ASX Release 21 April 2022 Westpac ’s First Half 2022 (1H22) notable items and segment structure changes Westpac today announced that its reported net profit and cash earnings in 1H22 is expected to have a minimal impact from notable items with a net reduction of $6m (after tax). Of the notable items, a $4m benefit was recognised and announced in the first quarter 2022 (1Q22) with the remainder recognised in the second quarter 2022 (2Q22). The notable items (after tax) include: The gain on sale of Westpac Life-NZ-Limited (NZ Life) of $119m (NZ$126m) following completion of the transaction in February 2022. There is no tax expense from this item in 1H22; Gains on sale of $119m related to the Group’s Motor vehicle dealer finance and novated leasing business following completion in the half; The write-down of goodwill and capitalised software associated with the Group’s superannuation business of $154m as part of preparations to exit this business; An increase in provisions for customer refunds, repayments, associated costs and litigation penalties of $65m; and A $25m impact from costs associated with divestments and a post-sale adjustment to earn-out payments associated with the sale of the Vendor Finance business. In aggregate, these items have a small impact on the Group’s CET1 capital ratio (adds 3 basis points). Details of notable items in First Half 2022 are in Appendix 1 and a summary of line item impacts is in Appendix 2. Segment structure changes in Westpac’s 1H22 Results As outlined in our 1Q22 update, we are making changes to align our segment reporting to our lines of business operating structure. These changes have no impact on the Group’s consolidated financial results and associated metrics in prior periods but do impact profit and loss and balance sheet items of our reporting segments. The new structure and changes are summarised in Appendix 3. In addition, certain customers previously managed in Business are now being managed by Westpac Institutional Bank (WIB) and their contribution will be reported in that segment. In preparing the platforms business for sale we have decided to retain our share broking and margin lending businesses given the demand from consumer and private wealth clients. The share broking business will now be reported in Consumer, previously in the Specialist Businesses segment (with comparative periods restated). Margin lending will continue to be reported in Specialist Businesses and will be moved to Consumer in a subsequent period once we finalise its separation from our wealth businesses. Appendix 4 provides prior period data under these segment changes in the same way they will be presented in 1H22. Level 18, 275 Kent Street Sydney, NSW, 2000

Restatement of APRA Monthly ADI Statistics (MADIS) Following revisions to Westpac’s reporting models used to classify owner occupied and investment property housing loans under APRA’s Economic Financial Statistics definitions we are changing the reporting of these loan balances. The changes will result in a reclassification of $14 billion 1 in the MADIS dataset, increasing owner occupied lending (~1% market share) with a corresponding decrease in investment property loans (~2% market share). Total outstanding housing lending is unchanged. Restated data is expected to be published in APRA’s MADIS data release on 29 April 2022 and will be restated back to March 2021. The changes better align our MADIS statistics with existing management and external reporting. This restatement has no impact on Westpac’s reporting of housing lending in our Investor Discussion Pack and other management reporting documents. We are scheduled to announce our First Half 2022 results on Monday, 9 May 2022. For further information: Hayden Cooper Andrew Bowden Group Head of Media Relations Group Head of Investor Relations 0402 393 619 0438 284 863 This document has been authorised for release by Tim Hartin, Company Secretary. 1 At 28 February 2022. Page 2 of 13

Appendix 1 – Details of items affecting Westpac ’s 1H22 Financial Results This table details how the notable items will be described in our 1H22 Financial Results. Summary 1H22 Cash earnings (after tax) Detail (pre tax) Write-down of goodwill and other assets $154m reduction In preparation for the exit of our superannuation business, the carrying value of our superannuation intangible assets was reviewed and found to be no longer supportable. This included: $122m of goodwill, which is all the goodwill attributable to this business; and $45m of capitalised software. Additional provisions for customer refunds payments, associated costs and litigation provisions $65m reduction The ongoing review of customer remediation, litigation and regulatory investigations has led to the following changes in provisions: Revenue: $36m decrease for additional remediation related to wealth products, partly offset by the release of some provisions in Westpac New Zealand; and Expenses: $46m increase for additional costs related to our remediation programs and for litigation matters, including an increase to prior provisions following agreement with ASIC to settle six longstanding matters announced on 30 November 2021. Asset sales and revaluations $213m increase Revenue increase of $271m from a gain on sale of $119m from NZ Life and $170m from the Group’s Motor vehicle dealer finance and novated leasing business, partly offset by an $18m post-sale adjustment to earn-out payments associated with the sale of the Vendor Finance business; Expenses associated with asset sales and revaluations of $18m; and Tax expense and non-controlling interest impact of $40m. The low effective tax rate of these collective items reflects that the tax impact for the sale of NZ Life was largely recorded in prior periods. Page 3 of 13

Appendix 2 – Summary of 1H22 notable items 1H22 ($m) Consumer Business WIB New Zealand (in $A) Specialist Businesses Group Businesses Total Net interest income - - - 7 - - 7 Net fee income - - - - - - - Net wealth management & insurance income - - - - (43) - (43) Other income - - - 119 152 - 271 Non-interest income - - - 119 109 - 228 Operating expenses - - - - (215) (16) (231) Core earnings - - - 126 (106) (16) 4 Income tax benefit/ (expense) - - - (2) (8) - (10) NCI - - - - - - - Cash earnings - - - 124 (114) (16) (6) 1H22 ($m) Provisions for refunds, payments, costs & litigation Write-down of goodwill and other assets Asset sales / revaluations Total Net interest income 7 - - 7 Net fee income - - - - Net wealth management & insurance income (43) - - (43) Other income - - 271 271 Non-interest income (43) - 271 228 Staff expenses (10) - (9) (19) Occupancy expenses - - - - Technology expenses - (45) - (45) Other expenses (36) (122) (9) (167) Operating expenses (46) (167) (18) (231) Core earnings (82) (167) 253 4 Income tax benefit/( expense ) 17 13 (40) (10) NCI - - - - Cash earnings (65) (154) 213 (6) Page 4 of 13

Appendix 3 – Summary of segment reporting changes Page 5 of 13

Appendix 4 – Selected comparative disclosures 3.0 Notable Items Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Half Year March 2022 Net interest income - - - 7 - - 7 Net fee Income ------- Net wealth management and insurance income - - - - (43) - (43) Trading Income ------- Other Income - - - 119 152 - 271 Non-interest income - - - 119 109 - 228 Operating expenses - - - - (215) (16) (231) Core earnings - - - 126 (106) (16) 4 Income tax (expense) / benefit and NCI - - - (2) (8) - (10) Cash earnings - - - 124 (114) (16) (6) Half Year Sep 2021 Net interest income 3 103 - (32) (18) - 56 Net fee Income - - - (7) - (26) (33) Net wealth management and insurance income - - - - (4) (14) (18) Trading Income ------- Other Income - - - 1 202 (7) 196 Non-interest income - - - (6) 198 (47) 145 Operating expenses (35) (14) (1,156) (17) (304) (76) (1,602) Core earnings (32) 89 (1,156) (55) (124) (123) (1,401) Income tax (expense) / benefit and NCI 3 (29) 191 13 (119) 23 82 Cash earnings (29) 60 (965) (42) (243) (100) (1,319) Half Year March 2021 Net interest income - 74 - (3) - - 71 Net fee Income (3) 1 - (5) 8 (105) (104) Net wealth management and insurance income - - - - - (88) (88) Trading Income ------- Other Income - - - - (7) 571 564 Non-interest income (3) 1 - (5) 1 378 372 Operating expenses (106) (40) (37) (6) (336) (220) (745) Core earnings (109) 35 (37) (14) (335) 158 (302) Income tax (expense) / benefit and NCI 33 (10) 11 4 38 (56) 20 Cash earnings (76) 25 (26) (10) (297) 102 (282) Page 6 of 13

3.1 Consumer and Business Banking Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 6,173 6,300 Non-interest income 437 430 Net operating income 6,610 6,730 Operating expenses (3,687) (3,429) Core earnings 2,923 3,301 Impairment (charges)/benefits 400 209 Profit before income tax expense 3,323 3,510 Income tax expense and NCI (1,001) (1,048) Cash earnings 2,322 2,462 Add back notable items (31) 51 Cash earnings excluding notable items 2,291 2,513 Expense to income ratio 55.78% 50.95% Net interest margin 2.49% 2.59% As at As at As at % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $bn 2022 2021 2021 Sep-21 Mar-21 Customer deposits Term deposits 76.5 85.6 Other 318.5 292.1 Total customer deposits 395.0 377.7 Net loans Mortgages 455.7 443.6 Business 79.8 79.5 Other 8.8 10.0 Provisions (3.2) (3.8) Total net loans 541.1 529.3 Deposit to loan ratio 73.0% 71.4% Total assets 555.4 544.6 TCE 653.9 642.0 Average interest earning assets 493.9 487.7 Average allocated capital 33.0 33.0 Credit Quality As at As at As at March 30 Sept 31 March % 2022 2021 2021 Impairment charges/(benefits) to average loans annualised (0.15%) (0.08%) Mortgage 90+ day delinquencies 1.07% 1.20% Other consumer loans 90+ day delinquencies 1.60% 1.60% Business: Impaired exposure to TCE 0.72% 0.87% Total stressed exposure to TCE 1.74% 2.01% Page 7 of 13

3.1.1 Consumer Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 4,722 4,764 Non-interest income 263 255 Net operating income 4,985 5,019 Operating expenses (2,522) (2,376) Core earnings 2,463 2,643 Impairment (charges)/benefits 82 102 Profit before income tax expense 2,545 2,745 Income tax expense and NCI (765) (818) Cash earnings 1,780 1,927 Add back notable items 29 76 Cash earnings excluding notable items 1,809 2,003 Expense to income ratio 50.59% 47.34% Net interest margin 2.27% 2.34% As at As at As at % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $bn 2022 2021 2021 Sep-21 Mar-21 Customer deposits Term deposits 50.2 55.5 Other 216.2 198.5 Total customer deposits 266.4 254.0 Net loans Mortgages 455.7 443.6 Other 8.8 10.0 Provisions (1.8) (2.0) Total net loans 462.7 451.6 Deposit to loan ratio 57.6% 56.3% Total assets 476.9 466.8 TCE 551.8 540.0 Average interest earning assets 415.4 408.0 Average allocated capital 24.8 24.8 Credit Quality As at As at As at March Sept March % 2022 2021 2021 Impairment charges/(benefits) to average loans annualised (0.04%) (0.05%) Mortgage 90+ day delinquencies 1.07% 1.20% Other consumer loans 90+ day delinquencies 1.60% 1.60% Total stressed exposure to TCE 0.98% 1.06% Page 8 of 13

3.1.2 Business Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 1,451 1,536 Non-interest income 174 175 Net operating income 1,625 1,711 Operating expenses (1,165) (1,053) Core earnings 460 658 Impairment (charges)/benefits 318 107 Profit before income tax expense 778 765 Income tax expense and NCI (236) (230) Cash earnings 542 535 Add back notable items (60) (25) Cash earnings excluding notable items 482 510 Expense to income ratio 71.69% 61.54% Net interest margin 3.69% 3.86% As at As at As at % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $bn 2022 2021 2021 Sep-21 Mar-21 Customer deposits Term deposits 26.3 30.1 Other 102.3 93.6 Total customer deposits 128.6 123.7 Net loans Business 79.8 79.5 Provisions (1.4) (1.8) Total net loans 78.4 77.7 Deposit to loan ratio 164.0% 159.2% Total assets 78.5 77.8 TCE 102.1 102.0 Average interest earning assets 78.5 79.7 Average allocated capital 8.2 8.2 Credit Quality As at As at As at March Sept March % 2022 2021 2021 Impairment charges/(benefits) to average loans annualised 0.80% 0.27% Business: Impaired exposure to TCE 0.72% 0.87% Total stressed exposure to TCE 5.90% 7.02% Page 9 of 13

3.2 Westpac Institutional Bank Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 458 467 Non-interest income 626 687 Net operating income 1,084 1,154 Operating expenses (1,887) (708) Core earnings (803) 446 Impairment charges (154) (8) Profit before income tax expense (957) 438 Income tax expense and NCI 126 (140) Cash earnings (831) 298 Add back notable items 965 26 Cash earnings excluding notable items 134 324 Expense to income ratio 174.08% 61.35% Net interest margin 1.24% 1.26% As at As at As at % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $bn 2022 2021 2021 Sep-21 Mar-21 Customer deposits 99.3 92.7 Net loans Loans 68.3 63.4 Provisions (0.6) (0.3) Total net loans 67.7 63.1 Deposit to loan ratio 146.6% 146.8% Total assets 82.8 75.5 TCE 179.7 174.7 Average interest earning assets 73.7 74.1 Average allocated capital 7.5 8.1 Impairment charges to average loans annualised 0.48% 0.03% Impaired exposures to TCE 0.29% 0.14% Total stressed exposures to TCE 0.64% 0.56% Revenue Contribution Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Lending and deposit revenue 673 642 Markets, sales & fee income 400 423 Total Customer Revenue 1,073 1,065 Derivative valuation adjustments 44 53 Trading revenue 25 75 Other (58) (39) Total WIB Revenue 1,084 1,154 Page 10 of 13

3.4 Specialist Businesses Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 246 248 Non-interest income 790 665 Net operating income 1,036 913 Operating expenses (738) (740) Core earnings 298 173 Impairment (charges)/benefits (13) 79 Profit before income tax expense 285 252 Income tax expense and NCI (240) (135) Cash earnings 45 117 Add back notable items 243 297 Cash earnings excluding notable items 288 414 Expense to income ratio 71.24% 81.05% Net interest margin 3.15% 3.06% As at As at As at % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $bn 2022 2021 2021 Sep-21 Mar-21 Deposits 8.7 6.7 Net loans Loans 14.0 14.9 Provisions (0.4) (0.4) Total net loans 13.6 14.5 Deposit to loan ratio 64.5% 46.1% Total funds 227.4 211.7 TCE 18.1 19.2 Average allocated capital 4.6 4.6 Average funds 223.8 205.6 Page 11 of 13

3.5 Group Businesses Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 377 458 Non-interest income (15) 381 Net operating income 362 839 Operating expenses (428) (604) Core earnings (66) 235 Impairment (charges)/benefits (2) - Profit/(loss) before income tax expense (68) 235 Income tax expense and NCI (58) (120) Cash earnings (126) 115 Add back notable items 100 (102) Cash earnings excluding notable items (26) 13 Treasury Half Year Half Year Half Year % Mov't % Mov't March Sept March Mar 22 - Mar 22 - $m 2022 2021 2021 Sep-21 Mar-21 Net interest income 376 462 Non-interest income - 8 Net operating income 376 470 Cash earnings 223 298 Page 12 of 13

4.7. Note 2. Segment Reporting Consumer and Westpac Westpac New Business Institutional Zealand Specialist Group $m Consumer Business Banking Bank (A$) Businesses Businesses Group Half Year Sept 2021 Net interest income 4,722 1,451 6,173 458 991 246 377 8,245 Net fee income 232 172 404 312 67 25 (26) 782 Net wealth management and insurance income 25 - 25 - 69 536 (19) 611 Trading income - - - 229 15 18 - 262 Other income 6 2 8 85 5 211 30 339 Net operating income before operating expenses and impairment (charges)/benefits 4,985 1,625 6,610 1,084 1,147 1,036 362 10,239 Operating expenses (2,522) (1,165) (3,687) (1,887) (562) (738) (428) (7,302) Impairment (charges)/benefits 82 318 400 (154) (13) (13) (2) 218 Profit before income tax (expense)/benefit 2,545 778 3,323 (957) 572 285 (68) 3,155 Income tax (expense)/benefit (765) (236) (1,001) 126 (167) (235) (60) (1,337) Net profit attributable to NCI - - - - - (5) 2 (3) Cash earnings 1,780 542 2,322 (831) 405 45 (126) 1,815 Net cash earnings adjustments - - - - 1 - 199 200 Net profit attributable to owners of WBC 1,780 542 2,322 (831) 406 45 73 2,015 Balance sheet Loans 462,699 78,385 541,084 67,749 88,409 12,550 (8) 709,784 Deposits and other borrowings 266,445 128,550 394,995 99,349 75,756 8,744 48,111 626,955 Half Year March 2021 Net interest income 4,764 1,536 6,300 467 996 248 458 8,469 Net fee income 217 173 390 302 73 40 (105) 700 Net wealth management and insurance income 27 - 27 - 44 609 (85) 595 Trading income - - - 379 43 15 16 453 Other income 11 2 13 6 7 1 555 582 Net operating income before operating expenses and impairment (charges)/benefits 5,019 1,711 6,730 1,154 1,163 913 839 10,799 Operating expenses (2,376) (1,053) (3,429) (708) (500) (740) (604) (5,981) Impairment (charges)/benefits 102 107 209 (8) 92 79 - 372 Profit before income tax (expense)/benefit 2,745 765 3,510 438 755 252 235 5,190 Income tax (expense)/benefit (818) (230) (1,048) (140) (210) (138) (115) (1,651) Net profit attributable to NCI - - - - - 3 (5) (2) Cash earnings 1,927 535 2,462 298 545 117 115 3,537 Net cash earnings adjustments - - - - (3) - (91) (94) Net profit attributable to owners of WBC 1,927 535 2,462 298 542 117 24 3,443 Balance sheet Loans 451,595 77,662 529,257 63,125 83,151 12,687 (2) 688,218 Deposits and other borrowings 254,025 123,654 377,679 92,692 71,019 4,598 39,413 585,401 Page 13 of 13