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Targeting $8bn cost base by FY24.1 Cost target excluding notable items ($m) 2 Expenses (ex notables) expected to rise in FY21 compared to FY20. Targeting to reduce from FY22 onwards Pathway to $8bn Specialist Businesses Exit non-core businesses 10,161 FY20 Specialist Businesses Digitise & streamline Head office & organisational simplification BAU Investment Productivity 8,000 FY24 Digitise & streamline for customers ⚫ Digital focus, reduce products and cost to serve ⚫ Rationalise duplicate metro branches, smaller customised branches Reduce physical transactions Digitise sales and service Head office & organisational simplification Remove costs linked to Specialist Businesses Rationalise corporate footprint Lower support costs Reduce third party/contractor spend 1 This page contains 'forward-looking statements' and statements of expectation. Please refer to the disclaimer on page 117. 2 All numbers exclude notable items. References to notable items in this slide include provisions related to AUSTRAC proceedings; estimated customer refunds, costs and litigation; write-down of intangible items; and asset sales/revaluations. Target includes Westpac New Zealand Limited. 25 Westpac Group 2021 Interim Results Presentation & Investor Discussion Pack Westpac GROUP

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