Balance sheet remains strong 6 55 12 10 45 6 5 1 Common equity Tier 1 capital ratio on an APRA Basel III basis. 2 LCR is Liquidity coverage ratio, NSFR is Net stable funding ratio. Westpac Group 2018 Final Results Presentation & Investor Discussion Pack Stressed exposures to total committed exposure (%) 1.05 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 2.17 1.60 1.24 1.20 1.09 1.08 0.99 Aust/NZ 90+ day delinquencies (%) 2.4 Aus mortgages 2.0 1.6 1.2 0.8 0.4 0.0 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 NZ mortgages Aus unsecured consumer NZ unsecured consumer Common equity Tier 11 (ratio % and $bn) $bn Ratio (%) 10.6 10.6 11 50 9.1 9.0 9.5 9.5 9 40 8 35 7 30 25 20 4 15 3 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 45 8.2 43 39 34 30 28 25 Liquidity ratios2 (%) LCR NSFR Mar-17 Sep-17 Mar-18 Sep-18 134 133 125 124 114 112 109 108

Divisional performance 7 Business Bank 8 BT Financial Group (12) (6) Institutional Bank • Margins well managed (up 6bps) New Zealand (NZ$) 5 Westpac Group 2018 Final Results Presentation & Investor Discussion Pack Cash earnings by division FY18 - FY17 (% change) • Good volume growth offset by margin pressure (down 7bps) Consumer Bank-• Margins lower from mortgage spreads, funding costs • Expenses up 5% reflects remediation and investment • Core earnings up 5%, good fee growth, margins well managed • Impairments down from lower write-offs • Growth in insurance and private wealth offset by lower advice revenue and provisions for remediation • Positioning business for new environment – reduced platform fees, run-down of legacy products Westpac• Revenue impacted by lower markets income and fewer large transactions • Business performing well after phase 1 of restructuring • Good growth, margins up and expenses down

2. Momentum in customer franchise1,2 10 250k new Panorama pricing model 80% of SME loans originated online via LOLA and DriveOnline platforms Service quality Promoter Score Consumer Bank #2 Bank #1 73% sentiment ps Uplift in outbound contact by bankers 1 See page 148 for definitions. 2 Growth FY17 to FY18. Digital/branch metrics are 2H18 on 2H17. 3 Excludes mortgages. Westpac Group 2018 Final Results Presentation & Investor Discussion Pack Cost to serve Customer retention Business Emp loyee • • Improved complaints handling • Launched life events marketing • Call centre wait time down ~ two thirds • Branch transactions down 7% • Digital now >30% of sales3 • ~1 billion mobile logins • 48% of accounts receive e-statements, up 5p New customers Depth of relationship • Australian banking customers reached 11m, to bank • Consumer transaction balances up 6% • Doubled investors on Panorama 31% rise in Advisers using Panorama Net • New • Presto fo • r merchants a new payment/cash flow solution • New digital banking services: -Siri, Alexa, and Google Assistant -Beem It mobile payments app -Digital mortgage application

3. Structural cost reduction: $304m in 2018 12 120 APIs in use 1 Excluding BT. 2 See page 148 for definitions. Digital metrics are 2H18 vs 2H17 unless stated. Westpac Group 2018 Final Results Presentation & Investor Discussion Pack SimplifyProduct rationalisation • 35 products1 closed or exited Process simplification • Four of six key home loan processes automated $180m Operating model changes • Better alignment of bankers with customers DigitiseReplace paper • 48% of accounts now on e-statements Digital self service and sales2 • Digital transactions up 10% $61m and ATM rationalisation • 47 branches closed, 443 fewer ATMs for the Group ModerniseCustomer Service Hub (CSH) • Pilot launched CSH in Westpac (proprietary channels) echnology modernisation • Private cloud in place; 69 applications removed, $63m optimisation • Around 180 contract re-negotiations/reviews

Significant progress on technology transformation 13 2018 2019 2020+ Brokers Consolidate more payment types onto the common payments platform Build out and re-use APIs Integrate more data; extend analytics use cases Continue to enhance cyber security controls Migrate more applications and data to cloud Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Private cloud established Dual site offsite private cloud live Infrastructure Transformation Infrastructure Capability upgrade Cyber Security Extend functionality, decommission old, roll out globally New HR system live for Aust. Rolling out new desktop People Management Improve resilience and scalability Big data platform live Big Data Platform Staff enablement API Platform launched API platform migrated to dual site cloud Westpac Digital Platform Roll out to Westpac brand Extend to all regional brands New Payments Platform Superannuation and wrap platforms migrated to Panorama BT Cash Mgmt launch (Panorama) Corporate Super launch Wealth Platforms Customer Roll out to Mortgage Pilot Roll out to Westpac brand (early 2019) and St.George (late 2019) Extend across other products/services Customer Service Hub

Australian mortgage growth moderating 18 Mortgage portfolio flow composition (%) 1H17 2H17 1H18 2H18 Owner occupied growth 3 4 3 3 4 1 1 Investor growth 3 Basic (% of flow) 22 14 20 29 Fixed rate (% of flow) 23 36 30 23 New mortgage lending dynamics (%) 1H18 2H18 Approvals/Applications 93 93 No. of new loans (change HoH) -10 -5 Average loan size (change HoH) 6 1 New lending (change HoH)2 -5 -4 1 I/O is interest only mortgage lending. P&I is principal and interest mortgage lending. 2 New lending by amount drawn. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian mortgages ($bn) and mix (%) 3.2% 2.4% 1.7% $414 $427 $437 $445 % of portfolio Line of credit P&I¹ I/O¹ 5 56 45 49 61 50 46 40 35 Mar-17 Sep-17 Mar-18 Sep-18 Interest only book down $53bn since Mar-17: • Lower I/O flows (19% of 2H18 new flow) • Switching to P&I ($51bn over 18 months) • I/O repayments (11% of balances)

Credit quality sound 23 New Zealand dairy of stressed 1.09 1.08 1.05 0.0 1 TCE is total committed exposure. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 Agri, forestry & fishing Wholesale & retail trade Property Services Property services & business services Construction Manufacturing Transport & storage Accommodation, cafes & restaurants Other Mining Stressed assets as a % of TCE1 3.20 Watchlist & substandard 90+ day past due and not impaired Impaired 2.48 2.17 1.60 1.24 1.20 2.07 0.46 0.67 1.45 0.41 0.62 1.24 0.35 0.58 0.85 0.31 0.44 0.71 0.99 0.54 0.260.25 0.270.20 0.65 0.56 0.330.34 0.220.15 0.57 0.37 0.15 0.55 0.39 0.14 Corporate/business stressed exposure by sector ($bn) 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 improvement Two names into stressed Two names out

Australian mortgages performing well 24 Customers ahead of repayments 70% 68% 69% 1 Including offset balances. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Property in possession (number) 437 WA QLD Other Mar-17 Sep-17 Mar-18 Sep-18 382 129 398 396 135 152 127 146 122 128 103 162 141 141 127 Australian mortgage portfolio characteristics Sep-17 Mar-18 Sep-18 30+ day delinquencies 130bps 144bps 140bps 90+ day delinquencies 67bps 69bps 72bps 1 Dynamic LVR (weighted average) 52% 52% 54% Australian mortgage portfolio delinquencies (%) 3.0 90+ day past due 2.0 1.0 0.0 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 90+ day past due investor 30+ day past due Introduced new hardship treatment Australian mortgages 90+ day delinquencies by State (%) 3.0 2.0 1.0 0.0 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 NSW/ACT VIC/TAS QLD WA SA/NT ALL Introduced new hardship treatment

Well collateralised mortgage portfolio 25 by origination date and dynamic LVR2 (%) 1 Analysis based on a portfolio of residential mortgages. Some mortgages not included as they were originated on different systems and have some data differences i.e. RAMS, certain business mortgages (including construction) and SMSF loans. 2 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, estimated changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 3 Changes in house prices based on house price indicies (and average not separate valuations) Source: Westpac Economics, CoreLogic. All dwellings Australia - average 8 major capital cities. Prices to September 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian housing LVRs (%) Portfolio LVR at origination 80% of portfolio 49 54 0<=60 60<=70 70<=80 80<=90 90<=95 >95 Portfolio dynamic LVR 90% of portfolio 57 712 0<=60 60<=70 70<=80 80<=90 90<=95 >95 16 17 17 14 11 Australian mortgages1 2015 commenced tighter lending standards Dynamic LVR bands (% of total) >80 60-80 <=60 <2011 2011-2014 2015+ % of total portfolio 17% 24% 59% Interest rate floor (%) 6.80 6.80 7.25 Interest rate buffer (%) 1.80 1.80 2.25 Average house price changes3 At least 33% 19% - 42% (4%) – 18% 6 8 14 14 23 45 80 69 41

CET1 ratio 10.6% 27 APRA APRA earnings dividend RWA movements RWA model $566m CPS investments translation APRA Int. Comp. introduction related to credit of $1.65bn • Proforma CAP2 to Credit RWA rises to 99bps (from and capital deductions 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 2 Collectively assessed provision balance. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Impact of AASB 9 on capital 4.7 • Minimal (<1bps) impact on capital from AASB 9 • Expect ~$974m lift in accounting provisions • New provisions below current capital deductions Accounting capital AASB 139 provisions New AASB 9 provisions 30 Sept 2018 1 Oct 2018 73bps) REL 4.0 3.1 Stage 1 CAP Stage 2 Stage 3 IAP CET1 capital ratio (% and bps) 16.14 Organic +20bps Other -7bps 10.56 10.50 90 (68) 3 (5) (30) 14 5 4 10.63 Higher RWA for operational risk and mortgages Up 13 basis points Sep-17 Mar-18 Cash Final Ordinary Other capital Impacts of Residual Exit of FX Sep-18 Sep-18 1 (net of DRP) growth changes converted impact

WBC listed on ASX & NZX Westpac Group at a glance: Australia’s First Bank Strategy 34 Pacific wealth administration Key statistics at 30 September 2018 Customers Key financial data for Full Year 2018 Reported net profit after tax 14.2m $8,095m Australian household deposit market share5 23% Cash earnings $8,065m Australian mortgage market share6 Expense to income ratio9 23% 43.7% Australian business credit market share6 19% Common equity Tier 1 capital ratio (APRA basis) 10.6% New Zealand deposit market share7 Return on equity9 18% 13.0% New Zealand consumer lending market share7 19% Total assets $880bn Australian wealth platforms market share8 19% Market capitalisation10 $96bn 1 30 September 2018 Source: S&P Capital IQ, based in US$. 2 Credit Suisse analysis of expense to income ratio of world’s largest banks October 2018. 3 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. S&P Global Ratings has Westpac on a negative outlook, Moody’s Investor Services and Fitch Ratings have Westpac on a stable outlook. 4 A member of banking sector leadership group DJSI World, since 2002. Ranked leader in Sustainalytics ESG Rating. 5 APRA Banking Statistics, September 2018 6 RBA Financial Aggregates, September 18. 7 RBNZ, September 2018. 8 Strategic Insights June 2018, All Master Funds Admin. 9 Cash earnings basis. 10 Based on share price at 28 September 2018 of $27.93. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack • In its 202nd year, Australia’s first bank and first company, opened 1817 Consumer Business BT Financial Institutional Westpac • Australia’s 2nd largest bank and 20th largest bank in the world; Bank Bank Group Bank New Zealand ranked by market capitalisation1 • Well positioned across key markets with a service-led strategy focused on customers • Supporting consumers and businesses in Australia and New Zealand and customers with ties to these markets • Unique portfolio of brands providing a full range of financial services including consumer, business and institutional banking, and • One of the most efficient banks globally2 • Consistent earnings profile over time • Capital ratios are in the top quartile globally, with sound credit quality • Credit ratings3 AA-/ Aa3 / AA-• Leader in sustainability4

Progress on our strategic agenda Strategy 35 Our Vision: To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow Strategic Priorities Service Leadership Performance Discipline Digital Transformation Targeted Growth Workforce Revolution Cost growth 2-3% per annum and expense to income ratio below 40% In FY19, aiming for 1% reduction in costs2 Employee engagement in top quartile of high performing norms, women in leadership1 50% Seeking to achieve 13-14% ROE (medium-term) Grow customer base and deepen relationships Stronger growth in wealth and SME Measures Expenses up 5% 8 Funds up 7% 9 Women in Customer numbers Leadership 50% 9 9 9 (continuing up 2% Customers with (3% excluding 9 Progress FY18 ROE 13.0% businesses) SME lending 9 up 3% infrequent items3) Employee sentiment 73%3 Down 77bps 9 a wealth product1 Expense to income down 1ppt 8 ratio 43.7% 8 1 Refer pages 148 & 149 for metric definitions. 2 Excluding changes in remediation related costs and the impact of new accounting standards. 3 Infrequent items include Hastings exit costs and provisions for estimated costs associated with customer payments and refunds and litigation settlements. 3 Employee engagement is surveyed every two years. In 2017, employee engagement was 79%. Employee sentiment survey conducted monthly. The six month rolling average of sentiment has been stable at 73% through the year. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Rebuilding trust Strategy 36 monthly credit card repayment is due cards and block transactions to gambling firms down large items on their credit card into - Westpac Lite a “no frills” credit card partnership with Alzheimer’s Australia retail customers lose money through no fault of lending to farmer and agribusiness customers - Centralising complaints resources complaints handling - Complementing the work of Customer 1 Australian Banking Association. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Delivering for customers • Helping customers manage their finances - Ability to reduce credit card limit online - Enabling alerts via SMS or email 5 days before - Ability to restrict debit transactions on credit - Introduced Westpac SmartPlan, a structured repayment plan, enabling customers to break regular monthly instalments • Helping customers in times of need - Over 37,000 customers in hardship supported with financial assistance packages - Introduced dementia-friendly banking in - Fraud guarantee; monitor fraud and fix it when their own - $100m Drought Assistance Package to support • Enhancing complaints management - Strengthening policy and process around - Reducing long-standing matters Advocate Get it Right. Put it Right • Dedicated initiative to identify where we may not have got it right, and where problems are identified we fix them • Empowering employees to fix issues directly • Progressing a number of programs to improve products, policies, and procedures for customers. Changes implemented include: - Simplified and lowered fees for personal transaction accounts - Introduced simplified mortgage package product - Reduced FX fees for online payments - Updated credit policies around living expenses and commitments - New, shorter, plain-English loan documents and strengthened protections under small business contracts - Introduced least-cost routing on payment terminals for business customers - Removal of grandfathered commissions payments to salaried financial planners - Introduced simplified and lower pricing schedule for Panorama (funds administration platform) - Pricing and underwriting changes to life insurance, including applying minimum medical definitions to all products, including those no longer on sale Completed ABA1 six point plan 1. Reviewing product sales and commissions for bank staff - Sales incentives removed for tellers - Removed product sales targets for personal bankers 2. Making it easier for customers when things go wrong - Created a new division, Customer and Corporate Relations (Jul 18). To centralise and improve complaints management processes, solve issues faster, and better identify root-causes - Customer advocate appointed (Nov 16) - Prioritising long-dated complaints - Updated customer remediation policy and governance 3. Reaffirming support for whistleblowers - Updated whistleblowing policy (Nov 18) 4. Removing individuals from the industry for poor conduct - Implemented Conduct Background Checking Protocol, and consequence management framework 5. Strengthen commitment to customers in the Banking Code of Practice - Revised Banking Code of Practice approved July 2018 - Committed to implementing within 12 months of approval 6. Supporting ASIC as a strong regulator - New funding model in place

Building the franchise Strategy 37 - 16.1% CET1 capital ratio new issuance 1 RBA Financial Aggregates, September 18. 2 APRA Banking Statistics, September 2018. 3 Refer page s 148 & 149 for metric definitions and details of metric provider. 4 Strategic Insights June 2018, All Master Funds Admin 5 RBNZ, September 2018. 6 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. S&P Global Ratings has Westpac on a negative outlook, Moody’s Investor Services and Fitch Ratings have Westpac on a stable outlook. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Strong balance sheet • APRA - 10.6% CET1 capital ratio - 5.8% leverage ratio • Internationally comparable - 6.5% leverage ratio • 63% deposit funded • 133% LCR and 114% NSFR • 6.5 years weighted average maturity for • SEC registered • AA-/Aa3/AA-credit rating6 Supporting customers via digital Australia • 4.8m active digital customers • 3.5m active mobile users • 3.8m daily mobile app logins • 9.4m accounts on digital mail • 1.8m digital transactions daily • Australia first to enable Siri voice banking including payment • Australia first to enable mobile cheque deposit New Zealand • 0.8m active digital customers • 0.6m active mobile users • 0.5m daily mobile app logins • # 1 Canstar’s 2018 Bank of the Year for Everyday Banking (third year in a row) Targeted growth Australia • # 2 in mortgage market share1 (23%) • # 2 in credit card market share2 (23%) • # 2 in household deposit market share2 (23%) • #2 MFI consumer market share3 (17%) • #2 MFI SME market share3 (21%) • #2 MFI commercial market share3 (25%) • #1 in platform new flow4 (20%) • #1 in platform funds under administration4 (19%) New Zealand • # 3 in home loan market share5 (19%) • # 2 in deposits5 (18%)

What sets Westpac apart Strategy 38 peers 0.20 Peer 1 Peer 2 Peer 3 WBC 30.2 29.9 29.3 1 Peer 1 and 2 are on continuing operations basis, Peer 3 excludes restructuring expenses. Peers based on FY18 results as reported. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Sustainability leadership • Australia’s first bank and first company, opened 1817 • First Australian bank to: - Sign Equator Principles 2003 - Commit to 2 degree economy 2014 - Publicly support TCFD recommendations 2017 • Foundation member of UNEP FI’s Principles for responsible banking 2018 • Member of global banking leadership group in Dow Jones Sustainability Index since 2002, sector leader 10 times, ranked #17 in 2018 Conservative balance sheet • Strong credit quality with lowest Impaired assets to gross loans1 (%) impaired assets of peers 0.42 • Provision cover at upper end of • Balance sheet weighted to mortgages • Capital ratios at top end of banks globally Capitalised software average amortisation period1 (years) • Disciplined amortisation of 5.5 capitalised software • Only Australian Bank SEC registered – Sarbanes Oxley certification Peer 1 Peer 2 Peer 3 WBC Effective tax rate1 (%) 30.8 Peer 1 Peer 2 Peer 3 WBC 4.3 3.1 3.2 0.33 0.26 Strong strategic position – consistent strategy • No. 1 or 2 position across key markets – all divisions well placed • Unique portfolio of brands, reaching more customers • Strategic position in wealth with a comparative advantage in platforms • No material non-core businesses • Highly experienced executive team

Cash earnings and reported net profit reconciliation Results 41 Reported net profit and cash earnings adjustments ($m) FY17 FY18 Reported net profit 7,990 8,095 Amortisation of intangible assets 137 17 Fair value (gain)/ loss on economic hedges 69 (126) % chg FY18-FY17 Reported net profit and cash earnings ($bn) % chg 2H18-1H18 Ineffective hedges 16 13 FY18 ($m) Reported profit 8.0 Cash earnings 8.0 8.1 8.1 8.1 Adjustments related to Pendal Group (formerly BTIM) Cash earnings 8,065 - (10%) (171) 73 Cash EPS (cents) 236.2 (1%) (11%) Treasury shares 21 (7) Reported net profit 8,095 1% (7%) Cash earnings 8,062 8,065 Reported EPS (cents) 237.5 - (8%) 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 142. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 7.6 7.6 7.8 7.8 7.4 FY14 FY15 FY16 FY17 FY18 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 Westpac Group believe do not reflect ongoing operations - 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

FY18 financial snapshot Results 42 Earnings per share (cents) 236.2 (1%) (11%) (CET1) capital ratio (APRA basis) (%) Core earnings ($m) 12,365 (1%) (10%) (Internationally comparable2) (%) Cash earnings ($m) 8,065 - (10%) Credit quality Impairment charges to average gross loans Net stable funding ratio (%) 114 5ppts 2ppts Liquidity coverage ratio (%) 133 9ppts (1ppt) 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 2018 Full Year Results Presentation & Investor Discussion Pack Change Change Change Change FY18 FY18 – FY17 2H18 – 1H18 FY18 FY18 – FY17 2H18 – 1H18 Earnings1 Balance sheet Total assets ($bn) 879.6 3% 1% Common equity Tier 1 10.63 7bps 13bps CET1 capital ratio 16.14 (6bps) 1bp CET1 capital ($bn) 45.2 6% 4% Return on equity (%) 13.0 (77bps) (188bps) Risk weighted assets ($bn) 425 5% 2% Dividend (cents per share) 94 - - Loans ($bn) 709.7 4% 1% Expense to income ratio (%) 43.7 143bps 393bps Customer deposits ($bn) 517.8 6% 3% Net interest margin (%) 2.11 2bps (12bps) Net tangible assets per share ($) 15.39 5% 3% Funding and liquidity Customer deposit to loan ratio (%) 73.0 190bps 137bps (bps) 10 (3bps) (2bps) Impaired assets to gross loans (bps) 20 (2bps) (2bps) Impaired provisions to impaired assets (%) 46.1 (18bps) 58bps Total liquid assets3($bn) 153.7 12% 4%

Cash earnings impacted by infrequent items of $281m in 2H18 Performance discipline 43 new IAPs2 (54) margins up 2bps 8,062 143 8,065 16,339 4 (3) income certain ATM and transaction fees, card spending, the exit of Hastings, the customer refunds and payments. Partly offset by customer refunds and payments Provision for costs associated with implementing customer spreads and higher short-term funding costs (88) (278) partly offset by higher Hastings for consumer portfolios and NZ dairy income income charges 1 Average interest-earning assets. 2 Individually assessed provisions. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Cash earnings features of FY18 – FY17 ($m) AIEA1 up 3%, Lower 635 (240) (481) Lower markets income, fees from removing Costs higher from investment interchange fees, and a rise in provisions for Royal Commission and implementing higher Hastings revenue and business fees Flat FY17 Net interest Non-interest Expenses Impairment Tax & NCI FY18 income income charges Cash earnings features of 2H18 – 1H18 ($m) AIEA up 2%, margins down 12bps from lower loan refunds and payments and litigation, the write-off of 4,251 (263) goodwill in Hastings and higher investment spending 76 116 3,814 Provisions for customer refunds and payments and lower markets income, Lower collectively assessed provisions revenue and business fees Down 10% 1H18 Net interest Non-interest Expenses Impairment Tax & NCI 2H18 % Change % Change FY18 FY18 – 2H18 – $m FY17 1H18 Net interest Non-interest income 5,612 (4) (3) Expenses (9,586) 5 6 Core earnings 12,365 (1) (10) Impairment charges (710) (17) (19) Tax and non-controlling (3,590) 2 (6) interests Cash earnings 8,065 - (10) Reported net profit 8,095 1 (7)

Divisional contributions Performance discipline 44 term wholesale funding remediation Other2 2H18 ($m) CB BB BTFG WIB NZ Group Operating income 4,077 2,644 1,043 1,548 1,091 397 10,800 Expenses (1,812) (946) (690) (771) (431) (282) (4,932) Core earnings 2,265 1,698 353 777 660 115 5,868 Impairment (charges)/benefits (218) (154) (3) 21 22 15 (317) Tax & non-controlling interests (624) (465) (109) (263) (189) (87) (1,737) Cash earnings 1,423 1,079 241 535 493 43 3,814 % of Group cash earnings 37 28 6 14 13 2 1 Refer to division definitions, page 145. 2 Other is Group Businesses (including Treasury). Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H18 divisional1 core earnings movements ($m) Impacted by higher short Impacted by customer 6,497 (422) and customer remediation 28 22 5,868 1H18 CB BB BTFG WIB NZ Other 2 2H18 18 (229) (46) Down 10% 2H18 divisional1 cash earnings movements ($m) 4,251 (294) (16) 1H18 CB BB BTFG WIB NZ Other 2 2H18 (1) (163) 52 (15) 3,814 Down 10%

More customers, deeper relationships and strong balance sheet Service leadership 45 and capital ($bn) 8.2 128.8 121.4 15 Sep-16 Sep-17 Sep-18 Wholesale Onshore >1yr 1 Australian banking refers to Consumer Bank and Business Bank. 2 Australian retail refers to Consumer Bank, Business Bank and Private Wealth. 3 WIB includes Group Businesses. 4 In A$. 5 Refer to page 148 for details of metric provider. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Maintain balance shee CET1 capital ratio (%) 9.1 9.0 9.5 Sep-12 Sep-13 Sep-14 Sep-Funding composition by r t strength 10.6 10.6 9.5 esidual maturity (%) Wholesale Onshore <1yr Wholesale Offshore <1yr Wholesale Offshore >1yr Securitisation Equity Customer deposits 11 1 11 1 8 8 10 1 62 63 5 44 Sep-08 Sep-17 Sep-18 16 20 5 8 6 8 45 43 39 34 30 28 25 Deepen relationships Transaction account balances ($bn) 2 3 4 Australian retail WIBNew Zealand 152.1 139.0 Sep-15 Sep-16 Sep-17 Sep-18 Australian customers with a wealth product5 (%) Peers St.GeorgeWestpac 20.3 18.9 17.8 12.5 11.0 Sep-16 Sep-17 Sep-18 Grow customers Customer numbers (#m) Australian banking1 BT and WIB New Zealand 13.2 13.4 13.9 14.2 Sep-15 Sep-16 Sep-17 Sep-18 Increase in customer numbers (#’000’s) 460 FY15 FY16 FY17 FY18 348 256 213 1.4 1.4 1.3 1.4 1.7 1.7 1.6 1.6 10.8 11.1 10.3 10.4

Workforce revolution delivering Workforce revolution 47 Executive Leadership through the AGSM completed by employees via LearningBank, our modes is rapidly changing, combining classroom, performance management called 1 The 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 149 for metric definition. 3 Lost time injury frequency rate. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Women in Leadership positions2(%) Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 50 50 48 46 44 Employee culture and engagement • Employee engagement is surveyed every two years. In 2017, employee engagement was 79% • Monthly survey of employees conducted The six month rolling average of sentiment has been stable at 73% through the year Culture Index1, with the index six month rolling average stable at 73%. Results suggest confidence in employees feeling safe to speak up and that action will be taken if an issue or risk is raised • A culture assessment against our values, is now mandatory in recruitment process LTIFR3 (rolling 12 months) (#) 1.10 0.80 0.80 0.60 0.39 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Learning and development • Over 1,240 leaders have participated in leadership development programs during 2018, with 853 leaders now qualified for the Certificate of • During 2018, 116,000 courses have been online learning platform. The mix of learning online, mobile, and on-the-job experiences • New ‘behaviours-first’ approach to “Motivate” now covers all employees Service leadership - Navigate • The majority of Australian employees have participated in the Navigate program. Bringing together our vision, values, service standards, and code of conduct. The program sought to improve clarity around ethical behaviour and treatment of customers • Introduced ‘Our Compass’ providing our people with a consistent understanding of expectations covering our code of conduct, values, service promise and vision Simplification • Enhanced controls and streamlined critical risk and culture checks for all new employees • Digitised the onboarding experience for new employees, reducing the time for new employees to become fully productive and saving time for people leaders. New employee satisfaction with induction experience is now 97%

Reinventure – Investing in new fintech businesses1 Digital transformation 48 Westpac has increaseWd eits cpoamc misitamcetnivtetolyfirnetsepcohnvdeinntgurteocdapigitiatal lfuthnrde, aRtesinavnedntouprep,otrotu$n15it0iems2.. Reinventure enables WWesetpeanccto arcacgeessdingsitiaglhitnsnaonvdaatdiojanctehnrtobuugshiniensvseosptipnogrtiunnviteienst.uTrheecmapoidtael,aplsaorthneelrpsshWipesstapnadc dtoirseocut ricnevecosmtmmeenrtcsia. l Westpac can learn pdairretncetrlyshainpsd tghatncraecactesvsaltuoe efomrecrugsitnogmfeinrstech developments. New business models New technology capabilities Data, AI and analytics Enterprise cyber security company that protects businesses from malicious bot attacks 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 Peer-to-peer (P2P) online lending platform connecting borrowers and investors Provides a comprehensive cloud-based human resources and employee benefits platform to streamline HR processes Enabling software development teams to scale processes and improve code quality Open Banking API platform that provides connectivity to over 100 financial sources across Australia and NZ A fund of funds for cryptocurrency and blockchain technology A trust framework and secure platform that allows users to exchange data safely and securely Helps home sellers make decisions about who they choose to sell their property BRICKX enables the purchase of residential property, one ‘brick’ at a time Connects ordering apps, payment devices, loyalty and reservations platforms to any point of sale A single platform for verifying and digitising employee certifications, accreditations and qualifications A business loan marketplace that matches SMEs to the best lender based on their characteristics and needs 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 Digitised debt collection, leveraging modern communications, automation and machine learning Uses data to shed light on high volume crimes, improving prevention and detection Smart receipts that automatically link purchase receipts to customers’ bank accounts A global big data, business intelligence and enterprise data warehousing company A payment app for customers when dining out or grabbing a coffee on the go Standardises mobile forms into an easily readable format and fillable at the tap of a button A bitcoin wallet and platform 1 Logos are of the respective companies. 2 Increase of $50m in FY18. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

New digital offers for customers1 Digital transformation 49 Examples of how Westpac and Reinventure’s investments are delivering Delivered Presto Smart for Westpac customers 2 Investing in merchant propositions • 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 the home ownership ecosystem 3 Strategic investment in OpenAgent • Bringing new capability to Australian property buyers, sellers and investors Leveraging Data Republic to accelerate data sharing opportunity and manage risk 6 5 4 Investing in data, AI and analytics • Powered 12 new data partnerships, developed 15 data products and launched 8 new start-ups via the FUELD accelerator 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. 6 FUELD is a data accelerator which aims to bring together businesses with data-based companies to solve real world problems. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Customer Service Hub Starting with a new mortgage experience Digital transformation 50 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 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 50% reduction in customer documents, faster time to conditional approval 1.7x to 1.2x reduction in costs. Single platform across multiple brands 10% more of customer’s lifestyle and protection needs met 25% reduction in the cost of mortgage origination 25% reduction in banker time spent processing Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Leading to: Capabilities to be delivered Strategy

Customer Service Hub pilot now, roll out 2019 Digital transformation 51 One location for everything Application tracking process Better customer conversations • Dashboard currently in use to bring together tasks, applications, opportunities and customer information into one location As a result, bankers spend less time searching for information • Customer conversations made easier with single view of application status; automatic data population across systems; a combined credit and verification decision resulting in quicker and consistent decisions • Greater visibility on how applications are progressing; 70% fewer manual tools • Customer access via any channel Customer application and settlement tracker Digitising the process for customers An integrated customer experience in branch, online or by phone A transparent customer experience Meeting today’s customers’ expectations • Automatically generated loan documents Loan offer review and accept online Upload verification documents anywhere, anytime from any device Simplified documents in plain-English • Customers can track an application 24/7 Simple step-by-step processes to complete application Personalised alerts and notifications Automated, trackable settlement process • Application can be started in any channel and picked up and continued in any other channel Information only provided once For existing customers, pre-population of personal information • • • • • • • • Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Improved banker experience Enhanced customer experience

Digital supporting productivity Digital transformation 53 Connect usage (000's)1 491 1 Connect usage for 1H17 is St.George only. 2 Self-service usage for 2H18. 3 Digital Mail launched in March 2018 for St.George, April 2018 for Westpac. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Calls reduced and time saved Paper and postage saved Calling through our ‘Connect’ feature Digital Mail • More customers are initiating calls as authenticated • Customers can receive their documents faster, and customers through ‘Connect’ in the mobile app. Results in a access them anywhere, anytime saving of ~60-90 seconds per call • Also reduces postage and paper usage, and provides a record of customer communication • 9.4m accounts have switched to Digital Mail since launch in 20183 1H17 2H17 1H18 2H18 Accounts with e-statements (%) • When a digital self-service feature is available 35% of customers elect to self-service2 e-statements Paper Customers electing self-service (000's) 174 114 1H17 2H17 1H18 2H18 Mar-17 Sep-17 Mar-18 Sep-18 141 15 64 57 55 52 48 43 45 36 409 282 66

Helping customers via digital Digital transformation 55 Apply for a home loan online (St.George brands only) Support customers overseas Making payment easier See transactions in real time • App to support customers travelling overseas including a currency converter, access to emergency contacts and information on our global ATM alliance • Customers with a Handycard or Debit MasterCard can see merchant transaction details immediately • Applications can be completed online or via mobile with specialist support available via live chat Personalised pricing and valuations available Customers can stop and re-start the process at any time • Just Beem It! Westpac collaboration with two other major banks on a mobile payment app Allows any customer with a debit card (regardless of their bank) to pay and get paid securely, in real-time • • • Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Continued sustainability leadership Sustainable futures 56 2018 outcomes Development Goals alignment priority areas their family with the financial aspects of losing a loved one it matters most to them policies, action plans and • Achieved a 4% reduction in GHG emissions compared to FY17 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack United Nations Sustainable Westpac’s sustainability • Improving financial literacy in target segments with specific programs: ņ Youth supported through Mathspace and Year 13 partnerships ņ Young adults and women through The Cusp and Ruby Connection ņ Older Australians through Starts at 60 Helping people make better • Introduced a range of products and services to put customers in control of their finances, financial decisions including Westpac SmartPlan, an online tool to help customers manage their credit card balance and Westpac Life, a savings product that supports customers’ savings goals • Over 37,000 customers experiencing financial hardship supported via Customer Assist • $100 million Drought Assistance Package to support lending to famers and agribusiness customers Helping people by being there when • Developed ‘Loss of a loved one’, which provides tools and resources to help customers and • Credit card holders can block transactions from gambling merchants • Westpac Bicentennial Foundation added another 100 scholars, bringing the total to 330 and $3.7 million paid out in educational scholarships • Westpac Foundation Social Scale-up Grants supported social enterprises, creating 513 jobs Helping people create a prosperous for vulnerable Australians nation • $9.1bn lending to climate change solutions at 30 September 2018 • Established the Customer and Corporate Relations Division, bringing together customer complaints teams from across the Group and complementing the role of the Customer Advocate A culture of doing the right thing • Named as Employer of Choice for Gender Equality by the Workplace Gender Equality Agency for the 8th consecutive year • Sustainable Investment Approach was released, which sets out how ESG issues are The fundamentals – sustainability addressed in funds managed by BTFG, including superannuation funds frameworks Further information on Westpac’s Sustainability strategy and progress on strategic priorities is available at www.westpac.com.au/sustainability

Delivering sustainable value for all stakeholders1 Sustainable futures 57 Customers Employees Community Suppliers Investors Economy Environment 14.2m Customers 38,522 Employees $100m Drought Assistance Package to support lending to farmer and agribusiness customers $5.4bn Spent with suppliers in Australia 13.0% Cash return on equity $3.6bn Income tax FY18 $9.1bn Committed exposure to climate change solutions Provided $75bn New home loans in Australia 50% Women in Leadership positions $1.4bn Committed exposure to social and affordable housing sector $2m In community grants for 200 not for profit organisations2 $3.8m Spent with Indigenous Australian suppliers $6.4bn In dividends to shareholders 30.8% Effective tax rate $1.7bn To facilitate climate solutions Provided $22bn New business lending in Australia (excludes Institutional) $4.9bn Paid to employees $17.7m Spent with diverse Australian suppliers3 620k shareholders and more via super funds 2nd Largest tax payer in Australia4 17 years Recognised as a global banking leader in the Dow Jones Sustainability Indices for 17 years in a row Over 37,000 Customers supported through Westpac Group Assist 90% Of employees5 endorsed new Enterprise Agreement. Effective 1 January 2019 $131m In community contributions 236.2 Cash earnings per ordinary share (cents) $378m Bank Levy 34.0% Effective tax rate including the Bank Levy 1 Data for FY18 or as at 30 September 2018 unless otherwise stated. 2 Through Westpac Foundation. 3 Diverse suppliers includes businesses at least 51% owned and controlled by indigenous Australians or women. Also includes Australian Disability Enterprises and social enterprises. 4 Source: Corporate Tax Transparency Report 2015 - 2016, published December 2017. 5 Represents percentage of employees that voted. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Climate-related metrics Sustainable futures 58 (% of TCE)1 220 203 6.2 6.1 Gas 2 National electricity market (NEM) benchmark 9.7 47.7 infrastructure 5.55.35.4 3.83.9 1 Exposures in WIB only. TCE is total committed exposure. 2 Australia only. NEM benchmark is sourced from Australian Energy Market Operator. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Emissions intensity (tCO -e/MWh)2 Westpac electricity generation portfolio 2020 target 0.91 0.90 0.86 0.82 FY15 FY16 FY17 FY18 0.38 0.38 0.36 0.28 Climate change solutions exposure (% of TCE) TCE at 30 Sep 2018 $9.1bn Green buildings 2.8 1.7 2.4 3.4 Renewable energy Low carbon transport Adaptation Forestry 28.8 Waste Other Mining exposure ($bn) Sep-15 Sep-16 Sep-17 Sep-18 14.5 11.3 10.7 6.4 6.8 5.0 1.40.90.61.4 Total Non-fossil fuel Oil and gas Coal - thermal & metallurgical Electricity generation exposure TCE at 30 Sep 2018 $3.5bn 1.9 0.8 Renewable energy 11.8 14.1 Black coal Brown coal 71.4 Liquid fuel Climate change solutions exposure ($bn) 9.1 7.0 Sep-15 Sep-16 Sep-17 Sep-18 Total scope 1, 2 and 3 emissions (tCO2-e, 000s) 244 194 FY15 FY16 FY17 FY18

Climate-related disclosures – scenario analysis Sustainable futures 59 70 2050 30 0.4% 1 Australian Business and Institutional lending, excludes retail, sovereign, and bank exposures. 2 Global Cooperation Scenario – where coordinated global action results in a smooth transition to a low carbon economy. For details see page 52 – Westpac 2016 Sustainability Performance report. 3 Five natural perils were assessed: inundation, soil contraction, floods, wind and cyclones, and bushfires. 4 For further information – see Westpac’s 2018 Sustainability Performance Report. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Portfolio physical risk – 4 degree scenario Share of current portfolio exposed to higher physical risk (%) 2030 2050 1.7% Physical risk – key points • Westpac assessed the potential physical risks3 (financial impacts of changes in climate patterns and extreme weather events) • Analysis focused on the Australian mortgage portfolio and exposure to postcodes that may face increased physical risk under a 4 degree scenario • Approximately 1.7% of the portfolio is exposed to postcodes that may experience higher physical risk by 2050 under a 4 degree scenario • Data presented shows the share of current exposure to postcodes that may experience higher physical risk at intervals of 2030 and 2050 under our IPCC RCP 8.5 Scenario4 Portfolio transition risk – 2 degree scenario 80 60 50 40 2030 20 10 0 Low Low-medium Medium Medium-High High Current portfolio exposure to transition risk (%) Transition risk – key points • Westpac assessed the potential transition risks (policy, legal, technology and market changes related to climate change) • Analysis focused on the Group’s current Australian Business and Institutional lending1 and exposure to sectors that may face growth constraints under a range of 2 degree scenarios • Approximately 4% of the portfolio is exposed to sectors that may experience higher risk in a transition to a 2 degree economy • Data presented shows the distribution of current exposure to sectors that may experience higher transition risks at intervals of 2030 and 2050 under Westpac’s Global Cooperation Scenario2.

Net interest margin excluding Treasury & Markets down 10bps Revenue 63 1bp (5bps) Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H17 1H18 Provision for customer refunds and payments Loans Customer deposits Short term wholesale funding Term wholesale funding Bank Levy Capital & other Liquidity Treasury & Markets 2H18 Net interest margin by division (%) 1H17 2H17 1H18 2H18 2.70 2.74 2.78 2.76 1.96 2.09 2.15 2.16 CB BB WIB NZ 2.27 2.36 2.37 2.11 1.56 1.62 1.58 1.72 Net interest margin (NIM) movement (%) Treasury & Markets impact on NIM NIM excl. Treasury & Markets 2.17 (2bps) 2.10 0.12 (4bps) 0bp 0bp 1bp (1bp) (2bps) 2.05 0.08 2.05 Margin excluding Treasury & Markets down 10bps 0.10 2.02 1.95 Net interest margin (%) NIM NIM excl. Treasury & Markets 2.12 2.05 2.03 1.95 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18

Non-interest income down 3% Revenue 64 2,762 43 25 66 53 10 14 1 2H18 includes $144m of fees associated with Hastings exit. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Wealth management income ($m) FUM/FUA Other (mostly BT) NZ & WIB 7701 2H16 1H17 2H17 1H18 2H18 665 622 585 632 86 201 206 128 196 382 365 371 381 206 82 51 55 187 377 Insurance income ($m) Life General LMI & NZ 339 297 318 2H16 1H17 2H17 1H18 2H18 305 264 82 86 97 42 126 136 80 78 116 143143 70 105 76 143 Non-interest income contributors ($m) Fees and commissions Wealth and insurance Trading Other 2,905 3,068 2,784 2,850 419 2H16 1H17 2H17 1H18 2H18 713 514 504 27 507 970 886 924 929 1,088 1,396 1,426 1,329 1,348 1,202 Markets income by activity ($m) Customer Market related risk Derivative valuation adjustments 748 19 535 0 522 2H16 1H17 2H17 1H18 2H18 546 247 610 162 89 72 27 60 482 448 447 448 436

Expenses up 6% from the impact of infrequent items, higher regulatory and compliance costs, and investment spend Expenses 66 litigation and implementing customer refunds and payments 199 126 4,733 66 4,654 60 35,096 247 35,029 expenses compliance infrequent items 49.9 48.1 46.9 45.8 45.0 44.8 43.7 1 Company data, Credit Suisse. Expense to income ratio average for Peer 1, 2 and 3 based on FY18 results, all others based on FY17. Peer 1 and 2 are presented on a continuing operations basis. Peer 3 excludes restructuring costs. European average excludes Deutsche Bank. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack US regional average European average UK average Canadian average Korean average Peer 1 Hong Kong average Peer 3 Singapore average Peer 2 WBC Productivity savings ($m) 304 219 239 FY14 FY15 FY16 FY17 FY18 263 262 Global peer comparison of expense to income ratios1 (%) 62.9 61.7 61.1 55.9 Expense movements ($m) Costs associated with the exit of Hastings and provisions for (173) 4,932 Up 2% Up 6% 1H18Ongoing Productivity Investment Regulatory/ 2H18 exInfrequent2H18 items FTE run versus change (#) Run: ongoing operations Change: project based 377 35,720 (497) (194) 2H17 Run Change 1H18 Run Change 2H18

Investment spend focused on growth, productivity and compliance Expenses 67 Investment spend ($m) FY16 FY17 FY18 Expensed 517 479 530 Capitalised 710 777 881 Total investment spend 1,227 1,256 1,411 Investment spend expensed 42% 38% 38% Capitalised software Opening balance 1,654 1,781 1,916 Additions 696 766 882 Amortisation (565) (614) (618) Other1 4 (17) (3) Closing balance 1,781 1,916 2,177 Average amortisation period 2.9yrs 2.9yrs 3.1yrs Other deferred expenses Deferred acquisition costs 101 86 71 Other deferred expenses 45 28 29 1 Includes write-offs, impairments and foreign exchange translation. 2 Peer 1 and 2 are reported on a continuing operations basis. Based on FY18. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Capitalised software2 Capitalised software balance ($bn) Amortisation ($bn) Average amortisation period (years) 5.5 Peer 1 Peer 2 Peer 3 WBC 4.3 3.2 2.90 2.18 3.1 1.82 1.42 0.62 0.57 0.50 0.46 Investment spend mix ($m) Other technology Regulatory change Growth and productivity 1,411 FY16 FY17 FY18 1,227 1,256 197 139 171 377 325 278 837 792 778

Continued low impairment charge reflects sound credit quality Impairments 68 525 493 (86) (147) (167) (162) (183) Remains low, (228) (228) 80 40 20 1 Interest carrying adjustment is reported as net interest income and not in impairment charges. 2 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 2018 Full Year Results Presentation & Investor Discussion Pack Impairment charges and stressed exposures2 (bps) 120 500 Impairment charge to average loans 100 400 annualised (lhs) Stressed exposures to TCE (rhs) 300 60 200 100 0 0 2008 2009 2010 2011 2012 2013 2014 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 108bps 9bps Impairment charges ($m) Individually assessed Collectively assessed New IAPs Write-backs & recoveries Write-offs direct Other movements in CAP Total Lower consumer early 364 443 430 428 cycle delinquencies and 360 393317 (43)CAP interest carrying marginally higher in BB 96959389 1H17 2H17 1H18 2H18 1H17 2H17 1H18 2H18 1H17 2H17 1H18 2H18 1H17 2H17 1H18 2H18 1H17 2H17 1H18 2H18 246 173 198 overlay reduction adjustment ($m)1

High quality portfolio with bias to mortgage lending Credit Quality 70 Asset composition (%) Total assets ($880bn) Sep-16 Sep-17 Sep-18 Loans 79 81 81 Trading securities, financial assets at fair value and available-for-sale securities 10 10 9 Derivative financial instruments 4 3 3 Cash and balances with central banks 2 2 3 Life insurance assets 2 1 1 Other consumer Goodwill 1 1 1 Receivables due from other financial institutions 1 1 1 Other assets 1 1 1 Exposure by risk grade at 30 September 2018 ($m) Standard and Poor’s Risk Grade1 Australia NZ / Pacific Asia Americas Europe Group % of Total AAA to AA-92,881 8,691 2,174 17,744 745 122,235 12% A+ to A-34,948 4,645 7,763 5,191 3,501 56,048 5% 56,281 11,585 9,687 2,600 1,412 81,565 8% BBB+ to BBB-BB+ to BB 72,064 11,900 1,487 383 108 85,942 8% 62,836 9,621 120 17 0 72,594 7% BB-to B+ <B+ 5,808 2,356 0 0 0 8,164 1% 508,265 53,819 355 0 0 562,439 54% Mortgages Other consumer products 44,066 4,948 5 0 0 49,019 5% 877,149 107,565 21,591 25,935 5,766 1,038,006 Total committed exposures (TCE) Exposure by region2 (%) 85% 10% 2% 2% 1% 100% 1 Risk grade equivalent. 2 Exposure by booking office. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Lending composition at 30 September 2018 (% of total) Total loans of $710bn Housing 17Business 69 Institutional 11 3

A well diversified loan portfolio Credit Quality 71 Finance & insurance Property 1.2 1.2 1.1 1.1 Mar-18 at 30 September 2018 ($m) A-A+ 1 Exposures at default is an estimate of the committed exposure expected to be drawn by a customer at the time of default. Excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5 NBFI is non-bank financial institutions. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack S&P rating or equivalent Top 10 exposures to corporations & NBFIs BBB A BBB+ BBB+ A-BBB+ BBB+ BBB-0 300 600 900 1,200 1,500 1,800 2,100 2,400 Exposures at default1 by sector ($bn) 2 3 Government admin. & defence Wholesale & retail trade Manufacturing Property services & business services Services Agriculture, forestry & fishing Transport & storage Utilities Construction4 Accommodation, cafes & restaurants Mining Other 0 20 40 60 80 100 120 Sep-18 Sep-17 Top 10 exposures to corporations and NBFIs5 (% of TCE) The single largest corporation/NBFI exposure represents less than 0.3% of TCE 1.4 1.3 1.3 1.01.11.0 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Well provisioned, sound credit quality Credit Quality 72 Provisions for impairments Sep-17 Mar-18 Sep-18 Total provisions to gross loans (bps) 45 45 43 Impaired asset provisions to impaired assets (%) 46 46 46 Collectively assessed provisions to credit RWA (bps) 76 75 73 3,481 Overlay ($m) 323 335 301 36 34 34 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Impaired asset provisions to impaired assets (%) Sep-17 Mar-18 Sep-18 46 46 46 48 50 46 40 Westpac Peer 1 Peer 2 Peer 3 4444 Total impairment provisions ($m) Overlay 5,061 Collectively assessed provisions Individually assessed provisions 4,414 4,241 3,949 3,602 3,1193,1653,053 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 453 2,986 1,622 346 2,607 1,461 363 2,408 1,470 389 3,332 389 2,196 2,225 2,275 1,364 867669 389 388 2,344 323 2,316 869 480 335 2,359 471 301 2,330 422

Estimated impact of AASB 9 and AASB 15 AASB 9 and 15 impact 73 ņ Stage 1 - a one year expected loss will be recognised from initial ņ Stage 2 - if the credit risk on that financial instrument has “increased ņ Stage 3 - if the financial instrument is credit impaired (default) lifetime ECL requirements that do not consider future events impact on earnings or capital excess higher from the grossing up of items previously netted net interest margin and expense to • More details will be provided in Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Impacts of AASB 15 • Not expected to have a material • Income and expenses will be • Will impact some metrics, such as income ratio 1H19 Interest adjustment AASB 9 • Under AASB 9 the interest carrying adjustment (ICA) will only apply where the asset is in stage 3. In FY18 the CAP component of the ICA was $179m • This will result in higher impairment charges and higher net interest income • Will impact some metrics, such as net interest margin and expense to income ratio Approach to provisioning AASB 9 • The current requirement for provisioning (AASB 139) is based on an “incurred loss approach”, with the revised methodology (AASB 9) based on an “expected credit loss” (ECL) approach • The key elements of provisioning are in three stages: recognition of a financial instrument significantly since initial recognition” then a lifetime ECL is recognised is recognised (similar to existing treatment of impairment provision) • Measurement of the lifetime expected loss needs to be an “unbiased and probability weighted outcome” taking into account past events, current conditions and future forecasts. This differs from the current AASB 139 Current 30 Sept 2018 New from 1 Oct 2018 4.7 4.7 $1.6bn capital4.0Still an $0.7bn AASB 139 Accounting AASB 9 Accounting provisions capital provisions capital and capital and capital deductions deductions 3.1 deduction for excess over provisions Stage 1 CAP Stage 2 Stage 3 IAP Estimated transition impacts of AASB 9 • Impairment provisions higher ņ Estimated $974m increase in impairment provisions due to forward-looking factors and lifetime expected credit losses on stage 2 loans ņ Collectively assessed provisions (CAP) to credit risk weighted assets increase to 99bps (from 73bps) • Retained earnings lower ņ Increase in provisions will be taken through retained earnings with no impact on cash earnings • CET1 capital ratio little change (~1bp) ņ Impacts will be largely netted off in regulatory capital, lower regulatory expected loss deduction vs higher provisions • Full details will be provided in 1H19

Provision cover by portfolio category Credit Quality 74 Provisioning to TCE (%) Mar-17 Sep-17 Mar-18 Sep-18 Fully performing portfolio • Small cover as low probability of default (PD) • Includes overlay 0.21 0.20 0.20 0.18 portfolio Watchlist & substandard • Still performing but higher cover reflects deterioration 4.52 4.76 4.71 5.27 90+ day past due and not impaired substandard • In default but high level of security 5.04 5.08 5.03 5.11 due and not Impaired assets • In default. High provision cover reflects expected recovery 52.07 46.30 45.54 46.12 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Impaired asset provisions Collective provisions Exposures as a % of TCE Fully performing Watchlist & 90+ day past impaired Impaired Mar-17 Sep-17 Mar-18 Sep-18 0.20 0.15 0.15 0.14 0.34 0.37 0.39 0.35 0.56 0.55 0.57 0.59 98.92 98.91 98.95 98.86

Stressed exposures little changed Credit Quality 75 Stressed exposures as a % of TCE 0 105 Watchlist & substandard 2.48 1 90+ day past due (dpd) and not impaired Impaired 2.17 1.60 1.24 1.20 1.14 1.09 1.08 1.05 1,078 997 958 477 471 440 450 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 2018 Full Year Results Presentation & Investor Discussion Pack Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 2H11 Sep-17 1H12 Impaired 2H12 90+ dpd not impaired1 1H13 2H13 Substandard 1H14 Watchlist 2H14 1H15 Mar-18 2H15 Impaired 1H16 90+ dpd not impaired1 2H16 1H17 Substandard 2H17 Watchlist 1H18 Sep-18 2H18 New and increased gross impaired assets ($m) 1,343 1,194 589 1,060 708 609 607 633 1.45 0.41 0.62 1.24 0.35 0.58 0.85 0.31 0.44 0.71 0.99 0.54 0.26 0.25 0.270.20 0.65 0.33 0.22 0.59 0.56 0.35 0.34 0.200.15 0.57 0.37 0.15 0.55 0.39 0.14 Movement in stress categories (bps) 3 0 1 109 (1) 2 3 (5) 108

Areas of interest: Commercial property Credit Quality 77 Commercial property portfolio Sep-17 Mar-18 Sep-18 Total committed exposures (TCE) $65.2bn $66.3bn $67.6bn Lending $49.6bn $51.1bn $52.0bn Commercial property as a % of Group TCE 6.48 6.48 6.51 BB equivalent BB equivalent BB+ equivalent Median risk grade % of portfolio graded as stressed1,2 1.27 1.74 1.66 % of portfolio in impaired2 0.38 0.28 0.23 10 15 15 & diversified groups Vic Qld SA & NT 11 21 42 46 Retail Investors >$10m 27 10 Groups and Property (diversified) 1 Includes impaired exposures. 2 Percentage of commercial property portfolio TCE. Westpac Group 2018 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 Commercial property portfolio composition (%) Region (%) Borrower type (%) Sector (%) NSW & ACT Exposures <$10m Commercial offices Developers >$10m Residential 44 8 WA 31 NZ & Pacific Diversified Property Industrial Institutional Trusts >$10m Commercial property exposures % of TCE and % in stress 10 Commercial property as % of TCE (lhs) 20 8 15 6 10 4 2 5 0 0 Commercial property % in stress (rhs)

Areas of interest: Inner city apartments Credit Quality 78 Commercial property portfolio TCE ($bn) Sep-17 Mar-18 Sep-18 TCE1 • Market activity is slowing as demand eases and pre-sales and new developments start to slow. Sydney completions expected to peak in 2018, other cities peaked in 2017, still a lot of units to complete. Tightened risk appetite in areas of higher concern, which has been progressively introduced since 2012 Settlements remain slightly slower, but Westpac’s debt has been repaid in full given low LVRs Residential apartment development >$20m 4.2 4.0 4.1 6.1% Residential apartment development >$20m in major markets, shown below 2.7 2.7 2.6 3.8% • Sydney major markets 1.5 1.9 1.8 2.7% • Still active in key markets Inner Melbourne 0.7 0.6 0.6 0.9% • Weighted average LVR 47% Inner Brisbane 0.4 0.2 0.1 0.1% • Slow market. Exposure low Perth metro 0.0 0.0 0.1 0.1% • Activity slowly lifting. New loans at 46.3% weighted average LVR Adelaide CBD 0.1 0.0 0.0 - • Project completed Sep-18 48.4 n 73% 57% % s 1 Percentage of commercial property TCE. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Residential apartment development >$20m weighted average LVR (%) 50.2 48.5 47.3 Average portfolio LVR 48% 2018 2019 2020 2021 Expected completion date Consumer mortgages Consumer mortgages where security is within an inner city residential apartment development Mar-18 Total loans $14.7bn $15.2b Average LVR at origination 73% Average dynamic LVR 56% Dynamic LVR >90% (% of portfolio) 2.65% 2.48 90+ day delinquencies 40bps 44bp

Areas of interest: Retail trade Credit Quality 79 Retail trade portfolio Sep-17 Mar-18 Sep-18 Total committed exposures (TCE) $15.4bn $15.5bn $16.2bn Lending $11.5bn $11.3bn $11.6bn Retail trade as a % of Group TCE 1.53 1.51 1.56 BB equivalent BB equivalent BB equivalent Median risk grade % of portfolio graded as stressed1,2 3.02 4.67 4.84 % of portfolio in impaired2 0.31 0.48 0.41 16.4 16.3 16.2 15.4 15.5 15.3 Stressed 4.84 4.67 retailing services 1 Includes impaired exposures. 2 Percentage of retail trade portfolio TCE. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Retail trade portfolio composition Retail trade exposure (TCE) $bn % of portfolio graded as stressed Retail trade by internal risk grade category $bn Investment 6.4Sub-investment 14.4 5.3 4.5 2.29 2.68 2.51 3.02 Personal andMotor vehicleFood retailing Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 household good retailing and 3.58 Overview • The retail sector continues to be challenged by subdued consumer demand and growth in domestic and international online channels • These changes have been emerging for a number of years and businesses need to continue to adapt • Whilst there has been a small increase in stress, the portfolio is diversified and the credit quality remains sound • The increase in exposure over 2H18 was to high quality investment grade customers

Areas of interest: Aged Care sector Credit Quality 80 Aged Care portfolio Sep-17 Mar-18 Sep-18 Total committed exposures (TCE) $2.6bn $2.5bn $2.7bn Lending $1.5bn $1.5bn $1.6bn Aged Care as a % of Group TCE 0.26 0.24 0.26 BB+ equivalent BB+ equivalent BB+ equivalent Median risk grade % of portfolio graded as stressed1,2 1.97 4.17 4.94 % of portfolio in impaired2 0.00 0.00 0.00 4.17 55 1 Includes impaired exposures. 2 Percentage of Aged Care portfolio TCE. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Aged Care portfolio composition Aged Care exposure (TCE) $bn % of portfolio graded as stressed Aged Care portfolio (TCE) by sector (%) 2.6 2.5 2.6 2.5 2.7 4.94 45 0.89 0.86 0.79 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Nursing homes Accommodation for the aged 1.50 1.97 2.1 2.2 Overview • Aged care sector is forecast to grow with significant investment required to meet demand from Australia’s aging population • The stress increase over the year has been driven by the downgrade of three exposures • The portfolio more generally is diversified and credit quality remains sound. Westpac maintains a strong history of involvement in this sector • On 16th September, a Royal Commission into Aged Care Quality and Safety was announced. The interim report is to be provided by 31 October 2019 with a final report no later than 30 April 2020

Areas of interest: Areas experiencing drought conditions Credit Quality 81 Australian Agribusiness1 portfolio Sep-17 Mar-18 Sep-18 Total committed exposures (TCE) $10.3bn $10.6bn $10.6bn Lending $8.1bn $8.2bn $8.5bn Australian Agribusiness as Group TCE a % of 1.02 1.04 1.02 BB equivalent BB equivalent BB equivalent Median risk grade % of portfolio graded as stressed2,3 3.47 4.27 4.40 % of portfolio in impaired3 0.18 0.31 0.27 Areas of rainfall deficiencies last 18mts4 portfolio by state NSW/ACT 13 26 Dairy 5 31 Fishing & Aquaculture 6 10 Forestry & Logging 18 25 1 Agribusiness defined by ANZSICS in Pillar 3 industry Agriculture, fishing and forestry. 2 Includes impaired exposures. 3 Percentage of Australian Agribusiness portfolio TCE. 4 Source: Commonwealth of Australia 2018, Australian Bureau of Meteorology. Issued 7/10/2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian Agribusiness portfolio composition Agriculture, Forestry and Fishing Portfolio by industry Grain Beef & Sheep 6 QLD 2 Horticulture VIC/TAS Services to Agri 14 WA 6 Cotton 23 SA/NT Viticulture Institutional Poultry Other Overview • Many parts of Australia are currently affected by drought, in particular, NSW. Other areas such as WA are performing well. This is typical in Australia where conditions can vary across the country • In response, Westpac extended its existing support to farmers and agribusiness customers in all states under a new $100m Drought Assistance Package • Past droughts have not impacted the long term health of the portfolio due to a considered approach and limited exposure to farming regions subject to poorer agricultural conditions and which have historically had lower levels of production • Westpac has focused on building a customer base across reliable regions with higher rainfall and access to irrigation, close to a reliable workforce and markets • Since May 2018, we have contacted all agribusiness customers across Western Queensland, NSW and Northern Victoria to assist managing through current conditions

Areas of interest: Mining and NZ dairy Credit Quality 82 Mining (inc. oil and gas) portfolio Sep-17 Mar-18 Sep-18 Total committed exposure (TCE) $9.7bn $9.3bn $10.7bn 37 Lending $5.1bn $5.1bn $5.7bn % of Group TCE 0.96 0.91 1.03 % of portfolio graded as stressed1,2 2.33 1.72 0.99 % of portfolio in impaired2 0.44 0.31 0.17 New Zealand dairy portfolio Sep-17 Mar-18 Sep-18 Economics Total committed exposure (TCE) (NZD) $6.0bn $6.1bn $6.3bn 1 Lending (NZD) $5.8bn $5.8bn $6.0bn % of Group TCE 0.55 0.55 0.55 % of portfolio graded as stressed1,2 17.02 14.94 11.90 % of portfolio in impaired2 0.34 0.47 0.36 1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Sourced from Westpac Economics and Bloomberg. 4 The steel index 62% Fe fines benchmark. 5 Brent oil price. 6 Source Fonterra. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack NZ dairy portfolio (TCE) by security (%) 24 75 Fully secured Partially secured Unsecured Milk price & Fonterra dividend6 (NZ$) Kg Ms Dividend Westpac $10 Milk price $8 $6 $4 $2 $0 2014/15 2015/16 2016/17 2017/18 2018/19 forecast 0.400.100.30 6.69 6.25 0.25 0.40 6.12 4.40 3.90 Mining portfolio (TCE) by sector (%) 7 15 13 18 10 Oil and gas Iron ore Other metal ore Coal Mining services Other Iron Ore and Oil prices ($)3 Iron ore (USD/t)4 Crude oil (USD/bbl)5 Westpac 100 60 20 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Economics forecast

Australian consumer unsecured lending, 3% of Group loans Credit Quality 83 Australian consumer unsecured lending portfolio Sep-17 Mar-18 Sep-18 Lending $22.0bn $21.8bn $21.1bn 30+ day delinquencies (%) 3.60 3.95 3.65 90+ day delinquencies (%) 1.66 1.71 1.73 The small increase in Australian unsecured lending portfolio 90+ day delinquencies over FY18 was driven by an operational issue in collections delaying the write-off of Auto Finance defaulted loans Australian unsecured portfolio ($bn) Sep-17 Mar-18 Sep-18 22 22 21 Hardship reporting 7 7 7 1 Westpac changed hardship treatment following guidance from APRA which is intended to standardise the industry treatment of delinquency classification of facilities in hardship. Hardship allows eligible customers to reduce or defer repayments in the short term to manage through a period of financial difficulty (e.g. unemployment, injury, natural disasters). Solutions are tailored to customer circumstances and may include extending the loan or restructuring. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 10 10 9 5 5 5 Credit cards Personal Auto loans Total loans (consumer) consumer unsecured 90+ day delinquencies (%) Personal loans Auto loans Personal loans Auto loans ex-hardship ex-hardship 3.00 changes commenced1 2.00 1.00 - 90+ day delinquencies (%) Total unsecured Credit cards consumer lending Total ex-hardship Credit cards ex-hardship 3.00 2.00 1.00 - Hardship reporting changes commenced1 90+ day delinquencies (%) by State NSW/ACT VIC/TAS QLD WA SA/NT 3.00 2.00 1.00 - Hardship reporting changes commenced1

Australian mortgage portfolio performance Credit quality 84 Australian mortgage portfolio delinquencies (%) Australian mortgage delinquencies and properties in possession (PIPs) Sep-17 Mar-18 Sep-18 90+ day past due total 90+ day past due investor 3.0 30+ day delinquencies (bps) 130 144 140 90+ day delinquencies (bps) (includes impaired mortgages) 67 69 72 2.0 Consumer PIPs 437 398 396 1.0 Properties in possession continue to be mostly in WA and Qld however Qld properties reduced over the year, while WA increased. A targeted collections approach has improved customer outcomes, supporting customers through the foreclosure process 0.0 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Housing lending portfolio by State (%) Chart does not add to 100 due to rounding Australian banking system1 Westpac Group portfolio FY18 Westpac Group drawdowns 44 41 37 30 27 27 17 17 14 12 9 7 6 7 6 1 Source ABA Cannex August 2018. 2 Under the changes in hardship treatment, an account in hardship continues to migrate through delinquency buckets until 90+ days past due. Accounts are then reported as 90+ days past due until full repayments are maintained for 6 months. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack NSW & ACT VIC & TAS QLD WA SA & NT Australian mortgages 90+ day delinquencies by State (%) 3.0 2.0 1.0 0.0 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 NSW/ACT VIC/TAS QLD WA SA/NT ALL Introduced new hardship treatment2 30+ day past due total Loss rates Introduced new hardship treatment2

Australian mortgage portfolio well collateralised Credit quality 85 Sep-17 balance Mar-18 balance Sep-18 balance 2H18 flow1 Australian mortgage portfolio 100 FY18 drawdowns LVR at origination Portfolio LVR at origination Portfolio dynamic LVR 5 Total portfolio ($bn) 427.2 437.2 444.7 36.9 Owner occupied (%) 55.5 56.0 56.8 62.0 Investment property loans (%) 39.8 39.5 39.1 37.6 57 Portfolio loan/line of credit (%) 4.7 4.5 4.1 0.4 79 / 21 78 / 22 Variable rate / Fixed rate (%) 77 / 23 77 / 23 45.5 23.1 Interest only (%) 39.6 34.8 17 7 6 5 4 57.3 51.6 Proprietary channel (%) 56.5 56.1 N/A 1 1 1 0 0 First home buyer (%) 8.1 7.9 7.8 8.2 Mortgage insured (%) 17.5 16.9 16.3 11.1 Sep-17 Mar-18 Sep-18 Average loan size2 ($’000) 264 270 273 Customers ahead on repayments including offset account balances3 (%) 70 68 69 Actual mortgage losses net of insurance4 ($m, for the 6 months ending) 48 48 38 Actual mortgage loss rate annualised (bps, for the 6 months ending) 2 2 2 1 Flow is new mortgages settled in the 6 months ended 30 September 2018 and includes RAMS. 2 Includes amortisation. 3 Excludes RAMS in 2H17. Includes RAMS in 1H18 and 2H18. Loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 4 Mortgage insurance claims 2H18 $4m (1H18 $6m; 2H17 $9m). 5 Excludes RAMS in all periods. 6 LVR calculated as simple average by balances. 7 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 8 Average LVR of new loans is on rolling 6 months. 9 Weighted average LVR calculation considers size of outstanding balances. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian housing loan-to-value ratios (LVRs) (%) 90 80 70 60 50 40 30 20 10 46 49 17 15 14 16 22 10 11 0<=60 60<=70 70<=80 80<=90 90<=95 95<=100 Australian mortgage portfolio LVRs Sep-17 Mar-18 balancebalance >100 Sep-18 balance Simple averages LVR at origination6 (%) 70 70 70 Dynamic LVR5,6,7 (%) 42 41 43 LVR of new loans6,8 (%) 67 69 69 Weighted averages LVR at origination9 (%) 74 74 74 Dynamic LVR 5,7,9 (%) 52 52 54 LVR of new loans 8,9 (%) 73 71 71

Australian mortgage portfolio standards tightening Credit quality 86 Notable changes to Westpac mortgage lending standards • 10% limit on investment property lending growth announced – implemented by 30 September 2015 2014 • Stricter loan affordability tests for new borrowers – Increase in minimum assessment (‘floor’) rate to 7.25% – 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 Maximum I/O terms reduced – owner occupied reduced to 5 years • • 2015 • • • Mandatory 20% minimum shading on all non-base income (e.g. rental income, annuity income) – previously non-base income discounted by varying amounts Stopped 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) 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 2018 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Pre-2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (YTD) Australian mortgage portfolio by calendar year of origination (% of total book) 59% of the portfolio originated after major tightening of lending standards 17 15 14 13 9 7 4 4 4 3 4 2 2 Calendar year 2

Australian mortgage portfolio repayment buffers Credit quality 87 for a mortgage must discount - 7.25% minimum home loan customers ahead on repayments3 (% by balances) Sep-17 Mar-18 Sep-18 Loans ‘On time' and <1 mth ahead (% of balances) 69.2% of Westpac borrowers are ahead on their mortgage repayments, including offset account balances 49 Investment property loans - incentive is to keep repayments high for tax purposes Accounts opened in the last 12 months 30 29 29 24 23 22 22 22 21 Loans with structural restrictions on repayments e.g. fixed rate Residual - less than 1 month repayment buffer 1 SVR is the Standard Variable Rate for owner-occupied Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount. 2 Excludes RAMS. 3 Includes RAMS in 1H18 and 2H18. 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 2018 Full Year Results Presentation & Investor Discussion Pack Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Australian 1 1 1 18 19 20 666 Behind On time < 1 Mth < 1 Yr < 2 Yrs >2 Yrs Sep-18 24 6 6 13 Westpac Australian offset account balances2 ($bn) Linked to I/O mortgages Linked to P&I mortgages . 36.2 37.4 38.6 39.2 26.8 30.5 33.4 34.9 20.9 23.6 Mortgage interest rate buffers (%) Westpac owner occupied SVR1 inc package • Borrowers applying be able to service 9 Westpac minimum assessment ('floor') rate the higher of either: 7.25 7 assessment rate; or 5 4.58 - Product rate plus 2.25% buffer 3

Interest only (I/O) portfolio Credit quality 88 34.8 34.2 >$250k 1 Flow is based on APRA definition. 2 I/O is interest only mortgage lending. P&I is principal and interest mortgage lending. 2 Interest rates as at 7 March 2018 for Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount assuming loan amount $250,000 - $499,999. 4 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. 5 Excludes I/O loans that should have switched to P&I but for the previously announced mortgage processing error. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Scheduled I/O term expiry5 (% of total I/O loans) 19 19 0<1 Yr 1<2 Yrs 2<3 Yrs 3<4 Yrs 4<5 Yrs 5<10 Yrs 10 Yrs+ 16 16 14 9 7 I/O lending (%) By dynamic LVR4 and income band (%) Applicant gross income bands 56 13 $100k - $250k 34 <$100k 29 8 11 2 2 18 13 7 <=60% 60%<=80% >80% Dynamic LVR bands (%) Chart does not add due to rounding 6 I/O portfolio (%) % of total portfolio (at period end) % of all new flows by limit (6 mnth)1 45.5 39.6 2H17 1H18 2H18 22.6 23.1 Switching from I/O to P&I2 ($m) Reached end of I/O period Customer initiated 1Q18 2Q18 3Q18 4Q18 • In FY18 $33bn (17%) of the I/O portfolio switched to P&I (52% proactively; 48% contractually) • Total of $51bn has switched to P&I in last 18mths 4,716 4,326 3,788 4,044 4,110 4,149 3,911 3,623 Variable mortgage interest rates3 (%) at 17 October 2018 Owner occupied Investor 5.64 5.17 5.13 4.58 P&I I/O P&I I/O

Performance of interest only mortgages Credit quality 89 Interest only lending • Interest only (I/O) loans assessed on a principal and interest basis – Loans originated prior to 2015 were assessed on a principal and interest basis over the full contractual term – Loans originated from 2015 were assessed on a principal and interest basis over the residual amortising term Current serviceability assessments also include an interest rate buffer (at least 2.25%), minimum assessment rate (7.25%) and a requirement to be in surplus1 I/O loans are full recourse 14 • 2 • Interest only portfolio statistics as at 30 September 2018 • • • 74% weighted average LVR of interest only loans at origination2 (portfolio) 65% of customers ahead of repayments (including offset accounts)3 Offset account balances attached to interest only loans represent 50% of offset account balances Introduced new Interest only portfolio performance as at 30 September 2018 • 90+ day delinquencies 64bps (compared to P&I portfolio 73bps) • Annualised loss rate 2bps (net of insurance claims) 1 A surplus requirement measures the extent to which a borrower’s income exceeds loan repayments, expenses and other commitments, as assessed. 2 Weighted average LVR calculation takes into account size of outstanding balances. 3 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 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 Australian mortgage portfolio delinquencies (%) I/O P&I 2.0 1.5 1.0 0.5 0.0 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Increase in 90+ day delinquencies includes impact of decreasing balances of I/O loans as borrowers switch to P&I and hardship treatment new flows have declined Australian interest only loan portfolio balances ($bn) 250 I/O performing loans balance (lhs) 200 12 10 150 8 100 6 4 50 0 0 I/O 90+ day delinquencies balance (rhs)

Investment property portfolio Credit quality 90 gross income band (%) 25 Investment property lending (IPL) portfolio Sep-17 Mar-18 Sep-18 Weighted averages LVR of IPL loans at origination1 (%) 73 73 73 LVR of new IPL loans in the period1,2 (%) 72 71 70 Dynamic LVR1,3 of IPL loans (%) 54 54 56 Average loan size4 ($’000) 313 318 321 Customers ahead on repayments including offset accounts5 (%) 59 58 58 90+ day delinquencies (bps) 49 53 57 Annualised loss rate (net of insurance claims) (bps) 3 2 3 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 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 Includes amortisation. 5 Includes RAMS in 1H18 and 2H18. Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Westpac Group 2018 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 applications by Owner occupied IPL 20 15 10 5 0 Australian mortgage portfolio at 30 September 2018 LVR at origination (%) Owner occupied IPL 50 40 30 20 10 0 Australian mortgage portfolio at 30 September 2018 Investment property portfolio by number of properties per customer (%) 1 1 1 7 2 2 3 26 4 62 5 6+ Chart does not add to 100 due to rounding

Australian mortgage deep dive Credit quality 91 lending1 by origination date, dynamic LVR2 and income (%) 41 3 1 Portfolio comprised of residential mortgages, excluding RAMS, and business mortgages originated via a separate platform such as construction loans and loans to SMSFs. 2 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 3 Based on a specific Rocket Repay rate offered during the period. Westpac Rocket Repay Home Loan exclusive of discounts assuming loan amount $250,000 - $499,999. 4 Source, Westpac Economics, CoreLogic. All dwellings Australia - average 8 major capital cities. Prices to September 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian mortgage Chart may not add due to rounding Gross income bands >$250k $100k - $250k <$100k Dynamic LVR2 bands (%) Year of origination <2011 2011-14 2015+ 80 69 3 <60 60-80 >80 <60 60-80 >80 45 8 14 9 25 21 13 11 8 4 <60 60-80 >80 % of portfolio at 30 September 2018 17 24 59 Westpac SVR3 (%) (excl. discounts) 7.86 6.89 – 5.70 5.24 Westpac interest rate buffer (%) 1.80 1.80 2.25 Westpac interest rate floor (%) 6.80 6.80 7.25 House price changes4 At least 33% 19% – 42% (4%) – 18% 12 23 36 22 81 2 13 7 5 7 14 34 38 7 1 6 2 6

Lenders mortgage insurance arrangements Credit quality 92 100% 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 Loss ratio is claims over the total earned premium plus exchange commission. 6 LMI gross written premium includes loans >90% LVR reinsured with Arch Reinsurance Limited. 2H18 gross written premium includes $61m from the arrangement (1H18: $62m and 2H17: $73m) Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Lenders mortgage insurance arrangements LVR Band Insurance • LVR ”80% Not required • Low doc4 LVR ”60% • LVR >80% to ” 90% • Where insurance required, insured through captive insurer, WLMI • Low doc4 • LMI not required for certain borrower groups LVR >60% to ” 80% • Reinsurance arrangements: í 40% risk retained by WLMI í 60% risk transferred through quota share arrangements with Arch Reinsurance Limited, Tokio Millennium Re, Endurance Re, Everest Re, Trans Re, AWAC and Capita 2232 • LVR >90% • 100% reinsurance through Arch Reinsurance Limited í Reinsurance arrangements see loans with LVR >90% insured through WLMI with Insurance statistics 2H17 1H18 2H18 Insurance claims ($m) 9 6 4 WLMI claims ratio5 (%) 27 20 11 WLMI gross written premiums6 ($m) 109 90 90 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 $105m net of re-insurance recoveries (1H18: $110m) Westpac’s Australian mortgage portfolio at 30 Sep 2018 (%) 85 Not insured Insured by third parties 3 Insured by WLMI 6 9

Mortgage portfolio stress testing outcomes Credit quality 93 - (18.5) (29.7) (35.2) (% change cumulative) 1 Assumes 30% of LMI claims will be rejected in a stressed scenario. 2 Stressed loss rates are calculated as a percentage of mortgage gross loans. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Australian mortgage portfolio stres at 30 September 2018 Key assumptions Current s testing Stressed scenario Year 1 Year 2 Year 3 Portfolio size ($bn) 444 428 419 417 Unemployment rate (%) 5.0 11.6 10.6 9.6 Interest rates (cash rate, %)1.500.250.250.25 House prices Annual GDP growth (%)2.4(3.9)(0.2)1.7 Stressed loss outcomes (net of LMI recoveries)1 $ million 86 1,271 2,186 802 Basis points2 2 30 52 19 • 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 í Cumulative total losses of $3.9bn over three years for the uninsured portfolio (1H18: $3.5bn) í Cumulative claims on LMI, both WLMI and external insurers, of $911m over the three years (1H18: $911m) í Peak loss rate in year 2 has increased to 52bps (1H18: 48bps) due to recent declines in house prices which leads to a higher dynamic LVR starting point for the portfolio. In addition, the unemployment rate for September of 5.0% creates a bigger peak to trough change compared to 1H18 í 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

Well positioned for “Unquestionably strong” Capital, Funding and Liquidity 95 (APRA basis) guidelines 10.5% residual convertible preference shares 10.6% $bn % Building for 1% 55 12 10.0 10.0 impact 50 Impact of 10 Impact of APRA’s (~$4.1bn RWA) 40 assets disciplined RWA management and an 4 25 1 If the transaction proceeds, a disclosure document will be made available when the securities are offered. Any person who wants to acquire the securities will need to complete an application form that will accompany the disclosure document. 2 Domestic systemically important bank. 3 APRA’s revision to the calculation of RWA for Australian residential mortgages, which came into effect on 1 July 2016. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Highlights CET1 capital ratio (%) and CET1 capital ($bn) • CET1 ratio up 13bps from March 2018 Westpac CET1 capital (lhs, $bn) CET1 ratio • Organic capital growth and conversion of Westpac CET1 capital ratio (rhs, %) APRA industry (CPS) partially offset increases in RWA unquestionably strong from regulatory measurement changes DSIB2 buffer • RWA measurement changes ~30bps CET1 RWA - Operational risk model overlay (~$7.5bn measurement RWAs) 45 changes - Modelling updates for mortgages 8 356 • Excluding the impact of measurement Risk weighted changes, RWAs were broadly flat from 30 improvement in credit quality 2 20 • Further clarity on the revised capital Future framework expected over 2018/19 15 0 developments • Westpac is considering the offer of a new A$ AT1 capital instrument. A transaction may follow, subject to market conditions1 10.6 10.6 10.2 10.5 10.1 10.1 10.5 10.4 9.5 9.5 9.3 9.0 45 44 44 changes to 43 42 mortgage RWA3 40 41 39 38 38 37 37 34 32

CET1 capital ratio, top quartile globally Capital, Funding and Liquidity 97 BIS 75th percentile2 16.2 16.1 16.1 comparable) 1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. For more details on adjustments refer page 101. 2. Group 1 banks BIS 75th percentile fully phased-in Basel III capital ratios from BIS monitoring report released 4 October 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Capital ratios Sep-17 Mar-18 Sep-18 Key capital ratios (%) APRA basis Internationally comparable1 basis 21.5 16.1 14.7 CET1 Tier 1 Total CET1 Tier 1Total regulatory regulatory capital capital CET1 capital ratio 10.6 10.5 10.6 Additional Tier 1 capital 2.1 2.3 2.2 Tier 1 capital ratio 12.7 12.8 12.8 Tier 2 capital 2.1 2.0 1.9 Total regulatory capital ratio 14.8 14.8 14.7 Risk weighted assets (RWA) ($bn) 404 416 425 Leverage ratio 5.7 5.8 5.8 Internationally comparable ratios1 Leverage ratio (internationally comparable) 6.3 6.4 6.5 CET1 capital ratio (internationally 19.0 12.8 10.6

Well placed on internationally comparable CET1 and leverage ratios Capital, Funding and Liquidity 100 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 Jun 2018, except for Westpac and ANZ which are at 30 September 2018, while Bank of Montreal, Royal Bank of Canada and Toronto Dominion are at 31 Jul 2018. For CET1, assumes Basel III capital reforms fully implemented. Leverage ratio is on a transitional basis. Where accrued expected dividends have been deducted, these have been added back for comparability. US banks are excluded from leverage ratio analysis due to business model differences, for example loans sold to US Government sponsored enterprises. NAB’s leverage ratio is as at 31 March 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack China Construction Bank Nordea ICBC Norinchukin Bank Bank of China ANZ Bank of Communications Westpac, 16.14% BBVA RBS Westpac, 6.48% Rabobank CBA CBA BPCE China Merchants Bank Lloyds Agricultural Bank of China Sumitomo Mitsui Intesa Sanpaolo NAB ANZ Standard Chartered Rabobank HSBC Norinchukin Bank ING Group Standard Chartered Deutsche Bank Credit Suisse China Construction HSBC Commerzbank Nordea Credit Suisse Unicredit JPMorgan Chase RBS Intesa Sanpaolo Lloyds Barclays Mitsubishi UFJ Mizuho FG Santander Unicredit Sumitomo Mitsui Mitsubishi UFJ BPCE ICBC Scotiabank Citigroup Commerzbank Wells Fargo Barclays TD Bank ING Group Scotiabank RBC BNP Paribas Societe Generale Credit Agricole SA TD Bank China Merchants Credit Agricole SA Bank of America Mizuho FG Bank of Montreal Deutsche Bank Societe Generale Bank of Montreal Santander RBC BNP Paribas Natixis Bank of China Leverage ratio (%) 8% 6% 4% 2% 0% Common equity Tier 1 ratio (%) 20% 15% 10% 5% 0%

Internationally comparable capital ratio reconciliation Capital, Funding and Liquidity 101 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) 10.6 0.4 Equity investments Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements Deferred tax assets Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s requirements 0.3 Interest rate risk in the banking book (IRRBB) APRA requires capital to be held for IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB 0.4 Loss given default (LGD) of 15%, compared to the 20% LGD floor under APRA’s requirements. APRA also applies a correlation factor for mortgages higher than the 15% factor prescribed in the Basel rules Residential mortgages 1.8 Unsecured non-retail exposures LGD of 45%, compared to the 60% or higher LGD under APRA’s requirements 0.7 0.5 Non-retail undrawn commitments Credit conversion factor of 75%, compared to 100% under APRA’s requirements 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 0.8 Specialised lending 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 0.4 16.1 Internationally comparable CET1 capital ratio Internationally comparable Tier 1 capital ratio 19.0 Internationally comparable total regulatory capital ratio 21.5 1 Methodology aligns with the APRA study titled “International capital comparison study", dated 13 July 2015. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Optimising returns by actively managing capital Capital, Funding and Liquidity 102 Return on AIEA1 (%) Divisional capital and ROE 2007 FY17 FY18 2H18 Allocated capital ($bn) FY17 FY18 2H18 Total Group (including intangibles) Net interest margin 58.6 62.0 63.0 2.16 2.09 2.11 2.05 Consumer Bank 15.3 18.1 18.6 Non-interest income 1.29 0.78 0.72 0.70 Business Bank 11.9 12.6 12.6 Operating expenses BTFG 3.6 3.6 3.6 (1.55) (1.21) (1.24) (1.26) WIB 8.8 8.0 7.9 Impairment charges (0.16) (0.11) (0.09) (0.08) Westpac NZ (A$) 4.6 4.7 4.7 Tax and non-controlling interests Return on equity (%) FY17 FY18 2H18 (0.53) (0.47) (0.46) (0.44) Total Group 13.8 13.0 12.1 Cash earnings (return on AIEA) Consumer Bank 16.5 14.4 12.7 1.20 1.07 1.04 0.97 Business Bank 13.6 14.1 14.0 Leverage (AIEA/AOE) 19.9x 12.8x 12.5x 12.4x BTFG 13.1 11.4 8.4 WIB 12.3 12.6 12.6 Return on equity 23.84 13.77 13.00 12.08 Westpac NZ (A$) 18.0 18.2 18.9 1 Average interest-earning assets. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Return on equity (ROE) is important • ROE is a key measure of performance for the Group and across divisions • Westpac seeking to achieve a ROE of 13 - 14% - Incorporates an appropriate margin above the cost of capital, given nature of banking - Generates sufficient capital for growth to support customers and the economy • Group ROE 77bps lower compared to FY17 with cash earnings flat and average equity up 6% • Leverage lower from the increased average ordinary equity (AOE) • Divisional capital allocation refined in 2018 including $6.0bn of capital to divisions from capital centrally held. Key changes included: - Higher capital allocated to Consumer Bank and Business Bank, principally due to higher RWA from mortgages - A reduction in capital allocated to WIB from lower risk weights for certain corporate exposures • Residual capital held at Group for dividends and Group functions, including Treasury

A$32bn new term funding raised in FY18 Capital, Funding and Liquidity 103 2,4 (%) type (%) 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. 2 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. 3 Perpetual sub-debt has been included in >FY23 maturity bucket. Maturities exclude securitisation amortisation. 4 Tenor excludes RMBS and ABS. 5 WAM is weighted average maturity. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack New term issuance by c Charts may not add to 100 due to rounding. urrency (%) AUD USD EUR GBP Other 28 54 6 3 4 10 3 11 FY16 FY17 FY18 32 32 21 21 49 22 New term issuance by tenor Charts may not add to 100 due to rounding. 5.4yrs 5.8yrs 6.5yrs WAM5 >5years 5 years 4 years 3 years 2 years 1 year 28 2 2 47 10 45 30 25 7 7 FY16 FY17 FY18 43 30 17 8 New term issuance by Charts may not add to 100 due to rounding. Subordinated Debt Hybrid Securitisation Covered Bonds Senior Unsecured 4 5 12 4 13 18 77 73 66 FY16 FY17 FY18 8 Term debt issuance and maturity profile1,2,3 ($bn) Covered bond Hybrid Senior/Securitisation Sub debt 27 17 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 >FY24 42 Issuance 37 33 31 32 Maturities 29 30 30 22 5

Funding and liquidity metrics Capital, Funding and Liquidity 104 maturity (%) Customer deposits High Quality Liquid Assets NSFR Mar 2018 Sep 2018 112% 114% Institutional 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 2018 Full Year Results Presentation & Investor Discussion Pack Liquidity coverage ratio (LCR)3 (%) LCR 134% LCR 133% 129.0 133.5 Net cash outflows Liquid assets Net cash outflows Liquid assets 31 March 2018 30 September 2018 Wholesale funding Committed Liquidity Facility Other flows Net stable funding ratio (NSFR) at 30 September 2018 ($bn) 601.2 Liquids Corporate & deposits SME mortgages weight Available Stable Funding Required Stable Funding Wholesale funding and other liabilities 529.5 and other4 31 30 Other loans5 Retail & deposits Residential ”35% risk Capital 96.0 100.4 Funding composition by residual 1 Wholesale Onshore <1yr Wholesale Offshore <1yr1 Wholesale Onshore >1yr Wholesale Offshore >1yr Securitisation Equity 2 Customer deposits 4 1 4 1 12 11 8 8 4 1 63 62 10 5 44 Sep-08 Sep-17 Sep-18 16 20 5 7 6 8

Consumer Bank growing pressure and remediation the franchise; earnings impacted by margin Consumer 106 Key financial metrics Change 2H17 1H18 2H18 on 1H18 Revenue ($m) (8%) 4,341 4,417 4,077 for mortgages partly offset by higher deposit spreads Net interest margin (%) (26bps) 2.36 2.37 2.11 large Expense to income (%) 39.8 39.2 44.4 Customer deposit to loan ratio (%) 85bps 53.1 52.7 53.5 Stressed assets to TCE (%) 1bp 0.64 0.65 0.66 Key operating metrics Change on 1H18 2H17 1H18 2H18 Total customers (#m) 9.2 9.3 9.5 2% Active digital customers (#m) 4.0 4.1 4.2 3% Digital sales1 (%) 4ppts 25 29 33 Total branches (#) (19) 1,046 1,025 1,006 Total ATMs (#) (293) 2,916 2,835 2,542 7.6 (=2nd) 7.6 (=2nd) 7.3 (2nd) Customer satisfaction1 - +0.9 +0.3 -6.8 Net promoter score (NPS)1,2 6mma Up 1 place (4th) (3rd) (2nd) 1 Refer pages 148 & 149 for metric definitions and details of provider. 2 Westpac Group Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H17 1H18 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H18 Cash earnings ($m) AIEA up 2%, margin down 26bps from higher short-term funding costs, mortgage spreads compression and provision for Lower collectively estimated customer refunds and payments, assessed provisions 1,717 (332) (8) (82) 1,624 1131,423 15 Provision for estimated litigation settlement and costs of implementing customer refunds and payments. Investment costs also higher Down $294m or 17%

2H18 performance – impacted by margin pressure and infrequent items Consumer 107 and compliance costs including 2,614 2,452 2,459 2,367 398 395 396 401 41.2 40.3 40.2 39.8 39.2 370 353 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Revenue per FTE ($’000) 422 428 1H16 2H16 1H17 2H17 1H18 2H18 Expense to income ratio (%) 44.4 1H16 2H16 1H17 2H17 1H18 2H18 Loans ($bn) & deposit to loan ratio (%) Loans Customer deposit to loan ratio 52.2 52.5 52.8 53.1 52.7 53.5 379385 360 341 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Core earnings ($m) Lower margin and higher regulatory provisions for litigation 2,687 1H16 2H16 1H17 2H17 1H18 2H18 2,265 Revenue ($m) Lower margin (down 26bps) from higher short-term funding costs, competition and provisions for estimated customer refunds and payments 4,025 4,106 4,110 4,341 4,417 4,077 1H16 2H16 1H17 2H17 1H18 2H18 Cash earnings ($m) 1,624 1,717 1,459 1,552 1,531 1H16 2H16 1H17 2H17 1H18 2H18 1,423

Improving the customer experience through digital Consumer 108 20182 1 This feature is currently only available to Bank of Melbourne customers. 2 Digital Mail launched in March 2018 for St.George, April 2018 for Westpac. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Making it easier to connect Digital Mail • Customers can receive documents faster, and access them anywhere, anytime • Reduces postage and paper usage, and provides a permanent record of customer communication • 3.6m customers have switched to Digital Mail since launch in Webchat Customers on Westpac desktop can contact Westpac via secure messaging and Webchat anywhere, anytime Beem It Just Beem It! Westpac collaboration with two other major banks on a mobile payment app that allows customers to pay and get paid securely in real-time with any bank Digitising St.George online home loan application • Applications can be completed online or via mobile • Documents can be uploaded remotely • Specialist support available via live chat • Personalised pricing and valuations available • Customers can stop and re-start the process at any time • Ability to sign mortgage documents electronically1 Real time transactions Merchant details of HandyCard or debit MasterCard transactions in real time, instead of ‘transaction details available next business day’ Innovation Voice banking Customers can access their accounts, make payments and check balances through simple voice commands with Apple’s Siri, Amazon’s Alexa and Google Assistant Mobile cheque capture Customers can deposit cheques quickly and securely through Westpac’s mobile app by taking a photo with their smartphone Wearables Enables customers to use their FitBit or Garmin smart watch to make secure, contactless payments with their Westpac debit or credit MasterCard

Business Bank, another solid result Business 109 Key financial metrics Change on 1H18 2H17 1H18 2H18 Revenue ($m) 1% 2,559 2,610 2,644 Net interest margin (%) (2bps) 2.74 2.78 2.76 15bps Expense to income (%) 36.0 35.6 35.8 Customer deposit to loan ratio (%) 117bps 71.6 71.4 72.6 Stressed assets to TCE (%) 23bps 2.13 2.48 2.71 Key operating metrics Change on 1H18 2H17 1H18 2H18 Total business customers (‘000’s) (1%) 1,073 1,085 1,079 Customer satisfaction1 (rank) - #1 #1 #1 Customer satisfaction - SME1 (rank) - #1 #1 #1 Accounts migrated to simplified products (‘000’s) 70 110 257 327 Digital sales1 (%) 11 13 15 2ppts 1 Refer page 148 for metric definitions and details of provider. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H17 1H18 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H18 Cash earnings ($m) AIEA up 1% and margin down 2bps Higher from lower asset spreads and investments and increased funding costs regulatory costs 23 11 (16) (17) 1,080 (2) 1,079 1,045 Higher line fees Rise in stressed commercial facilities Down $1m or flat

Transforming the Business Bank Business 111 to link payments from a range of sources to their reconciliations and speeds up the sales process with more to be added making it easier for customers and bankers deposit customers, with 27 products closed and simpler product range 1 Refers to Westpac only. Originated online but are completed through manual channels. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Payment and transaction solutions Helping customers take and make payments, meet cash flow shortfalls and manage payables and receivables Presto Smart • An integrated payment solution enabling merchants payment terminal • Removes the need for manual input and • Presto Smart connects to 13 point-of-sale providers Targeted product range • Continue to streamline and simplify deposit products, • Migration is now complete for Westpac business more than 327,000 accounts transferred to the Digital for customers Empowering more customers with online capabilities such as account opening, overdraft access and servicing Improvements to Westpac Live includes: • Removal of virtual keyboard login • Simple navigation • Easier payment search function • Removal of fees to access online cheque/deposit images Increased digital sales • Investment in digital capabilities continues to support growth of digital channels with digital sales now 15% of sales in 2H18, up from 11% in 2H17 • Over 50% of unsecured overdrafts are now originated online1 Investing in bankers Enabling bankers to build great customer relationships through industry insights, paperless processes, simplified products and innovative technologies Transforming business lending • New features in Optimist, our credit risk management tool, enables risk grading for all Commercial and SME customers. Enables a consistent approach for assessments for property lending and industry insights • Launched Business Bank Bill Loan product to St.George customers LOLA for St.George • Expanded the Group’s online lending origination platform (LOLA) to St.George SME bankers and increased features and range of products that can be originated via LOLA. Saving bankers an average of 90 minutes per deal • LOLA and Optimist have simplified processes, saving bankers 32,000 hours over the year

BTFG, a leading wealth provider responding to industry change BT Financial Group 112 Key financial metrics Change on FY17 FY16 FY17 FY18 2,368 2,255 (1%) Revenue ($m) 2,226 50.0 53.2 (5ppts) 58.0 Expense to income (%) 179.2 191.4 7% 205.6 Total funds ($bn) (spot) 58 (10) (12) 782 (141) 786 18.6 20.1 4% Loans ($bn) (spot) 21.0 26.6 30.7 7% 33.0 Deposits ($bn) (spot) Life Insurance in-force premiums5 ($m) 973 1,068 1,277 20% General Insurance GWP ($m) 503 508 503 (1%) Key operating metrics ($m) Change on FY17 FY16 FY17 FY18 Customers with a wealth product6 (%) 17 18 17 (100bps) Planners (salaried & aligned) (#) (spot) 1,134 1,011 803 (21%) Platform FUA market share7 (inc. Corp Super) (%) 19 19 19 (40bps) Platform gross flows market share7 (inc. Corp Super) (%) 21 21 20 (90bps) Life Insurance market share8 (%) 11 12 10 (150bps) H&C insurance market share9 (%) 6 6 6 (10bps) 1 Home and Contents. 2 Gross Written Premiums. 3 Includes $28m of revenue ($15m cash earnings) from the management of Group Insurance for BTFG Corporate Super. 4 Represents income on invested capital required for regulatory purposes primarily for Life Insurance entities. 5 At 1 Jan 18, Westpac Life Insurance Services Limited became the preferred insurer for BTFG Corporate Super members. Life insurance in-force premium at Sep18 consist of $994m retail, $283m Group Life Insurance (1H18 consists $1,000m retail, $276m Group Life Insurance; 2H17: $993m retail, $75m Group Life insurance; 1H17: $966 m, $64m Group Life insurance). 6 Refer page 148 for wealth metrics provider. 7 Strategic Insight, All Master Funds Admin at Jun 18 (for 2H18), at Dec 17 (for 1H18), and at Jun 17 (for 2H17) and represents the BT market share at these times. 8 Strategic Insight (Individual Risk) rolling 12 month average. New sales includes sales, premium re-rates, age and CPI indexation Jun 18. 9 Internally calculated from APRA quarterly general insurance performance statistics, Jun 18. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack FY17 Infrequent items Cash earnings impact of Pendal sell down FY17 Pro forma Funds Management income 3 Insurance income Capital and other income4 Expenses Tax and impairment charges FY18 Pro forma Infrequent items FY18 Cash earnings ($m) Loans n4%, deposits n 7%, Life in-force: n 20% Cash earnings impact of funds n 7%. Partly offset by H&C1 GWP2: n 3% provisions for estimated margin compression and lower lower weather claims customer refunds and Advice revenue payments and costs 47 14 (10) (37) 736 Includes implementation of BT Open Services and costs to remove grandfathered commissions payments Up $4m or flat Down $91m or 12% 645

Sound fundamentals BT Financial Group 113 Insurance premiums ($m) Group in-force premiums Retail in-force premiums General Insurance gross written premiums¹ 1,276 1,277 3.5 4.0 1,068 276 1,030 283 973 64 63 910 250 1,000 994 258 258 1 Includes CCI gross written premiums of $13m in 2H18 (1H18: $16m; 2H17:$21m; 1H17:$25m; 2H16:$25m) 2 Retail Platforms market share sourced from Strategic Insight, All Master Funds Admin segment and represents the BT Wealth business market share disclosed in Strategic Insight as at June 2018. 3 Strategic Insights June 2018. 4 Market share is Retail life insurance new sales. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Life insurance lapse rates3 (%) WBC Peer 1 Peer 2 Market Avg Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Retail platforms market share2,3 (%) WBC Peer 1 Peer 2 Avg next top 4 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Life insurance market share3,4 (%) WBC Peer 1 Peer 2 Avg next top 4 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 251 252 75 993 966 2H16 1H17 2H17 1H18 2H18 Funds ($bn) Platforms Superannuation Packaged funds Other 197.7 205.6 179.2 191.5 191.4 3.7 3.8 38.4 36.4 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 39.6 38.0 32.1 3.8 39.3 37.4 35.8 36.2 34.4 122.9 113.3 115.3 118.6 108.9 Insurance claims rates (%) General Insurance Life Insurance 71 42 37 2H16 1H17 2H17 1H18 2H18 49 54 38 35 35 44 38

Meeting customers’ wealth needs via digital BT Financial Group 114 New and improved customer services Digitising insurance: improving customer experience BT Open Services1, an online services hub, providing self-licensed advisers and dealer groups access to a range of services on a fee-for-service basis Launch of near real-time (1hour) email re-contacting customers after drop out from a digital Home and Contents (H&C) application form $1.98bn in Managed Accounts FUA, up 209% over last 12 months 80% growth in H&C needs met digitally Continuous improvement to Panorama: ƒ Integrated Annuity offer and stand-alone Cash Management Account (CMA) solution ƒ Thumb print digital consent, supporting online transactions ƒ Managed portfolio solutions Customers can access a H&C quote in 2 minutes online and access better pricing “Return to Work” Award Winner3 Introduced a Cancer Assistance Program which delivers proactive support to customers helping them get them back on track following a cancer diagnosis Launched a corporate super product offered digitally, providing members a range of quality investments (44 investment options available) 2 25% growth in customers wealth needs met digitally LifeCENTRAL+ updated to improve adviser efficiency allowing sharing of quotes within practices, a streamlined application process and improved navigation Website and online form improvements giving customers better access to insurance, superannuation and investment solutions Real-time 24/7 access to client and policy information Underwriting Team of the Year, Client Service Team” 2018 AFA Strategic Insights Awards “Wealth Management Firm of the Year 2018 – Australia” Acquisition International Finance Awards “Best Technology Offering, BT Panorama” 2018 Conexus Financial Superannuation Awards “Best Wealth & Money Management Company 2018” APAC Australian Enterprise Awards Award Winners “2018 The World’s Best Private Banks” Global Finance Awards “SMSF Adviser Investment Platform choice – BT Panorama” “SMSF Member Investment Platform choice – BT Wrap” CoreData Self-Managed Super Fund (SMSF) Service Provider “Net-worth-specific services: Super affluent clients (US$1m-5m) Winner” Euromoney Private Banking & Wealth Management Survey 1 Launch of BT Open Services on 1 November 2018. 2 Launched on 5 September 2018. 3 Awarded in September 2018 at Swiss Re/ALUCA Excellence & Innovation. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Panorama: new, simple, transparent pricing on BT Panorama – a unique offer for advisers and investors 115 BT Financial Group with price advisers $1,500 p.a., form app Mobile s, 2018 Planner Technology report connectivity Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack FUA on Panorama ($m) 12,402 p 85% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 9,363 6,713 3,936 U 2,719 SMSF funds on Panorama(#) 6,215 p 44% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 5,332 4,305 3,217 U 2,173 Advisers using Panorama (#) 1,775 834 Up 31% Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 1,584 1,355 969 Investors on Panorama (#) 23,462 Up 99% Sep-16 Mar-17Sep-17Mar-18Sep-18 17,608 11,778 6,640 4,274 New pricing structure: • Simple, transparent pricing structure alignment across all channels and • 0.15% p.a. admin fee, capped at with a flat account fee of $540 p.a. • Family account aggregation for up to f family accounts our Panorama app • BT Panorama is the highest rated plat among financial advisers • Winner of “Planner Satisfaction with Access and App” – Investment Trend • >80% of investors logon via the app • Over 43,000 app launches per month One system for One core all investors & operating advisers system BT Panorama’s unique offers Bank SMSFs /security Digital user experience

WIB delivers a disciplined performance Westpac Institutional Bank 116 Key financial metrics Change on 1H18 2H17 1H18 2H18 Revenue ($m) 1,421 1,424 1,548 9% Net interest margin (NIM) (%) 1.62 1.58 1.72 14bps 47.9 47.4 49.8 241bps Expense to income ratio (%) Customer deposit to loan ratio (%) 124.3 130.0 135.8 large 535 530 Stressed assets to TCE (%) 0.55 0.52 0.44 (8bps) Key operating metrics Change on 1H18 2H17 1H18 2H18 Customer revenue1 / total revenue (%) 86.7 87.1 82.9 (large) Trading revenue / total revenue (%) 5.0 11.3 3.9 (large) Revenue per FTE ($’000)2 791 794 901 13% Deposits ($bn) 92.1 98.9 104.8 6% 1 WIB customer revenue is lending revenue, deposit revenue, sales and fee income. Excludes trading, derivative valuation adjustments and Hastings. 2 Excludes Westpac Pacific revenue and FTE. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H17 1H18 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H18 Cash earnings ($m) Income associated with Hastings expenses up exit of Hastings offset by lower $84m, mostly goodwill markets income write-off 14bps rise in 58 (96) NIM 66 4(48) 551 Down $16m or 3%

A strong franchise serving customers and delivering innovative solutions in key segments Westpac Institutional Bank 118 Service Efficiency Innovation 9 9 9 9 Banker to 91% of the ASX top 100 99.7% transactional banking retention rate1 95 new to bank customers in FY18 Largest banker to the Australian/NZ public sector, providing significant scale and ability to reinvest in capabilities 9 Developing solutions for customers to enhance data management capabilities and increase efficiency Digitising sales, service and back-office processes Market-leading straight through processing for FX transactions, with approx. 90% of FX flow now electronically executed 9 Track record of delivering innovative industry and policy solutions Significant transactional banking investment Partnering with fintechs to deliver new technologies and increase delivery speed 9 9 9 9 Liquidity and working capital management First release of WIB’s Digital Institutional Bank platform going live in November. Offers Corporate and Institutional customers real-time visibility of account balances, intraday balance movement and a single view of cash liquidity throughout their entire corporate structure Product innovation In partnership with Assembly Payments, launching new digital wallet capabilities for B2B and B2C customer transaction experiences and established a strong pipeline of data analytics opportunities with both corporate and government customers Renewables In FY18, leading financier2 to greenfield renewable energy projects in Australia providing more than $425m of new financing to seven projects Public Sector Both the Victorian and ACT Governments extended their banking contracts with Westpac in FY18 Superannuation First to market with innovative investment solutions and market leader in contributions via QuickSuper – WIB processes transactions for more than 162,000 Australian employers Infrastructure In FY18, more than $1.2bn new funding commitments supporting over $10.6bn in capital investment in Australian infrastructure and energy projects Corporate Loan Portal First to market with online portal providing customers with greater visibility and control over their loans. 150 customers in the pipeline Insights-driven analytics Partnership with ICICI Bank to develop a new payment solution for migrant students, giving students lower fees and enabling Australian universities to automatically reconcile international tuition payments M&A Financing Leverage depth of customer relationships and strength in underwriting and structuring for large syndicated transactions 1 Transactional banking relationships retention rate defined as the percentage of transactional relationships at the start of 2H18 that were retained through to the end of the period. 2 By new financing commitments. Source: IJGlobal data. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Financial Year 2018 Franchise Strength

NZ transformation delivering New Zealand 119 Key financial metrics Change on 1H18 2H17 1H18 2H18 Revenue (NZ$m) 1% 1,151 1,166 1,183 Net interest margin (%) 1bp 2.09 2.15 2.16 (58bps) Expense to income (%) 41.3 40.1 39.6 Customer deposit to loan ratio (%) (89bps) 75.5 77.9 77.0 Stressed assets to TCE (%) 2.06 1.86 1.57 (29bps) Key operating metrics Change on 1H18 2H17 1H18 2H18 Customers (#m) 1.35 1.36 1.35 (1%) Branches (#) 169 164 163 (1) Consumer NPS1 +2 +9 +8 (1) Business NPS1 +5 +17 +0 (17) Agri NPS1 +54 +52 +17 (35) FUM and FUA (NZ$bn) (spot) 10.1 10.3 10.7 4% Service quality – complaints (000’s) 9.6 8.5 9.2 8% 1 Refer page 149 for details of metric definition and provider. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2H17 1H18 Net interest income Non-interest income Operating expenses Impairment charges Tax and NCI 2H18 Cash earnings (NZ$m) Lower consumer delinquencies AIEA up 2% and margin up 1bp from and lower stress in dairy sector higher mortgage and business spreads offset by lower deposit spreads 51(15) 535 508 28 (11) 0 482 Lower fee income from simplification and the removal of some fees Up $53m or 11%

Improving the customer experience through digital and new services New Zealand 121 introduced in August discovery tool, used customers to identify Up 53% them as well surface achieve their goals conversations have been completed 2.4 2.2 2.1 Down 13% • 470,000 customers have been contacted since recommend Westpac 1 Digital online sales includes fulfilment volumes. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Deeper customer relationships Solutions based on customer goals • Your Story 2018, is a live digital in branches, to assist what’s important to solutions to help them • Since launch, 12,800 Your Story customer Creating ongoing value for customers • Value Me program introduced September 2017, helps customers by identifying best products, services and banking solutions based on their behaviour, saving customers time and money launch, with a 7% increase in customers likely to Making payments easier • Westpac Pay, launched in July 2018, allows customers to use their Android phone to make secure contactless payments with the ability to set the level of security and payment preferences • Westpac Get Paid ® launched in July 2018, is a card reader and mobile app that gives businesses the ability to take payments, create and send quotes, invoices and receipts in real time in a way that’s convenient for their customers • Westpac Direct from Account ® is an online channel providing merchants with the ability to accept authenticated direct credit payments from their customers, without having to leave the merchants’ website Digital for customers Customers increasingly using digital Digital online sales1 (‘000’s) 76 80 52 43 1H17 2H17 1H18 2H18 Over-the-counter transactions (#m) 2.7 1H17 2H17 1H18 2H18 Simple award winning digital banking solutions • Making banking solutions simple and easy for customers has seen Westpac win Canstar’s Bank of the Year – Everyday Banking award for 2018 (third year running)

Stressed exposures lower as dairy portfolio improves New Zealand 123 4.4 3.9 0.0 0.0 0.1 0.1 0.1 0.4 0.4 Agribusiness portfolio Sep-17 Mar-18 Sep-18 Westpac TCE (NZ$bn) 8.9 8.9 9.2 Agriculture as a % of total TCE 8.2 8.0 8.3 % of portfolio graded as ‘stressed’2 13.5 12.1 9.7 % of portfolio in impaired 0.41 0.50 0.42 1 Large reduction in stressed exposures from Sep 2011 to Sep 2012 due primarily to transfer of WIB assets during 2012. 2 Includes impaired exposures. 3 Source: Fonterra. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Milk price & Fonterra dividend3 (NZ$) Kg Ms $10 Dividend Milk price Economics $9 $8 $7 $6 $5 $4 $3 $2 $1 $0 2014/15 2015/16 2016/17 2017/18 2018/19 forecast 0.400.100.30 6.69 6.25 0.25 0.40 6.12 4.40 3.90 Dairy portfolio summary • Overall stress has declined and the portfolio’s risk grade profile is stable following favourable milk prices over the last two seasons • Focus remains on supporting existing dairy customers with proven long-term viability • Some headwinds from global milk price volatility driven by increased global milk production and unfavourable exchange rate movements. Regulatory reform and disease issues (M. Bovis) continue to pose challenges Business stressed exposures as a % of New Zealand business TCE 15.6 Watchlist & substandard 1 Property 3 14 Manufacturing 7 Agriculture, forestry & fishing Wholesale trade Construction 56 Other 12.8 13.2 90+ day past due (dpd) and not impaired 0.2 9.6 Impaired 6.8 0.2 4.4 4.9 5.5 5.3 0.2 3.2 3.3 3.4 3.7 3.3 3.4 0.2 2.3 0.1 2.4 0.2 0.1 3.0 2.6 2.2 1.5 0.9 0.8 Sep-10 Sep-11 Sep-121 Sep-13 Sep-14 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 3.4 2.9 4.0 4.8 5.0

Consumer credit quality in good shape New Zealand 124 0.5 1 LVR based on current loan property value at latest credit event. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 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 Sep-11 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 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 Mortgage portfolio LVR1 (%) of portfolio 92% of mortgage portfolio less than 80% LVR 46% 23% 23% 5% 3% 0<=60 60<=70 70<=80 80<=90 90+ Mortgage loss rates each half (%) 0.25 0.20 0.15 0.10 0.05 1 0.00 0.0 Mortgages9900++ddaayydsdepelialnisnqtqudueuenenc(cie%iess)(%) 1.0 0.5 0.11 0.0 Unsecured consumer 90+ day delinquencies (%) 1.5 1.0 0.62 0.0 Operational issue now resolved

Australian economic snapshot – growth to moderate 126 Australian economy key statistics (latest available as at October 2018) JPMorgan global manufacturing PMI GDP Westpac Economics Forecast (end calendar 2019) 3.4% 2.7% Unemployment Rate Westpac Economics Forecast (end calendar 2019) 5.0% 5.0% Sources: Reuters, Westpac Economics Sources: ABS, RBA, Westpac Economics Inflation Westpac Economics Forecast (end calendar 2019) 1.9% 1.7% Cash Rate Westpac Economics Forecast (end calendar 2019) 1.50% 1.50% AUD/USD Westpac Economics Forecast (end calendar 2019) US$0.713 US$0.72 Sources: RBA, Westpac Economics. Sources: RBA, Westpac Economics. 1 Average RBA core CPI is average of seasonally adjusted trimmed mean & weighted median CPI. 2 Includes WCFI+BI commodities index, 2 year swap spread and NFD to GDP. 3 Exchange rate at as 31 October 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack AUD has moved lower USD 'fair value' band 1.20 AUD/USD actual & forecast2 fc/s to 1.10 9 1.00 0.90 0.80 0.70 0.60 0.50 0.40 Sep-94 Sep-99 Sep-04 Sep-09 Sep-14 Sep-19 end 201 Commodity prices resilient in 2018 RBA Commodity Price Index, AUD terms, based to 100 in 2016-17 index 180 160 140 120 100 80 60 40 20 Sep-03 Sep-06 Sep-09 Sep-12 Sep-15 Sep-18 Global backdrop less positive Index Westpac global trade PMI 60 55 50 45 40 35 30 Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 Sep-18 Inflation remains subdued1 %yr Avg RBA core CPI %qtr (rhs) %qtr 8 Headline CPI %yr (lhs) 3.2 7 2.8 6 2.4 5 2.0 4 1.6 3 1.2 2 0.8 1 0.4 0 0.0 -1 -0.4 Sep-96 Sep-00 Sep-04 Sep-08 Sep-12 Sep-16 Avg RBA core CPI %yr (lhs) f/cs

Australian and New Zealand economic forecasts 127 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 2018 Full Year Results Presentation & Investor Discussion Pack Private consumption2 3.0 2.6 2.6 Business investment2,3 6.9 1.1 2.5 Unemployment – end period 5.5 5.1 5.0 CPI headline – year end 1.9 2.0 1.7 Interest rates – cash rate 1.50 1.50 1.50 Credit growth, Total – year end 4.8 4.4 3.5 Credit growth, Housing – year end 6.3 4.8 4.0 Credit growth, Business – year end 3.1 4.4 3.5 Unemployment – end period 4.5 4.6 4.6 Consumer prices 1.6 2.3 1.4 Interest rates – official cash rate 1.75 1.75 1.75 Credit growth – Total4 6.5 5.2 4.8 Credit growth – Housing4 7.4 5.7 4.9 Credit growth – Business4 5.2 4.4 4.5 New Zealand GDP2 2.9 3.0 3.1 Key economic indicators (%) as at October 2018 Calendar year 2017 2018F 2019F World GDP1 3.8 3.8 3.6 Australia GDP2 2.4 3.3 2.7

The Australian economy 128 NSW and Victoria 58% of population and employment 19 Construction 9 Wholesale, Retail Finance Relative size of States (Share of Australia, 2016/17, %) GSP Population Employment 35 Exports 33 32 32 Construction 26 26 24 18 20 20 20 6 6 Agriculture 14 7 7 6 4 2 2 2 1 Finance 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 2018 Full Year Results Presentation & Investor Discussion Pack 10 11 23 14 Services employ a large part of the Australian workforce Output 2017 - sector contribution to GDP (%)1 Services Mining 56% 7 Manufacturing Transport, Utilities 10 Agriculture 9 Household services 6 Health 10 Education 8 6 Public administration Business services Australian employment by sector 2017 (%) Services Mining 60% 15 2 7 Manufacturing 9 Transport, Utilities Wholesale, Retail 8 Household services 13 Health, Social Assistance Education 13 3 13 Public Administration Business services

Australian economic outlook: positive but uneven 129 ppts ppts * mining investment Consumer^ Mining * Non-mining Public Net exports GDP Sources: ABS, Westpac Economics. Sources: NAB survey, Westpac Economics. Sources: ABS, Westpac Economics. Sources: RBA, Westpac Economics. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Consumer spending constrained by income growth Australian consumer spending (% ann) vs labour income (% ann) % ann Labour income real 10 8 6 yr 4 2 0 -2 -4 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 Jun-18 Consumption Consumption long run avg: 3.3% Australian private sector credit growth subdued Australian private sector credit growth (% ann) ann% Housing Total credit Business 25 Forecasts 20 2019 15 10 5 0 -5 -10 Sep-94 Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 Sep-18 end Australian growth mix: shifting drivers Contributions to GDP growth (ppts) 3 2015 2016 2017 2018f 2019f 3 2 2 1 1 0 0 -1 -1 -2 -2 investment ^ incl. housing Positive but moderating business conditions Australian business conditions (net balance) net bal. 30 Goods related Consumer sectors 20 10 0 -10 avg. -20 avg. -30 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18 Business services 3 month moving deviation from

Population growth, public spending, lower AUD boosting activity 130 UK World Australia Sources: ABS, Westpac Economics 120 120 1997 2001 2005 2009 2013 2017 Sources: ABS, Westpac Economics Sources: RBA, Westpac Economics. 1 Business services: $21bn, including: legal & professional services $5.3bn, financial services $4.3bn, IT & Telecomm $3.8bn, Intellectual property rights $1.1bn and other $6.3bn. 2 Includes WCFI+BI commodities index, 2 year swap spread and NFD to GDP. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Infrastructure starts returning to boom levels $bn Commencements $bn 100 100 80 resources 80 60 60 40 40 20 20 0 0 June years Oil & gas Iron ore & Resource Private ex Public % chg +46% coal related -33 +11+5 -24 Lower AUD supports the local economy USD 'fair value' band AUD/USD actual & forecast2 1.20 1.10 c/s to end 1.00 2019 0.90 0.80 0.70 0.60 0.50 0.40 Sep-94 Sep-99 Sep-04 Sep-09 Sep-14 Sep-19 f Population growth remains high Population growth 2006-2016 average (% ann) EU 0.28 Developed US Canada NZ Developing 0.0 0.5 1.0 1.5 2.0 0.33 0.76 0.80 1.08 1.15 1.20 1.37 1.69 Services exports remains strong $bn Rolling annual, nominal $bn 30 ion 30 25 25 20 20 15 15 10 10 5 5 0 0 Jun-94 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 Jun-18 Educat Total service exports: +7% yr +14% Leisure travel Business services1 +8% Transportation Business travel

Housing slowdown and wages are headwinds 131 (‘000 change in employment over the last 2 years) Sources: ABS, Westpac Economics. Sources: ABS, Westpac Economics. 5 5 30 -10 Sources: CoreLogic, ABS, Westpac Economics Sources: ABS, Westpac Economics. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Cooling housing market 30 %ann prices new dwelling investment %ann 50 20 40 10 20 0 10 0 -10 -20 -20 -30 -30 Feb-09 Jun-10 Oct-11 Feb-13 Jun-14 Oct-15 Feb-17 Jun-18 Oct-19 turnover Forecast Election uncertainty Australian employment % % 4 4 3 3 2 2 1 1 0 0 -1 -1 -2 -2 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 6mth annualised pace Jul ‘16 Sep ‘13 election election Jobs are being created… Employment by major sector: Australia education & health production construction white collar retail & wholesale leisure & hospitality 0 50 100 150 200 250 …but Australian wage inflation remains low %yr Australian wage inflation (%, yr) 8 7 6 5 4 3 2 1 0 Jun-98 Jun-00 Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 Aus private sector wages Mining industry wages

The Australian housing market has cooled 132 Dwelling prices cooling Change in Australian dwelling prices (annual %) ann% ann% 25 30 25 20 25 25 20 15 15 10 10 5 5 0 0 Sources: CoreLogic, Westpac Economics. -5 -5 -10 -10 Oct-10 Oct-12 Oct-14 Oct-16 Oct-18 Sources: CoreLogic, Westpac Economics. Dwelling prices are all dwellings, 6mth annualised growth. 30 30 Capital city % Change last 3mths (Oct-18) % Change YoY (Oct-18) Avg since 2007 Pop’n Sydney 4.8m Down 2.0% Down 7.4% Up 5.1% Melbourne 4.5m Down 2.1% Down 4.7% Up 4.8% Brisbane 2.3m Flat Up 0.4% Up 0.9% Perth 1.9m Down 2.0% Down 3.3% Down 0.8% Sources: CoreLogic, Westpac Economics. Sources: ABS, CoreLogic, Westpac Economics. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Unit pricing vs. detached house pricing Dwelling prices by property type % (%, 3month annualised, seasonally adjusted by Westpac) % 40 40 35 35 25 25 20 20 15 15 10 10 5 5 0 0 -5 -5 -10 -10 -15 -15 Oct-10 Oct-12 Oct-14 Oct-16 Oct-18 Houses Units macro-prudential tightening Sydney Melbourne Brisbane Perth Price decline felt most in the top 25% of house prices Dwelling prices by property value ann % (annual %, all dwellings, seasonally adjusted by Westpac) ann % 40 40 35 35 30 30 20 20 15 15 10 10 5 5 0 0 -5 -5 -10 -10 -15 -15 Oct-10 Oct-12 Oct-14 Oct-16 Oct-18 Top 25% Middle 50% Bottom 25% macro-prudential tightening

Physical supply/demand fundamentals remain supportive across wider market 133 Population Total increase in dwellings 450 450 350 350 200 200 100 100 2.1 Sources: ABS, Westpac Economics. Dwelling stock is net of demolitions – implied by Census data. Sources: REIA, Westpac Economics 2.4 2.4 2.0 2.0 Mar-92 Mar-96 Mar-00 Mar-04 Mar-08 Mar-12 Mar-16 Mar-20 Sources: ABS, RBA, Westpac Economics. Source: ABS, Westpac Economics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Population growth remains high in Australia % ann % ann Population growth 1.6 1.6 1.2 1.2 0.8 0.8 0.4 0.4 0.0 0.0 Peak, 2008 Average from 2010 = 1.6% Average to 2004 =1.1% Dwelling approvals down from 2016 highs Dwelling approvals (‘000 month, annualised) Private approvals Trend SA 240 240 200 200 160 160 120 120 80 80 Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 Sep-18 RBA easing cycles Dwelling supply has not kept pace with stronger demand ‘000 Population versus dwelling stock (annual average change ‘000) ‘000 400 400 300 300 250 250 150 150 50 50 0 0 1950s 1960s 1970s 1980s 1990s 2000s Last 6yrs Next 4yrs high rise Rental vacancy rates remain low in Sydney and Melbourne % Rental vacancy rates (%, quarterly, seasonally adjusted by Westpac) 8 Sydney Brisbane 7 6 5 5.0 4 3 2.5 2 2.4 1 0 Jun-88 Jun-93 Jun-98 Jun-03 Jun-08 Jun-13 Jun-18 Melbourne Perth National average since 1980

Impact of macro-prudential measures across Australian industry 134 % 16 5.90 0 Source: APRA, RBA, Westpac Economics Sources: RBA, Westpac Economics. % flow limit 3 Sources: ABS, APRA, RBA, Westpac Economics. Sources: ABS, APRA, RBA, Westpac Economics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Lower flow of interest only loans Interest only housing loans 60 50 40 30 20 10 0 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Mar-19 Outstanding loans 10% investor APRA 30% New loans credit growth limit interest only new 28.8 16.6 Lower new flow of 90%+ LVR loans % High LVR housing loans 25 20 15 10 6.5 5 0 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 80-90% 90%+ 13. Change in composition of housing credit Australian housing credit growth (6mth % change annualised) Total 10% limit on investment 30% limit on interest Investor 12 8 6.7 4 4.6 0.8 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 property annual portfolio growth only originations Owner-occupier Introduction of differentiated mortgage pricing % Mortgage interest rates (major bank average) 7.5 7.0 6.5 6.0 5.5 5.0 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Own-occ. - principal and interest Own-occ. - interest only Investor - principal and interest Investor - interest only 6.35 5.90 5.20

Australian household balance sheets 135 (% income required to service mortgage of 75% median dwelling, all regions) 40 higher 100 60 rtgage offset s –16pts Sep-83 Sep-88 Sep-93 Sep-98 Sep-03 Sep-08 Sep-13 Sep-18 Sources: ABS, RBA, Westpac Economics Sources: RBA, Westpac Economics. Housing credit in 6 month % change annualised. 1400 1200 600 Sources: ABS, RBA, Westpac Economics. Sources: ABS, RBA, Westpac Economics. Westpac Group 2018 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 1st 2nd 3rd 4th 5th 2002 2006 2010 2014 Australian household net wealth has also increased % Annual household disposable income % Total assets Jun-07 Since Jun-07: % +120pts 1200 1000 1000 800 800 600 400 400 200 200 0 0 Jun-83 Jun-88 Jun-93 Jun-98 Jun-03 Jun-08 Jun-13 Jun-18 Jun-23 Total liabilities Total net worth +90pts +30pts Affordability on repayment basis around long run average Housing affordability: all dwellings % 35 30 25 20 15 10 Deteriorate If mortgage rate was 1% Improve 10yr avg long run avg Australian households debt to income ratio remains high Australian households debt to income ratio (%) Total (gross) debt Forecasts 200 180 160 et of all 140 its also 120 funds held 80 40 since peak 20 1988 0 -20 -40 Jun-88 Jun-93 Jun-98 Jun-03 Jun-08 Jun-13 Jun-18 Total debt net of offset accounts end 2019 Total debt net of all deposits* Debt n Trend since Jun-07 depos excludes in mo account * Westpac Economics estimates prior to

Australia’s high rise apartment market – past the peak although supply still coming online 136 Population Total increase in dwellings 450 450 300 300 200 200 Source: RBA, CoreLogic. Sources: REIA, Westpac Economics. Dwelling stock is net of demolitions – implied by Census data. ‘000s ‘000s Non-high rise Other high rise High rise top 5 areas Sources: ABS, Westpac Economics 1 Estimated proportion of approved dwellings completed by months after approval. Note that not all approved dwellings are completed, reflecting both cancellations and reductions in project size. Also, ‘high rise’ projects often have significant delays between approval and commencement. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Projected dwelling completions, major metro areas Dwelling completions by capital city (‘000s, rolling 6mth totals) 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Jun-07 Jun-13 Jun-19 Jun-07 Jun-13 Jun-19 Jun-07 Jun-13 Jun-19 Sydney Melbourne Brisbane/SEQ Projected 10% Projected 10% 18% 71% Projected 8% 17% 76% 41% 49% Aggregate supply/demand fundamentals remain positive ‘000 Population versus dwelling stock (annual average change ‘000) ‘000 400 400 350 350 250 250 150 150 100 100 50 50 0 0 1950s 1960s 1970s 1980s 1990s 2000s last 6 yrs next 4yrs high rise Dwelling construction: indicative completion times1 % % 100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 0 12 24 36 48 60 Detached houses Low-mid rise High rise Average construction time for ‘high rise’ about 2-2½yrs

The New Zealand economy 137 Regional GDP - 2017, nominal $NZ Total nominal GDP 2017: $280bn Population 4.9 mil Northland, $7bn 4% of population Auckland, $101bn 35% of population Bay of Plenty, $14bn 6% of population Waikato, $23bn 10% of population Taranaki, Whanganui/Manawatu, $10bn 7% of population Tasman/Nelson, $5bn 2% of population Gisborne/Hawke’s Bay, $9bn 4% of population Wellington, $36bn 11% of population Marlborough, $3bn 1% of population West Coast, $2bn 1% of population Southland, $6n 2% of population Canterbury, $35bn 13% of population Otago, $12bn 5% of population Sources: Stats NZ, Westpac Economics.. Sources: Stats NZ, Westpac Economics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack NZ output and employment Output 2018 - sector contribution to GDP (%) Primary 9 7 3 Electricity, gas and water Construction 11 Food manufacturing 4 7 Manufacturing (excl. food) Wholesale, retail and accommodation 12 Transport Financial and professional services 32 5 Public administration Social services (incl. health) Other NZ employment by sector 2018 (%) 2 4 Primary 16 8 Construction 10 Manufacturing Wholesale, retail and accommodation 17 Transport 21 Financial and professional services 17 4 Public administration Social services (incl. health) Other

New Zealand economic snapshot – growth has taken a step down 138 New Zealand economy key statistics (latest available as at October 2018) GDP Westpac Economics Forecast (end calendar 2019) 2.7% 3.1% Unemployment Rate Westpac Economics Forecast (end calendar 2019) 4.5% 4.6% Source: Stats NZ, Westpac Economics Source: Stats NZ, Westpac Economics Inflation Westpac Economics Forecast (end calendar 2019) 1.9% 1.4% Total Cash Rate Westpac Economics Forecast (end calendar 2019) 1.75% 1.75% NZD/USD Westpac Economics Forecast (end calendar 2019) US$0.651 US$0.65 Source: Westpac Economics estimates Source: Stats NZ, Westpac Economics 1 Exchange rate as at 31 October 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Migration cycle has started to turn down Net migration (annual ‘000s) 000s 000s 75 75 50 50 25 25 0 0 -25 -25 -50 -50 2000 2004 2008 2012 2016 2020 New Zealanders Forecast Other Large pipeline of construction work $bn Construction spending (annual $bn) $bn 40 40 30 30 20 20 10 10 0 0 2005 2008 2011 2014 2017 2020 2023 Kaikoura earthquake costs Canterbury rebuild Construction (excl. quake costs) For ecast GDP holding firm % GDP (%) % 6 6 4 4 2 2 0 0 -2 -2 2005 2007 2009 2011 2013 2015 2017 2019 Qtr % chg Annual average % change Spending to slow as housing cools % House prices and household spending % 30 6 25 5 20 4 15 3 10 2 5 1 0 0 -5 -1 -10 -2 -15 -3 -20 -4 -25 -5 2000 2003 2006 2009 2012 2015 2018 2021 House price inflation (left axis) Per capita household spending (right axis) Forecast

New Zealand economic indicators 139 500 Source: ANZ, Westpac Economics Source: Stats NZ, Westpac Economics Kg Ms Forecast 9 8 9 8 5 5 Source: Fonterra, Westpac Economics Source: RBNZ, Westpac Economics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 RBNZ on hold, overseas trends to push term rates higher % Interest rates (%) % 10 10 2 year swap rate 7 7 6 6 4 4 3 3 2 2 1 1 2001 2005 2009 2013 2017 2021 90 day bank bill rate Forecast 5 year swap rate Payout to dairy farmers at average levels Dairy payout and dividend ($/Kg Ms) Milk price Dividend $10 $8 $6 $4 $2 $0 Inflation off its lows, boosted by oil prices % Inflation (%) % 6 6 5 5 4 4 3 3 2 2 1 1 0 0 2007 2009 2011 2013 2015 2017 2019 CPI inflation Forecast CPI excluding petrol Export prices remain favourable NZ export commodity price index (world prices) Index Meat,skins & wool Forestry Dairy 450 400 350 300 250 200 150 100 50 2006 2008 2010 2012 2014 2016 2018

New Zealand housing market expected to be dampened by policy changes 140 Source: REINZ Source: REINZ Investors below 70% LVR Investors above 70% LVR 50 Source: RBNZ Source: REINZ, RBNZ, Westpac Economics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Index = 100 in 2008 Index = 100 in 2008 Macroprudential policies have eased… % Investors’ share of new mortgage lending (%) 40 30 20 10 0 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 LVRs tightened LVRs tightened LVRs eased …further easing likely if property market slows further % New Zealand house debt statistics % 20 (% of households’ disposable incomes) 175 15 150 10 125 5 100 0 75 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Spending on debt servicing Household liabilities (right axis) Policy changes have softened housing demand… New Zealand house prices by region (index) 220 220 200 200 180 180 160 160 140 140 120 120 100 100 80 80 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 NZ ex Auckland and Canterbury Auckland Canterbury …and a period of subdued prices is expected New Zealand house prices (nationwide, %) 20 Forecast 20 15 15 10 10 5 5 0 0 -5 -5 -10 -10 -15 -15 2008 2010 2012 2014 2016 2018 2020

Appendix 1: Cash earnings adjustments Appendix and Disclaimer 142 2H17 $m 1H18 $m 2H18 $m Cash earnings adjustment Description Reported net profit 4,083 4,198 3,897 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 64 17 - 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 Fair value (gain)/loss on economic hedges 62 37 (163) • Group’s cash earnings over the life of the hedge 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 20 9 4 The Group recognised a gain, net of costs, associated with the partial sale of shares in Pendal Group Limited in Full Year 2017. In Full Year 2018, the Group marked to market its current holding of Pendal shares. Consistent with prior years these items have 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. 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) (171) - 73 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 (13) (10) 3 Cash earnings 4,045 4,251 3,814 Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Appendix 2: Sustainability Appendix and Disclaimer 143 Bloomberg Gender Equality Index Network on Disability’s Inaugural at the 2017 Women in Finance 1 As at 30 September 2018. 2 Copyright ©2018 Sustainalytics Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Inclusion and diversity recognition1 Included in the 2018 #1 Bank in Top 10 Australian Access and Inclusion Index Employer of Choice by The Workplace Gender Equality Agency for the 8th consecutive year Awarded Employer of the Year Awards Received highest accolade of Platinum status in the Australian Workplace Equality Index Awards in May 2018 Sustainability indexes1 A world leader and member of DJSI World, DJSI Asia Pacific, and DJSI Australia Indexes Leader score among peer group2 Member of the FTSE4Good Index, of which Westpac has been a member for over 10 years, announced in August 2018 Member of the MSCI Global ESG Leaders index Member of the STOXX 2017/2018 Global ESG Leaders Indices for the fifth consecutive year Industry awards1 Awarded Gold Class ranking in RobecoSAM’s 2018 Sustainability Yearbook Achieved highest “Leading” rating for the tenth consecutive year for disclosure of sustainability risks in 2017 Recognised in the 2017 CDP to achieve Leadership level for our response to climate change, announced in October 2017 Reconfirmed as a constituent of the Ethibel Sustainability Index (ESI) Excellence Global, announced September 2018 Achieved the highest QualityScore of 1 for the inaugural ESG survey by ISS in 2018

Appendix 2: Sustainability Appendix and Disclaimer 144 Force on Climate-related Financial Align with and support Principles for Responsible Banking the Draft Principles for Responsible Banking Supporter (2015) Finance Initiative Founding Adopter, Network Australia Founding Member Global Investor Coalition The Montreal Carbon Pledge Responsible Investment Banking Environment Initiative Signatory (2014) (for social enterprises) (for Indigenous owned businesses) (for women owned businesses) Since 2012 1 As at 30 September 2018. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Key commitments and partnerships1 Financial Stability Board’s Task Part of core group of 28 banks developing Paris Climate Agreement Disclosures The Equator Principles UN Environment Program UN Sustainable Development Goals United Nations Global Compact First Australian Bank (2003) Founding Member (1991) CEO Statement of Commitment (2015) Signatory (2002), Global Compact Principles for Founding signatory (since 2012) Signatory (2007) Statement on Climate Change Signatory (2014) Climate Bonds Initiative Carbon Markets Institute We Mean Business Coalition Climate Action 100+ Partner Corporate Member Signatory (2015) Signatory (2018) Carbon Neutral Certification Supply Nation WeConnect International Social Traders Founding member (since 2016) (since 2014) Member of Connect (since 2016)

Appendix 3: Definitions – Divisions Appendix and Disclaimer 145 Consumer Bank (CB) is responsible for sales and service to consumer customers in Australia under the Westpac, St.George, BankSA, Bank of Melbourne and RAMS brands. Activities are conducted through a dedicated team of specialist consumer relationship managers along with an extensive network of branches, call centres and ATMs. Customers are also supported by a range of internet and mobile banking solutions. CB also works in an integrated way with Business Bank, BTFG and WIB in the sales and service of certain financial services and products including in wealth and foreign exchange. The revenue from these products is mostly retained by the product originator Westpac Institutional Bank (WIB) delivers a broad range of financial products and services to commercial, corporate, institutional and government customers 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 in an integrated way with all the Group’s divisions in the provision of more complex financial needs including across foreign exchange and fixed interest solutions Consumer Bank WIB Business Bank (BB) is responsible for sales and service to SME and commercial business customers in Australia for facilities up to approximately $150 million. The division operates under the Westpac, St.George, BankSA and Bank of Melbourne brands. Customers are provided with a wide range of banking and financial 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 consumer customers with auto finance loans. BB works in an integrated way with Consumer Bank, BTFG and WIB in the sales and service of select financial services and products including corporate superannuation, foreign exchange and interest rate hedging. The revenue from these products is mostly retained by the product originator Westpac New Zealand is responsible for sales and service of banking, wealth and insurance products for consumers, business and institutional customers in New Zealand. Westpac conducts its New Zealand banking business through two banks in New Zealand: 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 Bank Westpac NZ BT Financial Group (Australia) (BTFG) is the Australian wealth management and insurance arm of the Westpac Group providing a broad range of associated services. BTFG’s funds management operations include the manufacturing and distribution of investment, superannuation and retirement products, wealth administration platforms, private wealth, margin lending and equities broking. BTFG’s insurance business covers the manufacturing and distribution of life, general and lenders mortgage insurance. The division also uses third parties to manufacture certain general insurance products. In managing risk across all insurance classes the division reinsures certain risks using external providers. In addition to the BT brand, BTFG operates a range of financial service brands along with the banking brands of Westpac, St.George, Bank of Melbourne and BankSA for Private Wealth and Insurance. 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 BTFG Group Businesses or GBU Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Appendix 3: Definitions – Credit quality Appendix and Disclaimer 146 Includes facilities where: 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 and includes: • 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. • 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 90 days past due and not impaired • • Impaired assets • • These facilities, while in default, are not treated as impaired for accounting purposes • 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 calculated based on changes that occurred in sectors of the economy or in the economy as a whole • Collectively assessed provisions (CAP) Watchlist and substandard, 90 days past due and not impaired and impaired assets 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 Total committed exposures (TCE) 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, interest will be recognised in the income statement underwriting risk Individually assessed provisions or IAPs 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 2018 Full Year Results Presentation & Investor Discussion Pack

Appendix 3: Definitions – Earnings, capital and liquidity Appendix and Disclaimer 147 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 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 Leverage ratio Cash earnings divided by the weighted average ordinary shares (cash earnings basis) Cash earnings per ordinary share 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 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. 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 (HQLA) Net tangible assets (total equity less goodwill and other intangible assets Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the LCR Net tangible assets less minority interests) divided by the number of ordinary shares on issue per ordinary share (reported) 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 Weighted average ordinary shares (cash earnings) Weighted average number of fully paid ordinary shares listed on the ASX for the relevant period Liquidity coverage ratio (LCR) As defined by APRA (unless stated otherwise) Capital ratios 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% 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 Net stable funding ratio (NSFR) Internationally comparable ratios Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack Capital Liquidity Earnings Drivers

Appendix 3: Definitions – Other Appendix and Disclaimer 148 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 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. Australian consumer and business customers who have had an authenticated session (including Quickzone) on Westpac Group digital banking platforms in the prior 90 days Digitally active Sales refers to digital sales of consumer core products only. Sales with a completed 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 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 Digital transactions Customer satisfaction or CSat Digital transactions are typically payments and transfers CSat – overall Source: DBM Consultants Business Financial Services Monitor, September 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 business 2016 – September 2018, 6MMA. MFI customers, all businesses. MFI share CSat – overall consumer Source: DBM Consultants Consumer Atlas, September 2016 – September 2018, 6MMA. MFI customers Consumer MFI share Source: DBM Consultants Consumer Atlas, 6 months to September 2018, MFI customers Source: DBM Consultants Business Financial Services Monitor, September 2016 – September 2018, 6MMA. MFI customers, SME businesses. SME businesses are those organisations with annual turnover under $5 million (excluding Agribusinesses) CSat – SME Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Appendix 3: Definitions – Other Appendix and Disclaimer 149 Source: DBM Consultants Business Financial Services Monitor, 12 months to September 2018, MFI customers, SME businesses. SME businesses are those organisations with annual turnover under $5 million (excluding Agribusinesses) 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) SME MFI share NPS Consumer (Westpac NZ) Source: DBM Consultants Business Financial Services Monitor, 12 months to September 2018, MFI customers, Commercial businesses. Commercial businesses are those organisations with annual turnover $5 million to $100 million (excluding Agribusinesses) Commercial MFI share NPS – overall consumer Source: DBM Consultants Consumer Atlas, September 2016 – September 2018, 6MMA. MFI customers SGB Brands (Consumer): St.George Bank, Bank of Melbourne, BankSA, RAMS, Dragondirect Net Promoter Score measures the net likelihood of recommendation to others of the customer’s main financial institution. Net Promoter ScoreSM is a trademark of Bain & Co Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. Using a scale of 0 to 10 (0 means ‘extremely unlikely’ and 10 means ‘extremely likely’), the 0-6 raters (detractors) are deducted from the 9-10 raters (promoters) SGB Brand Net Promoter Score or NPS SGB Brands (Business): St.George Bank, Bank of Melbourne and BankSA 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) 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) NPS Agri (Westpac NZ) 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: 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) Women in Leadership NPS Business (Westpac NZ) Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack

Disclaimer 151 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 2018 Full Year Financial Results (incorporating the requirements of Appendix 4E) for the twelve months ended 30 September 2018 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to page 41 for an explanation of cash earnings and Appendix 1 page 142 for a reconciliation of reported net profit to cash. 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’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, ‘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 2018 Full Year Financial Results (incorporating the requirements of Appendix 4E) for the twelve months ended 30 September 2018 (or Annual Report for the year ended 30 September 2017) 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. Westpac Group 2018 Full Year Results Presentation & Investor Discussion Pack