Westpac Interim Results Chief Executive Officer, BT Financial Group

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1 Westpac Interim Results 2003 David Morgan Philip Chronican David Clarke Chief Executive Officer Chief Financial Officer Chief Executive Officer, BT Financial Group 8 May 2003

2 Delivering strong growth Cash earnings up 10% on 1H 2002 Economic profit up 10% Cash return on equity 21% Interim dividend up 12% Maintaining growth momentum while transforming the business High quality result - low risk profile 2 Interim results

3 Looking through the earnings $m 1H03 1H02 % Mov t Cash earnings 1, Less BT,RAAM & Hastings (20) - n/a AGC - (93) n/a Ongoing earnings 1, Interim results

4 Ongoing business strength - the key to the result $m 1,200 Ongoing Earnings 1 1,100 $m 1H03 % Mov t 1,000 Total revenue 3, Operating expenses Underlying performance (1,738) 1,753 (4) Net profit attributable to equity holders 1, Ongoing cash earnings 2 1, H02 1H03 BT, RAAM & Hastings AGC Ongoing cash earnings 1. Ongoing includes reported earnings adjusted for acquisitions and AGC divestment 2. Includes $13m from regrowth of equipment finance book. 4 Interim results

5 Key result drivers Australian Business and Consumer Banking franchise in excellent shape, cash earnings up 13% Turnaround in New Zealand banking continues, cash earnings up 46% Institutional Bank back to trend performance - Cash earnings up 64% The new wealth group, BT Financial Group - Cash earnings up 10% - Integration delivering benefits 5 Interim results

6 All businesses contributing Cash earnings 1 Proportion of Group Contribution Growth 1H02 1H03 Business & Consumer Banking Wealth Mgmt Institutional Bank NZ Banking 53% 8% 19% 15% $m % 10% 64% 46% H03 2H02 1H02 1 Excluding significant items 6 Interim results

7 Growth in key products Growth March 2002 to March 2003 Group Average interest earning assets 10% Housing Corporate - net loans & accept. 17% 16% Non-housing term loans 27% Total deposits 15% Australia Housing 18% Business lending # 10% Retail deposits 20% # Excludes impact of rebuilding ex-agc equipment finance book. 7 Interim results

8 Market share - across the board growth Westpac has written over 20% of all Australian financial system credit in the last 6 months Share of Reserve Bank of Australia financial system aggregates Mar 03 % Mar 02 % Change (basis points) Credit Housing (0.2) Personal Other mainly business Total credit Total deposits Interim results

9 Credit quality and provisioning Net non-accrual loans down 40% on March 02 Bad debt charge down 21% on March 02, reflecting: - Absence of significant corporate defaults - Disposal of higher risk AGC business - Strong recoveries and regrades General provision up 13% in six months to March 03 boosting reserves in line with loan portfolio growth 9 Interim results

10 Dividends up 12% on 1H02 - fully franked Cents per share H99 1H00 2H00 1H01 2H01 1H02 2H02 1H03 1 Unfranked. 10 Interim results

11 Business transformation on track Re-acquiring AGC business assets ahead of expectations Strategic wealth transactions validated - Right assets - new wealth management - Right time - leverage off low point in market - Right price - no valuation issues Greater BT integration synergies identified Performance improvement programs in NZ, Business & Consumer Banking and Institutional Bank well progressed 11 Interim results

12 Priorities for 2003 Maintain momentum in ongoing businesses - NZ program review - Implement Australian restructuring programs - Complete end-to-end re-engineering of lending process - Enhance customer experience and relationship management Deliver value from new acquisitions - Complete wealth integration and deliver synergies - Capture value from Wrap and Corporate Super 12 Interim results

13 High quality result Growth momentum maintained without lowering the return profile Strong lending and deposit growth supporting top line revenue Credit quality improved; risk profile lowered No material one-off items Broad based all major business units contributing Increased payout to shareholders 13 Interim results

14 The Details Philip Chronican Chief Financial Officer 8 May 2003

15 Earnings terminology cash earnings Cash earnings - strips out EV uplift in 2002 and hybrid distributions, adds back goodwill amortisation Reported Underlying Ongoing - includes everything - removes individually significant items in 2H02 - adjusted for acquisitions and AGC divestment Focus on cash underlying, given: Significant items in 2H02 were non-recurring Base on which dividends are determined Ongoing earnings used to highlight organic growth 15 Interim results

16 Cash earnings $m 1H03 1H02 % Change Net operating income 3,635 3,522 3 Operating expenses (1,857) (1,739) (7) Goodwill (78) (49) (59) Bad debts (214) (271) 21 Net profit before tax 1,486 1,463 2 Tax (431) (443) 3 Outside equity interests (4) (2) (100) Net profit after tax & OEI 1,051 1,018 3 Goodwill (59) Adjustment for embedded value uplift - (46) n/a Preference dividends (34) (25) (36) Cash earnings 1, Interim results

17 Cash earnings up 10% 1,300 1,200 1,100 1, , Hastings Bad debts Tax & OEI Hybrids Mar-03 $m 17 Interim results Mar-02 Ongoing revenue Ongoing expenses AGC BT/RAAM

18 Non-interest income analysis $m 1,500 1,429 1,400 1, , ,200 1,100 1,000 Mar-02 EV uplift AGC P'holder Rec. BT/RAAM Hastings Ongoing Mar Interim results

19 Expense analysis $m 1H03 1H02 %Mov t Salaries & other staff expenses Equipment & occupancy Other expenses Operating expenses 1,857 1,739 7 Impact of change in composition of business model (50) - n/a Ongoing operating expenses 1,807 1,739 4 NZ currency appreciation (22) - n/a Superannuation adoption of IAS19 (29) - n/a 19 Interim results

20 Expense to income Banking 2 expense to income % Group - expense to income 1 % H02 2H02 1H03 Wealth expense to income 45 % H02 2H02 1H H99 1H00 2H00 1H01 2H01 1H02 2H02 1H03 2 Excludes AGC 1 Underlying earnings basis 20 Interim results

21 Expense pipeline $m FY02A FY03F FY04F FY05F Outsourcing Organisational simplification Wealth integration Lending processes Other operational efficiency initiatives Cumulative total Annual increment Interim results

22 Business unit performance Australian Retail 1 Cash earnings up 13% $m 1H03 1H02 %Mov t Expense to income down 340bps Operating income Operating expenses 2,124 (1,145) 1,975 (1,131) 8 (1) Bad debt increase primarily due to dynamic provisioning for rebuild of equipment finance book Core earnings Bad debts Operating profit Tax & OEI Cash earnings Goodwill Profit on operations 979 (149) 830 (251) 579 (29) (126) 718 (207) 511 (29) (18) 16 (21) Expense to income 53.9% 57.3% 340bps 1 Business and Consumer Banking 22 Interim results

23 Mortgage portfolio characteristics Investment loans grew 20% but only represent 33% of Australian portfolio; behaviour closely tracks that of owner occupied portfolio Average LVR of new loans 61% 20% of portfolio mortgage insured Lending criteria tightened for specific hot spots Detailed stress testing impact remains within acceptable tolerances Delinquencies continue to track at record lows $bn Australian Mortgage Portfolio $7 $4 $5 $3 $25 $23 $21 $19 $37 $40 $41 $43 2H01 1H02 2H02 1H03 10% 33% 57% Owner occupied Investment housing Equity access 23 Interim results

24 Re-acquisition AGC equipment finance portfolio Cash earnings from the re-build of the equipment finance portfolio in 1H03 - $13m Not a contributor to RAA growth Equipment Finance portfolio (Original balance - $5.1bn) $bn May-02 Jun-02 Sep-02 Mar-03 Sep-03 Sep-04 Actual re-acquisition of business book Initial planned rate of re-acquisition 24 Interim results

25 Business unit performance Institutional Bank 1 Cash earnings up 64% Net interest income up 24% driven by growth in loans, FM income and high margin structured finance deals Financial markets income up 17% on pcp and 62% on prior half Asset quality continues to improve - Impaired assets down 38% - No material change to overseas investment securities carrying value - Bad debts down 54% Cash Earnings $m H02 2H02 1H03 Financial Markets Product Income $m H01 1H02 2H02 1H03 FM Other Foreign Exchange Interest Rate Product 1 Includes New Zealand Corporate banking 25 Interim results

26 Business unit performance New Zealand Banking Cash earnings up 40% 1 (up 46% in A$) Expenses up 1% 1 for the year (up 6% in A$), but up 7% 1 in first half due to one-off relocation and re-branding costs Expense to income down 560 bps 1 over the year Net loans up 9% 1 Bad debts down 31% 1 Cash Earnings 200 $167 $ $ A$m H02 2H02 1H03 Net Loans $21 $19 20 $17 A$bn NZD currency 0 1H02 1H02 1H03 26 Interim results

27 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 NZD hedging impact AUD/NZD Exchange Rate AUD/NZD Mov Ave Hedge rates /03 Hedge Rate 27 Interim results Nov-96 Mar-97 Jul-97 Nov-97 Mar-98 Jul-98 Nov-98 Mar-99 Jul-99

28 NZ dollar impact Rolling 12-month focus timing main impact 2004 AUD/NZD position to be around Hedge gain/loss recognised in non-interest income. Impact on group financials (A$) Operating revenue Operating expenses Cash earnings Loans and acceptances Risk weighted assets (NZ Retail) Currency impact 54m 22m 22m +2.2bn +1.5bn Hedge impact (28m) (20m) 28 Interim results

29 Loan growth % Mov t % Mov t $bn 1H03 2H02 1H02 Mar 02- Mar 03 Sep 02- Mar 03 Business Unit Consumer Business (excl. equip. fin) WIB New Zealand Banking BT Financial Group AGC & equipment finance rebuild Group n/a n/a Net loans & accept Risk weighted assets Avg int. earning assets In A$. (In NZ$ the increase was 9% and 5% respectively) 29 Interim results

30 Analysis of margin dynamics % Mar-02 Spread Free funds Sep-02 Spread Free funds Mar H02 2H02 1H03 Reported group margin Impact of bill acceptance funding Impact of AGC sale Normalised margin Interim results

31 Stressed exposures remain near historic lows Categories of stressed exposures as a % of total commitments 3.0% 2.5% 2.0% AGC stressed loans Watchlist & substandard 90 days past due well secured Impaired 1.5% 1.0% 0.5% 0.0% Sep 96 Sep 97 Sep 98 Sep 99 Sep 00 Sep 01 Sep 02 Mar Interim results

32 No signs of deterioration across the portfolio Housing Portfolio - 90 day delinquencies % 1.5 Business Banking - 90 day delinquencies % H H 03 Consumer Unsecured - 90 day delinquencies % Including AGC Excluding AGC H 03 WIB - impaired assets to committed exposure % H Interim results

33 Bad debts analysis $m 1H03 2H02 1H02 Write-offs (142) (171) (208) Net transfer to/from specific provisions 17 (70) (102) Recoveries of debts previously W/O Bad debt charge-off (78) (206) (261) Increase in general provision (136) 16 1 (10) Net bad debt expense (214) (190) (271) General provision 1,309 1,162 1,301 General provision to non-housing loans & acceptances 1.7% 1.7% 1.8% 1. Adjusted ($133m) for provisions transferred on sale of AGC 33 Interim results

34 Provisioning cover Specific provisions / impaired assets % General provisions / non-housing performing loans & acceptances % FY98 FY99 FY00 FY01 1H02 FY02 1H FY98 FY99 FY00 FY01 1H02 FY02 1H03 WBC ANZ CBA NAB WBC ANZ CBA NAB 34 Interim results

35 Tax breakdown $m Tax expense (incl. gross up) Tax expense as a % NPBT (incl. gross up) 1H % 1H % Adjustments Policy holder tax recoveries Normalised tax expense Normalised tax expense as a % of reported NPBT % (14) % 35 Interim results

36 Priorities for capital deployment 1 Profitable growth 21% cash ROE, growth in risk adjusted assets 11% over the year 2 Franked dividend Franking balance 1 now comfortably in surplus - $408m 3 Buyback Requires significant capital surplus above target ratios to trigger buyback of shares (i.e 50m shares ~ $800m) 4 Unfranked/ partially franked dividend Tax inefficient for shareholders Not on agenda 1 After 2003 interim dividend requirement 36 Interim results

37 Capital position 7.5% Tier 1 / Risk Adjusted Assets 7.0% 0.8% (0.4%) 6.5% 6.0% 6.5% Target Range % (0.6%) 0.5% (0.4%) 0.1% 6.4% 5.5% Sep-02 Earnings Dividends BT/Hastings FIRsTS RAA Growth Other Mar Interim results

38 Capital position TOE / Risk Adjusted Assets 7.0% 0.8% (0.4%) 6.5% (0.6%) 6.0% 5.5% 6.4% Target Range % (0.4%) 0.1% 5.6% 5.0% Sep-02 Earnings Dividend BT/Hastings RAA Growth Other Mar Interim results

39 Payout ratio has been rising through time Dividend growing at or above earnings: - Cash EPS 10% - Dividends 12% Payout ratio likely to increase near term Medium term drivers of payout ratio: - Cash earnings - Franking capacity - Organic capital requirements Payout ratio 1 % H99 1H00 2H00 1H01 2H01 1H02 2H02 1H03 1. Based on underlying cash earnings 39 Interim results

40 Wealth management acquisitions No use of embedded or appraisal value Carrying value of goodwill for acquisitions (at 31 Mar 03) - BT Financial Group $839m - Rothschild $319m Closing accounts for BT yet to be completed. Final numbers usually settled up to 12 months after acquisition Value buffers BT and RAAM - Paid 80% of NPV $305m - Additional BT synergies $328m - Easily accommodates harsher revenue environment No impairment to carrying value 40 Interim results

41 A strong, broad based, high quality result Strong organic performance driven by revenue growth in all banking businesses and no material one-offs Continued tight expense management Robust loan growth with no margin deterioration Credit quality high and provisioning coverage strong Sound capital and franking position 41 Interim results

42 Wealth Management David Clarke Chief Executive Officer, BT Financial Group 8 May 2003

43 Wealth performance BT Financial Group $m 1H03 2H02 1H02 Operating income Operating expenses (192) (107) (77) Tax & outside equity interests (25) (12) (14) Cash earnings Goodwill Composition of cash earnings Existing operations Rothschild & BT Interim results

44 Market share of key business products New business Product Market share Rank Market share Rank Corporate super 5.0% 9 9.8% 6 Wrap & master trust 10.3% % =1 Life and risk 6.0% 8 9.7% 5 Margin lending 15.5% % na Retail 10.2% 5 Net outflows Sources: Retail - ASSIRT Mar 03 Wrap and Mastertrust - ASSIRT Dec 02 market share reports Corporate super - Dexx&r Dec 02 Market Share reports Life and risk - Dexx&r Sep 02 (Share of new business is for the year to Sept 02) Margin lending - internal research and RBA, Dec Interim results

45 Net retail FUM against acquisition model - BT $bn Acquisition model Actual 75% of shortfall in March quarter due to market performance Sep 02 Oct 02 Dec 02 Mar-03 Dec 03 Dec 04 Dec Interim results

46 Combined Australian funds under management $bn Asset class Rothschild BT Rated funds Total Rated Asset Consultant view Unrated WBC Total FUM Cash & liquid assets Australian fixed interest International fixed interest Property Australian equities International equities Other n/a Total Other includes FX, currency, and asset allocation Asset consultants on hold/ sell rating 46 Interim results

47 Investment management performance Delivering true to label performance Enhanced investment management process Returns achieved through a larger number of smaller active positions Extreme volatility previously experienced will not be repeated Australian equities performance 3% 2% 1% 0% -1% -2% Monthly excess (LHS) -3% April 02 Oct 02 Apr Interim results

48 Wrap funds under administration $bn Number 1 for inflows (ASSIRT Wrap and Master Funds December 2002) Mar-98 Jun-98 Sep-98 Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Apr Interim results

49 Synergies further upgraded in May 03 $m 140 Synergies estimated at valuation Aug 02 Updated synergies estimate Nov Updated synergies estimate May Interim results

50 Near term priorities Retail FUM Wholesale Corp Super Platforms Margin Lending, Life Risk Westpac FP&A Deliver true to label performance - improved researcher ratings to follow Roll-out partner series Brand building activities Further leverage international alliances and demonstrate improved Australian equities capability Improve asset consultant communications Leverage Westpac business relationships Continue to grow badges on Wrap and maximize usage by existing and new badges (including Westpac FPA network) Continue to enhance platforms in line with demand Expand distribution through Westpac and external channels Deliver best practice capability and improve productivity by leveraging BT platforms and understanding of the IFA channel Broking Enhance distribution capability by combining Westpac broking and BT direct 50 Interim results

51 Wealth management summary Synergies upgraded Outflows slowing Improved performance and stronger ratings Core business gathering momentum Confirm earnings trajectory 51 Interim results

52 Summary and outlook David Morgan Chief Executive Officer 8 May 2003

53 Core objectives on track Increasing employee commitment by at least 5% Improving customer satisfaction by at least 5% Delivering cash earnings per share growth of 7% to 9% in 02/03 Maintaining global sector leadership position in sustainability practices 53 Interim results

54 Strong staff commitment Percent of Staff demonstrating a high degree of commitment to Westpac % # 73 # Global Financial Services Industry Norm 20 0 Jun-00 Jun-01 Jun-02 Sep-02 Mar-03 # Quarterly surveys based on a ~6% sample versus full staff participation in the annual survey 54 Interim results

55 Customer satisfaction Very and fairly satisfied is growing The rate of improvement is the best of the four major banks Westpac is nominally positioned number one of the majors Australian Consumer Customer Satisfaction 70% 65% 60% 55% 50% Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Westpac Average of the other three major banks Note: Data shows rolling four quarter averages Source: Roy Morgan Consumer Monitor 55 Interim results

56 Enhanced sustainability - governance and reputation Number 1 financial institution globally in Dow Jones Sustainability Index 2002/03 Number 1 Sydney Morning Herald / The Age Good Reputation Index 2002 Second social impact report to be published by early June. 56 Interim results

57 Economic environment Australia and New Zealand economic fundamentals sound Continued sound growth reliant on - Breaking of drought - Recovery in world economy - Impact of SARS on Australia and New Zealand s trading partners Uncertainty in the outlook remains Key economic indicators Calendar year GDP Unemployment CPI 2002A 3.8% 6.3% 3.0% 2003F 3.0% 6.3% 2.8% 57 Interim results

58 Credit growth System credit growth easing Housing credit growth expected to remain at respectable levels Business credit continuing modest recovery along with economic growth and investment cycle Australian credit growth % ann Westpac forecast Jan- 90 Jan- 92 Jan- 94 Jan- 96 Jan- 98 Jan- 00 Jan- 02 Jan Housing Business Total Source: APRA 58 Interim results

59 Housing market economic setting Established house prices have risen sharply circa 40% over last two years Investment housing has replaced first home owners as predominant source of growth Real estate prices 250 index index Melbourne Brisbane capital city avg Sydney Dec-87 Dec-90 Dec-93 Dec-96 Dec-99 Dec-02 Owner occupied and investment housing % Feb-93 Feb-94 Feb-95 Feb-96 Feb-97 Feb-98 owner-occupier Feb-99 Feb-00 investors Feb-01 Feb-02 Feb Interim results

60 Housing market state of play Household debt to household wealth has significantly increased Affordability not stretched Gearing housing debt as a percentage of assets. % Household gearing ratio % Source: RBA Dec-77 Dec-81 Dec-85 Dec-89 Dec-93 Dec-97 Dec-01 0 % Affordability interest payments as a percentage of income % Source: RBA 4 Mortgage Total 2 0 Dec-77 Dec-82 Dec-87 Dec-92 Dec-97 Dec Interim results

61 Westpac outlook remains positive Downside risks remain Revenue momentum Low risk profile All businesses in good shape Recent strategic initiatives delivering value Overall position is that previous cash earnings per share guidance of 7 9% remains appropriate for this year 61 Interim results

62 Questions 62 Interim results

63 Westpac Interim Results 2003 David Morgan Philip Chronican David Clarke Chief Executive Officer Chief Financial Officer Chief Executive Officer, BT Financial Group 8 May 2003

64 Supplementary Information 8 May 2003

65 Index supplementary slides Growth drivers Economic profit shift 67 Online growth 68 Risk adjusted asset growth 69 Capital levels 70 Deferred expenditure 71 Wealth management Composition of synergies 72 Integration impact on financials 73 Combined Australian funds under management 74 Retail funds under management 75 Risk management and provisioning Business/Corporate risk grade profile 76 Other consumer portfolio composition 77 Single name concentrations 78 Top 10 industry concentrations 79 Total exposure by booking office 80 Offshore exposures investment securities 81 Telco and energy exposures 82 Business unit portfolio quality Housing portfolio stress test 86 Bad debt charge Interim results

66 Economic profit shift Australian consumer Value Shift % -ve Economic Profit +ve 20 Percent in Segment Low Customer Value Segments High Mar-02 Mar Interim results

67 Online growth On-line Banking On-line Broking - Australia 2,000,000 1,800,000 1,872,000* 130, , ,000* 1,600, ,000 1,400, ,000 1,200,000 1,000, ,000 90,000 80,000 70,000 60, ,000 50,000 Mar-03 Dec-02 Sep-02 Jun-02 Mar-02 Dec-01 Sep-01 Mar-03 Dec-02 Sep-02 Jun-02 Mar-02 Dec-01 Sep-01 Australia New Zealand * 31 March Interim results

68 Risk adjusted asset growth $m Mar 03 Mar 02 % Change Risk adjusted assets 137, , % Sources of risk adjusted asset growth well spread 10% 14% 42% 13% 21% BCB NZ retail BT margin lending WIB Other 68 Interim results

69 Capital levels % TOE / RAA Tier 1 ratio ACE Ratio 2H01 1H02 2H02 1H03 Target range 69 Interim results

70 Deferred expenditure $m Mar 03 Sept 02 Mar 02 Capitalised software Other deferred expenditure Deferred acquisition costs Deferred start up costs Other deferred expenditure relates to commissions paid to acquire interest earning assets and fees and discounts associated with wholesale bank debt issues and associated hedges 2. Deferred acquisition costs relate to costs incurred in acquiring non-life wealth management customers as well as general insurance business. 70 Interim results

71 Composition of BT synergies Expected 2003 synergies by opportunity area (##) = % of project complete Other projects (50%) Banking (70%) Executive re-structure (100%) Technology & infrastructure 50% Organisational re-structures (90%) Provider rationalisatio n (100%) Premises 80% 71 Interim results

72 BT Integration - impact on financials Integration costs ($m) Mar 03 Nov 02 Aug 02 Charged in Westpac Fair value adjustment to BT Future expenses 3 5 Total Synergies ($m) Synergies in 1H03 results Implementation provisions utilised Total synergies locked in % Yr 1 synergies achieved Mar % 72 Interim results

73 Combined Australian funds under management Asset class $bn Sep 02 Dec 02 Mar 03 Total Retail Retail % Cash & liquid assets % Australian fixed interest % International fixed interest % Property % Australian equities % International equities % Other % Total % Other includes FX, currency, and asset allocation 73 Interim results

74 Retail funds under management Retail FUM Market Share 25% 20% 15% 10% 5% 0% CBA/Colonial NAB/MLC AMP ING/ANZ BT AXA Macquarie Bk Perpetual UBS Global Tower Source: ASSIRT March Interim results

75 Business / Corporate risk grade profile* % 80% 60% 1.2% 17% 1.5% 1.3% 1% 18% 19% 17% 1% 18% 40% 20% 14% 14% 13% 13% 13% 12% 9% 9% 14% 9% 0% 19% 18% 19% 20% 15% 1H 01 FY 01 1H 02 FY 02 1H 03 AAA to AA- A+ to A- BBB+ to BBB- BB+ to B+ <B+ * % of Total Exposure - 31 March Interim results

76 Other consumer portfolio Total Westpac Group * Business / Institutional 38% Other consumer 6% Margin Lending 1.0% 3.3% Cards 1.7% Mortgages 56% Personal Loans * On balance sheet funded lending March Interim results

77 Single name exposure concentrations Top 10 exposures to corporations and NBFIs S&P Rating or equivalent AAA BBB+ A+ AA- BBB A- A A Top 10 exposures as a % of total committed exposure 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% A A+ $m ,000 Total exposure of Top 10 $5.0bn - Mar % 0.0% H03 77 Interim results

78 Top 10 industry concentrations 1 Property Business services Utilities Construction & construction materials Manufacturing: Machinery & Equipment Business products wholesale Transportation Mining Communications Wood & paper products Oil, gas & coal % Group Total Committed Exposure March 2003, excluding banks. The cluster names are short titles for groups of similar industries. 78 Interim results

79 Total exposure by booking office 1 $m Australia NZ / Pacific Americas Europe Asia ex Japan Japan Group AAA to AA- 24,511 8, ,758 A+ to A- 13,174 2,153 2,370 1, ,400 BBB+ to BBB- 22,314 5,676 1,146 2, ,337 BB+ to B+ 33,418 6, ,979 <B+ Secured consumer 2 Unsecured 1,216 75,488 6, ,799 1, ,390 7,672 consumer 3 225, , ,893 38,455 4,729 5, As at 31 March Includes mortgages for housing, investment property loans, equity access loans and margin lending. 3 Credit cards and personal loans 79 Interim results

80 Offshore exposures - investment securities S&P sub investment grade default rates S&P sub investment grade credit spread index % Basis Points Dec-98 Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Sep-02 Dec-02 Jun-02 Mar-03 March 2003 Face value of $US239.6m (carrying value of $US130m) - reduction in par and book value from Sep 02 primarily represents pre-payments and sale of one asset at a price of 98.5% Credit spreads have improved in the last half, however tempered by increase in sub-investment grade default rates 80 Interim results

81 Telco and energy exposures Telco exposure $m 1,600 1,400 1,200 1, , ,486 Global energy portfolio $m 5,000 4,000 3,000 2,000 1, ,608 1, ,278 AAA to BBB+ BBB to BBB- BB+ to BB- >BB- AAA to BBB+ BB+ to BB BBB to BBB- BB- >BB- 23% 6% 3% 93% 68% Australia (94% Investment grade) Asia (95% Investment grade) Europe (78% Investment Grade) Nth America (1% Investment grade) 2% 5% Australia (95% Investment grade) Asia (0% Investment grade) Nth America (32% Investment grade) *Source: Merrill Lynch **ANZ 1H03 Presentation - Committed Limits ***CBA 1H03 Presentation $bn WBC NAB* ANZ** CBA*** Telco Energy Total non investment grade Interim results

82 Consumer unsecured portfolio Growth in portfolio has led to increase in bad debts Planned pick-up in delinquencies through adjustment to underwriting standards % Bad debt charge H03 Including AGC Excluding AGC % day delinquencies H03 Including AGC Excluding AGC 82 Interim results

83 Business banking* portfolio quality Total portfolio exposure $36bn* Impaired assets ratio at historical low Delinquencies relatively stable No signs of any systemic credit problems % % Impaired assets to total committed exposure day delinquencies H * Australian Business Banking portfolio H03 83 Interim results

84 Institutional banking portfolio quality Increase in impaired assets in since 2000 due to small number of high profile cases Decline in impaired assets in 2002 related to write-down in two major impaired assets Decline in impaired assets in 1H 03 primarily due to reduction / repayment of impaired exposures. % % Impaired assets to total WIB committed exposure H Probability of default H03 84 Interim results

85 Housing portfolio stress test Detailed stress testing first conducted Nov 02 Recent stress testing confirms no material change to key sensitivities Tested separately and jointly for: - Up to a 4 percentage point increase in interest rates; - 20 per cent decline in housing prices; and - A 200 basis point increase in the unemployment rate Behaviour of the investment portfolio closely tracks that of the owner occupied portfolio Interest rate % pa 6.5% 8.5% 10.5% Individual effect $m Price fall % 0% 10% 20% Individual effect $m Unemployment rate 6.3% 7.3% 8.3% Individual effect $m Total effect $m Total w rite-offs $m Total w rite-offs bps Individual effects do not sum to the total effect because the impact of each of the individual effects is multiplicative in the model 2. Total write-offs on residential mortgage products should all factors coincide Maximum additional expected loss if all economic factors coincided 85 Interim results

86 Bad debt charge Total bad & doubtful debt charge (annualised) to average loans and acceptances bps Long run expectation bps H02 2H02 1H Interim results

87 Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation and its activities as at 8 May The information is supplied in summary form and is therefore not necessarily complete. Also, 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. 87 Interim results

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