 1, Peer 2 and Peer 3. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian mortgage delinquencies and loss rates (%) 3.0 2.0 1.0 0.0 Sep-15Sep-16Sep-17Sep-18Sep-19 90+ day past due total 30+ day past due total Loss rates Australian mortgage 90+ day delinquencies by State (%) 3.0 2.0 1.0 0.0 Sep-15Sep-16Sep-17Sep-18Sep-19 NSW/ACTVIC/TAS QLDWA SA/NTALL Major banks’ total residential mortgage impaired and past due loans ≥ 90days ($bn and %)2 $bn0.89% 0.80 5Impaired assets (lhs) 40.60 Past due loans ≥90 days (lhs) 30.40 2Total as a % residential mortgage 10.20exposures (rhs) 00.00 Peer 1Peer 2Peer 3Westpac

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Australian mortgage portfolio composition Credit quality 92 Sep-18 balance Mar-19 balance Sep-19 balance 2H19 Flow1 Australian mortgage portfolio Total portfolio ($bn) 444.7 447.2 449.2 30.6 Owner occupied (%) 56.8 57.3 58.3 61.6 38.1 Investment property loans (%) 39.1 39.1 38.5 Portfolio loan/line of credit (%) 4.1 3.6 3.2 0.3 Variable rate / Fixed rate (%) 77 / 23 76 / 24 75 / 25 65 / 35 7 7 6 6 21.3 Interest only (%) 34.8 30.6 26.9 Proprietary channel (%) 56.1 56.3 55.7 51.4 10.9 First home buyer (%) 7.8 8.0 8.4 Mortgage insured (%) 16.3 15.9 15.6 11.3 2H19 Flow1 Sep-18 Mar-19 Sep-19 Average loan size2 ($’000) 372 273 275 277 69 69 70 including offset account balances3 (%) 38 51 57 ($m, for the 6 months ending) 2 2 3 (bps, for the 6 months ending) 1 Flow is new mortgages settled in the 6 months ended 30 September 2019 and includes RAMS. 2 Includes amortisation. Calculated at account level, where split loans represent more than one account. 3 Loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 4 Mortgage insurance claims 2H19 $5m (1H19 $7m; 2H18 $4m). 5 Source Comparator Apr-Jun 2019. 6 1 I/O is interest only mortgage lending. P&I is principal and interest mortgage lending. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Customers ahead on repayments Actual mortgage losses net of insurance4 Actual mortgage loss rate annualised Switching from I/O to P&I6 ($bn) Customer initiated Reached end of I/O period FY17FY18FY19 14.5 16.9 17.1 19.8 15.8 11.6 Australian mortgage portfolio by State (%) Australian banking system5 41 43Westpac Group portfolio 38 29 27 129 NSW & ACTVIC & TASQLDWASA & NT FY19 Westpac Group drawdowns 31 16 16 14

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Australian mortgage portfolio – borrower equity sound Credit quality 93 100 FY19 drawdowns LVR at origination Portfolio LVR at origination Portfolio dynamic LVR 1 • Negative equity remains low N/A 1.7 3 1 0 0 Australian mortgage portfolio LVRs balance balance balance 1 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. 2 Source: CoreLogic , 1 October 2019. 3 Weighted average LVR calculation considers size of outstanding balances. 4 Includes RAMS in 1H19 and 2H19. Excludes RAMS in 2H18. 5 Average LVR of new loans is on rolling 6 months. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian housing loan-to-value ratios (LVRs) (%) 90 80 70 60 50 40 30 20 10 5047 49 • National dwelling prices remain 14% higher relative to 5 years ago2 18 15 14 15 20 17 11 11 12 7 64 0<=6060<=7070<=8080<=9090<=9595<=100>100 Sep-18Mar-19Sep-19 Weighted averages3 LVR at origination (%)747474 Dynamic LVR1,4 (%)545758 LVR of new loans5 (%)717272 Australian housing loan-to-value ratios (LVRs) (%) % of total portfolio % of total portfolio where dynamic LVR >90% % of total portfolio where dynamic LVR >100% • NSW best performing state 41• Sydney dwelling values2 0.50.30.40.4 NSW & ACTVic & TasQldWASA & NT – 12% lower than 2017 peak – Up 20% vs 5 years ago • WA remains most challenged by 27weaker economic conditions 2.0 • Perth dwelling values2 – 21% lower than 2014 peak – 21% lower vs 5 years ago 16 1.0 9 1.1 7 0.9 0.3 0.1

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Australian mortgage portfolio underwriting Credit quality 94 Notable changes to Westpac mortgage lending standards in FY19 • Increase in minimum assessment (‘floor’) rate to 7.25% and increase in serviceability assessment buffer to 2.25% Credit card repayments assessed at 3% of limit (previously 2%) Expenses benchmark (HEM) adjusted by income bands as well as post settlement postcode location, marital status and dependants Serviceability for loans with interest only terms assessed over the residual P&I term, not full loan term and maximum I/O terms reduced – owner occupied reduced to 5 years • • 2015 • 66% of the portfolio originated • Mandatory 20% minimum shading on all non-base income (e.g. rental income, annuity income) – previously non-base income discounted by varying amounts Ceased non-resident lending. For Australian and NZ citizens and permanent visa holders using foreign income, tightened verification and LVR restricted to 70% Maximum I/O terms for new IPLs reduced to 10 years Maximum LVRs restricted to include LMI capitalisation • 2016 • • • • • • 30% limit on new interest-only lending, based on % of limits (removed 2019) Tighter limits on interest-only lending >80% LVR Heightened supervision of mortgage lending warehouses Strengthened pre settlement hind-sighting process of applications with introduction of day 2 review team 2017 • More granular assessment of expenses through the introduction of 13 categories to capture living expenses and other commitments Income verification requirements for self-employed applicants strengthened 3 2018 3 • 1 • • Categories to capture living expenses and other commitments increased to 17 (from 13) HEM tables updated with values are based on the 2015/2016 ABS Household Expenditure Survey (HES), which replaces the 2009/2010 HES data previously used. This incorporates significant changes to spending patterns with a more up-to-date view on actual expenses, relative to income Tightened policy on acceptable valuation methodology Credit card repayments assessed at 3.8% of limit (previously 3%) Interest rate buffer increased from 2.25% to 2.50%; minimum assessment rate reduced from 7.25% in line with revised prudential guidance; Westpac minimum assessment (‘floor’) rate currently 5.35% 2019 • • • Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Pre-2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (YTD) Australian mortgage portfolio by year of origination (% of total book) Calendar year 16 15 11 after major tightening of lending standards13 11 8 5 434 22

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Australian mortgage portfolio repayment buffers Credit quality 95 (including any discounts) 6.85 6.63 6.59 minimum assessment rate (“floor rate”) 5.35% July 2019 for tax purposes offset account balances Accounts opened in the last 12 months 22 21 21 21 20 20 1 Interest rates for Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount assuming loan amount above $250,000. Pricing at 16 October 2019. 2 Excludes RAMS. 3 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due. ‘On time’ includes up to 30 days past due. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Australian home loan customers ahead on repayments3 (% by balances) Sep-18Mar-19Sep-1970% of WestpacLoans ‘On time’ and <1 mth ahead (% of balances) borrowers are ahead on their mortgage49Investment property loans - 29 29 28repayments, includingincentive is to keep repayments high 122 2122 22 666 Loans with structural restrictions on repayments e.g. fixed rate Residual - less than 1 month repayment buffer BehindOn time< 1 Mth< 1 Yr< 2 Yrs>2 YrsSep-19 24 5 6 14 Variable mortgage interest rates1 (%) Owner occupiedInvestorBuffer.Loans assessed at the Serviceabilityhigher of the customer rate assessment rateplus 2.50% buffer, or 6.04 APRA advised that ADI’s Floor will set their own floor for rate use in serviceability assessments, effective 5 Westpac now applies a P&II/OP&II/Ominimum floor rate of 5.35% 2.50 2.50 2.50 2.50 4.35 4.13 4.09 3.54 Westpac Australian offset account balances2 ($bn) Linked to I/O mortgagesLinked to P&I mortgages. 39.240.040.7 34.936.237.438.6 30.533.4 26.8

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Interest only mortgages Credit quality 96 • 73% weighted average LVR of interest only loans at origination1 62% of customers ahead of repayments (including • 2 offset accounts) • Offset account balances attached to interest only loans represent 40% of offset account balances 90+ day delinquencies 77bps (compared to P&I portfolio 90bps) Annualised loss rate (net of insurance claims) 5bps (1H19: 3bps). Increase in 2H19 mainly due to portfolio contraction • • 1 Weighted average LVR calculation takes into account size of outstanding balances. 2 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 3 Excludes RAMS. 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. 4 Excludes line of credit loans, I/O loans without date (including bridging loans and loans with construction purpose) and I/O loans that should have switched to P&I but for the previously announced mortgage processing error. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Scheduled I/O term expiry4 (% of total I/O loans) 2022 0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+ 1718 7 88 I/O lending by dynamic LVR3 and income band (%) Applicant gross income bands 49>$250k 13 $100k - $250k 34<$100k 25 8 17 5 3 19 11 7 <=60%60%<=80%>80% Dynamic LVR bands (%) 9 Australian mortgage delinquencies (%) I/OP&I 2.0 1.5 1.0 0.5 0.0 Sep-17Mar-18Sep-18Mar-19Sep-19 Australian I/O loan portfolio ($bn) 250I/O performing loans balance (lhs) 14 20012 15010 8 1006 4 50 2 00 I/O 90+ day delinquencies balance (rhs)

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Australian investment property portfolio Credit quality 97 Investment property lending (IPL) portfolio Sep-18 Mar-19 Sep-19 WeightedLVR of IPL loans at origination (%) 73 73 72 averages1 LVR of new IPL loans in the period2 (%) 70 71 70 Dynamic LVR3 of IPL loans (%) 56 59 60 Average loan size4 ($’000) 321 321 322 Customers ahead on repayments including offset accounts5 (%) 58 58 59 90+ day delinquencies (bps) 57 68 73 Annualised loss rate (net of insurance claims) (bps) 3 3 4 10 1 Weighted average LVR calculation takes into account size of outstanding balances. 2 Average LVR of new loans is on rolling 6 month window. 3 Includes RAMS in 1H19 and 2H19. Excludes RAMS in 2H18. 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. 4 Includes amortisation. Calculated at account level where split loans represent more than one account. 5 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack <=50 50<=75 75<=100 100<=125 125<=150 150<=200 200<=500 500<=1m 1m+ 0<=60 60<=70 70<=75 75<=80 80<=85 85<=90 90<=95 95<=97 97+ Mortgage portfolio by gross income band (%) % 30Owner occupiedIPL 25 20 15 5 0 Mortgage portfolio by LVR at origination (%) % 50Owner occupiedIPL 40 30 20 10 0 Investment property portfolio by number of properties per customer (%) 1 1 1 7 22 3 264 625 6+ Chart does not add to 100 due to rounding

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Australian mortgage deep dive Credit quality 98 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 above $250,000. 4 Source, Westpac Economics, CoreLogic. All dwellings Australia - average 8 major capital cities. Prices to September 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian mortgage lend Chart may not add due to rounding Gross income bands >$250k $100k - $250k <$100k Dynamic LVR2 bands (%) ing1 by origination date, dynamic LVR2 and income bands (%) Year of origination <2011 2011-14 2015+ 79 3741 7 22 4 16 8 23 19 4 5 12 11 10 <6060-80>80<6060-80>80<6060-80>80 % of portfolio at 30 September 2019 162262 Westpac SVR3 (%) (excl. discounts)7.866.89 – 5.705.38 – 4.83 Westpac interest rate buffer (%)1.801.802.25 (2.50 effective Jul 2019) Westpac interest rate floor (%)6.806.807.25 (5.35 effective Sep 2019) House price changes4 At least +27%+12% to +36%(8%) to +12% 7 66 33 14 11 25 34 38 91 2 21 14 7 2 7 6 5

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Lenders mortgage insurance arrangements Credit quality 99 100% of risk subsequently transferred to Arch Reinsurance Limited 1 Since 18 May 2015 WLMI has underwritten 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 Low doc loans no longer sold. Refers to arrangements in place for legacy products. 5 No WLMI coverage if the loan goes to 90+ arrears in the first twelve months and insurance via WLMI ceases once the loans is 8 years from origination (unless in a securitised pool). 6 Loss ratio is claims over the total earned premium plus exchange commission. 7 LMI gross written premium includes loans >90% LVR reinsured with Arch Reinsurance Limited. 2H19 gross written premium includes $56m from the arrangement (1H19: $52m and 2H18: $61m) Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Lenders mortgage insurance arrangements LVR Bandinsurance • LVR <80%Not required • Low doc4 LVR <60% • LVR >80% to < 90%•Where insurance required, insured through captive insurer, WLMI5 • Low doc4•LMI not required for certain borrower groups LVR >60% to < 80%•Reinsurance arrangements: - 40% risk retained by WLMI - 60% risk transferred through quota share arrangements with Arch Reinsurance Limited, Renaissance Re, Endurance Re, Everest Re, Trans Re, AWAC and Capita 2232 • LVR >90%•100% reinsurance through Arch Reinsurance Limited - Reinsurance arrangements see loans with LVR >90% insured through WLMI with Insurance statistics 2H181H192H19 Insurance claims ($m)475 WLMI claims ratio6 (%)112516 WLMI gross written premiums7 ($m)907684 Lenders mortgage insurance (LMI) •Where mortgage insurance is required, mortgages are insured through Westpac’s captive mortgage insurer, Westpac Lenders Mortgage Insurance1 (WLMI), and reinsured through external LMI providers, based on risk profile •WLMI is well capitalised (separate from bank capital) and subject to APRA regulation. WLMI targets a capitalisation ratio of 1.2x PCR2 and has consistently been above this target •Scenarios indicate sufficient capital to fund claims arising from events of severe stress – estimated losses for WLMI from a 1 in 200 year event are $88m net of re-insurance recoveries (1H19: $97m) Westpac’s Australian mortgage portfolio at 30 Sep 2019 (%) 84Not insured Insured by third parties 3 Insured by WLMI 69 Chart does not add due to rounding

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Mortgage portfolio stress testing outcomes Credit quality 100 ss testing - (18.5) (29.7) (35.2) (% change cumulative) 1 Assumes 50% of LMI claims will be rejected in a stressed scenario. 2 Represents 1H19 actual losses of $51m annualised. 3 Stressed loss rates are calculated as a percentage of average exposure at default (EAD). Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian mortgage portfolio stre Key assumptionsCurrent Stressed scenario Year 1Year 2Year 3 Portfolio size ($bn)449432423421 Unemployment rate (%)5.311.610.69.6 Interest rates (cash rate, %)1.000.000.000.00 House prices Annual GDP growth (%)1.4(3.9)(0.2)1.7 Stressed loss outcomes (net of LMI recoveries)1 Portfolio at 31 March 2019 $ million10221,8372,578874 Basis points32385419 Portfolio at 30 September 2019 $ million1081,9482,729973 Basis points32405721 •Westpac regularly conducts a range of portfolio stress tests as part of its regulatory and risk management activities •The Australian mortgage portfolio stress testing scenario assumes a severe recession in which significant reductions in consumer spending and business investment lead to six consecutive quarters of negative GDP growth. This results in a material increase in unemployment and nationwide falls in property and other asset prices •Estimated Australian housing portfolio losses under these stressed conditions are manageable and within the Group’s risk appetite and capital base - Cumulative total losses of $5.1bn over three years for the uninsured portfolio (FY18: $4.4bn) - Cumulative claims on LMI, both WLMI and external insurers, of $1.0bn over the three years (FY18: $1.0bn) - Loss rates have increased primarily due to further declines in house prices which lead to a higher dynamic LVR starting point for the portfolio and an increase in the LMI claim rejection rate from 30% to 50% •WLMI separately conducts stress testing to test the sufficiency of its capital position to cover mortgage claims arising from a stressed mortgage environment •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

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Capital, Funding and Liquidity 'll estpac GROUP

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CET1 ratio of 10.7%, increasing to ~11.25% on a pro forma basis Capital, Funding and Liquidity 102 58 ~11.25 1 58 basis point increase reflects the impact of the Placement $2.0bn and assumes the SPP raises $500 million. The basis point impact is net of issue costs. 2 Dividend reinvestment plan (DRP) reflects 1.5% discount applied for Interim 2019 dividend. 3 The impact of notable items on the CET1 capital ratio includes the capital deductions for associated deferred tax assets. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack CET1 capital ratio movements (%, bps) 1 10.6310.6410.67 OrganicOther Items (+51bps)(-48bps) Up 3 basis points Sep-18Mar-19CashInterimDRP 2OrdinaryIRRBBOther capital Notable items 3 DerivativeOp RiskOp RiskSep-19CapitalSep-19 earnings exdividend RWA movementsstandardCGA overlay standardisedexpected toPro forma notable items growth overlay be raised (13)(14)(16)(5) 92(75)27(4)17(6) Capital update • CET1 ratio of 10.67%, up 3bps from 31 March 2019 • Over the half, organic capital growth of 51bps, was largely offset by other items (48bps). Other items related to higher RWAs from operational risk overlays (21bps), a new derivative RWA standard (14bps) and the impact of notable items (13bps) • On a pro forma basis, taking into account an expected $2.5bn1 capital raise, the September 2019 CET1 ratio would increase to ~11.25% Future developments • AASB16 leasing accounting standard applies from 1 October 2019 (~8bps reduction to the CET1 ratio) • APRA unquestionably strong capital of 10.5% to be met by 1 January 2020 • Further clarity on revised APRA capital framework expected over 2019/20 • Final RBNZ capital proposals expected in December 2019

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Key capital ratios Capital, Funding and Liquidity 103 Capital ratios % Sep-18 Mar-19 Sep-19 10.6 10.6 10.7 55 10.6 12 10.5 10.0 CET1 capital ratio 10.6 10.6 10.7 Additional Tier 1 capital 2.2 2.2 2.2 Tier 1 capital ratio 12.8 12.8 12.8 Tier 2 capital 1.9 1.8 2.8 Total regulatory capital ratio 14.7 14.6 15.6 Risk weighted assets (RWA) ($bn) 425 420 429 Leverage ratio 5.8 5.7 5.7 Internationally comparable ratios1 Leverage ratio (internationally comparable) 6.5 6.4 6.4 CET1 capital ratio (internationally comparable) 16.1 16.2 15.9 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. For more details on adjustments refer slide 108. 2. Group 1 banks BIS 75th percentile fully phased-in Basel III capital ratios from BIS monitoring report released 2 October 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack CET1 capital ratio (%) and CET1 capital ($bn) Westpac CET1 capital (lhs, $bn)Westpac CET1 capital ratio (rhs, %) ~11.25 5010 45 408 356 304 25 202 150 Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Sep-19 Pro forma Key capital ratios (%) 1 APRA basisInternationally comparable basis BIS 75th Percentile 2 22.1 CET1Tier 1TotalCET1Tier 1Total regulatoryregulatory capitalcapital 18.6 15.615.9 12.8 10.7 45 45 46 44 43 40

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Well placed to respond to New Zealand changes Capital, Funding and Liquidity 104 insurance companies to commence 1 January 20211 important NZ banks including WNZL, and changes to risk weighted 1 “Revisions to APS 111 Capital Adequacy: Measurement of Capital” released on 15 October 2019. For this purpose equity investments includes Additional Tier 1 and Tier 2 capital. 2 63 basis point increase reflects the Level 1 impact of the underwritten $2.0bn Placement and assumes the SPP raises $500 million after allowing for the change to risk weights from the proposed change to APS 111. The basis point impact is net of issue costs. 3 Based on the WNZL balance sheet as at 30 September 2019 including the estimated impact of the RBNZ’s proposed changes to risk weighted assets. Assumes that some of WNZL’s supplementary capital can be issued externally over time. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack RBNZ proposals – WNZL Tier 1 capital ratio (%) 16.0 – 17.0 Sep-19 WNZL Tier 1WNZL Tier 1 capital ratiocapital ratio with RBNZ 13.9 Level 1 and New Zealand Capital Review • APRA has proposed changes to the capital treatment of a parent ADI’s (“Level 1”) equity investments in subsidiary banking and • Based on 30 September 2019, the impact is a ~40bps reduction in Westpac’s Level 1 CET1 ratio, primarily from Westpac’s equity investment in WNZL • Taking into account the expected $2.5bn2 capital raise, the Level 1 pro forma would be 11.21% • The RBNZ is consulting on capital requirements for New Zealand banks, including a Tier 1 capital requirement of 16% for systemically asset measurement. Further clarity from the RBNZ is expected in December 2019 • On a pro forma basis, the proposals would increase Westpac’s Level 1 capital requirements by NZ$1.2 - NZ$1.8 billion (assuming a WNZL Tier 1 capital ratio of 16-17%) if the proposals were applied at 30 September 20193 • Westpac is well placed to respond to the changes within the proposed transition period (currently 5 years) Level 1 CET1 capital ratio (%, bps) 10.98(40)63211.21~11.25 Sep-19APRACapitalSep-19Sep-19 Level 1proposalexpected toLevel 1Level 2 be raisedpro formapro forma Proposed change to APRA treatment of equity investments1

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RWA higher from operational risk overlays and new derivative capital standard Capital, Funding and Liquidity 105 new derivative capital standard to the CGA self-assessment ($6.3bn) and to align Westpac’s Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Movement in credit risk weighted assets ($bn) 362.7362.80.8(2.3)(0.7)2.05.3367.9 Sep-18Mar-19Business growthCredit quality andFX translationMark-to-marketDerivative capitalSep-19 portfolio miximpactsstandard Translation impact, mostly NZ$ loans Up $5.1bn or 1% Risk weighted assets ($bn) 425.4419.85.11.0(6.5)9.00.4428.8• Credit risk weighted assets up due to the introduction of a • Operational risk RWA up due to APRA overlay in response operational risk capital to the standardised approach ($2.1bn) • IRRBB RWA reduced $6.5bn to $0.5bn due to impact of lower interest rates on the embedded gain Sep-18Mar-19Credit riskMarketIRRBBOperationalOtherSep-19 riskrisk See below Up $9.0bn or 2%

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changes1 Expected timetable on various regulatory Capital, Funding and Liquidity 106 Second half 2019 First half 2020 Second half 2020 2021 2022 Implementation 1 Regulatory change timeline based on APRA’s paper “Revisions to the capital framework for authorised deposit-taking institutions” (published 12 June 2019). Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Standardised approach to credit risk Advanced approach to credit risk Operational risk Leverage ratio Measurement of capital Capital floor Interest-rate risk in the banking book Level 1 equity exposures RBNZ capital framework Related party exposures Loss absorbing capacity Consult, additional quantitative impact study Finalise Implementation Consult, additional quantitative impact study Finalise Implementation Consult and finalise Implementation Finalise Implementation Consult Finalise Implementation Consult Finalise Implementation Consult Finalise Implementation Consult and finalise Implementation Finalise Implementation date and transition under consultation Finalise Implementation 1st phase announced +3ppts of RWA as Tier 2 Further consultation on 2nd phase 2024

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Well placed on internationally comparable CET1 and leverage ratios Capital, Funding and Liquidity 107 1. 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 2019, except for NAB which is at 31 March 2019, ANZ and Westpac which are at 30 September 2019, and Bank of Montreal, Scotiabank, Royal Bank of Canada and Toronto Dominion are at 31 July 2019. Assumes Basel III capital reforms fully implemented. Leverage ratio is on a transitional basis. Where accrued expected dividends have been deducted and disclosed, 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. NAB has not disclosed an internationally comparable leverage ratio since September 2017. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Norinchukin Bank China Construction Bank Danske Bank ICBC RBS Bank of China ANZ BBVA CBA Agricultural Bank of China Sumitomo Mitsui Bank of Communications Westpac 15.9% CBA Rabobank China Merchants Bank Nordea Westpac 6.4% BPCE ANZ ING Group Intesa Sanpaolo Lloyds NAB Rabobank HSBC Norinchukin Bank China Construction Bank RBS Barclays HSBC Standard Chartered Credit Suisse Intesa Sanpaolo Standard Chartered Deutsche Bank Nordea Commerzbank Unicredit ICBC BPCE Mitsubishi UFJ Santander Credit Suisse Lloyds Mizuho FG Mitsubishi UFJ Societe Generale JPMorgan Chase Sumitomo Mitsui BNP Paribas Barclays Citigroup Commerzbank Unicredit Danske Bank Toronto Dominion Bank ING Group Wells Fargo Credit Agricole SA Royal Bank of Canada Societe Generale Credit Agricole SA Royal Bank of Canada BBVA Bank of Montreal Bank of America Mizuho FG Santander Scotiabank Natixis China Merchants Bank BNP Paribas Bank of Montreal Deutsche Bank Leverage ratio (%)1 8% 6% 4% 2% 0% Common equity Tier 1 ratio (%)1 20% 15% 10% 5% 0%

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Internationally comparable capital ratio reconciliation Capital, Funding and Liquidity 108 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 peers1. 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) 10.7 Equity investments Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements 0.4 Deferred tax assets Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements 0.5 Interest rate risk in the banking book (IRRBB) APRA requires capital to be held for IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB 0.0 Loss given default (LGD) of 15%, compared to the 20% LGD floor under APRA’s requirements. correlation factor for mortgages higher than the 15% factor prescribed in the Basel rules APRA also applies a Residential mortgages 1.9 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 finance exposures, reduced by application of a scaling factor of 1.06. APRA applies higher risk weights under a supervisory Specialised lending 0.7 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 corporate exposures Currency conversion threshold 0.2 APRA requires these items to be deducted from CET1. The BCBS only requires exposures classified as intangible assets under relevant accounting standards to be deducted from CET1 Capitalised expenses 0.3 Internationally comparable CET1 capital ratio 15.9 Internationally comparable Tier 1 capital ratio 18.6 Internationally comparable total regulatory capital ratio 22.1 1 Methodology aligns with the APRA study titled “International capital comparison study", dated 13 July 2015. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Long term wholesale funding Capital, Funding and Liquidity 109 • • A$33.5bn new term wholesale funding raised in FY19 Majority of new issuance in senior unsecured bonds (51%) and covered bonds (24%) in line with prior years Increased Tier 2 issuance ($4.2bn in FY19), as the Group made progress towards meeting APRA’s TLAC requirements Additional diversity provided through issuance of $1.4bn AT1 and $2.8bn in RMBS Higher proportion of AUD term issuance in FY19 reflects strong liquidity and demand in the Australian market relative to prior years • • • 5 4 debt 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. 2 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. 3 Perpetual sub-debt has been included in >FY25 maturity bucket. Maturities exclude securitisation amortisation. 4 Tenor excludes RMBS and ABS. 5 WAM is weighted average maturity. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 >FY25 New term issuance by currency (%) Charts may not add to 100 due to rounding. AUD USD EUR Other FY17FY18FY19 21 7 32 46 7 49 32 27 21 22 21 15 New term issuance by tenor2,4 (%) Charts may not add to 100 due to rounding. 5.8yrs6.5yrs6.0yrsWAM5 46 1 41 >5years 5 years 4 years 3 years 2 years 1 1 year 42 38 7 11 7 5 FY17FY18FY19 43 30 17 8 New term issuance by type (%) Charts may not add to 100 due to rounding. 4 Subordinated 13 18 8 Hybrid Securitisation Covered bonds Senior unsecured 24 73 66 51 FY17FY18FY19 13 8 Term debt issuance and maturity profile1,2,3 ($bn) Covered bondHybridSenior/SecuritisationSub debt 37 3234 6 42Issuance Maturities 3133 3331 262528 18

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Funding and liquidity metrics Capital, Funding and Liquidity 110 Wholesale funding Committed Liquidity Facility SFR Corporate & deposits 1 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 2 Equity excludes FX translation, Available-for-Sale securities and Cash Flow Hedging Reserves. 3 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. HQLA includes HQLA as defined in APS 210, RBNZ eligible liquids, less RBA open repos funding end of day ESA balances with the RBA. Committed Liquidity Facility or CLF is made available to Australian Authorised Deposit-taking Institutions by the RBA that, subject to qualifying conditions, can be accessed to meet LCR requirements under APS210 – Liquidity. Other flows include credit and liquidity facilities, collateral outflows and inflows from customers. 4 Other includes derivatives and other assets. 5 Other loans includes off balance sheet exposures and residential mortgages >35% risk weight. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Liquidity coverage ratio (LCR)3 ($bn and %) 143.9 Liquid assetsLiquid assets ch 2019ember 2019 Customer depositsHigh Quality Liquid Assets Other flows Net stable funding ratio (NSFR) at 30 September 2019 ($bn) 606.8 and other4Mar 2019113% InstitutionalSep 2019112% mortgages Available Stable FundingRequired Stable Funding Wholesale funding and other liabilities 544.0N Liquids 31 30 Other loans5 Retail & SME deposits Residential ≤35% risk weight Capital LCR 138% 133.7 LCR 127% 113.4 97.0 Net cash outflows 31 Mar Net cash outflows 30 Sept Funding composition by residual maturity (%) Bars may not add to 100 due to rounding 1 Wholesale Onshore <1yr Wholesale Offshore <1yr1 4 1 5 Wholesale Onshore >1yr 1 Wholesale Offshore >1yr Securitisation Equity 2 Customer deposits 12 12 8 8 4 1 63 63 10 5 44 Sep-08Sep-18Sep-19 16 20 5 7 5 7

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Divisional Results 'll estpac GROUP

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Consumer earnings up 6% (excluding notable items) Consumer 112 Key financial metrics Change on 1H19 2H18 1H19 2H19 Revenue1 ($m) 5% 4,442 4,439 4,644 Net interest margin1 (%) 7bps 2.14 2.20 2.27 Expense to income (%) 1 (91bps) 43.9 42.5 41.6 Customer deposit to loan ratio (%) 71bps 53.5 53.2 53.9 Stressed exposures to TCE1 (%) 7bps 0.65 0.74 0.81 Life Insurance in-force premiums1 ($m) 1,277 1,259 1,212 (4%) General Insurance GWP ($m) 252 259 8% 279 Key operating metrics Change on 1H19 2H18 1H19 2H19 Total banking customers (#m) 9.5 9.5 9.6 1% Active digital banking customers (#m) 4.3 4.4 4.4 - Digital sales2 (%) 1ppt 37 38 39 Total branches (#) (16) 1,006 971 955 Total ATMs (#) (20) 2,542 2,213 2,193 7.3 (2nd) 7.3 (2nd) 7.3 (2nd) Customer satisfaction2,3 - Down 1 place -6.8 (2nd) -6.6 (2nd) -7.3 (3rd) Net promoter score (NPS)2,3 6mma4 1 Restated for the impact of restructure of BTFG. 2 Refer pages 153 and 154 for metric definitions and details of provider. 3 Customer satisfaction and NPS metrics refer to total Consumer customers across the Westpac Group. Data for 2H19 as at August 2019. 4 6 month moving average. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2H18 1H19 Add back notable items 1H19 ex-notable items Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H19 ex-notable items Notable items 2H19 Cash earnings ($m) AIEA up 1%, higher marginLower weatherHigher unsecured from lower short termrelated insurancewrite-offs and lower wholesale funding costsclaimsrecoveries offset by lower deposit and mortgage spreads 16731(8)(45)(42) 1,712 (31)1,681 1,573 1,60721,609 Up $103m or 6% Up $74m or 5%

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2H19 performance reflects disciplined management Consumer 113 notable items of 1,681 4,442 4,439 398 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Revenue per FTE ($’000) 427414440 1H182H181H192H19 Expense to income ratio (%) Expense to income ratio impacted by notable items 1H19:(-0.2%) 2H19:(+0.5%) 43.942.541.6 38.7 1H182H181H192H19 Loans ($bn) & deposit to loan ratio (%) LoansCustomer deposit to loan ratio 52.753.553.253.9 379385387389 Mar-18Sep-18Mar-19Sep-19 Core earnings ($m) Core earnings reduced by 1H19:($16m) 2H19:($46m) 2,893 2,4942,5532,713 1H182H181H192H19 Revenue ($m) Revenue reduced by notable items of 1H19:($47m) 2H19:($40m) 4,7194,644 1H182H181H192H19 Cash earnings ($m) Cash earnings reduced by notable items of 1H19:($2m) 2H19:($31m) 1,850 1,5731,607 1H182H181H192H19

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Insurance fundamentals Consumer 114 37 1 Strategic Insights June 2019. 2 Market share is Retail life insurance new sales. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Life insurance lapse rates1 (%) WBCPeer 1Peer 2Market Avg Jun-15Jun-16Jun-17Jun-18Jun-19 Life insurance market share1,2 (%) WBCPeer 1Peer 2Avg next top 4 Jun-15Jun-16Jun-17Jun-18Jun-19 Insurance premiums ($m) General Insurance GWPRetail Life in-force premiums Group Life in-force premiums 1,5271,5291,5181,491 252 1H182H181H192H19 276 283 280 1,000 994 979 960 251 252 259 279 Insurance claims rates (%) General InsuranceLife Insurance 81 4843 1H182H181H192H19 54 53 4442

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Making banking easy Consumer 115 experience based on customer rate increased from 4% payments giving customers and Webchat anywhere, anytime 1 million live chats with over 70% of issues 1 Eligibility criteria applies when qualifying for premium discounts. 2 This feature only available for Westpac Group members. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Connecting Personalising the online •Relevant, timely offers behaviour •Deposit click-to-action to 20% •Customer recurring Webchat •Customers on Westpac desktop and mobile can contact Westpac via secured messaging •Westpac’s Red (bot) has conducted almost resolved without escalation to a banker Digitising General Insurance •Enhanced online claims experience with 40% quicker lodgement time and better document upload capability, improving claim response time •Online lodgements for Home and Contents have increased 59% on prior year Life Insurance •‘My Wellbeing’ portal improved content, tools, ‘Benefits Now’ rewards and discounts on premiums1 •Portal for self service claims lodgement, document upload and payment tracking, accessed via online banking or Panorama2 Simplify Online Home Loan app •Paperless application with document upload and e-sign •Extended to in-branch lenders Term Deposit Pricing Platform •View, accept and fulfil term deposits online •Reduction in pricing escalations to bankers from 25% to 2% eWallet transactions up 82% PCP •All customers can access - Google Pay - Samsung Pay - New Payments Platform

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Business 2H19 impairments performance impacted by notable items and higher Business 116 Key financial metrics Change on 1H19 2H18 1H19 2H19 and an increased weighting Lower wealth revenue deposit spreads Revenue ($m) 1% 3,4723,2633,293 Net interest margin (%) 4bps 3.18 3.04 3.08 129bps Expense to income (%) 38.9 42.1 43.4 Customer deposit to loan ratio (%) 267bps 82.83 82.76 85.43 Stressed exposures to TCE (%) 29bps 2.48% 2.43% 2.72% 205.6 6% Total funds ($bn) (spot) 203.1 215.4 Key operating metrics Change on 1H9 2H18 1H19 2H19 Total business customers1 (‘000’s) - 1,079 1,073 1,072 Customer satisfaction2 (rank) - #1 #1 #1 Customer satisfaction – SME2 (rank) - #1 #1 #1 Digital sales3 (%) 15 20 21 1ppt Platform FUA market share4 (inc. Corp Super) (%) 19 18 18 - 1 Represents Business customers only. Excludes Private wealth. 2 DBM external ratings, 2H19 as at August 2019. SME refers to Total SME. 3 Share of sales made digitally for eligible products, excludes wealth. 4 Retail Platforms market share sourced from Strategic Insight, All Master Funds Admin segment and represents the Westpac Business Wealth market share disclosed in Strategic Insight as at June 2019 (2H19), December 2018 (1H19) and June 18 (2H18). Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2H18 1H19 Add back notable items 1H19 ex-notable items Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H19 ex-notable items Notable items 2H19 Cash earnings ($m) AIEA flat. Margins down 6bps (ex notable items) from reducedHigher stressed exposures and merchant feesto the downturn scenario in provisioning models 1511,418(30)(33) 1,358 (8)(124) 601,283 (119) 1,267 Down $135m or 10% ex notable items Down $103m or 8% 1,164

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2H19 key metrics Business 117 notable items of 3,452 notable items 650 644 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Revenue per FTE ($’000) Revenue per FTE lower from 1H19:($39k) 2H19:($21k) 657668 1H182H181H192H19 Expense to income ratio (%) Notable items impact43.4 42.1 3.3 38.9 2.9 40.1 39.2 37.7 1H182H181H192H19 Loans ($bn) & deposit to loan ratio (%) LoansCustomer deposit to loan ratio 81.282.882.885.4 174 172172173 Mar-18Sep-18Mar-19Sep-19 Core earnings ($m) Core earnings lower from 1H19:($217m) 2H19:($171m) 2,1522,121 1H182H181H192H19 1,8881,863 Revenue ($m) Revenue lower from notable items of 1H19 ($197m) 2H19 ($104m) 3,472 1H182H181H192H19 3,2633,293 Cash earnings ($m) Cash earnings lower from notable items of 1H19:($151m) 2H19:($119m) 1,3981,358 1H182H181H192H19 1,267 1,164

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Transforming Business Business 118 business for the future by embracing our operating model and better serve customers by bringing all brands together capabilities documents resulting in 25% fewer words and 47% customers to read and understand. This also provides online Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Customer Franchise Building a simpler and better regulatory change and simplifying Simplifying our operating model Streamlined our operating model to drive greater efficiency under the following teams: commercial, SME and servicing Leveraging regulatory investment to deliver strategic •Developed a risk platform with capability to meet new APRA commercial property requirements, as well as enhancing our control environment •Streamlined and automated the generation of lending reduction in documentation, making them easier for greater operational control and future flexibility •Leveraging the capability developed to meet ATO regulatory requirements, to enable foundational self-service for merchant customers, including the delivery of eStatements, and merchant account visibility Performance Disciplines Empowering customers with enhanced online account opening and servicing capabilities Digitising our customer experience •Biz Invoice – over 10,000 SME customers have signed up to our free online invoicing solution, which creates, sends and auto reconciles invoices. New features include automatic overdue payment reminders, reporting, BPAY, and an integrated merchant facility •Digital Sales - investment in digital capabilities has supported a 6ppt rise in the proportion of digital sales to 21% from 15% in 2H18 Customer enhancements •Presto Smart - provides seamless payment integration capability. In July, launched a merchant dashboard, providing real time transaction information •Business Loan Finder – online tool that helps customers to find a suitable loan product •Merchant Service Visibility – giving merchant customers better facility visibility and access online •ABN update – business customers can update their ABN Digital Transformation Investing in banker capacity and capability to provide world class customer experience Improving banker productivity •Added new features to our online banker dashboard, saving bankers time by providing a single source for customer information and contact management •Extended the capability of our banker service portal for SME customers, covering nearly 80% of service requests and saving around 33 minutes of banker time per week Improved customer experience •Business Institute program provides professional development with 600+ bankers participating in Core and Advanced Lending Pathway, in partnership with Macquarie University. Additionally, 2,300 bankers are undertaking leadership and skills development courses including Customer First Conversation training •Private Wealth won “Best Private Bank Australia 2019” at the International Business Magazine Awards 2019, “Best Private Bank in Australia” at the Global Finance Awards (3rd year in a row) and “Best Private Bank in Australia” at the Global Private Banking Awards (5th year in a row)

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Platforms – Supporting advisers and investors Business 119 2,291 connectivity 1 Includes accounts transferred to open badges and new accounts opened during the year. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Active advisers on Panorama (#) 2,494 1,584 Up 41% Sep-17Mar-18Sep-18Mar-19Sep-19 1,775 1,355 SMSF funds on Panorama (#) 9,289 Up 49% Sep-17Mar-18Sep-18Mar-19Sep-19 7,204 6,215 5,332 4,305 Platforms New pricing structure success measures since 1st October 2018: • an increase of 719 active advisers on Panorama • 13,285 accounts on Asgard Open eWrap1 • 38,259 accounts on BT Wrap Open1 • 5,537 accounts transferred from legacy platforms onto Panorama One system for One core all investors &operating adviserssystem BT Panorama’s unique offering BankSMSFs /security Digital user experience Investors on Panorama (#) 44,314 Up 89% Sep-17Mar-18Sep-18Mar-19Sep-19 32,444 23,462 17,608 11,778 FUA on Panorama ($m) 23,387 Up 89% Sep-17Mar-18Sep-18Mar-19Sep-19 17,041 12,402 9,363 6,713

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Super, Investments & Platforms – Sound fundamentals Business 120 205.6 203.1 197.7 4.7 191.4 the Super Fund of the Year Awards, recognising its investment Financial Standard Marketing, Advertising and Sales Excellence 1 Retail Platforms market share sourced from Strategic Insight, All Master Funds Admin segment and represents the Westpac Business Wealth market share disclosed in Strategic Insight as at June 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Award Winning BT Super for Life won “Best Commercial Product, Personal” at performance, product design and member engagement BT Panorama won “Best Technology Platform” at the Conexus Financial Superannuation Awards 2019 (3rd year in a row) BT Panorama Fintech “Platform of the Year Award 2019” (MAX) Awards “Wealth Management Experts of the Year 2019” APAC Australian Enterprise Awards Superannuation • BT Super Migration – successfully migrated ~35,000 members to a new registry system and into simpler, more competitive products. This was a significant step in reducing the number of products and replacing legacy technologies • Protecting Your Super initiatives – delivered a multi-channel solution, including a digital opt in process to 270,000 customers, with ~19% electing to retain their insurance cover Funds ($bn) PlatformsSuperannuationPackaged fundsOther 215.4 3.53.7 Sep-17Mar-18Sep-18Mar-19Sep-19 43.6 39.6 3.8 39.8 3.6 38.0 36.4 40.6 39.3 38.9 37.4 36.2 122.9 126.5 120.8 115.3 118.6 Retail platforms market share1 (%) WBCPeer 1Peer 2Average next top 4 18.2 17.3 14.9 8.1 Jun-15Jun-16Jun-17Jun-18Jun-19

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WIB delivers a disciplined performance Westpac Institutional Bank 121 Key financial metrics Change on 1H19 2H18 1H19 2H19 DVA1 and lower and NIM down 3bps and lower Revenue ($m) 1,566 1,425 1,310 (8%) Net interest margin (NIM) (%) 1.74 1.67 1.64 (3bps) 49.2 45.8 48.2 235bps Expense to income ratio (%) Customer deposit to loan ratio (%) 135.5 125.1 134.4 large Stressed exposures to TCE (%) 0.66 0.63 0.68 5bps Key operating metrics Change on 1H19 2H18 1H19 2H19 Customer revenue2 / total revenue (%) 83.1 91.6 95.1 350bps Trading revenue / total revenue (%) 3.8 8.8 8.7 (10bps) Revenue per FTE ($’000)3 909 844 811 (4%) 1 Derivative valuation adjustment. 2 WIB customer revenue is lending revenue, deposit revenue, sales and fee income. Excludes trading, derivative valuation adjustments and Hastings. 3 Excludes Westpac Pacific revenue and FTE. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2H18 1H19 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H19 Cash earnings ($m) Net loans down 1%$42m movement inReduction of FTE syndication feesvariable rewards 538544(43) 22(16) (72) 35470 Down $74m or 14%

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Prioritising returns over growth Westpac Institutional Bank 122 % Down 1% 0.8 0.7 0.7 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Stressed exposures as a % of TCE (%) Impaired90+ days past due and not impairedWatchlist & substandard. 5.8 3.0 1.31.11.3 Sep-10Sep-11Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19 3.5 1.7 ROE (%) Reflects decrease in cash earnings and increase in allocated capital 12.713.6 wn 210bp 2H181H192H19 Do 11.5 Up 90bps s Net loans ($bn) Prioritised return over growth 77.476.575.4 Down 1 Sep-18Mar-19Sep-19 Deposits ($bn) Higher government balances 104.9 95.7101.3 % Sep-18Mar-19Sep-19 Down 9 Up 6% Margin (%) Lower deposit spreads in line with low interest rate environment and competition 1.741.671.64 2H181H192H19 Dow n 7bps D own 3bp s

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Well placed for opportunities in Institutional banking Westpac Institutional Bank 123 • Deep expertise and industry insights • 87 of the ASX Top 100 banked by WIB Australia1, supporting 5 new projects which, when complete, are expected to generate •Launched world’s first certified green deposit product •Provided Sustainability Linked Loans (‘SLL’): in Australia; – AGL – WIB was the largest lender in AGL’s SLL syndicate 1 Source: IJGlobal, September 2019. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Well placed for opportunities Infrastructure •Leading Australian infrastructure bank, supporting almost three quarters of the recent nation-building infrastructure projects •Newly established relationship and deal execution presence delivering in UK/Europe, with 6 notable transactions closed in FY19 with new to bank relationships across transport (airport and ports), district heating and infrastructure funds Renewables •Leading financier, for the second year running, to greenfield renewable energy projects in sufficient electricity to power up to 580,000 households Sustainable Financing – Queensland Airport – the first SLL linked to the Airport Carbon Accreditation scheme – COFCO – the first SLL for a Chinese company and largest for a commodities trader; M&A Financing •Completed 16 M&A financing transactions in FY19 Digital transformation Digital Institutional Bank (DIB) •Digital capability to optimise working capital and simplify cash management •Will offer digitised transactional banking with real-time cash mobility, visibility of account balances, intraday balance movement and a single view of cash liquidity throughout customers’ entire corporate structure •Used by State Governments and corporates to improve visibility of their overall cash position Corporate Lending Portal •Delivering digital capabilities for customers that enable them to control their loan management tasks, including requesting drawdowns, bank guarantees and rollovers, through a secure self-service workflow with real-time status updates. Currently being used by 112 customers and 380+ individual users New Payments Platform (NPP) •NPP (Real-time payments) transitioning to business as usual •9m customer accounts enabled and volumes now at 60m+ transactions processed, making Westpac responsible for approx. 30% of volume Financial Markets •Improvements to processes and systems to strengthen customer price construction and price streaming capability across FX, Fixed Income and Derivatives •By applying behavioural analytics to data, WIB generates insights into customers’ behavioural needs, creating “Smart Leads” for the sales force to action across products offered to the Business, Wealth and Consumer segments Service drivenMaintaining deep and enduring customer relationships customer franchise•High customer retention – 12 major clients retained in competitive tenders, including key State Government contracts •Investing in upskilling our bankers, and freeing up their time to refocus on customer-facing activities •Strengthened focus on financial crime, operational risks and complaints management Westpac• Leading financial markets, financing and transactional banking product capability Institutional Bank• Digital and banker-led service aligned to customer needs

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investment1 NZ 2H19 earnings impacted by lower margins and higher New Zealand 124 Key financial metrics Change on 1H19 2H18 1H19 2H19 Revenue ($m) (6%) 1,190 1,248 1,167 lower deposit spreads impairment benefit spending on agile Net interest margin (%) (14bps) 2.25 2.23 2.09 Large Expense to income (%) 39.0 38.5 44.0 Customer deposit to loan ratio (%) (160bps) 77.0 78.2 76.6 Stressed exposures to TCE (%) 1.57 1.57 1.66 9bps Key operating metrics Change on 1H19 2H18 1H19 2H19 Customers (#m) 1.35 1.35 1.35 - Branches (#) 163 161 155 (6) Consumer NPS2 +8 +11 +5 Down 6 Business NPS2 +0 +4 +3 Down 1 Agri NPS2 +17 +16 +20 Up 4 Funds ($bn) (spot) 10.7 10.9 11.5 6% Service quality – complaints (000’s) 9.2 8.6 9.3 8% 1 In NZ$ unless otherwise noted. 2 Refer page 154 for details of metric definition and provider. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 2H18 1H19 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H19 ex-notables Notable items 2H19 Cash earnings ($m) AIEA up 3%, margin$40m gain on sale down 11bps (exof Paymark in 1H19Turnaround from a notable items) from $14m impairment mix changes andHigher investmentcharge to a $24m transformation and risk and regulatory projects 555(19) 534 (44) 38(2)511(24) (17) Down 8% ex notable items Down 12% 487

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New Zealand key metrics1 New Zealand 125 726 39.0 38.5 1 All figures in NZ$ unless otherwise indicated. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Net interest margin (%) Notable items impact (3bps) 2.242.252.23 1H182H181H192H19 2.09 Expense to income ratio (%) Notable items impact 44.0 39.7 2.0 42.0 1H182H181H192H19 Loans ($bn) & deposit to loan ratio (%) LoansCustomer deposit to loan ratio 77.977.078.276.6 79808284 Mar-18Sep-18Mar-19Sep-19 Revenue ($m) Notable items impact ($18m) 1,248 1H182H181H192H19 1,1741,190 1,167 Cash earnings ($m) Notable items impact ($24m) 555 534 1H182H181H192H19 487 482 Core earnings ($m) Notable items impact ($34m) 768 708 654 1H182H181H192H19

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Investing in the customer experience through innovation and digital offerings New Zealand 126 • Value Me has now reached over 380,000 customers 30 27 p 6ppts valued by Westpac likely to Up 2ppts customers has seen Westpac win Canstar’s Bank (fourth year running) to use their iPhone and Apple Watch to make 1 Digital online sales includes fulfilment volumes. 2 Apple Pay is a trademark of Apple Inc, registered in the U.S. and other countries. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Deeper customer relationships Creating ongoing value for customers since its launch in September 2017. Value Me helps identify customers’ best products, services and banking solutions based on their behaviour •72% of customers who received a playback felt more and 50% of customers more recommend Westpac •Your story conversations have reached over 175,000 customers since launch in August 2018 Award winning solutions •Making banking solutions simple and easy for of the Year – Everyday Banking award for 2019 Making banking easier Westpac Way of Working •Reconfigured key functions representing 20% of our workforce to a new agile structure to create better customer experiences and outcomes •New operating model supports improved innovation and speed to market while creating a better work environment for our employees Real-time account opening •EasyID - ability to open accounts real-time, 24/7 within minutes •Now available online and via dedicated portals in branches Innovative products •Apple pay2 - launched 2nd April, allows customers secure contactless payments Online insurance •Ability to obtain a quote and sign up online, 24/7 for home, contents and car insurance Digital for customers Digital sales1 (%) 3536 U 1H182H181H192H19 Digitally active retail customers (%) 72 71 70 69 1H182H181H192H19 Over-the-counter transactions (#m) 2.192.091.921.73 wn 17% 1H182H181H192H19 Do

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Balance sheet drivers New Zealand 127 otal action ngs Up 2% Up 2% Up 3% deposits gage % % 52 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack New Zealand customer loans (NZ$bn) and % of tota Busi 79808284Pers l ness onal 61 30 31 Mort 37 2 29 29 48 49 50 51 Mar-18Sep-18Mar-19Sep-19 New Zealand customer deposits (NZ$bn) and % of t Trans 62Flat62 Up 4%64Flat64Savi 16 15 Term 24 24 15 14 15 15 15 15 34 33 33 32 Mar-18Sep-18Mar-19Sep-19 New Zealand net loans (NZ$bn) 80.482.11.90.284.2 Sep-18Mar-19ConsumerBusinessSep-19 Up 3% New Zealand deposits (NZ$bn) 61.964.20.30.064.5 Sep-18Mar-19ConsumerBusinessSep-19 Flat

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Stressed exposures remain low New Zealand 128 6.8 Impaired 11 13 Manufacturing 4.9 % Agribusiness portfolio Sep-18 Mar-19 Sep-19 $9 TCE (NZ$bn) 9.2 9.4 9.5 Agriculture as a % of total TCE 8.3 8.2 8.1 % of portfolio graded as ‘stressed’1 9.7 10.0 10.0 % of portfolio in impaired 0.42 0.40 0.32 1 Includes impaired exposures. 2 Source: Fonterra. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Milk price & Fonterra dividend2 (NZ$) Kg MsWestpac $10DividendMilk priceEconomics $8 $70.400.00 $6 $5 $4 $3 $2 $1 $0 2015/162016/172017/182018/192019/20 forecast 0.10 0.10 6.69 6.80 6.35 0.40 6.12 3.90 Dairy portfolio summary •Overall portfolio health remains sound. Dairy stressed assets largely flat. Focus remains on supporting existing dairy customers with proven long-term viability •Fonterra has forecasted a price range for the 2019/20 season of $6.55/kg milk solid (MS) - $7.55/kg MS with the advance rate set at $7.05/kg MS •Increased environmental regulation, increasing costs and US-China trade war continue to pose challenges Business stressed exposures as a % of New Zealand business TCE Watchlist & substandard 90+ day past due (dpd) and not impaired Property 9Agriculture, forestry & fishing Wholesale trade Construction 56 Other 4.4 5.5 5.0 4.4 3.33.23.1 0.00.1 0.00.10.1 0.2 3.2 3.33.4 0.2 2.3 0.1 2.4 0.2 2.2 1.5 0.9 0.8 Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Mar-19Sep-19 2.9 2.9 3.0 4.0

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Consumer portfolio New Zealand 129 1 LVR based on current loan property value at latest credit event. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Sep-12 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mortgage portfolio LVR1 (%) of portfolio 92% of mortgage portfolio less than 80% LVR 46% 23%23% 5%3% 0<=6060<=7070<=8080<=9090+ Mortgage loss rates each half (%) 0.25 0.20 0.15 0.10 0.05 0.000 Mortgages9900++ddaayydsdepelialnisnqtqudueuenenc(ci%eiess)(%) 1.0 0.5 0.13 0.0 Unsecured consumer 90+ day delinquencies (%) 1.5 1.0 0.82 0.5 0.0 Portfolio runoff and operational changes

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Economics 'll estpac GROUP

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Australian and New Zealand economic forecasts Economics 131 Source: Westpac Economics. 1 Year average growth rates. 2 Through the year growth rates. 3 Business investment adjusted to exclude the effect of public sector purchases of public assets. 4 NZ credit forecasts are for growth over the calendar year. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Key economic indicators (%) as at October 2019 Calendar year 201720182019F2020F WorldGDP13.83.63.03.2 AustraliaGDP22.52.22.32.4 Private consumption22.82.01.92.3 Business investment2,37.3–0.8–0.42.8 Unemployment – end period5.55.05.45.6 CPI headline – year end1.91.81.71.9 Interest rates – cash rate1.501.500.750.50 Credit growth, Total – year end4.84.32.53.3 Credit growth, Housing – year end6.34.73.03.7 Credit growth, Business – year end3.04.72.83.3 New ZealandGDP23.12.82.22.3 Unemployment – end period4.54.34.24.2 Consumer prices1.61.91.71.7 Interest rates – official cash rate1.751.751.000.75 Credit growth – Total46.55.25.55.3 Credit growth – Housing47.45.96.36.5 Credit growth – Business45.24.34.93.8

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The Australian economy Economics 132 NSW and Victoria 58% of population and employment 18 Construction 6 Health Finance Relative size of States (Share of Australia, 2017/18, %) GSP Population Employment 35 Exports 33 32 32 23 Education 3 13 2 2 2 1 NSW Victoria Queensland WA SA Tasmania Sources: ABS, Westpac Economics 1 Real, financial years, experimental estimates. Sources: ABS, Westpac Economics. 1 Excludes ownership of dwellings and taxes less subsidies. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack 6 7 7 4 2626 26 19 20 20 20 14 14 10 10 Services employ a large part of the Australian workforce Output 2018 - sector contribution to GDP (%)1 ServicesMining 54%9Manufacturing Transport, Utilities 9Wholesale, Retail 10Agriculture 8Household services 10Education 86Public administration Business services Australian employment by sector 2018 (%) ServicesMining 59%Manufacturing 1527Construction 9Transport, Utilities Wholesale, Retail 66Agriculture Household services 8Health, Social Assistance 13 Public Administration 13Finance Business services

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Australian economic snapshot Economics 133 Australian economy key statistics (latest available as at October 2019) Headline CPI %yr (lhs) 8 3.2 GDP (June quarter 2019) Westpac Economics Forecast (end calendar 2020) 1.4% 2.4% 3 1.2 Unemployment Rate Westpac Economics Forecast (end calendar 2020) 5.2% 5.6% Sources: ABS, RBA, Westpac Economics Sources: ABS, RBA, Westpac Economics Inflation Westpac Economics Forecast (end calendar 2020) 1.6% 1.9% Cash Rate Westpac Economics Forecast (end calendar 2020) 0.75% 0.50% AUD/USD Westpac Economics Forecast (end calendar 2020) US$0.68 US$0.67 Sources: RBA, Westpac Economics Sources: Budget papers, ABS, Westpac Economics 1 Average RBA core CPI is average of seasonally adjusted trimmed mean & weighted median CPI. 2 The NAIRU – or non-accelerating inflation rate of unemployment – is a benchmark for assessing the degree of spare capacity and inflationary pressures in the labour market. When the observed unemployment rate is below the NAIRU, conditions in the labour market are tight and there will be upward pressure on wage growth and inflation. Source: RBA. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack AUD expected to move lower AUD/USD 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 1989199419992004200920142019 Federal budget – back in surplus % of GDPUnderlying cash balance$bn 440 220 00 -2-20 -4-40 -6-60 1985/86 1993/94 2001/02 2009/10 2017/18 $bn (rhs)% of GDP (lhs) Budget f/cs to 2022/23 Inflation remains subdued1 %yrAvg RBA core CPI %qtr (rhs)%qtr 72.8 62.4 52.0 41.6 20.8 10.4 00.0 -1-0.4 Jun-97 Jun-01 Jun-05 Jun-09 Jun-13 Jun-17 Avg RBA core CPI %yr (lhs) f/cs Labour market slack %% 7.57.5 7.07.0 6.56.5 6.06.0 5.55.5 5.05.0 4.54.5 4.04.0 3.53.5 3.03.0 Sep-03Sep-07Sep-11Sep-15Sep-19 Unemployment rate (lhs)* RBA – Aug 2019 Westpac forecastf/cs ‘old’ NAIRU2 ~4.75-5% ‘new’ NA ~4.5% IRU2

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Australian economic outlook: growth to remain below trend Economics 134 Quarterly GDP Annual GDP period averages Sources: ABS, Westpac Economics. Aug-95 Aug-99 Aug-03 Aug-07 Aug-11 Aug-15 Aug-19 Sources: ABS, Westpac Economics. 1 Incl. housing. 2 Mining investment. Sources: RBA, Westpac Economics. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Australian private sector credit growth subdued Australian private sector credit growth (% ann) ann%HousingTotal creditBusiness 25asts 202020 15 10 5 0 -5 -10 Forec end Australian growth mix: shifting drivers ppts/%annContributions to GDP growthppts/%ann 33 22 11 00 -1-1 -2-2 2016201720182019f2020f Consumer¹Mining²Non-miningPublicNet exports investment GDP Australia: 28 years of uninterrupted growth %ann%ann 88 66 44 22 00 -2-2 19891993199720012005200920132017

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Ongoing weakness centred on consumer and housing construction Economics 135 8 Sources: ABS, Westpac Economics. Sources: Melbourne Institute, Westpac Economics. Sources: ABS, Westpac Economics Sources: ABS, RBA, Westpac Economics. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Household savings ratio: poised to rise % income% income 1212 99 66 33 00 -3-3 Jun-91Jun-95Jun-99Jun-03Jun-07Jun-11Jun-15Jun-19 F’casts Dwelling approvals down from 2016 highs Dwelling approvals (‘000 month, annualised) Private approvalsTrendSA 240240 200200 160160 120120 8080 Aug-99Aug-03Aug-07Aug-11Aug-15Aug-19 RBA easing cy cle s Australian wage inflation remains low %yrAustralian wage inflation (% ann) 7 6 5 4 3 2 1 0 Jun-99 Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15 Jun-17 Jun-19 Aus private sector wages Mining industry wages Consumer sentiment remains weak IndexIndex 140140 130130 120120 110110 100100 9090 8080 7070 6060 Oct-99Oct-04Oct-09Oct-14Oct-19 Westpac-MI Consumer Sentiment Index 'family finances vs 12mths ago'

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Some offset from infrastructure, population growth Government spending and Economics 136 Work done 140 140 Sources: ABS, Westpac Economics Sources: ABS, Westpac Economics. 26 22 40 20 14 10 Source: IMF, Westpac Economics Sources: ABS, Westpac Economics Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Exports $bn/qtrExport volumesExport earnings$bn/mth 6028 5024 20 3018 16 1012 08 Mar-98Mar-08Mar-18 Aug-12 Aug-14 Aug-16 Aug-18 Resources (54%) Non resources (46%) Resources Non-resources Population growth Population growth 2008-2018 average (% ann) EU0.24 Developed UK US Canada World Developing NZ Australia 0.00.51.01.52.0 0.49 0.72 0.72 1.09 1.16 1.28 1.42 1.60 Infrastructure pipeline ($bn, rolling annual) $bn$bn 160160 120120 100100 8080 6060 4040 2020 00 Jun-99Jun-03Jun-07Jun-11Jun-15Jun-19 Commencements Work Pipeline Household incomes: one off policy support %ann%ann 9Household disposable income9 88 77 66 55 44 33 22 11 00 Jun-11Jun-13Jun-15Jun-17Jun-19 Without tax cuts Without tax cuts or interest rate cutsF’casts

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Australian housing market trends Economics 137 2.5 2.5 Sources: ABS, CoreLogic, Westpac – Melbourne Institute. Sources: APM, CoreLogic, Westpac Economics. 6 6 14 14 -4 -4 Sources: ABS, Westpac Economics. Sources: CoreLogic, ABS, Westpac-Melbourne Institute 1 Advanced 3mths. 2 % stock seasonally adjusted by Westpac, smoothed. 3 Seasonally adjusted by Westpac, smoothed. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack New finance approvals (% month) mth% Total value of finance approvals incl. investor excluding refinance mth% 44 22 00 -2-2 -6-6 -8-8 Aug-12Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19 NSW: affordability to remain relatively stretched %% 1212 1616 1818 2020 2222 2424 2626 2828 3030 3232 Jun-98Jun-02Jun-06Jun-10Jun-14Jun-18Jun-22 Improve Deteriorate Westpac forecast 30yr avg *% income required to finance the purchase of a median-priced dwelling Consumer housing sentiment ann chWestpac Consumer Housing Sentiment Index1Sales 2 ann ch 1.51.5 0.50.5 -0.5-0.5 -1.5-1.5 -2.5-2.5 Aug-09Aug-11Aug-13Aug-15Aug-17Aug-19 latest month Auction clearance rates3 95%SydneyMelbourne% 95 8585 7575 6565 5555 4545 3535 Sep-14Sep-16Sep-18Sep-14Sep-16Sep-18 weeklymonthly

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Australian dwelling prices: Sydney, Melbourne prices recovering; Turnover remains low Economics 138 Australian dwelling prices All dwellings (index, Jan 2004 = 100) Index 230 Index 230 210 210 190 190 170 170 150 150 130 130 Sources: ABS, Westpac Economics. 110 110 90 90 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Sources: CoreLogic, Westpac Economics. Dwelling prices %ch last 3mths (Sep-19) Dwelling prices YoY (Sep-19) Capital city Pop’n Sydney 4.8m Up 3.5% Down 4.8% Melbourne 4.5m Up 3.4% Down 3.9% Brisbane 2.3m Up 0.5% Down 2.1% Perth 1.9m Down 1.9% Down 9.0% Sources: ABS, CoreLogic, Westpac Economics. Sources: CoreLogic, Westpac Economics 1 Foreign buyers based on annual FIRB approvals. 2 Monthly, capital cities combined, seasonally adjusted by Westpac, smoothed. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Residential property: listings and sales2 ‘000snew listings (lhs)sales (lhs)‘000s 3131 2929 2727 2525 2323 2121 1919 1717 1515 Aug-07Aug-09Aug-11Aug-13Aug-15Aug-17Aug-19 Rest of Australia Other capitals Sydney-Melbourne Finance approvals by segment (%, value of housing finance) %'Upgraders'InvestorForeign buyers 1 FHBs% 7070 6060 5050 4040 3030 2020 1010 00 Sep-99Sep-03Sep-07Sep-11Sep-15Sep-19 latest 54% 26% 18% 2%

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Physical supply/demand fundamentals Economics 139 Sydney Brisbane 8 3 Sources: REIA, Westpac Economics Sources: ABS, Westpac Economics. Dwelling stock is net of demolitions – implied by Census data. 80 80 Sources: ABS, Westpac Sources: ABS, Westpac Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Pipeline - dwellings under construction ann%ann% 6060 4040 2020 00 -20-20 -40-40 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15 Jun-17 Jun-19 Jun-21 NSW (-19%yr 2019) Vic (-11%yr) Qld (-16%yr) Projected Projected dwelling completions, major metro areas Dwelling completions by capital city (‘000s, rolling 6mth totals) ‘000sNon-high riseOther high riseHigh rise top 5 areas‘000s 3535 3030 2525 2020 1515 1010 55 00 Dec-07 Dec-13 Dec-19 Dec-07 Dec-13 Dec-19 Dec-07 Dec-13 Dec-19 SydneyMelbourneBrisbane/SEQ Projected Projected Projected Rental vacancy rates %Rental vacancy rates (%, quarterly, annual average) 7 6 5 4 2 1 0 Jun-87Jun-92Jun-97Jun-02Jun-07Jun-12Jun-17 MelbournePerth National average since 1980 Dwelling supply has not kept pace with stronger demand ‘000Population versus dwelling stock (annual average change ‘000)‘000 450PopulationTotal increase in dwellings450 400400 350350 300300 250250 200200 150150 100100 5050 00 1950s1960s1970s1980s1990s2000s Last 9yrsNext 2yrs f’casts high rise

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Trends in Australian home lending Economics 140 % 0.5 Source: APRA, RBA, Westpac Economics Sources: RBA, Westpac Economics. 60 flow limit 15.8 Sources: ABS, APRA, RBA, Westpac Economics. Sources: ABS, APRA, RBA, Westpac Economics Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Lower flow of interest only loans %Interest only housing loans 50 40 30 2021.6 10 0 Jun-09Jun-11Jun-13Jun-15Jun-17Jun-19 Outstanding loans10% investorAPRA 30% New loanscredit growth limitinterest only new Lower new flow of 90%+ LVR loans %High LVR housing loans 25 20 1515.4 10 7.0 5 0 Jun-09Jun-11Jun-13Jun-15Jun-17Jun-19 80-90%90%+ Change in composition of housing credit Australian housing credit growth (6mth % change annualised) Total10% limit on investment30% limit on interest 14 10 65 27 -2 Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19 property annual portfolio growthonly originations Investor Owner-occupier 4. 2. - Introduction of differentiated mortgage pricing %Mortgage interest rates (major bank average) 7.5 7.0 6.5 6.0 5.5 5.0 4.5 Oct-14Oct-15Oct-16Oct-17Oct-18Oct-19 Own-occ. - principal and interest Own-occ. - interest only Investor - principal and interest Investor - interest only 5.67 5.38 5.32 4.80

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Australian household balance sheets Economics 141 200 160 120 80 20 -20 Sources: ABS, RBA, Westpac Economics Sources: ABS, RBA, Westpac Economics. Sources: ABS, RBA, Westpac Economics. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Higher income households have increased borrowings %Australian household debt-to-income ratios by income quintile (%) 250 200 150 100 50 0 1st2nd3rd4th5th 2002200620102014 Australian household debt to income ratio Australian households debt to income ratio (%) Total (gross) debtForecasts 1802020 140 100 60 40 0 -40 Jun-89Jun-94Jun-99Jun-04Jun-09Jun-14Jun-19 Total debt net of offset accountsend Total debt net of all deposits Trend since Jun-07 Australian household net wealth % Annual household disposable income %% Total assets 14001200 12001000 1000800 800 600 600 400400 200200 00 Jun-84Jun-89Jun-94Jun-99Jun-04Jun-09Jun-14Jun-19 Total liabilities Total net worth

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The New Zealand economy Economics 142 Regional GDP Total nominal GDP 2018: $293bn Population 4.9 mil Northland, $7bn 4% of population 3 11 Auckland, $108bn 35% of population Bay of Plenty, $16bn 6% of population 4 Waikato, $24bn 10% of population Financial and professional services Taranaki, Whanganui/Manawatu, $19bn 7% of population Tasman/Nelson, $5bn Gisborne/Hawke’s Bay, $10bn 4% of population 2% of population Wellington, $37bn 11% of population Marlborough, $3bn 1% of population West Coast, $2bn 1% of population 9 Wholesale / Retail / Accommodation Southland, $6bn 2% of population Canterbury, $35bn 13% of population Otago, $13bn 5% of population Sources: Stats NZ, Westpac Economics Sources: Stats NZ, Westpac Economics Nationwide GDP and employment figures are for the year to June 2019, regional figure are for the year to March 2018 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack NZ output and employment Output 2019 - sector shares of GDP (%) Primary industries 97Construction Electricity, gas, and water Food manufacturing 7Manufacturing (excl. food) Wholesale, retail and accommodation Transport 12 335Public administration Social services (incl. health) Other NZ employment by sector 2019 (%) 86Primary industries 9Construction 19Manufacturing Transport 6Financial / professional services / IT 19Public administration 204Social services (incl. health) Other

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New Zealand economic snapshot – growth has taken a step down Economics 143 New Zealand economy key statistics (latest available as at October 2019) % % GDP1 Westpac Economics Forecast (end calendar 2020) 2.4% 2.3% Unemployment Rate Westpac Economics Forecast (end calendar 2020) 3.9% 4.2% Source: Stats NZ, Westpac Economics Source: Stats NZ, Westpac Economics Inflation Westpac Economics Forecast (end calendar 2020) 1.5% 1.7% Cash Rate Westpac Economics Forecast (end calendar 2020) 1.00% 0.75% NZD/USD Westpac Economics Forecast (end calendar 2020) US$0.64 US$0.63 Source: Westpac Economics estimates Source: Stats NZ, Westpac Economics 1 Year average growth rates Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Population growth cooling Population growth (annual) %% 2.52.5 2.02.0 1.51.5 1.01.0 0.50.5 0.00.0 200220062010201420182022 Forecast Construction approaching peak $bnConstruction spending (annual)$bn 4040 3030 2020 1010 00 2005200820112014201720202023 Kaikoura earthquake costs Canterbury rebuild Construction (excl. quake costs) Forecast GDP growth has cooled GDP (%) 66 44 22 00 -2-2 200520082011201420172020 Qtr % chgForecast Annual average % change Housing slowdown a drag on spending House prices and household spending %% 408 306 204 102 00 -10-2 -20-4 -30-6 200220062010201420182022 House price inflation (left axis)Forecast Per capita household spending (right axis)

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New Zealand economic indicators – policy to support a firming in growth Economics 144 2005 2007 2009 2011 2013 2015 2017 2019 2021 Source: Stats NZ, Westpac Economics Source: RBNZ, Westpac Economics 3.5 3.5 2017-2.5 2.5 1.5 1.5 2012 2014 2016 2018 2020 Source: RBNZ, Westpac Source: StatsNZ, The Treasury, Westpac Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Low interest rates to support activity… Official Cash Rate %% 4.04.0 3.03.0 2.02.0 1.01.0 0.50.5 0.00.0 Forecast …along with large planned increases in fiscal spending Government consumption share of GDP % of GDP% of GDP 2424 2222 2020 1818 1616 19871992199720022007201220172022 Labour 1984-1990 National 1990-1999 Labour 1999-2008 National 2008-2017 Labour Inflation off its lows, still moderate %Inflation (%)% 66 55 44 33 22 11 00 CPI inflationForecast CPI excluding petrol The RBNZ to hold the cash rate at low levels for some time %Interest rates (%)% 1010 82 year swap rate8 66 44 22 00 20052009201320172021 90 day bank bill rateForecast 5 year swap rate

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New Zealand economic indicators Economics 145 5 3.0 1.0 0 0.0 Source: ANZ, Westpac Economics Source: Stats NZ, Westpac Economics Source: REINZ Sources: QVNZ, Westpac Economics Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Index = 100 in 2008 Index = 100 in 2008 Earlier policy changes dampened housing demand… New Zealand house prices by region (index) 220220 200200 180180 160160 140140 120120 100100 8080 Jan-08Jan-10Jan-12Jan-14Jan-16Jan-18 NZ ex Auckland and Canterbury Auckland Canterbury …but low mortgage rates starting to drive a pick up New Zealand house prices (nationwide, %) 2020 1515 1010 55 00 -5-5 -10-10 -15-15 2008201020122014201620182020 Forecast Labour market has tightened %Unemployment rate and wage growth (%)%yr 74.5 64.0 3.5 42.5 32.0 21.5 10.5 20052007200920112013201520172019 Unemployment rate (left axis) Labour Cost Index (right axis) Export prices rsteimll afiirnmfavourable IndexNZ export commodity price index (world prices)Index 450450 400400 350350 300300 250250 200200 150150 100100 5050 00 2006200820102012201420162018 DairyForestryMeat,skins & wool

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Appendix and Disclaimer 'll estpac GROUP

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Appendix 1: Cash earnings adjustments Appendix and Disclaimer 147 2H18 $m 1H19 $m 2H19 $m Cash earnings adjustment Description Reported net profit 3,897 3,173 3,611 Net profit attributable to owners of Westpac Banking Corporation Identifiable intangible assets arising from business acquisitions are amortised over their useful lives, ranging between four and twenty years. This amortisation (excluding capitalised software) is a cash earnings adjustment because it is a non-cash flow item and does not affect cash distributions available to shareholders. The last of these intangible assets were fully amortised in December 2017 Amortisation of intangible assets - - - Fair value on economic hedges (which do not qualify for hedge accounting under AAS) comprise: • The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting non-interest income is reversed in deriving cash earnings as they may create a material timing difference on reported results but do not affect the Group’s cash earnings over the life of the hedge; and The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed in deriving cash earnings as they may create a material timing difference on reported results but do not affect the Group’s cash earnings over the life of the hedge Fair value (gain)/loss on economic hedges (163) 125 (90) • The unrealised (gain)/loss on ineffective hedges is reversed in deriving cash earnings because the gain or loss arising from the fair value movement in these hedges reverses over time and does not affect the Group’s profits over time Ineffective hedges 4 (5) (15) Consistent with prior periods’ treatment, this item has been treated as a cash earnings adjustment given its size and that it does not reflect ongoing operations. The Group has indicated that it may sell the remaining 10% shareholding in Pendal Group Limited at some future date. From September 2018, this adjustment relates to the mark to market of the shares and separation costs related to the original sell down. Any future gain or loss on this shareholding will similarly be excluded from the calculation of cash earnings Adjustments related to Pendal Group (formerly BTIM) 73 5 40 Under AAS, Westpac shares held by the Group in the managed funds and life businesses are deemed to be Treasury shares and the results of holding these shares can not be recognised in the reported results. In deriving cash earnings, these results are included to ensure there is no asymmetrical impact on the Group’s profits because the Treasury shares support policyholder liabilities and equity derivative transactions which are re-valued in determining income Treasury shares 3 (2) 7 Cash earnings 3,814 3,296 3,553 Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Appendix 2: Sustainability Appendix and Disclaimer 148 Bloomberg Gender Equality Index Workplace Gender Equality LGBTIQ inclusion in the Index Awards Global ESG Leaders index 1 As at 30 September 2019, unless otherwise indicated. 2 Copyright ©2019 Sustainalytics. Data as at 31 October 2019. 3 The inclusion of WBC in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of WBC by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Inclusion and diversity recognition1 Included in the 2019 Employer of Choice by The Agency, held for 15 years Platinum status since 2018 for Australian Workplace Equality Sustainability indexes1 Australia’s most sustainable bank and a member of DJSI World, DJSI Asia Pacific, and DJSI Australia Indexes “Leader” ESG rating of 82, highest ESG rating and best ESG risk rating of major Australian banks2 Member of the FTSE4Good Index, of which Westpac has been a member for over 11 years, announced in June 2019 Member of the MSCI with “AA” score3 Member of the STOXX 2018/2019 Global ESG Leaders Indices for the sixth consecutive year Industry awards1 Received “B” rating in the 2018 CDP for our response to climate change, announced January 2019 Achieved highest ISS QualityScore for Environment and Social dimensions Rated Prime status of “C” by ISS ESG (formerly ISS-oekom) Received highest “Leading” rating for the 12th consecutive year for ESG Reporting in 2019 from the Australian Council of Superannuation Investors

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Appendix 2: Sustainability Appendix and Disclaimer 149 Founding bank of the PRBs, and first to report Signatory (2007) CEO Statement of Commitment (2015) Supporter (2015) Founding Adopter, Initiative related Financial Disclosures Signatory (2018) The Montreal Carbon Pledge Signatory (2002), Global Compact Network Australia Statement on Climate Change partnership with CDP Partner Corporate Member Signatory (2015) (for social enterprises) Founding signatory (2018) Since 2012 (for Indigenous owned businesses) (for women owned businesses) (2014) 1 As at 30 September 2019, unless otherwise indicated. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Key commitments and partnerships1 Principles for Responsible BankingPrinciples for Responsible InvestmentUN Sustainable Development GoalsParis Climate Agreement alignment with the draft Principles The Equator PrinciplesUN Environment Program FinanceFinancial Stability Board’s Task Force on Climate-Climate Action 100+ First Australian Bank (2003)Founding Member (1991)Align with and support RE100, an initiative of The Climate Group inCommitment to United Nations Global CompactGlobal Investor Coalition Member (2019)Founding Member (2009)Signatory (2014)Signatory (2014) Climate Bonds InitiativeCarbon Markets InstituteWe Mean Business CoalitionSocial Traders Member of Connect (2016) United Nations Tobacco-Free Finance pledge Carbon Neutral CertificationSupply NationWeConnect International Founding member (2016)

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Appendix 3: Definitions – Divisions Appendix and Disclaimer 150 Westpac Institutional Bank (WIB) delivers a broad range of financial products and services to commercial, corporate, institutional and government customers operating in, or with connections to Australia and New Zealand. WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge in financing, transactional banking, and financial and debt capital markets. Customers are supported throughout Australia as well as via branches and subsidiaries located in New Zealand, the US, UK and Asia. WIB is also responsible for Westpac Pacific currently providing a range of banking services in Fiji and PNG. WIB works with all the Group’s divisions in the provision of markets related financial needs including across foreign exchange and fixed interest solutions Consumer is responsible for sales and service to consumer customers in Australia. Consumer is also responsible for the Group’s insurance business which covers the manufacture and distribution of life, general and lenders mortgage insurances. The division also uses a third party to manufacture certain general insurance products. Banking products are provided under the Westpac, St.George, BankSA, Bank of Melbourne, and RAMS brands, while insurance products are provided under Westpac Life and BT brands. Consumer works with Business and WIB in the sales, service, and referral of certain financial services and products including superannuation, platforms, auto and foreign exchange. The revenue from these products is mostly retained by the product originators WIB Consumer Westpac New Zealand is responsible for sales and service of banking, wealth and insurance products for consumer, business and institutional customers in New Zealand. Westpac conducts its New Zealand banking business through two banks: Westpac New Zealand Limited, which is incorporated in New Zealand and Westpac Banking Corporation (New Zealand Branch), which is incorporated in Australia. Westpac New Zealand operates via an extensive network of branches and ATMs across both the North and South Islands. Business and institutional customers are also served through relationship and specialist product teams. Banking products are provided under the Westpac brand while insurance and wealth products are provided under Westpac Life and BT brands, respectively. New Zealand also maintains its own infrastructure, including technology, operations and treasury Business provides business banking and wealth facilities and products for customers across Australia. Business is responsible for manufacturing and distributing facilities to SME and Commercial business customers (including Agribusiness) generally for up to $150 million in exposure. SME customers include relationship managed and non-relationship managed SME customers (generally between $100k-$250k facilities). The division offers a wide range of banking products and services to support their borrowing, payments and transaction needs. In addition, specialist services are provided for cash flow finance, trade finance, automotive and equipment finance and property finance. The division is also responsible for Private Wealth and the manufacture and distribution of investments (including margin lending and equities broking), superannuation and retirement products as well as wealth administration platforms. Business operates under the Westpac, St.George, BankSA, Bank of Melbourne, and BT brands. Business works with Consumer and WIB in the sale, referral and service of select financial services and risk management products (including corporate superannuation, foreign exchange and interest rate hedging). The revenue from these products is mostly retained by the product originators Westpac NZ Business This segment provides centralised Group functions including Treasury, Technology and Core Support (finance, human resources etc.). Costs are partially allocated to other divisions in the Group, with costs attributed to enterprise activity retained in Group Businesses. This segment also reflects Group items including: earnings on capital not allocated to divisions, earnings from non-core asset sales, earnings and costs associated with the Group’s fintech investments and certain other head office items such as centrally raised provisions. Following the Group’s decision to restructure the Wealth business and to exit the Advice business in March 2019, the remaining Advice business (including associated remediation) and support functions of BTFG Australia has been transferred to Group Business Group Businesses or GBU Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Appendix 3: Definitions – Credit quality Appendix and Disclaimer 151 Includes facilities where: For financial assets where there has been a significant increase in credit risk since origination but where the asset is still performing a provision for lifetime expected losses is recognised. Interest revenue is calculated on the gross carrying amount of the financial asset Stage 2: Lifetime ECL – performing • contractual payments of interest and / or principal are 90 or more calendar days overdue, including overdrafts or other revolving facilities that remain continuously outside approved limits by material amounts for 90 or more calendar days (including accounts for customers who have been granted hardship assistance); or an order has been sought for the customer’s bankruptcy or similar legal action has been instituted which may avoid or delay repayment of its credit obligations; and the estimated net realisable value of assets / security to which Westpac has recourse is sufficient to cover repayment of all principal and interest, or where there are otherwise reasonable grounds to expect payment in full and interest is being taken to profit on an accrual basis. Stage 3 Lifetime ECL – non-performing For financial assets that are non-performing a provision for lifetime expected losses is recognised. Interest revenue is calculated on the carrying amount net of the provision for ECL rather than the gross carrying amount 90 days past due and not impaired • • Includes exposures that have deteriorated to the point where full collection of interest and principal is in doubt, based on an assessment of the customer’s outlook, cashflow, and the net realisation of value of assets to which recourse is held: These facilities, while in default, are not treated as impaired for accounting purposes • facilities 90 days or more past due, and full recovery is in doubt: exposures where contractual payments are 90 or more days in arrears and the net realisable value of assets to which recourse is held may not be sufficient to allow full collection of interest and principal, including overdrafts or other revolving facilities that remain continuously outside approved limits by material amounts for 90 or more calendar days; non-accrual assets: exposures with individually assessed impairment provisions held against them, excluding restructured loans; restructured assets: exposures where the original contractual terms have been formally modified to provide for concessions of interest or principal for reasons related to the financial difficulties of the customer; other assets acquired through security enforcement (includes other real estate owned): includes the value of any other assets acquired as full or partial settlement of outstanding obligations through the enforcement of security arrangements; and any other assets where the full collection of interest and principal is in doubt. Expected credit losses (ECL) are a probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant timeframe. They are determined by evaluating a range of possible outcomes and taking into account the time value of money, past events, current conditions and future Provision for expected credit losses (ECL) Impaired assets • economic conditions Loans not found to be individually impaired or significant will be collectively assessed in pools of similar assets with similar risk characteristics. The size of the provision is an estimate of the losses already incurred and will be estimated on the basis of historical loss experience for assets with credit characteristics similar to those in the collective pool. The historical loss experience will be adjusted based on current observable data. Included in the collectively assessed provision is an economic overlay provision which is calculate based on changes that occurred in sectors of the economy or in the economy as a whole. • Collectively assessed provisions (CAPs) • • Provisions raised for losses that have already been incurred on loans that are known to be impaired and are assessed on an individual basis. The estimated losses on these impaired loans is based on expected future cash flows discounted to their present value and, as this discount unwinds, Watchlist and substandard, 90 days past due and not impaired and impaired assets Individually assessed provisions Stressed assets Represents the sum of the committed portion of direct lending (including funds placement overall and deposits placed), contingent and pre-settlement risk plus the committed portion of secondary market trading and underwriting risk (IAPs) Total committed exposures (TCE) interest will be recognised in the income statement For financial assets where there has been no significant increase in credit risk since origination a provision for 12 months expected credit losses is recognised. Interest revenue is calculated on the gross carrying amount of the financial asset Stage 1: 12 months ECL – performing Watchlist and substandard Loan facilities where customers are experiencing operating weakness and financial difficulty but are not expected to incur loss of interest or principal Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Appendix 3: Definitions – Earnings, capital and liquidity Appendix and Disclaimer 152 As defined by APRA (unless stated otherwise). Tier 1 capital divided by ‘exposure measure’ and expressed as a percentage. ‘Exposure measure’ is the sum of on-balance sheet exposures, derivative exposures, securities financing transaction exposures and other off-balance sheet exposures Leverage ratio Average interest-earning assets (AIEA) The average balance of assets held by the Group that generate interest income. Where possible, daily balances are used to calculate the average balance for the period Assets (both on and off-balance sheet) are risk weighted according to each asset’s inherent potential for default and what the likely losses would be in case of default. In the case of non-asset-backed risks (ie. market and operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5 Cash earnings per ordinary share Cash earnings divided by the weighted average ordinary shares (cash earnings basis) Risk weighted assets or RWA Core earnings Net operating income less operating expenses Full-time equivalent employees (FTE) A calculation based on the number of hours worked by full and part-time employees as part of their normal duties. For example, the full-time equivalent of one FTE is 76 hours paid work per fortnight Committed liquidity facility (CLF) The RBA makes available to Australian Authorised Deposit-taking Institutions a CLF that, subject to qualifying conditions, can be accessed to meet LCR requirements under APS210 Liquidity Net interest margin (NIM) Calculated by dividing net interest income by average interest-earning assets High quality liquid assets Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the LCR (HQLA) Net tangible assets (total equity less goodwill and other intangible assets less minority interests) divided by the number of ordinary shares on issue (reported) Net tangible assets per ordinary share An APRA requirement to maintain an adequate level of unencumbered high quality liquid assets, to meet liquidity needs for a 30 calendar day period under an APRA-defined severe stress scenario. Absent a situation of financial stress, the value of the LCR must not be less than 100%, effective 1 January 2015. LCR is calculated as the percentage ratio of stock of HQLA and CLF over the total net cash out-flows in a modelled 30 day defined stressed scenario Liquidity coverage ratio (LCR) Weighted average Weighted average number of fully paid ordinary shares listed on the ASX for ordinary shares (cash earnings) the relevant period The NSFR is defined as the ratio of the amount of available stable funding (ASF) to the amount of required stable funding (RSF) defined by APRA. The amount of ASF is the portion of an ADI’s capital and liabilities expected to be a reliable source of funds over a one year time horizon. The amount of RSF is a function of the liquidity characteristics and residual maturities of an ADI’s assets and off-balance sheet activities. ADI’s must maintain an NSFR of at least 100% As defined by APRA (unless stated otherwise) Capital ratios Net stable funding ratio (NSFR) Internationally comparable regulatory capital ratios are Westpac’s estimated ratios after adjusting the capital ratios determined under APRA Basel III regulations for various items. Analysis aligns with the APRA study titled “International capital comparison study” dated 13 July 2015 Internationally comparable ratios Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Capital Liquidity Earnings Drivers

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Appendix 3: Definitions – Other Appendix and Disclaimer 153 3 month rolling Retail Market Monitor data (survey conducted by Camorra Research). Main bank customers are asked to rate the overall level of service they receive from their main bank on a scale of 1 (poor) to 5 (excellent). Results represent the % of customers who rate the service as either 4 (very good) or 5 (excellent), excluding “don’t know” Data based on DBM Consultants, Respondents aged 18+ and 12 month rolling. Wealth penetration is defined as the proportion of Australians who have a Deposit Product, Lending Product or Credit/Debit Card with a Banking Group and also have Managed Funds, Superannuation or Insurance with the same Banking Group. Note: Westpac and St.George use Managed Funds, Superannuation or Insurance with Westpac Group. CSat (Westpac NZ) Australian customers with wealth products metrics provider Australian consumer and business customers who have had an authenticated session (including Quickzone) on Westpac Group digital banking platforms in the prior 90 days Westpac includes Westpac and Challenge Bank. St.George includes St.George, BankSA, Bank of Melbourne, RAMS and Dragondirect. Westpac Group includes Westpac, Challenge Bank, St.George, BankSA, Bank of Melbourne, RAMS, Dragondirect, Advance Asset Management, Asgard, Bankers Trust, BT, Rothschild and Sealcorp. Peers includes: ANZ Group, CBA Group and NAB Group Digitally active Sales refers to digital sales of consumer core products only. Sales with a funded deposit or activation constitute a quality sale. Includes new American Express credit card sales Digital sales Branch transactions Branch transactions are typically withdrawals, deposits, transfers and payments Digital transactions including payment and transfers that occur on Westpac Live and Compass platforms (excludes payments on other platforms such as Corporate Online and Business Banking Online) Digital transactions The Customer Satisfaction score is an average of customer satisfaction ratings of the customer’s main financial institution for consumer or business banking on a scale of 0 to 10 (0 means ‘extremely dissatisfied’ and 10 means ‘extremely satisfied’) Customer satisfaction or CSat MFI share results are based on the number of customers who have a Main Financial Institution (MFI) relationship with an institution, as a proportion of the number of customers that have a MFI relationship with any institution MFI share CSat – overall business Source: DBM Consultants Business Financial Services Monitor, August 2017 – August 2019, 6MMA. MFI customers, all businesses Consumer MFI share Source: DBM Consultants Consumer Atlas, 6 months to August 2019. MFI customers Source: DBM Consultants Consumer Atlas, August 2017 – August 2019, 6MMA. MFI customers CSat – overall consumer Source: DBM Consultants Business Financial Services Monitor, 12 months to August 2019. MFI customers, Total SME businesses. Total SME businesses are those organisations with annual turnover under $5 million (excluding Agribusinesses) SME MFI share Source: DBM Consultants Business Financial Services Monitor, August 2017 – August 2019, 6MMA. MFI customers, Total SME businesses. Total SME businesses are those organisations with annual turnover under $5 million (excluding Agribusinesses) CSat –SME Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Appendix 3: Definitions – Other Appendix and Disclaimer 154 Source: DBM Consultants Business Financial Services Monitor, 12 months to August 2019. MFI customers, Commercial businesses. Commercial businesses are those organisations with annual turnover $5 million - $100 million (excluding Agribusinesses) Commercial MFI share NPS – overall consumer Source: DBM Consultants Consumer Atlas, August 2017 – August 2019, 6MMA. MFI customers Net Promoter Score measures the net likelihood of recommendation to others of the customer’s main financial institution for retail or business banking. Net Promoter ScoreSM is a trademark of Bain & Co Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. Using a 11 point numerical scale where 10 is ‘Extremely likely’ and 0 is ‘extremely unlikely’, Net Promoter Score is calculated by subtracting the percentage of Detractors (0-6) from the percentage of Promoters (9-10) NPS – overall business Source: DBM Consultants Business Financial Services Monitor, August 2017 – August 2019, 6MMA. MFI customers, all businesses Net Promoter Score or NPS SGB Brands (Consumer): St.George Bank, Bank of Melbourne, BankSA, RAMS, Dragondirect SGB Brands 6 month rolling Agri Market Monitor data (survey conducted by Key Research). Respondents are asked about likelihood to recommend their main business bank to business colleagues, friends or family on a scale of 1 (extremely unlikely) to 10 (extremely likely). Net Promoter Score is represents % of Promoters (recommend score of 9 or 10) minus % of Detractors (recommend score of 1 to 6) SGB Brands (Business): St.George Bank, Bank of Melbourne and BankSA NPS Agri (Westpac NZ) Westpac Group rank The ranking refers to Westpac Group’s position relative to the other three major Australian banking groups (ANZ Group, CBA Group and NAB Group) Source: 6 month rolling Business Finance Monitor data (survey conducted by Kantar TNS among businesses with an annual turnover of $5 to $150 million). Respondents are asked about likelihood to recommend their main business bank to business colleagues and associates on a scale of 1 (extremely unlikely) to 10 (extremely likely). Net Promoter Score is represents % of Promoters (recommend score of 9 or 10) minus % of Detractors (recommend score of 1 to 6) NPS Business (Westpac NZ) An internal based survey conducted by a third party agency that asks customers for feedback on the quality of the products, services and insights provided. Customers are surveyed a maximum of 2 times per year NPS – WIB Women in Leadership refers to the proportion of women (permanent and maximum term) in leadership roles across the Group. It includes the CEO, Group Executive, General Managers, senior leaders with significant influence on business outcomes,(direct reports to General Managers and their direct reports), large (3+) team people leaders three levels below general manager, and Bank and Assistant Bank Managers Source: 3 month rolling Retail Market Monitor data (survey conducted by Camorra Research). Respondents are asked about likelihood to recommend their main bank to family and friends on a scale of 1 (extremely unlikely) to 10 (extremely likely). Net Promoter Score is represents % of Promoters (recommend score of 9 or 10) minus % of Detractors (recommend score of 1 to 6) Women in Leadership NPS Consumer (Westpac NZ) Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Investor Relations Team Contact us 155 www.westpac.com.au/investorcentre Head of Investor Relations Director Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack Investor Relations Team Andrew BowdenNicole MehalskiAnnual reports Presentations and webcasts +61 2 8253 4008+61 2 8253 16675 year financial summary andrewbowden@westpac.com.aunicole.mehalski@westpac.com.auPrior financial results Jacqueline BoddyLouise Coughlan Director (Debt Investor Relations)Director +61 2 8253 3133+61 2 8254 0549 jboddy@westpac.com.aulcoughlan@westpac.com.au Danielle StockRebecca Plackett Senior ManagerSenior Manager +61 2 8253 0922+61 2 8253 6556 danielle.stock@westpac.com.aurplackett@westpac.com.au Or email: investorrelations@westpac.com.au

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Disclaimer 156 The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. Unless otherwise noted, financial information in this presentation is presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to Westpac’s 2019 Full Year Financial Results (incorporating the requirements of Appendix 4E) for the twelve months ended 30 September 2019 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to page 42 for an explanation of cash earnings and Appendix 1 page 147 for a reconciliation of reported net profit to cash earnings. This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’, or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control, and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those which we expect, depending on the outcome of various factors. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section titled ‘Risk factors' in Westpac’s 2019 Annual Report for the year ended 30 September 2019 available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The securities to be offered and sold under the capital raising have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or the securities laws of any state or other jurisdiction of the United States. The securities to be offered in the Placement may not be offered or sold, directly or indirectly, to any person in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. Securities to be offered under the SPP may not be offered or sold, directly or indirectly, to any person in the United States or any person that is acting for the account or benefit of a person in the United States. Westpac Group 2019 Full Year Results Presentation & Investor Discussion Pack

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Exhibit 2

Notification of dividend / distribution Notification of dividend / distribution Announcement Summary Entity name WESTPAC BANKING CORPORATION Security on which the Distribution will be paid WBC - ORDINARY FULLY PAID Announcement Type New announcement Date of this announcement Monday November 4, 2019 Distribution Amount AUD 0.80000000 Ex Date Tuesday November 12, 2019 Record Date Wednesday November 13, 2019 Payment Date Friday December 20, 2019 DRP election date Thursday November 14, 2019 17:00:00 Refer to below for full details of the announcement Announcement Details Part 1 - Entity and announcement details 1.1 Name of +Entity WESTPAC BANKING CORPORATION Registration Number 1.2 Registered Number Type ABN 1.3 ASX issuer code WBC 1.4 The announcement is New announcement 1.5 Date of this announcement Monday November 4, 2019 Notification of dividend / distribution 1 / 5 33007457141

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Notification of dividend / distribution 1.6 ASX +Security Code WBC ASX +Security Description ORDINARY FULLY PAID Part 2A - All dividends/distributions basic details 2A.1 Type of dividend/distribution Ordinary 2A.2 The Dividend/distribution: relates to a period of six months 2A.3 The dividend/distribution relates to the financial reporting or payment period ending ended/ending (date) Monday September 30, 2019 2A.4 +Record Date Wednesday November 13, 2019 2A.5 Ex Date Tuesday November 12, 2019 2A.6 Payment Date Friday December 20, 2019 2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable? Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity required before business day 0 of the timetable for the dividend/distribution. No 2A.8 Currency in which the dividend/distribution is made ("primary currency") AUD - Australian Dollar 2A.9 Total dividend/distribution payment amount per +security (in primary currency) for all dividends/distributions notified in this form AUD 0.80000000 2A.10 Does the entity have arrangements relating to the currency in which the dividend/distribution is paid to securityholders that it wishes to disclose to the market? Yes Notification of dividend / distribution 2 / 5

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Notification of dividend / distribution 2A.11 Does the entity have a securities plan for dividends/distributions on this +security? We have a Dividend/Distribution Reinvestment Plan (DRP) 2A.11a If the +entity has a DRP, is the DRP applicable to this dividend/distribution? Yes 2A.12 Does the +entity have tax component information apart from franking? Yes 2A.11a(i) DRP Status in respect of this dividend/distribution Full DRP Part 2B - Currency Information 2B.1 Does the entity default to payment in certain currencies dependent upon certain attributes such as the banking instruction or registered address of the +securityholder? (For example NZD to residents of New Zealand and/or USD to residents of the U.S.A.). Yes 2B.2 Please provide a description of your currency arrangements 2B.2a Other currency/currencies in which the dividend/distribution will be paid: GBP - Pound Sterling GBP NZD - New Zealand Dollar NZD 2B.2b Please provide the exchange rates used for non-primary currency payments 2B.2c If payment currency equivalent and exchange rates not known, date for information to be released Friday December 20, 2019 Estimated or Actual? Actual 2B.3 Can the securityholder choose to receive a currency different to the currency they would receive under the default arrangements? No Part 3A - Ordinary dividend/distribution 3A.1 Is the ordinary dividend/distribution estimated at this time? No 3A.1b Ordinary Dividend/distribution amount per security AUD 0.80000000 3A.1a Ordinary dividend/distribution estimated amount per +security AUD Notification of dividend / distribution 3 / 5 Not known at date of this announcement Details of dividend payment options for Westpac Ordinary Fully Paid Shares are available in Westpac's Investor Centre at http://www.westpac.com.au/about-westpac/investor-centre/dividend-information/dividend-payment/.

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Notification of dividend / distribution 3A.2 Is the ordinary dividend/distribution franked? Yes 3A.3 Percentage of ordinary dividend/distribution that is franked 100.0000 % 3A.4 Ordinary dividend/distribution franked amount per +security AUD 0.80000000 3A.6 Ordinary dividend/distribution unfranked amount per +security excluding conduit foreign income amount AUD 0.00000000 3A.7 Ordinary dividend/distribution conduit foreign income amount per security AUD 0.00000000 3A.2a Is the ordinary dividend/distribution fully franked? Yes 3A.3a Applicable corporate tax rate for franking credit (%) 30.0000 % 3A.5 Percentage amount of dividend which is unfranked 0.0000 % Part 3E - Other - distribution components / tax 3E.1 Please indicate where and when information about tax components can be obtained (you may enter a url). Part 4A - +Dividend reinvestment plan (DRP) 4A.1 What is the default option if +security holders do not indicate whether they want to participate in the DRP? Do not participate in DRP (i.e. cash payment) 4A.2 Last date and time for lodgement of election notices to share registry under DRP Thursday November 14, 2019 17:00:00 4A.4 Period of calculation of reinvestment price 4A.3 DRP discount rate 0.0000 % Start Date Monday November 18, 2019 4A.5 DRP price calculation methodology End Date Friday November 29, 2019 4A.6 DRP Price (including any discount): AUD 4A.7 DRP +securities +issue date Friday December 20, 2019 Notification of dividend / distribution 4 / 5 The average of the daily volume weighted average market price per Westpac Ordinary Fully Paid Share sold on the ASX and Chi-X during the 10 trading days commencing 18 November 2019, with no discount. A New Zealand imputation credit of NZD 0.07 per Westpac Ordinary Fully Paid Share will attach to the dividend.

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Notification of dividend / distribution 4A.8a Do DRP +securities rank pari passu from +issue date? Yes 4A.8 Will DRP +securities be a new issue? Yes 4A.9 Is there a minimum dollar amount or number of +securities required for DRP participation? No 4A.10 Is there a maximum dollar amount or number of +securities required for DRP participation? No 4A.11 Are there any other conditions applying to DRP participation? Yes 4A.11a Conditions for DRP participation 4A.12 Link to a copy of the DRP plan rules https://www.westpac.com.au/about-westpac/investor-centre/dividend-information/dividend-reinve stment-plan/ 4A.13 Further information about the DRP Part 5 - Further information 5.1 Please provide any further information applicable to this dividend/distribution 5.2 Additional information for inclusion in the Announcement Summary Notification of dividend / distribution 5 / 5 https://www.westpac.com.au/about-westpac/investor-centre/dividend-information/dividend-reinvestment-plan/ Participation in the DRP is restricted to shareholders who are resident in, and whose address on the register of shareholders is in, Australia or New Zealand.

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