Westpac Banking Corporation

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1 Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006

2 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total assets Cash return on equity 30 Sept 2005 A$260bn 21% Cost to income ratio 47% Market cap 2 A$44bn 8.3 million customers Global sustainability leader Consistent earnings growth Broad business mix 1 FT Global 500 by sector ranked by market capitalisation 2 As at 21 March 2006 Source IRESS Credit Suisse Asian Investment Conference March

3 What is different about Westpac? Global leader in sustainability Disciplined focus on core markets Large, high quality, customer franchise Long run consistency in earnings Top quartile employee engagement Sustainability strategy embedded across the business Not chasing growth outside Australia, New Zealand and the near Pacific No strategic gaps Consistent acquisition criteria 2nd largest customer franchise in the region Customer base skewed to high value segments Credit Suisse Asian Investment Conference March

4 Financial services environment remains positive Solid Australian economy NZ market more challenging but still delivering growth Credit growth remaining above long term average Supportive asset quality environment: - Unemployment rate at 30 year lows - Business balance sheets under geared Double digit growth in wealth management Australia and New Zealand credit growth (%) Aus total credit Aus period avg -5 NZ total credit NZ period avg Source: RBA, RBNZ Credit Suisse Asian Investment Conference March

5 Operating environment challenging Competitive Australian institutions expanding their footprint International players re-emerging Price increasingly used to attract business Increased product choice Competition for talent is intense Regulatory Compliance requirements remain heavy International harmonisation challenges: - IFRS - Basel II - Sarbanes Oxley Anti-money laundering changes underway Credit Suisse Asian Investment Conference March

6 Westpac s franchise health is strong Sustainability leader Leader in corporate governance Ranked No.1 bank globally for sustainability by Dow Jones Sustainability Index for the past 4 years Committed employees Westpac employee commitment % 70% 60% 50% 40% 30% Satisfied customers Westpac customer satisfaction 1,2 Small and medium businesses Middle market businesses Consumers Institutional Bank Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec Consumer - proportion of customers very or fairly satisfied in Roy Morgan (Consumer) and Taylor Nelson Sofres (business) 2. Institutional Bank proportion of customers rating as excellent or above average in satisfaction in annual (August) Peter Lee Survey Credit Suisse Asian Investment Conference March

7 with a strong financial performance Consistent, high quality financial performance and growth EPS 5 year CAGR 11% Cash ROE 5 year average 21% Expense 5 year CAGR 4% Dividend per share 5 year CAGR 13% Performing well against peers 12% cash EPS growth in highest of major banks 20% ROE in highest of major banks Maintained investment without compromising expense growth 16% dividend uplift in highest of major banks Credit Suisse Asian Investment Conference March

8 Consistent returns over the long run Cash earnings (A$m) 3,000 2,874 2,500 Cash earnings 2H Cash earnings 1H 1,950 2,244 2,271 2,559 2,000 1,770 1,548 1,500 1,314 1,354 1,127 1, Credit Suisse Asian Investment Conference March

9 Growth across all operating business units Cash earnings (A$m) Business & Consumer Banking Contribution to FY05 cash earnings # Business 24% Consumer 29% Total BCB 53% BT Financial Group Institutional Bank FY03 FY04 FY05 10% 18% New Zealand * 15% ,000 1,500 * Cash earnings in NZ$ million # Components will not add to 100% due to exclusion of group business unit Credit Suisse Asian Investment Conference March

10 BCB momentum continues to build Business and consumer banking (BCB) - annualised growth 1 16% 1H05 2H05 1Q06 14% 12% 12% 10% 10% 9% 9% 27% 13% 15% 8% 6% 4% 6% 4% 4% 6% 2% 0% Housing Lending Business Lending Other Personal Lending (incl. credit cards) 2 3 0% Deposits (excl working capital) 1. Annualised half yearly growth for 1H05 and 2H05; annualised quarterly growth for 1Q06 2. Including securitisations 3. BCB business lending including equipment finance Credit Suisse Asian Investment Conference March

11 Housing loan growth back on track Initiative Implemented a new sales management program, Westpac Way More active broker engagement Selective pricing initiatives and increased preparedness to meet market Outcome Productivity 1 increased by 40% from March 2005 to December 2005 Uplift in broker sales - averaging 39% of total drawdowns since September 2005 Margins down around 2bps from 2H05 to 1Q06 Westpac mortgage growth as multiple of system Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 3rd party percentage of new lending mortgages (%) Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb Average drawdown volumes in $ per Home Finance Manager 2. Westpac rolling annual growth as a % of RBA Housing credit aggregates Credit Suisse Asian Investment Conference March

12 Business lending growing solidly Westpac s total Australian business lending growing above system - Strong gains in corporate and middle markets - Small business lending growing slower Modest spread compression Pinnacle loan origination system is no longer an impediment to writing new business Strong upside remains Total business credit quarterly % growth 1 by loan size 2 10% 8% 6% 4% 2% 0% Product spreads 3 Business Equipment Finance 1H H ^ 1H Westpac Less than $2m More than $2m Total 2H System 1. December quarter, financial year Includes both small and medium business and corporate lending 1Q Small and medium business lending ^ Spread in 2H04 impacted by repurchase of portfolio of equipment finance loans under the terms of the sale of AGC to GE Capital Finance in 2002 Credit Suisse Asian Investment Conference March

13 Deposits market undergoing structural change Continuing to grow deposits in line with market Portfolio composition is undergoing significant change with most growth in: - Flat fee transaction account (Westpac One) - High interest online savings account (Max-i Direct) Move to Max-i Direct is impacting margins, although partially offset by rate movements on other savings accounts - Net impact of these changes has resulted in retail deposit margins being 1 basis point lower in 1Q06 compared to 2H05 Transaction fee changes introduced during the year have served to offset the impact of customer migration into lower fee accounts Credit Suisse Asian Investment Conference March

14 New Zealand a tough environment Solid housing growth of 13.5% 1, against 15% system growth Softer business confidence impacting loan growth; market share stable Strong performance in online account, supporting deposit market share Margin pressure continuing across all portfolios Subdued fee growth Asset quality environment remains favourable NZ Housing market share monthly (%) 30 Share of Growth Market Share Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Business banking term lending (NZ$bn) Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Dec month annualised growth to Feb 06 Credit Suisse Asian Investment Conference March

15 Australasia s lead institutional bank Regional lead bank position supported by: - Strong relationship focus - Superior transaction banking platform Established specialised capital capability Starting point for 2006 cash earnings will be lower by $100m given one-offs previously disclosed: - Run-off of NZ structured finance transactions - No further gains on high yield portfolio Lead relationship market share 1 (%) WBC Bank 2 Bank 3 Bank 4 1. Peter Lee Surveys Australia Revenue contribution ($m) 400 Financing International products Financial markets Structured finance Transactional Market & debt sales Spec Capital Group Credit Suisse Asian Investment Conference March

16 Wealth management (BT) growing strongly Strong growth in Wrap and corporate super (pensions) boosting funds under administration (FUA) 3 year Top quartile fund performance Insurance benefiting from positive market conditions Good growth in margin lending, off a small base Wrap FUA ($bn) Sep-02 Mar - 03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Dec-05 Margin Lending ($m) 3,000 2,500 2,000 1,500 1,000 Corporate Super FUA ($bn) Sep- 02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Dec Mar -03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Dec-05 Credit Suisse Asian Investment Conference March

17 Asset quality remains sound Categories of stressed exposures as a % of total commitments (%) 1.6% 1.4% 1.2% 1.0% Watchlist & substandard 90 days past due well secured Impaired Consumer - 90 day delinquencies (%) 1.5 Consumer unsecured Housing Dec % 0.6% 0.4% 0.2% Aust. Business Banking - 90 day delinquencies (3 month moving average) (%) % Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 1Q Dec- 05 Credit Suisse Asian Investment Conference March

18 Positioned to create value into the future Short term Momentum restored in Australian retail franchise More aggressively pursuing growth in core markets Wealth management business growing ahead of market Most consistent financial performance of peers Medium term Deliver on infrastructure investments including corporate online, Pinnacle, Reach Further productivity opportunities in pipeline Growth options delivering further value Global leader in sustainability Advanced Basel II accreditation Credit Suisse Asian Investment Conference March

19 Positive outlook remains Macro environment sound, although competition tougher Dividends per share (cents) Westpac s franchise health is strong, with matching financial performance Retail momentum restored Consistently returning value to shareholders No change to outlook provided at the full year 2005 confident that Westpac can continue to deliver strong outcomes for shareholders yr CAGR 14% Credit Suisse Asian Investment Conference March

20 Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation and its activities. 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. The financial information contained in this presentation includes non-gaap financial measures. For a reconciliation of these measures to the most comparable GAAP measure, please refer to financial statements filed with the Securities Exchange Commission and Australian Stock Exchange. Credit Suisse Asian Investment Conference March

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