Westpac Banking Corporation/Announcement

Westpac 1H20 Presentation and Investor Discussion Pack

Investor Presentation3 May 2020WBCFinancials

ASX Release

4 MAY 2020

Westpac 1H20 Presentation and Investor Discussion Pack

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
1H20 Presentation and Investor Discussion Pack.

For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 T. (02) 8253 4008 (ext. 24008)
M. 0438 284 863

This document has been authorised for release by Tim Hartin, Group Company Secretary.

Level 18, 275 Kent Street
Sydney, NSW, 2000

Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated.
Refer page 30 for definition. Results principally cover the 1H20, 2H19 and 1H19 periods.
Comparison of 1H20 versus 2H19 (unless otherwise stated).

Westpac 2020
Interim Results Index
2020 Interim Results Presentation3
Investor Discussion Pack of 2020 Interim Results25
Strategy26
Results29
COVID-1934
Customer franchise41
Digital transformation44
Sustainability49
Governance and risk management54
Earnings drivers60
Revenue61
Expenses64
Impairment charges66
Credit quality and provisions67
Australian mortgage asset quality81
Capital, funding and liquidity91
Divisional results102
Consumer104
Business105
Westpac Institutional Bank106
Westpac New Zealand107
Economics111
Appendix and Disclaimer121
Contact us130
Disclaimer131

Peter King
Chief Executive Officer
Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated.
Refer page 30 for definition. Results principally cover the 1H20, 2H19 and 1H19 periods.
Comparison of 1H20 versus 2H19 (unless otherwise stated).
2020
Interim
Results
Presentation

1H20 Results –Overview.
COVID-19
•Protecting our people
•Helping customers - relief packages and continuing to
lend
•Remaining open for business
Disappointing
earnings, strong
balance sheet
Simplifying the
business
•Result reflects environment and our own issues
•$2.2bn impairment charge, $1.0bn (after tax) charge
for AUSTRAC matters
•Strong capital, funding and liquidity
•Refocus on Australia and New Zealand banking
•Creating Specialist Businesses division
•Four priorities for the long term
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack4

Westpac COVID-19 response.
1 Metrics for Australia and Australian customers. 2 In March 2020. 3 Westpac Foundation is administered by Westpac Community Limited as trustee for Westpac Community Trust (ABN 53 265 036 982).Westpac Community Trust is a Public Ancillary
Fund, endorsed by the ATO as a Deductible Gift Recipient and is not a part of Westpac Group.
There when you need us >90% of Branches open, ATM
availability 99% in March
$39bn in mortgage balances deferred, 105kmortgages
Special interest rates,TDs & Fixed rate home loans
Government/Industry coordination on packages
$1m Westpac Foundation grants brought forward for small
local not-for-profits
3
Maintained focus on customers and communities affected by
bushfires (~2,000 disaster packages), floods and major
storms
Keeping our people safe
Standing behind economy & communities
Protecting those coming into work; social distancing and
enhanced cleaning
~22k employees working from home
System upgrades providing new collaboration tools 300k
hours of audio and video
2
Supporting consumers
$8bn in loan balances deferred, 31kcustomers supported
~1,200 customers approved for bridging finance ahead of
JobKeeperpayments
Lower lending rates, 200bps on overdrafts 100bpson
SME cash-based loans
Merchant terminal fee relief for certain customers
Backing businesses
1
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack5

1H20 Earnings snapshot.
1 Cash earnings is a measure of profit generated from ongoing operations for further detail see page 30. 2 Impairment charge to average loans annualised. 3 Cash EPS is cash earnings divided by weighted average ordinary shares. 4 Return on equity is cash earnings divided by average
ordinary equity. 5 Cash earnings basis. 6 The Board has deferred the decision on determining an interim dividend and no dividendwill be paid in June 2020. 7 References to notable items in this presentation include provisions for: estimated customer refunds, payments, associated costs and
litigation and provisions, along with costs associated with restructuring of the Group’s wealth business and costs associatedwith the AUSTRAC proceedings and Response Plan.Each remediation program has its own methodology. These methodologies and estimates may change over time as
further facts emerge and may require additional provisions
1H20
Change
1H20 – 2H19
Change
1H20 – 1H19
Reported net profit$1,190m(67%)(62%)
Cash earnings
1
$993m(72%)(70%)
Core earnings$4,181m(25%)(17%)
Impairment chargeto average loans
2
62bps49bps53bps
Cash EPS
3
27.7c(73%)(71%)
Return on equity
4,5
2.9%LargeLarge
Net interest margin
5
2.13%-1bp
Dividend per share
6
TBDnana
Cash earnings excluding notable items
7
Core earnings$5,608m(8%)(9%)
Impairment charge($2,238m)4.9x6.7x
Cash earnings
1
$2,278m(42%)(44%)
Cash EPS
3
63.6c(44%)(46%)
Return on equity
4
6.7%LargeLarge
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
6

1H20 divisional snapshot.
1 Notableitems include provisions for: estimated customer refunds, payments, associated costs and litigation and provisions along withcosts associated with restructuring of the Group’s wealth business and costs associated with the AUSTRAC
proceedings and Response Plan.Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions.
1H20 Cash earnings ($m)
As
reported
% Change 1H20 – 2H19
As
reported
Excl. notable
items
1
Consumer$1,410(18%)(20%)
Business$604(46%)(43%)
Westpac Institutional Bank$175(63%)(63%)
New Zealand (NZ$)$281(39%)(41%)
Group Businesses($1,477)LargeLarge
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
7

2
19
4
3
9
6
31
Net
equity
Customer
deposits
Net w'sale
funding
<12 mths
Net w'sale
funding
>12 mths
OtherGross
loans
HQLA
Strong balance sheet.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack8
1 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 2 Term Funding Facility (TFF) Initial Allocation of $17.9bn added 14ppts to LCR, and 2ppt to NSFR. 3 Other is a
balancing item incorporating various other balance sheet items and foreign exchange rate movements.
Movements in funds 1H20 ($bn)
(%)Sep-19Mar-20
CET1 capital ratio10.6710.81
Total regulatory capital ratio15.6316.29
CET1 capital ratio
(Internationally comparable)
1
15.915.8
Customer deposit to
loan ratio
73.475.6
LCR
2
127154
NSFR
2
112117
Sources of funds
Uses of funds
3

Our priorities.
1 RC is Royal Commission. 2 CGA is Culture, Governance and Accountability.
Protecting and building value for the long term
• Simplify products, reduce customer pain points
• Grow customer base
• Highly motivated employees
• Support communities
Customer
franchise
Best in service,
best place to work
• Complete major systems development
• Superior data infrastructure
• More customers using digital
• Automate and streamline processes
Digital
Transformation
Digitisedand ready
for tomorrow
• Uplift risk capability and culture
• Respond to AUSTRAC matter
• Upgrade financial crime capability
• Implement RC
1
& CGA
2
self-assessment plans
Risk
management
Safe bank, right
first time
• Simplified portfolio, strong balance sheet
• Restore mortgage growth
• Reset cost base for simpler company
• Clearer end-to-end responsibility
Performance
discipline
Sustainable
long-term value
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack9

A new Specialist Businesses division
Simplifying how we run the bank.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack10
Line of business operating model
•All businesses profitable and performing but
‒Require increased scale
‒Returns not consistent with risk profile
•Jason Yetton to lead Specialist Businesses
•Approximately $4bn in regulatory capital
•Conducting a strategic review, including an
assessment of most appropriate ownership
•Retains divisional structure
•Improves decision making
•Accountability for end-to-end performance
•Better aligns with future regulatory
requirements
Indicative
FY19 revenue
contribution (%)
Consumer
WIB
Business
Customer
sales/service
Customer
sales/service
Mortgages
Line of businessLine of businessLine of businessLine of businessLine of businessLine of businessLine of businessLine of business
Enterprise functions
Westpac NZ
Customer
sales/service
Specialist
Businesses
10
90
Banking
Specialist
Businesses
Superannuation
Wealth platforms
Investments
Auto finance
General insurance
Life insurance
Westpac Pacific

Gary Thursby
Acting Chief
Financial Officer
Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated.
Refer page 30 for definition. Results principally cover the 1H20, 2H19 and 1H19 periods.
Comparison of 1H20 versus 2H19 (unless otherwise stated).
2020
Interim
Results
Presentation

1H20 result snapshot.
1 Notableitems include provisions for: estimated customer refunds, payments, associated costs and litigation and provisions along withcosts associated with restructuring of the Group’s wealth business and costs associated with the AUSTRAC
proceedings and Response Plan.Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions 2 NCI is non-controlling interests.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack12
Cash earnings ($m) 1H20 – 2H19
3,553
3773,930
76
6182,278
(402)
(167)
(1,777)
(1,285)
993
2H192H19
notable items
2H19 excl.
notable items
Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax
& NCI
1H20 excl.
notable items
1H20
notable items
1H20
Down 42%
Down 72%
2
1
1
1
1
•$97m Group life insurance DAC
•$140m General insurance bushfire,
and storm claims

Notable/infrequent/volatile items.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack13
Notable items ($m after tax)Infrequent/volatile items ($m after tax)
1 DVA is derivative valuation adjustment. 2 DAC is deferred acquisition costs.
1H192H191H20
AUSTRAC matters--(1,027)
Remediation & litigation(617)(341)(258)
Wealth reset(136)(36)-
Total cash earnings impact(753)(377)(1,285)
1H192H191H20
Group DVA
1
(11)(41)(68)
Asset write-downs--(70)
Group life insurance DAC
2
--(68)
Asset sales4142-
Total cash earnings impact301(206)
AUSTRAC & RemediationInfrequent/volatile items detail
•Higher DVA reflects widening of credit spreads at the end of the half
•Software and ATM write-down following reassessment in light of
current economic environment
•Provisioned $900m for potential penalty in relation to the AUSTRAC
civil proceedings
•$127m impact to cash earnings from additional costs associated with
the AUSTRAC response plan
•Remediation & litigation includes provisions for estimated customer
refunds, payments, associated costs, and litigation

160
34
22
8
186
<25bps25<50bps50<75bps75<100bps100bps+
Margins well managed.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack14
Net interest margin (bps)
Tractor rate
1
(%)
Australian deposits
2
($bn)
1 Tractor is the 3 year moving average hedge rate for hedges on capital and low rate deposits. 2 Excludes mortgage offset balances and other product differences.
2.04
2.07
2.04
2.01
0.09
0.09
0.12
0.12
2.13
3bps2.16
4bps(5bps)
1bp(1bp)
(2bps)
3bps2.16
(3bps)
2.13
2H192H19
notable
items
2H19 excl.
notable
items
LoansCustomer
deposits
Short-term
wholesale
funding
Capital &
other
LiquidityTreasury &
Markets
1H20 excl.
notable
items
1H20
notable
items
1H20
Treasury & Markets
impact on NIM
NIM excl. Treasury
& Markets
Flat
0%
1%
2%
3%
Mar-16Mar-17Mar-18Mar-19Mar-20
3 year swap rate (spot)Tractor
$44bn Deposits hedged
$53bn Capital hedged
Distribution by interest rate (bps)
$95bn at Sep-19

Non-interest income.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Net Fees 5%
15
Wealth and Insurance 42%Trading and Other 4%
395
376
356
271
274
269
325
297
277
991
1
947
1
902
1
1H192H191H20
Cards & merchants
Other fees
Business & institutional
459 459
417
232
272
43
67
71
5
758
1
802
1
465
1
1H192H191H20
Other
Insurance
Funds
464
443
429
101
16
10
565
459
439
1H192H191H20
Other
Trading
• Higher bushfire & storm claims
• DAC write-off in group life insurance
• Funds down from lower margins
• Other - lower capital returns
• Trading - higher FX trading offset by
DVA and lower customer income
• Other - lower asset sales
• WIB lower syndication
• Cards lower from higher reward
costs, reduced interchange, and
lower FX fees
Down 16%, 18% excluding notable items
1
1 Excluding notable items. Notable items include provisions for: estimated customer refunds, payments, associated costs and litigation and provisions alongwith costs associated with restructuring of the Group’s wealth business and costs associated
with the AUSTRAC proceedings and Response Plan.Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions

4,990
4,803
144
14
98
994,970
1,190
(187)
(188)
6,160
2H192H19
notable
items
2H19 excl.
notable
items
BAUStructural
productivity
InvestmentReg. &
Compliance
Asset write
downs
1H20 excl.
notable
items
1H20
notable
items
1H20
1H20 expenses.
1 Excluding notable items. Notable items in this presentation include provisions for: estimated customer refunds, payments, associated costs and litigationand provisions along with costs associated with restructuring of the Group’s wealth business and
costs associated with the AUSTRAC proceedings and Response Plan.Each remediation program has its own methodology. These methodologies and estimates may change over time as further facts emerge and may require additional provisions. 2
BAU is business as usual.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack16
Expenses ($m) 1H20 – 2H19
Up 23%, 3% excluding notable items
1
Up 3%
Up 1%
2

0.0
1.0
2.0
3.0
4.0
Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20
90+ day past due30+ day past due
Credit quality – early signs of stress.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
1 TCE is total committed exposure. 2 Australia.
17
Stressed exposures as a % of TCE
1
0.67
0.44
0.27
0.20
0.22
0.15
0.14
0.17
0.17
0.20
0.46
0.31
0.26
0.25
0.33
0.34
0.39
0.43
0.48
0.50
2.07
0.85
0.71
0.54
0.65
0.56
0.55
0.50
0.55
0.62
3.20
1.60
1.24
0.99
1.20
1.05
1.08
1.10
1.20
1.32
Sep-10Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18
Mar-19
Sep-19
Mar-20
Watchlist & substandard
90+ day past due and not impaired
Impaired
Mortgage delinquencies –30 and 90 days
2
Unsecured consumer delinquencies – 30 and 90 days
2
0.0
1.0
2.0
3.0
Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20
90+ day past due30+ day past due

1H20 Impairment charge composition.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack18
Individually assessed provisions
($m)
Collectively assessed provisionsTotal
173
170
351
(150)
(170)(170)
418
535
438
(108)
(74)
1,619
333
461
2,238
1H192H191H201H192H191H201H192H191H201H192H191H201H192H191H20
New IAPs
1
Write-backs
& recoveries
Write-offs
direct
Other movement
in CAP
2
Predominantly COVID-19
related along with an
increase in the overlay
relating to bushfires
Small number of
larger names in
WIB, Business and
New Zealand
1 IAP is individually assessed provisions. 2 CAP is collectively assessed provisions. 3 CRWA is credit risk weighted assets.
Lifts provisions and coverage
Total ECL provisions$5,766
IAP to impaired assets50%
CAP to CRWA
3
140bps

COVID-19 provision reflects 3 key drivers.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack19
Expected credit loss
scenarios ($m)
•Westpac uses 3 economic scenarios for
impairment provision estimates
•Downside case reflects longer duration
economic cycle
•Overlay reflects assessment of industries
currently under greater risk of downgrade,
and expectation consumer portfolios may
also deteriorate
•Assume a significant increase in credit
risk has occurred and hence provisions
move from 12 month expected loss to
lifetime expected loss
27.5
40.0
62.5
55.0
10.0
5.0
Sep-19Mar-20
Upside
scenario
Base case
Downside
scenario
Q3
2020
(peak)
Forecast base
case
20202021
GDP growth (yrend)(8.2%)(5.0%)4.0%
Unemployment8.8%6.8%6.0%
Residential property
prices
(2%)(15%)(5%)
4.4
1.1
0.9
0.8
0.5
0.5
0.5
0.1
Cultural & recreational services
Health & community services
Manufacturing
Transport & storage
Construction
Accommodation, cafes &
restaurants
Retail & wholesale trade
Property & property services
Change in economic forecasts and scenario weights $1,135mSector overlays $446m
2,748
7,065
3,913
4,476
7,902
5,766
100% base case
ECL
100% downside
ECL
ECL Provisions
Sep-19Mar-20
High risk sectors as % of total TCEChanged scenario weights (%)Changed economic forecasts
Balance sheet
provision

Support packages.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack20
Packages by dynamicLVR
on balances (%)
Accounts105k
Balances$39bn
Owner-occupier66%
Principal & interest79%
Weighted avg dynamic LVR65%
Australia New Zealand
Business
38
40
14
8
0% - 60%
61% - 80%
81% - 90%
>90%
Relief packages to customers31k
Relief package balances$8bn
TCE by industry(%)
20
13
11
12
11
10
8
4
5
3
1
Education
Healthcare
Transport & Storage
Accommodation & Hospitality
Manufacturing
Construction
Other services
Finance & professional services
Agriculture
Retail & wholesale trade
Property & property services
37
57
5
1
0% - 60%
61% - 80%
81% - 90%
>90%
Mortgage relief package accounts15k
Mortgage relief package balancesNZ$6bn
Temporary business overdrafts~1,500
Business exposures supportedNZ$2.8bn
Mortgagesupport
packages by LVR on balances (%)
Mortgages
7% of total accounts
9% of total balances

CET1 ratio 10.81%.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack21
CET1 capital ratio (% and bps)
1 Includes FX. 2 The impact of notable items on the CET1 ratio incudes capital deduction for the associated deferred tax assets.3 The regulatory requirement of 4.5% and 3.5% Capital Conservation Buffer for D-SIBs. It
may be higher for individual banks. 4 CRWA/EAD is credit risk weighted assets to exposure at default. 5 The CET1 impacts shown are the translation of credit RWA sensitivities into CET1 only. They are not the overall
impact of the scenarios described on CET1.
10.64
10.67
51
18
62
10.81
15.81
(57)
(1)
(30)
(29)
Mar-19Sep-19Cash
earnings ex
notable items
2H19
dividend
(net of DRP)
Ordinary
RWA
growth
Capital
deductions and
other movements
Capital raisingRWA model
changes and
overlays
Notable itemsMar-20Mar-20
Int. Comp
Up 14 bps
2.8% buffer
8% requirement
including capital
conservation
buffer
3
4.5% CET1
minimum
3.5% capital
conservation
buffer
$12bn
CET1 capital ratio 10.8%
composition (%)
2
Credit risk weighted asset sensitivity
Impact over 2 years
CRWA/EAD
4
CET1
5
Base
case
V-shaped recession, mortgage delinquencies 2x
current levels, business downgrades across range of
sectors.
Up 3-5ppts~105bps
Prolonged
downturn
Prolonged downturn, mortgage delinquencies 4x
current levels, further downgrades in business
Up 7-9ppts~180bps
1

Considerations for 2H20 – significant uncertainty.
Line itemConsiderations that may impact earnings in 2H20
Net interest
income
•Low interest rates expected to impact deposit spreads and returns on hedged
capital/deposit balances partly offset by lower short term funding costs
•Lower new lending, expected to be partly offset by lower repayments
Non-interest
income
•Low customer activity expected to impact a range of activity based fees including
transaction fees, cards, merchants, syndications, FX
•Insurance income dependent on claims experience (income protection/LMI/general
insurance) and lapse rates
•Wealth income
‒Full period impact of lower platform margins (pricing and lower rates) and prior
industry/legislative changes
‒FUA may be impacted by weaker equity markets and redemptions
Expenses
•Strengthening risk management
•Maintain operations and support customers through restrictions
•Continued productivity discipline
Asset quality
•The severity and duration of the decline in activity and the effectiveness of stimulus is
uncertain but are likely to impact future impairment charges and risk weighted assets
1 The information on this page contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views with respect to future events. They are subject to change without notice and certain risks, uncertainties and
assumptions which are, in many instances, beyond its control. They have been based upon management's expectations and beliefsconcerning future developments and their potential effect upon Westpac. Should one or more of the risks or uncertainties
materialise, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on forward-looking statements and statements of
expectation. Except as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this presentation. The information in this page is subject to the information in Westpac’s ASX filings, includingits
2020 Interim Financial Results, and elsewhere in this presentation.
1
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack22

Summary.
COVID-19
•Prioritise protecting our people
•Continue supporting customers
•Backing the economy
Challenging
outlook
Simplifying the
business
•Operating environment expected to deteriorate
•Continue to bias long-term strength
•Various headwinds on earnings
•Finalise new structure
•Begin preparing long-term plan for new environment
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
24

Investor
Discussion
Pack
Financial results throughout this presentation are in Australian dollars
and are based on cash earnings unless otherwise stated. Refer page
30 for definition. Results principally cover the 1H20, 2H19 and 1H19
periods. Comparisons of 1H20 versus 2H19 (unless otherwise stated)

Strategy

Our agenda.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Strategy
Our Vision
Underpinned by
CEO Priorities
To be one of the world’s great service companies,
helping our customers, communities and people, to prosper and grow
Strong balance sheet
•Well-positioned capital
•Strong deposit funding base
•Sound wholesale funding base
•Liquidity well above regulatory minimums
•Disciplined approach to credit
Clear responsibility and accountability
•New Chairman appointed
•Board Financial Crime Committee established
•Board Nominations Committee oversee governance
Customer franchisePerformance disciplinesDigital transformationRisk management
•Simplify products for customers
•Reduce customer pain points
•Grow customer base
•Motivated employees
•Support communities
•A simplified portfolio of businesses
with a genuinely distinct advantage
•A strong balance sheet
•Restore mortgage growth
•Reset cost base for simpler company
•Clear operating approach – end-to-
end and line of business
accountabilty
•Improve capital efficiency
•Establish specialist businesses
division
•Complete major systems
development
•Superior data infrastructure
•More customers using digital
•Automate and simplify systems and
processes
•Build and strengthen digital
partnerships
•Respond to AUSTRAC, rectify
systems and progress on Financial
Crime Program
•Uplift risk capability and culture
•Implement Royal Commission and
CGA self-assessment plans
•Remediate outstanding customer
issues
27

Westpac Group at a glance.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack28
•In its 204th year, Australia’s first
bank and first company, opened
1817
•Australia’s 2nd largest bank and
31
st
largest bank in the world,
ranked by market capitalisation
1
•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 across consumer,
business and institutional banking,
and wealth administration
•Capital ratios are in the top
quartile globally, with sound credit
quality
•Credit ratings
2
AA-/ Aa3 / A+
•Leader in sustainability
3
Four operating divisions
Key statistics at 31 March 2020Key financial data for First Half 2020
Australia’s First Bank.
1 31 March 2020 Source: S&P Capital IQ, based in US$. 2 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. Moody’s Investor Services has Westpac on a stable outlook. S&P Global Ratings and Fitch Ratings have
Westpac on a negative outlook. 3 A member of banking sector leadership group DJSI World, since 2002. 4 APRA Banking Statistics,March 2020. 5 RBA Financial Aggregates, March 2020. 6 RBNZ, March 2020. 7 Strategic Insights December 2019.
All Master Funds Admin. 8 Cash earnings basis. 9 Based on share price at 31 March 2020 of $16.50.
Strategy
Consumer
Business
Westpac Institutional Bank (WIB)Westpac New Zealand
PacificNew Zealand
Customers14.2m
Australian household deposit market share
4
22%
Australian mortgage market share
5
22%
Australian business credit market share
5
16%
New Zealand deposit market share
6
19%
New Zealand consumer lending market share
6
18%
Australian wealth platforms market share
7
18%
Reported net profit after tax$1,190m
Cash earnings$993m
Expense to income ratio
8
59.6%
Common equity Tier 1 capital ratio (APRA basis)10.8%
Return on equity
8
2.9%
Total assets$968bn
Market capitalisation
9
$60bn
WBC
listed on
ASX & NZX

Results

Cash earnings and reported net profit reconciliation.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack30
Reported net profit and cash earnings ($bn)
Cash earnings
1
policy
•Westpac Group uses a measure of performance referred to as cash earnings to assess financial
performance at both a Group and divisional level
•This measure has been used in the Australian banking market for over 15 years and management
believes it is the most effective way to assess performance for the current period against prior periods
and to compare performance across divisions and across peer companies
•To calculate cash earnings, reported net profit is adjusted for:
−Material items that key decision makers at the Westpac Group believe do not reflect the Group’s
operating performance
−Items that are not considered when dividends are recommended, such as the amortisation of
intangibles, impact of treasury shares and economic hedging impacts
−Accounting reclassifications between individual line items that do not impact reported results
Reported net profit and cash earnings adjustments ($m)
1 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes non-cash itemsreflected 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 122.
Results
4.2
3.9
3.2
3.6
1.2
4.3
3.8
3.3
3.6
1.0
1H182H181H192H191H20
Reported profitCash earnings
1H20
($m)
% chg
1H20-2H19
% chg
1H20-1H19
Cash
earnings
993(72)(70)
Cash EPS
(cents)
27.7(73)(71)
Reported net
profit
1,190(67)(62)
Reported
EPS (cents)
33.2(68)(64)
2H191H20
Reported net profit3,6111,190
Fair value (gain)/ loss on economic hedges(90)(219)
Ineffective hedges(15)(24)
Adjustments related to PendalGroup4063
Treasury shares7(17)
Cash earnings3,553993

1H20 cash earnings.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack31
1H20
$m
%
Change
1H20-
2H19
%
Change
1H20-
1H19
Net interest
income
8,666 13
Non-interest
income
1,675(16)(2)
Expenses(6,160)2322
Core earnings4,181(25)(17)
Impairment
charges
(2,238)LargeLarge
Tax and non-
controlling
interests (NCI)
(950)(39)(34)
Cash earnings993(72)(70)
Add back notable
items (after tax)
1,285Large71
Cashearnings
ex notable items
2,278(42)(44)
Reported net
profit
1,190(67)(62)
Impacted by higher impairment charges and notable items.
1 Deferred acquisition costs related to group life insurance.
Results
Cash earnings 1H20 – 1H19 ($m)
Cash earnings 1H20 – 2H19 ($m)
3,553
377 3,930
76
618 2,278
993
(402)
(167)
(1,777)
(1,285)
2H19Add back
notable
items
2H19 ex-
notable
items
Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax & NCI1H20 ex-
notable
items
Notable
items
1H20
Down 72%
Down 42% ex notable items
3,296
7534,049
171
6742,278
(508)
(203)
(1,905)
(1,285)
993
1H19Add back
notable
items
1H19 ex-
notable
items
Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax & NCI1H20 ex-
notable
items
Notable
items
1H20
Down 70%
Down 44% ex notable items
Mostly higher provisions
in preparation for
COVID-19 impacts
Mostly higher provisions
in preparation for
COVID-19 impacts
Higher insurance claims, lower fee
income and write-off of DAC
1
Higher insurance claims, write-off of
DAC
1
and lower fee income
Higher regulatory & compliance
spend and asset write-downs
Higher regulatory & compliance spend,
asset write-downs and increased
software amortisation

Notable items in 1H20 and 2H19.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack32
In 1H20 and 2H19, the Group raised certain provisions known
throughout this document as “notable items” which relate to the
following:
Estimated customer refunds, payments, associated costs
and litigation
1
Provisions of $258m (after tax) in 1H20, $341m in 2H19. The
majority of provisions relate to remediation programs for:
•Refunds to certain business customers who were provided
with business loans where they should have been provided
with loans covered by the National Consumer Credit
Protection Act Cth(2009) (2H19 and 1H20)
•Other items as part of our get it right, put it right initiative
including compensation to customers on our platforms who
were not advised of certain corporate actions and refunds to
some BT customers where certain wealth fees were
inadequately disclosed (1H20)
•Certain ongoing advice service fees associated with the
Group’s salaried financial planners and authorised
representatives (2H19)
•Refunds for certain customers that had interest only loans
that did not automatically switch, when required, to principal
and interest loans (2H19)
AUSTRAC matters
1
Costs associated with AUSTRAC proceedings including a
provision for a potential penalty and costs incurred as part of the
Group’s response plan
Wealth reset
1
In 2019 the Group announced its decision to reset its Wealth
business. In 1H20, the Group raised no further provisions for
restructuring and transition
1H20 notable items ($m)ConsumerBusinessNZ
2
GB
3
AUSTRAC
matters
GB
3
Group
Net interest income5(107)(4)--(106)
Non-interest income-(2)(3)(126)-(131)
Expenses-(32)-(100)(1,058)(1,190)
Core earnings5(141)(7)(226)(1,058)(1,427)
Impairment charges------
Tax and non-controlling interests(2)4226931142
Cash earnings3(99)(5)(157)(1,027)(1,285)
1 For further information refer to Westpac’s 2020 Interim Financial Results Announcement. 2 In AUD. 3 Group Businesses.
Results
2H19 notable items ($m)ConsumerBusinessNZ
2
GB
3
Wealth
reset GB
3
Group
Net interest income(38)(81)(13)--(132)
Non-interest income(2)(23)(4)(191)-(220)
Expenses(6)(67)(15)(48)(51)(187)
Core earnings(46)(171)(32)(239)(51)(539)
Impairment charges------
Tax and non-controlling interests155297115162
Cash earnings(31)(119)(23)(168)(36)(377)

1H20 financial snapshot.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
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 1H20 includes Term Funding Facility (TFF) 4 Total liquid assets
represent cash, interbank deposits and assets eligible for existing repurchase agreements with a central bank.
33
Results
1H20
Change
1H20-2H19
Change
1H20-1H19
Earnings
1
Earnings per share (cents)27.7(73%)(71%)
Core earnings ($m)4,181(25%)(17%)
Cash earnings ($m)993(72%)(70%)
Return on equity(%)2.9LargeLarge
Expense to income ratio(%)59.6LargeLarge
Net interest margin(%)2.13-1bp
Credit quality
Impairment charges to average
gross loans (bps)
6249bps53bps
Impaired assets to gross loans (bps)305bps6bps
Impaired provisions to impaired assets
(%)
50.1LargeLarge
Collectively assessed provisions to
credit RWA (bps)
14045bps42bps
1H20
Change
1H20-2H19
Change
1H20-1H19
Balance sheet
Total assets ($bn)967.77%9%
Common equity Tier 1 (CET1) capital
ratio (APRA basis) (%)
10.814bps17bps
CET1 capital ratio
(Internationally comparable
2
) (%)
15.8(4bps)(36bps)
CET1 capital ($bn)48.05%7%
Risk weighted assets (RWA) ($bn)443.94%6%
Loans ($bn)719.71%1%
Customer deposits ($bn)543.84%6%
Net tangible assets per share ($)15.43-2%
Funding and liquidity
Customer deposit to loan ratio (%)75.6218bps393bps
Net stable funding ratio (%)1175ppts4ppts
Liquidity coverage ratio
3
(%)15427ppts16ppts
Total liquid assets
4
($bn)199.918%32%

COVID-19

7-Feb
14-Feb21-Feb28-Feb
6-Mar
13-Mar20-Mar27-Mar
3-Apr
10-Apr17-Apr24-Apr
Trends in activity.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack35
WIB committed facility utilisation
4
Loan and deposit growth
7
($bn)
Impact of COVID-19 restrictions on activity.
COVID-19
ATM weekly transactions
3
(#)
(1.1)
0.1
2.9
(3.2)
3.7
(3.9)
19.0
9.7
Jan-20Feb-20Mar-20Apr-20
LoansDeposits
1 Shows the number of calls to the Customer Assist team requesting support packages. The volume is compared to the daily average number of calls in January 2020. Volumes were higher in January 2020 due to customers accessing bushfire support
packages. 2 Business applications relates to applications for business lending and mortgages submitted by Commercial and SMEcustomers in Australia. 3 Number of transactions processed each week using Westpac ATMs. 4 Utilisation is drawn
lending as a proportion of total committed exposures. 5 Excludes off balance sheet exposures for trade finance, guarantees and derivatives. Excludes Westpac Pacific. 6 Number of transactions processed each week on Westpac EFTPOS terminals.
7 Reflects changes in Australian loans and deposits. Loan growth is based on gross loans.
120
119
121
120
6060
64
63
Sep-19Feb-20Mar-20Apr-20
WIB TCE ($bn)Utilisation (%)
Calls to customer assist team
1
(# per day)
Business applications
2
(#)
-
500
1,000
1,500
2-Mar9-Mar
16-Mar23-Mar30-Mar
6-Apr
13-Apr20-Apr27-Apr
BusinessConsumer
Bus Jan 2020 AvgCons Jan 2020 Avg
EFTPOS weekly transactions
6
(#)
10-Jan17-Jan24-Jan31-Jan
7-Feb
14-Feb21-Feb28-Feb
6-Mar
13-Mar20-Mar27-Mar
3-Apr
10-Apr17-Apr24-Apr
20202019
Application numbers in line with
2019 until mid-March. Applications
down 26% by late April
5
7-Feb
14-Feb21-Feb28-Feb
6-Mar
13-Mar20-Mar27-Mar
3-Apr
10-Apr17-Apr24-Apr
Compared to Feb, avg
weekly transactions in
April 47% lower
Compared to Feb, avg
weekly transactions in
April 30% lower

Responding to COVID-19.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack36
1 Includes operations centresand call centres.
COVID-19
Helping our people work from home
•Increased capability with ~22,000 Australian
corporate site-based
1
employees working from
home (around 85%)
•Ability to double this capacity in need
•Business continuity testing including stress
testing on IT infrastructure for remote access
•Conducted over 300,000 hours of audio and
video conferences in March 2020 (up from
around 42,000 hours in March 2019)
Focussing on health and wellbeing
•Hygiene and social distancing practices allowing
~4,000 employees to continue operating in
corporate sites
•Daily hospital-grade disinfecting on high-touch
surfaces in all offices and branches
•Installation of polycarbonate screens for teller
booths and personal protective equipment
available in branches
•Temperature checking in large corporate sites
1
including Westpac Place and Barangaroo offices
in Sydney
Branches
•On average 95% of branches have been open
through March and April
•Helping customers to access banking through
alternative means, including increased one-on-
one support for elderly customers
Payment network
•Increased use of payment networks as retailers
avoid cash
•Temporary increase in tap-and-go limit to $200
(from $100)
Operations, complaints and call centres
•Increased staffing levels in these centres to
support customers, including redeployment of
staff to support these areas
•Certain capabilities and operations delivered
onshore
Other distribution channels
•Over 98% of ATMs operational
•Supporting customers sign-up for online banking
Protecting our people
Providing critical banking services

Responding to COVID-19.
37
Supporting our NZ customers
2 3
1 For full details of the support packages available to customers including eligibility criteria and terms and conditions refer to www.westpac.com.au 2 For full details of the support packages available to customers including eligibility criteria and terms
and conditions refer to www.westpac.co.nz3 All figures in $NZ unless otherwise indicated.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Businesses
•Three months –ability to defer repayments
across business lending
•$500k– 3 year loan for businesses with turnover
>$250k – $80m,backed by 80% New Zealand
Government guarantee
•90 days – temporary overdrafts available for
businesses
•Early withdrawal from term deposits (requires
32 days notice)
•Fees waived on contactless debit cards for
businesses with turnover <$500k
•Fees waived on minimum monthly merchant
service fees for all businesses during
government lockdown period
Consumers
•Six months – ability to defer mortgage and
personal loans repayments
•45 days – temporary overdrafts available for
consumers
•Early withdrawal from term deposits with no
penalty
•3.05%1-year special housing loan rate and
3.35%2-year special housing loan rate
Supporting consumers
1
Supporting businesses
1
•Three months –ability to defer mortgage
repayments. Option to extend by a further 3
months following a review
•Three months –ability to defer credit card and
personal loan repayments with no interest
accrual
•2.29% fixed home loan rate for certain customers
for 1, 2 and 3 year terms
•1.7% special interest rate on 12 month term
deposit available to all customers
•2.0%special interest rate on 8 month term
deposit available to customers aged 65 years
and over
•$10 billion mortgage fund to assist customers
purchase a home
•Assisting elderly customers to access telephone
and internet banking: specialist call centre
available to help people register for and use
online banking
•Issued over 6k debit cards to replace
passbooks, minimising the need for vulnerable
customers to go to branches
•Life insurance policies include cover for
pandemics
•Six months – ability to defer repayments across
loans. Business customers with a TCE of less
than $10m qualify for this relief. This covers 98%
of business customers
•JobKeepertemporary overdraft – available for
180 days as bridging finance for customers
eligible for ATO JobKeeperpayments
•$250k – unsecured loan (up to 3 years) for
businesses with turnover <$50mbacked by 50%
Federal Government guarantee
•200bpsdiscount on overdrafts and 100bps
discount on small business cash-based loans
•Six months– ability to defer business credit card
repayments and a reduced rate during the
deferral period
•Merchant terminal fee relief for up to 3 months
for customers with annual transaction value
<$5m
•No establishment fees on equipment finance
loans originated up to 30 June
•Fee free redraws where permitted (subject to
approval) and loan restructuring
•Relationship managers available via phone and
videoconference
•Increased the limit per cheque deposited via
mobile cheque capture to $20k (from $1k)
•Temporary increase in tap-and-go limit to $200
(from $100)

Customer support for mortgages.
1
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack38
Total mortgage portfolio
1.6maccounts
$446bn balances
59%owner-occupier
73%principal & interest
41% more than 3 months ahead
on repayments
57%weighted avg dynamic LVR
Repayment relief provided
Australianmortgagerepayment relief
approvalsby dynamicLVR (%)
38
40
14
8
0% - 60%
61% - 80%
81% - 90%
>90%
Australianmortgagerepayment relief
approvalsby state (%)
Repayment relief for Australian home loan customers.
COVID-19
3
39
28
17
9
8
NSW
Victoria
QLD
WA
Other States and Territories
105kaccounts
$39bnbalances
66%owner-occupier
79%principal & interest
24%more than 3 months ahead on
repayments
65%weighted avgdynamic LVR
3 months with review
Initial 3 month repayment deferral on home loan repayments with
interest capitalising. Option to extend by a further 3 months following a
review
1 Data at 29 April 2020. For eligibility and terms and conditions, please refer to the Westpac websitewww.westpac.com.au
Repayment relief criteria
Chart does not add to 100 due to rounding

Customer support for small business.
1
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack39
Approvals
>$1bn in cash flow relief provided to business customers
Repaymentrelief approvalsby state (%)
Business TCE by industry(%)Repaymentrelief approvalsby industry (%)
1 Data at 29 April 2020. Business customers includes SME <$3m and Commercial customers up to $10m in business lending exposures. Analysis is based on total committed exposures. Customer cash flow impacts for saved interest costs and cash
flow relief are estimates based on current applications and are a forward 6 month projection. For eligibility and terms and conditions, please refer to the Westpac website www.westpac.com.au. Charts may not add to 100 due to rounding.
COVID-19
Helping small businesses with their cash flow needs.
31krepayment relief packages approved for small business customers
Provides up to 6 months repayment deferral with interest capitalising
Equates to relief on repayments for $8bn of lending balances
1,200 customers approved for unsecured lending for JobKeeperpayment
100k merchant accounts - facility fees refunded
$70m saved in interest costs through reduced lending rates on facilities
28
28
25
10
10
NSW & ACT
VIC & TAS
QLD
WA
SA & NT
20
13
11
12
11
10
8
4
5
3
1
Property and property services
Retail and wholesale trade
Agriculture
Finance & professional services
Other services
Construction
Manufacturing
Accommodation & Hospitality
Transport & Storage
Healthcare
Education
23
12
4
14
13
11
7
8
4
4
1
Property and property services
Retail and wholesale trade
Agriculture
Finance & professional services
Other services
Construction
Manufacturing
Accommodation & Hospitality
Transport & Storage
Healthcare
Education

Customer support in New Zealand.
1
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack40
Total mortgage portfolio
182kcustomers
$291k average loan size
74% owner-occupier
85% principal & interest
66% more than 3 months ahead
on repayments
60%weighted avg dynamic LVR
Approvals
COVID-19
15kcustomers
$400k average loan size
83%owner-occupier
93%principal & interest
26%more than 3 months ahead
on repayments
63%weighted avg dynamic LVR
1 Figures in $NZ and as at 29 April 2020 unless otherwise noted. For eligibility and terms and conditions, please refer to the Westpac websitewww.westpac.co.nz 2 Data at 30 April 2020. Excludes institutional customers.
Repayment relief for New Zealand home loan and business customers.
Mortgagecustomersupport packages by LVR (%)
Business customer support
2
Business customersupport by industry
2
(%)
$2.8bn aggregate lending exposure
3,222 loans restructured
1,523 temporary overdrafts established
674Support Loan applications
3 months
3 months repayment deferral on loans. Customer repayments must be up
to date for at least 90 days prior to application.
3
2
2
19
41
6
9
9
9
Accomodation and food services
Construction
Health Care
Manufacturing & Argiculture
Other
Professional services
Rental, Hiring and Real Estate Services
Retail & Wholesale Trade
Transport, Postal and warehousing
37
57
5
1
0% - 60%
61% - 80%
81% - 90%
Greater than 90%
6 months repayment deferral with interest capitalising.

Customer
franchise

Customer franchise.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack42
MFI Share
1,2
Customer numbers (#m)
Net Promoter Score (NPS)
2
1 Main Financial Institution for Consumer customers. Data at February 2020. 2 Refer page 129 for details of the metric provider.
Customer franchise
-14.6
5.9
-20.8
-19.6
Aug-17Feb-18Aug-18Feb-19Aug-19Feb-20
WestpacSt.George brandsPeers
-11.2
-1.3
-10.0
-7.2
-6.2
Aug-17Feb-18Aug-18Feb-19Aug-19Feb-20
WestpacSt.George brandsPeers
Business
Consumer
14.1%
29.2%
12.1%
16.3%
Peer 1Peer 2Peer 3Westpac Group
10.6
10.9
11.1
11.2
1.4
1.4
1.4
1.3
1.7
1.7
1.7
1.7
13.7
14.0
14.2
14.2
Mar-17Mar-18Mar-19Mar-20
Australian bankingNew ZealandOther
21
40
24
34
36
Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20
WestpacPeers
New Zealand

Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack43
Helping customers through natural disasters.
1 Bushfire Recovery Support Packages provided to customers to 31 March 2020. Full details of Bushfire Recovery Support Packages are available at www.westpac.com.au 2 Estimated gross cost for Westpac before reinsurance.
First bank to publicly announce a community response to bushfires in November 2019.
Customer franchise
In 2019/2020 Australia faced unprecedented bushfires. The impact on individuals and communities
was devastating. Westpac supported people, businesses and communities impacted in a number of
ways
Westpac employees volunteering with BlazeAid
assisting to rebuild fences destroyed by bushfire in
Wingham (335
kmnorth of Sydney)
Deployed mobile customer support teams across affected regions
•Set up mobile branches and ATMs
•Provided customers access to cash when networks were down and mobile payments
were not possible
•Established a central team to support customers’ needs
Provided around 1,980
1
disaster relief packages to customers to manage their
finances, including providing alternative arrangements such as repayment holidays.
Packages provided included:
•205 across cards and personal lending
•870 for home loans
•905 for business banking products (including auto and equipment finance)
Received around 585 General Insurance claims
•The total claims from bushfires currently estimated at $37 million
2
Supporting communities and customers
•Provided over $3.8m in emergency cash grants to consumer and business customers
•Donated over $1.4m to community groups and charities, including Financial Counselling
Australia, state-based volunteer fire services, Foundation for Rural and Regional
Renewal and the Victorian Bushfire Appeal
•Collected over $1.7m in donations from customers and employees for the Salvation
Army, including the contribution from Westpac’s matching gifts policy
Supporting our people
•Uncapped paid leave for employees who are emergency services volunteers in bushfire
affected areas
•3 days paid volunteering leave for employees wanting to volunteer in bushfire affected
areas

Digital
transformation

Continued migration to digital.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack45
Australian ATMs (#)Australian branches (#)
Westpac Red interactions
(AI chatbot)
Digitally active customers (#m)Accounts with eStatementseWallettransactions
1
(#m)
Reducing cost to serve.
1 eWalletinclude transactions via Android Pay, Apple Pay, Fitbit Pay, Garmin Pay and Samsung Pay. 2 Digital transactions include all payments transaction (Transfer Funds, Pay Anyone and BPAY) within Westpac Live and Compass, excl. Corporate
Online and Business Banking online.
Digital transformation
Branch transactions (#m)
Digital transactions
2
(#m)
4.69
4.81
4.90
4.99
5.04
Mar-18Sep-18Mar-19Sep-19Mar-20
7.7
8.4
8.9
9.6
9.8
45
49
52
55
57
Mar-18Sep-18Mar-19Sep-19Mar-20
Number (#m)eStatements (%)
2.6
3.8
5.5
6.9
17.4
1H182H181H192H191H20
222
234
242
257
267
1H182H181H192H191H20
2,835
2,542
2,213
2,193
2,133
Mar-18Sep-18Mar-19Sep-19Mar-20
1,025
1,006
971
955
931
Mar-18Sep-18Mar-19Sep-19Mar-20
127
800
934
76
70
71
1H192H191H20
Conversations (#'000s)
Resolved by Red (%)
20.8
20.1
18.6
17.7
16.5
1H182H181H192H191H20
Up 10%
Down 11%
Apple Pay launched in December
2019 for regional brands and 28
April 2020 for the Westpac brand

Customer Service Hub.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack46
Westpac 1
st
Party roll-out complete with significant improvements to the customer and banker experience.
1 Channel NPS for Customer Service Hub loans higher for 6 monthly moving average and March spot results. This is an internal measure of NPS based on customer surveys. 2 1H20 data.
Digital transformation
Capabilities delivered
Customer access via any channel
Applications available seamlessly across
channels (banker/branch/phone/online)
Sustained improvement in Customer NPS
1
Banker dashboard
Single point for bankers to view customer
information and loan application status
Customer digital upload and
application tracker
Customers can upload documents from home,
and check the status of their loan at any time
50% track applications online
2
Leading to:
Improved customer
experience
50% reduction in customer
documents
Settlement
Digital streamlined settlement integrated
with land titles registry
Digital offer and acceptance
Plain English terms & conditions
and online acceptance
40% of customers accept documents
digitally
2
Simplified assessment/approval
for customer & banker
Digitisesa number of manual processes
Time to Approval is 23% faster
2
Increased banker
productivity
25% reduction in banker time
spent processing
Lower cost
of change
1.7x to 1.2x reduction in change
costs. Single platform across
multiple brands
More home
ownership needs
met at origination
10% more of customers’ lifestyle
and protection needs met
Increased efficiency
25% reduction in the cost of
mortgage origination
Digitisingend-to-end home loan origination
Re-engineering the home ownership process

Customer Service Hub.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack47
Delivering an end-to -end digital customer experience.
Digital transformation
Get started online
Upload documents
online
Digital approval alert
Easily track
loan progress
Online loan
acceptance

Panorama.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack48
Active advisers on Panorama (#)SMSF funds on Panorama (#)
FUA on Panorama ($m)Investors on Panorama (#)
Supporting advisers and investors.
1 Includes accounts transferred to open badges and new accounts opened.
9,363
12,402
17,041
23,387
24,700
Mar-18Sep-18Mar-19Sep-19Mar-20
17,608
23,462
32,444
44,314
54,781
Mar-18Sep-18Mar-19Sep-19Mar-20
1,584
1,775
2,291
2,494
2,827
Mar-18Sep-18Mar-19Sep-19Mar-20
5,332
6,215
7,204
9,289
10,981
Mar-18Sep-18Mar-19Sep-19Sep-20
Up 69%
Up 52%
Up 45%
Up 23%
One core
operating system
SMSFs
Digital user
experience
Bank
connectivity
/security
One system for
all investors &
advisers
BT Panorama’s
unique offering
BT Open pricing structure
success since 1
st
October 2018
An increase of:
•1,052active advisers on Panorama
•16,170 AsgardOpen accounts
1
•46,639BT Wrap Open accounts
1
•7,579accounts transferred from legacy
platforms onto Panorama
Digital transformation

Sustainability

Westpac’s sustainability priority areas1H20 outcomes (unless otherwise stated)
Helping people make better financial
decisions
•Delivered financial capability communications for different demographic segments including for young Australians, in
partnership with Year 13; women, via Ruby Connection; and older Australians, via Starts at 60
•Continued to offerfinancial health check programs for superannuation members, including the digital Wealth Review and
My Wellbeing online portal
Helping people by being there
when it matters most to them
•Range of support provided to customers in response to COVID-19, for further details refer page 34
•Supported customers, communities and employees recover and rebuild from bushfires including over $3.8m in emergency
cash grants, for further details of disaster relief packages refer page 43
•Helped customers experiencing financial hardship, issued over 37,400 financial assistance packages (excludes customer
support packages related to COVID-19
1
)
•Supported over 4,500 Indigenous Australians since the establishment in December 2018 of a dedicated customer care
team to support remote Indigenous communities
Helping peoplecreate a
prosperousnation
•Westpac Scholars Trust
2
awarded $3.9 million in educational scholarships to the next 64 Westpac Scholars, bringing the
total cohort to 479
•Helped create over 539 jobs
3
for vulnerable Australians through Westpac Foundation
4
job creation grants to social
enterprises
•Grew lending to climate change solutions, taking total committed exposure to $9.7 billion, progressing towards our 2020
target of $10 billion
•Facilitated $4.5 billion in funding for climate change solutions, exceeding our 2020 target of $3 billion
A culture of doing
the right thing
•Maintained 50% women in leadership roles
5
•80 new-to-bank Aboriginal or Torres Strait Islander hires
•Reduced non-external dispute resolution average time to solve complaints from 9.4 days in First Half 2019 to 6 days
•74% of complaints resolved within five days, compared to 62% in First Half 2019
The fundamentals
Sustainability policies, action plans and
frameworks
•Established the Safer Children, Safer Communities Roundtable made up of experts to guide investments for a program of
work to support the prevention of online child exploitation
•Developed partnerships with International Justice Mission, investing $18 million over three years to tackle online sexual
exploitation of children in the Philippines, and with Save the Children, investing $6 million over six years to raise awareness
of online sexual exploitation of children, complementing the Australian Government’s current level of funding for its
SaferKidsPHpartnership
•Updated our position statements and action plans on climate change and human rights
6
Continued sustainability leadership.
1 Excludes customer assistance package applications received after 23 March 2020. 2 Westpac Scholars Trust (ABN 35 600 251 071) is administered by Westpac Scholars Limited (ABN 72 168 847 041) as trustee for the Westpac Scholars Trust.
Westpac Scholars Trust is a private charitable trust and is not a part of Westpac Group. 3 Jobs created through the Westpac Foundation job creation grants to social enterprises are as at 31 December 2019. 4 Westpac Foundation is administered by
Westpac Community Limited (ABN 34 086 862 795) as trustee for Westpac Community Trust (ABN 53 265 036 982). Westpac CommunityTrust is a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient and is not a part of Westpac
Group. 5 See definition in Westpac’s 2020 Interim Financial Results – Sustainability Performance. 6 Updated position statements and action plans released on 4 May 2020.
Sustainability
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
50

Updatedkey sustainability statements.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack51
Human rightsModern slavery
Sustainability
Climate change

Climate-relatedmetrics.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack52
Climate change solutions exposure
(% of TCE) at 31 March 2020
Emissions intensity
(tCO
2
e/MWh)
2,4
at 30 September 2019
Mining exposure
(TCE $bn)
Climatechange solutions exposure
($bn, TCE)
Electricity generation exposure
(% of TCE)
1,2
at 30 September 2019
Total scope 1, 2 and 3 emissions
(tCO
2
e, 000s)
3
1 Exposures in WIB only. TCE is total committed exposure. 2 Data reported annually 3 Data reported annually. 2017 to 2019 fig ures restated to reflect methodology update in 2020. 4 Australia only. NEM benchmark is sourced from Australian Energy
Market Operator. 5 Targetsurpassed in 2018 and 2019. 6 Thermal coal mining ~ 61% of coal mining exposure (WIB only).
Sustainability
7.0
9.1
9.3
9.7
Sep-17Sep-18Sep-19Mar-20
75.3
13.7
8.7
0.9
1.4
Renewable energy
Gas
Black coal
Brown coal
Liquid fuel
229
219
208
201720182019
35.7
35.9
15.1
2.2
3.8
4.4
2.9
Green buildings
Renewable energy
Low carbon transport
Adaptation infrastructure
Forestry
Waste
Other
TCE
$9.7bn
0.38
0.36
0.28
0.26
0.90
0.86
0.82
0.75
FY16FY17FY18FY19
Westpac electricity generation portfolio
National electricity market (NEM) benchmark
2020 target: below 0.30tCO₂e/MWh
9.8
5.6
3.4
0.8
10.5
6.1
3.6
0.8
10.3
6.3
3.3
0.7
TotalNon-fossil fuelOil and gas
Coal - thermal
& metallurgical
Mar-19Sep-19Mar-20
6
TCE
$3.9bn
5

Climate-relateddisclosures – scenario analysis.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack53
Alignment with the TCFD
•Westpac continues to integrate the consideration of climate-related risks
and opportunities into its operations. This includes alignment with the
recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD)
•Climate change-related risks are managed within the Group’s risk
management framework
Transition risk – key points
•Westpac assessed potential transition risks (policy, legal, technology and
market changes related to climate change)
•Analysis focused on our current Australian Business and Institutional
lending
1
and exposure to sectors that are likely to face growth constraints
under 1.5-degree and updated 2-degree scenarios
2
•Approximately 2.3% of current Australian Business and Institutional lending
is exposed to sectors that by 2030, are likely to experience higher risk in a
transition to a 1.5-degree economy
•Approximately 0.9% current Australian Business and Institutional lending is
exposed to sectors that by 2030, are likely to experience higher risk in a
transition to a 2-degree economy
Australian mortgage portfolio physical risk
4 degree scenarioPhysical risk – key points
•Along with the Group’s commitment to the Paris Climate Agreement,
Westpac continues to assess the resilience of its Australian mortgage
portfolio to physical risks in line with TCFD recommendations
•Westpac assessed potential physical risks
3
(financial impacts of changes
in climate patterns and extreme weather events)
•Focused on the Australian mortgage portfolio and exposure to postcodes
that may face increased physical risk under a 4-degree scenario
2
•Approximately 1.6% of the current Australian mortgage portfolio is in
postcodes which by 2050, may be exposed to higher physical risk under a
4-degree scenario
1 Australian Business and Institutional lending, excludes retail, sovereign, and bank exposures. 2 For further information see Westpac’s 2020 Interim Financial Results – Climate-related financial disclosures. 3 Five natural perils were assessed:
inundation, soil contraction, floods, wind and cyclones, and bushfires.
Sustainability
0.4%
1.6%
2030
2050
Share of current
portfolio exposed to
higher physical risk (%)
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 Scenario
2

Governance
and risk
management

Enhancing non-financial risk management.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack55
•Committed to enhancing non-financial risk management across the organisation
•Strengthened Board oversight, increased management resources
•Key programs of work underway to address shortcomings and strengthen management of risk across four dimensions
•Fixing what’s gone wrong, making good by those we’ve let down and seeking to ensure what’s happened does not happen again
Programs of work underway
Transformation team being established
CGA remediation plan
AUSTRAC and Royal Commission response plans
Customer remediation
For an even stronger bank.
Governance and risk management
Strengthening risk across four dimensions
Non-financial risk management
Service culture
Accountability
Board governance

Culture, Governance and Accountability plans.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack56
Background:
•Westpac completed a Culture, Governance and Accountability (CGA) self-assessment in 2018
•Implementation of the 45 recommendations commenced in February 2019
•CGA remediation plan progressing although further work required in some areas
•Following AUSTRAC’s Statement of Claim in November 2019, APRA requested that Westpac complete a reassessment of the CGA remediation
plan to determine whether it is ‘fit for purpose’. This work will be completed and submitted to APRA by 30 June 2020
CGA remediation plan reassessment underway
•CGA remediation plan reassessment commenced in January 2020
•Westpac is conducting the reassessment supported by Oliver
Wyman. Promontory is providing external assurance over the
process
•APRA requested that Westpac also:
−Consider developments following the completion of the self-
assessment and verify whether the remediation plan remains ‘fit
for purpose’
−Identify any additional recommendations and actions to be
incorporated
−Ensure better management of execution risks
•The refreshed CGA remediation plan will include a significant stream
of work that will require prioritisation over a number of years and
deliver transformational Group-wide change
CGA remediation plan progressing; reassessment underway with significant program reset.
1 As at 31 March 2020. 2 The response to the recommendation has been designed and implemented.
Governance and risk management
67% of recommendations implemented for design effectiveness
1, 2
1
9
1
10
6
9
5
4
Board & executive governance
Customer experience
Risk and compliance
Remuneration & accountability
Culture
In progressImplemented for design effectiveness

AUSTRAC Response Plan and proceedings.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Overview
•In 2018 Westpac self reported to AUSTRAC a
failure to report certain international funds
transfer instructions (IFTIs). Since then
AUSTRAC has been investigating this and a
number of other areas relating to Westpac’s
processes, procedures and monitoring
•20 November 2019 -AUSTRAC commenced
civil proceedings against Westpac in relation to
alleged contraventions of our obligations under
the Anti-Money Laundering and Counter-
Terrorism Financial Act
•AUSTRAC’s Statement of Claim includes
allegations relating to the failure to report IFTIs,
transaction monitoring and ongoing customer
due diligence, correspondent banking due
diligence and AML/CTF Program compliance
•24 November 2019 -Westpac announced a
detailed Response Plan
•14 April 2020 - Westpac announced an
expected $900 million provision for potential
penalty after considering the available
information
1
57
Response Plan across three areas
1.Immediate fixes:
•Outstanding IFTIs reported to AUSTRAC
•Closed relevant Australasian Cash Management
and LitePayproducts
2.Lifting AML and risk management standards:
•Established Board Financial Crime Committee
and elevated financial crime function to report
directly to Chief Risk Officer
•Appointed Promontory to provide assurance over
Westpac’s assessment of management
accountability and the adequacy of our Financial
Crime Program
•Established an independent advisory panel to
review Board risk governance and Board
accountability
•Updated transaction monitoring rules and
implemented enhanced process oversight
•Continue to substantially increase financial crime
and compliance resources
3.Protecting people:
•Investing to reduce human impact of financial
crime, including partnerships with International
Justice Mission and Save the Children
•Established Roundtable to guide investments to
help prevent online child exploitation
Status of proceedings
1 The provision was taken in circumstances where there remains considerable uncertainty on the approach the Court would take toassessing the appropriate penalty and where there remains a prospect of agreeing a penalty which could be
recommended to the Court on a joint basis (which the Court would have regard to but not be obliged to accept). The Court’s decision on an appropriate penalty will involve balancing many different competing and complex factors and the exercise of
discretion. The actual penalty paid by Westpac following either a settlement and joint submission on a penalty, or a hearing,and in each case as determined by the Court, may be materially higher or lower than the provision.
Governance and risk management
•Since 20 November 2019, Westpac has been
in discussions and mediation with AUSTRAC
seeking to agree a Statement of Agreed Facts
and Admissions along with a proposed penalty
that could be put to the Court on a joint basis
with AUSTRAC
•30 March 2020 –Case management hearing.
Court ordered the parties to file a Statement of
Agreed Facts with the Court and a defence in
relation to the remaining matters (Court
timetables can be subject to change)
•8 May 2020 –Statement of Agreed Facts to be
filed with the Court
•15 May 2020 –Defence in relation to
remaining matters to be filed with the Court
•Mid – late June 2020– Next case
management hearing
•Class actions, APRA and ASIC
investigations– These matters are
progressing and at this stage, we do not have
material developments to report

Royal Commission response plan.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Legislative status
•Royal Commission’s Final Report released
in February 2018, with 76
recommendations (49 presently applicable
to Westpac)
•Government’s legislative Roadmap
released in mid 2019, to pass legislation
required to implement recommendations
•Multiple pieces of draft Royal Commission
legislation released on 31 January 2020
•COVID-19 may alter Government’s Royal
Commission legislative timetable and
effective dates of legislation
•While we have assessed the
recommendations, the majority are subject
to draft legislation / regulatory standards
•Further guidance on legislative timeline is
anticipated from Treasury in the coming
weeks
58
Implementation
•Westpac is focused on implementing
recommendations where we can
•Implementation is now slowing given
legislative delays
•Expect implementation of
recommendations to increase once the
legislative agenda is known for the bulk of
the recommendations outstanding
•Of the 49 recommendations which
presently apply to Westpac:
−13 implemented
−22 implementation underway (16 of
which the legislation / regulation is not
yet final)
−14 require further legislative / regulatory
action before further progress
•After implementation of recommendations,
new processes will continue be tested for
effectiveness through Westpac’s second
and third line testing
Progress
13
22
14
27
49
27
recommendations
76
Implementing recommendations where we can.
Governance and risk management
Implemented
Implementation
underway
Legislative/regulatory
action required
No action required
by Westpac

Customer remediation.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Provisions for customer refunds, payments and associated costs:
•Provisioned $258 million (after tax) in 1H20 for estimated customer
refunds, payments and associated costs, including for:
−Certain business customers who were provided with business
loans where they should have been provided with loans covered
by the National Consumer Credit Protection Act and the National
Credit Code;
−Customers on the Group’s platforms who were not advised of
certain corporate actions. As these customers may have missed
out on value associated with these actions, a compensating
payment is being made; and
−Some BT customers where certain wealth fees were inadequately
disclosed.
1 Excludes provisions and costs associated with litigation.
Governance and risk management.
Accelerating customer refunds:
•Extensive product, process and policy reviews as part of our ongoing
‘get it right, put it right’ initiatives
•Management of key customer remediation programs centralisedin
the Group’s remediation hub, under the Group Executive, Enterprise
Services
•Over 600,000 customers have now received over $350 million in
refunds
Provisions for customer
refunds, payments and
associated costs
1
($m)
2017201820191H20Total
Banking94122362104682
Wealth751468021331,156
Implementation costs-6223292386
Cash earnings
impact of above
1182319772301,556
59

Earnings
drivers

Composition of lending and deposits.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Composition of lending (% of total)
62
13
9
2
12
2
Aust. mortgages
Aust. business
Aust. institutional
Aust. other consumer
New Zealand
Other overseas
61
Gross loans ($bn)
717.9
718.4
5.4
6.9724.9
(3.2)
(2.6)
Mar-19
Sep-19
Consumer
Business
WIB
New
Zealand
Mar-20
Australian mortgage lending
2
($bn)
447
449
31
446
(34)
Mar-19
Sep-19
New
lending
Net run off
Mar-20
Customer deposit composition ($bn)
207
211
211
141
147
147
96
101
112
68
66
74
512
525
544
Mar-19Sep-19Mar-20
ConsumerBusinessWIBOther
Customer deposit mix ($bn) and % of total
215
203
187
151
161
172
146
161
185
512
525
544
Mar-19Sep-19Mar-20
Term depositsSavingsTransaction
1 WIB also includes loans in Treasury. 2 Gross loans. 3 Includes Group Businesses and NZ, NZ in A$.
Revenue
34%
32%
34%
Up 1%
Up 4%Up 3%
3
+3% in NZ$
1

Net interest margin.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack62
2.042.04
2.07
2.04
2.01
0.08
0.09
0.09
0.12
(3bps)
0.12
2.12
2.13
3bps2.16
1bp
4bps(5bps)
(1bp)
(2bps)
3bps2.16
2.13
1H192H19
Add back notable items
2H19 ex-notable items
Short term wholesale funding
Loans
Customer deposits
Capital & other
Liquidity
Treasury &
Markets
1H20 ex notable items
Notable items
1H20
Treasury & Markets impact on NIMNIM excl. Treasury & Markets
Net interest margin (%)
2.13
2.01
1H162H161H172H171H182H181H192H191H20
NIMNIM excl. Treasury & Markets
Net interest margin by division (%)
1H192H191H20
NIM
Ex
notable
itemsNIM
Ex
notable
itemsNIM
Ex
notable
items
Consumer2.202.232.272.292.342.34
Business3.063.263.103.193.013.15
WIB1.671.671.641.641.531.53
NZ2.232.232.092.122.062.07
Net interest margin (NIM) movement (%)
Down 3bps excluding Treasury & Markets.
Revenue
Margin ex Treasury & Markets
and notable items down 3bps
Restated for adoption
of AASB 9 and 15

Non-interest income.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack63
Non-interest income contributors ($m)Net fee income ($m)
Wealth management income ($m)Insurance income ($m)
Impacted by higher insurance claims, a write-down of DAC
1
and lower fees.
1 Deferred acquisition costs related to group life insurance.
Revenue
826
829
755
323
700
481
464
443
429
101
16
10
1,714
1,988
1,675
1H192H191H20
FeesWealth and insuranceTradingOther
375
355
372
510
491
469
106
93
61
(165)
(110)
(147)
826
829
755
1H192H191H20
Facility feesNet transaction feesOther non-risk fee incomeNotable items
432
430
392
66
68
5
27
29
25
(435)
(102)
16
90
425
438
1H192H191H20
FundsOtherNZ & WIBNotable items
146
94
15
16
106
(44)
71
75
72
233
275
43
1H192H191H20
LifeGeneralLMI and NZ
Bushfire and severe weather
insurance claims ($140m) and
DAC write-off ($97m)

5,041
4,767
310
51
190
99 4,970
1,190 6,160
(274)
(447)
1H19
Notable items
1H19 ex
notable items
Ongoing
expenses
Productivity
Investment
Regulatory/
compliance
Asset write-
downs
1H20 ex
notable items
Notable
items
1H20
4,990
4,803
144
14
98
99 4,970
1,190 6,160
(187)
(188)
2H19
Notable items
2H19 ex
notable items
Ongoing
expenses
Productivity
Investment
Regulatory/
compliance
Asset write-
downs
1H20 ex
notable items
Notable
items
1H20
Expenses.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack64
Productivity savings ($m)
131
173
146
259
188
1H182H181H192H191H20
Expense movements 1H20 – 2H19 ($m)
Up 1% ex notable items and asset write-downs.
FTE (#)
35,720
35,029
34,241
33,288
34,199
Mar-18Sep-18Mar-19Sep-19Mar-20
Expenses
Up 23%
Up 1% excl. asset write-downs
Expense movements 1H20 – 1H19 ($m)
Up 22%
Up 2% excl. asset write-downs

Investment spend.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Investment spend mix ($m)
401
383
296
195
308
336
127
92
96
723
783
728
1H192H191H20
Other technology
Regulatory change
Growth and productivity
65
Investment spend ($m)
1H192H191H20
Expensed331277296
Capitalised392506432
Total investment spend723783728
Investment spend expensed 46%35%41%
Capitalised software
Opening balance2,1772,2442,365
Additions395511430
Amortisation(318)(376)(393)
Other
1
(10)(14)(67)
Closing balance2,2442,3652,335
Average amortisation period3.4yrs3.1yrs2.9yrs
Other deferred expenses
Deferred acquisition costs636153
Other deferred expenses302929
Capitalised software
2
1.26
1.42
1.81
2.34
0.24
0.50
0.20
0.39
2.7
2.7
4.4
2.9
Peer 1Peer 2Peer 3WBC
Capitalised software balance ($bn)
Amortisation ($bn)
Average amortisation period (years)
Increased investment on risk management and regulatory change.
1 Includes write-offs, impairments and foreign exchange translation. 2 Peer 1 and 2 are reported on a continuing operations basis. Peers based on 1H20 results as reported. Amortisation excludes impairments and write-offs.
Expenses

Impairment
charge ($m)
1H19 ($m)1H20 ($m)Drivers of 1H20 charge
Individually assessed
New individually
assessed
173351
Institutional– driven by small
number of large corporate exposures
Businessdivision – exposures
across several sectors
New Zealand– driven by one large
corporate exposure
Write-backs and
recoveries
(150)(170)
Mainly write-backs in Business
division and recoveries in Consumer
division
Total individually
assessed
23181
Collectively assessed
Write-offs418438
Mainly Australian unsecured
portfolios
Other movements in
CAP
(108) 1,619
COVID-19 impact – updateof
economic forecasts andchanges to
scenario weights ($1,135m)
COVID-19 impact - Increased
overlay provisions($446m)
Other changes in CAPs ($38m)
Total collectively
assessed
3102,057
Total impairment
charge
3332,238
1H20 impairment charges.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Impairment charges and stressed exposures
1,2
(bps)
Impairment charges ($m)
173
170
351
(150)
(170)(170)
418
535
438
(108)
(74)
1,619
333
461
2,238
1H192H191H201H192H191H201H192H191H201H192H191H201H192H191H20
New
IAPs
Write-backs &
recoveries
Write-offs
direct
Other mvmts
in CAP
Individually assessed
Collectively assessed
1
62bps
132bps
0
100
200
300
400
500
0
20
40
60
80
20082010201220141H161H171H181H191H20
Impairment charge to average loans annualised (lhs)
Stressed exposures to TCE (rhs)
1 1H19 reflects the adoption of AASB 9 from 1 October 2018. 2 2008 and 2009 are pro forma including St.Georgefor the entire period with First Half 2009 Profit Announcement providing details of pro forma
adjustments.
Total
66
Higher collectively assessed provisions the main driver of increase.
Impairment charges

Credit
quality and
provisions

68
867
669
869
480
422
433
412
606
2,225
2,275
2,344
2,316
2,330
925
943
1,051
1642
1,578
2,317
766
818
1,019
389
388
389
323
301
229
171
795
3,481
3,332
3,602
3,119
3,053
3,995
3,922
5,788
Sep-14Sep-15Sep-16Sep-17Sep-18Mar-19Sep-19Mar-20
Overlay
Stage 1 CAP
Stage 2 CAP
Stage 3 CAP
Collectively assessed provisions
Individually assessed provisions (Stage 3)
Increase in provisions.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Provisions for impairments
Collectively assessed provisions to credit RWA (bps)
1 Overlay for Mar-20 includes New Zealand overlay.
Total impairment provisions ($m)
Mar-19Sept-19Mar-20
Loan provisions to gross loans (bps)565480
Impaired asset provisions to impaired assets (%)464550
Collectively assessed provisions to credit RWA (bps)9895140
AASB 9AASB 139
Responding to the impact of COVID-19 and the deteriorating economic outlook.
1
Provisions
(Pre 2019)
140
117
108
121
WestpacPeer 1Peer 2Peer 3
31 Mar 202031 Mar 202031 Mar 202031 Dec 2019
Expected Credit Loss (ECL) ($m)
5,766
4,476
7,902
Reported probability-
weighted ECL
100% base case ECL100% downside ECL
Currently holding ~$1.3bn in impairment provisions
above the base case economic scenario

Provision cover by portfolio category.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Exposures as a % of TCE
0.14
0.170.17
0.20
0.39
0.43
0.48
0.50
0.55
0.50
0.55
0.62
3.24
3.03
2.96
98.92
95.66
95.77
95.72
Sep-18Mar-19Sep-19Mar-20
Fully
performing
portfolio
Watchlist &
substandard
90+ day past
due and not
impaired
Impaired
Non-stressed
but significant
increase in
credit risk
69
Provisioning to TCE (%)
Sep-18
1
Mar-19Sep-19Mar-20
Stage 1
provisions
Fully performing portfolio
Small cover as low probability of default (PD) 0.180.090.090.12
Stage 2
provisions
Non-stressed but significant increase in credit risk
Lifetime expected loss based on future economic conditions4.184.326.78
Watchlist & substandard
Still performing but higher cover reflects deterioration5.275.595.2710.67
Stage 3
provisions
90+ day past due and not impaired
In default but strong security5.1112.3411.0711.61
Impaired assets
In default. High provision cover reflects expected recovery 46.1245.7444.9250.09
Credit quality
Coverage increasing across the portfolio.
1 Sep-18 provision cover calculated under AASB 139. Mar-19, Sep-19 and Mar-20 calculated under AASB 9.

Portfolio composition.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack70
Asset composition (%)Lending composition at 31 March 2020 (% of total)
Exposure by risk grade at 31 March 2020 ($m)
1 Risk grade equivalent. 2 Exposure by booking office.
Total assets ($968bn)
Mar-19Sep-19Mar-20
Loans807974
Available-for-sale securities and investment securities889
Trading securities and financial assets at fair value
through income statement
343
Derivative financial instruments336
Cash and balances with central banks225
Collateral paid and other financial assets111
Intangible assets111
Life insurance assets and other assets221
Standard and Poor’s Risk Grade
1
Australia NZ / PacificAmericasAsiaEuropeGroup% of Total
AAA to AA-
142,880 7,836 8,181 1,145 917 160,959 15%
A+ to A-
38,149 5,538 3,980 5,443 3,257 56,367 5%
BBB+ to BBB-
59,837 13,009 1,806 8,859 2,303 85,814 8%
BB+ to BB
68,653 13,111 338 1,959 561 84,622 8%
BB- to B+
60,353 11,114 15 126 32 71,640 7%
<B+
6,989 2,098 31 --9,118 1%
Mortgages
507,272 61,889 -40 -569,200 53%
Otherconsumer products
39,617 4,699 ---44,316 3%
Total committed exposures (TCE)
923,750 119,294 14,351 17,572 7,070 1,082,037
Exposure by region
2
(%)
85%11%1%2%1%100%
69
17
11
3
Housing
Business
Institutional
Other consumer
Total loans $720bn
Credit quality
Weighted towards prime residential mortgage lending.

Loan portfolio composition.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack71
Top 10 exposures to corporations and NBFIs
6
(% of TCE)
Top 10 exposures to corporations & NBFIs
at 31 March 2020 ($m)
Exposures at default
1
by sector ($bn)
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 Services includes education, health & community services, cultural &
recreational services and personal & other services. 5 Construction includes building and non-building construction, and industries serving the construction sector. 6 NBFI is non-bank financial institutions.
020406080100120140
Other
Mining
Accommodation, cafes
& restaurants
Construction
Utilities
Transport & storage
Agriculture, forestry & fishing
Services
Property services & business
services
Manufacturing
Wholesale & retail trade
Property
Government admin. & defence
Finance & insurance
Mar-19
Sep-19
Mar-20
1.3
1.1
1.2
1.3
1.1
1.2
1.0
1.1
1.0
1.0
1.0
Sep-10Sep-11Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19Mar-20
06001,2001,8002,4003,000
A
BBB+
A
A+
A-
BBB
BBB+
BB+
BBB+
A+
S&P rating or equivalent
The single largest
corporation/NBFI
exposure represents
0.3% of TCE
2
3
5
Credit quality
Reflects clearing house
membership
Composition remains consistent half on half.
4
Reflects increased
holdings of
Government bonds
and other HQLA

72
Stressed exposures up 12bps.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
1 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes.
New and increased gross impaired assets ($m)
Movement in stress categories (bps)Stressed exposures as a % of TCE
6
132
110
0
5
(2)
7120
3
2
1
Mar-19
Impaired
90+ dpd not
impaired
Substandard
Watchlist
Sep-19
Impaired
90+ dpd not
impaired
Substandard
Watchlist
Mar-20
1,194
997
958
708
609
607
633
1,078
477
589
440
471
450
519
550
897
2H121H132H131H142H141H152H151H162H161H172H171H182H181H192H191H20
0.58
0.44
0.27
0.20
0.22
0.150.15
0.14
0.17
0.17
0.20
0.35
0.31
0.26
0.25
0.33
0.34
0.370.39
0.43
0.48
0.50
1.24
0.85
0.71
0.54
0.65
0.56
0.570.55
0.50
0.55
0.62
2.17
1.60
1.24
0.99
1.20
1.05
1.09
1.08
1.10
1.20
1.32
Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Watchlist & substandard
90+ day past due (dpd) and not impaired
Impaired
1
1
1
Driven by an increase in Watchlist and Impaired exposures.
Mainly due to an increased
number of customer
downgrades in the
transaction managed
portfolio and a rise in
mortgage delinquencies
Credit quality

Corporate and business stressed exposures.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack73
Corporate and business stressed exposures by industry ($bn)
1 Services includes education, health & community services, cultural & recreational services and personal & other services.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
Wholesale &
retail trade
Agriculture, forestry &
fishing
Property
Manufacturing
Services
Property &
business services
Transport & storage
Construction
Accommodation, cafes
& restaurants
Finance & insurance
Mining
Utilities
Mar-19Sep-19Mar-20
Credit quality
By industry.
Sector
Wholesale &
retail trade
Agriculture,
forestry&
fishing
PropertyManufacturingServices
Property &
business
services
Transport&
storage
Construction
Accomm.,
cafes &
restaurants
Finance &
Insurance
MiningUtilities
Stress to
TCE (%)
5.6%6.9%1.8%2.6%3.2%3.2%2.6%4.0%4.6%0.1%1.3%0.2%
1

Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack74
Commercial property
Commercial property exposures % of TCE and % in stress
Commercial property portfolio composition (TCE) (%)
Commercial property.
1 Includes impaired exposures. 2 Percentage of commercial property portfolio TCE.
Credit quality
Mar-19Sep-19Mar-20
Total committed exposures (TCE)$66.9bn$66.9bn$67.6bn
Lending$52.3bn$51.7bn$52.7bn
Commercial property as a % of Group TCE6.396.376.25
Median risk grade (S&P equivalent)BB+ BB+BB+
% of portfoliograded as stressed
1,2
1.511.611.84
% of portfolio in impaired
2
0.220.150.11
0
5
10
15
20
0
2
4
6
8
10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Commercial property as % of TCE (lhs)
Commercial property % in stress (rhs)
41
24
24
11
Commercial offices
& diversified groups
Residential
Retail
Industrial
21
9
7
3
4
11
45
NSW & ACT
VIC
QLD
SA & NT
WA
NZ & Pacific
Institutional
(diversified)
43
8
37
12
Investors &
Developers <$10m
Developers >$10m
Investors >$10m
Diversified Property
Groups and Property
Trusts >$10m
Borrower type (%)
Region (%)Sector (%)

Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack75
Retail trade
Retail trade exposure by sub-sector (TCE) ($bn)
% of Retail trade portfolio graded as stressed (%)Retail trade by internal risk grade category (TCE) ($bn)
Retail trade.
1 Includes impaired exposures. 2 Percentage of retail trade portfolio TCE.
Credit quality
Mar-19Sep-19Mar-20
Total committed exposures (TCE)$16.0bn$16.0bn$15.5bn
Lending$11.5bn$11.6bn$11.1bn
Retail trade as a % of Group TCE1.531.521.43
Median risk grade
BB
equivalent
BB
equivalent
BB
equivalent
% of portfoliograded as stressed
1,2
5.436.056.70
% of portfolio in impaired
2
1.241.301.44
6.4
5.0
4.7
7.0
4.8
4.2
7.0
4.6
3.8
Personal and household
good retailing
Motor vehicle retailing and
services
Food retailing
Mar-19Sep-19Mar-20
2.51
3.02
4.67
4.84
5.43
6.05
6.70
Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20
7.0
7.0
4.8
4.6
4.2
3.8
Sep-19Mar-20Sep-19Mar-20Sep-19Mar-20
Investment
Sub-investment
Stressed
Rising stress reflects challenging economic
conditions, in particular the impact of lower new
car sales on motor vehicle retailing
Personal and household
good retailing
Motor vehicle retailing
and services
Food retailing

Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack76
Australian Agriculture, Forestry and Fishing
Australian Agriculture portfolio composition (TCE) (%)
Areas of rainfall deficiencies last 3 years
3
Australian Agriculture portfolio by State (TCE) (%)
Australian Agriculture, Forestry and Fishing.
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Source: Commonwealth of Australia 2020, Australian Bureau of Meteorology Issued 03/04/2020.
Credit quality
Mar-19Sep-19Mar-20
Total committed exposure (TCE)$10.9bn$11.2bn$11.8bn
Lending$8.6bn$9.1bn$9.4bn
% Australian Agriculture of Group TCE1.041.071.09
Median risk grade (S&P equivalent)BB BBBB
% of portfolio graded as stressed
1,2
4.654.295.09
% of portfolio in impaired
2
0.350.280.38
31
25
10
7
6
5
5
4
3
2
2
Grain
Beef & Sheep
Horticulture
Dairy
Services to Agriculture
Cotton
Fishing & Aquaculture
Viticulture
Forestry & Logging
Poultry
Other
26
21
22
14
11
6
NSW/ACT
QLD
VIC/TAS
WA
SA/NT
Institutional

Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack77
Construction
Portfolio security composition (TCE) (%)Portfolio by sub-sector (TCE) (%)
Accommodation, cafes and restaurants
Accommodation, cafes and restaurants and Construction.
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
Credit quality
37
33
24
6
Accommodation
Pubs, Taverns
and Bars
Cafes and
Restaurants
Clubs (Hospitality)
68
28
4
Fully Secured
Partially Secured
Unsecured
Sep-19Mar-20
Total committed exposures
(TCE)
$9.6bn$9.7bn
Lending$8.6bn$8.7bn
Accommodation as a % of
Group TCE
0.920.90
% of portfoliograded as
stressed
1,2
4.34.6
% of portfolio in impaired
2
0.30.4
62
19
19
Fully Secured
Partially Secured
Unsecured
24
13
9
6
15
7
26
Building Construction
Non-Building
Construction
Site Preparation
Services
Building Structure
Services
Installation Trade
Services
Building Completion
Services
Other Construction
Services
Sep-19Mar-20
Total committed exposures
(TCE)
$11.6bn$11.7bn
Lending$8.5bn$8.5bn
Construction as a % of Group
TCE
1.111.08
% of portfoliograded as
stressed
1,2
3.84.0
% of portfolio in impaired
2
0.80.9
Portfolio security composition (TCE) (%)Portfolio by sub-sector (TCE) (%)

Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack78
Manufacturing
Portfolio by region (TCE) (%)Portfolio by sub-sector (TCE) (%)
Manufacturing and Mining.
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
Credit quality
18
44
8
13
17
Asia
Australia
Europe
New Zealand
North America
Sep-19Mar-20
Total committed exposures
(TCE)
$30.6bn$30.0bn
Lending$18.2bn$19.0bn
Manufacturing as a % of
Group TCE
2.992.77
% of portfoliograded as
stressed
1,2
1.922.58
% of portfolio in impaired
2
0.180.59
24
23
13
5
5
23
2
1
4
Food, Beverage and
Tobacco
Machinery and Equipment
Metal Product
Non-Metallic Mineral
Product
Wood and Paper Product
Petroleum, Coal, Chemical
and Associated Product
Printing, Publishing and
Recorded Media
Textile, Clothing, Footwear
and Leather
Other
Portfolio by sub-sector (TCE) (%)
Mining (inc.oil and gas)
Mar-19Sep-19Mar-20
Total committed exposure (TCE)$9.8bn$10.5bn$10.3bn
Lending$5.2bn$5.5bn$5.8bn
Mining as a % of Group TCE0.941.000.95
Median risk grade (S&P equivalent)BBB-BBBBBB
% of portfoliograded as stressed
1,2
0.810.991.25
% of portfolio in impaired
2
0.160.160.16
32
28
15
13
7
5
Oil and gas
Other metal ore
Mining services
Iron ore
Coal
Other

Sep-19Mar-20
Total committed exposures
(TCE)
$17.8bn$19.1bn
Lending$11.2bn$13.0bn
Transport as a % of Group
TCE
1.701.76
% of portfoliograded as
stressed
2,3
2.52.6
% of portfolio in impaired
3
0.40.4
Sectors in focus.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack79
Transport & Storage
Portfolio security composition (TCE) (%)
Portfolio by sub-sector (TCE) (%)
Services
1
Portfolio security composition (TCE) (%)Portfolio by sub-sector (TCE) (%)
Services and Transport & Storage.
Credit quality
55
21
24
Fully Secured
Partially Secured
Unsecured
11
5
8
1
16
42
10
7
Road Freight Transport
Road Passenger
Transport
Rail Transport
Water Transport
Air and Space
Transport
Services to Transport
Other Transport
Storage
Sep-19Mar-20
Total committed exposures
(TCE)
$22.4bn$23.2bn
Lending$15.3n$15.8bn
Services asa % of Group
TCE
2.132.14
% of portfoliograded as
stressed
2,3
3.73.2
% of portfolio in impaired
3
0.30.3
1 Services includes education, health & community services, cultural & recreational services and personal & other services. 2 Includes impaired exposures. 3 Percentage of portfolio TCE
17
43
20
20
Education
Health & Community
Services
Cultural &
Recreational Services
Personal & Other
Services
49
23
28
Fully Secured
Partially Secured
Unsecured

0.00
1.00
2.00
3.00
Mar-18Sep-18Mar-19Sep-19Mar-20
1.97%
Australian consumer unsecured lending.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack80
Australian consumer unsecured lending portfolio
1
90+ day delinquencies (%)
Australian unsecured portfolio ($bn)
1
Unsecured portfolio ($bn)
1 Does not include Margin Lending.
Credit quality
Mar-19Sep-19Mar-20
Lending $20.7bn$19.5bn$18.4bn
30+ day delinquencies(%)4.083.684.22
90+ day delinquencies(%)1.871.771.97
9.2
4.4
7.1
20.7
8.7
4.1
6.7
19.5
8.3
3.8
6.3
18.4
Credit cardsPersonal loansAuto loans
(consumer)
Total consumer
unsecured
Mar-19Sep-19Mar-20
0
1
2
3
0
5
10
15
20
25
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Unsecured performing loans balance ($bn lhs)
Unsecured 90+ day delinquencies balance ($bn rhs)
3% of Group loans.
Consumer unsecured 90+ day delinquencies
up 20bps mostly due to portfolio contraction
combined with the impact of COVID-19

Australian
mortgage
credit quality

Australian mortgage portfolio performance.
Delinquencies rising from early impact of COVID-19 disruption.
1 Mortgage loss rate is for the 6 months ending. 2 Source: Pillar 3 Reports, based on APRA Residential Mortgage classification. Exposure is on and off balance sheet exposure at default. Data as at 31 March 2020 for Westpac, Peer 1 and Peer 3. Data
as at 31 December 2019 for Peer 2.
Mortgage asset quality
Major banks’ total residential mortgage impaired and past due loans ≥ 90days
($bn and %)
2
Australian mortgage 90+ day delinquencies by State (%)
Australian mortgage delinquencies and loss rates (%)
Mar-19Sep-19Mar-20
30+ day delinquencies(bps)159161188
90+ day delinquencies(bps)
(inc. impaired mortgages)
828894
Consumer
properties in possession
482558468
Mortgage loss rate
annualised (bps)
1
233
0.0
1.0
2.0
3.0
Mar-16Mar-17Mar-18Mar-19
Mar-20
90+ day past due total30+ day past due totalLoss rates
0.0
1.0
2.0
3.0
Mar-16Mar-17Mar-18Mar-19Mar-20
NSW/ACTVIC/TASQLD
WASA/NTALL
Australian mortgage portfolio
0.87
0.72
0.91
0.79
0.00
0.20
0.40
0.60
0.80
1.00
0
1
2
3
4
5
6
Peer 1Peer 2Peer 3Westpac
Impaired assets (lhs)
Past due loans ≥90 days (lhs)
Total as a % residential mortgage
exposures (rhs)
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack82

Australian mortgage portfolio composition.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack83
Australian mortgage portfolio by State (%)
Switching from I/O to P&I
6
($bn)
Shift towards owner occupied, principal & interest lending continues.
1 Flow is new mortgages settled in the 6 months ended 31 March 2020 and includes RAMS. 2 Includes amortisation. Calculated at account level, where split loans represent more than one account. 3 Loans ahead on payments exclude equity/line of
credit products as there are no scheduled principal payments. 4 Mortgage insurance claims 1H20 $5m(2H19 $5m; 1H19 $7m). 5 Source Comparator Oct-Dec 2019.6 I/O is interest only mortgage lending. P&I is principal and interest mortgage
lending.
Mortgage asset quality
Australian mortgage portfolio
Mar-19
balance
Sep-19
balance
Mar-20
balance
1H20
Flow
1
Total portfolio ($bn)447.2449.2
445.730.4
Owner occupied (%)57.358.3
59.470.3
Investment property loans (%)39.138.5
37.629.4
Portfolio loan/line of credit (%)3.63.2
2.90.2
Variable rate / Fixed rate (%)76 / 2475 / 25
77 / 2380 / 20
Interest only (%)30.626.9
23.416.4
Proprietary channel (%)56.355.7
55.552.7
First home buyer (%)8.08.4
8.812.2
Mortgage insured (%)15.915.6
16.112.5
Mar-19Sep-19Mar-20
1H20
Flow
1
Average loan size
2
($’000)275277276
393
Customers ahead on repayments
including offset account balances
3
(%)
697070
Actual mortgage losses net of insurance
4
($m, for the 6 months ending)
515767
Actual mortgage loss rateannualised
(bps, for the 6 months ending)
233
38
29
16
11
6
41
27
16
9
7
41
32
14
5
7
NSW & ACTVIC & TASQLDWASA & NT
Australian banking system
Westpac Group portfolio
1H20 Westpac Group drawdowns
5.1
6.5
7.5
8.3
9.0
10.7
10.0
5.0
12.2
8.8
8.1
7.5
7.0
5.2
1H172H171H182H181H192H191H20
Reached end of I/O periodCustomer initiated
5

Australian mortgage portfolio.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack84
Australian housing loan-to-value ratios (LVRs) (%)Australian housing loan-to-value ratios (LVRs) (%)
Majority of borrowers have built significant equity.
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset accountbalances and other loan adjustments. Property valuation source CoreLogic. During the half, Westpac updated its
methodology for calculating Dynamic LVR, including changes to the treatment of cross collateralised loans and changing the property valuation source. 2 Weighted average LVR calculation considers size of outstanding balances. 3 Average LVR of new
loans is on rolling 6 months. 4 Source: CoreLogic.
Mortgage asset quality
Australian mortgage portfolio LVRs
Mar-19
balance
Sep-19
balance
Mar-20
balance
Weighted
averages
2
LVR at origination (%)747473
Dynamic LVR
1
(%)575857
LVR of new loans
3
(%)727272
21
15
43
13
8
0
N/A
17
14
49
11
7
2
51
16
17
10
2
1
2.4
0
10
20
30
40
50
60
70
80
90
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
1H20 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR
41
27
16
9
7
0.9
0.4
1.0
1.1
0.3
0.3
0.2
0.5
1.2
0.2
NSW & ACTVic & TasQldWASA & NT
% of total portfolio
% of total portfolio where dynamic LVR >90%
% of total portfolio where dynamic LVR >100%
Capital city
Dwelling prices% change last
6mths (Mar-20)
4
Dwelling pricesYoY
(Mar-20)
4
Sydney
Up 10.4%Up 13.0%
Melbourne
Up 9.1%Up 12.0%
Brisbane
Up 4.0%Up 3.1%
Perth
Up 0.8%Down 3.1%
1

Australian mortgage portfolio underwriting.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack85
Current credit policy
Australian mortgage portfolio by
year of origination (% of total book)
Policy on a tightening bias.
1 HEM is the Household Expenditure Measure, produced by the Melbourne Institute.
Mortgage asset quality
3
1
2
2
3
2
3
3
5
7
10
12
13
15
15
4
Pre-2006
20062007200820092010201120122013201420152016201720182019
2020 (YTD)
Calendar year
69% of the portfolio originated after
major tightening of lending standards
Income
•Borrower’s income verified via payslips or tax returns with other supporting documentation
such as PAYG income statements and salary credits to accounts where required (minimum
standards for acceptable documents apply)
•Discount of 20% applies to less certain income sources i.e. rental income/bonuses
Credit Score &
Credit Bureau
•Bespoke application scorecards segmented by new and existing customers
•Credit and score override rates tracked and capped
•Credit bureau checks required
Expenses
•Expenses are assessed as the higher of a borrower’s HEM comparable expenses or HEM
1,
plus any expenses that are not comparable to HEM (e.g. private school fees, life insurance)
•HEM is adjusted by income bands, post settlement postcode location, marital status and
dependants
•17 expense categories used, aligned with Melbourne Institute guidelines and LIXI standards
Serviceability
assessment
•For serviceability assessment, interest rate applied to all mortgage debt is the greater of:
–Actual interest rate plus buffer of 2.50%; and
–Minimum assessment rate of 5.35%
•For IO Loans, serviceability is assessed on a P&I basis over the residual term
•All existing customer commitments are verified
•Review Westpac Group accounts and Comprehensive Credit Reporting (CCR) to identify
customer commitments
•Limits apply to Debt-to-Income lending from 6x; above 7x referred for manual credit
assessment
•Credit card repayments assessed at 3.8% of limit
Genuine savings
deposit
requirements
•Minimum 5% proof of genuine savings for higher LVR loans (typically LVR >85%). First
Home Owners Grants not considered genuine savings
Security
•LVR restrictions apply depending on location, property value and nature of security
•Restrictions on high-density apartments based in postcode defined areas (generally Capital
City CBD’s) and properties in towns heavily reliant on a single industry (e.g. mining, tourism)
LMI
•Mortgage insurance for higher risk loans, such as high LVRs. Exception policy applies for
certain professionals and Westpac Group staff.

13
8
5
22
Mar-20
Investment property loans - incentive is to
keep repayments high for tax purposes
Accounts opened in the last 12 months
Loans with structural restrictions on
repayments e.g. fixed rate
Residual - less than 1 month repayment
buffer
Loans ‘On time’ and <1 mth ahead (% of balances)
Australian mortgage portfolio repayment buffers.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack86
Variable mortgage interest rates
1
(%)Offset account balances
2
($bn)
Australian home loan customers ahead on repayments
3
(% by balances)
70% of customers ahead of scheduled repayments.
1 Interest rates for Westpac Rocket Repay Home Loan inclusive of Premier Advantage Package discount assuming loan amount above $250,000. Pricing at 27 March 2020. 2 Excludes RAMS. 3 Customer loans ahead on payments exclude equity/line
of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due. ‘On time’ includes up to 30 days past due.
Mortgage asset quality
30.5
33.4
34.9
36.2
37.4
38.6
39.2
40.0
40.7
42.0
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Linked to I/O mortgagesLinked to P&I mortgages.
3.29
3.88
3.84
4.10
2.50
2.50
2.50
2.50
5.79
6.38
6.34
6.60
P&II/OP&II/O
Owner occupiedInvestorBuffer.
Serviceability
assessment rate
Floor
rate
5.35%
•Loans assessed at
the higher of the
customer rate
(including any
discounts) plus 2.50%
buffer, or minimum
assessment rate
(“floor rate”)
•Westpac applies a
minimum floor rate of
5.35%
2
30
21
16
6
6
21
2
29
21
16
6
6
21
2
28
20
16
6
6
21
BehindOn time< 1 Mth< 6 Mths< 1 Yr< 2 Yrs>2 Yrs
Mar-19Sep-19Mar-20

Interest only mortgages.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
•73% weighted average LVR of interest only
loans at origination
1
•64% of customers ahead of repayments
(including offset accounts)
2
•Offset account balances attached to interest
only loans represent 35% of offset account
balances
•90+ day delinquencies 73bps (compared to P&I
portfolio 97bps)
•Annualised loss rate (net of insurance claims)
5bps (2H19: 5bps)
87
Australian I/O loan portfolio ($bn)Australian mortgage delinquencies (%)
Scheduled I/O term expiry
4
(% of total I/O loans)I/O lending by dynamic LVR
3
and income band (%)
I/O has reduced to 23% of the portfolio.
1 Weighted average LVR calculation takes into account size of outstanding balances. 2 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. 3 Excludes RAMS. Dynamic LVR is the
loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic. 4 Excludes line of credit loans, I/O loans without date (including
bridging loans and loans with construction purpose) and I/O loans that should have switched to P&I but for the previously announced mortgage processing error.
Mortgage asset quality
0.0
0.5
1.0
1.5
2.0
Mar-18Sep-18Mar-19Sep-19
Mar-20
I/OP&I
0
2
4
6
8
10
12
14
0
50
100
150
200
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
I/O performing loans balance (lhs)
I/O 90+ day delinquencies balance (rhs)
11
6
3
26
19
8
14
9
3
52
34
14
<=60%60%<=80%>80%
Dynamic LVR bands (%)
<$100k$100k - $250k>$250k
23
21
13
8
9
20
5
0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+
Applicant gross income bands
Chart does not add due to rounding

Australian investment property portfolio.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack88
Investment property portfolio by number of properties
per customer (%)
Mortgage portfolio by gross income band (%)Mortgage portfolio by LVR at origination (%)
Portfolio composition little changed.
1 Weighted average LVR calculation takes into account size of outstanding balances. 2 Average LVR of new loans is on rolling6 month window. 3 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security
value, offset account balances and other loan adjustments. Property valuation source Australian Property Monitors. 4 Includes amortisation. Calculated at account level where split loans represent more than one account.
5 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments.
Mortgage asset quality
63
26
7
2
1
1
1
2
3
4
5
6+
0
10
20
30
40
50
0<=60
60<=7070<=7575<=8080<=8585<=9090<=9595<=97
97+
Owner occupiedIPL
0
5
10
15
20
25
30
<=50
50<=75
75<=100
100<=125125<=150150<=200200<=500
500<=1m
1m+
Owner occupiedIPL
Investment property lending (IPL) portfolioMar-19Sep-19Mar-20
Weighted
averages
1
LVR of IPL loans at origination (%)737272
LVR of new IPL loans in the period
2
(%)717070
DynamicLVR
3
of IPL loans (%)596057
Average loan size
4
($’000)321322322
Customers ahead on repayments
including offset accounts
5
(%)
585960
90+ day delinquencies (bps)687378
Annualised loss rate (net of insurance claims) (bps)345

Australian mortgage deep dive.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Australian mortgage lending
1
by origination date, dynamic LVR
2
and income bands (%)
89
Dynamic LVR
2
bands (%)
Equity buffers have increased for more recent vintages.
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 AustralianProperty Monitors. 3 Based on a specific Rocket Repay rate offered during the period. Westpac Rocket Repay Home Loan
exclusive of discounts assuming loan amount above $250,000. 4 Source, Westpac Economics, CoreLogic. All dwellings Australia- average 8 major capital cities. Prices to March 2020.
Mortgage asset quality
Chart may not add due to rounding
% of portfolio at 31 March2020131869
WestpacSVR
3
(%)
(excluding any discount)
7.866.89 – 5.705.38 – 4.58
Westpac interest rate buffer (%)1.801.802.25 (2.50 from Jul 2019)
Westpac interest rate floor (%)6.806.807.25 (5.35 from Sep 2019)
Houseprice changes
4
> +37%+21% to +46%-1% to +20%
21
7
4
33
13
7
10
3
1
64
24
12
<6060-80>80
37
7
3
31
8
4
7
2
1
75
17
8
<6060-80>80
11
10
5
21
23
11
9
7
3
41
40
19
<6060-80>80
<20112011-142015+
>$250k
$100k - $250k
<$100k
Gross income bands
Year of origination

Lenders mortgage insurance arrangements.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack90
Insurance statistics
Lenders mortgage insurance (LMI)
•Where mortgage insurance is required, mortgages
are insured through Westpac’s captive mortgage
insurer, Westpac Lenders Mortgage Insurance
1
(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 PCR
2
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
$85m net of re-insurance recoveries (2H19: $88m)
•Insurance liabilities were increased over 1H20,
which included an allowance for the impacts of
COVID-19
Lenders mortgage insurance arrangements
Separately capitalised to the bank.
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. 1H20 gross written premium includes $63m from the arrangement (2H19: $56m and 1H19: $52m).
Westpac’s Australian
mortgage portfolio at 31 Mar 2020 (%)
Mortgage asset quality
LVR Bandinsurance
•LVR ≤80%
•Low doc
4
LVR ≤60%
Not required
•LVR >80% to ≤ 90%
•Low doc
4
LVR >60% to ≤ 80%
•Where insurance required, insured through captive insurer, WLMI
•LMI not required for certain borrower groups
•Reinsurance arrangements:
−40% risk retained by WLMI
−60% risk transferred through quota share arrangements with Arch
Reinsurance Limited,Renaissance Re, Endurance Re, Everest Re, Trans Re,
AWAC and Capita 2232
•LVR >90%•Where insurance required, insured through captive insurer, WLMI
•LMI not required for certain borrower groups
•100% reinsurance through Arch Reinsurance Limited
1H192H191H20
Insuranceclaims ($m)755
WLMI claims ratio
5
(%)251615
WLMI grosswritten premiums
6
($m)768489
84
10
6
Not insured
Insured by third parties
Insured by WLMI
3

Capital,
funding and
liquidity

Update on capital management.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Adjustment to capital expectations
Update on capital
•As part of its response to COVID-19, APRA has adjusted its
expectations for bank capital
•Since 2017, APRA’s “unquestionably strong” benchmark has been a
CET1 capital ratio of at least 10.5% of RWA. The unquestionably
strong benchmark compares to the regulatory requirement of 8.0%
1
•APRA has announced that during the period of COVID-19 disruption,
banks are not expected to meet the 10.5% benchmark provided they
continue to meet regulatory minimums. It is expected that banks
utilise some of the current buffers to facilitate lending
•In line with APRA guidance, some of the “unquestionably strong”
buffer will be used, while continuing to meet regulatory requirements
•If an ADI’s CET1 capital ratio falls below the total CET1 requirement
(at least 8%) they face restrictions on the distribution of earnings,
such as dividends, distribution payments on Additional Tier 1 capital
instruments and discretionary staff bonuses
•This creates a “useable buffer” of ~$12bn to support the economy
and to withstand the stressed environment
1 The regulatory capital requirement comprises a minimum CET1 requirement of 4.5% plus a Capital Conservation Buffer of 3.5% applicable to D-SIBs. Noting that APRA may apply higher CET1 requirements for an individual ADI.
92
Capital, Funding and Liquidity
Unquestionably strong
benchmark
Regulatory capital
requirement
2.5%
Unquestionably
Strong
Buffer
4.5%
CET1
Minimum
4.5%
CET1
Minimum
0.3% Buffer
3.5%
Capital
Conservation
Buffer
3.5%
Capital
Conservation
Buffer
10.8% CET1 capital ratio at 31 March 2020
$12bn
10.5%
unquestionably
strong
benchmark
8.0%
requirement
1
Capital buffers provide ability to support economy during stress.
2.8% Buffer

Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack93
Capital update
•CET1 capital ratio of 10.81%, up 14bps from 30 September 2019
•Over the half, capital was increased by the $2.0bn institutional share
placement and $0.8bn Share Purchase Plan, and cash earnings, partially
offset by payment of the final 2019 dividend and higher RWAs mainly from
model adjustments and overlays
•The net impact to CET1 capital ratio of the increased impairment
provisions related to COVID-19 is an 11bps decrease reflecting the impact
to cash earnings, the reduction in the regulatory expected loss deduction to
nil and a higher deduction for deferred tax assets
CET1 capital ratio movements(%, bps)
10.64
10.67
62
51
18
2
10.81
(29)
(57)
(3)
(30)
Mar-19Sep-19Capital raisedCash earnings
ex notable items
Notable items2H19 dividend
(net of DRP)
Capital deductions
and other capital
movements
Ordinary RWA
growth
FX translation
impact
RWA model
changes and
overlays
Mar-20
CET1 capital ratio of 10.8%.
Lower regulatory expected
loss deduction partially offset
by higher DTA from increased
impairment provisions
Mainly IRRBB model
adjustment and
operational risk overlays
Capital, Funding and Liquidity
Other future developments
•As part of its COVID-19 response, APRA has delayed the implementation
of the Basel III capital reforms to 1 January 2023 and changes to APS 222
Associations with Related Entities to 1 January 2022
•The RBNZ has delayed implementation of its reforms by a year to 1 July
2021
1
(subject to a 7 year transition period)
•The RBNZ also announced a freeze on the distribution of NZ banks’
dividends during the period of uncertainty from COVID-19. Non-payment of
dividends from WNZL only impacts Level 1 and we are well placedto
respond to the change
1 RBNZ will consider further delays in 2021 if it considers that market conditions warrant it.
Cash earnings+22bps

Key ratios.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack94
%
Mar-19Sep-19Mar-20
CET1 capital ratio 10.610.710.8
Additional Tier 1 capital2.22.22.1
Tier 1 capital ratio12.812.812.9
Tier 2 capital1.82.83.4
Total regulatory capital ratio14.615.616.3
Risk weighted assets
(RWA)($bn)
420429444
Leverage ratio 5.75.75.7
Level 1 CET1 ratio10.711.011.1
Internationally
comparable ratios
1
Leverage ratio
(internationally comparable)
6.46.46.3
CET1 capital ratio
(internationally comparable)
16.215.915.8
Key capital ratios (%)
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 96.
Capital, Funding and Liquidity
The impact of higher impairment provisions on capital (Level 2), $bn
3.9
5.7
5.0
5.5
AASB 9
Provisions
Regulatory
Expected Loss
AASB 9
Provisions
Regulatory
Expected Loss
$1.1bn
capital
deduction
for excess
over
provisions
30 September 201931 March 2020
Regulatory
expected
loss
deduction
reduced to
nil
10.8
12.9
16.3
11.1
13.3
16.7
CET1Tier 1Total
regulatory
capital
CET1Tier 1Total
regulatory
capital
Level 2
Level 1

Risk weighted assets.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack95
•At 31 March 2020 RWA movements linked to slowing in activity was limited
but may rise in future periods. APRA’s RWA treatment of COVID-19
repayment holiday support packages is expected to provide relief in 2H20
•Credit RWA up $1.3bn. Some credit migration, mainly within mortgages
from higher delinquencies
•Higher IRRBB from implementation of a new IRRBB model. Until the model
is finalised and approved, Westpac is including an overlay in its IRRBB
RWA. At March 2020 the overlay increased RWA by $6.3bn ($500m of
capital), which has been partially offset by a higher embedded gain from
lower rates
•Operational risk RWA higher mainly from the additional $500m capital
overlay imposed by APRA following AUSTRAC’s Statement of Claim
•Other RWA increased $3.6bn mostly from the adoption of AASB 16
Leasing on 1 October 2019
419.8
428.8
1.3
4.8
6.4
3.6443.9
(1.0)
Mar-19Sep-19Credit
risk
Market
risk
IRRBBOtherMar-20
Up $15.1bn or 3.5%
Risk weighted assets ($bn)
Movement in credit risk weighted assets ($bn)
362.8
367.9
1.1
3.9
1.0
369.1
(1.2)
(3.5)
Mar-19Sep-19Credit quality and
portfolio mix
Business lendingModel changesFX translation
impacts
Mark-to-marketMar-20
Translation impact,
mostly NZ$ loans
Up $1.3bn or 0.4%
Operational
risk
Credit migration
mainly in
mortgages
Capital, Funding and Liquidity
Increase from higher operational risk and interest rate risk in the banking book.
Graph may not add due to rounding

Internationally comparable capital ratio reconciliation.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
APRA’s Basel III capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading to lower reported
capital ratios by Australian banks. In July 2015, APRA published a study that compared the major banks’ capital ratios against a set of international peers
1
.
The following details the adjustments from this study and how Westpac’s APRA Basel III CET1 capital ratio aligns to an internationally comparable ratio
96
1 Methodology aligns with the APRA study titled “International capital comparison study", dated 13 July 2015.
Westpac’s CET1 capital ratio (APRA basis)
(%)
10.8
Equity investmentsBalances below prescribed threshold are risk weighted,compared to a 100% CET1 deduction under APRA’s requirements0.3
Deferred tax assetsBalances below prescribed threshold are risk weighted,compared to a 100% CET1 deduction under APRA’s requirements0.6
Interestrate risk in the banking
book (IRRBB)
APRA requires capital to be heldfor IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB0.1
Residential mortgages
Lossgiven default (LGD) of 15%, compared to the 20% LGD floor under APRA’s requirements. APRA also appliesa
correlation factor for mortgages higher than the 15% factor prescribed in the Basel rules
1.8
Unsecurednon-retail exposuresLGD of 45%, compared to the 60% or higher LGD under APRA’s requirements0.7
Non-retail undrawn commitmentsCredit conversion factor of 75%, compared to 100% under APRA’s requirements0.4
Specialised lending
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
slotting approach, but does not require the application of the scaling factors
0.6
Currency conversionthreshold
Increase in the A$ equivalent concessional threshold level for small business retail and small to medium enterprise corporate
exposures
0.2
Capitalised expenses
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
0.3
Internationallycomparable CET1 capital ratio15.8
Internationallycomparable Tier 1 capital ratio18.6
Internationallycomparable total regulatory capital ratio22.7
Capital, Funding and Liquidity

Well placed on internationally comparable.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Common equity Tier 1 ratio (%)
1
97
Leverage ratio (%)
1
CET1 and leverage ratios.
1 Peer group comprises listed commercial banks with assets in excess of A$700bn and which have disclosed fully implemented BaselIII ratios or provided sufficient disclosure to estimate. Based on company reports/ presentations. Ratios at 31 December 2019, except for ANZ, NAB and
Westpac which are at 31 March 2020, and Bank of Montreal, Scotiabank, Royal Bank of Canada and Toronto Dominion are at 31 January 2020. Leverage ratio is on a transitional basis. Where accrued expected dividends have been deducted and disclosed, these havebeen added back for
comparability. US banks are excluded from leverage ratio analysis due to business model differences, for example from loans sold to US Government sponsored enterprises. NAB has not disclosed an internationally comparable leverage ratio since September 2017.
Capital, Funding and Liquidity
Norinchukin Bank
CBA
Nordea
Danske Bank
RBS
Sumitomo Mitsui
Rabobank
Westpac
15.8%
BPCE
ANZ
ING Group
HSBC
Lloyds
NAB
Barclays
Standard Chartered
Intesa Sanpaolo
China Construction Bank
Deutsche Bank
Commerzbank
Societe Generale
Unicredit
ICBC
Credit Agricole SA
BNP Paribas
Mitsubishi UFJ
Credit Suisse
JPMorgan Chase
BBVA
Royal Bank of Canada
China Merchants Bank
Santander
Mizuho FG
Citigroup
Toronto Dominion Bank
Bank of America
Bank of Montreal
Scotiabank
Bank of China
0%
5%
10%
15%
20%
ICBC
China Construction Bank
Bank of ChinaAgricultural Bank of China
CBA
BBVA
China Merchants Bank
Intesa Sanpaolo
Rabobank
Westpac
6.3%
Norinchukin Bank
ANZ
Nordea
Standard Chartered
RBS
Unicredit
Credit Suisse
HSBC
Lloyds
Barclays
Santander
Commerzbank
BPCE
Mitsubishi UFJ
BNP Paribas
Sumitomo Mitsui
ING Group
Danske Bank
Societe Generale
Credit Agricole SA
Mizuho FG
Bank of Montreal
Royal Bank of Canada
Deutsche Bank
Scotiabank
Toronto Dominion Bank
0%
2%
4%
6%
8%

Liquidity coverage ratio.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack98
Liquidity coverage ratio (LCR)
1
(%)
114
121
127
134
125
124
134
133
138
127
154
1H152H151H162H161H172H171H182H181H192H191H20
Liquidity coverage ratio (LCR)
1
($bn and %)
LCR eligible liquid assets ($bn and %)
63
27
9
Liquidity at exceptionally high levels.
1 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 AuthorisedDeposit-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. In 1H20, LCR also includes Westpac’s Initial Allocation of the Term Funding Facility.
Capital, Funding and Liquidity
Term Funding
Facility
$17.9bn
Committed Liquidity
Facility (CLF)
$52.0bn
High Quality Liquid
Assets (HQLA)
$121.0bn
$190.9bn
113.4
143.9
123.6
190.9
0.0
50.0
100.0
150.0
200.0
Net cash outflowsLiquid assetsNet cash outflowsLiquid assets
30 September 2019
LCR 127%
31 March 2020
LCR 154%
Customer depositsHigh Quality Liquid Assets
WholesalefundingCommitted Liquidity Facility
Other flowsTerm Funding Facility
127
154
26
13
(13)
1
Sep-19HQLACLF and TFFCustomer
Deposits
Wholesale
funding and
other flows
Mar-20
Liquidity coverage ratio (LCR)
1
(%)
Chart does not add to 100 due to rounding

Balance sheet funding.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Key developments
•Customer deposits, 63% of total funding
–Strong growth in customer deposits, up $19.3bn
in 1H20, compared to loans (up $4.9bn)
increased the Group’s deposit to loan ratio to
75.6% (2H19: 73.4%)
•Term Funding Facility (TFF)
–The TFF makes available at least $90bn in
aggregate to ADIs to support lending to
Australian businesses
–Funding is provided on a collateralised basis at
an interest rate of 25bps, fixed for the term of the
funding, for a maximum of 3 years
–Westpac’s Initial Allowance is $17.9bn and can
be drawn down until 30 September 2020
–An Additional Allowance is also available to ADIs
and is based on lending provided by the ADI to
both large businesses and SMEs in the 3 months
ending 31 January 2020 through to the 3 months
ending 31 January 2021 and can be drawn down
until 31 March 2021
–The Initial Allowance of the TFF is included in the
calculation of both the NSFR and the LCR as a
committed liquidity facility
99
Funding composition (%)
Net stable funding ratio at 117%.
1 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 2 Equity excludes FX translation,Available-for-Sale securities and Cash Flow Hedging Reserves. 3 Other includes derivatives and other assets. 4 Other loans
includes off balance sheet exposures and residential mortgages >35% risk weight.
Capital, Funding and Liquidity
62
63
63
8
8
8
1
1
1
11
12
12
4
5
5
9
7
7
5
5
5
Mar-19Sep-19Mar-20
Wholesale Onshore <1yr
Wholesale Offshore <1yr
Wholesale Onshore >1yr
Wholesale Offshore >1yr
Securitisation
Equity
Customer deposits
2
1
1
Bars may not add to 100 due to rounding
By residual maturity
Net stable funding ratio (NSFR) ($bn)
Available Stable FundingRequired Stable Funding
627.7
536.6
Capital
Retail & SME
deposits
Corp. & Insto
deposits
Wholesale
funding and
other liabilities
Residential
mortgages
≤35% risk
weight
Other loans
4
Liquids and other
3
112
117
0.9
0.8
0.9
1.3
1.8
(0.2)
Sep-19
Capital
Retail & SME
Deposits
Corporate &
Institutional
Deposits
Wholesale
funding and other
Residential
Mortgages ≤35%
Risk Weight
Other loans,
liquids & other
Mar-20
Mortgages eligible as
collateral for the TFF have
a 10% RSF (not 65% RSF)
Net stable funding ratio (NSFR) (%)

Long term wholesale funding.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack100
Term debt issuance and maturity profile
1,2,3
($bn)
•$12.9bn new long term wholesale funding raised
•Majority of new issuance in senior unsecured
bonds (44%) and covered bonds (20%) in line
with prior years. Securitisationalso contributed
20%
•Increased Tier 2 issuance ($2.2bn in 1H20), as
the Group made progress towards APRA’s TLAC
requirements
•Higher proportion of USD term issuance in 1H20
reflects the depth of the US market and attractive
funding levels early in 2020 calendar year
New term issuance by tenor
2,4
(%)New term issuance by type (%)New term issuance by currency (%)
$12.9bn issued in 1H20.
1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than13 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 >FY26 maturity bucket. Maturities exclude securitisationamortisation. 4 Tenor excludes
RMBS and ABS. 5 WAM is weighted average maturity.
Capital, Funding and Liquidity
31
42
37
32
34
13
13
36
28
22
27
14
8
24
FY15FY16FY17FY18FY191H202H20FY21FY22FY23FY24FY25FY26
>FY26
Covered bondHybridSenior/SecuritisationSub debt
IssuanceMaturities
1
7
5
7
11
23
1
1
0
38
42
48
46
41
29
FY18FY191H20
>5years
5 years
4 years
3 years
2 years
1 year
73
51
44
13
24
20
5
8
20
5
4
4
13
17
FY18FY191H20
Subordinated debt
Hybrid
Securitisation
Covered bonds
Senior unsecured
15
7
4
21
21
32
27
77
32
46
20
FY18FY191H20
AUD
USD
EUR
Other
5.8yrs
6.5yrs
WAM
5
Charts may not add to 100 due to rounding.
Charts may not add to 100 due to rounding. Charts may not add to 100 due to rounding.
5.2yrs

Tier 2 capital.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Westpac Total Regulatory Capital
101
Westpac Tier 2 issuance and calls/maturities
1,2
(notional amount, A$m)
Westpac Tier 2 capital (notional amount, %)
Well progressed on TLAC requirements.
1 Represents AUD equivalent notional amount using spot FX translation at date of issue for issuance and spot FX translation at 31 March 2020 for maturities. 2 Securities in callable format profiled to first call date, excluding the Perpetual Floating Rate
Notes issued 30 September 1986. Securities in bullet format profiled to maturity date. 3 Estimates are based on Westpac’s RWAsat 31 March 2020, as measured under the current capital adequacy framework. Assumes no risk-weighted asset growth
over the transition period and no management buffer. 4 Represents AUD equivalent notional amount using spot FX translation at 31 March 2020.
Capital, Funding and Liquidity
4,209
2,241
1,090
1,343
1,150
1,350
2,423
600
2,423
0
2,019
2,660
0
1,000
2,000
3,000
4,000
5,000
FY191H202H20FY21FY22FY23FY24FY25FY26FY27FY28FY29>FY29
Tier 2 maturitiesApprox. TLAC requirement based on RWAs at 31 March 2020
31 March 2020
APRA-basis
1 Jan 2024
APRA-basis
CET1Additional Tier 1Tier 2
5.0%
(approx. $22bn
3
)
10.8% ($48bn)
2.1% ($9bn)
3.3% ($15bn)
82
18
Callable
Bullet
61
18
8
2
7
3
1
USD
AUD Domestic
AUD EMTN
SGD
JPY
NZD
HKD
By format
4
By currency
4
Issuance Maturities
3

Divisional
results

Divisional
1
contributions.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack103
1H20 divisional core earnings movements ($m)1H20 divisional cash earnings movements ($m)
1 Refer to division definitions, page 126. NZ in $A.
Divisional Results
23
5,608
5,562
539 6,101
149
4,181
(362)
(153)
(75)
(52)
(1,427)
2H19
Add back
notable items
2H19 ex-
notable items
Consumer
Business
WIB
NZ
Group
Businesses
1H20 ex-
notable items
Notable items
1H20
3,553
377 3,930
2,278
993
(347)
(538)
(295)
(198)
(274)
(1,285)
2H19
Add back
notable items
2H19 ex-
notable items
Consumer
Business
WIB
NZ
Group
Businesses
1H20 ex-
notable items
Notable items
1H20
Down 72%
Down 42% ex notable itemsDown 8% ex notable items
Down 25%
1H20 ($m)ConsumerBusinessWIBNZ
Group
BusinessesGroup
Operating income4,4903,1441,2581,10734210,341
Expenses(2,024)(1,468)(654)(516)(1,498)(6,160)
Core earnings2,4661,676604591(1,156)4,181
Impairment (charges)/benefits(448)(805)(315)(200)(470)(2,238)
Tax & non-controlling interests(608)(267)(114)(110)149(950)
Cash earnings1,410604175281(1,477)993

1,636
1,723
31 1,754
40
146
1,407
3 1,410
(273)
(129)
(131)
1H192H19
Add back notable
items
2H19 ex-notable
items
Net interest income
Non-interest income
Operating expenses
Impairment charges
Tax and NCI
1H20 ex-notable
items
Notable items
1H20
Higher provisions from
the economic impact of
COVID-19 and higher
delinquencies
Key financial metrics
1H192H191H20
Change
on 2H19
Revenue
2
($m)
4,4694,6784,490
(4%)
Net interest margin
2
(%)
2.202.272.34
7bps
Expense to income
2
(%)
41.840.645.1
large
Customer deposit to loan ratio
2
(%)
53.053.754.2
51bps
Stressed exposures to TCE
2
(%)
0.740.810.85
4bps
Life Insurance in-force premiums ($m)
1,2591,2121,208
–
General Insurance GWP ($m)259
279273
(2%)
Key operating metrics
1H192H191H20
Change
on 2H19
Total banking customers (#m)
2
9.69.79.6 (1%)
Active digital banking customers (#m)
2
4.44.54.5–
Total branches (#)
971955931
(24)
Total ATMs (#)
2,2132,1932,133
(60)
Customer satisfaction
3,4
7.3
(2
nd
)
7.3
(2
nd
)
7.3
(2
nd
)
–
Net promoter score (NPS)
3,4
6mma
5
-6.6
(2
nd
)
-7.3
(3
rd
)
-7.4
(3
rd
)
–
Consumer 1H20 performance.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack104
Cash earnings($m)
1 Refers to the write-off of deferred acquisition costs (DAC) following changes to group life insurance. 2 Restated for the impact of customer migrations following the Group’s refinement of the definition of SME customers. 3 Refer page 129 for metric
definitions and details of provider. 4 Customer satisfaction and NPS metrics refer to total Consumer customers across the Westpac Group. Data for 1H20 as at February 2020. 5 6 month moving average.
Consumer
Down $347m or 20%
Down $313m or 18%
NIM up due to repricing
partly offset by reduced
deposit spreads
Higher severe
weather related
insurance claims
and DAC
1
write-off
Increased investments including
customer service hub and risk,
regulatory and compliance programs
and asset write-downs

1,238
1,122
1191,241
226703
604
(74)
(36)
(43)
(611)
(99)
1H19
2H19
Add back notable items
2H19 ex-notable items
Net interest income
Non-interest income
Operating expenses
Impairment charges
Tax and NCI
1H20 ex-notable items
Notable items
1H20
Key financial metrics
1H192H191H20
Change
on 2H19
Revenue
1
($m)
3,2333,2593,144
(4%)
Net interest margin
1
(%)
3.063.103.01
(9bps)
Expense to income
1
(%)43.144.846.7
189bps
Customer deposit to loan ratio
1
(%)
83.886.588.5
197bps
Stressed exposures to TCE
1
(%)
2.47%2.76%3.02%
26bps
Total funds ($bn) (spot)
203.1215.4185.9
(14%)
Key operating metrics
1H192H191H20
Change
on 2H19
Total Business customers
1 ,2
(‘000’s)
1,0201,0191,021
–
Customer satisfaction
3
(rank)
#1#1#1
–
Customer satisfaction – SME
3
(rank)
#1#1= #1
–
Digital sales
4
(%)2021232ppt
Platform FUA market share
5
(inc.Corp Super) (%)
181818–
Business 1H20 performance.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack105
Cash earnings($m)
1 Restated for the impact of customer migrations following the Group’s refinement of the definition of SME customers. 2 Excludes Super, Investments, Platforms and Private Wealth customers. 3 DBM external ratings. 1H20 as at February 2020. SME
refers to Total SME. 4 Share of sales made digitally for eligible products, excludes wealth. 5 Retail Platforms market share sourced from Strategic Insight, All Master Funds Admin segment and represents the Westpac Business Wealth market share
disclosed in Strategic Insight as at December 2019 (1H20), June 2019 (2H19) and December 2018 (1H19).
Business
NIM down from lower deposit
spreads and AIEA down 1%
Lower wealth revenue
partly offset by higher
merchant income
Mostly from
write-down of
certain assets
Down $538m or 43%
Down $518m or 46%
Higher provisions from
the economic impact of
COVID-19

544
470
64175
(45)
(7)
(23)
(284)
1H19
2H19
Net interest income
Non-interest income
Operating expenses
Impairment charges
Tax and NCI
1H20
Key financial metrics
1H192H191H20
Change
on 2H19
Revenue ($m)
1,4251,3101,258(4%)
Net interest margin (%)
1.671.641.53(11bps)
Expense to income ratio (%)
45.848.252.0382bps
Net loans
76.575.480.47%
Customer deposits
95.7101.3112.511%
Customer deposit to loan ratio (%)
125.1134.4139.9large
Stressed exposures to TCE (%)
0.630.681.1850bps
Key operating metrics
1H192H191H20
Change
on 2H19
Customer revenue
1
/ total revenue (%)91.695.195.428bps
Trading revenue / total revenue (%)8.88.713.8Large
Revenue per FTE ($’000)
2
844811784(3%)
WIB 1H20 performance.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack106
Cash earnings($m)
1 WIB customer revenue is lending revenue, deposit revenue, sales and fee income. Excludes trading and derivative valuation adjustments. 2 Excludes Westpac Pacific revenue and FTE.
Westpac Institutional Bank
NIM down due to
lower deposit
spreads
Increased spending on risk, regulatory
and compliance programs and higher
technology costs
Down $295m or 63%
Higher provisions from the
economic impact of COVID-
19 and a small number of
large exposures

555
487
24511
10
84300
295
(26)
(44)
(235)
(5)
1H192H19
Add back notable
items
2H19 ex-notable items
Net interest income
Non-interest income
Operating expenses
Impairment charges
Tax and NCI
1H20 ex-notables
Notable items
1H20
Key financial metrics
1H192H191H20
Change
on 2H19
Revenue ($NZm)
1,2481,1671,162
Flat
Net interest margin (%)
2.232.092.06
(3bps)
Expense to income (%)38.544.046.6
260bps
Customer deposit to loan ratio (%)
78.276.679.4
283bps
Stressed exposures to TCE (%)
1.571.661.64 (2bps)
NZ 1H20 performance
1
.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack107
Cash earnings($NZm)
1 In NZ$ unless otherwise noted. 2 Refer page 129 for details of metric definition and provider.
New Zealand
Key operating metrics
1H192H191H20
Change
on 2H19
Customers (#m)1.351.351.35Flat
Branches (#) 161155151(4)
Consumer NPS
2
+11+5+21Up 16
Business NPS
2
+4+3+1Down 2
AgriNPS
2
+16+20+21Up 1
Funds ($NZbn) (spot)10.911.510.9(5%)
Service quality – complaints (000’s)8.69.39.6
2%
Lower fee income mostly
due to product
simplification
Increased spending on risk, regulatory and
compliance programs along with
restructuring expenses
Higher provisions from the
economic impact of COVID-19 and
new IAPs for two large exposures
Down $211m or 41%
Down $192m or 39%

NZ balance sheet drivers.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack108
New Zealand net loans (NZ$bn)New Zealand deposits (NZ$bn)
New Zealand customer loans (NZ$bn) and % of total New Zealand customer deposits (NZ$bn) and % of total
82.1
84.2
1.5
1.387.0
Mar-19Sep-19ConsumerBusinessMar-20
64.2
64.5
1.3
3.369.1
Mar-19Sep-19ConsumerBusinessMar-20
49
50
51
53
2
2
2
2
29
30
31
32
80
82
84
87
Sep-18Mar-19Sep-19Mar-20
Business
Personal
Mortgage
3333
34
33
1515
15
16
14
16
15
20
62
6464
69
Sep-18Mar-19Sep-19Mar-20
Transaction
Savings
Term deposits
61%
2%
37%
47%
24%
29%
Up 3%Up 7%
Up 3%
Up 3%Up 2%
Up 7%FlatUp 4%
New Zealand

Stressed exposures.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack109
Business stressed exposures as a % of New Zealand business TCE
Agribusiness portfolioMilk price & Fonterra dividend
2
(NZ$)Dairy portfolio summary
•Overall portfolio health remains sound.
Dairy stressed assets largely flat. Focus
remains on supporting existing dairy
customers with proven long-term viability
•Fonterra has forecast a price range for the
2019/20 season of $7.00-$7.60/kg milk
solids
•Increased environmental regulation, rising
costs and reduced global purchasing power
due to the COVID-19 pandemic will pose
ongoing challenges
1 Includes impaired exposures. 2 Source: Fonterra.
Mar-19Sep-19Mar-20
TCE (NZ$bn)9.49.59.6
Agriculture as a % of
total TCE
8.28.17.6
% of portfoliograded
as ‘stressed’
1
10.010.09.8
% of portfolio in
impaired
0.400.320.48
1.5
0.9
0.8
0.5
0.30.3
0.1
0.3
0.2
0.1
0.2
0.0
0.1
0.0
0.1
0.1
3.2
2.3
2.4
5.0
4.0
3.0
2.92.5
4.9
3.3
3.4
5.5
4.4
3.3
3.1
2.9
Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19Mar-20
Watchlist & substandard90+ day past due and not impairedImpaired
14
15
55
5
4
7
Property
Manufacturing
Agriculture,
forestry & fishing
Wholesale trade
Construction
Other
6.12
6.69
6.35
7.00
6.30
0.40
0.10
0.00
0.10
0.10
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
2016/172017/182018/192019/202020/21
Kg Ms
DividendMilk price
Westpac
Economics
forecast
New Zealand

Consumer portfolio.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack110
Mortgage 90+ day delinquencies
1
(%)Unsecured consumer 90+ day delinquencies
1
(%)
Mortgage portfolio LVR
2
(%) of portfolioMortgage loss rates each half (%)
1 In May 2019 we made changes to the reporting of customers in hardship to align to the method used by APRA. 2 LVR based on current loan property value at latest credit event.
New Zealand
0.27
0.0
0.5
1.0
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
1.59
0.0
0.5
1.0
1.5
2.0
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Introduction of changes to
the reporting of hardship
0.01
0.00
0.05
0.10
0.15
0.20
0.25
1H122H121H132H131H142H141H152H151H162H161H172H171H182H181H192H191H20
Introduction of changes to
the reporting of hardship
47%
23%23%
5%
2%
0<=6060<=7070<=8080<=9090+
93% of mortgage portfolio less than 80% LVR

Economics

Australian and New Zealand economic forecasts.
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.
Economics
Calendar year
Key economic indicators (%) at April 2020
201820192020F
WorldGDP
1
3.62.8-3.0
AustraliaGDP
2
2.22.2-5.0
Private consumption
2
2.01.2-9.5
Business investment
2,3
-0.8-1.2-6.0
Unemployment – end period
5.05.27.3
CPI headline – year end
1.81.80.1
Interest rates –cash rate
1.500.750.25
Credit growth, Total – year end
4.32.40.3
Credit growth, Housing – year end
4.73.02.4
Credit growth, Business – year end
4.82.4-1.8
New ZealandGDP
2
3.22.3-6.3
Unemployment – end period
4.34.07.7
Consumer prices
1.91.91.3
Interest rates –official cash rate
1.751.00-0.50
Credit growth, Total – year end
5.35.73.9
Credit growth, Housing – year end
6.16.94.3
Credit growth, Business – year end
4.44.64.0
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
112

The Australian economy.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack113
Australian populationAustralian GDP and employment composition
Population 25.5 million.
Sources: ABS, Westpac Economics
1 Real, financial years.
Economics
10
6
8
8
9
2
6
9
6
6
10
19
Mining
Manufacturing
Construction
Transport, Utilities
Wholesale, Retail
Agriculture
Household services
Health
Education
Public administration
Finance
Business services
2
8
9
6
14
3
13
12
8
6
4
15
Mining
Manufacturing
Construction
Transport, Utilities
Wholesale, Retail
Agriculture
Household services
Health, Social Assistance
Education
Public Administration
Finance
Business services
Output 2019 - sector contribution to GDP (%)
1
Australian employment by sector 2019 (%)
33
24
19
14
6
2
32
26
20
10
7
2
32
26
20
11
7
2
29
14
20
35
4
1
NSWVictoriaQueenslandWASATasmania
GSPPopulationEmploymentExports
Relative size of States (Share of Australia, 2018/19, %)
`
Western
Australia
South
Australia
Queensland
Northern
Territory
New South
Wales
Victoria
Tasmania
Population 8.1m
Population 6.6m
Population 5.1m
Population 2.6m
Population
1.8m
Population 246k
Population 536k
ACT
Population 428k

A difficult period ahead for the Australian economy.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack114
Australian GDP
Unemployment rateAustralian private sector credit growth
Sources: ABS, Westpac Economics.
Economics
EconomicindicatorsCurrent
Dec 2020
forecast
Cashrate
0.25%
(9Apr)
0.25%
Unemployment
5.1%
(8 Apr)
7.3%
GDP
(%yrend)
2.2%
(8 Apr)
-5.0%
Private sectorcredit
2.8%
(Feb)
0.3%
-10
-5
0
5
10
15
20
25
Mar-96Mar-00Mar-04Mar-08Mar-12Mar-16Mar-20
HousingTotal creditBusiness
Forecasts
end 2020
% ann
-10
-8
-6
-4
-2
0
2
4
6
8
10
-10
-8
-6
-4
-2
0
2
4
6
8
10
Dec-80Dec-88Dec-96Dec-04Dec-12Dec-20
% ann
% ann
Westpac fc/s
to end 2023
Sources: ABS, Westpac Economics.
2
4
6
8
10
12
2
4
6
8
10
12
Dec-80Dec-90Dec-00Dec-10Dec-20
%%
’80s
recession
’90s
recession
COVID-19
Westpac fc/s to
end 2021
GFC
Forecasts factor in potential
impact of JobKeeperPayment
Consumer & business confidence
Sources: Westpac MI, NAB, Westpac Economics
-70
-50
-30
-10
10
30
30
50
70
90
110
130
Mar-06Mar-09Mar-12Mar-15Mar-18
net bal.net bal.
Consumer (lhs)
Business (rhs)
monthly
Unemployment forecast to peak at 9.1%.

COVID-19 Australian Government support measures.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack115
Reserve Bank of Australia (RBA)
supporting market liquidity
Australian Federal Government and
State Governments providing stimulus
Economics
•Cash rate cut to 25bps
•Open market operations – added 1-month and
3-month repos daily and 6-month (or longer) at
least weekly
•Government bond purchase program targeting
3-year yield of ~25bps
•Established $90bn Term Funding Facility,
allowing ADIs to borrow up to 3% of credit
outstanding for 3 years at 25bps. Allocations
may rise if ADIs increase lending to
businesses, especially SMEs
•Exchange Settlement account balances
remunerated at 10bps (was zero)
•Temporary US$60bn swap line with the US
Federal Reserve
•JobKeeperPayment - wage subsidy of $1,500
per fortnight per eligible employee for up to 6
months
•Two one-off payments of $750 to persons
receiving social assistance
•Fortnightly payments to recipients of income
support increased to $550
•Early release of superannuation (up to $20k)
and reduction in superannuation drawdown
rates
•Cash flow assistance to SMEs and not-for-
profits (<=$100k)
•Subsidy for trainee and apprentice wages
•SME Guarantee Scheme of 50% (up to $20bn)
to support $40bn in new SME loans
•$15bn investment by Australian Office of
Financial Management (AOFM) in structured
finance
•Moratorium on evictions for residential
tenancies and establishment of SME leasing
principles
•State and Territory Government packages also
announced
$320bn
or 16.4%
of GDP
Australian Federal Government and RBA
stimulus packages ($bn)
Australian State Government stimulus
packages ($bn)
3.3
1.7
4.0
1.7
1.01.0
New South
Wales
Victoria
Queensland
Western
Australia
Tasmania
South Australia
130
25
39
125
JobKeeper
Payment
Support for
individuals and
households
Support for
businesses
Supporting the
flow of credit

Australian housing market.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack116
Australian dwelling pricesRental vacancy rates
Residential property: listings and sales
1
Turnover expected to slow in response to COVID-19 restrictions.
Sources: CoreLogic, Westpac Economics.
Economics
Sources: REIA, Westpac Economics.
90
110
130
150
170
190
210
230
90
110
130
150
170
190
210
230
Mar-05Mar-07Mar-09Mar-11Mar-13Mar-15Mar-17Mar-19Mar-21
Index
Rest of AustraliaOther capitalsSydney-Melbourne
Sources: CoreLogic, Westpac Economics.
1 Monthly, capital cities combined, seasonally adjusted by Westpac, smoothed.
Sources: REIA, Westpac Economics.
Capital cityPop’n
Dwelling prices%ch last
3mths (Mar-20)
Dwelling pricesYoY
(Mar-20)
Sydney4.8mUp 3.9%
Up 13.0%
Melbourne4.5mUp 2.9%
Up 12.0%
Brisbane2.3mUp 1.6%
Up 3.1%
Perth1.9mUp 0.9%
Down 3.1%
0
1
2
3
4
5
6
7
8
Dec-87Dec-92Dec-97Dec-02Dec-07Dec-12Dec-17
%
SydneyBrisbaneMelbournePerth
National
average since
1980
15
17
19
21
23
25
27
29
31
15
17
19
21
23
25
27
29
31
Mar-08Mar-10Mar-12Mar-14Mar-16Mar-18Mar-20
‘000s
‘000s
new listings (lhs)sales (lhs)
Rental vacancy rates (%, quarterly, annual average)All dwellings (index, Jan 2004 = 100)

The New Zealand economy.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack117
EconomyRegional GDP
Population 4.9 million.
Sources: Stats NZ, Westpac Economics
Nationwide GDP and employment figures are for the year to Dec 2019, regional figure are for the year to March 2019.
Economics
NZ employment by sector 2019 (%)
6
9
9
19
4
20
6
19
9
Primary industries
Construction
Manufacturing
Wholesale / Retail / Accommodation
Transport
Financial / professional services / IT
Public administration
Social services (incl. health)
Other
Output 2019 - sector shares of GDP (%)
7
7
3
3
7
14
5
33
5
11
4
Primary industries
Construction
Electricity, gas, and water
Food manufacturing
Manufacturing (excl. food)
Wholesale, retail and accommodation
Transport
Financial and professional services
Public administration
Social services (incl. health)
Other
Total nominal GDP 2018:$311bn
Northland, $8bn
4%of population
Auckland, $114bn
35% of population
Waikato, $26bn
10% of population
Taranaki, Whanganui/Manawatu, $20bn
7% of population
Wellington, $39bn
11% of population
Bay of Plenty, $17bn
6% of population
Gisborne/Hawke’s Bay, $11bn
4% of population
Southland, $6bn
2% of population
Otago, $14bn
5% of population
Canterbury, $38bn
13% of population
West Coast, $2bn
1% of population
Tasman/Nelson, $5bn
2% of population
Marlborough, $3bn
1% of population
Bars may not add to 100 due to rounding

New Zealand emerging from temporary lockdown.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack118
New Zealand GDP
Unemployment rateNew Zealand private sector credit growth
Sources: Stats NZ, Westpac Economics.
Economics
EconomicindicatorsCurrent
Dec 2020
forecast
Cashrate
0.25%
(9Apr)
-0.50%
Unemployment
4.0%
(8 Apr)
7.7%
GDP
(%yrend)
1.8%
(8 Apr)
-4.6%
Private sectorcredit
5.7%
(Feb)
3.9%
Sources: NZ Treasury, Westpac Economics.
Consumer & business confidence
Sources: ANZ, Westpac Economics
2
3
4
5
6
7
8
9
10
2
3
4
5
6
7
8
9
10
200620092012201520182021
Previous forecast
Adjusted for Covid-19 disruptions
Westpac
forecasts
%%
-100
-80
-60
-40
-20
0
20
40
60
80
100
80
90
100
110
120
130
140
20062009201220152018
Consumer confidence (left axis)
Business confidence (right axis)
IndexIndex
-10
-5
0
5
10
15
20
25
Aug-00Aug-04Aug-08Aug-12Aug-16Aug-20
HousingTotal creditBusiness
Forecasts
end 2020
% ann
-8
-6
-4
-2
0
2
4
6
8
10
12
-8
-6
-4
-2
0
2
4
6
8
10
12
200620092012201520182021
Previous GDP forecast
Adjusted for Covid-19
disruptions
% ann%ann
Westpac
forecasts
Sources: Westpac Economics
Unemployment expected to peak at 9.5%.

New Zealand housing market.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack119
New Zealand dwelling prices by regionAnnual house price growth
House sales (monthly, seasonally adjusted)
Strong price momentum yet to reflect COVID-19 lockdown measures.
Sources: REINZ, Westpac Economics.
Economics
Sources: QVNZ, Westpac Economics.
Sources:REINZ, Stats NZ.Sources: REINZ.
RegionPop’n
Dwelling prices%ch last
3mths (Mar 20)
Dwelling pricesYoY
(Mar 20)
Auckland1.6m+3.8%+8.1%
Wellington0.5m+3.8%+11.8%
Canterbury0.6m+0.8%+4.1%
Nationwide4.9m+3.4%+9.3%
900
1100
1300
1500
1700
1900
2100
2300
900
1100
1300
1500
1700
1900
2100
2300
2007200920112013201520172019
Auckland
Canterbury
Wellington
Other regions
IndexIndex
-10
-5
0
5
10
15
20
-10
-5
0
5
10
15
20
20062008201020122014201620182020
Forecast
%%
0
2000
4000
6000
8000
10000
0
2000
4000
6000
8000
10000
2007200920112013201520172019
LevelLevel

COVID-19 New Zealand Government support measures.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack120
Reserve Bank of New Zealand
supporting market liquidity
Economics
•Cash rate cut to 25bps
•Large scale asset purchases (LSAP) –
targeting lower rate by buying $30bn of
government bonds, plus $3bn in Local
Government Funding Agency (LGFA) debt
•Open market operations – repo out to 3m terms
•Purchase of NZ government bonds maturing
15 May 2021 for liquidity management
purposes and to support market functioning
(distinct from LSAP)
•Term Auction Facility giving banks access to
12 month loans on a collateralised basis
•Term Lending Facility (TLF) offering loans for a
term of 3 years. The TLF will be priced at a
margin over the OCR, with similar collateral
eligibility and haircuts to existing OMO and
TAF operations
•Providing liquidity in the FX swap market
•Temporary US$30bn swap line with the US
Federal Reserve
•Removing allocated credit tiers for Exchange
Settlement Account System account holders –
all ESAS credit balances to be remunerated at
the OCR
•Core Funding Ratio lowered from 75% to 50%.
•The planned increase in bank capital
requirements will be delayed for a year
12.0
5.9
2.8
1.4
Wage subsidies
Business support
measures
Benefit payments
Other support
measures
$22bn
or 7%
of GDP
New Zealand fiscal support package
($NZ bn)
New Zealand Net core Crown debt as a %
of GDP
•NZ$8bn to NZ$12bn subsidy for wages
−Firms that can show revenue is down by at
least 30% compared to a year ago will be
paid $581 per week per fulltime employee.
The subsidy is available for 12 weeks.
There are provisions for the self-employed
and businesses that have been trading for
less than one year
−Expected to be extended beyond the initial
planned 12 weeks
•NZ$5.9bn of business support measures
including tax relief
•NZ$2.8bn increase in benefits
•NZ$600m aviation support package
•NZ$500m to support the healthcare system
•NZ$126m to pay sick leave for people in self-
isolation or suffering COVID-19
•$100m redeployment package
•NZ$35m tertiary student support package
•The Government has also introduced a
Business Finance Guarantee Scheme for small
and medium-sized firms. Under this scheme
banks will provide loans to businesses, but the
Government will take 80% of the credit risk.
The scheme will offer a total of $6.25 billion in
loans
New Zealand Government providing
stimulus
0
10
20
30
40
50
60
0
10
20
30
40
50
60
1992199720022007201220172022
June years
Actual
HYEFU projections
Westpac estimate
Forecasts
Source: The Treasury, Westpac

Appendix
and Disclaimer

Appendix 1:
Cash earnings adjustments.
Appendix
Cash earnings
adjustment
1H19
$m
2H19
$m
1H20
$m
Description
Reported net profit3,1733,6111,190
Net profit attributable to owners of Westpac Banking Corporation
Fair value (gain)/loss
on economic hedges
125(90)(219)
Fair value on economic hedges (which do not qualify for hedge accounting under AAS) comprise:
•The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting non-
interest income is reversed in deriving cash earnings as they may create a material timing difference on reported
results but do not affect the Group’s cash earnings over the life of the hedge; and
•The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed in
deriving cash earnings as they may create a material timing difference on reported results but do not affect the
Group’s cash earnings over the life of the hedge
Ineffective hedges(5)(15)(24)
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
Adjustments related to
PendalGroup
54063
Consistent with prior periods, this item has been treated as a cash earnings adjustment given its size and that it does
not reflect ongoing operations. The Group has indicated that it may sell the remaining 10% shareholding in Pendal
Group Limited at some future date. From September 2018, this adjustment relates to the mark to market of the shares
and separation costs related to the original sell down. Any future gain or loss on this shareholding will similarly be
excluded from the calculation of cash earnings
Treasury shares(2)7(17)
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 cannot 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
Cash earnings3,2963,553993
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
122

Appendix 2:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
New business models
123
New technology capabilitiesData, AI and analytics
1 Logos are of the respective companies.
Appendix
Comprehensive cloud-based
human resources and
employee benefits platform to
streamline HR processes
Business loan marketplace
that matches SMEs to the
best lender based on their
characteristics and needs
A natural language AI system for data
analysis targeting relatively simple
business queries that comprise 70% of
an analyst’s work in a large organisation
Open Banking API platform that provides
connectivity to over 100 financial sources
across Australia and NZ
Peer-to-peer (P2P) online
lending platform connecting
borrowers and investors
A bitcoin wallet and platform
Helps home sellers make
decisions about who they
choose to sell their property
Full stack payments platform
Connects ordering apps, payment devices,
loyalty and reservations platforms to any
point of sale
A trust framework and secure platform
that allows users to exchange data
safely and securely
Standardises mobile forms into an
easily readable format and fillable
at the tap of a button
Enterprise cyber security company that
protects businesses from malicious bot
attacks
Enabling software development teams to
scale processes and improve code quality
Digitiseddebt collection, leveraging
modern communications, automation and
machine learning
A payment app for customers
when dining out or grabbing a
coffee on the go
Uses data to shed light on high
volume crimes, improving
prevention and detection
A fund of funds for cryptocurrency and
blockchain technology
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
Smart receipts that automatically link
purchase receipts to customers’ bank
accounts
AI-powered, context-as-a-service
platform, to deliver personalised
experiences to customers
B2B platform for physical retail stores
that provides insights through their AI
engine and in-store sensors
A consumer digital
lending platform
Turning buildings into
community-centric dwellings
Pioneering a new asset class called
Tradeable Income Based Securities (TIBS)
Creating real-game assets for developers,
using blockchain technology
Conversational voice-based AI for digital
interviewing, powered by machine learning
Westpac has committed $150m to fintech venture capital fund, Reinventure.
Reinventureenables Westpac to access insights and adjacent business opportunities, both in Australia and offshore.
The model also helps Westpac to source commercial partnerships that create value for customers
Reinventure– Investing in fintech businesses.
1

Appendix3:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
Industry awards
1
124
Sustainability indexes
1
Inclusion and diversity recognition
1
Sustainability.
1 At 31 March 2020, unless otherwise indicated. 2 Copyright ©2019 Sustainalytics. Data as at 31 March 2020. 3 The inclusion of WBC in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute
a sponsorship, endorsement or promotion of WBC by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.
Appendix
Rated Prime status of “C” by ISS
ESG (formerly ISS-oekom)
Received highest “Leading” rating for the 12
th
consecutive year for ESG Reporting in 2019 from the
Australian Council of Superannuation Investors
Achieved highest ISS
QualityScorefor Environment
and Social dimensions
Received “B” rating in the 2019
CDP for our response to climate
change, announced January 2020
Member of the FTSE4Good
Index, of which Westpac has
been a member for over 11
years, announced in June 2019
Ranked 'A' by MSCI ESG
Ratings
3
Member of the STOXX
2019/2020 Global ESG Leaders
Indices for the
seventh consecutive year
A member of DJSI World, DJSI
Asia Pacific, and DJSI Australia
Indexes since 2002
ESG risk rating of 28.2 (medium
risk), in line with rating of major
Australian banks
2
Included in the 2020
Bloomberg Gender Equality Index
Received “Advancement”
Award in the 2020 Aspect
National Recognition Awards
from Autism Spectrum Australia
Index and Autism Spectrum
award
Included in the 2019-20
Australian Network on Disability
Access and Inclusion Index

Appendix3:
1 As at 31 March 2020, unless otherwise indicated.
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack125
Key commitments and partnerships
1
Sustainability.
Appendix
Carbon Markets Institute
Corporate Member
UN Environment Program Finance
Initiative
Founding Member (1991)
Commitment to United Nations Global Compact
Signatory (2002), Global Compact Network Australia
Founding Member (2009)
Principles for Responsible Investment
Signatory (2007)
Supply Nation
(for Indigenous owned businesses)
Founding member (2016)
We Mean Business Coalition
Signatory (2015)
Global Investor Coalition
Statement on Climate Change
Signatory (2014)
WeConnect International
(for women owned businesses) (2014)
Financial Stability Board’s Task Force on
Climate-related Financial Disclosures
Align with and support
UN Sustainable Development Goals
CEO Statement of Commitment (2015)
Climate Action 100+
Signatory (2018)
The Montreal Carbon Pledge
Signatory (2014)
Social Traders
(for social enterprises)
Member of Connect (2016)
Paris Climate Agreement
Supporter (2015)
United Nations Tobacco-Free Finance pledge
Founding signatory (2018)
The Equator Principles
Founding Adopter,
First Australian Bank (2003)
Climate Bonds Initiative
Partner
Carbon Neutral Certification
Since 2012
Principles for Responsible Banking
Signatory 2019
RE100, an initiative of The Climate Group
in partnership with CDP
Member (2019)

Appendix 4:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack126
Definitions – Divisions.
Appendix
Consumer
Consumer is responsible for sales and service to consumer customers in Australia.
Consumer is also responsible for the Group’s insurance business which covers the
manufacture and distribution of life, general and lenders mortgage insurances. The
division also uses a third party to manufacture certain general insurance products.
Banking products are provided under the Westpac, St.George, BankSA, Bank of
Melbourne, and RAMS brands, while insurance products are provided under Westpac
and BT brands. Consumer works with Business and WIB in the sales, service, and
referral of certain financial services and products including superannuation, platforms,
auto lending and foreign exchange. The revenue from these products is mostly
retained by the product originators
Business
Business provides business banking and wealth facilities and products for customers
across Australia. Business is responsible for manufacturing and distributing facilities
to SME and Commercial business customers (including Agribusiness) generally for up
to $200 million in exposure. SME customers include relationship managed and non-
relationship managed SME customers. The division offers a wide range of banking
products and services to support their borrowing, payments and transaction needs. In
addition, specialist services are provided for cash flow finance, trade finance,
automotive and equipment finance and property finance. The division is also
responsible for Private Wealth and the manufacture and distribution of investments
(including margin lending and equities broking), superannuation and retirement
products as well as wealth administration platforms. Business operates under the
Westpac, St.George, BankSA, Bank of Melbourne, and BT brands. Business works
with Consumer and WIB in the sale, referral and service of select financial services
and risk management products (including corporate superannuation, foreign
exchange and interest rate hedging). The revenue from these products is mostly
retained by the product originators
WIB
Westpac Institutional Bank (WIB) delivers a broad range of financial products
and services to corporate, institutional and government customers operating in,
or with connections to Australia and New Zealand. WIB operates through
dedicated industry relationship and specialist product teams, with expert
knowledge in financing, transactional banking,and financial and debt capital
markets. Customers are supported throughout Australia as well as via branches
and subsidiaries located in New Zealand, the US, UK and Asia. WIB is also
responsible for Westpac Pacific currently providing a range of banking services
in Fiji and PNG. WIB works with all the Group’s divisions in the provision of
markets related financial needs including across foreign exchange and fixed
interest solutions
Westpac NZ
Westpac New Zealand is responsible for sales and service of banking, wealth
and insurance products for consumer, business and institutional customers in
New Zealand. Westpac conducts its New Zealand banking business through
two banks: Westpac New Zealand Limited, which is incorporated in New
Zealand, and Westpac Banking Corporation (New Zealand Branch), which is
incorporated in Australia. Westpac New Zealand operates via an extensive
network of branches and ATMs across both the North and South Islands.
Business and institutional customers are also served through relationship and
specialist product teams. Banking products are provided under the Westpac
brand while insurance and wealth products are provided under Westpac Life
and BT brands, respectively. New Zealand also maintains its own infrastructure,
including technology, operations and treasury
Group Businesses
or GB
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
fintechinvestments and certain other head office items such as centrally raised
provisions. Following the Group’s decision to restructure the Wealth business
and to exit the Advice business in 2019, the remaining Advice business
(including associated remediation) and support functions of BTFG Australia has
been transferred to Group Business

Appendix 4:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack127
Definitions – Credit quality.
Appendix
90 days past due
and not impaired
Includes facilities where:
•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.
These facilities, while in default, are not treated as impaired for accounting
purposes
Provision for
expected credit
losses (ECL)
Expected credit losses (ECL) are a probability-weighted estimate of the cash
shortfalls expected to result from defaults over the relevant timeframe. They are
determined by evaluating a range of possible outcomes and taking into account
the time value of money, past events, current conditions and future economic
conditions
Collectively
assessed
provisions
(CAPs)
Loans not found to be individually impaired or significant will be collectively
assessed in pools of similar assets with similar risk characteristics. The size of
the provision is an estimate of the losses already incurred and will be estimated
on the basis of historical loss experience for assets with credit characteristics
similar to those in the collective pool. The historical loss experience will be
adjusted based on current observable data. Included in the collectively assessed
provision is an economic overlay provision which is calculate based on changes
that occurred in sectors of the economy or in the economy as a whole.
Individually
assessed
provisions (IAPs)
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
Stage 1: 12 months
ECL – performing
For financial assets where there has been no significant increase in credit risk
since origination a provision for 12 months expected credit losses is recognised.
Interest revenue is calculated on the gross carrying amount of the financial asset
Stage 2: Lifetime ECL
– performing
For financial assets where there has been a significant increase in credit risk
since origination but where the asset is still performing a provision for lifetime
expected losses is recognised. Interest revenue is calculated on the gross
carrying amount of the financial asset
Stage 3 Lifetime ECL –
non-performing
For financial assets that are non-performing a provision for lifetime expected
losses is recognised. Interest revenue is calculated on the carrying amount net
of the provision for ECL rather than the gross carrying amount
Impaired
assets
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:
•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.
Stressed assets
The sum of watchlist and substandard, 90 days past due and not impaired and
impaired assets
Total committed
exposures (TCE)
Represents the sum of the committed portion of direct lending (including funds
placement overall and deposits placed), contingent and pre-settlement risk plus
the committed portion of secondary market trading and underwriting risk
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

Appendix 4:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack128
Definitions – Earnings, capital and liquidity.
Appendix
Earnings Drivers
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
Cash earnings per
ordinary share
Cash earnings divided by the weighted average ordinary shares (cash earnings
basis)
Core earningsNet operating income less operating expenses
Full-time
equivalent
employees (FTE)
A calculation based on the number of hours worked by full and part-time employees
as part of their normal duties. For example, the full-time equivalent of one FTE is 76
hours paid work per fortnight
Net interest
margin (NIM)
Calculated by dividing net interest income by average interest-earning assets
Net tangible
assets per
ordinary share
Net tangible assets (total equity less goodwill and other intangible assets less
minority interests) divided by the number of ordinary shares on issue (reported)
Weighted average
ordinary shares
(cash earnings)
Weighted average number of fully paid ordinary shares listed on the ASX for the
relevant period
Capital
Capital ratiosAs defined by APRA (unless stated otherwise)
Internationally
comparable ratios
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
Leverage ratio
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
Risk weighted
assets or RWA
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
Liquidity
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 APS210Liquidity
High quality liquid
assets (HQLA)
Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the
LCR
Liquidity coverage
ratio (LCR)
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
Net stable funding
ratio (NSFR)
The NSFRis 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’scapital 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%

Appendix 4:
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack129
Definitions – Other.
Appendix
Branch
transactions
Branch transactions are typically withdrawals, deposits, transfers and payments
Customer
satisfaction or
CSat
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’)
CSat – overall
business
Source: DBM Consultants Business Atlas, 6 months to March 2019, August 2019
and February 2020. MFI customers, all businesses
CSat – overall
consumer
Source: DBM Consultants Consumer Atlas, 6 months to March 2019, August 2019
and February 2020. MFI customers
CSat – overall
consumer
Source: DBM Consultants Consumer Atlas, 6 months to March 2019, August 2019
and February 2020. MFI customers
CSat–SME
Source: DBM Consultants Business Atlas, 6 months to March 2019, August 2019
and February 2020. MFI customers, Total SME businesses. Total SME businesses
are those organisations with annual turnover under $5 million (excluding
Agribusinesses)
Digitally active
Australian consumer and business customers who have had an authenticated
session (including Quickzone) on Westpac Group digital banking platforms in the
prior 90 days
Digital sales
Sales refers to digital sales of consumer core products only. Sales with a funded
deposit or activation constitute a quality sale. Includes new American Express credit
card sales
Digital
transactions
Digital transactions including payment and transfers that occur on Westpac Live and
Compass platforms (excludes payments on other platforms such as Corporate
Online and Business Banking Online)
MFI share
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
Consumer MFI
share
Source: DBM Consultants Consumer Atlas, 6 months to February 2020. MFI
customers
Net Promoter
Score or NPS
Net Promoter Score measures the net likelihood of recommendation to others of the
customer’s main financial institution for retail or business banking. Net Promoter
Score
SM
is a trademark of Bain & Co Inc., SatmetrixSystems, Inc., and Mr Frederick
Reichheld. Using a 11 point numerical scale where 10 is ‘Extremely likely’ and 0 is
‘Extremely unlikely’, Net Promoter Score is calculated by subtracting the percentage
of Detractors (0-6) from the percentage of Promoters (9-10)
NPS Agri
(Westpac NZ)
6 month rolling AgriMarket 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)
NPS Business
(Westpac NZ)
Source: 6 month rolling Business Finance Monitor data (survey conducted by Kantar
TNS among businesses with an annual turnover of $5 to $150 million). Respondents
are asked about likelihood to recommend their main business bank to business
colleagues and associates on a scale of 1 (extremely unlikely) to 10 (extremely
likely). Net Promoter Score is represents % of Promoters (recommend score of 9 or
10) minus % of Detractors (recommend score of 1 to 6)
NPS Consumer
(Westpac NZ)
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)
NPS – overall
consumer
Source: DBM Consultants Consumer Atlas, August 2017 – February 2020, 6MMA.
MFI customers
NPS – overall
business
Source: DBM Consultants Business Atlas, August 2017 – February 2020, 6MMA.
MFI customers, all businesses
SGB Brands
SGB Brands (Consumer): St.GeorgeBank, Bank of Melbourne, BankSA, RAMS,
Dragondirect
SGB Brands (Business): St.GeorgeBank, Bank of Melbourne and BankSA
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)
Women in
Leadership
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

Investor Relations Team.
Contact Us.
Contact us
Nicole Mehalski
Head of Institutional
+61 2 8253 1667
nicole.mehalski@westpac.com.au
Andrew Bowden
Head of Investor Relations
+61 2 8253 4008
andrewbowden@westpac.com.au
Louise Coughlan
Head of Rating Agencies and Analysis
+61 2 8254 0549
lcoughlan@westpac.com.au
Jacqueline Boddy
Head of Debt Investor Relations
+61 2 8253 3133
jboddy@westpac.com.au
Rebecca Plackett
Director
+61 2 8253 6556
rplackett@westpac.com.au
Danielle Stock
Director
+61 2 8253 0922
danielle.stock@westpac.com.au
Or email: investorrelations@westpac.com.au
www.westpac.com.au/investorcentre
Annual reports
Presentations and webcasts
5 year financial summary
Prior financial results
Alec Leithhead
Senior Analyst
+61 2 8254 0159
alec.leithhead@westpac.com.au
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
130

Disclaimer
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 uponas advice to investors or potential investors, who
should consider seeking independent professional advice depending upon their specific investment objectives, financial situationor 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 2020 Interim
Financial Results (incorporating the requirements of Appendix 4D) for the six months ended 31 March 2020 available at www.westpac.com.au for details of the basis of
preparation of cash earnings. Refer to page 30 for an explanation of cash earnings and Appendix 1 page 122 for a reconciliation of reported net profit to cash earnings.
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking
statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements
regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, including, without
limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.
We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’, or other similar
words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks,
uncertainties and assumptions which are, in many instances, beyond our control, and have been made based upon management’s expectations and beliefs concerning future
developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future
developments on us will be those anticipated. Actual results could differ materially from those which we expect, depending onthe 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 2020 Interim Financial Results
(incorporating the requirements of Appendix 4D) for the six months ended 31 March 2020 available at www.westpac.com.au. When rel ying 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.
Disclaimer
Westpac Group 2020 Interim Results Presentation & Investor Discussion Pack
131

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Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.