WESTPAC BANKING CORP (Form: 6-K, Received: 02/03/2022 06:13:32)

ASX Release 3 FEBRUARY 2022 Pillar 3 Report as at 31 December 2021 Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3 Report (December 2021). For further information: Hayden Cooper Andrew Bowden Group Head of Media Relations Head of Investor Relations 0402 393 619 0438 284 863 This document has been authorised for release by Tim Hartin, General Manager & Company Secretary. Level 18, 275 Kent Street Sydney, NSW, 2000

Pillar 3 report Table of contents 2 | Westpac Group December 2021 Pillar 3 Report Structure of Pillar 3 report Executive summary 3 Introduction 5 Group structure 6 Capital overview 8 Leverage ratio 12 Credit risk exposures 13 Securitisation 17 Liquidity coverage ratio 20 Appendix Appendix I | APS330 Quantitative requirements 21 Disclosure regarding forward-looking statements 22 In this report references to ‘Westpac’, ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation and its controlled entities (unless the context indicates otherwise). In this report, unless otherwise stated or the context otherwise requires, references to ‘$’, ‘AUD’ or ‘A$’ are to Australian dollars. Any discrepancies between totals and sums of components in tables contained in this report are due to rounding. In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s (APRA) implementation of Basel III. Information contained in or accessible through the websites mentioned in this report does not form part of this report unless we specifically state that it is incorporated by reference and forms part of this report. All references in this report to websites are inactive textual references and are for information only.

Pillar 3 report Executive summary Westpac Group December 2021 Pillar 3 Report | 3 Key capital ratios Common equity Tier 1 capital ratio movement for First Quarter 2022 (% and basis points) Westpac’s Common Equity Tier 1 (CET1) capital ratio was 12.20% at 31 December 2021, 12 basis points lower than 30 September 2021. Key movements in the CET1 capital ratio over the quarter were: • 1Q22 cash earnings of $1,584 million (35 basis points increase); • Payment of the 2021 final dividend (50 basis points decrease); • An increase in Risk Weighted Assets (RWA) (21 basis points decrease) mostly from higher market risk RWA and higher lending; • Capital deductions and other capital movements (20 basis points increase) mainly due to lower deferred tax assets, movements in the fair value on economic hedges recognised in net profit and a decrease in the capital deduction for regulatory expected losses in excess of provisions; and • A 4 basis points increase from the impact of divestments. 31 December 2021 30 September 2021 31 December 2020 Level 2 Regulatory capital structure Common equity Tier 1 capital after deductions $m 53,976 53,808 51,048 Risk weighted assets $m 442,411 436,650 430,232 Common equity Tier 1 capital ratio % 12.20 12.32 11.87 Additional Tier 1 capital ratio % 2.17 2.33 2.30 Tier 1 capital ratio % 14.37 14.65 14.17 Tier 2 capital % 4.83 4.21 3.72 Total regulatory capital ratio % 19.20 18.86 17.89 APRA leverage ratio % 5.80 5.99 6.19 Level 1 Regulatory capital structure Common equity Tier 1 capital after deductions $m 54,220 54,314 51,622 Risk weighted assets $m 438,046 431,422 426,566 Level 1 Common equity Tier 1 capital ratio % 12.38 12.59 12.10

Pillar 3 report Executive summary 4 | Westpac Group December 2021 Pillar 3 Report Risk Weighted Assets Total RWA increased $5.8 billion or 1.3% over the quarter from both higher credit risk RWA and non-credit RWA. The $2.5 billion increase in credit risk RWA included: • A $6.1 billion increase mainly from higher lending across corporates, specialised lending and residential mortgages, partially offset by; • A $1.8 billion decrease in credit RWA associated with derivative exposures (counterparty credit risk and mark-to-market related credit risk); • A $1.1 billion decrease from the sale of Westpac’s wholesale dealer loan book; and • A $0.7 billion decrease in RWA for foreign currency translation impacts mostly from the appreciation of the A$ against the US$ and NZ$. Non-credit risk RWA was $3.3 billion higher, mainly due to a $2.5 billion increase in market risk RWA. The increase was mainly driven by the introduction of an industry-wide overlay for updated market risk models which require regulatory approval. Additional Tier 1 and Tier 2 Capital movements for First Quarter 2022 On 20 December 2021, Westpac redeemed approximately $0.55 billion Westpac Capital Notes 4 (WCN 4) that remained on issue1. The net impact was a decrease in Tier 1 capital of approximately 12 basis points. During the quarter, Westpac issued US$2.25 billion Tier 2 capital instruments. The net impact was an increase in the total regulatory capital ratio of approximately 72 basis points. Exposure at Default Exposure at default (EAD) increased $30.1 billion over the quarter, primarily due to an increase in exposure to sovereigns ($25.2 billion) from higher liquid assets, residential mortgage lending ($3.4 billion) and specialised lending ($2.0 billion). Leverage Ratio The leverage ratio represents the amount of Tier 1 capital relative to exposure2. At 31 December 2021, Westpac’s leverage ratio was 5.8%, down 19 basis points since 30 September 2021 mainly from higher on- balance sheet liquid asset exposures. Liquidity Coverage Ratio (LCR) Westpac’s average LCR for the quarter ending 31 December 2021 was 142% (30 September 2021: 129%)3. 1 On 15 September 2021, Westpac issued $1.75 billion of Additional Tier 1 capital (Westpac Capital Notes 8), of which approximately $1.15 billion comprised reinvestment by the holders of WCN 4. The remaining $0.55 billion of WCN 4 were redeemed on 20 December 2021. 2 As defined under Attachment D of APS110: Capital Adequacy. 3 Calculated as a simple average of the daily observations over the relevant quarter. $m 31 December 2021 30 September 2021 31 December 2020 Risk weighted assets at Level 2 Credit risk 359,773 357,295 349,844 Market risk 9,202 6,662 9,607 Operational risk 56,214 55,875 54,090 Interest rate risk in the banking book 12,190 11,446 10,309 Other 5,032 5,372 6,382 Total RWA 442,411 436,650 430,232 Total Exposure at Default 1,164,183 1,134,083 1,063,136

Pillar 3 report Introduction Westpac Group December 2021 Pillar 3 Report | 5 Westpac Banking Corporation is an Authorised Deposit–taking Institution (ADI) subject to regulation by APRA. APRA has accredited Westpac to apply advanced models permitted by the Basel III global capital adequacy regime to the measurement of its regulatory capital requirements. Westpac uses the Advanced Internal Ratings-Based approach (Advanced IRB) for credit risk and the Advanced Measurement Approach (AMA) for operational risk1. In accordance with APS330 Public Disclosure, financial institutions that have received this accreditation, such as Westpac, are required to disclose prudential information about their risk management practices on a semi- annual basis. A subset of this information must be disclosed quarterly. In addition to this report, the regulatory disclosures section of the Westpac website2 contains the reporting requirements for: • Capital instruments under Attachment B of APS330; and • The identification of potential Global-Systemically Important Banks (G-SIB) under Attachment H of APS330 (disclosed annually). Capital instruments disclosures are updated when: • A new capital instrument is issued that will form part of regulatory capital; or • A capital instrument is redeemed, converted into CET1 capital, written off, or its terms and conditions are changed. 1 Westpac continues to work with APRA on previously disclosed regulatory breaches in relation to the Advanced Measurement Approach. From 1 January 2022, Westpac has adopted the Standardised Measurement Approach (SMA) to Operational Risk Capital as permitted by Prudential Standard APS115 Capital Adequacy: Standardised Measurement Approach to Operational Risk. As Westpac holds a standardised approach overlay in anticipation of this transition, the impact on Operational Risk Capital is expected to be minimal and within normal variation. The Culture, Governance & Accountability Review and AUSTRAC related overlays will continue to apply after the transition. 2 http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/

Pillar 3 report Group structure 6 | Westpac Group December 2021 Pillar 3 Report APRA applies a tiered approach to measuring Westpac’s capital adequacy1 by assessing financial strength at three levels: • Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as being part of a single 'Extended Licensed Entity' (ELE) for the purposes of measuring capital adequacy; • Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation; and • Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities. Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of Westpac’s financial strength on a Level 2 basis2. The Westpac Group The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of regulatory consolidation. Accounting consolidation3 The consolidated financial statements incorporate the assets and liabilities of all subsidiaries (including structured entities) controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the ‘Group’. The effects of all transactions between entities in the Group are eliminated on consolidation. Control exists when the parent entity is exposed to, or has rights to, variable returns from its involvement with an entity, and has the ability to affect those returns through its power over that entity. Subsidiaries are fully consolidated from the date on which control commences and they are no longer consolidated from the date that control ceases. Group entities excluded from the regulatory consolidation at Level 2 Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities, including other controlled banking, securities and financial entities, except for those entities involved in the following business activities: • insurance; • acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds management; • non-financial (commercial) operations; or • special purpose entities to which assets have been transferred in accordance with the requirements of APS120 Securitisation. Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2 are deducted from capital, with the exception of securitisation special purpose entities. 1 APS110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy of an ADI. 2 Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report. 3 Refer to Note 30 of Westpac’s 2021 Annual Report for further details. Level 1 Consolidation Level 2 Consolidation Level 3 Consolidation Regulatory non-consolidated subsidiaries Westpac New Zealand Ltd Other Westpac Level 2 subsidiaries Westpac Banking Corporation Westpac Level 1 subsidiaries

Pillar 3 report Group structure Westpac Group December 2021 Pillar 3 Report | 7 Subsidiary banking entities Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated in New Zealand and regulated by the Reserve Bank of New Zealand (RBNZ). WNZL uses the Advanced IRB approach for credit risk and the AMA for operational risk. Other subsidiary banking entities in the Group include Westpac Bank PNG-Limited and Westpac Europe Limited. For the purposes of determining Westpac’s capital adequacy subsidiary banking entities are consolidated at Level 2. Restrictions and major impediments on the transfer of funds or regulatory capital within the Group Minimum capital (‘thin capitalisation’) rules Tax legislation in most jurisdictions in which the Group operates prescribes minimum levels of capital that must be retained in that jurisdiction to avoid a portion of the interest costs incurred in the jurisdiction ceasing to be tax deductible. Capital for these purposes includes both contributed capital and non-distributed retained earnings. Westpac seeks to maintain sufficient capital/retained earnings to comply with these rules. Tax costs associated with repatriation Repatriation of retained earnings (and capital) may result in tax being payable in either the jurisdiction from which the repatriation occurs or Australia on receipt of the relevant amounts. This cost would reduce the amount actually repatriated. Intra-group exposure limits Exposures to related entities are managed within the prudential limits prescribed by APRA in APS222 Associations with Related Entities1. Westpac has an internal limit structure and approval process governing credit exposures to related entities. This limit structure and approval process, combined with APRA’s prudential limits, is designed to reduce the potential for unacceptable contagion risk. Prudential regulation of subsidiary entities Certain subsidiary banking, insurance and trustee entities are subject to local prudential regulation in their own right, including capital adequacy requirements and investment or intra-group exposure limits. Westpac seeks to ensure that its subsidiary entities are adequately capitalised and adhere to regulatory requirements at all times. There are no capital deficiencies in subsidiary entities excluded from the regulatory consolidation at Level 2. On 23 March 2021, the RBNZ issued two notices to WNZL under section 95 of the Reserve Bank of New Zealand Act 1989 requiring WNZL to supply two external reviews to the RBNZ. The first review is due to the RBNZ by 29 April 2022 and relates to the effectiveness of WNZL’s actions to improve liquidity risk management and the associated risk culture, following previously identified breaches of the RBNZ’s Liquidity Policy (BS13) and non-compliance identified through the RBNZ’s liquidity thematic review. From 31 March 2021, the RBNZ amended WNZL’s conditions of registration, requiring WNZL to apply an overlay to liquidity mismatch ratios2 to discount the value of its liquid assets by approximately 14% which at 31 December 2021 was NZ$2.8 billion3. This overlay will apply until the RBNZ is satisfied that: • the RBNZ’s concerns regarding liquidity risk controls have been resolved; and • sufficient progress has been made to address risk culture issues in WNZL’s Treasury and Market and Liquidity Risk functions. The second review was completed in November 2021 and relates to the effectiveness of WNZL’s risk governance, with a focus on the role played by the WNZL Board. The review identified deficiencies in WNZL’s risk governance practices and operations which have impacted the WNZL Board’s effectiveness in governing risk. These deficiencies are likely to have contributed to issues of non-compliance with some of WNZL’s conditions of registration, and technology resiliency issues. WNZL has accepted the findings of the review and is committed to implementing the recommendations identified. WNZL has a programme of work underway to address the issues raised, which is being overseen by WNZL’s directors. 1 For the purposes of APS222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent ‘related entities’. Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an individual and aggregate basis. 2 As defined in RBNZ Liquidity Policy (BS13). 3 For the December 2021 1 Month Mismatch Ratio, based on primary and secondary liquid assets.

Pillar 3 report Capital overview 8 | Westpac Group December 2021 Pillar 3 Report Capital management strategy Westpac’s approach to capital management seeks to ensure that it is adequately capitalised as an ADI. Westpac evaluates its approach to capital management through an Internal Capital Adequacy Assessment Process (ICAAP), the key features of which include: • the development of a capital management strategy, including consideration of regulatory minimums, capital buffers and contingency plans. The current regulatory capital minimums together with the capital conservation buffer (CCB) are the Total CET1 Requirement. The Total CET1 Requirement for Westpac is at least 8.0%, based on an industry minimum CET1 requirement of 4.5% plus a capital buffer of at least 3.5% applicable to D-SIBs12; • consideration of both regulatory and economic capital requirements; • a stress testing framework that challenges the capital measures, coverage and requirements including the impact of adverse economic scenarios; and • consideration of the perspectives of external stakeholders including rating agencies as well as equity and debt investors. On 29 November 2021 APRA announced their final revised standards for capital which indicated that the Total CET1 Requirement for D-SIBs will be 10.25% from 1 January 2023. This requirement will include a CCB of 3.75% and a base level for the countercyclical capital buffer of 1.0%. Work on understanding the impacts of other changes to the standards is ongoing and Westpac intends to provide an update on its operating range for the CET1 capital ratio with its 1H22 results on 9 May 2022. 1 Noting that APRA may apply higher CET1 requirements for an individual ADI. 2 If an ADI’s CET1 ratio falls below the Total CET1 Requirement (at least 8%), they face restrictions on the distribution of earnings, such as dividends, distribution payments on AT1 capital instruments and discretionary staff bonuses.

Pillar 3 report Capital overview Westpac Group December 2021 Pillar 3 Report | 9 Westpac’s capital adequacy ratios Westpac New Zealand Limited’s capital adequacy ratios % 31 December 2021 30 September 2021 31 December 2020 The Westpac Group at Level 2 Common equity Tier 1 capital ratio 12.2 12.3 11.9 Additional Tier 1 capital 2.2 2.3 2.3 Tier 1 capital ratio 14.4 14.6 14.2 Tier 2 capital 4.8 4.2 3.7 Total regulatory capital ratio 19.2 18.9 17.9 The Westpac Group at Level 1 Common equity Tier 1 capital ratio 12.4 12.6 12.1 Additional Tier 1 capital 2.2 2.3 2.3 Tier 1 capital ratio 14.6 14.9 14.4 Tier 2 capital 4.9 4.3 3.8 Total regulatory capital ratio 19.5 19.2 18.2 % 31 December 2021 30 September 2021 31 December 2020 Common equity Tier 1 capital ratio 14.2 13.8 12.9 Additional Tier 1 capital 2.8 2.8 2.7 Tier 1 capital ratio 17.0 16.6 15.6 Tier 2 capital 2.0 2.0 2.0 Total regulatory capital ratio 19.0 18.6 17.6

Pillar 3 report Capital overview 10 | Westpac Group December 2021 Pillar 3 Report Capital requirements This table shows risk weighted assets and associated capital requirements1 for each risk type included in the regulatory assessment of Westpac’s capital adequacy. More detailed disclosures on the prudential assessment of capital requirements are presented in the following sections of this report.234 1 Total capital required is calculated as 8% of total risk weighted assets. 2 Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories. 3 Mark-to-market related credit risk is measured under the standardised approach. It is also known as Credit Valuation Adjustment (CVA) risk. 4 Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets. 31 December 2021 IRB Standardised Total Risk Total Capital $m Approach Approach2 Weighted Assets Required1 Credit risk Corporate 71,124 882 72,006 5,760 Business lending 32,570 698 33,268 2,661 Sovereign 2,411 1,382 3,793 303 Bank 4,606 80 4,686 375 Residential mortgages 146,377 3,500 149,877 11,990 Australian credit cards 4,011 - 4,011 321 Other retail 7,917 765 8,682 695 Small business 14,720 - 14,720 1,178 Specialised lending 56,903 376 57,279 4,582 Securitisation 5,968 - 5,968 477 Mark-to-market related credit risk3 - 5,483 5,483 439 Total 346,607 13,166 359,773 28,782 Market risk 9,202 736 Operational risk 56,214 4,497 Interest rate risk in the banking book 12,190 975 Other assets4 5,032 403 Total 442,411 35,393 30 September 2021 IRB Standardised Total Risk Total Capital $m Approach Approach2 Weighted Assets Required1 Credit risk Corporate 68,715 870 69,585 5,567 Business lending 32,559 699 33,258 2,661 Sovereign 2,508 1,312 3,820 306 Bank 5,104 135 5,239 419 Residential mortgages 145,534 3,731 149,265 11,941 Australian credit cards 4,001 - 4,001 320 Other retail 8,272 763 9,035 723 Small business 15,187 - 15,187 1,215 Specialised lending 55,372 374 55,746 4,460 Securitisation 5,881 - 5,881 470 Mark-to-market related credit risk3 - 6,278 6,278 502 Total 343,133 14,162 357,295 28,584 Market risk 6,662 533 Operational risk 55,875 4,470 Interest rate risk in the banking book 11,446 916 Other assets4 5,372 430 Total 436,650 34,933

Pillar 3 report Capital overview Westpac Group December 2021 Pillar 3 Report | 11 1234 1 Total capital required is calculated as 8% of total risk weighted assets. 2 Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories. 3 Mark-to-market related credit risk is measured under the standardised approach. It is also known as CVA risk. 4 Other assets include cash items, unsettled transactions, fixed assets, and other non-interest earning assets. 31 December 2020 IRB Standardised Total Risk Total Capital $m Approach Approach2 Weighted Assets Required1 Credit risk Corporate 69,529 906 70,435 5,635 Business lending 36,141 809 36,950 2,956 Sovereign 2,409 1,010 3,419 273 Bank 5,011 125 5,136 411 Residential mortgages 128,925 4,299 133,224 10,658 Australian credit cards 4,365 - 4,365 349 Other retail 9,769 762 10,531 842 Small business 16,312 - 16,312 1,305 Specialised lending 56,878 404 57,282 4,583 Securitisation 5,291 - 5,291 423 Mark-to-market related credit risk3 - 6,899 6,899 552 Total 334,630 15,214 349,844 27,987 Market risk 9,607 769 Operational risk 54,090 4,327 Interest rate risk in the banking book 10,309 825 Other assets4 6,382 511 Total 430,232 34,419

Pillar 3 report Leverage ratio disclosure 12 | Westpac Group December 2021 Pillar 3 Report Leverage ratio The following table summarises Westpac’s leverage ratio. This has been determined using APRA’s definition of the leverage ratio as specified in APS110 Capital Adequacy. $ billion 31 December 2021 30 September 2021 30 June 2021 31 March 2021 Tier 1 Capital 63.6 64.0 62.2 62.4 Total Exposures 1,096.7 1,068.3 1,049.9 995.8 Leverage ratio 5.8% 6.0% 5.9% 6.3%

Pillar 3 report Credit risk exposures Westpac Group December 2021 Pillar 3 Report | 13 Summary credit risk disclosure123 1 Westpac continues to apply a floor of 25% to its residential mortgage portfolio risk weight. 2 Includes regulatory expected losses for defaulted and non-defaulted exposures. 3 Includes mark-to-market related credit risk. Regulatory Expected Specific Actual Risk Regulatory Loss for Provisions Losses for 31 December 2021 Exposure Weighted Expected non-defaulted Impaired for Impaired the 3 months $m at Default Assets1 Loss2 exposures Loans Loans ended Corporate 131,007 71,124 851 350 302 218 276 Business lending 53,029 32,570 631 358 303 153 22 Sovereign 201,483 2,411 2 2 --- Bank 20,580 4,606 6 6 --- Residential mortgages 585,497 146,377 1,663 1,148 254 73 10 Australian credit cards 15,407 4,011 151 121 56 30 27 Other retail 11,043 7,917 355 238 220 118 18 Small business 30,231 14,720 494 318 370 171 6 Specialised lending 68,749 56,903 816 539 87 18 - Securitisation 31,185 5,968 ----- Standardised3 15,972 13,166 -- 95 40 - Total 1,164,183 359,773 4,969 3,080 1,687 821 359 Regulatory Expected Specific Actual Risk Regulatory Loss for Provisions Losses for 30 September 2021 Exposure Weighted Expected non-defaulted Impaired for Impaired the 12 months $m at Default Assets1 Loss2 exposures Loans Loans ended Corporate 130,245 68,715 925 382 602 498 67 Business lending 52,420 32,559 658 364 326 160 91 Sovereign 176,238 2,508 2 2 --- Bank 21,283 5,104 6 6 --- Residential mortgages 582,136 145,534 1,637 1,055 271 76 71 Australian credit cards 15,394 4,001 167 131 65 37 136 Other retail 11,518 8,272 394 258 245 136 146 Small business 30,877 15,187 544 348 428 196 82 Specialised lending 66,732 55,372 835 535 110 23 1 Securitisation 30,561 5,881 ----- Standardised3 16,679 14,162 -- 95 40 - Total 1,134,083 357,295 5,168 3,081 2,142 1,166 594 Regulatory Expected Specific Actual Risk Regulatory Loss for Provisions Losses for 31 December 2020 Exposure Weighted Expected non-defaulted Impaired for Impaired the 3 months $m at Default Assets Loss2 exposures Loans Loans ended Corporate 123,745 69,529 717 477 472 224 14 Business lending 53,765 36,141 793 510 396 211 8 Sovereign 137,220 2,409 2 2 --- Bank 20,990 5,011 7 7 --- Residential mortgages 556,263 128,925 1,883 997 281 80 31 Australian credit cards 16,790 4,365 204 162 74 43 43 Other retail 13,130 9,769 499 327 308 174 35 Small business 32,530 16,312 638 368 627 270 8 Specialised lending 65,532 56,878 801 650 59 18 (1) Securitisation 26,841 5,291 ----- Standardised3 16,330 15,214 -- 51 18 - Total 1,063,136 349,844 5,544 3,500 2,268 1,038 138

Pillar 3 report Credit risk exposures 14 | Westpac Group December 2021 Pillar 3 Report Exposure at Default by major type123 1 Average is based on exposures as at 31 December 2021 and 30 September 2021. 2 The EAD associated with securitisations is for the banking book only. 3 Average is based on exposures as at 30 September 2021, 30 June 2021, 31 March 2021, 31 December 2020, and 30 September 2020. 4 Average is based on exposures as at 31 December 2020 and 30 September 2020. 31 December 2021 On balance Total Exposure Average $m sheet Non-market related Market related at Default 3 months ended1 Corporate 57,899 60,629 12,479 131,007 130,625 Business lending 38,535 14,494 - 53,029 52,725 Sovereign 165,638 1,759 34,086 201,483 188,860 Bank 12,248 1,568 6,764 20,580 20,932 Residential mortgages 506,258 79,239 - 585,497 583,816 Australian credit cards 6,245 9,162 - 15,407 15,401 Other retail 8,117 2,926 - 11,043 11,281 Small business 23,159 7,072 - 30,231 30,554 Specialised lending 54,766 12,787 1,196 68,749 67,740 Securitisation2 23,303 7,792 90 31,185 30,873 Standardised 11,742 1,023 3,207 15,972 16,326 Total 907,910 198,451 57,822 1,164,183 1,149,133 30 September 2021 On balance Total Exposure Average $m sheet Non-market related Market related at Default 12 months ended3 Corporate 56,576 59,238 14,431 130,245 127,203 Business lending 39,080 13,340 - 52,420 53,340 Sovereign 141,437 1,524 33,277 176,238 150,012 Bank 12,327 1,817 7,139 21,283 22,140 Residential mortgages 503,883 78,253 - 582,136 565,334 Australian credit cards 5,872 9,522 - 15,394 16,327 Other retail 8,445 3,073 - 11,518 12,566 Small business 23,804 7,073 - 30,877 31,953 Specialised lending 53,084 12,234 1,414 66,732 65,723 Securitisation2 23,428 7,041 92 30,561 28,432 Standardised 12,168 1,031 3,480 16,679 16,252 Total 880,104 194,146 59,833 1,134,083 1,089,282 31 December 2020 On balance Total Exposure Average $m sheet Non-market related Market related at Default 3 months ended4 Corporate 53,908 58,175 11,662 123,745 126,867 Business lending 39,878 13,887 - 53,765 54,154 Sovereign 110,646 1,632 24,942 137,220 134,539 Bank 11,790 1,925 7,275 20,990 22,117 Residential mortgages 482,838 73,425 - 556,263 553,198 Australian credit cards 6,799 9,991 - 16,790 16,867 Other retail 9,939 3,191 - 13,130 13,301 Small business 25,145 7,385 - 32,530 32,644 Specialised lending 53,313 10,182 2,037 65,532 65,512 Securitisation2 20,544 6,174 123 26,841 26,829 Standardised 12,558 1,098 2,674 16,330 16,662 Total 827,358 187,065 48,713 1,063,136 1,062,690 Off-balance sheet Off-balance sheet Off-balance sheet

Pillar 3 report Credit risk exposures Westpac Group December 2021 Pillar 3 Report | 15 Loan impairment provisions APS220 Credit Quality requires that Westpac report specific provisions and a General Reserve for Credit Loss (GRCL). All Individually Assessed Provisions (IAP) raised under Australian Accounting Standards (AAS) are classified as specific provisions. All Collectively Assessed Provisions (CAP) raised under AAS are either classified into specific provisions or a GRCL. 1 1 Provisions classified according to APRA’s letter dated 4 July 2017 “Provisions for regulatory purposes and AASB 9 financial instruments”. 31 December 2021 Total Regulatory $m IAPs CAPs Provisions Specific Provisions for impaired loans 528 293 821 for defaulted but not impaired loans NA 711 711 for Stage 2 NA 1,780 1,780 Total Specific Provision1 528 2,784 3,312 General Reserve for Credit Loss1 NA 1,454 1,454 Total provisions for expected credit losses 528 4,238 4,766 30 September 2021 Total Regulatory $m IAPs CAPs Provisions Specific Provisions for impaired loans 832 334 1,166 for defaulted but not impaired loans NA 806 806 for Stage 2 NA 1,877 1,877 Total Specific Provision1 832 3,017 3,849 General Reserve for Credit Loss1 NA 1,158 1,158 Total provisions for expected credit losses 832 4,175 5,007 31 December 2020 Total Regulatory $m IAPs CAPs Provisions Specific Provisions for impaired loans 594 444 1,038 for defaulted but not impaired loans NA 1,004 1,004 for Stage 2 NA 1,972 1,972 Total Specific Provision1 594 3,420 4,014 General Reserve for Credit Loss1 NA 1,516 1,516 Total provisions for expected credit losses 594 4,936 5,530 AAS Provisions AAS Provisions AAS Provisions

Pillar 3 report Credit risk exposures 16 | Westpac Group December 2021 Pillar 3 Report Impaired and past due loans The following tables disclose the crystallisation of credit risk as impairment and loss. Analysis of exposures defaulted not impaired, impaired loans, related provisions and actual losses is broken down by concentrations reflecting Westpac’s asset categories.1 2 1 Includes items past 90 days not impaired. Specific Specific Actual 31 December 2021 Defaulted Impaired Provisions for Provisions to Losses for the $m not impaired1 Loans Impaired Loans Impaired Loans 3 months ended Corporate 139 302 218 72% 276 Business lending 1,016 303 153 50% 22 Sovereign ----- Bank ----- Residential mortgages 4,497 254 73 29% 10 Australian credit cards - 56 30 54% 27 Other retail - 220 118 54% 18 Small business 527 370 171 46% 6 Specialised lending 436 87 18 21% - Securitisation ----- Standardised 83 95 40 42% - Total 6,698 1,687 821 49% 359 Specific Specific Actual 30 September 2021 Defaulted Impaired Provisions for Provisions to Losses for the $m not impaired1 Loans Impaired Loans Impaired Loans 12 months ended Corporate 400 602 498 83% 67 Business lending 1,106 326 160 49% 91 Sovereign ----- Bank ----- Residential mortgages 5,053 271 76 28% 71 Australian credit cards - 65 37 57% 136 Other retail - 245 136 56% 146 Small business 518 428 196 46% 82 Specialised lending 466 110 23 21% 1 Securitisation ----- Standardised 85 95 40 42% - Total 7,628 2,142 1,166 54% 594 Specific Specific Actual 31 December 2020 Defaulted Impaired Provisions for Provisions to Losses for the $m not impaired1 Loans Impaired Loans Impaired Loans 3 months ended Corporate 213 472 224 47% 14 Business lending 680 396 211 53% 8 Sovereign ----- Bank ----- Residential mortgages 6,309 281 80 28% 31 Australian credit cards - 74 43 58% 43 Other retail - 308 174 56% 35 Small business 444 627 270 43% 8 Specialised lending 212 59 18 31% (1) Securitisation ----- Standardised 85 51 18 35% - Total 7,943 2,268 1,038 46% 138

Pillar 3 report Securitisation Westpac Group December 2021 Pillar 3 Report | 17 Banking book summary of securitisation activity by asset type For the 3 months ended 31 December 2021 Amount Recognised gain or $m securitised loss on sale Residential mortgages 11,800 - Credit cards -- Auto and equipment finance -- Business lending -- Investments in ABS -- Other -- Total 11,800 - For the 12 months ended 30 September 2021 Amount Recognised gain or $m securitised loss on sale Residential mortgages 35,124 - Credit cards -- Auto and equipment finance 325 - Business lending -- Investments in ABS -- Other -- Total 35,449 - For the 3 months ended 31 December 2020 Amount Recognised gain or $m securitised loss on sale Residential mortgages 4,966 - Credit cards -- Auto and equipment finance 325 - Business lending -- Investments in ABS -- Other -- Total 5,291 -

Pillar 3 report Securitisation 18 | Westpac Group December 2021 Pillar 3 Report Banking book summary of on and off-balance sheet securitisation by exposure type 31 December 2021 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 7,595 38 7,633 Liquidity facilities -- 312 312 Funding facilities 3,331 - 1,218 4,550 Underwriting facilities ---- Lending facilities 956 - 288 1,244 Warehouse facilities 11,420 - 6,026 17,446 Total 15,708 7,595 7,882 31,185 30 September 2021 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 8,025 38 8,063 Liquidity facilities -- 251 251 Funding facilities 3,870 - 1,466 5,336 Underwriting facilities ---- Lending facilities 791 - 328 1,119 Warehouse facilities 10,742 - 5,050 15,793 Total 15,404 8,025 7,133 30,561 31 December 2020 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 7,252 32 7,284 Liquidity facilities -- 279 279 Funding facilities 2,255 - 1,281 3,536 Underwriting facilities ---- Lending facilities 710 - 530 1,240 Warehouse facilities 10,326 - 4,176 14,502 Total 13,291 7,252 6,298 26,841 On balance sheet On balance sheet On balance sheet

Pillar 3 report Securitisation Westpac Group December 2021 Pillar 3 Report | 19 Trading book summary of on and off-balance sheet securitisation by exposure type1 1 EAD associated with trading book securitisation is not included in EAD by major type on page 13. Trading book securitisation exposure is captured and risk weighted under APS116 Capital Adequacy: Market Risk. 31 December 2021 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 218 - 218 Liquidity facilities ---- Funding facilities ---- Underwriting facilities ---- Lending facilities ---- Warehouse facilities ---- Credit enhancements ---- Basis swaps -- 79 79 Other derivatives -- 11 11 Total - 218 90 308 30 September 2021 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 91 - 91 Liquidity facilities ---- Funding facilities ---- Underwriting facilities ---- Lending facilities ---- Warehouse facilities ---- Credit enhancements ---- Basis swaps -- 83 83 Other derivatives -- 9 9 Total - 91 92 184 31 December 2020 Off-balance Total Exposure $m Securitisation retained Securitisation purchased sheet at Default Securities - 11 - 11 Liquidity facilities ---- Funding facilities ---- Underwriting facilities ---- Lending facilities ---- Warehouse facilities ---- Credit enhancements ---- Basis swaps -- 112 112 Other derivatives -- 11 11 Total - 11 123 134 On balance sheet On balance sheet On balance sheet

Pillar 3 report Liquidity Coverage Ratio 20 | Westpac Group December 2021 Pillar 3 Report Liquidity Coverage Ratio (LCR) Westpac’s average LCR for the quarter was 142% (30 September 2021: 129%). Liquid assets included in the LCR comprise High Quality Liquid Assets (HQLA), the Committed Liquidity Facility (CLF) offered by the Reserve Bank of Australia and additional qualifying Reserve Bank of New Zealand securities. In September 2021, APRA announced it expects ADIs subject to the LCR to reduce their CLF usage to zero by the end of calendar 2022, subject to financial market conditions. The facility reduction will be phased on a quarterly basis throughout 2022, with the first reduction having occurred on 1 January 2022. Westpac expects to replace its CLF allocation with additional HQLA. Westpac’s portfolio of HQLA averaged $159.7 billion over the quarter1. Funding is sourced from retail, small business, corporate and institutional customer deposits and wholesale funding. Westpac seeks to minimise the outflows associated with this funding by targeting customer deposits with lower LCR outflow rates and actively manages the maturity profile of its wholesale funding portfolio. Westpac maintains a buffer over the regulatory minimum of 100%. Effective 1 January 2021, the Group is required by APRA to increase the value of its net cash outflows by 10% for the purpose of calculating LCR. The overlay to the Group’s net cash outflows has been required by APRA in response to breaches of liquidity requirements. A program is underway to address APRA’s requirements to remove the overlay. 1 Calculated as a simple average of the daily observations over the quarter. Total unweighted value (average)1 Total weighted value (average)1 Total unweighted value (average)1 Total weighted value (average)1 Liquid assets, of which: 1 High-quality liquid assets (HQLA) 159,682 132,738 2 Alternative liquid assets (ALA) 37,000 33,053 3 Reserve Bank of New Zealand (RBNZ) securities 6,546 7,734 Cash Outflows 4 Retail deposits and deposits from small business customers, of which: 315,576 26,998 304,480 26,031 5 Stable deposits 156,147 7,807 150,027 7,501 6 Less stable deposits 159,429 19,191 154,453 18,530 7 Unsecured wholesale funding, of which: 176,557 79,153 165,831 73,600 8 Operational deposits (all counterparties) and deposits in networks for cooperative banks 83,423 20,762 81,617 20,315 9 Non-operational deposits (all counterparties) 81,694 46,951 74,211 43,282 10 Unsecured debt 11,440 11,440 10,003 10,003 11 Secured wholesale funding --- 12 Additional requirements, of which: 208,701 27,381 208,752 26,781 13 Outflows related to derivatives exposures and other collateral requirements 10,099 10,099 9,825 9,825 14 Outflows related to loss of funding on debt products 634 634 539 539 15 Credit and liquidity facilities 197,968 16,648 198,388 16,417 16 Other contractual funding obligations 4,418 4,418 2,033 2,033 17 Other contingent funding obligations 41,439 3,348 44,089 3,633 18 Total cash outflows 141,298 132,078 Cash inflows 19 Secured lending (e.g. reverse repos) 3,594 - 2,480 - 20 Inflows from fully performing exposures 9,073 5,314 9,787 5,809 21 Other cash inflows 5,561 5,561 4,380 4,380 22 Total cash inflows 18,228 10,875 16,647 10,189 23 Total liquid assets 203,228 173,525 24 Total net cash outflows 143,465 134,078 24.1 Net cash outflows overlay 13,042 12,189 25 Liquidity Coverage Ratio (%) 142% 129% Number of data points used 64 67 $m 30 September 2021 31 December 2021

Pillar 3 report Appendix I - APS330 quantitative requirements Westpac Group December 2021 Pillar 3 Report | 21 The following table cross-references the quantitative disclosure requirements outlined in Attachment C of APS330 to the quantitative disclosures made in this report. APS330 reference • Westpac disclosure Page General Requirements Paragraph 49 Summary leverage ratio 12 Attachment C Table 3: Capital Adequacy (a) to (e) (f) Capital requirements Westpac’s capital adequacy ratios Capital adequacy ratios of major subsidiary banks 10 9 9 Table 4: Credit Risk - general disclosures (a) (b) (c) Exposure at Default by major type Impaired and past due loans General reserve for credit loss 14 16 15 Table 5: Securitisation exposures (a) (b) Banking Book summary of securitisation activity by asset type Banking Book summary of on and off-balance sheet securitisation by exposure type Trading Book summary of on and off-balance sheet securitisation by exposure type 17 18 19 Attachment F Table 20: Liquidity Coverage Ratio disclosure template Liquidity Coverage Ratio disclosure 20 Exchange rates The following exchange rates were used in this report, and reflect spot rates for the period end. $ 31 December 2021 30 September 2021 31 December 2020 USD 0.7261 0.7205 0.7705 GBP 0.5377 0.5359 0.5656 NZD 1.0627 1.0477 1.0665 EUR 0.6411 0.6211 0.6267

Pillar 3 report Disclosure regarding forward-looking statements 22 | Westpac Group December 2021 Pillar 3 Report The information contained in this report contains statements that constitute “forward-looking statements” within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this report and include statements regarding Westpac’s intent, belief or current expectations with respect to its business and operations, macro and micro economic and market conditions, results of operations and financial condition. Words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘aim’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’ or other similar words are used to identify forward-looking statements. These forward-looking statements reflect Westpac’s current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond Westpac’s control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon Westpac. There can be no assurance that future developments will be in accordance with Westpac’s expectations or that the effect of future developments on Westpac will be those anticipated. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this report. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk factors’ in Westpac’s 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission, as well as the ongoing impact of COVID-19. When relying on forward-looking statements to make decisions with respect to Westpac, investors and others should carefully consider such factors and other uncertainties and events. Westpac is under no obligation, and does not intend, to update any forward-looking statements contained in this report, whether as a result of new information, future events or otherwise, after the date of this report.

1Q22 Update Fix. Simplify. Perform. FOR THE 3 MONTHS ENDED 31 DECEMBER 2021 WESTPAC BANKING CORPORATION ABN 33 007 457 141 Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated. Refer to page 14 for cash earnings definition. All results relating to 1Q22 are unaudited. This document should be read in conjunction with Westpac’s December 2021 Pillar 3 Report, incorporating the requirements of APS330. Results principally cover and compare the 1Q22 and 2H21 quarterly average periods unless otherwise stated.

1Q22 Summary. 1 Summary • Total provision balances $4,766m down $241m, despite increased weighting to economic downside scenario and higher overlay of $551m • Stressed assets to TCE 1.15%, 21bps lower than Sep-21 • Mortgage 90+ day delinquencies – Australia 0.95% (down 12bps), New Zealand 0.30% (unchanged) • Reported profit $1,815m, up 80% on 2H21 quarter average • Cash earnings excluding notable items 2 $1,580m, up 1% on 2H21 quarter average - Expenses down 7%, excluding notable items - Net interest margin (NIM) 1.91%, down 8bps from 2H21 Credit quality improved Earnings increased Capital remains strong • CET1 capital ratio 12.2% compared to 12.3% at Sep-21 - Payment of 2021 final dividend (-50bps), higher RWA (-21bps) - Organic capital generation, divestments and other movements (+59bps) • Deposit to loan ratio improved to 83.6% (Sep-21: 81.6%) • Funding and liquidity metrics remain strong with LCR at 142% and NSFR at 127% • Resumed wholesale funding issuance, raised $12bn in term markets in 1Q22 Funding and liquidity Westpac Group 1Q22 Update 2 1 All figures are for 1Q22 or at 31 December 2021 unless otherwise noted. 2 Notable items are detailed on page 4. 3 Headcount includes FTE and third-party contractors. Simplification • Simplification initiatives well progressed in 1Q22 - Headcount 3 down by over 1,100 - Wholesale auto dealer portfolio sold - Announced new organisational structure to simplify head office with efficiencies expected in FY22 • Expect announcements on specialist businesses in FY22

($m) 2H21 Qtr Avg 1Q22 Change Net interest income 4,123 4,182 1% Non-interest income 997 929 (7%) Expenses (3,651) (2,697) (26%) Core earnings 1,469 2,414 64% Impairment (charges)/benefit 109 (118) Large Tax and non- controlling interests (670) (712) 6% Cash earnings 908 1,584 74% Net profit 1,008 1,815 80% • Headcount 4 down by more than 1,100 since Sep-21 • Lower investment spend and third-party costs Unaudited 1Q22 results includes notable items. 1 1 Performance comparison is 1Q22 compared to 2H21 quarterly average unless otherwise stated. 2H21 quarterly average may not add up due to rounding. 2 AIEA is average interest-earning assets. Comparison is against 2H21 AIEA. 3 All average balances, comparing 1Q22 with 2H21. 4 Headcount includes FTE and third-party contractors. Performance Westpac Group 1Q22 Update 3 • AIEA 2 of $868bn, up $43bn (or 5%), mostly liquid assets up $29bn and gross loans up $11bn 3 • NIM 1.91%, down 8bps • Credit quality sound, stressed assets and delinquencies improving • Remaining prudent in light of current uncertainty ‒ Provision overlay up $371m ‒ Increased weighting of downside economic scenario to 45% from 40% • 1Q22 cash earnings adjustments of $231m, primarily from fair value gains on economic hedges. For further details refer to page 14 • Non-interest income down 7%, or $68m ($58m from businesses sold in 2H21) • Core earnings excluding notable items up 10%

Unaudited 1Q22 cash earnings excluding notable items.1 1 2H21 quarterly average may not add up due to rounding. Westpac Group 1Q22 Update 4 Performance ($m) 2H21 Qtr Avg 1Q22 Change Net interest income 4,094 4,182 2% Non-interest income 925 874 (6%) Expenses (2,850) (2,659) (7%) Core earnings 2,169 2,397 10% Impairment (charges)/benefit 109 (118) Large Tax and non-controlling interests (711) (699) (2%) Cash earnings ex notable items 1,567 1,580 1% ($m) 2H21 Qtr Avg 1Q22 Net interest income 28 - Non-interest income 72 55 Expenses (801) (38) Tax and non-controlling interests 41 (13) Cash earnings impact of notable items (660) 4 Cash earnings impact of notable items Notable items in 1Q22 mainly reflect gains from asset sales and revaluations which offset additional litigation and remediation costs

3,651 2,850 2,659 38 2,697 (801) (120) (61) (10) 2H21 qtr avg 2H21 qtr avg notable items 2H21 qtr avg ex notable items Ongoing costs & Investments Fix non-recurrent Specialist Business 1Q22 ex notable items 1Q22 notable items 1Q22 1.88 1.87 1.71 0.11 0.11 (10bps) (6bps) 0.20 1.99 (1bp) 1.98 9bps 1.91 2H21 Notable items 2H21 ex notable items Loans, deposits & capital Liquidity Treasury & Markets 1Q22 Margins and expenses. Westpac Group 1Q22 Update NIM (% and bps) 1 Committed liquidity facility. 2 High quality liquid assets. 3 Headcount includes FTE and third-party contractors. Performance 5 5 Competition in mortgage and business lending, high fixed rate flows, partly offset by deposit repricing $29bn increase in average liquid assets Down $191m or 7% • NIM ex Treasury & Markets for Dec-21 month 1.67%. Expect NIM to decline further in FY22 • Increased liquid assets to support reduction in CLF 1 – HQLA 2 build expected to be largely completed by Mar-22 (CLF $37bn at Sep-21) • Expenses expected to decline further through FY22 including from headcount reductions, primarily in head office • Targeting $8bn expense base in FY24 Lower headcount 3 and investment spend Treasury & Markets impact on NIM NIM ex Treasury & Markets Expenses ($m)

Expected credit loss provisions. Westpac Group 1Q22 Update Expected credit loss provisions 1 ($m) Provisioning 6 As at September 2021 As at December 2021 3 2022 2023 2022 2023 GDP growth 7.4% 2.7% 6.4% 2.7% Unemployment 4.0% 4.0% 3.7% 4.0% Residential property prices 5.0% -5.0% 8.0% -5.0% Economic forecasts for base case economic scenario in provision models 2 Sep-21 Dec-21 Loan provision to gross loans (bps) 70 66 Impaired asset provisions to impaired assets (%) 54 49 Collective provisions to credit RWA (bps) 117 118 Provisions and coverage 1 CAP is collectively assessed provisions. IAP is individually assessed provisions. 2 GDP and Residential property price growth is annual growth to December each year. Unemployment rate forecast is at December each year. 3 Economic forecast at 7 December 2021. 4 Overlay raised to address further uncertainty and risks arising from COVID-19, such as supply chain disruption, labour shortages, inflation and asset price risks. • Total provisions lower from IAP write-offs and improving credit quality metrics - $275m of Forum Finance provision written off • Increase in CAP of $63m due to COVID- 19 uncertainty: - Higher overlay 4 ($371m) - Increased weighting to 45% for downside economic scenario ($180m) - Partly offset by decline in Stage 2 and Stage 3 CAP due to improved credit quality metrics Commentary 611 564 832 528 1,561 1,327 1,131 1,002 2,247 1,806 1,606 1,315 1,032 853 791 903 708 958 647 1,018 6,159 5,508 5,007 4,766 Sep-20 Mar-21 Sep-21 Dec-21 Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP Prudence maintained.

0.27 0.20 0.22 0.15 0.15 0.14 0.17 0.17 0.20 0.26 0.19 0.19 0.15 0.26 0.25 0.33 0.34 0.37 0.39 0.43 0.48 0.50 0.80 0.66 0.68 0.58 0.71 0.54 0.65 0.56 0.57 0.55 0.50 0.55 0.62 0.85 0.75 0.49 0.42 1.24 0.99 1.20 1.05 1.09 1.08 1.10 1.20 1.32 1.91 1.60 1.36 1.15 Sep-14 Sep-15 Sep-16 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Dec-21 Watchlist and substandard • Ratings upgrades and repayments in WIB 90+ day past due and not impaired 1 • Decrease in mortgage delinquencies and reduction in past due but not impaired commercial exposures in Business division Impaired • Forum Finance partial write-off Credit quality metrics improved. Westpac Group 1Q22 Update 7 1 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes. Stressed exposures as a % of TCE Credit quality Australian mortgage 90+ day delinquencies (%) Australian consumer finance 90+ day delinquencies (%) 1.55 0.50 1.50 2.50 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 0.95 1.47 0.0 1.0 2.0 3.0 4.0 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 90+ day delinquencies 30+ day delinquencies Stressed exposures down 21bps in 1Q22. COVID-19 deferral support arrangements ceased at 30 Sep 2021

1.5 0.9 0.8 0.5 0.3 0.3 0.1 0.3 0.2 0.2 0.2 0.1 0.2 0.0 0.1 0.0 0.1 0.1 0.2 0.2 3.2 2.3 2.4 5.0 4.0 3.0 2.9 2.2 1.6 1.4 4.9 3.3 3.4 5.5 4.4 3.3 3.1 2.6 2.0 1.8 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Dec-21 Watchlist & substandard 90+ day past due and not impaired Impaired New Zealand credit quality stable. Westpac Group 1Q22 Update Mortgage 90+ day delinquencies 1 (%) Unsecured consumer 90+ day delinquencies 1 (%) Business stressed exposures as a % of New Zealand business TCE 1 In May 2019 we made changes to the reporting of customers in hardship to align to the method used by APRA. 2 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes. 8 Credit quality 0.86 1.48 0.0 1.0 2.0 3.0 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 90+ day past due (ex-hardship) 90+ day past due 0.15 0.30 0.0 0.1 0.2 0.3 0.4 0.5 0.6 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 90+ day past due (ex-hardship) 90+ day past due Introduction of changes to the reporting of hardship Introduction of changes to the reporting of hardship 2

Capital well above unquestionably strong requirement. Westpac Group 1Q22 Update 9 Key capital ratios. % Mar-21 Sep-21 Dec-21 Level 2 capital ratios CET1 capital ratio 12.3 12.3 12.2 Additional Tier 1 capital ratio 2.2 2.3 2.2 Tier 1 capital ratio 14.5 14.6 14.4 Tier 2 capital ratio 3.9 4.2 4.8 Total regulatory capital ratio 18.4 18.9 19.2 Risk weighted assets (RWA) ($bn) 429 437 442 Leverage ratio 6.3 6.0 5.8 CET1 capital ratio (pro forma) 3 n/a 11.8 11.7 Level 1 capital ratios CET1 capital ratio 12.6 12.6 12.4 Tier 1 capital ratio 14.8 14.9 14.6 Total regulatory capital ratio 18.8 19.2 19.5 Internationally comparable ratios 4 Leverage ratio 6.9 6.6 6.3 CET1 capital ratio 18.1 18.2 18.0 Share buy-back • Off-market share buy-back of up to $3.5bn • Discount range: 0%-10% • Key dates  Closing: 11 February 2022  Announcement of share buy-back results: 14 February 2022  Payment of proceeds: 18 February 2022 Capital 1 Lower capital deductions for movements in deferred tax assets, fair value gains on economic hedges and regulatory expected loss deduction. 2 Businesses where sales have been announced but yet not completed. 3 Based on $3.5bn share buyback and expected proceeds from announced divestments. 4 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 25 12.32 35 20 4 12.20 11.65 (50) (21) (80) Sep-21 Cash earnings Final dividend RWA Other Divest- ments Dec-21 Future sales Buy- back Pro forma Dec-21 CET1 ratio (% and bps) 2 1

2.5 0.7 428.9 436.7 2.5 0.3 442.4 (0.3) Mar-21 Sep-21 Credit risk Market risk IRRBB Operational risk Other Dec-21 347.1 357.3 5.0 359.8 (0.7) (1.8) Mar-21 Sep-21 Lending FX translation impacts Counterparty credit & mark-to-market risk Dec-21 Risk weighted assets. 1 Westpac Group 1Q22 Update • RWA increased $5.8bn over 1Q22, mostly from higher market and credit RWA • Credit RWA increased $2.5bn reflecting: ‒ A $6.1bn increase mainly from higher lending across corporates, specialised lending and mortgages, partly offset by a $1.1bn decrease from sale of the wholesale dealer portfolio ‒ Lower counterparty credit and mark-to-market risk and foreign currency translation impacts from appreciation of the A$ against the US$ and NZ$ • Non-credit RWA increased $3.3bn, mostly from a $2.5bn increase in market risk RWA driven by the introduction of an industry-wide overlay for updated market risk models which require regulatory approval Up $5.8bn or 1.3% Risk weighted assets ($bn) Movement in credit risk weighted assets ($bn) Capital 10 Commentary 1 Graphs may not add due to rounding. Up $ 2.5bn or 0.7%

124 129 142 Mar-21 Sep-21 Dec-21 79.8 81.6 83.6 Mar-21 Sep-21 Dec-21 31 42 37 32 34 31 35 12 23 38 40 15 15 12 28 FY15 FY16 FY17 FY18 FY19 FY20 FY21 1Q22 FY22 FY23 FY24 FY25 FY26 FY27 >FY27 Covered bond Hybrid Senior/Securitisation Subordinated debt Term Funding Facility (Aus) Funding for Lending Programme (NZ) Funding and liquidity. Westpac Group 1Q22 Update Funding and liquidity 11 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY27 maturity bucket. Maturities exclude securitisation amortisation. Term debt issuance and maturity profile 1 ($bn) Issuance Maturities Deposits to net loans ratio (%) Key funding and liquidity measures Quarterly average remaining 1Q22 term issuance by program (%) 46 20 9 25 Senior bonds Covered bonds RMBS & ABS Tier 2 capital 123 125 127 Mar-21 Sep-21 Dec-21 Net stable funding ratio (%) Liquidity coverage ratio (%)

Group Head Office Shared Services New organisational structure. 12 Changes • Combining the Group Executive roles of Risk and Financial Crime Compliance and Conduct under the Chief Risk Officer • Moving key support functions closer to lines of business • Creating two new services divisions: ‒ Corporate Services – centralises common corporate functions such as Property, Procurement, Finance Services, Corporate Affairs, Sustainability and HR ‒ Customer Services and Technology – centralising customer facing functions such as operations, call centres and technology Outcomes • Better customer outcomes - decision making closer to customers • Smaller, more efficient Group head office responsible for monitoring performance and setting common frameworks and policies • Efficiency by creating shared services operations • Contributes to 20% reduction in head office roles over time Organisational structure Shannon Finch Group General Counsel Scott Collary Group Executive Customer Services & Technology Carolyn McCann Group Executive Corporate Services Michael Rowland Chief Financial Officer Christine Parker Group Executive Human Resources Operating Divisions Jason Yetton Chief Executive Specialist Businesses Chris De Bruin Chief Executive Business and Consumer Banking Anthony Miller Chief Executive Officer Westpac Institutional Bank Catherine McGrath Chief Executive Officer Westpac New Zealand Peter King Chief Executive Officer Westpac Group Executive Team (From May 2022) Ryan Zanin Chief Risk Officer Westpac Group 1Q22 Update

Appendix Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated. Refer to the 2021 Full Year Financial Results Presentation and Investor Discussion Pack for definition. All results relating to 1Q22 are on an unaudited basis. This document should be read in conjunction with Westpac’s December 2021 Pillar 3 Report, incorporating the requirements of APS330. Results principally cover and compare the 1Q22 and 2H21 quarterly average periods unless otherwise stated.

1Q22 reported net profit after tax. 1 Westpac Group 1Q22 Update 14 Details • Reported net profit $1,815m, up 80% on 2H21 quarter average • Net interest income - AIEA $868bn, up 5%, mostly from liquid assets up $29bn and gross loans up $11bn - NIM 2.05%, down 1 basis point. NIM decline from competitive pressures and increased liquid assets. Largely offset by fair value gain on economic hedges • Non-interest income down 6% or $64m mostly from loss of revenue due to businesses sold in 2H21 • Operating expenses down $956m (or 26%) due to the absence of asset write-downs in 1Q22, lower litigation and remediation costs, lower headcount 4, and lower expenses from businesses sold in 2H21 • Impairment (charges)/benefit - Credit quality sound, stressed assets and delinquencies improving - Remaining prudent in light of current uncertainty with provision overlay up A$371m and increased weighting of downside economic scenario to 45% from 40% • Income tax expense and net profit attributable to non-controlling interests up 14% Cash earnings 3 policy and cash earnings adjustments to reported profit Westpac Group uses a measure of performance referred to as cash earnings to assess financial performance at both a Group and divisional level. This measure has been used in the Australian banking market for over 15 years and management believes it is the most effective way to assess performance for the current period against prior periods and to compare performance across divisions and across peer companies To calculate cash earnings, reported net profit is adjusted for: • Material items that key decision makers at the Westpac Group believe do not reflect the Group’s operating performance • Items that are not typically considered when dividends are recommended, such as the impact of treasury shares and economic hedging impacts 1 Performance comparison is 1Q22 compared to 2H21 quarterly average unless otherwise stated. 1Q22 reported profit is unaudited. 2 Non-interest income is the total of Net fee income, Net wealth management and insurance income, Trading income, and Other income. 3 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes both cash and non-cash adjustments to statutory net profit. The specific adjustments outlined include both cash and non-cash items. Cash earnings is reported net profit adjusted for certain items which management believe provides a measure of profit that is more effective for assessment of performance. All adjustments shown are after tax. 4 Headcount includes FTE and third-party contractors. Appendix Reported net profit ($m) 2H21 Qtr Avg 1Q22 Net interest income 4,255 4,498 Non-interest income 2 1,013 949 Operating expenses (3,657) (2,701) Impairment (charges)/benefit 109 (118) Income tax expense and net profit attributable to non-controlling interests (712) (813) Net profit attributable to owners of WBC 1,008 1,815 Cash earnings 908 1,584 $m 2H21 Qtr Avg 1Q22 Reported net profit 1,008 1,815 Fair value (gain)/loss on economic hedges (92) (244) Ineffective hedges (8) 13 Cash earnings 908 1,584

Segment reporting change from 1H22. 1 Will be reported in combined segment Consumer & Business Bank. Westpac Group 1Q22 Update 15 Appendix Division Lines of business (LOB) Major changes Consumer & Business Bank Consumer 1 • Mortgages • Consumer finance • Consumer deposits • All Australian mortgages (both business and consumer) now included in Mortgage LOB • Deposit LOB split into consumer and business for reporting • Removal of revenue sharing from sale of institutional products. Will reduce non-interest income across consumer and business bank Business 1 • Business lending • Business deposits Westpac Institutional Bank Financial markets Corporate and institutional banking Global transaction services • Removal of revenue sharing for sale of institutional products to consumer and business bank customers will increase non-interest income Westpac New Zealand Consumer banking and wealth Corporate and institutional banking • No changes Specialist Businesses Life Insurance Platforms, Investments and Super Westpac Pacific Auto (in run down) • No changes Group Business Corporate Services Treasury Head office activities • No changes Expect to release template outlining changes in early April 2022. Westpac will not report individual LOB separately.

For all shareholding enquiries relating to: • Address details and communication preferences • Updating bank account details, and participation in the dividend reinvestment plan Investor Relations Contact Share Registry Contact For all matters relating to Westpac’s strategy, performance and results Westpac Group 1Q22 Update 16 Contact us. Andrew Bowden Head of Investor Relations Louise Coughlan Head of Ratings Agencies and Analysis Arthur Petratos Manager, Shareholder Services Andrea Jaehne Director, Ratings Agencies and Analysis Jacqueline Boddy Head of Debt Investor Relations Neil Wesley Head of Institutional Investor Relations Rebecca Plackett Director, Corporate Reporting and ESG Contact us westpac@linkmarketservices.com.au investorcentre.linkmarketservices.com.au 1800 804 255 investorrelations@westpac.com.au westpac.com.au/investorcentre +61 2 8253 3143 Investor Relations Team.

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. Cash earnings is a non-GAAP measure. Refer to Westpac’s 2021 Full Year Financial Results (incorporating the requirements of Appendix 4E) for the twelve months ended 30 September 2021 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to Westpac’s 2021 Full Year Financial Results Presentation and Investor Discussion Pack for an explanation of cash earnings and a reconciliation of reported net profit to cash earnings. The financial information for the three months ended 31 December 2021 has not been audited or reviewed by any independent registered public accounting firm and has been derived from the unaudited financial statements for the quarter ended 31 December 2021. Any other financial information provided as at a date after 31 December 2021 has not been audited or reviewed by any independent registered public accounting firm either. The information contained in this presentation is presented for information purposes only, is based on management’s current information and reflects management’s view of other factors, including a wide variety of significant business, economic and competitive risks and uncertainties, which may be heightened during the ongoing COVID- 19 pandemic. Certain data herein may involve underlying estimates, assumptions and judgments when applying accounting policies and preparing its financial statements, particularly in connection with the calculation of provisions. Any change in such estimates, assumptions and/or judgments resulting from new information or from changes in circumstances or experience could result in Westpac incurring losses greater than those anticipated or provided for. This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’, or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control, and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those which we expect, depending on the outcome of various factors. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section titled ‘Risk factors' in Westpac’s 2021 Annual Report for the twelve months ended 30 September 2021 available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation. Disclaimer 17 Westpac Group 1Q22 Update

Exhibit No.		Description
1		Westpac Group December 2021 Pillar 3 Report
2		ASX Release – Westpac 1Q22 Update
3		1Q22 Update
4		ASX Release – Westpac Group Announces Changes to Structure and Executive

	WESTPAC BANKING CORPORATION
	(Registrant)

Date: February 3, 2022	By:	/s/ Yvette Adiguzel
		Yvette Adiguzel
		Tier One Attorney

Reported net profit (A$m)	2H21 Qtr Avg.		1Q22
Net interest income	4,255		4,498
Non-interest income²	1,013		949
Operating expenses	(3,657	)	(2,701	)
Impairment (charges)/benefit	109		(118	)
Income tax expense and net profit attributable to non-controlling interests	(712	)	(813	)
Net profit attributable to owners of WBC	1,008		1,815
Cash earnings	908		1,584

A$m	2H21 Qtr Avg.		1Q22
Reported net profit	1,008		1,815
Fair value (gain)/loss on economic hedges	(92	)	(244	)
Ineffective hedges	(8	)	13
Cash earnings	908		1,584

	Sep- 21		Dec- 21
Loan provision to gross loans (bps)		70		66
Impaired asset provisions to impaired assets (%)		54		49
Collective provisions to credit RWA (bps)		117		118

	·	Total provision balances A$4,766m down A$241m, despite increased weighting to economic downside scenario and higher overlay of A$551m

	·	Total provisions lower from Individually Assessed Provisions (“IAP”) write-offs and improving credit quality metrics. A$275m Forum Finance provision written off.

	·	Increase in Collectively Assessed Provisions (“CAP”) of A$63m due to increased COVID-19 uncertainty:

	○	Increase in weighting to 45% for downside economic scenario (A$180m)

	·	Stressed assets to TCE 1.15%, 21 basis points lower than September 2021 due to

	○	ratings upgrades and repayments in Westpac Institutional Bank

	○	decrease in mortgage delinquencies and reduction in past due but not impaired commercial exposures in the Business division

	○	Higher overlay⁵ (A$371m)

	·	Mortgage 90+ day delinquencies – Australia 0.95% (down 12 basis points), New Zealand 0.30% (unchanged)