Overview May 2011 The Westpac Group – at a glance Overview Australia’s second largest bank, and the world’s 18th largest bank, ranked by market capitalisation1 Key financial data for 1H11 (31 March 2011)5 Net profit after tax (reported) $3,961m Strategy focused on markets of Australia, New Zealand and the near Pacific . Broad, multi-brand franchise providing retail, Cash earnings6 $3,168m Cash earnings6 per share 105.6c Tier 1 ratio (Basel II)7 9.5% , business, institutional banking and wealth management services to approximately 12.8m customers . Australian market share of household Return on equity (cash basis) 16.5% Total assets $622bn Market capitalisation1 $73bn deposits 23%2, lending 21%3, and platforms 20%4 . Strong capital, funding, liquidity and 3,000 3,500 4,000 Cash Earnings Reported profit Cash earnings6 and Reported net profit8 ($m) provisioning . Solid earnings profile over time . Leader in sustainability 500 1,000 1,500 2,000 2,500 1 As at 31 March 2011. Source: IRESS, CapitalIQ and www.xe.com. 2 APRA Banking Statistics (March 11). 3 RBA Banking Statistics (March 11). 4 Plan for Life and Morning Star, December 2010 – all master funds. 5 All measured in Australian dollars. 6 Reported results adjusted for material items to ensure they appropriately reflect profits normally available to ordinary shareholders. Refer to The Westpac Group Interim 2011 Results for details on the basis of preparation. 7 Tier 1 based on APRA prudential standards. 8 Net 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 3 profit attributed to owners of Westpac Banking Corporation. The Westpac Group Investor Discussion Pack – May 2011

1H11 financial snapshot Overview 1H11 change1 2H10 - 1H11 change1 1H10 – 1H11 1H11 change1 2H10 - 1H11 change1 1H10 – 1H11 Earnings Balance sheet Cash earnings ($m) 3,168 8% 7% Total assets ($bn) 622 1% 4% EPS2, cash basis (cents) 105.6 8% 6% Tier 1 ratio5 (%) 9.53 44bps 89bps Cash return on equity (%) 16.5 70bps 10bps Common equity ratio5 (%) 7.95 45bps 84bps Dividends per share (cents) 76 3% 17% Risk weighted assets ($bn) 277 (1%) (5%) Dividend payout ratio (%) 72% (350bps) 670bps Loans ($bn) 484 1% 2% E ti ti3 (%) 41 2 120b (110b ) C t d it ($b ) 289 3% 6% Expense to income ratio3% 41.2 120bps (110bps) Customer deposits ($bn) Net interest margin3 (%) 2.21 4bps (5bps) NTA6 per share ($) 9.55 7% 13% Funding and Liquidity Asset quality Impairment charges to Stable Funding Ratio4 (%) 79 (1bp) - average loans (bps) 19 (5bps) (18bps) Customer deposits to net loans ratio (%) 60 1bp 3bps Impaired assets to gross loans (bps) 98 3bps 8bps Weighted avg residual maturity 3.2 (0.3) (0.4) Impairment provisions to 42. 2 150bps (90bps) of long term portfolio (yrs) impaired assets (%) Total liquid assets ($bn) 85 4% 6% Collective provisions to credit RWA (bps) 138 (8bps) (12bps) 1 For profitability metrics the change represents results for 1H11 versus 2H10 and 1H10, the actual results for 2H10 and 1H10 are not represented here. 2 EPS is earnings per share. 3 Cash basis. 4 Stable funding ratio calculated on the basis of customer deposits + wholesale funding with residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 5 Based on APRA methodology. 6 NTA is Net Tangible Assets. The Westpac Group Investor Discussion Pack – May 2011 The Westpac Group 1H11 summary Overview Leading metrics of peer banks. Cost to income ratio lowest in sector at 41.2%. Common equity ratio 8.0% at higher end of 1H11 building momentum. Good quality result, with all divisions delivering Core and 2H10 Financials peers. High quality book with low level of impaired assets and provisioning coverage at upper end of peers. No legacy high risk securities portfolios Cash earnings growth on. Strong progress on strategic agenda, including our Strategic Investment Priorities (SIPs) and productivity. Multi-brands a key point of differentiation, giving access to a broader customer base and more growth options. Dividend yield1 6.25%. Westpac RBB No. 1 Business NPS of majors and increased lead over peers. Westpac Institutional Bank leading debt. Strong and well positioned balance sheet. All divisions on sound footing with growing confidence markets, foreign exchange and transactional banking positions. St.George Consumer and Business NPS lead the majors. BTFG No. 1 Platform in the market; strong General Insurance cross sell Considerations for 2H11. System growth modestly improving, with the Group focused on improving share in target segments and continuing to. Westpac NZ at forefront of retail innovation through internationally leading ATM technology. Leader in sustainability ranked 18th in the grow wealth share. Full period impact of prior pricing changes (mortgages and deposits) to flow through to margins, offsetting rising funding costs. SIPs expenses and industry compliance costs Sustainability Global 100 most sustainable corporations3 People Leader Index score of 81, at the Global High Performing Norm4 rising, although partly offset by ongoing productivity improvements. Asset quality continuing to improve 1 Based on 31 March 2011 Westpac closing share price. 2 Refer to Business unit section for source information. 3 World Economic Forum 2011. 4 Global High Performing Norm. The Westpac Group Investor Discussion Pack – May 2011 5 reflects highest performing companies globally in Towers Watson engagement survey catchment. These companies are judged high performing' based on their employee survey scores and their overall financial performance.

Sound growth in 1H11 cash earnings Overview Cash earnings up 8% to $3,168m on 2H10 (up 7% on 1H10). Revenue trend improving, expenses well managed and a further fall in impairments. Core earnings up 4% on 2H10 (down 3% on 1H10) Cash earnings 1H10 – 1H11 ($m) 114 (73). Net interest income up 2% on 2H10 (down 1% on 1H10). Subdued volume growth, higher margins from re-pricing of mortgages and business offsetting higher retail and wholesale funding costs. Non-interest income up 2% on 2H10 (down 2% on 1H10). Higher fees and wealth income offset lower Markets and Treasury income 2,949 (135) 302 11 2,930 3,168 104 60 33. Expenses down 1% on 2H10 (up 2% on 1H10) - Productivity initiatives ($110m) - Offset further investment in the front line, with an additional 4 branches and 51 ATMs (101) (96). Impairment charges 20% lower than 2H10 (47% lower than 1H10) following improving asset quality - Individually assessed provision1 (IAP) charges down $107m - Collectively assessed provision (CAP) charges down $7m, impacted by reduction in economic overlay2 of $106m, Down 1% Up 8% overlay 106m, movement of CAP charges to IAP, and companies moving back to full health. Reported net profit after tax up 14% to $3,961m3 on 2H10 (up 38% on 1H10) St. George merger related cash earnings adjustments up 1H10 Tax & NCI 2H10 rest income rest income Expenses ent charges Tax & NCI 1H11 - adjustments up $442m, primarily due to tax consolidation adjustment - Other Cash earnings adjustments up $190m, including fair value adjustment on economic hedges 1 Net of write backs and recoveries 2 Total economic overlay now $347m. 3 Refer slide 109 for details of cash earnings adjustments. Net inter Non-inter Impairme Net inter Non-inter Impairme 6 recoveries. The Westpac Group Investor Discussion Pack – May 2011 All divisions delivering an improved contribution Overview 3,168 60 13 15 1 96 Business unit contributions to Cash earnings movement half on half1 ($m) 2,949 2,930 10 (100) 97 (7) 58 (77) 53 Down 1% Up 8% 1H10 WRBB WIB SGB BTFG NZ Other 2H10 WRBB WIB SGB BTFG NZ Other 1H11 2 2 1H11 Cash earnings (A$m) WRBB WIB SGB BTFG NZ Other2 Group Operating income 3,139 1,567 1,657 889 622 627 8,501 Expenses (1,526) (510) (649) (440) (292) (84) (3,501) Core earnings 1,613 1,057 1,008 449 330 543 5,000 Impairment charges (275) 21 (176) (4) (105) 76 (463) Tax and non-controlling interests ( 402) ( 311) ( 250) ( 136) ( 66) ( 204) ( 1,369) Cash earnings 936 767 582 309 159 415 3,168 Contribution to Group Cash earnings 30% 24% 18% 10% 5% 13% 100% 1 Refer to business unit definitions, slide 110. 2 Other includes PB and GBU. 7 The Westpac Group Investor Discussion Pack – May 2011

Key features of 1H11 result compared to 2H10 Overview Solid returns for shareholders Cash earnings up 8%; Cash EPS up 8%; Cash ROE up 70bps; and Economic Profit up 15% Improved margins, up 4bps on 2H10 Sound revenue growth Mortgages up $7bn, above system1 growth for Westpac RBB with focus on proprietary channel. Business lending flat with $1.8bn decline in commercial property lending offsetting growth in other areas Retained a large portion (around three quarters) of December 2009 12 month Term deposit, at improved spreads BTFG consistently growing above system2 in key products, particularly funds under administration Productivity initiatives delivering Dedicated project with a range of initiatives introduced to further enhance efficiency, saving $110m Sector leading expense to income ratio, at 41.2% on cash basis Further investment in technology (SIPs) to transform platform for multi-brand organisation and support Continued investment customer-oriented strategy. Now 18 months through the five year, $2bn project, and spent $804m to date ($297m in 1H11) Investment in multi-brand, with launch of Bank of Melbourne scheduled for August 2011 Further investment in front line, 4 additional branches and 51 additional ATMs Sustainable earnings WIB Markets and Treasury earnings have rebased Improved asset quality Stressed assets reduced 35bps and the incidence of new stress has eased. 1H11 saw more repayments and upgrades, and more write-backs. Improved economic conditions drove a reduction in economic overlay of 106m to 347m Strong balance sheet Tier 1 capital ratio increased to 9.5%, stable funding ratio3 above our target at 79%, liquidity at $85bn and maintained strong provisioning coverage at upper end of peers 1 APRA monthly banking statistics, 6 months to March 2011. 2 Plan for Life and Morningstar, share of new business December 2010. 3 Stable funding ratio calculated on the 8 basis of customer deposits + wholesale funding with residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. The Westpac Group Investor Discussion Pack – May 2011 Building momentum across the Group Overview Westpac RBB Consistently growing mortgage market share Business Net Promoter Score rising in key segments, now best of peers Westpac Institutional Higher proportion of income from customer activities Bank Good customer flows in debt markets and transactional banking St. George Emphasis on proprietary sales, housing applications improving Improving momentum in wealth sales BT Financial Leading Wrap and Superannuation platforms consistently growing share Group Life and General Insurance sales rising supported by expanded distribution Investment in front line leading to improved share in a soft Westpac New Zealand market Continued growth in products per customer 9 The Westpac Group Investor Discussion Pack – May 2011

Very strong balance sheet Overview Tier 1 Ratio1 (%) . Well positioned for Basel III transition with healthy Tier 1 ratio1 of 9.5% and a strong common equity ratio of 8.0%. Over 2H10 Common equity Other Tier 1 8.4 8 1 8.6 9.1 9.5 - Improved return on equity up 70bps at 16.5% - RWA down 1% - St.George merger tax benefit of 10bps . Strong provision coverage at upper end of peers, 6.7 6.6 7.1 7.5 8.0 with CAP/Credit RWA at 138bps . Stable funding ratio2 relatively unchanged at 79%, growth in customer deposits used to fund loan growth 1H09 2H09 1H10 2H10 1H11 77 78 79 80 79 142 150 146 Collectively assessed provisions/credit RWA (bps) Stable funding ratio2 (%) 125 138 1H09 2H09 1H10 2H10 1H11 1H09 2H09 1H10 2H10 1H11 1 Calculated on basis of Basel II advanced measurement using APRA required overlays. 2 Stable funding ratio calculated on the basis of customer deposits + wholesale funding 10 with residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. The Westpac Group Investor Discussion Pack – May 2011 Record dividend per share, 17% CAGR for last 2 years Overview . 1H11 dividend 76 cents, up 3% on 2H10 (up 17% on 1H10) Highest half yearly dividend ever paid Dividends per share (cents) 63 68 70 72 65 74 76 - . Continue to seek a steadily rising dividend path, while maintaining a payout ratio of around 70% - Slightly higher payout ratio consistent with 44 49 51 56 60 56 60 current stage of cycle with falling impairments and low RWA growth DRP to be satisfied by new share issuance, with no DRP discount 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11. Fully franked, with significant franking balance of $1.3bn after this dividend payment Dividend yield1 6.25% - On an annualised basis this is equivalent to a Dividend payout ratio, cash basis (%) 61 67 65 69 70 69 69 71 72 71 76 65 76 72 fully franked dividend yield of 8.9% 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 1 1H11 dividend annualised, and using 31 March 2011 Westpac closing share price. 11 The Westpac Group Investor Discussion Pack – May 2011

Sources of future growth Strategy Deliver returns from Significant investment and productivity improvement in networks over last two years, including enhancing front-line capabilities and expanding distribution footprint significant front line investment Realigned network with Westpac Local model and St.George regional model, more authority in front line Lead Institutional bank1 Positioned to capture return of business credit growth Westpac RBB and St.George have the highest (ranked 1st and 2nd) customer advocacy in key business segments Enhancing trade, commerce and foreign exchange capabilities in Asia Regional banking strategy Bank of Melbourne launch scheduled for August 2011, to expand branches to over 100 (from 34) in Victoria over next five years Considerable organic growth opportunities through wealth and a broader presence in selected regions Strong wealth Continuing strong growth in wealth platforms Leading BT Super for Life product providing strong source of growth business growing above system Expanding Life insurance distribution via planner network and continuing strong insurance cross sell 1 Peter Lee Associates Large Corporations Corporate & Institutional Transactional Banking surveys Australia 2004-2010. The Westpac Group Investor Discussion Pack – May 2011 14. Customer focused, multi-brand strategy Strategy To be one of the world’s great companies, helping our customers, communities and people to prosper and grow Vision A family of much loved brands Recognised for enduring customer relationships A place where the best people want to work A leader in the community A great investment Aspiration Driving principles Operating as One Team Aligned values Easy to do business with Strong local businesses Focus on core markets Multi-brand model Earning all our customers’ business Strategic Investment Priorities Comprehensive productivity program Local model, closer to customers, providing them Operating as “One Team” focused on meeting $2bn, 5 year investment program (FY10 – FY14) Focus on making Westpac easier to do business with Key programs with real choice Meeting needs of customers who prefer a Big 4 bank (Westpac brand) and those that prefer a regional bank customers’ total financial needs Increased strategic focus on deposit gathering and wealth cross sell including BT Super – – Support multi-brand model – Enhance front line capability – Leverage scale – Re-engineering key processes – Leverage cross business unit synergies and Launching Bank of Melbourne, a local bank for Victorians (3rd regional brand complementing St.George and BankSA) for Life and insurance Increased relationship focus building a better understanding of customer needs – Consolidate/renew on-line and product systems – Improve technology infrastructure centralise certain common functions – Sharing best practice across brands The Westpac Group Investor Discussion Pack – May 2011 15

Multi-brand model delivers customer choice Strategy Business Brands Segment Geography Position/Share Consumer & SME 18% share of mortgages1 Westpac Retail and Business Banking banking Australia 14% share of household deposits1 Specialist mortgage provider Australia, with focus on capital cities Non-bank lender of the year2 . 75 outlets, niche player with modest market share St.George Bank Regional operations for Consumer, SME and corporate banking Predominantly New South Wales. Also Queensland and WA . 8% share of mortgages1 . 9% share of household deposits1 South Australia & Northern Territory . Largest bank in South Australia: 16% share of mortgages3 and 25% share of retail deposits3 Victoria . Launching in August 2011, 4% share in the State of Victoria Westpac New Zealand Consumer and SME banking New Zealand . 20% share of mortgages4 19%. share of household deposits4 BT Financial Group Wealth management, superannuation, private banking & insurance Australia . 20% share in wealth platforms (includes Wrap)5 . 7% share in life insurance6 Westpac Institutional Bank Full suite of institutional and corporate bank offerings Australia & New Zealand, plus major international centres . Lead Institutional bank in Australia7, with $61bn in lending and $51bn in deposits . Leading provider of Debt markets, transactional and FX products 1 APRA Banking Statistics (March 11). 2 Money Magazine June 2010. 3 Cannex data, 12 month moving average to February 2011. 4 RBNZ statistics (March 11). 5 Platform The Westpac Group Investor Discussion Pack – May 2011 16 (including Wrap) market share, Plan for Life, December 2010. 6 Life Insurance market share of inflows, Plan for Life December 2010. 7 Peter Lee Associates Large Corporates and Institutional Relationship Banking survey - Australia 2010. Regional banking strategy creates new growth avenues Strategy 25 Regionals in home state Regional bank footings by State1 (% of consumer footings) Non-local regionals (includes St.George in Vic, Qld and WA) . In Australia, customers can be segmented into those that want to bank with a Big 4 bank and those that choose a regional/local bank 10 15 20 Bank of QLD Bendigo & Adelaide Bank – Around 50% of population would prefer to bank with a regional/local bank – Validated in Westpac customer base with only a 6% overlap between Westpac RBB and St.George customers in NSW 0 5 SA WA QLD NSW & ACT VIC Bendigo & Adelaide Bank St.George Suncorp Bankwest BankSA . Segmentation demonstrates that there is not a material difference between the customer demographics of those that prefer a regional/local bank to those that prefer a nationally operating bank . Customer preferences are not being fully met in some States given smaller footprint of regional/local banks, particularly Victoria – Regional/local banks hold a share of around 20% in each State Significant Bank of Melbourne opportunity . Victoria is Australia’s second largest banking market, with a consistent growth profile – In Victoria regional/local banks hold 12%. Regional financial institutions only have a 12% market share in Victoria, well below average of around 20% . Other local Victorian players perceived as rural or too small to be considered a ‘strong local’ 1 Roy Morgan research January-December 2010, respondents aged 14+, mainly excludes small business. Footings include Deposits and Transactions, Mortgages, Personal . Opportunity to build on a brand that is already well known . Initial response to launch exceeded expectations The Westpac Group Investor Discussion Pack – May 2011 17 Lending and Major cards.

Banking and Wealth strongly aligned with significant upside Strategy 8 average 1% Change in wealth penetration for major banks1 (%), year to December 10 Strong banking and wealth alignment . Customer culture delivering total financial services solutions supported by – Unique products and technology to earn all our customers’ business 1 3 ( 1) – Front line personnel have undergone extensive training on wealth products, with score cards that fully recognise wealth sales – Banking executives have extensive experience in running wealth divisions . Wealth penetration1 of customers over the last 12 months is up 8%, well ahead of peer average of only 1% Westpac Peer 1 Peer 2 Peer 3 . Major drivers of wealth penetration are Super for Life and General Insurance – Unique Super for Life product continues to sell over 1,300 accounts a week and FUM has grown 97% CAGR over the last 2 years – Home & Contents cross sell2 at record level of 76% for Westpac RBB BT Super for Life growth in customer numbers and FUM 300 Westpac RBB St.George ($m) 23 22 Mortgage Secure St.George 1H11 Westpac RBB 1H11 Strong insurance cross sell rates2 (%) (‘000s) 100 200 FUM (RHS) 45 30 50 30 Personal Loan Protection Credit Card Protection 1 Roy Morgan Research, Respondents aged 14+. Wealth penetration is defined as the number of Australians who have Managed Investments, Superannuation or Insurance with each group and who also 0 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 76 53 Home & Contents The Westpac Group Investor Discussion Pack – May 2011 18 have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group as a proportion of the total number of Australians who have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group. Westpac Group includes BTFG and St.George. 2 Cross sell rates defined as the number of risk sales divided by total home loan sales. Strategic Investment Priorities (SIPs) on track Strategy . Strategic Investment Priorities (SIPs) have been developed to deliver on the technology strategy and assist the Group deliver its customer focused multi- Financial implications of the SIPs . $2bn, 5 year investment program (FY10 – FY14) consolidating much of The Westpac Group’s project investment brand strategy . Implementation of the SIPs programs commenced in 2010 with plans in place for 5 years . The programs are running to time and within budget . Financial management of the program is conducted centrally with project costs allocated to business units based on expected benefits . Much of the investment spend will be capitalised with balances peaking at around $1.4bn in 2014 . Higher expenses (including amortisation) will be initially offset by merger savings and productivity gains. Over time, the programs will deliver their. Implementation of SIPs is designed to minimise delivery risk - A Group Executive is accountable for each program’s schedule, scope, costs and benefits own benefits . Amortisation of capital expenses adds around 2 percentage points to expense growth from 2012, 2013 and 2014 . In 1H11 SIPs spend amounted to $297m, of which $67m was expensed (total SIPs spending to date $804m) - Each program will deliver significant capabilities to the Group and are of modular and appropriate size - Phasing of each project allows progressive Progress on SIPs projects . Branch and contact centre – Removed need for deposit slips for cash deposits – Updated call centre platform in Westpac RBB, which will ultimately delivery of outcomes - A centrally managed design, planning and governance regime reporting to the Group Executive, Technology aggregate 46 systems into one – New collections case handling platform installed . St.George and BankSA cards migrated to a new platform providing enhanced product features . Various payments systems upgrades including common merchant acquiring platform for Westpac and St.George and enhanced high value payments platform . Progressing data centre upgrades . New middleware technology to simplify interface between systems . Infrastructure to aggregate customer data from multiple systems with most of St.George data migrated to the new platform The Westpac Group Investor Discussion Pack – May 2011 19

SIPs1 programs to be delivered by end of 2014 Strategy Strategic theme Programs Description Progress Simplified, innoatie New on-line platform Integrated on-line banking platform Design and development underway innovative customer touch points BankSMART Modernised systems for tellers and call centres Call centre platform rolled out, teller system in development Enterprise wide Enterprise middleware services New middleware technology to simplify system-to-system linkages System in place fil New technology aggregating customer data across multiple shared services Customer master file brands System in place, data gradually being migrated Customer information mgt Integrated customer information management and approach In planning phase Deposit growth Products and systems to support deposit growth Various initiatives delivered Collections systems A new collections case handling platform that will ultimately Platform installed and used for unsecured Agile and efficient product systems consolidate customer information onto one system Payments transformation Enterprise-wide payments platform and switch Various system upgrades and enhancements delivered Credit card consolidation Single, integrated credit card processing platform St.George and BankSA credit cards migrated to new platform Wealth management One workbench for advice with market leading equities Single equities trading centre created capabilities Secured lending Enhanced mortgage origination and servicing capability Business process and IT operating model improvements being delivered Simplified and Data centres Consolidation and upgrade of data centres Underway, upgrade of one major centre commenced robust infrastructure Perimeter security New system perimeter security to enhance the protection of technology environment Design and development complete, build underway Testing Enhanced testing and release management for new software and hardware Improved testing environments and release management implemented 1 SIPs is Strategic Investment Priorities, a suite of major investments commenced in 2010 designed to enhance the Group’s front end and product systems and strengthen the The Westpac Group Investor Discussion Pack – May 2011 20 Group s technology infrastructure. Stronger productivity culture beginning to deliver Strategy . In FY10 The Westpac Group initiated a comprehensive productivity initiative to support its investment program and maintain its efficiency advantage against peers Productivity gains in 1H11 . Savings/benefits of $120m. $110m in cost savings and $10m in revenue benefits. Key deliverables included . Program focussed on three elements to: increase efficiency; improve customer experience; and free up relationship managers’ time to spend with customers - Re-engineering key process across multi-brands including – Improved capacity in the network equal to around 1,600 positions – Following intensive reviews, reduced duplication and improved practices in: branches; contact centres; credit card processing; and certain transaction processes across brands – Reduced St.George business lending cycle times by 30 minutes per application giving back 100 days each year of customer time - mortgage origination - business banking loan origination - Seeking cross business unit synergies, while protecting brand uniqueness application, – Improved mortgages application processing, reducing key steps by more than 25% and reducing rework by 50% – 50% uplift in referrals to lenders from call centres – Streamlined insurance teleclaims with process times down 80% - simplifying organisational structures - optimising support functions - centralising certain common activities - Sharing best practice across brands Productivity initiatives for 2H11 . In 2H11, productivity initiatives will include both efficiency and revenue benefits. Key areas of focus include F ll d li i b fi f l i l i l d g p - credit practices - branch processes - operations processing . A key element of the initiative is it has been designed to – Fully delivering benefits from plans previously implemented – Enhancing the generation, capture, and delivery of leads, including call centres – Enhancing account opening processes, particularly on-line Increased use of electronic documents in branches foster a culture of continuous productivity improvement by using internal resources and training to allow re-engineering practices – Improve business lending process cycle times by simplifying Australian Banking Risk credit policy The Westpac Group Investor Discussion Pack – May 2011 21

A sustainable long term approach Strategy Objective: to be a global leader in sustainability stainability elements Recognition highlights Sustainability . Financial stability: Maintain an appropriately strong balance sheet (capital, provisioning and funding) and deliver quality and sustainable financial outcomes . Deep customer relationships: Placing customers at the centre; relationships that stand the test of time; supportive; proactive; responsive; and trusting A sustainability leader in global banking sector for 10 consecutive years . Winner 2010 Money Magazine Climate Change Leadership Award Supporting employees: Providing the right environment for people to grow and develop, achieve rewarding outcomes and be able to ‘make a difference’ . Strong community connections: Creating enduring relationships and making a real contribution . Only Australian Bank in Global 100 Most Sustainable Corporations at 2011 World Economic Forum. Also included in 2006-2008 and 2010 . Named one of the World’s Most Ethical Companies from 2008-2011 by the Ethisphere Institute 1H11 sustainability performance – key examples . Progressed development of further Business . Net Promoter Score (NPS): Customers . Percentage of women in Employees . Scope 1 & 2 emissions of Community Environmental, Social and Governance (ESG) statements in high risk sectors building on those released for energy and defence in FY10 . Review underway of Principles for Responsible Lending St.George and Westpac Australia ranked 1 & 2 for business NPS. Retail NPS score in New Zealand is currently -17 whilst business NPS has been steadily improving and is currently -27 . Share of wallet: Westpac RBB management roles increased to 36.5% from 35% at full year 2010 . Increased focus on workplace flexibility and implementation of a Group wide diversity program . Maintain a high employee 94,327 tonnes, a reduction consistent with the previous period . Organisational mentoring has been formally included in development curriculum and i l 200 l . ESG considerations being integrated into mainstream investment management in accordance with BTFG’s commitments under the UN Principles of Responsible Investment customers with 4+ products up 80bps to 28.3%; St.George up 110bps to 25.3% engagement score involves over employees and 40 not for profits and social enterprises . 24,549 participants completed Managing Your Money program in New Zealand since 2009 The Westpac Group Investor Discussion Pack – May 2011 22 Our strategic agenda has achieved real gains Strategy 2008 T f . Strategy focused on significantly enhancing the customer experience . Ensured the Group was strongly positioned through the GFC St St.George merger providing multi-brand capability . Restructure IT model and improve IT stability 2009 . Stronger balance sheet: more capital; deposits; liquidity; and strong provisioning . Supported customers through the GFC Strengthen & integrate . Commenced Westpac Local rollout, transforming Westpac RBB . Delivered major integration milestones with St.George Bank merger . Completed IT strategy and blueprint 2010 Structural adjustments . Further strengthened funding with increased tenor and more liquidity . Reduced reliance on brokers and exposure to commercial property . Absorbed significant fee reductions and lower markets income . Commenced SIPs program and comprehensive productivity initiatives 2011 . Continue to build momentum, leveraging off strong balance sheet and current and prior investment . Drive growth through multi-brand, including the Bank of Melbourne launch and opening of new Victorian branches Execution & delivery . Further deepen customer relationships, particularly through Wealth flows, deposits and transactional banking . Proactively respond to regulatory and compliance agenda . Continue to execute on SIPs program and deliver on productivity initiatives The Westpac Group Investor Discussion Pack – May 2011 23

All divisions recorded cash earnings growth over 2H10 Cash earnings 96 3,168 Cash earnings movement half on half by business unit ($m) 2,949 10 (100) 97 (7) 58 (77) 2,930 53 60 13 15 1 3,168 Down 1% Up 8% 1H10 WRBB WIB SGB BTFG NZ Other 2H10 WRBB WIB SGB BTFG NZ Other 1H11 1 1 1H10 – 2H10 key features. WIB impacted by lower markets income post strong 1H10 2H10 – 1H11 key features . All divisions contributing . WIB benefited from a fall in impairment . Banking franchises (particularly St.George and NZ) benefited from decline in impairment charges charges due to improving asset quality . Banking franchises exhibited revenue growth, sound expense control and declining impairment charges 1 Other includes PB and GBU. The Westpac Group Investor Discussion Pack – May 2011 26 Sound operating income Operating income 133 ( 27) 52 18 (33) 23 8,501 . Net interest income up 2% on 2H10 (down 1% on 1H10) - Modest loan growth and higher margins . Non-interest income up 2% on 2H10 ( down 2% on 1H10) Operating income 2H10 – 1H11 ($m) 8,337 30 ) (32) p ) - Higher fees and commissions in line with balance sheet growth, post rebasing in FY10 - Slightly higher wealth income, impacted by higher insurance claims - Lower Markets income primarily due to lower Debt Markets and Equities earnings - Higher Other income partially due to higher asset sales H11 Business unit contribution to operating income ($m) 1 61 8,501 Non-interest up 2% Net interest up 2% 2H A s (assets, customer, wholesale funding (Treasury & Markets) Margins others Fees & Commissions Wealth Mark Other 1H 8,337 66 (1) 31 21 (13) (1) Operating income up 2% Margins deposits Margins ( F 1 AIEA is Average Interest Earning Assets 2H10 WRBB WIB SGB BTFG NZ PB GBU 1H11 p g p 27 Assets. The Westpac Group Investor Discussion Pack – May 2011

Modest asset growth Net interest income. Average interest earning assets up 1% on 2H10 (up 2% on 1H10) 288 6.3 0.6 1.1 (0.6) 295 Australian mortgage flow 2H10 – 1H11 ($bn) . Australian lending up 2% on 2H10 (up 3% on 1H10) - Mortgages up 3% with growth driven by proprietary channels Up 3% - Personal (incl. credit cards) up 2% - Business lending flat with reduced exposure to commercial property. Mortgages 2H10 WRBB proprietary WRBB broker St.George proprietary St.George broker Mortgages 1H11 Westpac RBB sound growth . New Zealand total lending flat on 2H10 (up 1% on 1H10) - Mortgages up 1% 127 ( 1.8) 0.5 0.4 1.3 ( 0.3) 127 Australian business1 lending flow 2H10 – 1H11 ($bn) - Personal (incl. credit cards) flat - Business down 1% ) Flat Business 2H10 Commercial Property (CP) WIB ex CP St.George ex CP WRBB ex CP Other Business 1H11 1 Business lending movements do not take into account business that was transferred from WIB to Westpac RBB during the period. The Westpac Group Investor Discussion Pack – May 2011 28 Improved quality of deposit base Net interest income 1H11 lending fully supported by customer deposit growth 255 16 Australian customer deposit movements ($bn) Improved quality of deposit base with $16bn in new customer deposits offset by – Repositioned interest rates for at call, online accounts to reward loyalty at more 245 (4) (2) appropriate spreads – Increased base rate Reduced introductory specials Sept 10 At call, on-line repositioning TD Run-off Growth Mar-11 6 0 6.5 Deposit yield curves (On-line and Term deposits specials1) September 2010 March 2011 – Exit of non-relationship balances (mostly customers with only one product) during rollover of December 2009, 12 month 4.5 5.0 5.5 0 On-line base rate Bonus on-line interest rate Term deposit (TD) On-line 3 mths 6-7 mths 12 mths On-line 3 mths 6-7 mths 12 mths 1 On-line is the rates for Westpac’s eSaver product. The eSaver has a base interest rate as well as a bonus rate of interest, usually for the first 4 months after account opening. The Westpac Group Investor Discussion Pack – May 2011 29 Rates for 3 mths to 12mths are the term deposit specials available for these specific terms.

Margins improved in 1H11 Net interest income Net interest margin up 4bps to 2.21% on 2H10 (down 5bps on 1H10) Margin excluding Treasury and Markets up 5bps to 2.08% on 2H10 (down 1bp on 1H10) 2.6 Net interest margin (NIM) (%) NIM NIM excl. Treasury Net interest margin moves compared to 2H10 - 1bp decline from mix effect of growth in lower spread term deposits, partly offset by repricing of term and on-line account special offers through the half 2bps decline from wholesale funding costs, as pre-GFC 2 2.2 2.4 funding replaced by more expensive funding - 1bp decline from lower Treasury/Markets income - 9bps increase from repricing of facilities, predominantly mortgages 1.8 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 1 1 0. 17 (10bps) (4bps) 8bps 0bp (3bps) (1bp) (2bps) 9bps (1bp) (1bp) 0.13 Net interest margin movement (%) 2.26 2.21 2.17 2.09 2.03 2.08 0.17 0.14 0.13 Margins excluding Treasury & Markets up 5bps Net interest margin up 4bps Net interest margin down 9bps 1 Prior to St.George merger. 1H10 Deposits Wholesale funding Loans & other assets Capital & Other Treasury & Markets 2H10 Deposits Wholesale funding Loans & other assets Capital & Other Treasury & Markets 1H11 Margins excluding Treasury & Markets down 6bps 30 The Westpac Group Investor Discussion Pack – May 2011 Non-interest income growing from a better quality base Non-interest income. Non-interest income up 2% on 2H10 (down 2% on 1H10), better quality composition-Significant rebasing completed, with Fees and Commissions ($m) Markets/Treasury income lower and reductions in certain bank fees Fees & commissions up 4% on 2H10 from 1,238 1,231 1,283 1H10 2H10 1H11 higher business line fees . Wealth and insurance up 2% on 2H10 – Funds management revenue up 8% from higher average FUM and FUA Wealth and Insurance ($m) . Trading income down 10% on 2H10 (down 34% on 1H10) post exceptionally high 1H10 volatility 767 793 811 1H10 2H10 1H11 Trading income ($m) - In 1H11 Trading represented 12% of non-interest income, down from 18% in 1H10 and peak of 28% in 1H09 Other income up 20% on 2H10 460 - Gain on sale of VISA shares in 1H11 337 304 1H10 2H10 1H11 31 The Westpac Group Investor Discussion Pack – May 2011

WIB Markets and Treasury income stabilising Markets & Treasury . WIB Markets income predominately sourced through providing risk management and markets based products to customers WIB $334m down 6% (Markets income of 27% Markets income by division ($m) 2H09 1H10 2H10 1H11 Debt Markets and Equities1 208 256 149 127 . Markets income of 334m down down on 1H10) . Since 1H10, Markets income has moderated as market conditions move to a relatively more stable environment . 2H10 saw a rebasing of Markets income and has moved Foreign Exchange and Commodities, Carbon and Energy (FX&CCE) 159 203 207 207 Total 367 459 356 334 towards more sustainable levels in 1H11 - Debt Markets and Equities1 15% lower on 2H10 due to - Movement in credit spreads less pronounced than in 2010, reducing income contribution Markets income ($m) 2H09 1H10 2H10 1H11 Customer activity 224 238 272 252 Market trading activity 143 221 84 82 - Increased competition as offshore institutions continue to return to the Australian market and offer tighter pricing - FX&CCE income flat on 2H10 - Increased competition continues to tighten spreads Total 367 459 356 334 Customer activity (%) 61 52 76 75 Average VaR2 10.6 8.8 5.2 7.3 . Treasury income down 7% (down 29% on 1H10) reflecting a more stable environment in core markets, specifically domestic interest rate markets, credit markets (relating to liquidity portfolio) and basis markets Treasury income ($m) 2H09 1H10 2H10 1H11 Net interest income 578 419 325 301 Non-interest income 3 10 2 3 . Risk appetite relatively stable Total income 581 429 327 304 Average VaR2 36.0 29.5 25.4 28.0 1 Represents net interest income and non-interest income from sales and trading operations in Debt Markets and Equity Derivatives component of Equities business. 32 2 VaR at 99% confidence level, 1 day hold period. The Westpac Group Investor Discussion Pack – May 2011 Expenses well managed with productivity culture Expenses 47.7 47.2 Expense to income1 (%) . Expenses down 1% on 2H10 (up 2% on 1H10) . Sector leading expense to income ratio of 41.2%. Banking cost to income ratio at 40.2% 45.0 43.9 40.1 41.2 41.2 40.2% . Expense savings on 2H10 were driven by productivity initiatives more than offsetting higher employee expenses 2005 2006 2007 2008 2009 2010 1H11 3,438 ( 42) 72 0 59 3,534 0 1 (3) 3 (110) 76 3,501 Components of expenses 1H10 – 1H11 ($m) (23) 30 Down 1% Up 3% 1 Expense to Income post 2008 includes St George. 1H10 Merger synergies SIPs Distribution Other projects incl. compliance Productivity Other 2H10 Merger synergies SIPs Distribution Other projects incl. compliance Productivity Other 1H11 33 The Westpac Group Investor Discussion Pack – May 2011

Investment spend Expenses . Capitalised software balances were $1,038m, up $206m on 2H10, comprising - Additional capitalised expenditure of $330m, Capitalised software and deferred expenses ($m) 1H10 2H10 1H11 Capitalised software majority related to project spend on Strategic Investment Priorities (SIPs) and compliance spending - $124m of amortisation, write-offs, and other Opening balance 629 634 832 Additions Amortisation, write-offs and other 143 (138) 365 (167) 330 (124) Closing balance 634 832 1 038 . Investment spending of $618m in 1H11 - SIPs spending of $297m - Other spending $321m (including Bank of Melbourne investment spend $30m) Other deferred expenses Deferred acquisition costs 180 177 149 Other deferred expenses 20 12 9 337 SIPS Other (incl. Compliance) Investment spend excluding St.George merger ($m) Investment spend expensed ($m) 1H10 2H10 1H11 SIPs 100 77 67 Other 91 193 193 182 325 297 206 321) Total 191 270 260 Investment spend capitalised ($m) 1H10 2H10 1H11 SIPs 82 248 230 1H10 2H10 1H11 Other 115 144 128 Total 197 392 358 34 The Westpac Group Investor Discussion Pack – May 2011 . Impairment charges Impairment charges continue to decline 73 73 70 80 Impairment charge to average gross loans1 (bps) . Impairment charges continue to decline, $463m at 1H11 (19bps of gross loans) – Down $114m on 2H10 Down $416m on 1H10 17 32 33 31 23 19 17 19 31 37 24 19 20 30 40 50 60 – . Movement 1H10 to 1H11 driven by lower Collectively Assessed Provision (CAP) charges, reflecting improvements in asset quality and a reduction in economic overlay of $106m – Reduction in economic overlay reflects improvements in the Australian operating environment partly offset by 0 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 1H09 2H09 1H10 2H10 1H11 Includes St.George environment, additions for the impact of floods and cyclones in Australia ($36m) and the second earthquake in Christchurch ($32m) and provisioning factor changes – Repayments and upgrades, particularly in WIB 1,600 1,800 New IAPs (net of writebacks and recoveries) New CAPs Impairment charges2 ($m) Key coverage ratios 1H10 2H10 1H11 Collective provision to credit RWA 150bps 146bps 138bps 400 600 800 1,000 1,200 1,400 Collective provision to performing non-housing loans 201bps 196bps 182bps Impairment provisions to impaired assets 43.1% 40.7% 42.2% 1 2000-2005 reported under AGAAP; 2006 onwards reported on A-IFRS basis. 2 New CAPs include addition to economic overlay of $112m in 1H09; benefit from unwind of -200 0 200 1H09 2H09 1H10 2H10 1H11 Total provisions to total RWA 182bps 181bps 179bps Total provisions to gross loans 110bps 105bps 102bps 35 y economic overlay $49m in 2H10 and benefit from unwind of economic overlay of $106m in 1H11. The Westpac Group Investor Discussion Pack – May 2011

Business Unit Peformance May 2011 Solid cash earnings with Westpac Local strategy delivering gains Westpac RBB Cash earnings .6% . Cash earnings up 6% to $936m (up 7% on 1H10) . Core earnings up 4% to $1,613m (up 4% on 1H10) Net interest . 1% . Mortgages up 4% ( 1.1x bank system1), focus on Key features of 1H11 result compared to 2H10 . Solid cash earnings growth supported by tight expense control (Movement 2H10 – 1H11) proprietary channel growth (69% of flows in 1H11) . Business lending up 5%. Adjusting for transfer of business from WIB up 1% . Deposits up 5% (0.1x bank system1) and productivity improvements . Westpac Local delivering improved outcomes including increases in customer numbers, customers with 4+ products, Net Promoter Score, and customer retention . Growing above system in mortgages with a service led strategy Margins .3bps . Higher mortgage rate and deposit repricing initiatives only partly reflected in half . Mix impact of relatively higher growth in lower spread products across portfolio and focus on proprietary channel growth . Sound deposit growth with strong retention of December 2009 12 month Term deposit offer at improved spreads . Wealth cross sell delivering solid gains, particularly with BT Super for Life, Life Insurance and H&C Insurance . Rising average funding costs Non-interest income . 6% . Uplift in line fees Expenses Flat . Restructuring, productivity initiatives, and reduced FTE 873 883 936 (12) 12 (3) 15 (2) 36 30 (2) 12 (23) Westpac RBB cash earnings ($m) . Expanded footprint, with 1 additional branch and 25 ATMs; up-skilled staff to personal bankers; and SIPs investment . Salary increase of 4.3% annualised Impairments .4% . Impairment charges down $12m ( 4%) to $275m 0 II -II es nt CI 0 II -II I 1 Up 6% Up 1% g ) (down 9% on 1H10) . Consumer impairment charges up $8m, mostly mortgages . Business impairment charges down $20m, as rate of new stress slowing 1H11 Net Non- Expenses Impairment charges Tax & NC 2H1 Net Non- Expenses Impairment charges Tax & NC 1H1 1 APRA Monthly Banking Statistics 6 months to March 11 37 The Westpac Group Investor Discussion Pack – May 2011 Statistics, 11.

Westpac Local strategy well into 2nd year Westpac RBB Westpac Local strategy aims to earn all our customers’ business in target segments (affluent, commercial and SME) Westpac Local journey over last 18 months Westpac Local aims to improve the capability and responsiveness of the front line, with our people building deeper relationships and getting closer to customers and communities (i.e. becoming more local) Higher frontline capability and skills, appointing – 56 Regional General Managers – 666 Bank Managers 430 Local Business Bankers Strategy aims to increase customer advocacy across affluent, commercial and SME segments. These segments generate – 70% of returns – 90% of deposit growth – – Ongoing rollout of more experienced personal bankers, aiming to relationship manage 40% of mass affluent sector (up from 15% previously) Improved distribution – 2.5x more revenue growth per customer when they are promoters versus detractors . With deeper relationships we aim to earn all our customers’ business in targeted segments . Measures of success include an improvement in – 31 new branches and 172 new ATMs – 195 refurbishments (around one third of branches) – New branch format and ATM branding . Making it easier for customers to do business with us – Net Promoter Score – Customers with 4+ Products – Customer retention – Modernisation of front-end technology, including IPTel phones rolled out and PCs refreshed – Using ‘Lean’ re-engineering methodologies with branches having raised 2,905 new process improvement ideas in the past year of which 337 have – Employee productivity – Employee engagement improvement year which have been implemented – On-line account opening for customers implemented The Westpac Group Investor Discussion Pack – May 2011 38 Improving Net Promoter score Westpac RBB -10 Consumer and Business NPS improving across key segments . Consumer NPS1 seeing solid improvement in targeted affluent Consumer Affluent NPS1 – 6 month moving average (%) -21.7 -20 -15 Westpac RBB segments, up 20bps (on March 10) and 170bps ahead of Big 4 average2 . Business NPS3 seeing significant improvement across the board – 1st of majors at -14.5, (up 790bps on March 10) and increased lead on average of Big 4 banks to 700bps 1st of majors across key segments of Commercial, Agri and -23.4 -30 -25 Mar-10 Sep-10 Mar-11 Big 4 Average2 – Commercial, SME . Internal measures of Consumer and Business NPS where we have a customer touch point has significantly improved across the board (up 10-21 percentage points) since March 10 St.George Group -14.5 -10 Business NPS3 – 6 month moving average (%) Westpac RBB SME Business NPS3 – 6 month moving average (%) -16.5 -10 Westpac RBB -21.5 -25 -20 -15 Big 4 Average2 -23.0 -30 -25 -20 -Big 4 Average2 -30 Mar-10 Sep-10 Mar-11 -35 Mar-10 Sep-10 Mar-11 1 Source for Consumer NPS: Roy Morgan Research, March 2011 – 6MMA. Australian Consumer NPS = NPS of main financial institution, Aged 14+. Data till March 2011. 2 Big 4 Average: Weighted average of ANZ, CBA, NAB and WBC. NPSSM and Net Promoter ScoreSM is a service mark of Bain & Company, Inc., Satmetrix Systems, Inc., and Mr Frederick 39 The Westpac Group Investor Discussion Pack – May 2011 Reichheld. 3 Source for Business NPS: DBM Business Services Finance Monitor, March 2011 – 6MMA. Australian Business NPS = NPS of main financial institution, All businesses.

Deepening customer relationships, particularly wealth Westpac RBB Westpac RBB increasing wealth sales The investment in the up-skilling of the front line is helping drive 29 1,700 Customers with 4+ products (LHS) % of customers with 4+ products (RHS) Westpac RBB customers with 4+ products1 (‘000) (%) deeper relationships with customers Customers with 4+ products1 at 28.3% (up 160bps on 1H10) BT Super for Life customer numbers through the branch network up 29% on 1H10, helping BT Super for Life total FUM reach close to $1.3bn since it launched in 2007 25 26 27 28 1,400 1,500 1,600 , . Wealth interviews up 73% on 1H10 Home & Contents cross sell rates2 up 6 percentage points over 1H10 to 76% 23 24 1,200 1,300 Mar-10 Sep-10 Mar-11 200 220 Up 29% BT Super for Life customers through Westpac RBB (‘000) 20 25 Up 73% Wealth Interviews through Westpac RBB (‘000) 140 160 180 5 10 15 120 Mar-10 Sep-10 Mar-11 1 Customer numbers restated from past periods to include those with zero accounts balances that were previously excluded. 2 Cross sell rates are defined as the number of Mar-10 Sep-10 Mar-11 40 The Westpac Group Investor Discussion Pack – May 2011 risk sales divided by the total home loan sales. Productivity metrics show marked improvement Westpac RBB Strong productivity initiatives and solid results Revenue per FTE Up 6% . Leaner and more efficient operating model – Assessed management structures to ensure right balance of management and support – Ensured front line contact with customers improved FTE down 722 on 1H10 Introducing permanent lean processes to enhance process efficiency over time . Results delivered versus 1H10 1H10 2H10 1H11 – Revenue per average FTE up 6% – Teller referrals up 59% – Personal banker assessment of customer financial FTE 31% Personal Banker assessment of customer financial needs per FTE Up 31% needs per up – Business banker assessment of customer financial needs per FTE up 37% – Customer complaints down 43%, with 88% of complaints solved at first point of contact 1H10 2H10 1H11 41 The Westpac Group Investor Discussion Pack – May 2011

Sound balance sheet growth Westpac RBB Mortgages up 4% (1.1x banking system1 for 1H11) focused on service led strategy and proprietary channels – Proprietary grew above system with broker sales l 31% 1H11 Westpac RBB balance sheet ($bn) 1H10 2H10 1H11 Chg on 2H10 (%) only of flows – Retention of mortgage customers 99% – RAMS represented 14% of mortgage growth in 1H11 Other personal lending (including credit cards) down 2% NET LOANS 228.9 239.1 247.8 4 Mortgages 179.2 187.6 194.6 4 Business 40.1 42.2 44.1 5 Other 9.6 9.3 9.1 2 Business lending up 5%, or 1% post transfer of WIB business Deposits up 5% with strong retention of December 2009 12 month Term deposit rollover at improved spreads TOTAL DEPOSITS 109.0 114.5 119.7 5 Term deposits 43.3 42.6 48.0 13 Other 65.7 71.9 71.7 - 11 Proprietary Broker Lending as at 31 March 2011 (%) 19 Property Agriculture Mortgages Business lending Mortgage growth by channel (per 6 month % change) 7 5 5 13 7 6 30 Business Services Manufacturing Retail Wholesale 18 Other Banking System 1 APRA Monthly Banking Statistics 6 months to March 11 3 1 1H10 2H10 1H11 9 9 7 Transport Other 79 3 42 The Westpac Group Investor Discussion Pack – May 2011 Statistics, 11. Westpac RBB Maintaining strong risk profile; SME stress stabilising 19 ( 2) (5) 36 (63) Impairment charges movement ($m) Westpac RBB strong risk profile1 . Stressed exposures at 164bps, up 12bps on 2H10 (up 26bps on 1H10) over 2H10 302 287 275 (1) (6) (4) (28) 27 – Impaired up 2bps at 25bps evenly spread across consumer and business – 90 days past due and well secured up 8bps to 54bps – Watchlist and substandard up 1bp to 84bps Mortgage 90+ day delinquencies at 60bps, up 14bps on 2H10 Credit Cards 90+ day delinquencies at 107bps, down 4bps on 2H10 Impairment charges down 4% on 2H10 to $275m 6 Watchlist & substandard 90+ days past due well secured Stressed exposures as a % of total committed exposures (%) 90+ days delinquencies 2.0% 2 4 Impaired Mortgages Credit cards 0.5% 1.0% 1.5% 0 1H09 2H09 1H10 2H10 1H11 0.0% Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 1 Refer slide 111 for asset quality 43 The Westpac Group Investor Discussion Pack – May 2011 definitions.

Solid performance assisted by impairment write-backs WIB Cash earnings 8% Cash earnings, up 8% to $767m (down 5% on 1H10) Core earnings up 1% to $1,057m (down 13% 1H10) Key features of 1H11 result compared to 2H10 Leading position in Debt Markets and Transactional Services driving solid returns (Movement 2H10 – 1H11) on Net interest income 3% Lower loan balances offset by improved margins Restructured/exited underperforming businesses leading to improved quality of earnings and reduced risk High quality result with lower markets income and no material gains on asset sales Margins 22bps . Repricing of facilities Establishment fees recognised early as facilities repaid/renegotiated Non-interest income 4% More stable markets and lower contribution from structured equities Benefit of repricing for risk offset lower lending volumes Strong asset quality with upgrades and write-backs leading to lower impairments WIB cash earnings ($m) products 2H10 benefited from non-core asset sales Expenses 2% . Strong expense management . Favourable FX translation of offshore 807 707 767 (56) (103) 0 23 36 28 (29) 9 71 (19) expenses . Offset by annual salary rises Impairments 142% Impairment benefit of $21m (down 129% on 1H10) Down 12% Up 8% Upgrades and repayments enabled a reduction in provisions required Higher write-backs 1H10 Net II Non-II Expenses Impairment charges Tax & NCI 2H10 Net II Non-II Expenses Impairment charges Tax & NCI 1H11 44 The Westpac Group Investor Discussion Pack – May 2011 Leveraging WIB’s competitive advantages to extend its No. 1 Australasian Wholesale bank position WIB Deliver superior returns by providing market-leading solutions, service and insight to earn all our customers’ business Deepen customer Relationship management model – Relationship managers supported by sector and product specialists – Dedicated team of over 100 relationship managers in addition to over 100 analysts across the institutional and corporate businesses relationships Delivering institutional insight from sector specialists Superior technology and servicing capability Focus on new customer origination in target segments Strong focus on Australia and New Zealand (79% of TCE) Clear geographic and industry focus Strengthening global presence to support customers, particularly through organic expansion and partnerships in Asia Offshore operations in New York, London, Singapore, Hong Kong, Shanghai, Beijing, Mumbai, Jakarta, Auckland and Wellington . Sector wide coverage with additional resources and effort devoted to infrastructure infrastructure, health, agriculture, energy and resources sectors Maintain product leadership and Continued investment and innovation to maintain product and execution leadership . Selectively build capability in new markets such as carbon develop new capabilities Entrench transactional leadership through further investment Build specialist product expertise in structured equities, resources and deposits The Westpac Group Investor Discussion Pack – May 2011 45

WIB maintaining service, solutions and product leadership WIB 80% of WIB income is sourced from Debt Markets, Global Transactional Services and Foreign Exchange & Commodities, Carbon and Energy Global Transactional Services No.1 Lead Domestic Transactional Bank Peter Lee Associates Large Corporate & Institutional (FX&CCE) Leadership position in these markets is supported through the No.1 positions we continue to hold Transactional Banking surveys, Australia 2004-10 . No.1, Relationship Strength1,2,3 Peter Lee Associates Large Corporate & Institutional Transactional Banking surveys, Australia & NZ 2008-10 . No.1 for Overall Satisfaction2,3 Peter Lee Associates Large Corporate & Institutional Transactional Banking surveys, Australia 2008-10 & NZ 2006-09 FX&CCE . No. 1 Corporate FX market share Peter Lee Australian Foreign Exchange survey, Australia 2010 Debt Markets No. 1 Lead Debt Security Provider Peter Lee Australian Debt Securities Origination survey, Australia 2010 No.1 Relationship Strength2 Peter Lee Associates Foreign Exchange survey, Australia 2009-10 No.1 Sales Strength2 Peter Lee Associates Foreign Exchange survey, Australia 2009-10 Best FX bank - New Zealand . No.1 Australian Bookrunner Dealogic Australasian Debt Capital Markets (1st quarter 2011) No.1 All Australian Securitization (ex-CDOs) Thomson Reuters Debt Capital Markets review (1st quarter 2011) 1 Peter Lee Associates Large Corporate and Institutional Relationship Banking Survey Australia, 2009-10 (=No.1 in 2010). 2 In Australia ranked against the Top 4 Global Finance World’s Best FX Banks, 2010 . FX and Derivatives House of the Year KangaNews Awards 2010 . No.1 Australian Debt Bloomberg Debt Underwriting League Tables (1st quarter 2011) 2009 ( competitors. 3 In NZ ranked against the Top 3 competitors. The Westpac Group Investor Discussion Pack – May 2011 46 High quality and sustainable earnings across business segments WIB Debt Markets income up 6% – Lower Debt Markets trading income offset by increased establishment fees Income contribution by business segment ($m) Debt Markets 6% – Premium Business Group restructured with most of the business moved into Debt Markets (some moved to Westpac RBB) Global Transactional Services income up 6% from Equities FX&CCE Global Transactional Services 2H10 flat 1 6% (19)% increased volumes and margins . FX&CCE income stable despite lower volatility and increased competition impacting margins and volumes 19% 200 400 600 800 Hastings 1H11 (27)% . Equities income down with improved broking volumes offset by lower customer flows in structured products Hastings income down 27% due to gains from noncore asset sales in 2H10 17 Debt Markets Income by business segment (%) core 50 13 5 Global Transactional Services FX&CCE Equities Hastings 1 Global Transactional Services was formally known as Transactional & Client Services. 3 12 Other 47 The Westpac Group Investor Discussion Pack – May 2011

Improved margins; stabilised loan balances WIB 200 WIB net loans, deposits and margins (bps) . Lending down 1% to $61bn - De-gearing in the corporate segment appears to have eased with early signs of activity since 70 62 61 48 48 51 140 160 180 December 2010 - Customers remain cautious given recent natural disasters and instability of Middle East/North Africa 120 1H10 2H10 1H11 Net loans ($bn) Deposits ($bn) Margins (RHS) - Customer migration to Westpac RBB as part of Premium Business Group restructure in 1H11 Deposits increased by 7% to $51bn, due to increase in transactional deposits Lending by industry as at 31 March 2011 (%) 11 Finance & insurance Property 43 8 12 9 Other Govt admin & defence Manufacturing Trades 5 6 2 4 Utilities Mining Transport & storage 48 The Westpac Group Investor Discussion Pack – May 2011 WIB Strong Institutional asset quality Movement in impairment charges ($m) 62 (61) Strong asset quality and risk profile1 Higher IAPs from companies already identified as stressed and downgraded to impaired 73 (21) 0 4 (99) Offset by write-backs from long standing exposures $99m reduction in CAPs due to – More company upgrades and returning to health due to improving economic fundamentals and strong credit performance – Flow out of CAPs into IAPs Stressed exposures moderated to 3.6% of the WIB 6 Watchlist & substandard 90 days past due well secured Stressed exposures2 as a % of total committed exposures (%) portfolio2 at 1H11 with both stressed assets and the total book reducing since 1H10 - Stressed exposures down from peak of 4.6% - Stress property exposures reduced by 29% 2 4 Impaired from 1H10 - Primary focus remains on resolving existing larger stressed assets . Impaired exposures gradually reducing to 86bps 0 1H09 2H09 1H10 2H10 1H11 1 Refer to slide 111 for asset quality definitions 2 Includes Premium Business Group Comparatives have not been restated and do not include St George 49 The Westpac Group Investor Discussion Pack – May 2011 definitions. Group. St.George.

Cash earnings up slightly with initiatives to restore momentum gaining early traction St.George Bank Cash earnings . 2% . Cash earnings up 2% to $582m (up 23% on 1H10) . Core earnings up 2% to $1,008m (flat on 1H10) . BankSA Cash earnings up 1% to $106m (flat on Key features of 1H11 result compared to 2H10 . Revenue marginally higher, improved margins, expenses well contained and a small fall in impairment charges (Movement 2H10 – 1H11) 1H10) Net interest income . 4% . Mortgages up 1% with proprietary lending up and broker introduced lending declining . Personal lending (including cards) up 4% . Business lending down 3% from lower . Franchise strength measures strong, increasing NPS lead on peers . Expanded footprint, improved sales process and increased products per customer . Commercial property exposure reduced to 39% of business commercial property exposure . Deposits up 1% Margins . 14bps . Mortgage repricing and fewer broker originated loans combined with business repricing . Reclassification of lending fees to interest income lending portfolio and now positioned for growth . Increased focus on mortgage proprietary channel with less reliance on brokers . St.George repositioned franchise and announced Bank of Melbourne launch scheduled for August 2011 accounted for 1bp . Higher retail and wholesale funding costs Non-interest income . 7% . Reclassification of $6m of lending fees to interest income . Lower consumer transaction fees 569 582 151 (28) 52 (21) (9) 4 (13) St.George cash earnings ($m) Expenses . 1% . New commitment to local regional brand in Victoria, with launch of Bank of Melbourne . FTE decreases given restructuring and productivity initiatives Impairments . 2% . Impairment charges down $4m (2%) to $176m 472 14 (2) (38) Up 2% Up 21% (down 47% on 1H10) . Consumer impairment charges up $27m, mostly rising delinquencies . Business impairment charges down $31m as commercial property stabilised The Westpac Group Investor Discussion Pack – May 2011 Sector leading NPS and rising products per customer St.George Bank St.George delivering improved customer metrics . NPS1 remains sector leading – Business NPS at 5.3 is up 17.5 percentage points since 26 700 St.George customers with 4+ products Customers with 4+ products (LHS) (‘000) (%) 17.5 March 10 versus Big 4 banks up 0.7 percentage points – Consumer NPS at -4.1 is up 0.3 percentage points since March 10 and ahead of peers by 12.8 percentage points . Customers with 4+ products at 25.3% (up 2.2 percentage points since March 10) 23 24 25 600 650 % of customers with 4+ products (RHS) – BT Super for Life sales through St.George branches of 30,000 since launch, averaging 430 per week in 1H11 – Home & Contents insurance cross sell2 up 36% to 53% 21 22 500 550 Mar-10 Sep-10 Mar-11 St.George Group 5.3 10 Business NPS1 – 6 month moving average (%) 60 Up 36% Home & Contents insurance cross sell rates2 (%) -21.5 -20 -10 0 Big 4 banks* 39 47 53 20 40 -30 Mar-10 Sep-10 Mar-11 0 Mar-10 Sep-10 Mar-11 1 Source for Business NPS: DBM Business Services Finance Monitor, March 2011 – 6MMA. Australian Business NPS= NPS of main financial institution, All businesses. * Big 4 The Westpac Group Investor Discussion Pack – May 2011 51 Average: Simple average of ANZ, CBA, and WBC. and Net Promoter ScoreSM is a service mark of Bain & Company, Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. 2 Cross sell rates are defined as the number of risk sales divided by the total home loan sales.

Initiatives to improve momentum gaining early traction St.George Bank Initiatives to restore momentum . Mortgages – Summer home loan campaign and approvals enhanced 6.0 6.5 Average weekly sales of home loans per Branch FTE – Improving productivity of home loan sales force Business – Increased customer interaction and switching campaign – Ready to grow commercial property after re-weighting of portfolio Productivity – Regional structure has streamlined roles FTE down 328 in 1H11 4.0 4.5 5.0 5.5 6.0 Bank of Melbourne launch – Providing Victorians with local brand in under-represented State – Re-branding 34 St.George branches and tripling the size of the network over the next 5 years 3.5 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Early indicators pointing to improved 2H11 performance February /March 11 leading indicators show improvement from January 11 – Growth in consumer customers in February 11 was the highest in 1,800 2,000 Mortgage approvals ($m) seven months and March 11 was up 20% on February 11 – Product uptake for new customers has increased for the last 2 months, driven by savings and transaction accounts – Average weekly sales of home loans per branch FTE has increased 34% over the last 2 months 1,200 1,400 1,600 – Early signs of re-building mortgage momentum with approvals up (but off low base) – Business pipeline has improved and is well diversified. Business deals approved in March 11 up 38% on February 11 1,000 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 52 The Westpac Group Investor Discussion Pack – May 2011 St.George balance sheet growth subdued St.George Bank . Mortgages up 1% (0.3x banking system1) as focussed on proprietary channels and did not have a Spring campaign - Broker sales lower, particularly in States with light direct representation (broker sales 34% of flows in 1H11) St.George balance sheet ($bn) 1H10 2H10 1H11 Chg on 2H10 (%) . Credit cards and personal loans up 4% (0.7x banking system1) with Amplify reward card applications slowing post initial strong product uptake . Deposits up 1% (0.1x banking system1), with commercial customer run-off replaced by personal Term deposits up 9% 2 NET LOANS 125.2 126.8 126.7 - Mortgages 87.7 89.5 90.0 1 Business balance 32.1 31.6 30.8 3 Other balance 5.4 5.7 5.9 4 . Business lending2 down 3% - Positioned to grow again in commercial property . Customers with 4+ products increased 220bps to 25.3% aided by expanded product range including reward cards, insurances and BT Super for Life TOTAL DEPOSITS 63.7 65.6 66.4 1 Term deposits 28.1 26.9 29.2 9 Other 35.6 38.7 37.2 4 Lending as at 31 March 2011 (%) 13 Commercial Property Other Diversified Industries Mortgages Business lending 10 Proprietary Broker Mortgage growth by state and channel Year to March 11 (annualised) 39 15 5 9 Professional & Business Services Manufacturing & Wholesale Leisure & Hospitality 24 Other 5 0 5 1 APRA Monthly Banking Statistics, 6 months to March 11. 2 Business lending incorporates both small business and corporate lending. St.George corporate customer segment 19 Trade 71 5 -10 -NSW/ACT Qld Vic SA WA 53 includes customers with facilities that typically do not exceed $150m. The Westpac Group Investor Discussion Pack – May 2011

Solid risk profile, SME and commercial stress stabilising St.George Bank 88 (20) (1) 9 (227) Impairment charges movement ($m) St.George improving risk profile1 . Stressed exposures at 386bps, down 33bps on 2H10 (down 20bps on 1H10) as credit quality conditions stabilise. Over 331 180 176 (92) 0 (6) 12 82 2H10 – Impaired assets unchanged at 109bps – 90+ days past due and well secured up 8bps at 89bps – Watchlist and substandard down 41bps at 188bps . Mortgage 90+ day delinquencies at 51bps, up 15bps on 2H10 . Credit cards 90+ day delinquencies at 143bps, up 27bps on 143bps, 2H10 . CAPs increase in 1H11 as benefits through upgrades and repayments in 2H10 were not repeated . Impairment charges down $4m on 2H10 to $176m 6 Watchlist & substandard 90+ days past due well secured Stressed exposures as a % of total committed exposures 90+ days delinquencies Credit cards 1.5% 2.0% 2 4 90 Impaired Mortgages 0.5% 1.0% 0 1H09 2H09 1H10 2H10 1H11 0.0% Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 1 Refer slide 111 for asset quality definitions 54 The Westpac Group Investor Discussion Pack – May 2011 definitions. Solid earnings with growth supported by strong fund flows BTFG Cash earnings . 5% . Cash earnings up 5% to $309m (up 3% on 1H10) . General insurance severe weather event claims reduced cash earnings by $39m. 34% 34% t $203 ( 18% 1H10) Key features of 1H11 result compared to 2H10 . Earnings supported by good flows and stronger asset markets (Movement 2H10 – 1H11) Funds management cash earnings . Cash earnings up to 203m up on . $14m one-off benefit from change to amortisation profile for capitalised fees and costs . Revaluation gains associated with Ascalon business . Average FUM up 3% with margins down 5bps . Average FUA up 4% with margins up 1bp markets, offsetting General Insurance loss . Leading share of annual new business, significantly above current market share in key segments: BT Wrap/Asgard Platforms; Corporate Super; and Retail. BT Super for Life sales remain strong . Sector leading platforms (BT Wrap/Asgard) . Expanding reach with BT Super for Life and Life Insurance on Wrap . BTIM3 contributed $9m (3%) to total BTFG result Insurance . 28% . Cash earnings down 28% to $75m (down 19% on 1H10) . Solid growth in Life Insurance and launch of product via IFA network. High claims in General Insurance . Continued improvement in Westpac RBB/St.George cross sell . BT Super for Life won Super Ratings’ Fast Mover 20111, General Insurance won Outstanding Value Contents Insurance2 FUA and FUM % Change 2H10 – 1H11 Average Spot BT Wrap/Asgard FUA . 4 . 3 cash earnings . Life insurance up 4% due to solid premium growth . General Insurance loss of $17m impacted by substantial flood and cyclone claims . Lenders Mortgage Insurance contribution up 19% . BTFG insurance sales through St.George showing Corporate Super FUA . 6 . 7 Total FUA . 4 . 3 Retail FUM . 1 . 1 . (1) . (2) g g g significant improvement in Home & Contents insurance, with strong upside opportunity Capital and other cash earnings . 18% . Down 18% to $31m (down 14% on 1H10) . Higher capital, funding costs and expenses partially offset by improved earnings on invested capital Institutional FUM Wholesale FUM . 8 . 13 Total FUM . 3 . 4 Expenses . 1% . Down 1% over 2H10 due to a reduction in average FTE of 2% given seasonality and focus on productivity and efficiency 1 SuperRatings Fund of the Year Awards 2011. 2 Canstar Cannex 2011 National Award, November 2010. 3 BTIM is BT Investment Management. For further information refer to 55 their 2011 interim results at www.btim.com.au. The Westpac Group Investor Discussion Pack – May 2011

FUA - sector leading platforms and high market share of new business BTFG . Leading BT Wrap/Asgard Platform and Retail with 20% market share . Leading share of annual new business, significantly above current market share in all major categories: BT Wrap/Asgard Current Aust. market share1 Share of annual new business1 share, Platforms; Corporate Super; and Retail - Consistent net flows despite subdued growth for industry . FUA margins little changed, up 1bp on 2H10 (down 1bp on 1H10) Product Market share (%) Rank Market share (%) Rank BT Wrap/Asgard Platforms 20 1 39 1 . BT Super for Life FUM around $1.3bn (up 33% on 2H10), and has over 230,000 customers, with sales averaging 1,300 per week in 1H11 . FUA asset allocation little changed having moved Australian equities out of cash/fixed income in 2010 Corporate Super 10 5 22 1 Retail (excl. cash) 19 1 70 1 BT Super for Life customer growth and FUM (‘000) ($m) 250 Westpac St.George FUM (RHS) FUA asset allocation (% of total) 18 18 19 2 1 1 6 6 6 Property 50 100 150 200 42 42 25 19 18 16 14 14 Other International Equities Fixed Income Cash Australian Equities 0 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 33 1H09 1H10 1H11 1 Plan for Life December 2010 56 The Westpac Group Investor Discussion Pack – May 2011 Life, 2010. Solid Life Insurance result offset by high General Insurance claims BTFG . Cash earnings down 28% to $75m . Life Insurance cash earnings up 4% - 20% CAGR in cash earnings over last two years Insurance cash earnings contribution ($m) 12 78 93 75 - 8% increase in net earned premiums with strong sales of life insurance products on Wrap platform - Loss ratio at 30%, flat on 2H10 - Launched Life Insurance “BT Protection Plan” through IFA 38 46 55 25 35 37 15 network in February 2011 with pipeline for new business exceeding plan . Lenders Mortgage Insurance cash earnings up 19% - 6% decrease in net earned premiums due to slowing credit growth and reduced risk profile -17 1H09 1H10 1H11 Life LMI General - Insurance claims down $11m with loss ratio falling to 12% (from 30%) . General Insurance cash earnings loss of $17m - 9% increase in net earned premiums 118 General Insurance loss rates (%) - Loss ratio at 118% due to floods, well above recent 60%-76% range - Total severe weather event claims $56m, up $53m - Effective re-insurance programs in place 72 60 76 66 . St.George Bank cross sell rates1 materially improved for Home and Contents insurance to 53% (14 percentage point improvement on 1H10). Westpac cross sell rates at 76% 1 Cross sell rates are defined as the number of risk sales divided by the total home loan sales 1H09 2H09 1H10 2H10 1H11 57 sales. The Westpac Group Investor Discussion Pack – May 2011

Long term productivity drive delivering benefits BTFG 56 58 Expense to income ratio (%) Down 8 percentage Long term productivity initiatives delivering . Since the Global Financial Crisis and changed 48 50 52 54 points market conditions, BTFG has focussed on increasing productivity and planner effectiveness, including – Implementing appropriate support structure to 44 46 1H09 2H09 1H10 2H10 1H11 increase customer facing time – Alignment of the bank planners to priority High Net Worth and affluent relationship managed segments Revenue per adviser1. Expense to income ratio reduced 8 percentage points over the last two years, near record lows of 49.5% in 1H11 . Strong revenue per adviser from improved productivity with average revenue per planner up 11% on 1H10 (9% on 2H10) – Westpac RBB up 32% over the last two years, 88% higher than bank median2 2004 2005 2006 2007 2008 2009 2010 Annualised 2011 Westpac RBB St George Bank median 1 Source: Benchmarking for Financial Planning Business 2010, Comparator December quarter 2010. Revenue per adviser includes adviser remuneration. 2 Bank median median – St.George improving following the merger and is at the bank median2 2 The Westpac Group Investor Discussion Pack – May 2011 58 represents a sample of 8 banks. Sound Core earnings growth driving a solid result Westpac New Zealand Cash earnings . 7% . Cash earnings up 7% to $210m (up 68% on 1H10) . Core earnings up 3% to $433m (up 13% on 1H10) Key features of 1H11 result compared to 2H10 . Cash earnings increased 7% through improved margins, above system loan growth and lower impairment charges (Movement 2H10 – 1H11) In NZ$ Net interest income . 4% . Net interest income up 4% to $639m (up 9% on 1H10) . Good momentum across sectors, with balance sheet growth – Mortgages up 1% (1.3x banking system2), . Core earnings growth through sustained investment in front line, driving better quality and faster lending decisions . Effective productivity initiatives delivering benefits despite slow credit growth environment – Deposits up 4%, fully supporting lending Margins . 13bps . Strong repricing and positive trend from maturing of fixed rate, lower spread lending partially offset by higher deposit costs (margins 22bps on 1H10) . Result achieved despite the Christchurch earthquakes . Remained open for business, supporting customers and staff, through the Christchurch earthquakes, Southland storm, and the Pike River mining tragedy up Non-interest income . 1% . Increased earnings from improved banking and credit related fees (up 7% on 1H10) Expenses . 3% . Higher salary costs from continued investment in front line 197 210 32 10 (4) (35) 69 22 1 (11) 2 (1) Westpac NZ1 Cash earnings (NZ$m) . Increased advertising costs associated with increasing market share . $1m impact from Christchurch earthquake Impairments . 1% . Impairments down 1% to $137m (down 34% on 1H10) 125 Up 7% Up 58% . $56m of impairment charge relates to the Christchurch earthquake, including a $43m increase in the economic overlay, offset by the $20m release of the overlay for the New Zealand economy and gradual improvement in asset quality 1 Excludes WIB New Zealand 2 Source RBNZ, March 2011 YTD. 1H10 Net II Non-II Expenses Tax & NCI Impairment charges 2H10 Net II Non-II Expenses Impairment charges Tax & NCI 1H11 The Westpac Group Investor Discussion Pack – May 2011 59

Westpac New Zealand Productivity starting to deliver, providing further opportunity to deepen customer relationships 50 650 Customers with 4+ products (LHS) % of customers with 4+ products (RHS) (‘000s) (%) New Zealand2 customers with 4+ products Investment in front line driving results . Significant upgrade to network over the past 18 months, including more bankers in new, more customer-oriented 44 46 48 500 550 600 branches featuring 24/7 banking technology . Higher frontline capability with increased sales and service training and a continued focus on credit skills . Improved distribution via 10 new branches in the last 18 months and 14 self-service international award winning ATMs1 40 42 450 Mar-10 Sep-10 Mar-11 Customers with 4+ products at 47.8% (up 230bps on 1H10) . Market leading innovation with Impulse saver iPhone app, a world first 1 Productivity . Revenue per FTE up 5% on 1H10 . Faster loan approvals with 55% of retail home loans approved within 1 hour (up from 41% at 1H10) and 67% of personal loans Revenue per FTE Up 5% approved within 1 hour (up from 54% at 1H10) . Initiatives improving application process times four fold resulting in increased Wealth customers and higher conversion rates . Easier fixed rate rollovers allowing customers to complete them independently on-line or through a short phone call on . Smart ATMs providing fast and convenient access for transactions including deposits of cash, cheques and bulk bag deposits 1H10 2H10 1H11 1 Asian Banker Technology Awards 2010. Excludes WIB New Zealand. The Westpac Group Investor Discussion Pack – May 2011 60 Sound balance sheet in a low growth environment Westpac New Zealand . Home lending in New Zealand continues to be subdued, growing 1%. Westpac New Zealand mortgages grew at 1.3x banking system2 in 1H11 Westpac NZ1 balance sheet (NZ$bn) 1H10 2H10 1H11 Chg on 2H10 (%) . Business lending has reduced 2% since 2H10 with most lending concentrated in the institutional segment in WIB NZ (reported in WIB Australia) . Credit cards growing at 1.6x system2 NET LOANS 49.0 49.8 49.8 - Mortgages 33.2 33.9 34.2 1 Business 14.2 14.3 14.0 2 Other 1.6 1.6 1.6 - . Improved funding position through deposit growth, deposits up 4% since 2H10. Term deposits increased 2% and call deposits up 6% TOTAL DEPOSITS 30.0 30.5 31.6 4 Term deposits 17.0 17.8 18.1 2 Other 13.0 12.7 13.5 6 8% Westpac System Lending as at 31 March 2011 (%) 12 Property Agriculture Business Services Mortgages Business lending Housing Credit Growth (3 month rolling3) 2% 4% 6% 31 2 2 6 5 5 4 Construction Manufacturing Retail Wholesale trade 28 Other 0% 1H10 2H10 1H11 1 Excludes WIB New Zealand. 2 Source: RBNZ March 2011 YTD. 3 Annualised 3 month cumulative growth rate. 33 Transport Other 69 3 61 The Westpac Group Investor Discussion Pack – May 2011

Impact of Christchurch earthquakes Westpac New Zealand Financial impacts . Damage estimates from the earthquake remain uncertain, current estimation is around NZ$15bn (8% of GDP) Westpac supporting customers . Westpac Assist program available to all customers in need, including 3 month payment deferral . For Westpac, costs associated with the earthquake have been well managed and absorbed in cost base . 6 Christchurch branches (3% of NZ branch network) remain closed with mobile banking teams providing continuity Construction of Westpac Business Hub in Christchurch. The Hub provides all essential tools of business free of charge including phone, broadband, video conferencing, service work spaces, formal and casual meeting places and a corporate lounge. This facility will help local businesses continue their operations and maintain their relationships with suppliers and . Collective provisions increased by NZ$43m to cover potential impairments (in addition to NZ$10m provided for the first earthquake in FY10), partly offset by a $20m release in the economic overlay Business impacts customers. . Mobile banking teams, including 2 mobile ATMs, deployed to help hardest hit areas of Christchurch providing access to cash and financial support . Donations to the second earthquake appeal of NZ$1m . The earthquakes are expected to be a short term drag on the economy as uncertainty and caution remain . Growth is expected to pick up in 2012 as the rebuilding phase of the recovery begins St.George Group 30 40 New Zealand1 TCE by region (%) . Further effects include – Survey of business customers based in Christchurch area shows only 2% that will be permanently affected, while 13% will be temporarily affected – Businesses with diverse operations in Christchurch are performing solidly – Mortgage customers are using insurance payments (from September 2010 earthquake) to pay down debt 1 Excludes WIB New Zealand. 2 ‘Other’ includes non-mainland areas and borrowers currently residing overseas. 2 The Westpac Group Investor Discussion Pack – May 2011 62 Improving asset quality portfolio despite slower economic recovery and earthquakes Westpac New Zealand Movement in impairment charges (NZ$m) 69 0 (4) (5) ( 131) Asset quality gradually improving1 . Decline in impairments and stressed exposures as economic conditions gradually improve in New Zealand 208 137 ) . Higher IAPs from companies already identified as stressed . CAPs decreased by $131m – Flow of provisions out of collective into IAP – Partial unwind of New Zealand economic overlay as New Zealand moves out of recession 1H10 New IAPs Writebacks Recoveries Write-offs Other changes in CAPs 1H11 – Partially offset by increased overlay for Christchurch Earthquake impacts . Reduction in Other consumer 90+ day delinquencies and stabilisation of mortgage delinquencies 6 1 4 1.6 1.8 Mortgages Other consumer 90+ day delinquencies (%) Stressed exposures as a % of total committed exposures (%) 2 4 0.4 0.6 0.8 1.0 1.2 1.4 0 1H09 2H09 1H10 2H10 1H11 Watchlist & substandard 90+ days past due well secured Impaired 0.0 0.2 FY05 FY06 FY07 FY08 FY09 FY10 1H11 1 Refer page 111 for asset quality definitions 63 The Westpac Group Investor Discussion Pack – May 2011 definitions.

New Zealand mortgage portfolio stabilised Westpac New Zealand Quality of portfolio remains high - Well collateralised, with 78% of portfolio less than 80% LVR Mortgage portfolio LVR2 distribution (%) - 85% of loans originated in 1H11 have LVR less than 80% 73% of loan origination through proprietary channel, up from 69% in 1H10 Mortgage 90+ day delinquencies increased 5bps to 80bps (up 5bps on 1H10) 78 85 40 60 80 Greater than 90% Between 80% - 90% Less than 80% Mortgage delinquencies remain higher than the Australian portfolios, reflecting the slower pace of recovery from recent New Zealand recession Net mortgage write-offs improved by 1.2bps to 11bps 0 20 Total Portfolio 1H11 New Flows 0.8 1.0 % of portfolio 30-60 days % of portfolio 90+ days Mortgage delinquencies (%) 14 16 Net mortgage write-offs as a % of housing book (bps) 0 2 0.4 0 6 4 6 8 10 12 1 Excludes WIB New Zealand. 2 LVR based on current balance and current assessment of property value. 0.0 0.2 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 0 2 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 64 The Westpac Group Investor Discussion Pack – May 2011 Business portfolio1; stressed exposures improving Westpac New Zealand Stressed exposures 14.3% of New Zealand business TCE, down 125bps (down 165bps from 1H10) - Stabilisation in the transaction managed portfolio, with no large single name downgrades into stress - Stressed exposures are more broadly based given length of recession in New Zealand . Impaired exposures 3.8% of New Zealand business TCE, up 123bps (up 163bps from 1H10) - Majority of increase over 1H11 driven by property sector companies downgraded from watchlist and substandard Business stressed exposures as a % of New Zealand Business TCE (%) 12 16 Watchlist and Substandard 90 days past due well secured 13 3 8 Property Agriculture 4 8 Impaired 40 32 4 Construction Manufacturing Retail 1 Excludes WIB New Zealand. 2 ‘Other’ includes accommodation, cafes and restaurants, transport, finance and insurance. 2 0 2005 2006 2007 2008 1H09 2H09 1H10 2H10 1H11 Other 65 The Westpac Group Investor Discussion Pack – May 2011

Strong underlying revenue performance impacted by FX movements and impairments Pacific Banking Cash earnings 17% . Cash earnings down 17% to $39m (up 15% on 1H10) . Earnings impacted by negative translation differences due to strong $A FX impact on earnings: 1H11 v 2H10 (% change) Reported Excl. FX translation (Movement 2H10 – 1H11) . Excluding FX, cash earnings down 11% . Core earnings down 3% to $66m (up 16% on 1H10) Net interest 5% . Positive local currency growth Net interest income (5) flat Non-interest income 4 11 Expenses ( 3) ( 8) income – Loans up 3% – Deposits up 6% . Decline mostly due to translation impacts of the strengthening $A Impairment charges large large Tax & non-controlling interests 17 17 Cash earnings (17) (11) 34 47 42 39 5 6 0 7 (5) 0 5 (3) (11) 4 (3) Margins 13bps . Margins lower from higher funding costs Non-interest income 4% . Increase due to higher FX earnings primarily in PNG Expenses . 3% . Increase in front line staff and salary costs P ti ll ff tb t l ti ff t i A$ Pacific Banking cash earnings ($m) 1 Down 17% . Partially offset by translation effects in Impairments large . Impairment charge has moved from $3m benefit in 2H10 to $7m charge in 1H11 . Increase largely due to downgrade of two larger exposures Up 38% 1H1 Net Non-II Expense Impairmen charges Tax & NCI 2H1 Net Non- II Expense Impairmen charges Tax & NCI 1H11 (ex FX) FX tran 1H1 The Westpac Group Investor Discussion Pack – May 2011 66 Capital, Funding and Liquidity May 2011

Strong capital position driven by organic growth Capital . Strong organic capital generation1 adding 41bps (77bps from 1H10) . Other impacts down 7bps mostly due to higher capitalised Key capital ratios (%) 1H10 2H10 1H11 Tier 1 ratio 8.6 9.1 9.5 software . Strong return on equity of 16.5% sees earnings contribute 114bps increase in capital ratios in 1H11 . Risk weighted assets down 1% (down 5% on 1H10) given high proportion of mortgages and stress red cing in the Tier 1 ratio (FSA2) 11.4 12.6 13.7 Total capital ratio 10.8 11.0 11.0 Common equity ratio 7.1 7.5 8.0 reducing portfolio . Well positioned for regulatory change with strong common equity ratio of 8%, high relative to international peers Common equity ratio (FSA2) 9.7 10.8 11.9 Risk weighted assets $290bn $279bn $277bn 1. 53 1.59 1.58 114bps (81bps) 8bps (7bps) 10bps Common equity Movements 8.64 9.53 13.7 9.09 Tier 1 Capital (%) Common equity ratios: international comparisons2 (%) 3 5 United Kingdom (FSA) Australia (APRA) Canada (OSFI) 2,4 8.0 8.5 7.4 6.9 11.9 13.0 10.2 10.2 9.9 9.8 7.11 7.50 7.95 1.53 0 0Tier 1 Ratio up 44bps Common equity ratio up 45bps 10.8 10.5 10.7 8.8.2 Mar-10 Sep-10 Cash earnings Net dividend RWA movement Other SGB Tax Consol Mar-11 Tier 1 FSA2 Mar-11 1 Organic capital generation is defined as cash earnings, less net dividends, less RWA movements. 2 Financial Services Authority (FSA) and Office of the Superintendent of Financial Institutions (OSFI) calculations are estimates based on Westpac’s application of publicly available standards 3 Peer 1 at 31 March 2011 Peer 2 and 3 at 31 December 2010 4 UK peer data at 31 December WBC Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 WBC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 The Westpac Group Investor Discussion Pack – May 2011 Westpac s standards. 2011, 2010. 2010. UK peers include Barclays, HSBC, and RBS. 5 CAD peers data at 31 January 2011. CAD peers include Bank of Montreal, CIBC, RBC, Scotia Bank and TD. 68 Strong foundations for Basel III transition Capital 7.95 6 75 9.60 (61bps) (57bps) (2bps) 71bps 93bps 121bps Common equity ratio under Basel III at March 2011 (%) 7.0 6.75 2bps) p 4.5% Minimum 2.5% CCB Up 285bps under fully harmonised Basel III APRA BII common equity 50/50 ded’n now 100% Increased credit and market RWA 50/50 ded’n now riskweighted APRA BII adjusted to Basel III Dividend ded’n 10%/15% threshold ded’n IRRBB, LGD, and other Common equity under harmonised Basel III Basel III minimum common equity . Applying estimate of new Basel III capital deductions to Westpac’s current common equity ratio would reduce the ratio 120bps to 6.75% . However, full harmonisation to Basel III would increase Westpac’s common equity ratio by 165bps to 9.60%, which would be 260bps above minimum including capital conservation buffer (CCB) . Under Basel II APRA has maintained certain deductions to capital that are more conservative than the Basel III rules II, and takes 285bps off the harmonised capital ratio. These include – Dividend deduction (71bps) – 100% deduction for DTA and investments in non-consolidated subsidiaries, as no 10%/15% concessional threshold ( 121bps) p) – IRRBB, higher LGD floor on mortgages, and other minor overlays (93bps) . Strong organic capital generation means Westpac is well placed for transition to Basel III 69 The Westpac Group Investor Discussion Pack – May 2011

Key points from the 31 March 2011 Pillar 3 Report Capital . Credit RWA declined by 2%, largely driven by – Decline in the average risk weights across corporate and specialised lending portfolios as the quality of the book improved Credit RWA – Reduction in business lending due to lower property exposures and continued business de-gearing – Mortgage RWA eased as mortgage growth was more than offset by lower average risk weightings Non credit RWA . Market risk increased 44% to $7.5bn – Increase in liquid assets in preparation for Basel III liquidity rules – Increase in trading positions in WIB . Increase in equity risk due to changes in market values of investment holdings . Interest rate risk in the banking book and operational risk were relatively stable during 1H11 Exposure at default . Increase in exposure at default driven by residential mortgage growth Regulatory expected loss . Increased $295m due to 13bps increase in mortgage delinquencies partially offset by improvements in the average credit quality of the commercial portfolio GRCL1 . Improved asset quality and resulting provision reduction have led to a small ($26m) GRCL adjustment that is deducted from Tier 1 capital 1 GRCL is APRA’s general reserve for credit losses. 70 The Westpac Group Investor Discussion Pack – May 2011 Funding mix well placed; increased liquid assets Funding & Liquidity . Stable Funding Ratio1 79% at 1H11, composition largely unchanged . Reduced need to access term wholesale markets 11 9 9 20 11 11 12 Wholesale Offshore <1Yr Wholesale Onshore <1Yr Funding composition by residual maturity1,2 (%) - Customer deposit growth exceeded loans by $2bn - $12.4bn of new term debt issued in 1H11, with a weighted average maturity of 3.8 years . Managed maturity profile, with $3.8bn of Government- Guaranteed term debt bought back 5 7 7 7 4 6 5 5 10 10 14 13 1 3 2 2 16 Securitisation Wholesale Offshore >1Yr Wholesale Onshore >1Yr E it 3 g . 2H11 term issuance - Includes term maturities of $11bn2 - Dependent on asset and deposit growth, FX and growth in liquid assets Li id t $85b t 31 M h 2011 44 52 52 52 FY08 FY09 FY10 1H11 Equity Customer deposits 4 . Liquid assets 85bn at March - Covers all offshore wholesale debt maturities for 23 months - All assets are repo eligible with a central bank Term debt maturity profile at 31 March 2011 ($bn) 24 21 26 Liquid assets ($bn) 11 13 16 31 29 31 34 35 33 Self securitisation Bank, Corporate, RMBS, Supras and Gov guaranteed paper 85 80 82 2H11 FY12 FY13 FY14 FY15 >FY15 1 Stable funding ratio calculated on the basis of customer deposits + wholesale funding with residual maturity greater than 12 months + equity + securitisation, as a proportion of 15 18 21 1H10 2H10 1H11 Cash, Gov and Semi-gov 71 total funding. 2 Based on FX spot currency translation. 3 Equity excludes FX translation, Available for Sale Securities and Cash Flow Hedging Reserves. 4 2008 comparatives excludes St.George. The Westpac Group Investor Discussion Pack – May 2011

Asset Quality and Risk Management May 2011 Clear signs of improving asset quality Group asset quality . Stressed assets to total committed exposures (TCE) down 35bps to 2.85% - Rate of new stress decreasing Stressed exposures as a % of total committed exposures1 4.0 Watchlist & substandard - Upgrades out of stress and into the performing book - Resolution on a number of impaired loans, including writebacks, particularly in WIB - Write-offs of $368m 1.0 2.0 3.0 90+ days past due well secured Impaired . Impaired assets to increased 1bp to 68bps as some existing stressed loans migrated to impaired . Commercial property remains the prominent category within impaired assets - sector has stabilised, although yet to improve sufficiently to support a rapid work out of facilities 0.0 2001 2002 2003 2004 2005 2006 2007 2008 1H09 2H09 1H10 2H10 1H11 Movement in stressed assets ($bn) 21 Property and business services Retail lending Stressed assets by industry (%) 21.6 21.9 (0.6) 0.7 0.3 (2.5) 38 8 5 Manufacturing Agriculture, forestry & fishing Trade 20.0 0.4 0.2 0 1 Westpac’s impaired assets from 2005 reflect APRA’s prudential approach to the adoption of A-IFRS by ADIs to include consumer accounts > 90 days past due but not well 11 9 8 Accommodation, cafes & restaurants Other 1H10 Watchlist & substandard 90+ day well secured Impaired 2H10 Watchlist & substandard 90+ day well secured Impaired 1H11 The Westpac Group Investor Discussion Pack – May 2011 73 Westpac s APRA s secured. Includes St.George from 1H09 onwards.

Low risk, stable balance sheet composition Group asset quality Balance sheet composition at 31 March 2011 (%) 10 4 Cash and balances with central banks Strongly weighted to customer lending, with low percentage of trading assets 66 20 Mortgages Business lending Corporate 2 10 5 80 Receivables due from other financial institutions Trading securities, financial assets at FV and avs securities Derivative financial instruments Other consumer 1 2 0 Loans Life insurance assets Regulatory deposits with central banks overseas Balance sheet On balance sheet lending Exposure by risk grade1 as at 31 March 2011 ($m) Risk grade Australia NZ / Pacific Americas Europe Asia Group % of Total AAA to AA- 66,872 5,470 801 430 210 73,783 11 A+ to A- 31,424 2,642 1,465 1,730 688 37,949 5 A A BBB+ to BBB- 41,876 6,551 1,093 987 1,351 51,858 7 BB+ to BB 50,265 6,099 272 506 484 57,626 8 BB- to B+ 55,202 4,942 94 126 - 60,364 9 <B+ 14,965 2,425 71 170 29 17,660 3 1 Exposure by booking office Secured consumer 331,336 29,731 - - - 361,067 51 Unsecured consumer 38,511 3,410 - - - 41,921 6 Total committed exposure 630,451 61,270 3,796 3,949 2,762 702,228 Exposure by region (%) 90% 9% <1% <1% <1% 100 The Westpac Group Investor Discussion Pack – May 2011 74 office. Portfolio diversified across industries Group asset quality Outstandings Undrawn commitments Total committed exposure and outstandings at 31 March 2011 (Institutional and business lending, $m) 1 2 Trade Property Finance and insurance 3 Agriculture, forestry and fishing Services Government administration and defence Manufacturing Utilities Property and business services Transport and storage . Property lending continues to decline - 7% of Group TCE (down from 10% at December 2008) Mining Accommodation, cafes and restaurants Construction 4 . Overall industry mix remains broadly stable 0 15,000 30,000 45,000 60,000 75,000 90,000 Other 1 Undrawn includes commitments that may give rise to lending risk. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and ins rance sectors 3 Property includes both residential and non residential property investors and developers and excludes real estate agents 4 Construction The Westpac Group Investor Discussion Pack – May 2011 75 insurance sectors. Property includes non-property investors developers, excludes agents. Construction includes building and non-building construction, and industries serving the construction sector.

Low single name concentrations Group asset quality . Top 10 single name exposures to corporations and NBFIs continue to be below 2% of Total Committed Exposures (TCE) Top 10 exposures to corporations and NBFIs as a % of TCE1 (%) 3 . Largest corporation and NBFI single name exposure represents 0.4% of TCE . 9 of the top 10 exposures to corporations and NBFIs are above investment grade 1 2 g . 5 of the top 10 Corporate and NBFI exposures rated A- or above (down from 7 at 2H10) . One large exposure at 31 March 2011 represents a short term bridging facility that has subsequently 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H11 been paid down Top 10 exposures to corporations and NBFIs at 31 March 2011 ($m) BBB+ A or BBB BBBBBBAAA- 1 Includes St.George from 2009 onwards. 2 Represents the aggregation of 12 borrower groups subject to separate financing structures, but controlled by a single counterparty. 500 1,000 1,500 BBAA 3,000 2 The Westpac Group Investor Discussion Pack – May 2011 76 of these borrower groups, representing of the total exposure, is currently classified as stressed. The other borrower groups range from to B+, with a group average risk grade of BB. Commercial property portfolio well diversified Group asset quality Commercial property portfolio composition by borrower type (%) . Commercial property represents 7% of TCE and 9% of gross lending at March 2011, down from 10% and 13% respectively at December 2008 48 20 19 Exposures <$10m Developers >$10m Investors >$10m . Portfolio is well diversified across names, States and sectors . Sub-limits for exposures >$10m actively monitored to limit concentrations to developers, investors, 13 Diversified Property Groups and Property Trusts >$10m diversified property groups and property trusts . ‘Commercial’ sector includes offices and groups diversified across multiple asset classes, including office and non-office properties Commercial property portfolio composition by region1 (%) Commercial property portfolio composition by sector (%) NSW & ACT 10 Commercial offices & 24 15 6 27 VIC QLD SA & NT WA 56 18 16 diversified groups Residential Retail 1 Geographic regions are shown by booking office location. 12 8 8 NZ & Pacific Insitutional Industrial The Westpac Group Investor Discussion Pack – May 2011 77

Commercial property stress declining Group asset quality Segment1 Exposures % of Group TCE % Stressed2 Mvmt in % stressed (1H11 vs 2H10 ) Comments Australia <$10m 3.1 12.9 .(0.3) . Diverse portfolio, with market turnover and development activity more resilient than for larger assets . Moderate decrease in stressed exposures consistent with general portfolio trends Australia Diversified property groups & property trusts3 1.2 7.7 .(0.9) . Improvement mainly driven by upgrades as customers continue to reduce gearing . Reduced stress in investment sector as property values >$10m Investment 1.5 10.5 .(1.6) recover and markets improve Development 0.8 28.3 .(9.5) . Improvement in stressed exposure levels since 2H10 New Zealand 0.5 20.3 .(1.1) . Continues a downward trend from a higher than portfolio average position as the New Zealand property market remains challenging . 7% of TCE and 9% of gross lending at March 2011 - Down from 10% & 13% respectively at peak ( December 1 Geographic segments are shown by booking office location. 2 Stressed exposures include watchlist, substandard, 90+ days past due well secured and impaired assets. Total Commercial Property 7.1 13.7 .(1.8) 2008) . 13.7% stressed - Down from 15.5% stressed 2H10 78 3 Includes exposures relating to both investment and development activities. The Westpac Group Investor Discussion Pack – May 2011 High quality Australian mortgage portfolio Australian mortgages . Australian mortgage portfolio quality remains high - Banks in Australia have full recourse to the borrower’s mortgaged property and other Australian mortgage portfolio1 1H11 Spot Balance Flow Total portfolio $295bn $33bn borrower s assets - Majority of housing loans are variable rate - Low loan-to-value ratios Owner-occupied 49.2% 56.9% Investment 38.7% 37.3% Portfolio loan/line of credit 12.1% 5.9% Variable rate / Fixed rate 87% / 13% 93% / 7% - For mortgage-insured loans, mortgage insurance covers the entire loan . Interest payments on primary residence are not tax deductible which generally leads to mortgages Low Doc 7.1% 1.4% Proprietary channel 67% 62% First Home Buyer (incl. Low Doc) 12.5% 9.6% Mortgage insured 29% 18.5% being repaid quickly . Low Doc lending continuing to reduce as a proportion of the portfolio, currently around 1.4% of new lending Australian mortgage loss rates2 0.16% 0.20% - Low Doc lending, where borrowers certify income, has a higher delinquency profile, but low loss rates given additional risk mitigants, including lower LVRs, mortgage insurance, restricted location and security types 0.00% 0.04% 0.08% 0.12% Represents all brands ( Westpac RBB, RAMS and St.George Bank). 2 Data is Westpac and St.George for October 2009 onwards; Westpac only prior to October 2009. Data is Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 79 based on rolling 6 month losses annualised. The Westpac Group Investor Discussion Pack – May 2011

Australian mortgage portfolio – delinquencies rising from very low base Australian mortgages . Mortgages 90+ days delinquencies 56bps at 1H11, remain below industry benchmarks, although have risen 13bps over the half Australian mortgage2 delinquencies 2.4% 2.8% 90+ days past due 30 - Higher delinquency profile of certain parts of the portfolio, including Low Doc - Rising delinquencies in Queensland - Increase in interest rates 0.4% 0.8% 1.2% 1.6% 2.0% 30+ days past due - Higher numbers of customers in hardship, in addition to impacts of natural disasters, including flood and cyclones . Despite higher delinquencies, loss rates remain low 0.0% 0.4% Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 - Mortgage portfolio losses $32.3m in 1H11 (after insurance), up from $19.2m at 2H10 - 2.2bps annualised1 . Low loss rates reflect Australian mortgage2 90+ days delinquencies 0.8% 1.0% ALL QLD FHB NSW VIC WA - Sound credit underwriting policies - Low LVRs for non-mortgage insured loans - Lower LVRs for Low Doc loans compared to full doc Mortgage 0.0% 0.2% 0.4% 0.6% - insurance cover 1 Net of mortgage insurance claims (1H11: $6m) and before collectively assessed provision charges (1H11: $15.5m). 2 Australian mortgages includes Westpac RBB, St.George 0.0% Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 80 Bank and RAMS (RAMS from August 2008). The Westpac Group Investor Discussion Pack – May 2011 Australian mortgage portfolio – well collateralised Australian mortgages . Australian mortgage portfolio is well collateralised - Average dynamic1 LVR is 45% . Mortgage insurance required where Australian mortgage portfolio2 (%) 1H103 2H103 1H11 Total Total Total - Standard mortgage LVR >80% - Low Doc mortgage LVR >60% . 29% of loans covered by mortgage insurance which covers the entire loan Average LVR at origination 69 69 69 Average dynamic1 LVR 45 44 45 . Servicing capacity of Australian customers remains sound - 54% of Australian mortgage customers ahead on repayments, slightly down from 55% at September 10 Average LVR of new loans2 71 70 69 50 Mar-10 Sep-10 Mar-11 Australian mortgage4 customer accounts ahead on payments (%) Australian mortgage4 portfolio LVR distribution 40% 50% LVR at origination Dynamic LVR 1 10 20 30 40 % of portfolio 10% 20% 30% 0 Behind On Time Less than 1 Month Less than 1 Year Less than 2 Years More than 2 Years 1 Dynamic LVR represents the estimated loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. Property valuation source Australian Property Monitors. 2 Average LVR of new loans is based on rolling 12 month window for each half year end period. 3 Restated to reflect 5 6 Loan-to-Value Ratio (LVR) band 0% 0<=50 50<=60 60<=70 70<=80 80<=90 90<=95 95+ 81 The Westpac Group Investor Discussion Pack – May 2011 methodology change. 4 Includes Westpac RBB (excl. RAMS) and St.George Bank. 5 ‘Behind’ is more than 30 days past due. 6 ‘On time’ includes up to 30 days past due.

Lenders Mortgage Insurance – managing risk transfer Australian mortgages Lenders Mortgage Insurance (LMI) structure at 31 March 2011 (%) LVR =80% and Low Doc LVR =60% . The Westpac Group has one captive mortgage insurer, Westpac Lenders Mortgage Insurance (WLMI)1 which insures mortgages originated through all Westpac brands and channels 24 5 Not covered by LMI 71 . Capital conservatively invested (cash and fixed interest) so returns primarily based on premium income and risk management . Two stage reinsurance arrangement to manage retained LVR >80% to =90% and Low Doc LVR >60% to =80% Covered by LMI LVR >90% Covered by LMI risk – Quota share with Genworth Australia – Additional stop loss insurance with a separate party to cover potential extreme loss scenarios External Mortgage Insurance (Genworth Aust.) In-house Mortgage Insurance (WLMI) . Mortgages with LVR >90% insured with a third party . WLMI is strongly capitalised (separate from bank capital) and subject to APRA regulation - WLMI capitalised at 1.37x MCR2 Retained risk . 70% of Westpac RBB and St.George Bank risk . 40% of RAMS risk Quota share reinsurance . 30% of Westpac RBB & St.George Bank risk . 60% RAMS risk. Scenarios confirm sufficient capital to fund claims arising from events of severe stress (up to 1 in 250 years) - In a 1 in 250 years loss scenario, estimated losses for WLMI $416m (net of re-insurance recoveries) 1 WLMI provides cover for residential mortgages originated under Westpac RBB, St.George and RAMS brands. Rated AA- Standard & Poor’s, AA Fitch and Aa3 Moodys. Stop Loss Reinsurance Protects retained risk . 1H11 insurance claims $6m (2H10 $17m) Minimum Capital Requirements (MCR) determined by Australian Prudential Regulation Authority. The Westpac Group Investor Discussion Pack – May 2011 82 Australian credit card portfolio continues to perform well Australian credit cards . Australian credit card portfolio continues to perform well despite difficulties faced by customers in areas impacted by natural disasters Australian credit card average payments to balance ratio (%) 48 The average credit cards payments to balance ratio strengthened to 47.6% in 1H11, up 43bps on 1H10, reflecting ongoing caution amongst consumers towards gearing levels 42 44 46 . Total credit card 90+ days delinquencies 114bps at 1H11, up 2bps on 2H10 (down 5bps on 1H10) . Delinquency trends in the Westpac portfolio were positive, resulting from continued prudent customer 38 40 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 repayment behaviour, implementation of the Group’s strategic collections infrastructure and reductions in hardship volumes from the peak in FY09, with accounts returning to an up-to-date position Australian credit cards portfolio 3% 10,000 Balances (lhs) 90+ days past due (rhs) ($m) . Delinquency trends in the St.George cards portfolio were negative in the half, impacted by seasoning of portfolio growth from FY09 and FY10 . Delinquency has increased in flood affected areas 1% 2% 6,000 7,000 8,000 9,000 for both Westpac and St.George however this represents a small proportion of the overall portfolio 0% 5,000 83 The Westpac Group Investor Discussion Pack – May 2011

Regulatory agenda May 2011 Domestic regulatory and reform agenda Regulatory agenda The Westpac Group is actively engaged with key stakeholders to support sensible and practical regulatory change Proposals and implications The Westpac Group position/response Credit provisioning . The IASB have proposed adjustments to the planned expected cash flow provisioning model to address concerns raised by respondents to the draft . Latest proposals reduce some of the complexity inherent in . Support an expected loss approach and believe the latest modifications reduce some of the complexity of the initial proposal . Current high level of provisioning sees The Westpac the initial proposal, but could still pose challenges Group well placed . Government has responded to Cooper and Ripoll reviews with reform packages “Stronger Super” and “The Future of Financial Advice” (FOFA) to increase Australians’ superannuation savings, simplify super and improve confidence in the financial planning sector . Reinforces the Group’s focus on superannuation and retirement as target segments . Proposals are aligned with BTFG strategic direction . BT Super for Life fees under 1% and perfectly Wealth management sector. – New simple, low cost, no commission default fund - ‘MySuper’- for those not actively managing their super – ‘SuperStream’ to improve the efficiency of superannuation and reduce industry costs – FOFA includes expanding the fee-for-service financial positioned with no commissions . Advice businesses well progressed with move to fee for service and ongoing program to lift professional standards and improve the quality of advice . Governstated platforms will compete on “quality and value for money” and BT Wrap and Asgard are well advice model, improved transparency, increased disclosure and higher professional standards positioned . A Comprehensive review of the Australian tax system (the Henry tax review) was released in 2010. Limited relevant government announcements since that time Westpac strongly supports changes to the tax laws to encourage more national savings as recommended by Henry (which recommended a Key changes proposed by the current government –Increase compulsory super from 9% to 12% –Slight reduction in the corporate tax rates –Reduce to 5% non-resident interest withholding taxes for financial institutions –Provide small tax incentives for savings broader based incentive) . Reinforces the Group’s focus on superannuation and retirement as target segments . Support reduction in and ultimate elimination of interest withholding taxes for financial institutions as recommended by Henry The Westpac Group Investor Discussion Pack – May 2011 85

International regulatory and reform agenda Regulatory agenda Proposals and implications The Westpac Group position/response . Work underway by the Financial Stability Board (FSB) to . Recognise local systemic importance already part Systemically Important Financial Institutions address Systemically Important Financial Institutions (SIFIs), at both a global (G-SIFI) and national level . Potential for higher capital requirements and additional requirements, initially for G-SIFIs . FSB has proposed a policy framework with final 2011 importance, of APRA’s PAIRS assessment . Do not expect G-SIFI classification . Implications for Westpac cannot be determined until final criteria and requirements are issued (SIFIs) recommendation due in November . Following G-20 mandate and FSB announcements, requirement to move standard over-the-counter (OTC) derivatives to central clearing by end 2012 . Project commenced within Westpac to evaluate and implement new clearing arrangements in order to achieve compliance with Dodd-Frank timelines Over The Counter (OTC) Derivatives . Australian authorities have not yet issued guidance on OTC derivative reforms . US Dodd-Frank Act also imposes requirements for central clearing of swaps, with an accelerated timetable for rulemaking during 2011, although this may be extended beyond 2011 Dodd FATCA (Foreign Account Tax . US legislation passed, effective 1 January 2013 . Requires all Foreign Financial Institutions (FFIs) to implement processes to identify and report US account holders . FFIs who are not compliant are subject to 30% withholding . Compliance with FATCA’s current form requires investment in both compliance and reporting frameworks . Providing feedback on concerns with legislation to the US Authorities through the Australian Bankers Compliance) tax on US sourced payments . Draft regulations have not yet been issued but preliminary explanatory notices have been issued by US Treasury/IRS Association . Work has commenced to map out implications for customer processes and systems The Westpac Group Investor Discussion Pack – May 2011 86 Basel III: Capital and Liquidity Regulatory agenda Proposals Local Implications . Predominant form of Tier 1 must be common equity Capital . Increased minimum common equity requirement (to 4.5%), plus capital conservation buffer (2.5%), result in minimum 7% common equity requirement . Introduction of countercyclical buffer (0%-2.5%) . More stringent criteria for Tier 1 and Tier 2 instruments including additional loss absorbency . APRA’s existing common equity requirements (at least 75% of Tier 1 must be common equity) means increased focus on common equity not concerning . APRA adopted more conservative deductions under Basel II than those required by Basel III framework - extent of harmonisation of APRA’s deductions to instruments, absorbency, with transition arrangements for non-complying instruments . Reforms to counterparty credit risk . Leverage ratio – supplementary non-risk based measure test run at 3% APRA Basel III requirements currently unclear . APRA will consult with industry during 2011 and 2012 . Expect APRA to require full compliance early in phase-in period . Phase-in arrangements starting 1 January 2013 . Liquidity framework introduces 2 new minimum standards for liquidity: Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) . LCR requires banks to hold sufficient high quality . APRA has clarified the definition of high-quality liquid assets . Given insufficient government bonds in the Australian market to meet LCR APRA and RBA have provided Liquidity high-liquid assets to survive an acute stress scenario over a 30 day timeframe . NSFR establishes minimum levels of stable funding based on the liquidity characteristics of an institution’s assets and liabilities over a 1 year LCR, a pathway for Australian banks to comply with LCR . Introduction of a committed secured liquidity facility with the RBA, sufficient to cover any shortfall between an ADI’s holding of high-quality liquid assets and the LCR requirements horizon . LCR due to be introduced from January 2015 and NSFR from January 2018, both subject to observation period. A number of important details regarding the RBA liquidity facility and APRA’s prudential standard on liquidity are yet to be finalised but will be subject to consultation during 2011 and 2012 The Westpac Group Investor Discussion Pack – May 2011 87

Australian economy well positioned Economics Australia’s economy diversified and flexible 2010 (% of GDP1) Manufacturing Construction 120 120 Terms of trade, goods & services Forecasts to end Terms of trade at 60 year high (index) 10 8 11 3 12 4 5 11 6 Mining Rural Utilities & transport Wholesale & retail Property & business services Finance 80 100 80 100 2012 Sources: ABS, Westpac Economics Sources: ABS, Westpac Economics 8 10 13 Communications Household services Education & health Government 40 60 40 60 Dec-49 Dec-59 Dec-69 Dec-79 Dec-89 Dec-99 Dec-09 Historic average Net public debt sees Australia well placed (% GDP) Contributions to world growth (%) 5 6 7 The rest China Advanced Forecasts to end 2012 80 90 100 80 90 100 1990 2000 2010 2015 (f) 0 1 2 3 4 20 30 40 50 60 70 20 30 40 50 60 70 Sources: Westpac Economics, IMF Sources: Westpac Economics, IMF -2 -1 1994 1997 2000 2003 2006 2009 2012 0 10 0 10 US UK Ger Fra Can Aust NZ 1 Excludes ownership of dwellings, and taxes less subsidies. 2 German figure for 1990 is actually 1995 due to re-unification. 2 90 The Westpac Group Investor Discussion Pack – May 2011 2010, a year of transition for the Australian domestic economy Economics . The Australian economy was in recovery mode during 2009, a trend greatly supported by aggressive monetary and fiscal policy stimulus Australia’s domestic growth mix (percentage points) 6 6 contributions to year end domestic demand growth . 2010 was a year of transition with expansion continuing but growth not spectacular . The timely reversal of policy stimulus, desirable from a medium-term perspective, was a headwind. The RBA returned rates to neutral, lifting the cash rate by 1.5% in 2 4 2 4 2009 2010 2011f 2012f eight months . Fiscal policy was also a headwind. Public investment, up 49% in the year to Q1 2010, declined by 5% over the following three quarters Sources: ABS, Westpac Economics -2 0 -2 0 Consumer Housing Business Public Demand . Tax breaks brought forward business spending on equipment investment into Q4 2009 (+12%), followed by a 12% drop over the next three quarters . The “cautious consumer” opted to save a significant share Household spending vs income (% ann) 10 12 14 10 12 14 Total income, post tax & interest Consumption Wage income (All in nominal terms) of additional income during 2010, strengthening household balance sheets . Reversal of policy stimulus (along with the announcement of a new tax on mining) impacted conditions in the mining States of Qld and WA. In these states, construction of new 2 4 6 8 2 4 6 8 mining projects has yet to take off in a major way Sources: ABS, Westpac Economics -2 0 -2 0 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 The Westpac Group Investor Discussion Pack – May 2011 91

Growth to be back-loaded in 2011 due to natural disasters Economics . Severe weather events disrupted activity during 2010 and point to a back-loading of growth in 2011 . Queensland export volumes fell 11% over the second half of Australian growth flood impact (% change) 3 6 Qtrly, pre flood (rhs) Qtrly, post flood Real GDP Westpac 2010, at a time of well above average rainfall, reducing Australian GDP growth by 0.6%. Disasters intensified in Q1 2011, so much so that the Australian economy may have contracted in the quarter – possibly by around 1.0% 1 2 2 4 Annual, pre flood (lhs) Annual, post flood forecasts. Floods devastated much of Qld during January, with parts of NSW and Victoria impacted. Moreover, cyclones in WA disrupted key iron ore export shipments . Exports were greatly reduced in Q1. The trade surplus is Sources: ABS, Westpac Economics -1 0 -2 0 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 expected to be only $2.6bn in Q1, $4bn lower than in Q4. Net exports could take 1.7ppts off Q1 GDP growth . These disruptions are expected to be only temporary. The rebuilding effort – of houses and infrastructure – is getting Australia’s trade balance, sharp decline Q1 ($bn) 4 6 8 4 6 8 Trade balance, qtrly (value) Q1, +$2.6bn, a $4bn underway, and mining production and export shipments are returning to full operation . This profile points to economic growth in Australia strengthening over 2011 . The rebuilding effort is expected to have limited inflationary -6 -4 -2 0 2 -6 -4 -2 0 2 deterioration * * Jan +$1.4bn, d impacts - most of the $6bn rebuilding program, that will be undertaken over the next two years or so, will be funded by a $1.8bn levy and by a deferral of other projects Sources: ABS, Westpac Economics -10 -8 -10 -8 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Feb –$0.2bn and March forecast +$1bn The Westpac Group Investor Discussion Pack – May 2011 92 Gradual credit upswing underway Economics . Australia has passed the low point of credit growth in the current credit cycle, as the economy emerges from the 2008/09 downturn Credit growth & nominal activity (% annualised) 32 32 Nominal activity * ( lhs) Total credit ( rhs). A gradual improvement in credit growth is evident . Business and household income growth has improved, enhancing the ability to borrow, and balance sheets have been strengthened 8 16 24 8 16 24 f'csts end '12 . The boost to national income from the rebound in global commodity prices boosted nominal non-farm GDP growth to a healthy 8.4% through 2010, up from a low of -2.3%yr Q3 2009. Growth is forecast to moderate back to around a 5% to 6% pace for the next two years Sources: RBA, ABS, Westpac Economics -8 0 -8 0 Dec-85 Dec-90 Dec-95 Dec-00 Dec-05 Dec-10 * Non-farm GDP . Private credit growth, which firmed from 1.6% through 2009 to 3.4% through 2010, is forecast to be 5.0% through 2011 and 6% through 2012 . Business investment is set to begin an upswing that will Business credit & investment (% annualised) f'csts to end 2012 30 30 Investment, nominal * Business credit & f'csts improve business credit growth. Business credit is expected to edge 2% higher through 2011, up from –6.9% through 2009 and –2.3% through 2010, and to increase by +5% through 2012 . Housing credit growth is expected to be around 7% 10 0 10 20 10 0 10 20 through 2011 and 2012, in line with that of 2010. Interest rates will continue to keep housing growth in check Sources: RBA, ABS, Westpac Economics -20 --20 -Dec-85 Dec-90 Dec-95 Dec-00 Dec-05 Dec-10 * smoothed The Westpac Group Investor Discussion Pack – May 2011 93

Credit growth expected to improve Economics Credit growth (% annualised) 30 30 20 25 20 25 forecasts to end 2012 10 15 10 15 0 5 0 5 15 -10 -5 15 -10 -5 Aust. housing Total credit (Aust.) Aust. business Housing - avg (Aust.) Total credit - avg (Aust.) Total credit (NZ) Sources: RBA, RBNZ, Westpac Economics --Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 The Westpac Group Investor Discussion Pack – May 2011 94 Healthy growth to continue in household deposits Economics . The global financial crisis had a significant impact on both credit growth and deposit growth . Household deposits surged in calendar 2008 – Income the key driver of household deposits (% annualised) 24 28 24 28 Nominal non-farm GDP increasing 21%. Consumers were particularly cautious and there was a multi-billion cash transfer to households from the Government (from stimulus measures) . Following this unusual surge, a return to a more normal relationship between deposits and incomes emerged 4 8 12 16 20 4 8 12 16 20 Household deposits f'csts to end 2012 during 2009 and 2010 . Typically, household deposits expand broadly in line with the pace of household incomes - Household incomes generally grow in line with Sources: ABS, RBA, Westpac Economics -8 -4 0 -8 -4 0 Dec-85 Dec-90 Dec-95 Dec-00 Dec-05 Dec-10 national income (nominal non-farm GDP) - Changes in the attractiveness of other asset classes, as well as shifts in the household savings rate, also had an impact in 2010 Household savings (% household disposable income, annual average) 15 18 15 18 implied savings rate by Dec-12: high: 11.7% . Household deposit growth moderated to 8% through 2009 and was 10% through 2010. Expectations are for growth of 7% through FY11 and 8% through FY12 . Greater competition for deposits is also a feature of the financial landscape following the global financial crisis as 3 6 9 12 3 6 9 12 g med: 9.7% low: 7.7% banks place greater value on this high quality source of funding Sources: ABS, Westpac Economics -3 0 -3 0 Dec-75 Dec-80 Dec-85 Dec-90 Dec-95 Dec-00 Dec-05 Dec-10 The Westpac Group Investor Discussion Pack – May 2011 95

Interest rate pressures more likely in 2012 than 2011 Economics . The success of Australia in navigating the global downturn creates its own challenges. Notably, the economy begins this cycle with limited spare capacity The climbed from a pre crisis of Core inflation in the band, but risks remain 6 6 %qtr %ann Core CPI* %qtr (rhs) * Avg of trimmed mean & weighted median CPI ex GST . unemployment rate, which low 4.0% to a peak of 5.8% in the second half of 2009, declined to 4.9% by the end of 2010 . The strength of mining will be a key policy challenge over the medium term to limit inflation pressure 1 2 3 4 5 1 2 3 4 5 Core CPI* %yr (lhs) effect 2000/01 f/c to end- . Core inflation has moderated, dropping to 2.3% in Q1 2011, from a peak of 4.7% in 2008. The high and rising dollar, as well as modest consumer spending, will help contain inflation in the near-term . Inflation is likely to grind higher and move into the upper half of Sources: ABS, RBA, Westpac Economics -1 0 -1 0 Mar-95 Mar-99 Mar-03 Mar-07 Mar-11 the 2% to 3% target band by end 2011 . The RBA, after promptly normalising interest rates over late 2009 and early 2010, will continue to “lean against strength” in the economy. The RBA began this process in November, lifting rates by Westpac expects rates to move Labour market tightens, wage pressures 10 12 4 6 % %ann f/c to end- 2012 0.25%. further, forecasting one RBA hike in 2011 (most likely in the second half of the year), with more to come in 2012 . The inflation challenge is likely to be more manageable in this mining boom than in past episodes. The freely floating exchange rate will take some of the pressure off interest 4 6 8 2 0 2 trend (lhs) rates. Already, the currency has appreciated significantly in response to the higher terms of trade . Also of great significance, a flexible labour market reduces the risk of a widespread acceleration in wage inflation Sources: ABS, Westpac Economics 2 -4 -Mar-81 Mar-86 Mar-91 Mar-96 Mar-01 Mar-06 Mar-11 Employment Unemployment rate (rhs) The Westpac Group Investor Discussion Pack – May 2011 96 Some encouraging signs for the New Zealand economy Economics New Zealand GDP (% change) . Data since the Christchurch earthquake has shown nationwide consumer spending and house sales held up well in March 2011, despite large declines in 7 7 Quarterly % change Annual average % change Westpac Christchurch . House prices, rents and house sales have strengthened particularly in Auckland, where population growth is most rapid 0 1 2 3 4 5 6 0 1 2 3 4 5 6 f’casts Sources: Statistics NZ, Westpac. Economics . Export commodity prices have continued their stellar run, uninterrupted by the Japanese earthquake - Commodity prices are now 96% higher than early 2009, and 29% higher than a year ago -3 -2 -1 -3 -2 -1 1996 1998 2000 2002 2004 2006 2008 2010 2012 . The New Zealand Government recently announced that the May 2011 Budget would include zero allowance for new spending . Inflation data from the March quarter showed prices NZ commodity price indexes 300 350 NZD Index World Price Index rose 0.8%, and annual inflation hit 4.5% - Inflation has mainly been driven by the October GST rise (from 12.5% to 15%) and other administrative changes 150 200 250 Index - The strong exchange rate and weak consumer spending are together keeping inflation in other areas subdued Source: ANZ 100 1996 1998 2000 2002 2004 2006 2008 2010 The Westpac Group Investor Discussion Pack – May 2011 97

Australia has shown resilience to external shocks Economics . The Australian economy is well placed to absorb external shocks due to - Floating currency: flexibility to respond to external events - Economic flexibility: open economy with few tariff barriers - Policy: strong fiscal position; monetary policy flexibility; and ability of policymakers to adjust their approach - Diversity: Australia is not reliant on any one sector for its prosperity . During the Asian Crisis, more than half Australia’s export markets (by value) were in deep recession, however Australia’s growth accelerated moderately. During the Tech Wreck, a global recession (albeit a shallow one) pushed the majority of Australia’s trading partners backwards, however Australia held annual growth above 1%. More recently, Australia’s economic flexibility enabled it to absorb the Global Financial Crisis (GFC) well relative to other developed economies, keeping positive annual growth despite a collapse in trading partner growth in late 2008 and early 2009 . Australia’s last serious downturn in 1991 was due to internal problems, rather than external shocks 6 8 6 8 Global recession, but home grown Tech Wreck, ~ 90% of export markets GFC, ~ 70% of export markets Real GDP growth (% year) 2 4 2 4 Asian Crisis, ~ 60% of export markets in recession in recession -2 0 -2 0 Mar-85 Mar-89 Mar-93 Mar-97 Mar-01 Mar-05 Mar-09 in recession Sources: Westpac Economics ABS, The Westpac Group Investor Discussion Pack – May 2011 98 Fundamental outlook for China is solid Economics . Westpac Economics expects Chinese growth will remain high and its resource intensity will continue to rise . A cyclical deceleration in Chinese growth later in 2011 is Australian export market through time (% of total) 25 30 1990 2000 anticipated, but underlying momentum remains sound. We expect 9.5% growth in the first half of this decade and 8.5% growth in the second half . China does not have a housing bubble: mortgage debt to GDP is less than 15%; and equity in the housing stock is around 10 15 20 2006 2010 60%. LVRs have not gone above 80% and have generally been around 70% for owner occupiers and 60% for investors . China is driven by internal demand, not exports. The economy is investment led, as it should be with a weak technological base and a low level of capital stock per worker Sources: ABS, Westpac Economics 0 5 China India Japan Korea ASEAN . Urbanisation is paramount. By 2030, China needs to build: 150m net new dwellings; 170 urban transit systems; and 50,000 skyscrapers. Steel demand per head will more than double to a peak around 750kgs per capita in 2024 China’s resource intensive trajectory 0.8 1.0 Taiwan Korea Steel consumption (tons) per capita Size of bubbles indicates relative . There are some obvious risks, the major one being the unpredictable pace and intensity of financial liberalisation measures. However, China’s huge current account surplus, strong fiscal position and enormous accumulation of FX reserves are a strong backstop 0.2 0.4 0.6 China today Japan USA Germany UK Aust Russia Mexico Spain Italy Canada France China 2024* population . China is still at a point in its development where growth comes easily. East Asian experience shows that growth remains high until at least the $US12k per head level: China is only half way there Sources: Westpac Economics, CIA, IISI, IMF, UN, World Bank, McKay, Sheng and Song (2010). -0.2 0.0 -10 0 10 20 30 40 GDP (‘000) per capita India Brazil South Africa The Westpac Group Investor Discussion Pack – May 2011 99

Economics – Australian Housing May 2011 Australian housing market cooling off Economics Australian Housing . Australia’s housing markets have cooled significantly since mid-2010 - Higher interest rates have combined with a wind-down House prices (6mth annualised growth rate, %) 30 30 Residex (monthly) RP Data-Rismark (monthly) in first home buyer activity and subdued ‘upgrader’ activity from continuing consumer caution . While the official ABS series shows house prices rose 0.5% in the second half of 2010 after a 5.3% rise in the first half, private sector price measures suggest there was modest 0 10 20 0 10 20 ABS APM price falls in the second half of 2010 that has carried into the first two months of 2011 - The weaker market is also evident in lower auction clearance rates and significant declines in new housing Sources: Residex, RP Data-Rismark, ABS, APM, REIA, Westpac Economics -10 -10 Feb-01 Oct-02 Jun-04 Feb-06 Oct-07 Jun-09 Feb-11 *houses only finance approvals . However, the general picture for Australia’s housing markets remains the same - Substantial ‘pent-up’ physical demand for housing (due Rental vacancy rates (%) 5 6 5 6 Australia Sydney investor housing boom to an acute shortage of stock) is being suppressed by interest rate rises and housing affordability - Shortages remain evident in persistently low rental vacancy rates . Overall, the mix points to price growth remaining subdued 1 2 3 4 1 2 3 4 Melbourne near historic lows since 2007 Overall, subdued, rather than falling sharply Sources: REIA, Westpac Economics 0 0 Mar-80 Mar-85 Mar-90 Mar-95 Mar-00 Mar-05 Mar-10 The Westpac Group Investor Discussion Pack – May 2011 101

Australian housing market cooling off (cont.) Economics Australian Housing . Interest rates are now clearly dampening housing market activity - The cumulative tightening since 2009 has lifted the Interest rates standard variable mortgage rate (lhs) housing finance approvals (rhs) f/c g ‘000s % average standard variable mortgage rate to 7.4% in early 2010, bringing it above the average rate recorded over the last decade of 7.2% - This still leaves mortgage rates well below the 9.6% peak in 2008 and the previous peak in 2000 15 20 25 30 35 6 7 8 9 10 10yr avg . On our preferred measures of housing affordability, looking at the cost of servicing a mortgage on a median-priced dwelling as a % of household income across all dwellings and all regions, the combined effect of rate rises and higher Sources: RBA, ABS, Westpac Economics 0 5 10 4 5 Mar-96 Nov-97 Jul-99 Mar-01 Nov-02 Jul-04 Mar-06 Nov-07 Jul-09 Mar-11 prices has not stretched buyer affordability by nearly as much as in 2008 or in the late 1980s . The cautious consumer behaviour evident in spending, saving and borrowing patterns appears to also be a restraining factor House affordability: all dwellings (repayments) 35 40 35 40 trimmed mean repayment to income ratio median dwelling repayment to income ratio . This suggests the cooling off in housing markets partly reflects a voluntary move by buyers rather than a more binding affordability constraint . With a strong labour market also keeping incomes in good 15 20 25 30 15 20 25 30 *all dwellings, all regions estimates based on shape and reducing the prospect of significant ‘forced sales’, the downside to the current market cooling looks limited Sources: RP Data-Rismark, Residex, Westpac Economics 5 10 5 10 Mar-79 Mar-84 Mar-89 Mar-94 Mar-99 Mar-04 Mar-09 repayments on mortgage at 75%LVR, as % after tax income per household capital cities prior to 1993 The Westpac Group Investor Discussion Pack – May 2011 102 A structural supply/demand imbalance1 Economics Australian Housing . A key feature of the Australian housing market and the main reason behind high prices is an acute shortage of stock . Westpac estimates that the housing shortage is equal to 250 300 250 300 underlying f'casts c.f. latest ‘official’ estimates from National Housing Supply Council: underlying demand rising at Australia’s housing stock deficiency (‘000) approximately one year’s new construction or 200k dwellings . New building has failed to keep pace with the strong rise in underlying demand associated with a migration-driven rise in population 100 150 200 100 150 200 estimated housing stock deficiency demand 205.9k pa; accumulated deficiency: 178.4k – Over the last decade, Australia’s population has increased by an average 305k per year2. Dwellings have increased by just 105k per year2 – In the last 3 years, population growth has increased to 0 50 0 50 Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Aus dwelling approvals (SA annualised) Sources: ABS, Westpac Economics 425k a year. Population growth slowed sharply in 2009-10 as net migration inflows fell back but is still expected to track at over 330k a year . Underlying demand is also being supported by long-run demographic and social trends including more smaller 400 450 500 400 450 500 population growth dwelling completions dwelling stock* annual average change Population vs dwelling stock (‘000), households (e.g. ‘baby boomers’ becoming ‘empty nesters’) . Housing supply is also negatively influenced by – High costs and limited availability of land available for development 100 150 200 250 300 350 100 150 200 250 300 350 * net of demolitions – implied by Census data to 2006; Westpac estimates thereafter – Rigidities in planning and development processes – Physical limits to land availability in most major cities 1. From Westpac Economics, “Australian housing markets: the bubble myth” October 2010. 2. Source: ABS. 0 50 0 50 1950s 1960s 1970s 1980s 1990s 2000s last 3 years Sources: ABS, Westpac Economics The Westpac Group Investor Discussion Pack – May 2011 103

Australian housing affordability not as stretched as some measures suggest1 Economics Australian Housing . While house prices in Australia are high, affordability issues are not as severe as some commentators suggest - Measures that take into account all dwelling types, after- 90 100 90 100 Aus - all dwellings US single family homes only * % of average individual earnings Housing affordability: repayments to income* (%), tax income and financing costs show prices have broadly tracked income growth since 2003 . Assessing affordability based on simple housing price to income ratios can be misleading because 30 40 50 60 70 80 30 40 50 60 70 80 - UK - all dwellings - House prices are typically based on detached houses. In Sydney, these make up ~60% of the housing stock. Non-detached housing1 is priced differently. Including these elements could reduce price to income ratios by 2.4 percentage points Sources: RP Data-Rismark, ABS, RBA, Nationwide, NAR, Factset, Westpac Economics 0 10 20 0 10 20 Jan-68 Jan-78 Jan-88 Jan-98 Jan-08 - House price data is based on capital cities yet income data is usually national or state based. House prices and incomes are materially lower in regional areas. Adjusting this data could impact ratios by 0.9 percentage points in Sydney Price-income ratios: various measures 8 9 10 house price to state median income house price to capital city median income all dwelling price to capital city median income - The buying power of the average household has improved because of a structural decline in interest rates over the last 20 years due to lower inflation - Income used to calculate ratios is individual income rather than household income. The proportion of dual 2 3 4 5 6 7 unit price to capital city median income income households has almost doubled in the last decade with such families having an income 55 -75% above the individual average2 1 From Westpac Economics, “Australian housing markets: the bubble myth” October 2010. Non-detached housing including semi-detached, row or terrace houses; townhouses; Sources: APM, ABS, Westpac Economics 0 1 Sydney Melbourne Brisbane Adelaide Perth The Westpac Group Investor Discussion Pack – May 2011 104 flats, units and apartments. 2. Source: ABS. Little evidence of speculative investor activity1 Economics Australian Housing . The investor segment is often seen as the most likely segment to drive overheated price growth, and the most likely to sell in a poorly performing property market 18 20 18 20 owner-occupiers investors *ppt contribution to investor Investor boom ended 6 years ago* (ann %). There is little evidence of ‘speculative’ investor activity in the Australian market in recent years – Lending to investors has lagged well behind owneroccupied lending since 2005 – Taxation data shows the proportion of taxpayers who 6 8 10 12 14 16 6 8 10 12 14 16 annual growth in total housing credit housing boom own investment properties has remained broadly unchanged over the last 10 years at around 13% – The proportion of housing stock turned over annually peaked in 2003 and has since been moving around its long run average 0 2 4 0 2 4 Jan-91 Jan-94 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 avg 3ppts since 2004 Sources: RBA, Westpac Economics. A substantial investor exodus is unlikely, despite yields being below the cost of finance – Since 2006, investment properties have mostly outperformed other asset classes and been more stable, particularly compared to equities 30 40 50 30 40 50 * avg annual return investor housing boom Investor returns: housing vs shares* (% p.a.) – Real estate offers a secure income source, particularly with vacancy rates low and prospects for rising rents – Tax incentives for property investment, including tax deductibility of interest, are supportive -10 0 10 20 -10 0 10 20 investor housing (Sydney) Australian shares . If investors were to start selling, the shortage of housing means the market should be able to absorb an orderly selldown (as seen in the 2004 correction) 1 From Westpac Economics, “Australian housing markets: the bubble myth” October 2010. -40 -30 -40 -30 Dec-88 Dec-91 Dec-94 Dec-97 Dec-00 Dec-03 Dec-06 Dec-09 investor housing (national) investor housing (Melbourne) Sources: REIA, RBA, Westpac Economics The Westpac Group Investor Discussion Pack – May 2011 105

Australian housing 2008-09: a “stress test”1 Economics Australian Housing . The resilient performance of the Australian housing market in 2008-09 strongly suggests there was no pre-existing bubble . Stresses would have occurred due to the combined impact of 40 10 ($bn) (%) Mortgage interest rate Non-bank lending avg 12mths to 20% total Credit conditions 2008-09 - High interest rates – the mortgage rate averaged 9.1% in the year to Sep 2008, with a peak of 9.6%, the highest level in 12 years - A restriction in the availability of credit – the exit of many non-bank lenders and the tightening of lending 15 20 25 30 35 6 7 8 9 Sep-08: 9.1% period avg: 7.4% 14% total standards - A rise in unemployment from 4% (Feb 2008) to 5.8% (May 2009) - A sharp swing in sentiment against real estate as an asset class and expectations of house price declines 0 5 10 4 5 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 *rolling annual finance approvals Sources: RBA, ABS, Westpac Economics - A sharp drop in investor activity including significant investor selling (number of taxpayers reporting investment housing income dropped 3.4%) - Actual price declines – nationwide falls of 3% to 5.5% . Together these developments were a significant ‘stress test’ 1.8 2.0 32 36 debt serv ratio (mortgagors, lagged 6mths, rhs) 2 arrears rate (lhs)* *% of securitised loans in arrears by value (prime only),WBC f/c to Dec 2011 Debt burden vs mortgage arrears (%) Together, test for both house prices and the ability of households to meet their debt repayment obligations. Mortgage delinquencies did rise but remained substantially lower than other countries . Interest rate reductions and first home buyer incentives provided important support to demand during this period 0 8 1.0 1.2 1.4 1.6 20 24 28 % seasonally adjusted Note figures after June 2007 are affected by credit crisis and declining pool of loans period. However, bursting asset price bubbles are typically resistant to policy shifts, as seen in the ‘dot com’ boom in the late 1990s 1 From Westpac Economics, “Australian housing markets: the bubble myth”, October 2010. 2 Debt servicing ratio is total mortgage repayments ( interest plus principal) as a 0.4 0.6 0.8 Jan-96 Jan-99 Jan-02 Jan-05 Jan-08 Jan-11 12 16 Sources: ABS, RBA, Standard & Poor’s, Westpac Economics The Westpac Group Investor Discussion Pack – May 2011 106 proportion of total household disposable income. Investor Relations team Contact us Equity investor relations Andrew Bowden Leigh Short Head of Investor Relations Senior Manager +612 8253 4008 +612 8253 1667 For further information on Westpac including: . Annual reports . Presentations and webcasts andrewbowden@westpac.com.au lshort@westpac.com.au Debt investor relations Jacqueline Boddy Tanya Ward . 5 year financial summary . Prior financial results Please visit our dedicated investor website Senior Manager Manager +612 8253 3133 +612 8253 1921 jboddy@westpac.com.au tanyaward@westpac.com.au Retail shareholder investor relations www.westpac.com.au/investorcentre click on ‘Analysts’ Centre’ Hugh Devine Senior Manager +612 8253 1047 hdevine@westpac.com.au or email: investorrelations@westpac.com.au The Westpac Group Investor Discussion Pack – May 2011 107

Appendix 1: Cash earnings adjustments Cash earnings adjustments Cash earnings adjustment 1H10 2H10 1H11 Description Reported NPAT 2,875 3,471 3,961 Reported net profit after tax attributable to equity holders of The Westpac Group TPS revaluations 11 3 27 The TPS hybrid instrument is not fair valued however the economic hedge is fair valued. The mismatch in the timing of income recognition is added back Treasury shares 10 (20) 7 Earnings on The Westpac Group shares held by Westpac in the wealth business are not recognised under A-IFRS. These are added back as these shares support policyholder liabilities and equity derivative transactions, which are revalued in deriving income Fair value gain / (loss) on economic hedges 24 29 62 The unrealised profit/loss on the economic hedges and revaluation of hedges on future NZ earnings are reversed because they may create a material timing difference on reported earnings in the current period, which does not affect the profit available to shareholders The gain/loss on qualified hedge ineffectiveness is reversed because the gain/loss from the fair value movements Ineffective hedges (9) 3 (4) reverses over time NZ structured finance transaction (106) - - In FY10, the Group reached a settlement with the New Zealand Commissioner of Inland Revenue by agreeing to pay 80% of the full amount of primary tax and interest with respect to New Zealand structured finance transactions entered into between 1998 and 2002. The reversal of tax provisions of $106m in FY10 has been treated as a Cash earnings adjustment, consistent with the initial tax provisions The Group has undertaken a buyback of a portion of its government guaranteed debt to cease paying the Buyback of government guaranteed debt - - 20 government fee on that debt, currently 70bps. The benefit is being amortised over the original term of the debt that was bought back. This has been treated as a Cash earnings adjustment as the economic benefit of ceasing to pay the government guarantee fee cannot be recognised Tax provision - - 93 The tax provisions were increased on certain existing transactions undertaken by the Group in response to the recent trend of global tax authorities challenging the historical tax treatment of complex and/or cross border transactions. Treated as a Cash earnings adjustment as it relates to global management of existing tax positions and does not reflect ongoing operations Merger transaction and integration expenses 106 61 34 Expenses relating to the merger with St.George that impact the profit and loss are treated as a Cash earnings adjustment due to their non-recurring nature Amortisation of intangible assets 72 74 72 The recognised balance of the majority of merger-related identifiable intangible assets including: brands; the core deposits intangible; and credit card and financial planner relationship intangible assets will be amortised over their useful life. The amortisation is a Cash earnings adjustment because it is a non-cash flow item and does not affect returns to shareholders Fair value amortisation of financial instruments (34) (6) 6 The unwind of the merger accounting adjustments associated with the fair valuing of St.George retail bank loans, deposits, wholesale funding and associated hedges. Are treated as a Cash earnings adjustment due to the size and non-recurring nature Tax consolidation adjustment - (685) (1,110) The resetting of the tax value of certain St.George assets to the appropriate market value as at the tax consolidation effective date. Treated as a Cash earnings adjustment due to its size and it does not reflect ongoing operations Cash earnings 2,949 2,930 3,168 The Westpac Group Investor Discussion Pack – May 2011 108 Appendix 2: Definitions Definitions Westpac’s Business Units Westpac RBB or WRBB Westpac Retail and Business Banking Provides sales, marketing and customer service for all consumer and small - to - medium enterprise customers within Australia under the ‘Westpac’ and Financial performance Cash earnings Net profit attributable to equity holders adjusted for the impact of the economic hedges related to TPS, earnings from Treasury shares fair value gains/losses on economic Westpac ‘RAMS’ brands St.George Bank or St.George or SGB St.George Bank Provides sales and customer service for our consumer, business and corporate customers in Australia under the St.George brand. It also includes the management and operation of the Bank of South Australia (BankSA) and Bank of Melbourne shares, hedges, ineffective hedges, NZ structured finance transaction, buyback of government guaranteed debt, special tax provisions, merger transaction and integration expenses, the amortisation of certain intangibles in relation to the merger with St.George, and the St.George tax consolidation adjustment. WIB Westpac Institutional Bank Provides a broad range of financial services to commercial, corporate, institutional and government customers primarily based in or with interests in Australia and New Zealand BTFG BT Financial Group (Australia) Core earnings Operating profit before income tax and impairment charges AIEA Average interest earning assets Net interest spread The difference between the average yield on all interest bearing assets and the average rate paid on interest bearing liabilities The Group’s wealth management business, including operations under the Advance Asset Management, Asgard, BT, BT Investment Management, Licensee Select, Magnitude, Ascalon, and Securitor brands. Also included is the advice, private banking, and insurance operations of BankSA, St.George and Westpac RBB. BTFG designs, manufactures and distributes financial products that are designed to help customers achieve their financial goals by administering, managing and protecting their assets Net interest margin The net interest spread plus the benefit of net non-interest bearing liabilities and equity Full-time equivalent employees (FTE) A calculation based on the number of hours worked by full and part-time employees as part of their normal duties. For example the full-time equivalent of one FTE is 76 hours Westpac NZ Westpac New Zealand Banking Provides a full range of retail and commercial banking and wealth management products and services to consumer and business customers throughout New Zealand. New Zealand Banking operates under the Westpac New Zealand, Westpac Life New Zealand and BT New Zealand brands Pacific Banking Pacific Banking example, full paid work per fortnight Net Promoter Score or NPS Refers to an external measure of customer advocacy which looks at how willing our customers are to recommend Westpac to their family and friends. To calculate NPS, customers are asked how likely they are Provides banking services for retail and business customers throughout the South Pacific Island Nations GBU Group Businesses Unit Provides centralised Group functions, including Treasury and Finance to recommend Westpac’s banking brands to a friend or colleague. On a scale of 1 to 10, the NPS is calculated taking promoters (those who score 9 or 10) and subtracting the detractors (those who rate the company 6 or less). Those who score 7 or 8 are ignored as although positive, are not enthusiastic The Westpac Group Investor Discussion Pack – May 2011 109

Appendix 2: Definitions (continued) Definitions Asset quality NCI Non-controlling interests Asset quality Individually assessed provisions Provisions raised for losses that have already been incurred on loans that are known to be impaired and are individually Stressed loans Stressed loans are Watchlist and Substandard, 90 days past due well secured and impaired assets. Impaired assets Impaired assets can be classified as: 1) Non-accrual assets: Exposures with individually assessed impairment provisions or IAPs significant. The estimated losses on these impaired loans will be based on expected future cash flows discounted to their present value and as this discount unwinds, interest will be recognised in the statement of financial performance held against them, excluding restructured loans; 2) Restructured assets: exposures where the original contractual terms have been formally modified to provide concessions of interest or principal for reasons related to the financial difficulties of the customer; 3) 90 days past due (and not well secured): exposures where contractual payments are 90 days or more in arrears and not well Collectively assessed provisions or CAPs Loans not found to be individually impaired or significant will be collectively assessed in pools of similar assets with similar risk characteristics. The size of the provision is an estimate of the losses already incurred and will be estimated on the basis of historical loss experience of assets with credit characteristics similar to those in the The secured; 4) other assets acquired through security enforcement; and 5) any other assets where the full collection of interest and principal is in doubt 90 days past due - well secured A loan facility where payments of interest and/or principal are 90 or more calendar days past due and the value of the security is sufficient to cover the repayment of all principal collective pool. historical loss experience will be adjusted based on current observable data Risk Weighted Assets Assets (both on and off-balance sheet) of The Westpac Group are assigned within a certain category, amounts included in and interest amounts due, and interest is being taken to profit on an accrual basis Watchlist and substandard Loan facilities where customers are experiencing operating weakness and financial difficulty but are not expected to or RWA these categories are multiplied by a risk weighting, and with the resulting weighted values added together to arrive at total risk weighted assets TCE Total committed exposure incur loss of interest or principal C Capital ratios As defined by APRA (unless stated otherwise) The Westpac Group Investor Discussion Pack – May 2011 110 Disclaimer Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. Unless otherwise noted, financial information in this presentation is presented on a cash earnings basis. Refer to The Westpac Group’s Interim 2011 Results (incorporating the requirements of Appendix 4D) for the six months ended 31 March 2011 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to appendix 1 to this presentation for a reconciliation of reported net profit to cash earnings. This presentation contains statements that constitute “forward-looking statements” including within the meaning of Section 21E of the US Securities Exchange Act of 1934. The forward-looking statements include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation. Factors that may impact on the forward-looking statements made include those described in the section entitled ‘Principal risks and uncertainties' in The Westpac Group’s Interim 2011 Results for the half year ended 31 March 2011 available at www westpac.com.au When relying on forward-looking statements to make decisions with respect to us investors and others, should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forwardlooking statements contained in this presentation. The Westpac Group Investor Discussion Pack – May 2011 111