Investor Presentaiton

Appendix 1: Cash earnings adjustments and notable items. Cash earnings adjustment ($m) 2H21 1H22 2H22 Description Reported net profit 2,015 3,280 2,414 Net profit attributable to owners of Westpac Banking Corporation Fair value (gain)/loss on (184) (204) (266) economic hedges Appendix Fair value on economic hedges (which do not qualify for hedge accounting under AAS) comprise: The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting non- interest income is reversed in deriving cash earnings as they may create a material timing difference on reported results but do not affect the Group's cash earnings over the life of the hedge. Westpac has ceased this activity, and at this stage no further adjustments will be recognised; and The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed in deriving cash earnings as they may create a material timing difference on reported results but do not affect the Group's cash earnings over the life of the hedge The unrealised (gain)/loss on ineffective hedges is reversed in deriving cash earnings because the gain or loss arising from the fair value movement in these hedges reverses over time and does not affect the Group's profits over time Ineffective hedges (16) 19 33 Cash earnings 1,815 3,095 2,181 Notable items ($m) 2H22 Description Estimated customer refunds, payments, associated costs and litigation¹ (68) Write-down of goodwill, intangible and other assets1 (129) Asset sales and revaluations¹ Total notable items (1,089) (1,286) 1 For further information refer to Westpac's 2022 Full Year Results Announcement. $17m decrease in revenue mostly due to additional remediation provisions related to wealth products, $80m increase in costs from our Australian customer remediation program and an increase in litigation costs and provisions Write-down of assets from a reduction in corporate office space required. The write-down considers the capitalised value of the remaining term of the lease less likely sublease income, $118m in costs, $82m after tax. Expenses associated with the accelerated consolidation of branches, $66m in costs, $47m after tax This includes the loss on sale of Westpac Life Insurance Services Limited of $1,112m in non-interest income, $1,120m after tax. Expenses and revaluations associated with assets sales of $125m, $101m after tax, including those transactions announced in 2H22. A tax refund related to the sale of the Group's motor vehicle dealer finance and novated leasing business and vendor finance businesses 125 Westpac Group 2022 Full Year Results Presentation & Investor Discussion Pack Westpac GROUP

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