Westpac Pillar 3 Report (March 2026)

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000



5 May 2026

Pillar 3 Report as at 31 March 2026


Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3 Report
(March 2026).









For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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

PILLAR 3
REPORT
WESTPAC
MARCH 2026
INCORPORATING THE
REQUIREMENTS OF APS330
WESTPAC BANKING CORPORATION
ABN 33 007 457 141

Acknowledgement of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia. We recognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
extend our respect to Westpac’s Aboriginal and Torres Strait Islander
employees, partners and stakeholders and to the Indigenous Peoples
in the other locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
2WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
Contents
OVERVIEW3
Introduction4
Key Metrics5
Group Structure8
Capital Overview10
Asset Encumbrance20
CREDIT RISK21
Credit Risk Management22
Counterparty Credit Risk35
Securitisation40
OTHER RISKS45
Market Risk46
Interest Rate Risk in the Banking Book (IRRBB)49
Leverage Ratio50
Macro-prudential Supervisory Measures52
Funding and Liquidity Risk Management53
OTHER INFORMATION56
Prudential Disclosure Policy57
Management's Declaration58
Appendices59
Glossary63
Disclosure regarding forward-
looking statements
66
In this report references to ‘Westpac’, 'WBC', ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation
ABN 33 007 457 141 and its subsidiaries unless it clearly means just Westpac Banking Corporation.
In this report, unless otherwise stated or the context otherwise requires, references to 'dollars', 'dollar amounts', ‘$’, ‘AUD’ or ‘A$’ are to Australian
dollars. References to ‘US$’, ‘USD’ or ‘US dollars’ are to United States dollars, references to ‘NZ$’, ‘NZD’ or ‘NZ dollars’ are to New Zealand dollars,
references to 'EUR' are to European Euro, references to 'SGD' are to Singapore dollars and references to 'JPY' are Japanese Yen.
Any discrepancies between totals and sums of components in tables contained in this report are due to rounding.
In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s (APRA) implementation of Basel III.
Information contained in or accessible through the websites mentioned in this report does not form part of this report unless we specifically state
that it is incorporated by reference and forms part of this report. Information on those websites owned by Westpac is current as at the date of this
report. Except as required by law, we assume no obligation to revise or update those websites after the date of this report. We are not in a position
to verify information on websites owned and/or operated by third parties.
Westpac Banking Corporation ABN 33 007 457 141

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
3
OVERVIEW
INTRODUCTION
KEY METRICS
KM1: Key metrics
GROUP STRUCTURE
CAPITAL OVERVIEW
CC1: Composition of regulatory capital
OV1: Overview of Risk Weighted Assets (RWA)
Summary of Credit Risk
CC2: Reconciliation of regulatory capital to balance sheet
CMS1: Comparison of modelled and standardised RWA at risk level
CMS2: Comparison of modelled and standardised RWA for credit risk at asset class level
ASSET ENCUMBRANCE
ENC: Asset encumbrance

4WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
INTRODUCTION
Introduction
Westpac Banking Corporation is an Authorised Deposit-taking Institution (ADI) subject to regulation by the Australian
Prudential Regulation Authority (APRA). Westpac is primarily accredited to use the Advanced Internal Ratings-Based
Approach (A-IRB) for credit risk, the Standardised Measurement Approach (SMA) for operational risk and is required to
apply the Pillar 1 Basel capital framework in our assessment of traded market risk and interest rate risk in the banking
book (IRRBB).
This report has been prepared in accordance with APS 330 Public Disclosure (APS 330) and Westpac's Board approved
Prudential Disclosure Policy. This report provides prudential information about our risk management practices and
measures. Westpac is required to comply with the disclosure requirements issued by the Basel Committee on Banking
Supervision (BCBS), subject to certain amendments by APRA. Disclosure requirements vary for quarterly, semi-annual
and annual Pillar 3 reports.
In addition to this report, the regulatory disclosures section of Westpac's website
1
contains the reporting requirements
for capital instruments under paragraph 37 of APS 330 and CCA: Main features of regulatory capital instruments.
Capital instruments disclosures are updated when:
•A new capital instrument is issued that will form part of regulatory capital; or
•A capital instrument is redeemed, converted into Common equity tier 1 (CET1) capital, written off, or its terms and
conditions are changed.
1.
http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
5
KEY METRICS
KM1: Key metrics
1
Key MetricsKM1: Key metrics
1
This table shows Westpac's main regulatory metrics over the last five quarters.
$m31 March 202631 December 202530 September 202530 June 202531 March 2025
Available capital (amounts)
1Common Equity Tier 1 (CET1)56,93655,69356,38054,57655,007
2Tier 165,45864,25664,97864,88665,394
3Total capital98,54397,58297,49197,41097,136
Risk-weighted assets (amounts)
4Total risk-weighted assets (RWA)458,343452,372450,048444,768449,495
4aTotal risk-weighted assets (pre-floor)458,343450,853450,048444,768449,495
Risk-based capital ratios as a percentage
of RWA
5CET1 ratio (%)12.42%12.31%12.53%12.27%12.24%
5bCET1 ratio (%) (pre-floor ratio)12.42%12.35%12.53%12.27%12.24%
6Tier 1 ratio (%)14.28%14.20%14.44%14.59%14.55%
6bTier 1 ratio (%) (pre-floor ratio)14.28%14.25%14.44%14.59%14.55%
7Total capital ratio (%)21.50%21.57%21.66%21.90%21.61%
7bTotal capital ratio (%) (pre-floor ratio)21.50%21.64%21.66%21.90%21.61%
Additional CET1 buffer requirements as a
percentage of RWA
8Capital conservation buffer
requirement (%)
3.75%3.75%3.75%3.75%3.75%
9Countercyclical buffer requirement (%)0.84%0.84%0.84%0.84%0.84%
10Bank G-SIB and/or D-SIB additional
requirements (%)
1.00%1.00%1.00%1.00%1.00%
11Total of bank CET1 specific buffer
requirements (%)
(row 8 + row 9 + row 10)
5.59%5.59%5.59%5.59%5.59%
12CET1 available after meeting the bank’s
minimum capital requirements (%)
7.92%7.81%8.03%7.77%7.74%
Basel III Leverage ratio
13Total Basel III leverage ratio
exposure measure
1,314,1891,286,1131,282,2071,263,8231,257,700
14Basel III leverage ratio (%) (including
the impact of any applicable temporary
exemption of central bank reserves)
4.98%5.00%5.07%5.13%5.20%
Liquidity Coverage Ratio (LCR)
a
15Total high-quality liquid assets (HQLA)183,143181,495189,346179,984182,824
16Total net cash outflow138,483136,802137,975134,500134,930
17LCR ratio (%)132%133%137%134%135%
Net Stable Funding Ratio (NSFR)
18Total available stable funding802,951793,215780,361775,219767,463
19Total required stable funding714,991708,148687,987681,331666,726
20NSFR ratio (%)112%112%113%114%115%
a.LCR disclosures are based on quarterly averages.
Level 1 Capital Adequacy Ratios
31 March 202631 December 202530 September 202530 June 202531 March 2025
CET1 ratio (%)12.75%12.52%12.74%12.34%12.50%
CET1 ratio (%) (pre-floor ratio)12.75%12.52%12.74%12.34%12.50%
Tier 1 ratio (%)14.77%14.60%14.83%14.89%15.04%
Tier 1 ratio (%) (pre-floor ratio)14.77%14.60%14.83%14.89%15.04%
Total capital ratio (%)22.71%22.71%22.77%23.01%22.89%
Total capital ratio (%) (pre-floor ratio)22.71%22.71%22.77%23.01%22.89%
1.The KM1 key metrics reflect the application of expected credit loss accounting under AASB 9.

6WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
KEY METRICS
Level 2 CET1 capital ratio movement First Half 2026 - Second Half 2025
12.53%
74bps
(57bps)
(31bps)
3bps
12.42%
Sep-25Net profitDividendsRWA movementCapital
deductions and
other items
Mar-26
The Level 2 CET1 capital ratio was down 11 basis points to 12.4%. Key movements included:
•First Half 2026 net profit added 74 basis points;
•Payment of the 2025 final ordinary dividend detracted 57 basis points;
•RWA movement reduction of 31 basis points with higher IRRBB and credit RWA partly offset by lower operational
RWA; and
•Capital deductions and other items added 3 basis points mainly due to lower capitalised software and deferred tax
asset deductions.
Tier 2 capital First Half 2026 – Second Half 2025
The Group issued $2.5 billion of Tier 2 capital instruments and redeemed $1.25 billion. The net impact of these
transactions was an increase in the total capital ratio of approximately 27 basis points. In addition, foreign currency
revaluations reduced Tier 2 capital mainly due to the appreciation of the AUD against the USD.
Risk Weighted Assets (RWA)
$m31 March 202630 September 2025% Mov't
Credit risk
a
357,050354,4761
Market risk10,5049,8736
Interest rate risk in the banking book47,08837,29026
Operational risk43,70148,409(10)
Total458,343450,0482
a.Includes counterparty credit risk, credit valuation adjustment, securitisation exposures in the banking book and settlement risk.
Total RWA increased by 2% over the half due to increases in both credit and non-credit RWA.
Credit RWA increased by $2.6 billion. Key movements included:
•A $14.7 billion increase from higher lending primarily in Corporate and Residential Mortgages;
•A $5.8 billion decrease due to improvements in Residential Mortgages delinquency rates and Corporate credit
quality metrics;
•A $3.6 billion decrease from data refinements mainly in Corporate; and
•A $2.7 billion decrease from foreign currency translation impacts, predominantly the appreciation of the AUD against
the NZD and USD.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
7
Non-credit RWA increased by $5.7 billion. Key movements included:
•IRRBB RWA: A $9.8 billion increase due to a larger embedded loss component from higher long-term interest rates
and additional capital required for increased core deposit hedging partly offset by reductions resulting from the
revised APS 117 standard changes; and
•Operational RWA: A $4.7 billion decrease from:
–A $6.25 billion reduction following the removal of the remaining APRA-imposed operational risk capital
overlay; and
–A $1.6 billion increase due to the annual Standardised Measurement Approach (SMA) operational risk review
based on the latest annual audited financial statements.
Leverage ratio First Half 2026 – Second Half 2025
The leverage ratio represents the percentage of Tier 1 capital relative to the Exposure Measure
1
. The leverage ratio
remained at 5.0% well above APRA's regulatory minimum requirement of 3.5%.
Liquidity Coverage Ratio (LCR)
Westpac’s average LCR for the quarter ended 31 March 2026 was 132% (31 December 2025: 133%), well above the
regulatory minimum of 100%. The decrease in the ratio was due to higher average net cash outflows.
Net Stable Funding Ratio (NSFR)
Westpac NSFR for the quarter remained unchanged at 112% (31 December 2025: 112%) and continues to be above
the regulatory minimum of 100%. The NSFR for the quarter reflects an increase in ASF driven by growth in customer
deposits and wholesale funding offset by an increase in RSF driven by higher lending.
Regulatory Developments
APRA has announced a number of changes to banks' capital and liquidity requirements. In addition, the RBNZ has
announced its decisions relating to its review of key capital settings for deposit takers. Further details on these
announcements are set out in the Capital Overview section.
Second Quarter 2026 - First Quarter 2026 CET1 capital ratio movement
The Level 2 CET1 capital ratio increased by 11 basis points over the quarter mainly from net profit, partly offset by
higher IRRBB RWA.
1.
As defined under Attachment D of APS 110: Capital Adequacy.

8WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
GROUP STRUCTURE
Group Structure
APRA applies a tiered approach to measuring Westpac’s capital adequacy
1
by assessing financial strength at
three levels:
•Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as
being part of a single ‘Extended Licensed Entity’ (ELE) for the purposes of measuring capital adequacy;
•Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities
specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation; and
•Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities.
Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of Westpac’s
financial strength on a Level 2 basis
2
. Refer to Appendix II for a list of entities excluded from regulatory consolidation for
the purposes of measuring capital adequacy at Level 1 and Level 2.
The Westpac Group
The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of
regulatory consolidation.
Westpac Banking
Corporation
Offshore Branches and
Extended Licensed Entities
Westpac New Zealand Limited
Other Banking & Financial Entities
Funds Management, Non-
FinancialOperations, Special
Purpose Entities and Insurance
Level 3
Level 2
Level 1
Accounting consolidation
3
The consolidated financial statements incorporate the assets and liabilities of all entities including structured entities
controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the ‘Group’. The effects of all
transactions between entities in the Group are eliminated on consolidation. Control exists when the parent entity
is exposed to, or has rights to, variable returns from its involvement with an entity, and has the ability to affect
those returns through its power over that entity. Subsidiaries are fully consolidated from the date on which control
commences and they are no longer consolidated from the date that control ceases.
Group entities excluded from the regulatory consolidation at Level 2
Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities, including other
controlled banking, securities and financial entities, except for those entities involved in the following business activities:
•Acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds management;
•Non-financial (commercial) operations;
•Special purpose entities to which assets have been transferred in accordance with the requirements of
APS 120 Securitisation; or
•Insurance.
Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2 are deducted
from capital, with the exception of securitisation special purpose entities.
1.
APS 110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy of an ADI.
2.Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.
3.Refer to Note 29 and Consolidated Entity Disclosure Statement of Westpac’s 2025 Annual Report for further details.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
9
Subsidiary banking entities
Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated in
New Zealand and regulated by, among others, the Reserve Bank of New Zealand (RBNZ) for prudential purposes.
WNZL uses both A-IRB and Standardised methodologies for credit risk and the SMA for operational risk. Other
subsidiary banking entities in the Group include Westpac Bank PNG Limited and Westpac Europe GMBH. For the
purposes of determining Westpac’s capital adequacy, subsidiary banking entities are consolidated at Level 2.
Customer operations
Westpac is one of Australia's leading providers of banking and certain financial services, operating under multiple
brands in Australia and in New Zealand, with a small presence in Europe, North America, Asia and the Pacific. Westpac
provides banking products and services through its digital and online channels, supported by a branch and ATM
network, contact centres and relationship and product managers.
Restrictions and major impediments on the transfer of funds or regulatory capital within the Group
Certain subsidiary banking and trustee entities are subject to specific and local prudential regulation in their own right,
including local capital adequacy requirements. Westpac seeks to ensure that its subsidiary entities are adequately
capitalised and adhere to regulatory requirements at all times. Dividends and capital are repatriated in line with the
Group’s policy subject to subsidiary Board approval and local regulations.
Intra-group exposure limits
Exposures to related entities are managed within the prudential limits prescribed by APRA in APS 222 Associations with
Related Entities
1
. Westpac has an internal limit structure and approval process governing credit exposures to related
entities. This limit structure and approval process, combined with APRA’s prudential limits, is designed to reduce the
potential for unacceptable contagion risk.
Updates to large and related entity exposure limit calculations resulting from the changes to banks' capital
requirements are outlined in the Capital Overview section. These changes are effective from 1 January 2027.
1.
For the purposes of APS 222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent ‘related entities’.
Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an individual and aggregate basis.

10WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CAPITAL OVERVIEW
Capital Overview
Capital management strategy
Westpac's capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process (ICAAP). Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer
comprise the total CET1 requirement. The total CET1 requirement is currently at least 10.25% and 10.50% effective
1 January 2027
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target post dividend CET1 capital ratio of above 11.25% in normal operating conditions.
Regulatory developments
APRA's phase out of AT1 capital as eligible bank capital
On 4 December 2025, APRA published the final changes to the relevant prudential and reporting standards resulting
from the phase out of AT1 with an effective date of 1 January 2027. Under the revisions, large internationally active
banks such as Westpac will replace 1.5% of AT1 capital with 1.25% of Tier 2 capital and 0.25% of CET1 capital. The total
CET1 requirement, including regulatory buffers, will increase from 10.25% to 10.50%. There is no overall increase in total
capital requirements for banks.
On implementation of these revised prudential and reporting standards, existing AT1 capital instruments would be
included in the calculation of the amount of total capital, until their first scheduled call date. Existing Westpac AT1
capital instruments would reach their first scheduled optional redemption dates by 2031 at the latest.
In addition, effective 1 January 2027 the minimum leverage ratio requirement will be 3.25% based on CET1 capital
replacing the current requirement of 3.50% based on Tier 1 capital. APS 221 Large Exposures and APS 222 Associations
with Related Entities exposure limits remain unchanged, however will be based on CET1 capital rather than Tier
1 capital.
APRA to consult on enhancements to bank capital and liquidity frameworks
On 16 March 2026, APRA announced that it will consult on a package of reforms to bank capital and liquidity settings.
The consultation will be run in three workstreams focusing on credit risk capital, liquidity risk and market risk, which
include the following proposals:
•Targeted amendments to the standardised capital framework to increase risk sensitivity and better align capital
requirements with underlying risk.
•Changes to the liquidity framework including consideration of a new Pillar 2 liquidity framework to address risks not
covered by existing Liquidity Coverage Ratio minimum requirements.
•Implementation of a simplified version of the Basel Committee’s Fundamental Review of the Trading Book standard.
APRA has indicated that it will release a consultation paper in respect to the credit risk capital workstream in the first
half of the 2026 calendar year with industry engagement and consultation for the liquidity and market risk workstreams
to continue into 2027.
RBNZ capital review
On 17 December 2025, the RBNZ announced its decisions relating to its review of key capital settings for deposit takers
(2025 Capital Review). Once implemented, the updated settings for Group 1 deposit takers
2
(including WNZL) will:
•remove AT1 instruments from the capital stack and phase out the recognition of existing AT1 instruments.
•require the deposit taker to have a CET1 capital ratio of 12% (including a 6% prudential capital buffer (PCB) ratio).
•require the deposit taker to have a total capital ratio of 15% (including a 6% PCB ratio). Up to 3% of the total capital
ratio requirement can consist of subordinated debt eligible as Tier 2 capital to be issued to the Australian parent
bank (which in WNZL’s case is Westpac).
•require the deposit taker to have an additional 6% of RWAs of Loss Absorbing Capacity (LAC) instruments to be
issued to the Australian parent bank, bringing the total requirement including LAC to 21%.
•introduce more granular and lower standardised risk weights for certain asset classes.
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.
2.New Zealand deposit takers with total assets of NZ$100 billion or more.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
11
The new Tier 2 and LAC instruments will include conversion to equity or write-off provisions.
On 27 February 2026, the RBNZ released further information relating to the 2025 Capital Review, including further
information on indicative transition timelines and confirmation it will continue to consider applications for redemption of
AT1 instruments, subject to the relevant prudential requirements being satisfied.
On 13 April 2026, the RBNZ published an exposure draft consultation to update the Banking Prudential Requirements
(BPRs) for some of the decisions made as part of the 2025 Capital Review. For Group 1 deposit takers (including WNZL)
these draft BPRs propose, as an interim measure, permitting the issuance of Tier 2 instruments with a shorter maturity
date or earlier redemption date than is permitted under the current settings. Additionally, a separate amortisation table
for Tier 2 instruments issued with a maturity date of less than 5 years has been proposed.
The RBNZ has also indicated it intends to consult during 2026 on the new Tier 2 and LAC instrument design and related
implementation timelines.

12WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CAPITAL OVERVIEW
CC1: Composition of regulatory capital
CC1: Composition of regulatory capital
This table provides a view of the components of regulatory capital. Supplementary tables in Appendix I provide details
of the Reconciliation of regulatory capital to balance sheet (CC2) and the Composition of regulatory capital (CC1).
$mAmounts
Source based on
reference of the
balance sheet
under the
regulatory scope
of consolidation
(CC2)
As at 31 March 2026
Common Equity Tier 1 capital: instruments and reserves
1Directly issued qualifying common share (and equivalent for non-joint stock companies) capital plus
related stock surplus
36,242a,b
2Retained earnings34,885c
3Accumulated other comprehensive income (and other reserves)(1,086)d
4Directly issued capital subject to phase-out from CET1 capital (only applicable to non-joint
stock companies)
-
5Common share capital issued by subsidiaries and held by third parties (amount allowed in group
CET1 capital)
3e
6Common Equity Tier 1 capital before regulatory adjustments70,044
Common Equity Tier 1 capital: regulatory adjustments
7Prudent valuation adjustments-
8Goodwill (net of related tax liability)(7,836)f
9Other intangibles other than mortgage servicing rights (MSR) (net of related tax liability)(2,088)f
10Deferred tax assets (DTA) that rely on future profitability, excluding those arising from temporary
differences (net of related tax liability)
-
11Cash flow hedge reserve1,875d
12Shortfall of provisions to expected losses-
13Securitisation gain on sale (as set out in [CAP30.14])-
14Gains and losses due to changes in own credit risk on fair valued liabilities(162)c
15Defined benefit pension fund net assets(236)g
16Investments in own shares (if not already subtracted from paid-in capital on reported balance sheet)-
17Reciprocal cross-holdings in common equity-
18Investments in the capital of banking, financial and insurance entities that are outside the scope of
regulatory consolidation, where the bank does not own more than 10% of the issued share capital
(amount above 10% threshold)
-
19Significant investments in the common stock of banking, financial and insurance entities that are outside
the scope of regulatory consolidation (amount above 10% threshold)
-
20MSR (amount above 10% threshold)-
21DTA arising from temporary differences (amount above 10% threshold, net of related tax liability)-
22Amount exceeding the 15% threshold-
23Of which: significant investments in the common stock of financials-
24Of which: MSR-
25Of which: DTA arising from temporary differences-
26National specific regulatory adjustments(4,661)
27Regulatory adjustments applied to Common Equity Tier 1 capital due to insufficient Additional Tier 1 and
Tier 2 capital to cover deductions
-
28Total regulatory adjustments to Common Equity Tier 1 capital(13,108)
29Common Equity Tier 1 capital (CET1)56,936

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
13
CC1: Composition of regulatory capital (Continued)
$mAmounts
Source based on
reference of the
balance sheet
under the
regulatory scope
of consolidation
(CC2)
Additional Tier 1 capital: instruments
30Directly issued qualifying Additional Tier 1 instruments plus related stock surplus8,554l
31Of which: classified as equity under applicable accounting standards-
32Of which: classified as liabilities under applicable accounting standards8,554
33Directly issued capital instruments subject to phase-out from additional Tier 1 capital-
34Additional Tier 1 instruments (and CET1 instruments not included in row 5) issued by subsidiaries and
held by third parties (amount allowed in group additional Tier 1 capital)
-
35Of which: instruments issued by subsidiaries subject to phase-out-
36Additional Tier 1 capital before regulatory adjustments8,554
Additional Tier 1 capital: regulatory adjustments
37Investments in own additional Tier 1 instruments(25)
38Reciprocal cross-holdings in additional Tier 1 instruments-
39Investments in the capital of banking, financial and insurance entities that are outside the scope of
regulatory consolidation, where the bank does not own more than 10% of the issued common share
capital of the entity (amount above 10% threshold)
-
40Significant investments in the capital of banking, financial and insurance entities that are outside the
scope of regulatory consolidation
-
41National specific regulatory adjustments(7)m
42Regulatory adjustments applied to additional Tier 1 capital due to insufficient Tier 2 capital to
cover deductions
-
43Total regulatory adjustments to additional Tier 1 capital(32)
44Additional Tier 1 capital (AT1)8,522
45Tier 1 capital (T1 = CET1 + AT1)65,458
Tier 2 capital: instruments and provisions
46Directly issued qualifying Tier 2 instruments plus related stock surplus32,515l
47Directly issued capital instruments subject to phase-out from Tier 2 capital-
48Tier 2 instruments (and CET1 and AT1 instruments not included in rows 5 or 34) issued by subsidiaries
and held by third parties (amount allowed in group Tier 2)
-
49Of which: instruments issued by subsidiaries subject to phase-out-
50Provisions1,035h
51Tier 2 capital before regulatory adjustments33,550
Tier 2 capital: regulatory adjustments
52Investments in own Tier 2 instruments(150)
53Reciprocal cross-holdings in Tier 2 instruments and other TLAC liabilities-
54Investments in the capital and other TLAC liabilities of banking, financial and insurance entities that are
outside the scope of regulatory consolidation, where the bank does not own more than 10% of the issued
common share capital of the entity (amount above 10% threshold)
-
54aInvestments in the other TLAC liabilities of banking, financial and insurance entities that are outside
the scope of regulatory consolidation and where the bank does not own more than 10% of the issued
common share capital of the entity: amount previously designated for the 5% threshold but that no
longer meets the conditions (for G-SIBs only)
-
55Significant investments in the capital and other TLAC liabilities of banking, financial and insurance
entities that are outside the scope of regulatory consolidation (net of eligible short positions)
-
56National specific regulatory adjustments(315)m
57Total regulatory adjustments to Tier 2 capital(465)
58Tier 2 capital33,085
59Total regulatory capital (= Tier 1 + Tier2)98,543
60Total risk-weighted assets458,343

14WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CAPITAL OVERVIEW
CC1: Composition of regulatory capital (Continued)
$mAmounts
Source based on
reference of the
balance sheet
under the
regulatory scope
of consolidation
(CC2)
Capital adequacy ratios and buffers
61Common Equity Tier 1 capital (as a percentage of risk-weighted assets)12.42%
62Tier 1 capital (as a percentage of risk-weighted assets)14.28%
63Total capital (as a percentage of risk-weighted assets)21.50%
64Institution-specific buffer requirement (capital conservation buffer plus countercyclical buffer
requirements plus higher loss absorbency requirement, expressed as a percentage of risk-
weighted assets)
10.09%
65Of which: capital conservation buffer requirement3.75%
66Of which: bank-specific countercyclical buffer requirement0.84%
67Of which: higher loss absorbency requirement1.00%
68Common Equity Tier 1 capital (as a percentage of risk-weighted assets) available after meeting the bank’s
minimum capital requirements
7.92%
National minima (if different from Basel III)
69National minimum Common Equity Tier 1 capital adequacy ratio (if different from Basel III minimum)-
70National minimum Tier 1 capital adequacy ratio (if different from Basel III minimum)-
71National minimum Total capital adequacy ratio (if different from Basel III minimum)-
Amounts below the thresholds for deduction (before risk-weighting)
72Non-significant investments in the capital and other TLAC liabilities of other financial entities149i,g
73Significant investments in the common stock of financial entities72j
74MSR (net of related tax liability)-
75DTA arising from temporary differences (net of related tax liability)2,881k
Applicable caps on the inclusion of provisions in Tier 2 capital
76Provisions eligible for inclusion in Tier 2 capital in respect of exposures subject to standardised approach
(prior to application of cap)
70h
77Cap on inclusion of provisions in Tier 2 capital under standardised approach318
78Provisions eligible for inclusion in Tier 2 capital in respect of exposures subject to internal ratings-based
approach (prior to application of cap)
965h
79Cap for inclusion of provisions in Tier 2 capital under internal ratings-based approach1,937
National specific regulatory adjustments
The following table presents the components of the CET1 national specific regulatory adjustments.
$mAmounts
Source based on
reference of the
balance sheet
under the
regulatory scope
of consolidation
(CC2)
As at 31 March 2026
26National specific regulatory adjustments(4,661)
26aOf which: treasury shares-
26bOf which: offset to dividends declared under a dividend reinvestment plan (DRP), to the extent that the
dividends are used to purchase new ordinary shares issued by the ADI
-
26cOf which: deferred fee income390h
26dOf which: equity investments in financial institutions not reported in rows 18, 19 and 23(221)i,j,g
26eOf which: deferred tax assets not reported in rows 10, 21 and 25(2,881)k
26fOf which: capitalised expenses(1,869)h
26gOf which: investments in commercial (non-financial) entities that are deducted under APRA
prudential requirements
(75)i
26hOf which: covered bonds in excess of asset cover in pools-
26iOf which: undercapitalisation of a non-consolidated subsidiary-
26jOf which: other national specific regulatory adjustments not reported in rows 26a to 26i(5)c

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
15
OV1: Overview of Risk Weighted Assets (RWA)
OV1: Overview of Risk Weighted Assets (RWA)
This table presents an overview of Westpac’s RWA and minimum capital requirements by risk type and approach.
$m
RWA
Minimum
capital requirements
31 March 202631 December 202530 September 202531 March 2026
1Credit risk (excluding counterparty
credit risk)
336,739337,841334,44926,940
2Of which: standardised approach (SA)22,53323,39823,4271,803
3Of which: foundation internal ratings-based
(F-IRB) approach
33,19132,22033,2202,655
4Of which: supervisory slotting approach12,62012,83211,1301,010
5Of which: advanced internal ratings-based (A-
IRB) approach
268,395269,391266,67221,472
6Counterparty credit risk (CCR)8,8568,6519,060709
7Of which: standardised approach for
counterparty credit risk
7,8227,7448,017626
9Of which: other CCR1,0349071,04383
10Credit valuation adjustment (CVA)2,6452,2572,510212
15Settlement risk1320111
16Securitisation exposures in banking book8,7978,9678,446704
18Of which: securitisation external ratings-based
approach (SEC-ERBA)
4,1073,9683,532329
19Of which: securitisation standardised
approach (SEC-SA)
4,6904,9994,914375
20Market risk10,50410,7289,873840
21Of which: standardised approach (SA)1,6681,2951,078133
22Of which: internal model approach (IMA)8,8369,4338,795707
AU20a
a
Interest rate risk in the banking book47,08838,66337,2903,767
24Operational risk43,70143,72648,4093,496
25Amounts below the thresholds for deduction
(subject to 250% risk weight)
----
26Output floor applied72.5%72.5%72.5%
27Floor adjustment (before application of
transitional cap)
---
28Floor adjustment (after application of
transitional cap)
-1,519-
29Total (1 + 6 + 10 + 15 + 16 + 20 + AU20a + 24 +
25 + 28)
458,343452,372450,04836,669
a.Line items with designations of AU are APRA's specific amendments.

16WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CAPITAL OVERVIEW
Summary of Credit Risk
Summary of Credit Risk
The following table provides a summary of credit risk and counterparty risks by asset classes to assist users of the
report as the information is disaggregated across a number of tables under current BCBS disclosure requirements.
EAD post CRM and post CCFRWANon-performing
$mCredit risk
Counterparty
credit riskTotalCredit risk
Counterparty
credit riskTotalExposures
ECL
Accounting
provisions
As at 31 March 2026
Subject to A-IRB approach
Corporate184,9304,394189,32493,5371,54995,0862,451667
Residential Mortgages589,187-589,187117,059-117,0594,603433
SME Retail26,354-26,35415,966-15,9661,073208
Qualifying Revolving Retail14,013-14,0133,711-3,7119737
Other Retail1,831-1,8312,331-2,3316539
Subject to F-IRB approach
Large Corporate43,8223,17646,99821,4911,21822,70913983
Sovereign155,5453,480159,0251,8681742,042--
Financial Institutions26,53822,55049,0889,8325,46415,2964810
Total IRB approach1,042,22033,6001,075,820265,7958,405274,2008,4761,477
Subject to
Standardised approach
Corporate1,4265,1886,6141,4162111,6273317
Residential Property11,537-11,53711,456-11,45633053
Other3,278-3,2781,871-1,871218
Other assets8,761-8,7615,443-5,443--
Total Standardised approach25,0025,18830,19020,18621120,39738478
Specialised Lending6,9243077,2315,2162405,4565744
RBNZ Regulated Entities124,192-124,19245,542-45,542871133
Securitisation47,4288,797
Settlement risk413
Credit valuation adjustment2,645
Total credit risk1,198,33839,0951,284,865336,7398,856357,0509,7881,732
As at 30 September 2025
Subject to A-IRB approach
Corporate171,2114,705175,91690,8132,00092,8132,287633
Residential Mortgages569,920-569,920116,433-116,4334,911484
SME Retail26,267-26,26716,393-16,3931,179192
Qualifying Revolving Retail14,100-14,1003,873-3,87310639
Other Retail1,907-1,9072,407-2,4076338
Subject to F-IRB approach
Large Corporate41,9023,14645,04820,9201,23822,15814290
Sovereign149,2683,525152,7932,1891852,374--
Financial Institutions27,08920,82247,91110,1115,07815,1895913
Total IRB approach1,001,66432,1981,033,862263,1398,501271,6408,7471,489
Subject to
Standardised approach
Corporate1,4365,7347,1701,4262331,659188
Residential Property12,052-12,05211,967-11,96735553
Other3,302-3,3021,939-1,9393718
Other assets8,736-8,7365,758-5,758--
Total Standardised approach25,5265,73431,26021,09023321,32341079
Specialised Lending5,3584435,8014,0923264,418--
RBNZ Regulated Entities127,438-127,43846,128-46,128970138
Securitisation43,2218,446
Settlement risk711
Credit valuation adjustment2,510
Total credit risk1,159,98638,3751,241,589334,4499,060354,47610,1271,706

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
17
CC2: Reconciliation of regulatory capital to balance sheet
CC2: Reconciliation of regulatory capital to balance sheet
This table provides a view of the balance sheet prepared for Statutory reporting compared with the balance sheet
prepared under the Level 2 regulatory scope of consolidation. Supplementary tables in Appendix I provide details of the
Reconciliation of regulatory capital to balance sheet (CC2) and the Composition of regulatory capital (CC1).
Details of entities that are not consolidated under the regulatory scope of consolidation are provided in Appendix II.
$m
Balance
sheet as in
published
financial
statements
Under
regulatory
scope of
consolidationReference (CC1)
As at 31 March 2026
Assets
Cash and balances with central banks53,49153,488
Collateral paid5,4475,447
Trading securities and financial assets measured at fair value through income statement (FVIS)50,14149,994m
Derivative financial instruments29,11129,111
Investment securities122,544122,270i
Loans885,582885,582h
Other financial assets9,7359,648
Due from subsidiaries-42
Investments in subsidiaries-72j
Property and equipment2,1702,158
Tax assets3,0243,022k
Intangible assets10,20410,197f
Other assets1,1341,117g
Total assets1,172,5831,172,148
Liabilities
Collateral received4,2174,217
Deposits and other borrowings793,810793,810
Other financial liabilities40,96840,921
Derivative financial instruments32,39532,395
Debt issues185,491185,491
Tax liabilities1510
Due to subsidiaries-314
Provisions2,2312,229
Other liabilities2,1672,153
Loan capital40,21840,218l
Total liabilities1,101,5121,101,758
Shareholders’ equity
Ordinary share capital37,26137,261a
Treasury shares(962)(1,019)b
Reserves(817)(1,047)d
Retained Profits35,27934,885c
Non-controlling interests310310e
Total shareholders’ equity71,07170,390

18WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CAPITAL OVERVIEW
CMS1: Comparison of modelled and standardised RWA at risk level
CMS1: Comparison of modelled and standardised RWA at risk level
This table provides a summary of Westpac's risk weighted assets by risk type and measurement approach, and
compares it to the output floor calculated under the standardised approach.
$m
abcd
RWA
RWA for modelled
approaches that
banks have
supervisory approval
to use
RWA for portfolios
where standardised
approaches are used
Total Actual RWA (a + b)
(ie RWA which
banks report as
current requirements)
RWA calculated using
full standardised
approach (ie used
in the base of the
output floor)
As at 31 March 2026
1Credit risk (excluding counterparty credit risk)314,20622,533336,739541,800
2Counterparty credit risk8,6452118,85622,233
3Credit valuation adjustment2,6452,6452,645
4Securitisation exposures in the banking book-8,7978,7978,797
5Market risk8,8361,66810,50410,504
AU5a
a
Interest rate risk in the banking book47,088-47,088-
6Operational risk43,70143,70143,701
7Residual RWA131313
8Total378,77579,568458,343629,693
Output floor at 72.5% of RWA calculated using full standardised approach456,527
RWA prior to application of Floor458,343
Floor adjustment-
As at 30 September 2025
1Credit risk (excluding counterparty credit risk)311,02223,427334,449523,167
2Counterparty credit risk8,8272339,06020,920
3Credit valuation adjustment2,5102,5102,510
4Securitisation exposures in the banking book-8,4468,4468,446
5Market risk8,7951,0789,8739,873
AU5a
a
Interest rate risk in the banking book37,290-37,290-
6Operational risk48,40948,40948,409
7Residual RWA111111
8Total365,93484,114450,048613,336
Output floor at 72.5% of RWA calculated using full standardised approach444,669
RWA prior to application of Floor450,048
Floor adjustment-
a.Line items with designations of AU are APRA's specific amendments.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
19
CMS2: Comparison of modelled and standardised RWA for credit risk at
asset class level
CMS2: Comparison of modelled and standardised RWA for credit risk at asset class level
This table provides a summary of Westpac's credit RWA by asset classes measured under the internal ratings-based
(IRB) measurement approach, and compares it to the output floor calculated under the standardised approach.
$m
abcd
RWA
RWA for modelled
approaches
that banks
have supervisory
approval to use
RWA for column a
if re-computed
using the
standardised
approach
Total Actual RWA
(ie RWA which
banks report as
current
requirements)
RWA calculated
using full
standardised
approach (ie RWA
used in the base of
the output floor)
As at 31 March 2026
1Corporate93,537155,80694,843157,113
2Large Corporate21,49135,71621,49135,716
3Sovereign1,8686402,7371,509
4Financial Institutions9,83218,2229,92518,315
5Residential Mortgages117,059212,380128,516223,835
6Qualifying Revolving Retail3,7119,0013,7119,001
7Other Retail2,3311,6142,7382,021
8SME Retail15,96617,29616,09617,427
9Specialised Lending5,2167,6115,6978,093
10RBNZ Regulated Entities43,19560,98045,54263,327
11Other Assets--5,4435,443
12Total314,206519,266336,739541,800
As at 30 September 2025
1Corporate90,813146,39092,132147,709
2Large Corporate20,92034,27820,92034,278
3Sovereign2,1896863,1751,673
4Financial Institutions10,11117,71510,16317,766
5Residential Mortgages116,433204,889128,400216,857
6Qualifying Revolving Retail3,8739,0913,8739,091
7Other Retail2,4071,6882,7972,078
8SME Retail16,39317,37316,52317,502
9Specialised Lending4,0925,8874,5806,375
10RBNZ Regulated Entities43,79161,74346,12864,080
11Other Assets--5,7585,758
12Total311,022499,740334,449523,167

20WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
ASSET ENCUMBRANCE
ENC: Asset encumbrance
Asset EncumbranceENC: Asset encumbrance
The following tables show the categories of the balance sheet which has assets that are encumbered. Encumbered
assets are assets that the Group is restricted or prevented from liquidating, selling, transferring or assigning due to
legal, regulatory, contractual or other constraints.
The main sources of encumbrance for Westpac are:
•Assets that are pledged as collateral;
•Assets pledged under repurchase agreements, covered bonds and securitisation; and
•Assets not freely available due to regulatory requirements.
$mEncumbered assets
Unencumbered
assetsTotal
As at 31 March 2026
Cash and balances with central banks7,86745,62153,488
Collateral paid5,447-5,447
Trading securities and financial assets measured at fair value through income
statement (FVIS)
15,12834,86649,994
Investment securities4,700117,570122,270
Loans43,553842,029885,582
Other financial assets1049,5449,648
Property and equipment1,3128462,158
Other assets2898281,117
Total78,4001,051,3041,129,704
As at 30 September 2025
Cash and balances with central banks8,49641,93150,427
Collateral paid4,590-4,590
Trading securities and financial assets measured at fair value through income
statement (FVIS)
15,25840,43755,695
Investment securities4,784112,502117,286
Loans40,206811,647851,853
Other financial assets8810,38710,475
Property and equipment1,3968582,254
Other assets2477991,046
Total75,0651,018,5611,093,626

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
21
CREDIT RISK
CREDIT RISK MANAGEMENT
CR1: Credit quality of assets
CR2: Changes in stock of non-performing loans, debt securities and off balance sheet exposures
CR3: Credit Risk Mitigation Techniques
CR7: IRB - Effect on RWA of credit derivatives used as CRM techniques
CR4: Standardised approach – credit risk exposure and credit risk mitigation effects
CR5: Standardised approach - Exposures by asset classes and risk weights
CR6: IRB - Credit risk exposures by portfolio and PD ranges
CR8: RWA flow statements of credit risk exposures under IRB
CR10: IRB - Specialised lending under the slotting approach
COUNTERPARTY CREDIT RISK
CCR1: Analysis of CCR exposures by approach
CCR4: IRB - CCR exposures by portfolio and PD scale
CCR5: Composition of collateral for CCR exposures
CCR6: Credit derivatives exposures
CCR8: Exposure to central counterparties
SECURITISATION
SEC1: Securitisation exposures in the banking book
SEC2: Securitisation exposures in the trading book
SEC3: Securitisation exposures in the banking book and associated regulatory capital requirements – bank acting as originator or
as sponsor
SEC4: Securitisation exposures in the banking book and associated capital requirements – bank acting as investor

22WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
Credit Risk Management
Credit risk is the risk of financial loss where a customer or counterparty fails to meet their financial obligations
to Westpac.
Approach
The Westpac Board through its Board Risk Committee reviews and approves the credit risk management framework and
material supporting policies that clearly define roles and responsibilities, acceptable practices, limits and key controls.
The Credit Risk Management Framework describes the principles, methodologies, systems, roles and responsibilities,
reports and controls that exist for managing credit risk in Westpac. The Credit Risk Rating System policy describes the
credit risk rating system philosophy, design, key features, roles and responsibilities and uses of rating outcomes.
Concentration risk policies cover individual counterparties, industries (e.g. property) and individual countries. In addition,
we have policies covering risk appetite statements, environmental, social and governance credit risk, the delegation of
credit approval authorities, and all other credit policies that span the end-to-end credit lifecycle.
Credit policies and standards embed the Group’s framework requirements throughout Westpac's operating
segments. Policies and standards cover the origination, evaluation, approval, documentation, settlement and on-going
management of counterparty credit risks, and sector policies guide the extension of credit where industry-specific
guidelines are considered necessary.
Credit approval limits represent the formal delegation of credit approval authority to responsible individuals throughout
the organisation.
CR1: Credit quality of assets
CR1: Credit quality of assets
This table provides an overview of both on and off-balance sheet exposures and their related provision disaggregated
across standardised and IRB measurement approaches.
$m
Gross carrying values of
Allowances /
impairments
Of which ECL accounting
provisions for credit losses on
SA exposures
Of which ECL
accounting
provisions for
credit losses
on IRB
exposuresNet Values
Non-
performing
exposures
Performing
exposures
Allocated in
regulatory
category of
non-
performing
Allocated in
regulatory
category of
performing
As at 31 March 2026
1Loans9,264853,607(4,671)(78)(58)(4,535)858,200
2Debt Securities-110,821(8)-(3)(5)110,813
3Off-balance sheet exposures524217,071(512)-(11)(501)217,083
4Total9,7881,181,499(5,191)(78)(72)(5,041)1,186,096
As at 30 September 2025
1Loans9,657821,900(4,504)(79)(57)(4,368)827,053
2Debt Securities-107,897(9)-(3)(6)107,888
3Off-balance sheet exposures470211,501(468)-(13)(455)211,503
4Total10,1271,141,298(4,981)(79)(73)(4,829)1,146,444
At 31 March 2026, Westpac’s credit impairment provisions totalled $5.2 billion (30 September 2025: $5.0 billion), with
collectively assessed provisions representing 1.29% of credit RWA. Stressed exposures to total committed exposures
were 1.16%, compared with 1.28% at 30 September 2025.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
23
CR2: Changes in stock of non-performing loans, debt securities and off
balance sheet exposures
CR2: Changes in stock of non-performing loans, debt securities and off balance sheet exposures
The following table discloses the movements in non-performing exposures on loans, debt securities and off-balance
sheet credit exposures.
$m
For the half year ended
31 March 2026
For the half year ended
30 September 2025
1Non-performing loans and debt securities at end of the previous reporting period10,12710,483
2Loans and debt securities that became non-performing since the last reporting period4,2484,862
3Returned to performing status(2,541)(3,130)
4Amounts written off(349)(399)
5Other changes
a
(1,697)(1,689)
6Non-performing loans and debt securities at end of the reporting period9,78810,127
a.Other changes represent collections, and the impact of foreign exchange movements.
CR3: Credit Risk Mitigation Techniques
CR3: Credit Risk Mitigation Techniques
The table below shows a breakdown of Westpac's on-balance sheet exposures that are secured or unsecured. The
secured exposures are then disaggregated by the type of security held.
$m
Exposures
unsecured:
carrying amount
Exposures to
be secured
a
Exposures secured
by collateral
Exposures secured
by financial
guarantees
Exposures
secured by
credit derivatives
As at 31 March 2026
1Loans78,192780,008778,4911,517-
2Debt securities110,204609609--
3Total188,396780,617779,1001,517-
4Of which non-performing3187,2647,2622-
As at 30 September 2025
1Loans72,485754,568753,1011,467-
2Debt securities106,5121,3761,376--
3Total178,997755,944754,4771,467-
4Of which non-performing3167,6657,665--
a.Represents exposures that are secured with at least one form of credit risk mitigation.

24WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR7: IRB - Effect on RWA of credit derivatives used as CRM techniques
CR7: IRB - Effect on RWA of credit derivatives used as CRM techniques
At present Westpac does not employ credit derivatives as a credit risk management technique
1
.
$m
As at 31 March 2026As at 30 September 2025
Pre-credit
derivatives RWA
Actual RWA
Pre-credit
derivatives RWAActual RWA
1Exposures under A-IRB
2Corporate93,53793,53790,81390,813
3Residential Mortgages117,059117,059116,433116,433
4Qualifying Revolving Retail3,7113,7113,8733,873
5Other Retail2,3312,3312,4072,407
6SME Retail15,96615,96616,39316,393
7Specialised Lending5,2165,2164,0924,092
8RBNZ Regulated Entities43,19543,19543,79143,791
9Total Exposures under A-IRB281,015281,015277,802277,802
10Exposures under F-IRB
11Large Corporate - F-IRB21,49121,49120,92020,920
12Sovereign - F-IRB1,8681,8682,1892,189
13Financial Institutions - F-IRB9,8329,83210,11110,111
14Total Exposures under F-IRB33,19133,19133,22033,220
15Total Exposures including A-IRB exposures and F-
IRB exposures314,206314,206311,022311,022
CR4: Standardised approach – credit risk exposure and credit risk
mitigation effects
CR4: Standardised approach – credit risk exposure and credit risk mitigation effects
This table presents exposures subject to the standardised approach for the calculation of RWA. This includes certain
mortgages that are prescribed a standardised risk weight including interest-only mortgages greater than five years and
mortgages held by self-managed superannuation funds. Other exposures subject to the standardised approach include
Westpac Pacific, margin lending and some other small portfolios.
$m
Exposures before CCF and CRMExposures post-CCF and post-CRMRWA and RWA density
On-balance
sheet amount
Off-balance
sheet amount
On-balance
sheet amount
Off-balance
sheet amount
RWARWA density (%)
a
As at 31 March 2026
Asset classes
1Residential Property9,8173,4699,8161,43311,02798%
2Corporate1,0394941,0393711,40099%
3Other
b
2,5831,7012,5836831,85657%
4Other assets
c
8,761-8,761-5,44362%
5RBNZ Regulated Entities
d
14,54680214,4694142,33916%
6Non-performing exposures39916322-468145%
7Total37,1456,48236,9902,90122,53356%
As at 30 September 2025
Asset classes
1Residential Property10,2773,56210,2771,47111,51398%
2Corporate1,0255501,0254011,41699%
3Other
b
2,5681,7872,5687181,92058%
4Other assets
c
8,736-8,736-5,75866%
5RBNZ Regulated Entities
d
16,00578715,9593702,33714%
6Non-performing exposures40916331-483146%
7Total39,0206,70238,8962,96023,42756%
a.RWA density is calculated based on unrounded numbers.
b.Other includes Commercial property, Land acquisition, development and construction, Margin Lending, Sovereign and Banks.
c.Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets.
d.New Zealand also includes NZ CVA and Counterparty credit risk.
1.As defined in APS 112 Attachment J.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
25
CR5: Standardised approach - Exposures by asset classes and risk weights
CR5: Standardised approach - Exposures by asset classes and risk weights
This table provides a view of the exposure value of each asset class measured under the standardised approach disaggregated across risk weights.
$mAsset classes0%20%50%65%75%85%90%100%110%120%150%Other
Total credit
exposure
amount
(post-CCF and
post-CRM)
As at 31 March 2026
1Residential Property--308218---10,703--20-11,249
2Corporate----162359-42847---1,410
3Other
a
-1,70610-784791,02410-22-3,266
4Other assets
b
3,113329-----5,281---388,761
5RBNZ Regulated Entities9,6713,2611,221----727---314,883
6Non-performing exposures-------26-8288-322
As at 30 September 2025
1Residential Property--321217---11,201--9-11,748
2Corporate----164363-42857---1,426
3Other
a
-1,65410-794761,0989-23-3,286
4Other assets
b
2,827262-----5,608---398,736
5RBNZ Regulated Entities12,1942,7721,344----16---316,329
6Non-performing exposures-------24-7300-331
a.Other includes Commercial property, Land acquisition, development and construction, Margin Lending, Sovereign and Banks.
b.Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets.

26WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR5: Standardised approach - Exposures by asset classes and risk weights (Continued)
Exposure amounts and CCFs applied to off-balance sheet exposures, categorised based on risk bucket of converted exposures.
The following table shows a breakdown of on and off-balance sheet standardised exposures by risk weights and the weighted average credit conversion factors (CCF) applied
against off-balance sheet exposures compared to the exposure amount post CCF and the application of credit risk mitigation techniques.
$mRisk weightOn-balance sheet exposure
Off-balance sheet
exposure (pre-CCF)Weighted average CCF
a
Exposure (post-CCF and post-
CRM)
As at 31 March 2026
1Less than 40%17,1312,19843%18,080
240–70%1,63521850%1,757
375%1435845%169
485%30713245%367
590–100%16,8953,53241%18,282
6105–130%61432877%865
7150%379168%330
8250%38--38
9400%3--3
101250%----
11Total exposures37,1456,48244%39,891
As at 30 September 2025
1Less than 40%18,7552,28442%19,709
240–70%1,82419127%1,892
375%1436545%171
485%30814246%372
590–100%16,9693,63341%18,465
6105–130%59737374%873
7150%382148%332
8250%39--39
9400%3--3
101250%----
11Total exposures39,0206,70243%41,856
a.Weighting is based on off-balance sheet exposure (pre-CCF).

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
27
CR6: IRB - Credit risk exposures by portfolio and PD ranges
CR6: IRB - Credit risk exposures by portfolio and PD ranges
The following tables provide the main parameters used for the calculation of capital requirements for IRB modelled RWA outcomes (which includes A-IRB and F-IRB).
A-IRB
The following table provides the key parameters used for the calculation of capital requirements for credit risk exposures under the A-IRB approach, broken down by asset class
and PD range. Under A-IRB, an ADI can use its own estimates of PD, maturity, LGD & EAD (non-retail portfolios use APRA supervisory estimates for EAD).
A-IRB
As at 31 March 2026
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Corporate
0.00 to <0.156,5684,00248%8,5040.07%1,72737%3.02,06524%2
0.15 to <0.2520,5218,30647%24,4540.18%1,60128%2.77,93032%12
0.25 to <0.5054,11819,45553%64,3350.39%12,67826%2.226,00440%65
0.50 to <0.75-----------
0.75 to <2.5068,63918,08359%79,2571.39%25,63326%1.848,19661%283
2.50 to <10.001,91945362%2,1994.78%1,27231%1.72,10396%32
10.00 to <100.003,26862358%3,63221.59%1,39830%1.95,946164%237
100.00 (Default)2,19130031%2,549100.00%1,20430%1.51,29351%927
Total Corporate157,22451,22254%184,9302.62%45,51327%2.193,53751%1,5581,850
RBNZ Regulated
Entities - Non retail
0.00 to <0.155,1543,75952%7,1470.04%3,25842%2.51,46020%42
0.15 to <0.252,3132,05050%3,3170.18%21034%2.61,14234%2
0.25 to <0.505,6702,76362%7,3440.38%12,21332%2.33,19844%9
0.50 to <0.75-----------
0.75 to <2.508,1392,21780%9,7991.39%44,80932%2.36,86370%46
2.50 to <10.003644955%4654.72%2,58431%2.238282%7
10.00 to <100.0075912651%81824.63%8,10734%1.71,448177%67
100.00 (Default)169874%176100.00%45439%1.6324184%52
Total RBNZ Regulated Entities - Non retail22,56810,97260%29,0661.97%71,63535%2.414,81751%225157
Residential
Mortgages
0.00 to <0.15162,83052,28598%213,9160.08%590,31813%13,0676%22
0.15 to <0.2569,5635,63677%73,8800.19%170,68314%6,9749%20
0.25 to <0.50139,1448,47092%146,9480.33%340,67515%22,07115%74
0.50 to <0.7591,915569101%92,4880.63%216,00116%23,33425%96
0.75 to <2.5027,24177983%27,8841.17%66,64517%10,51638%54
2.50 to <10.0022,0891,06450%22,6177.86%61,26115%24,146107%274
10.00 to <100.006,82413107%6,83822.19%17,42216%9,629141%246
100.00 (Default)4,61652-4,616100.00%10,92320%7,322159%431
Total Residential Mortgages524,22268,86894%589,1871.63%1,473,92815%117,05920%1,2171,285

28WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR6: IRB - Credit risk exposures by portfolio and PD ranges (Continued)
A-IRB
As at 31 March 2026
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Qualifying
Revolving Retail
0.00 to <0.152,1498,28353%6,5240.09%1,010,00682%3315%5
0.15 to <0.258512,09058%2,0590.21%250,86485%21010%4
0.25 to <0.507221,33860%1,5280.40%160,74084%26517%5
0.50 to <0.7551261264%9040.73%97,53083%24928%6
0.75 to <2.501,10377773%1,6711.50%173,74083%78147%21
2.50 to <10.0069133459%8863.86%94,30783%80891%28
10.00 to <100.0030012750%36418.36%43,37080%789217%53
100.00 (Default)7721-77100.00%9,29375%278362%37
Total Qualifying Revolving Retail6,40513,58256%14,0131.61%1,839,85083%3,71126%159196
Other Retail
0.00 to <0.151844%50.11%5682%124%-
0.15 to <0.2521186%110.23%41379%439%-
0.25 to <0.5031489%160.40%64080%955%-
0.50 to <0.75180105109%2940.57%30,22970%17559%1
0.75 to <2.5050393102%5981.48%42,24080%610102%7
2.50 to <10.0063128101%6704.85%92,10983%899134%27
10.00 to <100.001615111%17333.33%71,68883%373216%48
100.00 (Default)641-64100.00%46,38283%260405%34
Total Other Retail1,545265101%1,8319.01%283,75780%2,331127%117118
SME Retail
0.00 to <0.15----------
0.15 to <0.25----------
0.25 to <0.50198676104%9000.32%8,23240%22125%1
0.50 to <0.751,0681,622104%2,7480.67%38,87837%96535%7
0.75 to <2.5012,5613,507103%16,1881.49%183,37134%7,60947%84
2.50 to <10.003,507510103%4,0324.58%47,75735%2,65266%65
10.00 to <100.001,358228103%1,59326.19%43,41536%1,663104%154
100.00 (Default)8678729%893100.00%9,24042%2,856320%195
Total SME Retail19,5596,630103%26,3546.67%330,89335%15,96661%506789
RBNZ Regulated
Entities - Retail
0.00 to <0.152841,10760%9450.08%137,53948%10011%3
0.15 to <0.25----------
0.25 to <0.506,8673,70068%9,3940.39%203,80313%90810%7
0.50 to <0.7541,3666,93871%46,2640.61%298,59020%9,82921%59
0.75 to <2.5011,5692,13578%13,2351.53%145,87627%7,73358%59
2.50 to <10.001,01414460%1,1024.16%54,60139%1,179107%21
10.00 to <100.0037483%4120.74%9,36778%72176%8
100.00 (Default)6789-680100.00%5,26624%1,153170%85
Total RBNZ Regulated Entities - Retail61,81514,03770%71,6611.75%855,04221%20,97429%242262
Total A-IRB Credit risk exposure793,338165,57675%917,0422.01%4,900,61820%2.2268,39529%4,0244,657
a.RWA density is calculated based on unrounded numbers.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
29
CR6: IRB - Credit risk exposures by portfolio and PD ranges (Continued)
A-IRB
As at 30 September 2025
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Corporate
0.00 to <0.155,6834,86544%7,8340.07%1,71737%2.81,85824%2
0.15 to <0.2517,2487,80546%20,8530.18%1,65429%2.87,42736%11
0.25 to <0.5048,35818,70652%58,1530.39%12,25626%2.324,10941%59
0.50 to <0.75-----------
0.75 to <2.5065,65616,15359%75,1471.39%25,21726%1.845,91161%269
2.50 to <10.002,07442166%2,3524.78%1,78830%1.72,347100%34
10.00 to <100.003,92271962%4,36820.80%1,54431%2.07,595174%284
100.00 (Default)2,19227525%2,504100.00%1,18429%1.51,56663%869
Total Corporate145,13348,94453%171,2112.83%45,36027%2.190,81353%1,5281,697
RBNZ Regulated
Entities - Non retail
0.00 to <0.155,7603,91752%7,8470.04%3,24944%2.41,52819%53
0.15 to <0.252,2062,19655%3,3770.18%21734%2.61,13234%2
0.25 to <0.505,4292,39957%6,7680.38%12,20133%2.33,07045%9
0.50 to <0.75-----------
0.75 to <2.508,8311,93255%9,8741.41%45,46932%2.36,93270%44
2.50 to <10.005927054%6254.75%2,61230%2.157091%9
10.00 to <100.0084212945%89925.53%8,41234%1.81,637182%77
100.00 (Default)2282458%242100.00%49540%1.9712294%51
Total RBNZ Regulated Entities - Non retail23,88810,66755%29,6322.28%72,65536%2.315,58153%245180
Residential
Mortgages
0.00 to <0.15151,12351,62498%201,5110.08%578,22613%12,2416%20
0.15 to <0.2564,8575,77376%69,2630.19%166,41214%6,4819%19
0.25 to <0.50134,3878,06891%141,7570.33%340,01915%21,06515%71
0.50 to <0.7592,094587101%92,6850.64%223,21616%23,05025%95
0.75 to <2.5028,23378882%28,8831.17%70,62616%10,82537%56
2.50 to <10.0023,1541,13650%23,7177.85%65,42515%25,249106%287
10.00 to <100.007,16617104%7,18320.47%18,68316%10,099141%238
100.00 (Default)4,92138-4,921100.00%11,63220%7,423151%481
Total Residential Mortgages505,93568,03194%569,9201.74%1,474,23915%116,43320%1,2671,347

30WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR6: IRB - Credit risk exposures by portfolio and PD ranges (Continued)
A-IRB
As at 30 September 2025
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Qualifying
Revolving Retail
0.00 to <0.152,0718,35452%6,4420.09%1,010,55482%3285%5
0.15 to <0.258442,11958%2,0680.21%253,03584%21010%4
0.25 to <0.507281,37960%1,5520.40%163,54184%26917%5
0.50 to <0.7551863164%9190.73%98,38283%25328%6
0.75 to <2.501,13381372%1,7161.50%178,03483%80447%21
2.50 to <10.0071837457%9313.87%98,42083%85091%30
10.00 to <100.0031515648%39018.43%46,13580%850218%57
100.00 (Default)8224-82100.00%9,76775%309375%39
Total Qualifying Revolving Retail6,40913,85056%14,1001.70%1,857,86883%3,87327%167198
Other Retail
0.00 to <0.152746%50.11%5582%124%-
0.15 to <0.2511182%110.23%41080%439%-
0.25 to <0.5031790%190.40%76679%1055%-
0.50 to <0.75187107108%3020.57%30,76970%17959%1
0.75 to <2.5053195102%6291.48%44,20480%640102%7
2.50 to <10.0066829100%7074.87%91,89583%946134%29
10.00 to <100.001615114%17232.69%69,55083%372216%47
100.00 (Default)621-62100.00%42,53182%255409%33
Total Other Retail1,615272101%1,9078.63%280,18080%2,407126%117118
SME Retail
0.00 to <0.15----------
0.15 to <0.25----------
0.25 to <0.50203624104%8520.32%7,87640%20824%1
0.50 to <0.751,0901,584104%2,7310.67%38,19637%95635%7
0.75 to <2.5012,6223,457104%16,2011.49%183,32335%7,68547%84
2.50 to <10.003,450530103%3,9944.65%48,62136%2,67967%65
10.00 to <100.001,283220103%1,50926.03%43,00536%1,608107%148
100.00 (Default)9618422%980100.00%8,80241%3,257333%179
Total SME Retail19,6096,499102%26,2676.93%329,82335%16,39362%484733
RBNZ Regulated
Entities - Retail
0.00 to <0.152961,17060%1,0010.08%137,83148%10611%3
0.15 to <0.25----------
0.25 to <0.507,1703,82568%9,7920.39%202,93013%95810%8
0.50 to <0.7542,1347,26371%47,2720.61%293,85519%9,92921%60
0.75 to <2.5011,9002,08476%13,4951.53%142,90927%7,67357%60
2.50 to <10.001,05016161%1,1504.15%58,86239%1,216106%22
10.00 to <100.0037580%4220.33%10,38877%73174%8
100.00 (Default)71010-713100.00%4,85423%1,217171%85
Total RBNZ Regulated Entities - Retail63,29714,51870%73,4651.77%851,62921%21,17229%246241
Total A-IRB Credit risk exposure765,886162,78174%886,5022.14%4,911,75420%2.2266,67230%4,0544,514
a.RWA density is calculated based on unrounded numbers.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
31
CR6: IRB - Credit risk exposures by portfolio and PD ranges (Continued)
F-IRB
This table sets out portfolios subject to F-IRB. Under F-IRB, an ADI must provide its own estimates of PD and maturity and rely on supervisory estimates of LGD and EAD. This
includes all Sovereign, Financial Institutions and Large Corporate exposures.
F-IRB
As at 31 March 2026
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Large Corporate
0.00 to <0.158,81010,35345%13,4250.07%17444%2.43,55126%4
0.15 to <0.259,07114,33945%15,5690.18%44747%2.47,36947%13
0.25 to <0.508,6957,02747%11,9900.32%52946%2.57,44862%17
0.50 to <0.75-----------
0.75 to <2.501,7671,35454%2,4961.32%34844%2.22,628105%14
2.50 to <10.0094589%494.78%5456%1.087178%1
10.00 to <100.003420559%15524.21%3147%1.0408264%18
100.00 (Default)1291756%138100.00%447%1.0--64
Total Large Corporate28,51533,34046%43,8220.66%1,58746%2.421,49149%131223
Sovereign
0.00 to <0.15155,26257148%155,5340.01%2135%2.41,8641%1
0.15 to <0.2510240%110.17%225%4.7436%-
0.25 to <0.50----0.26%150%4.0-80%-
0.50 to <0.75-----------
0.75 to <2.50----0.96%125%1.0-44%-
2.50 to <10.00-----------
10.00 to <100.00-----------
100.00 (Default)-----------
Total Sovereign155,27257348%155,5450.01%2175%2.41,8681%14
Financial Institutions
0.00 to <0.1513,94210,21650%19,0470.06%48651%1.44,85826%6
0.15 to <0.252,9692,05647%3,9370.18%12150%1.51,99451%3
0.25 to <0.501,68954551%1,9690.36%42942%2.41,39571%3
0.50 to <0.75-----------
0.75 to <2.501,21040853%1,4241.37%77035%1.81,39298%7
2.50 to <10.0029677%334.78%6127%2.738115%-
10.00 to <100.00741545%8019.75%4231%1.8155193%5
100.00 (Default)48-36%48100.00%3234%1.4--16
Total Financial Institutions19,96113,24650%26,5380.42%1,94149%1.59,83237%4074
Total F-IRB Credit risk exposure203,74847,15947%225,9050.19%3,74518%2.333,19115%172301
a.RWA density is calculated based on unrounded numbers.

32WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR6: IRB - Credit risk exposures by portfolio and PD ranges (Continued)
F-IRB
As at 30 September 2025
$mPD scale
Original on-
balance sheet
gross
exposure
Off-balance
sheet
exposure pre
CCF
Average CCF
(%)
EAD post
CRM and
post-CCF
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)RWA
RWA density
(%)
a
ELProvisions
Large Corporate
0.00 to <0.157,89410,19145%12,4310.07%17544%2.53,30027%4
0.15 to <0.259,72113,48745%15,8560.18%46447%2.47,47247%13
0.25 to <0.507,4467,33650%11,1120.32%49646%2.57,07164%16
0.50 to <0.75-----------
0.75 to <2.501,3431,34556%2,0961.38%34146%2.52,454117%13
2.50 to <10.00105290%574.78%5554%1.3101177%1
10.00 to <100.003424063%18526.61%4150%1.0522282%25
100.00 (Default)1343589%165100.00%742%1.2--70
Total Large Corporate26,58232,68647%41,9020.76%1,57946%2.520,92050%142221
Sovereign
0.00 to <0.15148,92256647%149,1900.01%1975%2.92,0771%2
0.15 to <0.2511240%110.17%225%4.7436%-
0.25 to <0.50----0.26%150%4.5-86%-
0.50 to <0.75-----------
0.75 to <2.50-141%-1.83%225%1.0-57%-
2.50 to <10.005215100%674.78%3145%2.9108162%1
10.00 to <100.00-----------
100.00 (Default)-----------
Total Sovereign148,98558449%149,2680.02%2335%2.92,1891%35
Financial Institutions
0.00 to <0.1515,4929,03550%20,0190.06%47651%1.65,35827%6
0.15 to <0.252,9581,88745%3,7980.17%10450%1.61,99052%3
0.25 to <0.501,57254353%1,8590.36%44541%2.41,25868%3
0.50 to <0.75-----------
0.75 to <2.5099542054%1,2211.37%77736%2.01,240102%6
2.50 to <10.00163590%484.78%8638%3.586180%1
10.00 to <100.00801251%8620.45%5033%2.0179208%6
100.00 (Default)581-58100.00%3135%1.5--20
Total Financial Institutions21,17111,93350%27,0890.44%1,96950%1.610,11137%4565
Total F-IRB Credit risk exposure196,73845,20348%218,2590.21%3,78118%2.733,22015%190291
a.RWA density is calculated based on unrounded numbers.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
33
CR8: RWA flow statements of credit risk exposures under IRB
CR8: RWA flow statements of credit risk exposures under IRB
The following table provides details on the drivers of changes in credit RWA measured under the IRB approach.
$m
Quarter ended
31 March 202631 December 2025
1RWA as at end of previous reporting period314,443311,022
2Asset size5,2129,660
3Asset quality(2,678)(3,186)
4Model updates500-
5Methodology and policy--
6Acquisitions and disposals--
7Foreign exchange movements(1,779)(886)
8Other(1,492)(2,167)
9RWA as at end of reporting period314,206314,443

34WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR10: IRB - Specialised lending under the slotting approach
CR10: IRB - Specialised lending under the slotting approach
Slotting is an approach that is applied to financing for projects where the repayment is highly dependent on the
performance of the underlying asset or collateral, and includes assets categorised as specialised lending. It uses
specific rules for the calculation of RWAs, based upon an assessment of factors such as the financial strength of
the counterparty.
The table below provides an overview of exposure under this approach and associated credit metrics.
$m
Residual maturity
Exposure amount
Regulatory
categories
On-balance
sheet
amount
Off-balance
sheet
amountRisk weight %PFOFTotalRWA
Expected
losses
Westpac (ex-RBNZ Regulated Entities)
As at 31 March 2026
StrongLess than 2.5 years1,39183070%2,162342,1961,5369
Equal to or more than 2.5 years2,0021,04070%2,905262,9312,05212
GoodLess than 2.5 years51029790%746-7466716
Equal to or more than 2.5 years65532090%912-9128217
Satisfactory4525115%58-58672
Weak27-250%27-27692
Default535-54-54-27
Total4,6832,5176,864606,9245,21665
As at 30 September 2025
StrongLess than 2.5 years1,32873270%1,961351,9961,3988
Equal to or more than 2.5 years1,13074570%1,745271,7721,2407
GoodLess than 2.5 years53829290%781-7817036
Equal to or more than 2.5 years42432290%716-7166446
Satisfactory8224115%93-931073
Weak--250%-----
Default--------
Total3,5022,1155,296625,3584,09230
$m
Residual maturity
Exposure amount
Regulatory
categories
On-balance
sheet
amount
Off-balance
sheet
amountRisk weight %PFIPRETotalRWA
Expected
losses
RBNZ Regulated Entities
As at 31 March 2026
StrongLess than 2.5 years4,47743770%1804,6014,7813,68119
Equal to or more than 2.5 years15669570%713918046193
GoodLess than 2.5 years2,01647990%12,4652,4662,44120
Equal to or more than 2.5 years10711090%461592052032
Satisfactory23750115%-2822823578
Weak37-250%-37371033
Default1---11-1
Total7,0311,7719407,6368,5767,40456
As at 30 September 2025
StrongLess than 2.5 years4,26854470%774,5914,6683,59319
Equal to or more than 2.5 years22718170%1082123202461
GoodLess than 2.5 years2,16937190%1082,3882,4962,47121
Equal to or more than 2.5 years1105290%491021511501
Satisfactory23282115%-3073073899
Weak68-250%-69691895
Default--------
Total7,0741,2303427,6698,0117,03856

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
35
COUNTERPARTY CREDIT RISK
Approach
Counterparty Credit RiskApproach
Westpac’s process for managing counterparty credit risk is based on its assessment of the potential future credit risk
it is exposed to when dealing in derivatives products and securities financial transactions. Westpac quantified this
risk through a daily simulation of future market price and rate shocks and converts the effect of these shocks on the
mark-to-market value of Westpac’s positions to a credit exposure using Westpac’s Derivative Risk Equivalent (DRE)
methodology. Exposures are assessed against pre-settlement risk limits that are set at the counterparty level. Limit
excesses are reported to credit management and actioned within specified timeframes.
The following CCR tables present the counterparty credit risk for Australian exposures only as all other jurisdictions
are immaterial and aggregates to $703 million of RWA as at 31 March 2026. Counterparty credit risk attached to
New Zealand regulated exposures are included and reported in the RBNZ regulated entities asset class in credit
risk disclosures.
CCR1: Analysis of CCR exposures by approach
The table below presents the counterparty credit risk exposures by approach. This table excludes exposures to central
counterparties. Exposures to central counterparties are disclosed in table CCR8.
$m
Replacement
cost
Potential
future
exposureEffective EPE
Alpha used for
computing
regulatory
EAD
EAD post-
CRMRWA
As at 31 March 2026
1SA-CCR (for derivatives)6,64615,0871.430,3407,721
2Internal Model Method (for derivatives and SFTs)----
3Simple Approach for credit risk mitigation (for SFTs)--
4Comprehensive Approach for credit risk mitigation
(for SFTs)
3,567924
5Value-at-risk (VaR) for SFTs--
6Total8,645
As at 30 September 2025
1SA-CCR (for derivatives)5,03515,4461.428,5917,904
2Internal Model Method (for derivatives and SFTs)----
3Simple Approach for credit risk mitigation (for SFTs)--
4Comprehensive Approach for credit risk mitigation
(for SFTs)
4,052923
5Value-at-risk (VaR) for SFTs--
6Total8,827

36WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
COUNTERPARTY CREDIT RISK
CCR4: IRB - CCR exposures by portfolio and PD scale
CCR4: IRB - CCR exposures by portfolio and PD scale
The following table provides information on counterparty credit risk subject to the IRB approach by asset classes and
PD scale.
A-IRB
Asset classesPD scale
EAD
post-CRM
($m)
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)
RWA
($m)
RWA density
(%)
a
As at 31 March 2026
Corporate
0.00 to <0.152,7410.06%43149%3.451719%
0.15 to <0.258580.18%20147%2.040547%
0.25 to <0.505600.37%43942%1.636565%
0.50 to <0.75-------
0.75 to <2.501981.49%21239%1.4201102%
2.50 to <10.00324.78%20350%1.248149%
10.00 to <100.00516.37%2742%1.012250%
100.00 (Default)-100.00%450%1.01688%
Total Corporate4,3940.25%1,51748%1.81,54935%
Total subject to A-IRB approach4,3940.25%1,51748%1.81,54935%
As at 30 September 2025
Corporate
0.00 to <0.152,2740.06%37548%1.846921%
0.15 to <0.251,1260.18%19544%2.854248%
0.25 to <0.509700.35%38950%2.061964%
0.50 to <0.75-------
0.75 to <2.502471.36%22643%1.222190%
2.50 to <10.00794.78%24750%1.1123155%
10.00 to <100.00923.47%3053%1.025288%
100.00 (Default)-100.00%650%1.31688%
Total Corporate4,7050.34%1,46847%2.02,00043%
Total subject to A-IRB approach4,7050.34%1,46847%2.02,00043%
a.RWA density is calculated based on unrounded numbers.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
37
CCR4: IRB - CCR exposures by portfolio and PD scale (Continued)
F-IRB
Asset classesPD scale
EAD
post-CRM
($m)
Average PD
(%)
Number of
borrowers
Average LGD
(%)
Average
maturity
(years)
RWA
($m)
RWA density
(%)
a
As at 31 March 2026
Large
Corporate
0.00 to <0.151,4260.07%6844%2.533724%
0.15 to <0.251,4010.18%12445%2.661144%
0.25 to <0.502300.28%8050%1.511751%
0.50 to <0.75-------
0.75 to <2.501141.17%2766%1.0140123%
2.50 to <10.0024.78%450%1.04158%
10.00 to <100.00324.81%650%1.09283%
100.00 (Default)-------
Total Large Corporate3,1760.20%30946%2.41,21838%
Sovereign
0.00 to <0.153,4270.02%7729%2.11595%
0.15 to <0.25480.17%350%0.41226%
0.25 to <0.5010.47%250%1.0-62%
0.50 to <0.75-------
0.75 to <2.5030.96%150%1.0288%
2.50 to <10.0014.78%250%1.01158%
10.00 to <100.00-------
100.00 (Default)-------
Total Sovereign3,4800.02%8529%2.11745%
Financial
Institutions
0.00 to <0.1520,6710.05%1,71450%1.14,34321%
0.15 to <0.251,1030.17%16551%1.150246%
0.25 to <0.507420.33%16862%0.857077%
0.50 to <0.75-------
0.75 to <2.50210.97%557%1.124115%
2.50 to <10.00134.78%4750%1.025190%
10.00 to <100.00-------
100.00 (Default)-------
Total Financial Institutions22,5500.07%2,09951%1.15,46424%
Total subject to F-IRB approach29,2060.08%2,49348%1.46,85623%
As at 30 September 2025
Large
Corporate
0.00 to <0.151,4920.07%7145%2.536024%
0.15 to <0.251,2280.18%12744%2.954544%
0.25 to <0.503300.29%7550%2.520863%
0.50 to <0.75-------
0.75 to <2.50911.25%3064%1.0112122%
2.50 to <10.00-4.78%250%1.0-158%
10.00 to <100.00516.68%650%1.013247%
100.00 (Default)-------
Total Large Corporate3,1460.20%31146%2.61,23839%
Sovereign
0.00 to <0.153,4650.02%7631%2.01705%
0.15 to <0.25590.17%450%0.21424%
0.25 to <0.50-0.47%250%1.0-62%
0.50 to <0.75-------
0.75 to <2.50-0.96%150%1.0-88%
2.50 to <10.0014.78%250%1.21162%
10.00 to <100.00-------
100.00 (Default)-------
Total Sovereign3,5250.02%8532%2.01855%
Financial
Institutions
0.00 to <0.1519,3310.05%1,76950%1.24,10421%
0.15 to <0.257500.17%19150%1.233445%
0.25 to <0.506660.32%14363%0.850476%
0.50 to <0.75-------
0.75 to <2.50261.26%664%1.040150%
2.50 to <10.00474.78%10750%1.190191%
10.00 to <100.00223.74%550%1.06318%
100.00 (Default)-------
Total Financial Institutions20,8220.08%2,22151%1.25,07824%
Total subject to F-IRB approach27,4930.09%2,61748%1.46,50124%
a.RWA density is calculated based on unrounded numbers.

38WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
COUNTERPARTY CREDIT RISK
CCR5: Composition of collateral for CCR exposures
CCR5: Composition of collateral for CCR exposures
The following table provides an overview of the type of collateral used in derivatives and securities financing
transactions (SFTs).
$m
Collateral used in derivative transactionsCollateral used in SFTs
Fair value of collateral receivedFair value of posted collateral
Fair value of
collateral received
Fair value of
posted collateralSegregatedUnsegregatedSegregatedUnsegregated
As at 31 March 2026
Cash-3,371-8,83624,00229,139
Debt-601,3211,70126,40021,270
Total-3,4311,32110,53750,40250,409
As at 30 September 2025
Cash-2,676-7,57727,69849,626
Debt-41,9442,27146,70626,225
Total-2,6801,9449,84874,40475,851
CCR6: Credit derivatives exposures
CCR6: Credit derivatives exposures
The table below provides information on the extent of Westpac's exposure to credit derivative transactions.
$m
31 March 202630 September 2025
Protection boughtProtection soldProtection boughtProtection sold
Notionals
Single-name credit default swaps----
Index credit default swaps10,8639,42818,07415,627
Total return swaps----
Credit options----
Other credit derivatives----
Total notionals10,8639,42818,07415,627
Fair values
Positive fair value (asset)-135-353
Negative fair value (liability)(156)-(407)-

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
39
CCR8: Exposure to central counterparties
CCR8: Exposure to central counterparties
This table provides an overview of Westpac's exposure to central counterparties.
$m
31 March 202630 September 2025
EAD
(post-CRM)
RWA
EAD
(post-CRM)RWA
1Exposures to qualifying central counterparties
(‘QCCPs’) (total)
211233
2Exposures for trades at QCCPs (excluding initial margin
and default fund contributions); of which
3,743753,65773
3(i) OTC derivatives3,743753,65773
4(ii) Exchange-traded derivatives----
5(iii) Securities financing transactions----
6(iv) Netting sets where cross-product netting has
been approved
----
7Segregated initial margin1,3211,944
8Non-segregated initial margin
a
232712639
9Pre-funded default fund contributions101109110121
10Unfunded default fund contributions----
11Exposures to non-QCCPs (total)--
12Exposures for trades at non-QCCPs (excluding initial
margin and default fund contributions); of which
----
13(i) OTC derivatives----
14(ii) Exchange-traded derivatives----
15(iii) Securities financing transactions----
16(iv) Netting sets where cross-product netting has
been approved
----
17Segregated initial margin--
18Non-segregated initial margin----
19Pre-funded default fund contributions----
20Unfunded default fund contributions----
a.RWA includes amounts related to the segregated initial margin, which Westpac has elected not to apply a zero risk weight.

40WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
SECURITISATION
Securitisation
A securitisation is a financial structure where the cash flow from a pool of assets is used to service obligations to at least two different tranches or classes of creditors (typically
holders of debt securities), with each class or tranche reflecting a different degree of credit risk (i.e. one class of creditors is entitled to receive payments from the pool before
another class of creditors).
Approach
Westpac’s securitisation activities range from a seller of its own assets, to an investor in third-party transactions and includes the arranging of transactions, the provision of
securitisation services and the provision of funding for clients, including clients requiring access to capital markets. Securitisation activities follow Westpac’s credit policies and
approval processes.
The regulatory capital treatment of securitisation exposures is measured in accordance with APS 120 other than the securitisation exposures of an overseas banking subsidiary
that is prudentially regulated by a prescribed authority. Outside of Australia, Westpac has securitisation exposures in Westpac New Zealand Limited. For these exposures,
Westpac calculates risk-weighted assets using the Reserve Bank of New Zealand’s prudential rules. These exposures are separately included in the RBNZ Regulated Entities line
item. Westpac makes deductions from CET1 capital that are required under APS 120. APS 120 also specifies that securitisation exposures held in the trading book
1
are subject to
the requirements of Prudential Standard APS 116 Capital Adequacy: Market Risk.
Under APS 120 the approaches employed include the External Ratings Based Approach (ERBA) which is largely based on external credit ratings and the Supervisory Formula
Approach (SFA) for unrated exposures.
Westpac’s role in the securitisation process
•Securitisation of Westpac originated assets
Securitisation is used by Westpac to manage funding and liquidity and may also be used for capital management. It allows Westpac the ability to use a pool of assets to
increase Westpac's wholesale funding capacity. Westpac may provide arm's length facilities and services to the securitisation vehicles. These typically include the provision of
financing, redraw facilities and derivative contracts.
•Third party securitisation activities
Westpac provides securitisation services, including funding and arranging asset backed bond issues. Westpac also buys and sells securitisation exposure in the secondary
market to facilitate portfolio management activity by its institutional customers who hold asset backed bonds.
1.
Trading book activity represents positions in financial instruments, including derivative products and other off-balance sheet instruments, that are held either with trading intent or to hedge other elements of the
trading book.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
41
SEC1: Securitisation exposures in the banking book
SEC1: Securitisation exposures in the banking book
The table below summarises Westpac's securitisation exposure by activity type.
Bank acts as originatorBank acts as sponsorBanks acts as investor
$mTraditionalSyntheticSub-totalTraditionalSyntheticSub-totalTraditionalSyntheticSub-total
As at 31 March 2026
1Retail (total)132,085-132,085---34,479-34,479
2of which: residential mortgage132,085-132,085---32,785-32,785
3of which: credit card------280-280
4of which: other
retail exposures
------1,414-1,414
5of which: re-securitisation---------
6Wholesale (total)------12,949-12,949
7of which: loans to corporates------190-190
8of which:
commercial mortgage
------1,826-1,826
9of which: lease and receivables------1,491-1,491
10of which: other wholesale------9,442-9,442
11of which: re-securitisation---------
As at 30 September 2025
1Retail (total)130,916-130,916---30,642-30,642
2of which: residential mortgage130,916-130,916---28,966-28,966
3of which: credit card------263-263
4of which: other
retail exposures
------1,413-1,413
5of which: re-securitisation---------
6Wholesale (total)------12,579-12,579
7of which: loans to corporates------310-310
8of which:
commercial mortgage
------1,251-1,251
9of which: lease and receivables------1,524-1,524
10of which: other wholesale------9,494-9,494
11of which: re-securitisation---------

42WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
SECURITISATION
SEC2: Securitisation exposures in the trading book
SEC2: Securitisation exposures in the trading book
The table below discloses our Australian securitisation exposure only as required by APRA.
Bank acts as originatorBank acts as sponsorBanks acts as investor
$mTraditionalSyntheticSub-totalTraditionalSyntheticSub-totalTraditionalSyntheticSub-total
As at 31 March 2026
1Retail (total)------923-923
2of which: residential mortgage------879-879
3of which: credit card---------
4of which: other
retail exposures
------44-44
5of which: re-securitisation---------
6Wholesale (total)------61-61
7of which: to corporates---------
8of which:
commercial mortgage
------16-16
9of which: lease and receivables---------
10of which: other wholesale------45-45
11of which: re-securitisation---------
As at 30 September 2025
1Retail (total)------696-696
2of which: residential mortgage------683-683
3of which: credit card---------
4of which: other
retail exposures
------13-13
5of which: re-securitisation---------
6Wholesale (total)------68-68
7of which: to corporates---------
8of which:
commercial mortgage
------51-51
9of which: lease and receivables------1-1
10of which: other wholesale------16-16
11of which: re-securitisation---------

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
43
SEC3: Securitisation exposures in the banking book and associated regulatory capital requirements – bank acting
as originator or as sponsor
SEC3: Securitisation exposures in the banking book and associated regulatory capital requirements – bank acting as originator or as sponsor
Exposure values (by risk weight bands)
Exposure values (by
regulatory approach)RWA (by regulatory approach)Capital charge after cap
$m≤20%>20% to 50%>50% to 100%>100% to <1250%1250%
a
SEC-ERBASEC-SA
b
1250%
a
SEC-ERBASEC-SA
b
1250%
a
SEC-ERBASEC-SA
b
1250%
a
As at 31 March 2026
1Total exposures----3--3-----3
2Traditional securitisation----3--3-----3
3of which: securitisation----3--3-----3
4of which: retail underlying----3--3-----3
6of which: wholesale--------------
8of which: re-securitisation---------
9Synthetic securitisation--------------
10of which: securitisation--------------
11of which: retail underlying--------------
12of which: wholesale--------------
13of which: re-securitisation---------
As at 30 September 2025
1Total exposures----1--1-----1
2Traditional securitisation----1--1-----1
3of which: securitisation----1--1-----1
4of which: retail underlying----1--1-----1
6of which: wholesale--------------
8of which: re-securitisation---------
9Synthetic securitisation--------------
10of which: securitisation--------------
11of which: retail underlying--------------
12of which: wholesale--------------
13of which: re-securitisation---------
a.1250% risk weight is treated as deductions from CET1.
b.Standardised Approach (SEC-SA) is treated as the Supervisory Formula Approach as set out in APS 120.

44WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
SECURITISATION
SEC4: Securitisation exposures in the banking book and associated capital requirements – bank acting as investor
SEC4: Securitisation exposures in the banking book and associated capital requirements – bank acting as investor
Exposure values (by risk weight bands)
Exposure values (by
regulatory approach)RWA (by regulatory approach)Capital charge after cap
$m≤20%>20% to 50%>50% to 100%>100% to <1250%1250%
a
SEC-ERBASEC-SA
b
1250%
a
SEC-ERBASEC-SA
b
1250%
a
SEC-ERBASEC-SA
b
1250%
a
As at 31 March 2026
1Total exposures43,4553,7082578-19,78227,646-4,1074,690-329375-
2Traditional securitisation43,4553,7082578-19,78227,646-4,1074,690-329375-
3of which: securitisation43,4553,7082578-19,78227,646-4,1074,690-329375-
4of which: retail underlying33,900500718-15,20419,275-3,0833,022-247242-
6of which: wholesale9,5553,208186--4,5788,371-1,0241,668-82133-
8of which: re-securitisation---------
9Synthetic securitisation--------------
10of which: securitisation--------------
11of which: retail underlying--------------
12of which: wholesale--------------
13of which: re-securitisation---------
As at 30 September 2025
1Total exposures34,8448,0283427-16,75026,471-3,5324,914-282393-
2Traditional securitisation34,8448,0283427-16,75026,471-3,5324,914-282393-
3of which: securitisation34,8448,0283427-16,75026,471-3,5324,914-282393-
4of which: retail underlying27,1203,3921237-12,95717,685-2,6563,014-212241-
6of which: wholesale7,7244,636219--3,7938,786-8761,900-70152-
8of which: re-securitisation---------
9Synthetic securitisation--------------
10of which: securitisation--------------
11of which: retail underlying--------------
12of which: wholesale--------------
13of which: re-securitisation---------
a.1250% risk weight is treated as deductions from CET1.
b.Standardised Approach (SEC-SA) is treated as the Supervisory Formula Approach as set out in APS 120.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
45
OTHER RISKS
MARKET RISK
INTEREST RATE RISK IN THE BANKING BOOK (IRRBB)
LEVERAGE RATIO
LR1: Summary comparison of accounting assets vs leverage ratio exposure measure
LR2: Leverage ratio common disclosure template
MACRO-PRUDENTIAL SUPERVISORY MEASURES
CCYB1: Geographical distribution of credit exposures used in the calculation of the bank-specific countercyclical capital
buffer requirement
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ1: Liquidity Coverage Ratio
LIQ2: Net Stable Funding Ratio

46WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
MARKET RISK
Market Risk
Traded Market Risk
Market risk is the risk of financial loss arising from movements in market prices, including interest rates, foreign
exchange rates, credit spreads, commodity prices, volatility, and derivative valuation adjustments.
Approach
Westpac’s exposure to traded market risk arises from Financial Markets and Treasury trading activities. Financial
Markets provides products and services such as market making and distribution of capital markets products, resulting
in exposure to interest rate, foreign exchange, commodity, credit spread, volatility risk, and derivative valuation
adjustments. Treasury manages interest rate, foreign exchange, and credit spread risks associated with the wholesale
funding book, liquid asset holdings, and foreign exchange repatriations, as well as interest rate risk in the banking book
which is discussed in the IRRBB section.
Market risk is managed within a Board Risk Committee-approved framework, supported by policies that set Value-
at-Risk (VaR) and Stressed Value-at-Risk (SVaR) limits. Exposures are measured using VaR, SVaR, structural limits,
scenario analysis, and stress testing. Limits are calibrated to reflect risk appetite, business strategy, market liquidity,
and concentration risk.
Trades are fair valued daily using independent market data approved by the Revaluation Committee. Where
independent rates are unavailable, approved methodologies or external dealer sources are used, with rates
reviewed monthly. Valuation adjustments may be made for exposures not captured through the fair valuation
framework, in accordance with prudential valuation practices documented in the Model Risk policy and subject to
independent validation.
Daily monitoring of exposures and limit utilisation is conducted independently by the Market Risk team, which monitors
market risk exposures against VaR, SVaR, and structural limits. Daily position reports are produced by risk type, product
line, and geographic region, supplemented by structural risk reporting, profit and loss trigger levels, and stress test
escalation points.
Regulatory capital for market risk is determined using both internal model and standardised approaches, in accordance
with APRA and Basel standards. Specific risk capital is calculated using the Standard method and added to the VaR
measure, with an industry-wide capital overlay applied as required by APRA.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
47
Market risk regulatory capital and risk weighted assets
The table below details the capital and associated RWA by approach. The Internal model approach uses VaR and SVaR,
while the Standard approach is used for interest rate specific risk.
Capital requiredRisk weighted assets
$m31 March 202630 September 202531 March 2025
31 March 202630 September 202531 March 2025
Internal model approach7077045818,8368,7957,264
Standard approach13386971,6681,0781,214
Total84079067810,5049,8738,478
VaR by risk type
For the 6 months ended
$mHighLowAveragePeriod end
31 March 2026
Interest rate risk18.88.311.813.4
Foreign exchange risk6.80.93.02.3
Equity risk----
Commodity risk4.20.20.60.7
Other market risks7.53.35.27.5
Diversification benefitn/an/a(8.4)(8.3)
Net market risk
a
18.38.412.215.6
30 September 2025
Interest rate risk16.26.59.69.3
Foreign exchange risk4.41.22.22.1
Equity risk----
Commodity risk0.80.30.40.4
Other market risks7.44.35.54.4
Diversification benefitn/an/a(7.2)(5.9)
Net market risk
a
16.17.210.510.3
31 March 2025
Interest rate risk16.74.37.79.9
Foreign exchange risk4.01.12.12.4
Equity risk----
Commodity risk1.20.40.71.0
Other market risks4.82.33.24.7
Diversification benefitn/an/a(4.9)(7.8)
Net market risk
a
17.96.68.810.2
a.VaR and SVaR measures shown here use a 1 day time horizon. The net market risk measure reflects the aggregate diversified risk position for
the period. Therefore, individual risk factors will not sum to this total.

48WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
MARKET RISK
SVaR by risk type
For the 6 months ended
$mHighLowAveragePeriod end
31 March 2026
Interest rate risk95.839.358.956.0
Foreign exchange risk26.72.16.34.3
Equity risk----
Commodity risk8.30.72.31.5
Other market risks14.48.210.413.9
Diversification benefitn/an/a(16.1)(21.8)
Net market risk
a
94.042.361.853.9
30 September 2025
Interest rate risk95.142.470.363.0
Foreign exchange risk11.41.23.73.3
Equity risk----
Commodity risk3.40.40.80.6
Other market risks13.88.111.09.0
Diversification benefitn/an/a(20.5)(7.0)
Net market risk
a
92.040.965.368.9
31 March 2025
Interest rate risk72.935.154.052.8
Foreign exchange risk8.31.94.33.2
Equity risk----
Commodity risk4.20.61.32.7
Other market risks21.610.713.511.6
Diversification benefitn/an/a(20.0)(13.2)
Net market risk
a
73.738.053.157.1
a.The net market risk measure reflects the aggregate diversified risk position for the period. Therefore, individual risk factors will not sum to
this total.
Back-testing results
The following graph gives a comparison of actual profit and loss to VaR over the 6 months ended 31 March 2026.
(20)
(15)
(10)
(5)
-
5
10
15
20
- 10 20
Actual Profit
and Loss ($m)
Daily Value at Risk ($m)
Traded Risk: Actual Profit and Loss vs. VaR
01-Oct-2025 to 31-Mar-2026
Each point on the graph represents 1 day’s trading profit or loss. This result is placed on the graph relative to the
associated VaR utilisation. The downward sloping line represents the point where a loss is equal to VaR utilisation.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
49
INTEREST RATE RISK IN THE BANKING BOOK (IRRBB)
Interest Rate Risk in the Banking Book (IRRBB)
Interest rate risk is the Group’s exposure to movements in interest rates. IRRBB arises from changes in market interest
rates that impact the Group’s earnings (net interest income (NII)) or the economic value of balance sheet categories.
The Group manages interest rate risk to achieve appropriate earnings stability over time. The activities that give
rise to this risk include customer lending and deposit taking, balance sheet funding and liquidity management and
capital management.
Approach
IRRBB is managed and governed under the Group’s Market Risk Management Framework which is approved by the
BRiskC. This framework is supported by a comprehensive IRRBB measurement system for the quantification of these
risks and the potential impact from changes in market interest rates. It includes independent Risk oversight in line with
the Group’s Three Lines of Defence framework including independent validation of IRRBB models.
IRRBB RWA increased by $9.8 billion over the period due to a larger embedded loss component from higher long-term
interest rates and additional capital required for increased core deposit hedging partly offset by reductions resulting
from the revised APS 117 standard changes.
Regulatory RWA ($m)31 March 202630 September 2025% Mov't
Interest rate risk in the banking book47,08837,29026
The table below shows the average and longest repricing maturity years assigned to core deposits
1
.
As at 31 March 2026
Average repricing maturity assigned to core deposits2.5 years
Longest repricing maturity assigned to core deposits5 years
IRRBB1: Quantitative information on IRRBB
2
The table below provides information about changes in the Group's economic value of equity and net interest income
under six standardised interest rate shock scenarios as prescribed by the Basel Committee on Banking Supervision. A
simple sum across all currencies is used to aggregate exposures for this disclosure.
31 March 2026
AUD $m∆EVE∆NII
Parallel up(2,707)562
Parallel down2,944(1,186)
Steepener652
Flattener(1,239)
Short rate up(2,165)
Short rate down2,307
Maximum(2,707)(1,186)
31 March 2026
Tier 1 capital65,458
The ∆EVE outcomes reflect a 12-month earnings offset against the Group's 3-year capital hedge, consistent with APRA's
IRRBB management framework per the APS 117 Prudential Standard.
The table below shows the impact of interest rate shock scenarios by currency on the Group's economic value of equity.
31 March 2026
∆EVE ($m)AUDNZDUSDOther
Parallel up(2,963)269(2)(11)
Parallel down3,237(303)(1)11
1.As defined under Attachment A of APS 117.
2.On transition to the revised APS 117 standard, APRA permits ADIs to omit comparatives where new disclosures are reported for the first time.

50WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
LEVERAGE RATIO
LR1: Summary comparison of accounting assets vs leverage ratio
exposure measure
Leverage RatioLR1: Summary comparison of accounting assets vs leverage ratio exposure measure
This table presents an overview of adjustments against Westpac’s published total assets for leverage ratio
calculation purposes.
$m31 March 202630 September 2025
1Total consolidated assets as per published financial statements1,172,5831,125,356
2Adjustment for investments in banking, financial, insurance or commercial entities that are
consolidated for accounting purposes but outside the scope of regulatory consolidation
(435)(392)
3Adjustment for securitised exposures that meet the operational requirements for the recognition of
risk transference
--
4Adjustments for temporary exemption of central bank reserves (if applicable)--
5Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative
accounting framework but excluded from the leverage ratio exposure measure
--
6Adjustments for regular-way purchases and sales of financial assets subject to trade
date accounting
--
7Adjustments for eligible cash pooling transactions30,23926,784
8Adjustments for derivative financial instruments9,67916,316
9Adjustment for securities financing transactions
(ie repurchase agreements and similar secured lending)
1,25216,763
10Adjustment for off-balance sheet items
(ie conversion to credit equivalent amounts of off-balance sheet exposures)
116,244113,016
11Adjustments for prudent valuation adjustments and specific and general provisions which have
reduced Tier 1 capital
--
12Other adjustments(15,373)(15,636)
13Leverage ratio exposure measure1,314,1891,282,207
LR2: Leverage ratio common disclosure template
LR2: Leverage ratio common disclosure template
The table below provides a detailed breakdown of the components of the leverage ratio denominator, as well as
information on the leverage ratio, minimum requirements and buffers.
$m31 March 202631 December 202530 September 2025
On-balance sheet exposures
1On-balance sheet exposures (excluding derivatives and securities financing
transactions (SFTs), but including collateral)
1,149,8021,125,6721,104,980
2Gross-up for derivatives collateral provided where deducted from balance
sheet assets pursuant to the operative accounting framework
4,6184,3153,715
3(Deductions of receivable assets for cash variation margin provided in
derivatives transactions)
(3,916)(4,798)(3,776)
4(Adjustment for securities received under securities financing transactions that
are recognised as an asset)
---
5(Specific and general provisions associated with on-balance sheet exposures
that are deducted from Tier 1 capital)
---
6(Asset amounts deducted in determining Tier 1 capital and
regulatory adjustments)
(15,373)(15,334)(15,636)
7Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of
rows 1 to 6)
1,135,1311,109,8551,089,283
Derivative exposures
8Replacement cost associated with all derivatives transactions (where
applicable net of eligible cash variation margin, with bilateral netting and/or
the specific treatment for client cleared derivatives)
9,7826,4437,131
9Add-on amounts for potential future exposure associated with all
derivatives transactions
28,26228,44827,710
10(Exempted central counterparty (CCP) leg of client-cleared trade exposures)---
11Adjusted effective notional amount of written credit derivatives1,6582,3545,726
12(Adjusted effective notional offsets and add-on deductions for written
credit derivatives)
(1,614)(2,354)(5,726)
13Total derivative exposures (sum of rows 8 to 12)38,08834,89134,841
Securities financing transaction exposures
14Gross SFT assets (with no recognition of netting), after adjustment for sale
accounting transactions
24,84526,30842,073
15(Netted amounts of cash payables and cash receivables of gross SFT assets)(2,857)(2,127)-
16Counterparty credit risk exposure for SFT assets2,7382,7482,994
17Agent transaction exposures---
18Total securities financing transaction exposures (sum of rows 14 to 17)24,72626,92945,067

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
51
LR2: Leverage ratio common disclosure template (Continued)
$m31 March 202631 December 202530 September 2025
Other off-balance sheet exposures
19Off-balance sheet exposure at gross notional amount232,480230,692227,441
20(Adjustments for conversion to credit equivalent amounts)(116,236)(116,254)(114,425)
21(Specific and general provisions associated with off-balance sheet exposures
deducted in determining Tier 1 capital)
---
22Off-balance sheet items (sum of rows 19 to 21)116,244114,438113,016
Capital and total exposures
23Tier 1 capital65,45864,25664,978
24Total exposures (sum of rows 7, 13, 18 and 22)1,314,1891,286,1131,282,207
Leverage ratio
25Leverage ratio (including the impact of any applicable temporary exemption of
central bank reserves)
4.98%5.00%5.07%
25aLeverage ratio (excluding the impact of any applicable temporary exemption of
central bank reserves)
4.98%5.00%5.07%
26National minimum leverage ratio requirement3.50%3.50%3.50%
27Applicable leverage buffers---
Disclosure of mean values
28Mean value of gross SFT assets, after adjustment for sale accounting
transactions and netted of amounts of associated cash payables and
cash receivables
21,98824,18142,073
29Quarter-end value of gross SFT assets, after adjustment for sale accounting
transactions and netted of amounts of associated cash payables and
cash receivables
23,47421,58747,266
30Total exposures (including the impact of any applicable temporary exemption
of central bank reserves) incorporating mean values from row 28 of gross
SFT assets (after adjustment for sale accounting transactions and netted of
amounts of associated cash payables and cash receivables)
1,314,1891,286,1131,282,207
30aTotal exposures (excluding the impact of any applicable temporary exemption
of central bank reserves) incorporating mean values from row 28 of gross
SFT assets (after adjustment for sale accounting transactions and netted of
amounts of associated cash payables and cash receivables)
1,314,1891,286,1131,282,207
31Basel III leverage ratio (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values from row 28
of gross SFT assets (after adjustment for sale accounting transactions and
netted of amounts of associated cash payables and cash receivables)
4.98%5.00%5.07%
31aBasel III leverage ratio (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values from row 28
of gross SFT assets (after adjustment for sale accounting transactions and
netted of amounts of associated cash payables and cash receivables)
4.98%5.00%5.07%

52WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
MACRO-PRUDENTIAL SUPERVISORY MEASURES
CCYB1: Geographical distribution of credit exposures used in the calculation
of the bank-specific countercyclical capital buffer requirement
Macro-prudential Supervisory MeasuresCCYB1: Geographical distribution of credit exposures used in the calculation of the bank-specific countercyclical capital
buffer requirement
This table sets out the ADI specific countercyclical capital buffer. The countercyclical capital buffer is an additional
amount of capital that APRA can require banks to hold or release at certain points in the economic and financial cycle.
As part of the capital framework, APRA has set a 1.0% default countercyclical capital buffer for Australian exposures.
The following table provides a geographic breakdown of RWA associated with private sector credit exposures that are
used to calculate the countercyclical capital buffer requirement.
Geographical breakdown
Countercyclical
capital buffer rate
RWA used in the
computation of
the countercyclical
capital buffer ($m)
Bank-specific
countercyclical
capital buffer rate
Countercyclical
capital buffer
amount ($m)
As at 31 March 2026
Australia1.00%290,0800.83%
United Kingdom2.00%1,9410.01%
France1.00%5870.00%
Netherlands2.00%3580.00%
Ireland1.50%3030.00%
Germany0.75%2170.00%
South Korea1.00%1960.00%
United Arab Emirates0.50%1690.00%
Hong Kong SAR0.50%1410.00%
Luxembourg0.50%850.00%
Belgium1.00%670.00%
Sweden2.00%440.00%
Spain0.50%320.00%
Denmark2.50%280.00%
Norway2.50%130.00%
Portugal0.75%30.00%
Othern/a56,6920.00%
Total, where countercyclical capital buffer rate applies294,2640.84%
Total of geographical breakdowns350,9560.84%3,873
Geographical breakdown
Countercyclical
capital buffer rate
RWA used in the
computation of
the countercyclical
capital buffer ($m)
Bank-specific
countercyclical
capital buffer rate
Countercyclical
capital buffer
amount ($m)
As at 30 September 2025
Australia1.00%286,6520.83%
United Kingdom2.00%1,6250.01%
France1.00%5140.00%
Netherlands2.00%3490.00%
South Korea1.00%3170.00%
Hong Kong SAR0.50%1440.00%
Ireland1.50%1390.00%
Germany0.75%1150.00%
Luxembourg0.50%980.00%
Belgium1.00%610.00%
Denmark2.50%450.00%
Sweden2.00%270.00%
Norway2.50%40.00%
Othern/a56,6130.00%
Total, where countercyclical capital buffer rate applies290,0900.84%
Total of geographical breakdowns346,7030.84%3,792

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
53
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ1: Liquidity Coverage Ratio
Funding and Liquidity Risk ManagementLIQ1: Liquidity Coverage Ratio
The Liquidity Coverage Ratio (LCR) measures a bank’s ability to meet its liquidity needs under an acute liquidity stress
scenario (prescribed by APRA), measured over a 30-day time frame. LCR is calculated as high-quality liquid assets
(HQLA) as a percentage of net cash outflows (NCO).
Average LCR is calculated as a simple average of the daily observations over the quarter. The number of data points
used is reported in the table.
Westpac’s average LCR for the quarter was 132% (31 December 2025: 133%) and continues to be above the regulatory
minimum of 100% in line with the Group’s liquidity risk tolerance.
The decrease in average LCR for the quarter ended 31 March 2026 reflects higher average NCOs, driven by higher
average net wholesale funding maturities. This was partly offset by an increase in average liquid assets driven by an
increase in RBNZ-eligible securities.
HQLA averaged $178.0 billion over the quarter (31 December 2025: $177.9 billion), comprising of cash and balances
with central banks, Australian government and semi-government bonds. Westpac also holds other liquid assets, mainly
qualifying RBNZ securities.
Funding is sourced from retail, small business, corporate and institutional customer deposits and wholesale funding.
Westpac seeks to minimise the outflows associated with this funding by targeting customer deposits with lower LCR
outflow rates and actively manages the maturity profile of its wholesale funding portfolio.
31 March 202631 December 2025
$m
Total unweighted
value (average)
Total weighted
value (average)
Total unweighted
value (average)
Total weighted
value (average)
Liquid assets, of which:
1High-quality liquid assets (HQLA)177,953177,869
Alternative Liquid Assets (ALA)--
Reserve Bank of New Zealand (RBNZ) securities5,1903,626
Cash outflows
2Retail deposits and deposits from small business customers,
of which:
404,39933,799397,24533,399
3Stable deposits209,22510,461196,2849,814
4Less stable deposits195,17423,338200,96123,585
5Unsecured wholesale funding, of which:177,80877,392176,60576,519
6Operational deposits (all counterparties) and deposits in
networks of cooperative banks
80,52020,05179,83119,881
7Non-operational deposits (all counterparties)86,95647,00988,24248,106
8Unsecured debt10,33210,3328,5328,532
9Secured wholesale funding532229
10Additional requirements, of which:207,77637,935204,70734,835
11Outflows related to derivative exposures and other
collateral requirements
18,53617,78116,36915,560
12Outflows related to loss of funding on debt products1,4531,453412412
13Credit and liquidity facilities187,78718,701187,92618,863
14Other contractual funding obligations10,0177,01611,9248,105
15Other contingent funding obligations69,5075,41567,2955,251
16Total Cash Outflows162,089158,338
Cash inflows
17Secured lending (e.g. reverse repos)18,004-15,760-
18Inflows from fully performing exposures8,8404,6149,5975,131
19Other cash inflows18,99218,99216,40516,405
20Total Cash Inflows45,83623,60641,76221,536
Total
adjusted value
Total
adjusted value
21Total HQLA183,143181,495
22Total net cash outflows138,483136,802
23Liquidity Coverage Ratio (%)132%133%
Number of data points used6464

54WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ2: Net Stable Funding Ratio
LIQ2: Net Stable Funding Ratio
The objective of the NSFR is to reduce the funding risk of an ADI over a one-year time horizon by requiring an ADI to
fund its activities with sufficiently stable source of funding in order to mitigate the risk of future funding stress.
Westpac’s NSFR for the quarter remained unchanged at 112%
1
(31 December 2025: 112%) and continues to be above the
regulatory minimum of 100%. The NSFR for the quarter reflects an increase in ASF of $9.7 billion driven by growth in
customer deposits and wholesale funding, offset by an increase in RSF of $6.8 billion driven by higher lending.
Unweighted value by residual maturity
$mNo maturity< 6 months
6 months to <
1 year≥ 1 year
Weighted value
As at 31 March 2026
Available stable funding (ASF) item
1Capital:72,346--38,670111,016
2Regulatory capital
72,346--37,669110,015
3Other capital instruments---1,0011,001
4Retail deposits and deposits from small
business customers:
393,63091,713629360449,611
5Stable deposits
207,74637,18811474232,870
6Less stable deposits185,88454,525515286216,741
7Wholesale funding:145,335201,50161,345110,668242,009
8Operational deposits
80,049---40,024
9Other wholesale funding65,286201,50161,345110,668201,985
10Liabilities with matching interdependent assets-----
11Other liabilities:-28,391-314315
12NSFR derivative liabilities
9,143--
13All other liabilities and equity not included in the
above categories
-19,248-314315
14Total ASF802,951
Required stable funding (RSF) item
15Total NSFR high-quality liquid assets (HQLA)5,918
15bAlternative Liquid Assets (ALA)-
15cReserve Bank of New Zealand (RBNZ) securities532
16Deposits held at other financial institutions for
operational purposes
-----
17Performing loans and securities:3,05168,73149,621796,372658,460
18Performing loans to financial institutions secured by
Level 1 HQLA
3,00918,340469-5,077
19Performing loans to financial institutions secured by
non-Level 1 HQLA and unsecured performing loans to
financial institutions
425,9636,67730,87335,148
20Performing loans to non-financial corporate clients,
loans to retail and small business customers, and
loans to sovereigns, central banks and public sectors
entities (PSEs)
-35,31732,690196,779200,271
21of which: with a risk weight of less than or equal to 35%
under APS 112
-1,1359534,3983,903
22Performing residential mortgages-6,0626,205553,971402,110
23of which: are standard loans to individuals with a LVR of
80% or below
---391,136254,238
24Securities that are not in default and do not qualify as
HQLA, including exchange-traded equities
-3,0493,58014,74915,854
25Assets with matching interdependent liabilities-----
26Other assets:8,2736,36529449,01839,412
27Physical traded commodities, including gold
246241
28Assets posted as initial margin for derivative
contracts and contributions to default funds of
central counterparties
--2,9772,531
29NSFR derivative assets--6,887-
30NSFR derivative liabilities before deduction of variation
margin posted
--14,0982,820
31All other assets not included in the above categories8,0276,36529425,05633,820
32Off-balance sheet items214,178--10,669
33Total RSF714,991
34Net Stable Funding Ratio (%)112%
1.Calculated as total ASF divided by total RSF as at end of the quarter.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
55
LIQ2: Net Stable Funding Ratio (Continued)
Unweighted value by residual maturity
$mNo maturity< 6 months
6 months to <
1 year≥ 1 year
Weighted value
As at 31 December 2025
Available stable funding (ASF) item
1Capital:71,059--37,589108,647
2Regulatory capital
71,059--36,554107,612
3Other capital instruments---1,0351,035
4Retail deposits and deposits from small
business customers:
390,74592,593650368446,875
5Stable deposits
195,75230,33924214,793
6Less stable deposits194,99362,254648364232,082
7Wholesale funding:143,119193,81756,485111,166237,361
8Operational deposits
78,759---39,379
9Other wholesale funding64,360193,81756,485111,166197,982
10Liabilities with matching interdependent assets-----
11Other liabilities:-22,046-331332
12NSFR derivative liabilities
8,972--
13All other liabilities and equity not included in the
above categories
-13,074-331332
14Total ASF793,215
Required stable funding (RSF) item
15Total NSFR high-quality liquid assets (HQLA)6,262
15bAlternative Liquid Assets (ALA)-
15cReserve Bank of New Zealand (RBNZ) securities265
16Deposits held at other financial institutions for
operational purposes
-----
17Performing loans and securities:2,49261,09756,170786,865652,262
18Performing loans to financial institutions secured by
Level 1 HQLA
2,44017,789912-4,675
19Performing loans to financial institutions secured by
non-Level 1 HQLA and unsecured performing loans to
financial institutions
522,23410,28729,66235,192
20Performing loans to non-financial corporate clients,
loans to retail and small business customers, and
loans to sovereigns, central banks and public sectors
entities (PSEs)
-30,73735,849194,544197,734
21of which: with a risk weight of less than or equal to 35%
under APS 112
-9931,0093,7543,442
22Performing residential mortgages-6,1846,173545,889396,818
23of which: are standard loans to individuals with a LVR of
80% or below
---381,817248,181
24Securities that are not in default and do not qualify as
HQLA, including exchange-traded equities
-4,1532,94916,77017,843
25Assets with matching interdependent liabilities-----
26Other assets:8,0421,15329045,97538,811
27Physical traded commodities, including gold
--
28Assets posted as initial margin for derivative
contracts and contributions to default funds of
central counterparties
--3,1062,640
29NSFR derivative assets--4,125-
30NSFR derivative liabilities before deduction of variation
margin posted
--14,0952,819
31All other assets not included in the above categories8,0421,15329024,64933,352
32Off-balance sheet items213,840--10,548
33Total RSF708,148
34Net Stable Funding Ratio (%)112%

56WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
OTHER
INFORMATION
PRUDENTIAL DISCLOSURE POLICY
MANAGEMENT'S DECLARATION
APPENDICES
Appendix I – Regulatory capital reconciliation
Appendix II – Level 3 entities’ assets and equity
Appendix III – Regulatory expected loss
GLOSSARY
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
57
PRUDENTIAL DISCLOSURE POLICY
Prudential Disclosure Policy
This report has been prepared in accordance with Westpac's Prudential Disclosure Policy. This policy defines the
framework for the preparation of Pillar 3 disclosures in compliance with APRA’s APS 330 requirements. The policy sets
out the processes that ensure the appropriateness, accuracy, completeness, consistency and comparability of Westpac's
disclosures. It is supported by the Group’s broader risk frameworks, policies, and procedures and has been approved by
Westpac's Board.
Key features of the policy include frameworks over:
•Accountability and process controls;
•The appropriateness of the content contained in the disclosure;
•The accuracy and comparability of the disclosure; and
•The completeness of the disclosure.
Accountability and process controls
A standard owner is appointed for each Prudential Standard, and attestation of compliance against their respective
standards are provided annually as part of the CPS 220 Risk Management due diligence process.
The APS 330 standard owner is responsible for ensuring compliance with APS 330. Standard owners that contribute
qualitative and quantitative information required for the Pillar 3 disclosures provide attestations over the accuracy and
completeness of the information provided, and the effectiveness of the controls related to their information.
The Chief Financial Officer (CFO) is the accountable officer of the Pillar 3 report and authorises its release, under
delegation from the Board. The CFO authorisation is based on the processes that underpin the production of the
disclosures. In addition to analytical reviews performed by the APS 330 standard owner, each contributing standard
owner reviews their respective contribution. Reviews are also performed by senior management, including the CFO, the
Chief Risk Officer (CRO), and the Chief Executive Officer (CEO).
Prior to any release, the APS 330 standard owner reviews the verification report for completeness, and confirms to the
Market Disclosure Officer that the disclosure is suitable for release.
External assurance
Although Pillar 3 report is not required to be audited, Westpac engages the external auditor to perform limited
assurance over the Pillar 3 report in accordance with the Australian Standard on Assurance Engagements ASAE 3000
Assurance Engagements Other than Audits or Reviews of Historical Financial Information and Australian Standard on
Review Engagements ASRE 2405 Review of Historical Financial Information Other than a Financial Report issued by the
Auditing and Assurance Standards Board.
Appropriateness of the content
The content of the disclosure is subject to review at each reporting period by Senior Management to determine
relevance and alignment with the material risks applicable to the business. For risks that are considered material,
management ensures that there are clear and comprehensive disclosures on Westpac's risk management appetite,
strategy, processes and measurement, which are reported in the annual Pillar 3 report.
Accuracy and comparability of disclosure
Prior to the submission of information to APRA, the team generating the information conducts a meeting with the
respective standard owners and the business to assess accuracy and alignment with their understanding of drivers.
In addition to controls over verifications, the APS 330 standard owner (or their delegate) overviews and assesses:
•Comparability across other disclosures such as those contain in Westpac's Financial Reports and submissions to
APRA; and
•The materiality of any matters impacting disclosure brought to their attention and whether adjustments
are required.
Completeness of disclosure
Prior to each reporting period, Westpac completes an assessment of the reporting requirements and updates the report
as required, which is approved by the APS 330 standard owner.

58WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
MANAGEMENT'S DECLARATION
Management's Declaration
I hereby certify that the information set out in the March 2026 Pillar 3 report has been prepared in accordance
with Westpac's disclosure policy and complying with the requirements of the Australian Prudential Standards,
APS 330 Public Disclosure.
Nathan Goonan
Chief Financial Officer
Sydney
4 May 2026

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
59
APPENDICES
Appendix I – Regulatory capital reconciliation
AppendicesAppendix I – Regulatory capital reconciliation
Below are details of the Reconciliation of regulatory capital to balance sheet (CC2) and the Composition of regulatory
capital (CC1).
$m31 March 2026
Capital disclosure
template
reference (CC1)
Table a
Deferred Tax Assets
Total Tax Assets per Level 2 Regulatory Balance Sheet3,022
Less: Current tax assets(70)
Total Deferred Tax Assets per Level 2 Regulatory Balance Sheet2,952
Less: Adjustments required in accordance with APRA prudential standards
a
(71)
Total Deferred Tax Assets after regulatory adjustments2,881Row 26e
Less: Amounts below prescribed threshold - risk weighted(2,881)Row 75
Total per Capital Disclosure Template - Deferred Tax Asset-Row 21 / 25
Table b
Goodwill and other intangible assets
Total Goodwill and Intangibles Assets per Level 2 Regulatory Balance Sheet10,197
Less: Deferred Tax Liability associated with goodwill and other intangible assets
b
(273)
Less: Capitalised Software Disclosed Under Intangibles(2,088)Row 9
Total per Capital Disclosure Template - Goodwill7,836Row 8
Table c
Equity Investments
Equity Investments in non-consolidated subsidiaries72
Total Significant Investment in financial entities72Row 73
Non-significant Investment in financial entities149Row 72
Total Investments in financial institutions221Row 26d
Investment in commercial entities75Row 26g
Total Equity Investments before applying prescribed threshold296
Less: Amounts below prescribed threshold(296)
Total per Capital Disclosure Template - Equity Investments-Row 18 / 19 / 23
Table d
Additional Tier 1 Capital
Total Loan Capital per Level 2 Regulatory Balance Sheet40,218
Less: Tier 2 Capital Instruments Reported Below(31,744)
Add: Capitalised Issue Costs for Additional Tier 1 Capital Instruments
c
33
Add: Fair Value Adjustment
d
47
Total per Capital Disclosure Template - Additional Tier 1 Capital8,554Row 36
Additional Tier 1 Capital included in Regulatory Capital
USD AT1 securities1,822
Westpac Capital Notes 71,723
Westpac Capital Notes 81,750
Westpac Capital Notes 91,509
Westpac Capital Notes 101,750
Total per Capital Disclosure Template - Additional Tier 1 Capital Instruments8,554Row 30
a.Represents deferred tax balances associated with reserves ineligible for inclusion in regulatory capital, goodwill and intangibles.
b.For the purposes of CC1, Goodwill and other intangibles are presented net of tax.
c.Unamortised issue costs relating to capital instruments are netted off against each instrument in the Balance Sheet. For regulatory capital
purposes, these capital instruments are shown gross of unamortised issue costs. The unamortised issue costs are deducted from CET1 as part
of capitalised expenses in Row 26f in CC1.
d.For regulatory capital purposes, APRA requires these instruments to be included as if they were unhedged.

60WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
APPENDICES
Appendix I – Regulatory capital reconciliation (Continued)
$m31 March 2026
Capital disclosure
template
reference (CC1)
Table e
Tier 2 Capital
Total Tier 2 Capital per Level 2 Regulatory Balance Sheet31,744
Add: Capitalised Issue Costs for Tier 2 Capital Instruments
a
47
Add: Fair Value Adjustment
b
1,972
Less: Cumulative amortisation of Tier 2 Capital Instruments
c
(294)
Less: Loan capital not recognised for APRA purposes(954)
Provisions1,035Row 50 / 76 & 78
Total per Capital Disclosure Template - Tier 2 Capital33,550Row 51
Tier 2 Capital included in Regulatory Capital
USD 100 million Westpac Subordinated Notes146
JPY 20,000 million Westpac Subordinated Notes37
JPY 10,200 million Westpac Subordinated Notes19
JPY 10,000 million Westpac Subordinated Notes18
USD 1,500 million Westpac Subordinated Notes2,191
AUD 185 million Westpac Subordinated Notes185
AUD 130 million Westpac Subordinated Notes130
USD 1,000 million Westpac Subordinated Notes1,460
USD 1,250 million Westpac Subordinated Notes1,825
USD 1,000 million Westpac Subordinated Notes1,460
USD 1,500 million Westpac Subordinated Notes2,191
EUR 1,000 million Westpac Subordinated Notes1,675
USD 1,000 million Westpac Subordinated Notes1,460
USD 1,250 million Westpac Subordinated Notes1,825
JPY 26,000 million Westpac Subordinated Notes238
USD 1,000 million Westpac Subordinated Notes1,460
SGD 450 million Westpac Subordinated Notes509
AUD 1,500 million Westpac Subordinated Notes1,500
AUD 300 million Westpac Subordinated Notes300
AUD 1,100 million Westpac Subordinated Notes1,100
AUD 1,500 million Westpac Subordinated Notes1,500
USD 750 million Westpac Subordinated Notes1,095
AUD 650 million Westpac Subordinated Notes650
AUD 600 million Westpac Subordinated Notes600
AUD 500 million Westpac Subordinated Notes500
AUD 1,000 million Westpac Subordinated Notes1,000
USD 1,500 million Westpac Subordinated Notes2,191
AUD 850 million Westpac Subordinated Notes850
AUD 400 million Westpac Subordinated Notes400
AUD 1,500 million Westpac Subordinated Notes1,500
AUD 1,000 million Westpac Subordinated Notes1,000
AUD 1,500 million Westpac Subordinated Notes1,500
Total Tier 2 Capital Instruments32,515Row 46
Provisions1,035Row 50 / 76 & 78
Total per Capital Disclosure Template - Tier 2 Capital33,550Row 51
Table f
Accumulated Other Comprehensive Income (and other reserves)
Total reserves per Level 2 Regulatory Balance Sheet(1,047)
Less: Share Based Payment Reserve not included within capital(39)
Total per Capital Disclosure Template - Accumulated Other Comprehensive Income (and
other reserves)
(1,086)Row 3
Table g
Non-controlling interests
Non-controlling interests per Level 2 Regulatory Balance Sheet310
Less: Ineligible Non-controlling interests(307)
Total per Capital Disclosure Template - Ordinary share capital issued by subsidiaries and held by third
parties (amount allowed in group CET1)
3Row 5
a.Unamortised issue costs relating to capital instruments are netted off against each instrument in the Balance Sheet. For regulatory capital
purposes, these capital instruments are shown gross of unamortised issue costs. The unamortised issue costs are deducted from CET1 as part
of capitalised expenses in Row 26f in CC1.
b.For regulatory capital purposes, APRA requires these instruments to be included as if they were unhedged.
c.APRA requires these instruments to be amortised by 20% of the original amount during each of the last five years to maturity.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
61
Appendix II – Level 3 entities’ assets and equity
Appendix II – Level 3 entities’ assets and equity
The following legal entities are excluded from the regulatory scope of consolidation.
The total assets and equities should not be aggregated, as they are inclusive of inter-company balances between some
of the entities in the table shown below.
31 March 2026Principal activity
Total assets
($m)
Total equity
($m)
Asgard Capital Management LtdFunds administrator5240
BT Funds Management (NZ) LimitedFunds management5340
BT Funds Management LimitedRegistrable Superannuation
Entity Licensee and Trustee
17120
BT Funds Management No. 2 LimitedResponsible Entity1210
BT Portfolio Services LtdFunds administrator13283
GIS Private Nominees Pty LimitedInvestment services1815
HealthPoint Claims Pty. LimitedElectronic health
claims processing
3737
Hyde Potts Insurance Services Pte. LimitedInsurance9881
Pendal Short Term Income FundTrust149-
Red Bird Ventures LimitedVenture capital investments1010
Reinventure Fund, I.L.P.Venture capital investments10891
Reinventure Fund II I.L.P.Venture capital investments9494
Reinventure Fund III I.L.PVenture capital investments4141
Reinventure Special Purpose Investment Unit TrustVenture capital investments4343
Securitor Financial Group Pty LimitedDormant44
Westpac Financial Services LimitedResponsible Entity2617
Westpac New Zealand Staff Superannuation Scheme Trustee LimitedTrustee--
Westpac Securities Administration Pty LimitedDormant--

62WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
APPENDICES
Appendix III – Regulatory expected loss
Appendix III – Regulatory expected loss
Capital deduction for regulatory expected loss
For capital adequacy purposes APRA requires the amount of regulatory expected credit losses in excess of eligible
provisions to be deducted from capital. The following table shows how the deduction is calculated.
31 March30 September31 March
$m202620252025
Provisions associated with eligible portfolios
Total provisions for impairment charges5,1994,9875,072
plus provisions associated with partial write-offs328306297
less ineligible provisions
a
(158)(158)(197)
Total eligible provisions5,3695,1355,172
Regulatory expected downturn loss4,3324,3504,504
Excess/(shortfall) in eligible provisions compared to regulatory expected
downturn loss1,037785668
Common equity Tier 1 capital deduction for regulatory expected downturn loss in
excess of eligible provisions
b
---
a.Provisions associated with portfolios subject to the Basel standardised approach to credit risk are not eligible.
b.Regulatory expected loss is calculated for portfolios subject to the IRB approach to credit risk. The comparison between regulatory expected
loss and eligible provisions is performed separately for defaulted and non-defaulted exposures.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
63
GLOSSARY
Glossary
Capital AdequacyDescription
Common Equity Tier 1
(CET1) Capital
Comprises the highest quality components of capital that consists of paid-up share capital, retained profits and
certain reserves, less certain intangible assets, capitalised expenses and software, and investments and retained
profits in insurance and funds management subsidiaries that are not consolidated for capital adequacy purposes.
Internal Ratings-Based
approach (IRB & A-IRB)
These approaches allow banks to use internal estimates of the risks of their loans as inputs into the determination
of the amount of credit risk capital needed to support the organisation. In the Advanced IRB (A-IRB) approach,
banks must supply their own estimates for all three credit parameters – probability of default, loss given default
and exposure at default.
Leverage ratioThe leverage ratio is defined by APRA as Tier 1 capital divided by the “Exposure measure” and is expressed as a
percentage. “Exposure measure” includes on-balance sheet exposures, derivatives exposures, securities financing
transaction (SFT) exposures, and other off-balance sheet exposures.
Risk weighted
assets (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 (i.e. market, IRRBB and
operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5.
Securities financing
transactions (SFT)
APRA defines SFTs as “transactions such as repurchase agreements, reverse repurchase agreements, and security
lending and borrowing, and margin lending transactions, where the value of the transactions depends on the
market valuation of securities and the transactions are typically subject to margin agreements.”
Tier 1 CapitalThe sum of CET1 and Additional Tier 1 (AT1) Capital. AT1 Capital comprises high quality components of capital
that consists of certain securities not included in CET1, but which include loss absorbing characteristics. AT1
instruments convert into equity and absorb losses when certain triggers are met.
Total CapitalThe sum of Tier 1 Capital and Tier 2 Capital. Tier 2 Capital includes subordinated instruments and other
components of capital that, to varying degrees, do not meet the criteria for Tier 1 Capital, but nonetheless
contribute to the overall strength of an ADI and its capacity to absorb losses when certain triggers are met.
Funding and liquidity
Alternative Liquid
Assets (ALA)
Assets that qualify for inclusion in the numerator of the LCR in jurisdictions where there is insufficient supply
of HQLA.
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%. LCR is calculated as the percentage ratio of stock of HQLA,
and qualifying RBNZ securities over the total net cash out-flows in a modelled 30 day defined stressed scenario.
MaturityThe maturity date used is drawn from the contractual maturity date of the customer loans.
Net cash outflows (NCO)Total expected cash outflows minus total expected cash inflows in the specified LCR stress scenario calculated in
accordance with APRA’s liquidity standard.
Net Stable Funding
Ratio (NSFR)
The NSFR is defined as the ratio of the amount of available stable funding (ASF) to the amount of required stable
funding (RSF) defined by APRA. The amount of ASF is the portion of an ADI’s capital and liabilities expected to be a
reliable source of funds over a one year time horizon. The amount of RSF is a function of the liquidity characteristics
and residual maturities of an ADI’s assets and off-balance sheet activities. ADI’s must maintain an NSFR of at
least 100%.
Credit RiskDescription
Credit conversion
factor (CCF)
Represents the proportion of undrawn limit expected to be drawn down when a facility enters default.
Credit risk weighted assets
(Credit RWA)
Credit risk weighted assets represent risk weighted assets (on-balance sheet and off-balance sheet) that relate to
credit exposures and therefore exclude market risk, operational risk and IRRBB.
CorporateCorporate asset class includes all credit exposures to corporate counterparties and public sector entities, including
Income Producing Real Estate (IPRE) with total consolidated annual revenue less than $750 million.
Financial InstitutionsFinancial Institutions asset class covers exposures to financial institution counterparties. Financial institutions
include, but are not limited to, banks, securities firms, insurance companies and leveraged funds. Credit RWA is
measured under FIRB.
Large CorporateLarge Corporate asset class covers exposures to corporate counterparties with consolidated annual revenue
greater than $750 million. Credit RWA is measured under FIRB.
Other RetailOther Retail asset class covers retail exposures which do not meet the criteria of any other retail asset class.
Qualifying
Revolving Retail
Australian Credit Cards, otherwise known as Qualifying Revolving Retail, covers exposure to individuals and not for
business purposes which are revolving, unsecured and unconditionally cancellable.
RBNZ Regulated EntitiesRBNZ regulated exposures are calculated using RBNZ rules and disclosed separately under a New Zealand class.
Residential MortgagesResidential Mortgages asset class covers exposures, to individuals and not for business purposes, fully or partially
secured by residential property. Non-standard mortgages receive 100% standardised risk weight (rather than the
internally-modelled Retail IRB approach).
SecuritisationExposures relating to Westpac’s involvement in securitisation activities range from a seller of its own assets to an
investor in third party transactions and include the provision of securitisation services for its clients.
SME RetailSME Retail asset class covers exposures where the total exposures are <$1.5m, the customer does not hold a
complex product and consolidated annual revenues are <$75m. Exposures are managed as part of a portfolio.

64WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
GLOSSARY
Credit RiskDescription
SovereignSovereign asset class covers exposures to central and sub-national governments, central banks, and development
banks or institutions eligible for zero risk weights. Credit RWA is measured under FIRB.
Specialised LendingSpecialised Lending asset class covers exposures subject to the supervisory slotting approach and includes Project,
Object and Commodities Finance.
Project Finance is defined as exposures where revenues generated by a single project, are both the primary source
of repayment and security for the loan. Object Finance is defined as lending for the acquisition of equipment where
the repayment of the loan is dependent on the cash flows generated by the specific assets that have been financed
and pledged or assigned to the lender.
Credit valuation
adjustment (CVA) risk
The risk of mark-to-market losses related to deterioration in the credit quality of a derivative counterparty also
referred to as credit valuation adjustment (CVA) risk.
DefaultRefer to non-performing exposures definition.
Expected credit
losses (ECL)
Expected credit losses are a probability-weighted estimate of the cash shortfalls expected to result from defaults
over the relevant time frame. They are determined by evaluating a range of possible outcomes and taking into
account the time value of money, past events, current conditions and forecasts of future economic conditions.
Exposure at default (EAD)EAD is calculated at facility level and includes outstandings as well as the proportion of committed undrawn that is
expected to be drawn in the event of a future default.
IndustryCredit exposures in non-retail asset subclasses are assigned an ANZSIC code based on their primary industry.
ANZSIC codes are then allocated to disclosed industry groups. Credit exposures in retail asset subclasses are
classified as “retail lending”.
Non-performing exposuresNon-performing exposures, are those captured by the regulatory definition of default, contained in APS 220 Credit
Risk Management and the RBNZ's Banking Prudential Requirements for New Zealand regulated exposures. Default
occurs when either one, or both, of the following has happened:
•Westpac considers that the borrower is unlikely to pay its credit obligations to Westpac in full, without recourse
to actions such as realising available security;
•The borrower is 90 days or more past-due on a credit obligation to Westpac.
Off-balance
sheet exposure
Credit exposures arising from facilities that are not recorded on Westpac's balance sheet (under accounting
methodology). Undrawn commitments and the expected future exposure calculated for Westpac's derivative
products are included in off-balance sheet exposure.
On-balance sheet exposureCredit exposures arising from facilities that are recorded on Westpac's balance sheet (under
accounting methodology).
Probability of default (PD)Probability of default is a through-the-cycle assessment of the likelihood of a customer defaulting on its financial
obligations within one year.
SecuritisationDescription
Banking bookThe banking book includes all securities that are not actively traded by Westpac.
SponsorAn ADI would generally be considered a sponsor if it, in fact or substance, manages or advises the securitisation
program, places securities into the market, or provides liquidity and/or credit enhancements.
Synthetic securitisationA securitisation whereby the credit risk, or part of the credit risk, of a pool is transferred to a third party which need
not be an SPV. The transfer of credit risk can be undertaken through the use of funded (e.g. credit linked notes) or
unfunded (e.g. credit default swaps) credit derivatives or guarantees.
Trading bookTrading book activity represents positions in financial instruments, including derivative products and other off-
balance sheet instruments, that are held either with trading intent or to hedge other elements of the trading book.
Market Risk
Value at risk (VaR)VaR is a measure of the potential loss in economic value arising from adverse market movements and is calculated
over a defined time horizon (typically 1-day or 1-year) at a 99% confidence interval using a minimum of one year
of historical data. VaR takes account of all material market variables that may cause a change in the value of the
trading portfolio or the banking book including interest rates, foreign exchange rates, price changes, volatility, and
the correlation among these variables.
Interest rate risk in the
banking book
Interest rate risk in the
banking book (IRRBB)
The risk of loss in earnings or economic value in the banking book as a consequence of movements in interest rates.

OVERVIEWCREDIT RISKOTHER RISKSOTHER INFORMATION
65
OtherDescription
AASBAustralian Accounting Standards Board
ADIAuthorised deposit-taking institutions are corporations that are authorised under the Banking Act 1959 to carry on
banking business in Australia.
A-IRBAdvanced Internal Ratings-Based Approach
APRAAustralian Prudential Regulation Authority
APSAustralian Prudential Standard
ASFAvailable Stable Funding
AT1Additional Tier 1 capital
BCBSBasel Committee on Banking Supervision
bpsBasis points
BRiskCBoard Risk Committee
CCFCredit Conversion Factor
CCPCentral counterparty
CCRCounterparty Credit Risk
CRMCredit Risk Mitigation
DREDerivative Risk Equivalent methodology
D-SIBDomestic Systemically Important Bank
DTADeferred tax assets
ELExpected losses
ELEAn extended licensed entity (ELE) comprises an ADI and any subsidiaries of the ADI that have been approved by
APRA as being part of a single ‘stand-alone’ entity.
EPEExpected Positive Exposure
ERBAExternal Rating Based Approach
EVEEconomic value of equity
F-IRBFoundation Internal Ratings-Based Approach
First Half 2026Six months ended 31 March 2026
G-SIBGlobal Systemically Important Bank
IPREIncome-producing residential real estate
LGDLoss given default
LVRLoan-to-valuation ratio
MSRMortgage servicing rights
OFObject finance
OTCOver-the-counter
PFProject finance
QCCPsQualifying central counterparties
RBNZReserve Bank of New Zealand
RSFRequired Stable Funding
SAStandardised Approach
SA-CCRStandardised Approach for counterparty credit risk
Second Half 2025Six months ended 30 September 2025
SFASupervisory Formula Approach
SMAStandardised Measurement Approach
SMESmall and medium sized enterprise
SVaRStressed Value at Risk
TLACTotal loss-absorbing capacity
WNZLWestpac New Zealand Limited

66WESTPAC GROUP MARCH 2026 PILLAR 3 REPORT
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Disclosure regarding forward-looking statements
The information contained in this report contains statements that constitute “forward-looking statements”.
Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a
number of places in this report and include statements regarding Westpac’s current intent, belief or expectations
with respect to its business and operations, macro and micro economic and market conditions, results of operations
and financial condition and performance, capital adequacy and liquidity and risk management, including, without
limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and
performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments,
targets, projections and metrics, and other estimated and proxy data.
Words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’,
‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target,’ goal’,
‘guidance’, 'objective', ‘ambition’, 'pursue' or other similar words, are used to identify forward-looking statements. These
statements reflect Westpac’s current views on future events and are subject to change, certain known and unknown
risks, uncertainties and assumptions and other factors which are, in many instances, beyond Westpac’s control (and the
control of Westpac’s officers, employees, agents, and advisors), and have been made based on management’s and/or
the Board's current expectations or beliefs concerning future developments and their potential effect upon Westpac.
Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board
in connection with this report. Such statements are subject to the same limitations, uncertainties, assumptions and
disclaimers set out in this report.
There can be no assurance that future developments or performance will align with Westpac’s expectations or that
the effect of future developments on Westpac will be those anticipated. Actual results could differ materially from
those Westpac expects or which are expressed or implied in forward-looking statements, depending on various factors
including, but not limited to, those described in the risk factors in Westpac’s First Half 2026 Risk Factors. When relying
on forward-looking statements to make decisions with respect to Westpac, investors and others relying on information
in this report should carefully consider such factors and other uncertainties and events.
Except as required by law, Westpac assumes no obligation to revise or update any forward-looking statements in this
report, whether from new information, future events, conditions or otherwise, after the date of this report.

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