#112 OCTOBER 2022 BOQ FY22 INVESTOR MATERIALS Full year ended 31 August 2022 me | Vagin money BOQ SPECIALIST BOO FINANCE BOO BUSINESS BOQ GROUP#2BOQ GROUP Important information and disclaimer This is a presentation of general background information about Bank of Queensland Limited ABN 32 009 656 740 and its consolidated entities (BOQ's) activities at the date of this document. It is in summary form, does not purport to be complete and should be read in conjunction with BOQ's other periodic and continuous disclosure announcements, including the 2022 Full Year Results Announcement (available at www.boq.com.au). All figures are presented on a cash earnings basis unless otherwise stated. No representations are made as to the accuracy, completeness or reliability of the information contained in this presentation. The information contained in this presentation may include information derived from publicly available sources that have not been independently verified. This presentation should not be relied upon as advice to investors or potential investors. It does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, and consult with their own legal, tax, business and/or financial advisors in connection with any investment decision. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell BOQ securities in any jurisdiction. This presentation may contain forward-looking statements about matters including BOQ's business and operations, strategy, market conditions, results of operations and financial conditions, capital adequacy, specific provisions, potential synergies and risk management practices. These forward looking statements may be identified by the use of forward looking terminology, including the terms "believe", "estimate", "plan", "target", "project", "anticipate", "expect", "intend", "likely", "may", "will", "could", "should" or other other similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward looking statements reflect BOQ's current views about future events. There are a number of factors (which may involve known and unknown risks and uncertainties, many of which are outside the control of BOQ) that could cause BOQ's financial performance and actual results to differ materially from those anticipated, or implied by, any forward-looking statements. These factors include changes in BOQ's operating environment, material changes to the law or applicable regulation, risks and uncertainties associated with the Australian and global economic/political environment and capital market conditions and the COVID-19 pandemic. Readers should not place undue reliance on any forward-looking statements. To the maximum extent permitted by law, BOQ takes no responsibility for the accuracy or completeness of any forward-looking statements, whether as a result of new information, future events or results or otherwise, BOQ does not undertake to update any forward-looking statements contained in this document. BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 2#3Contents FY22 Results Presentation 4 About BOQ 44 Transformation & Integration Detail 51 Divisional Results 54 Portfolio Quality 62 Capital, Funding & Liquidity 71 Economic Assumptions 78 Abbreviations 81 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 3#4FY22 RESULTS PRESENTATION 12 OCTOBER 2022 Full Year ended 31 August 2022 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 4#5Agenda Introduction > Cherie Bell, General Manager Investor Relations & Integration Results Overview › George Frazis, Managing Director & CEO Financial Detail › Racheal Kellaway, Chief Financial Officer Summary & Outlook › George Frazis, Managing Director & CEO Q&A › George Frazis, Managing Director & CEO > Racheal Kellaway, Chief Financial Officer › Executive Team & Senior Leaders BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 5#6BOQ Group is proud to acknowledge the Traditional Custodians of the land on which we gather today and pay our respects to their Elders past and present. We extend that respect to Aboriginal and Torres Strait Islander peoples here today Artwork proudly created for Bank of Queensland (BOQ) by the Harristown Clontarf Academy, Toowoomba.#7RESULTS OVERVIEW George Frazis Managing Director & CEO BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 7#8FY22 results overview BOQ GROUP 1. Reported statutory NPAT up 15% to $426m1. Cash earnings declined 5%1 to $508m, given the prior year loan impairment benefit, with underlying profit up 1% > Income up by 1% impacted by ME GLAS decline prior to ownership and NIM pressure, recovering in second half › Expenses flat on FY21 2. Solid business momentum with NIM lifting in Q4, growth in housing and business lending, particularly in SME 3. ME integration delivering ahead of plan: 4. > Key integration streams completed, program transitioning to BAU › Synergies accelerated, $38m of synergy benefits delivered during the year, integration costs in line with plan Delivering the new cloud digital end-to-end bank with BOQ and VMA digital transaction and savings products in market. ME migration to Temenos v.18 completed and work underway to move to the new common digital bank 5. Asset quality remains sound, watching brief on changing economic conditions, with unemployment expected to remain low 6. 7. Capital remained above the target range, with CET1 ratio of 9.57% supporting business growth and transformation investment 2H22 final dividend of 24cps declared², representing a 65% payout ratio³, bringing full year dividend to 46cps Note: Cash earnings FY21 figures are on a pro forma basis which adjusts for the ME Bank acquisition and the St Andrews divestment (1) Statutory NPAT on a pro forma basis is down 8%. Cash earnings decline is on a pro forma basis (2) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (3) The dividend will be fully franked and the dividend reinvestment plan will operate with a 1.5% discount Payout ratio calculated on cash earnings 8#9FY22 Results Higher underlying profit driven by disciplined lending growth and cost management BOQ GROUP Key financial results ($m) Total income Operating expenses Underlying profit Loan impairment expense Cash profit before tax FY22 1,682 (937) FY22 v FY21 1% 0% 745 1% (13) Large 732 (5%) Income tax expense (224) (5%) 508 (5%) Cash earnings after tax Reported statutory net profit after tax¹ 426 15% Return on average tangible equity² (%) Return on average equity (%) Cash earnings per share (cents)³ Cost to income ratio (%) CET1 ratio (%) Dividends per ordinary share (fully franked)4 10.6 8.4 78.4 55.7 9.57 46c 40bps 20bps 5% (10bps) ▼ (23bps) 18% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: All cash P&L and CTI comparative periods are on a pro forma basis. Other metrics are consistent with previously reported numbers for FY21 (1) FY22 statutory net profit after tax is down 8% on a pro forma basis (2) Based on after tax earnings applied to average shareholders' equity (excluding preference shares and treasury shares) less goodwill and identifiable intangible assets (customer related intangibles/brands and computer software) (3) FY21 cash EPS included earnings from ME Bank for the period 1 July 2021 to 31 August 2021 (4) The dividend will be fully franked and the dividend reinvestment plan will operate with a 1.5% discount 9#10Key elements of the result Income growth partly offset by impact of legacy ME lending decline prior to BOQ ownership and NIM pressures Total income ($m) Net interest margin (%) - FY21 to FY22 BOQ GROUP 826 847 831 2H21 1H22 1H21 Net interest income ($m) 757 1H21 782 741 2H21 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 1H22 +2.4% 851 2H22 +6.3% 788 2H22 Note: All FY21 comparatives are on a pro forma basis 1.86 FY21 (0.06) Underlying (0.06) 1.74 Liquidity FY22 Net interest margin (%) – 1H21 to 2H22 1.86 1.86 Q4 NIM 1.81 1.74 1.75 1H21 2H21 1H22 2H22 10#11Diversified quality lending and deposit growth across retail and business banking Solid lending growth continuing with uplift in housing and business lending BOQ GROUP Growth in lending GLAS ($m)1 +164% 5,502 96 1,064 34.7 2,082 3.6 2.8 827 198 4,391 508 343 15 400 1,518 13.3 Customer deposit balances ($bn)1 +7% 60.5 5.8 6.4 23.3 25.1 56.5 4.8 5.4 24.3 15.0 22.0 (39) (34) (49) FY20 FY21 FY22 FY20 FY21 FY22 Housing Business Consumer ■Asset Finance ■Term Deposits I Savings & Investments ■Transaction Accounts Offsets Growth in housing GLAs ($m)¹ Growth in business lending GLAs ($m)1 1.0x system² SME: 1.5x system³ Corporate: 0.6x system³ +94% +189% 1,518 508 1,430 714 476 508 1,040 (714) (1,428) FY20 ■ME FY21 FY22 ■Virgin Money ■BOQ Specialist ■BOQ Housing 4,391 358 598 1,470 579 15 198 1,206 237 249 1,136 106 151 FY20 FY21 FY22 ■BOQS Business Loans BOQ Business Loans Asset Finance 1,160 96 975 89 (1) FY20 does not include ME Bank, all other comparative periods prior to FY22 are on a pro forma basis (2) APRA monthly banking statistics August 2022 (3) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation SME and Corporate system growth represents the latest available RBA data as at July 2022. RBA figures include both business lending and asset finance balance growth. The RBA definition of SME will not directly correlate to the BOQ internal definition 11#12BOQ GROUP Business banking performance Our focus on growing medium sized family businesses is delivering higher revenue and return Summary › Differentiated model with specialist bankers, owner managers and risk officers focused on niche medium sized family businesses providing relationship banking › Investment in Business Banking is beginning to deliver with revenue growth of 7% > A refocus of the portfolio towards medium sized family business lending resulting in growth of $0.6bn at 1.5x system¹, 2 > The SME strategy focused on policy simplification, capability build, product features and process simplification > Lending to large corporates grew $0.5bn or 0.6x system², with focus on delivering improved risk adjusted returns > BOQ Finance continued to deliver positive growth (3%), notwithstanding global supply chain challenges > $0.9bn of growth in deposits, helping support asset growth across BOQ > Strong portfolio quality going in to challenging economic environment with improvements in business lending 30+ and 90+ days past due arrears during the period > Portfolio underpinned primarily by property security, with 92% of business lending secured › Business Bank NPS ranked 4th³ Growth in SME lending GLAS ($m) 113 +398% 563 165 398 71 42 FY21 FY22 BOQ BOQS Growth in corporate lending GLAS ($m) +75% 287 80 207 501 577 (76) FY21 FY22 BOQ BOQS (1) The SME portfolio of customers represents an internal view of small and medium sized businesses, with the majority of customers having lending exposure of less than $10m (2) System growth represents the latest available RBA data as at July 2022. RBA figures include both business lending and asset finance balance growth. The RBA definition of SME will not directly correlate to the BOQ internal definition BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (3) DBM Atlas report August 2022 12#13Revenue and portfolio quality FY22 focus on quality growth with NIM momentum in Q4 BOQ GROUP Optimising NIM through the cycle > 2H22 NIM up 1bp to 1.75% > Fixed rate lending applications elevated through 1H22 have now returned to normalised levels > Liquidity continuing to reduce NIM due to CLF impact and lower yields, but NII impact remains small > Revenue tailwinds from quality loan growth and the return of ME to growth, and strong Q4 NIM Quality portfolio growth > Business and housing loans backed by collateral, with minimal cash flow lending in the business bank > Home loan customers ahead on repayments with buffers in place > Specialist bankers, credit officers and owner managers clear understanding of niche segments credit risk facilitating the pivot towards higher quality SME lending > High quality loan origination, with housing portfolio LVR >90% representing c.3% of loans, with flows c.1%. Flow of home loans with LVR >80% reduced from 23% to 11%² › Completed deep dive into fixed home loan maturity impacts and construction exposures - providing comfort of portfolio quality > Provisioning levels strong with improving arrears - well positioned going in to a more challenging economic environment (1) Flows relate to FY22 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (2) 23% relates to FY21, 11% in FY22 13#14Operating expenses and impairments Expenses held flat with synergies and productivity savings funding growth and digital investment Operating expenses flat in FY22 > Synergies of $38m delivered against first year target of $30- $34m > Productivity benefits of $30m, bringing the total from FY20 - FY22 to $90m > Productivity and synergy savings enabling investment in the digital transformation and growth > Maintenance of legacy core banking platform and development of new digital bank increases cost base in the near term > Ongoing work to reduce manual processes and improve controls, uplifting risk maturity > Inflation, skills shortages and regulation impacting banking industry expense outlook > Completion of new digital bank, migration of customers and retirement of legacy systems will deliver material scale and efficiency benefits in coming years Impairments BOQ GROUP > Loan impairment expense of $13m for FY22, due to increased collective provision from GLA growth and ME Bank increases post acquisition accounting treatment, offset by a strong economy in FY22 and improving portfolio quality > Portfolio quality remains sound with arrears improving > Maintain a watching brief on changing key economic indicators Loan impairment expense/(credit) ($m) (29) 53 (82) 13 13 0 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: FY21 comparison is on a pro forma basis FY21 FY22 ■Specific Collective 14#15Building a sustainable business Supporting the transition towards decarbonisation, supporting our communities and enriching our people Environmental commitments www Supporting our customers to transition - starting to develop financing solutions for solar panels and electric vehicles Carbon neutral certified - reducing our operational footprint Supporting our communities Targeting 100% renewable energy by 2025-54% of electricity needs powered by renewable sources in FY22 $ Carbon footprint to be reduced by 90% for scope 1 and scope 2 emissions and 40% for scope 3 by FY301 Supporting regional areas - growing our OM branch footprint Owner managers embedded in communities - 111 OM branches with long tenure and deep relationships in their community Supporting our communities - c.$1.6m invested in community Building the resilience of our customers - particularly vulnerable customers and those in financial distress Enriching people BOQ GROUP Building a future fit capability - transformation and digital capabilities required for future state Developing curious bankers and an agile organisation – execution capability, ability to pivot quickly, banker tools and a flexible digital platform Driving employee engagement - grounded in purpose, a clear strategy, inclusive leadership and empowered teams ☐ Diverse workforce – inclusive leaders and (+。 encouraging diversity of thought - Strengthening risk culture – our people increasingly feel safe to speak up, ongoing work to improve risk controls and decrease manual processes BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Compared to a 2020 baseline. Scope 3 refers to organisational supply chain emissions 15#16STRATEGY UPDATE George Frazis Managing Director & CEO BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 16#17Our purpose and strategic pillars We have refreshed our purpose and evolved our strategy Group Purpose Strategic Pillars BUILDING SOCIAL CAPITAL THROUGH BANKING. BOQ GROUP EXCEPTIONAL CUSTOMER EXPERIENCE Through loved brands, caring bankers, building relationships, and enriching communities. CLOUD BASED, DIGITAL BANK With at scale unit costs, impactful data insights and fast innovative solutions. SUSTAINABLE PROFITABLE GROWTH With improving strength, risk and return. ENRICHING PEOPLE By developing curious bankers, building an agile organisation and being a good corporate citizen. Underpinned by our values, we aim to build social capital amongst our people, customers and the communities in which we operate to produce positive outcomes for all our stakeholders. BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 17#18Good progress against our strategy Focused execution on key priorities is delivering results BOQ GROUP EXCEPTIONAL CUSTOMER EXPERIENCE All brands and channels Solid quality growth across Retail and SME Improving customer experience CLOUD BASED, DIGITAL BANK Differentiated digital bank strategy working Building neo bank capability with known brands and long banking heritage Digital Bank foundations built VMA and BOQ digital transaction and savings in market Leveraging global partnerships SUSTAINABLE PROFITABLE GROWTH Successful acquisition Delivering improved returns and integration of ME Bank Synergies accelerated and increased ME returned to growth Key integration program streams mostly completed Building sustainable profitable returns High quality portfolio and origination, well secured 'Unquestionably strong' capital position Complexity in systems and manual nature of our processes, further maturity required in uplifting risk controls and culture² ENRICHING PEOPLE Increased capability and engagement Engagement scores improved to 67% from 59%1 Experienced leadership team in place with strong execution capability Building an organisational culture where risk is everyone's business BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Engagement score was 59% as at August 2020, 64% in 2021 (BOQ Group and ME Bank Combined was 63%) and 67% as at September 2022 (2) BOQ has engaged with and expects to continue to engage with regulators in respect of various matters related to operational and financial resilience, and risk culture and governance 18#19Executing on the ME integration Integration program well progressed and clear pathway to a single retail digital core banking platform Integration benefits flowing BOQ GROUP Synergy and integration cost profile FY21 FY22 FY23 FY24+ › Synergies accelerated and increased from original expectations of $70- $80m annualised to $95m+ Synergies annualised run rate $47m c.$70 - $80m $95m+ › Core foundational integration activities mostly completed › Clear pathway to full integration to digital platform and decommissioning of legacy technology Delivered percentage¹ 63% 100% 125%+ Integration costs² $13m $81m c.$40m c.$5m Cumulative $13m $94m c.$135m c.$140m ME returned to growth ADI Consolidated leadership Handback 2021 Acquisition Migration to Temenos v.18 complete, Ultracs decommissioned 2022 Back office systems consolidation Supply chain benefits 2023 Digital home loans launched for new customers 2024 Build and test home loan core and origination c.300k³ deposit customers migrated c.200k lending and remaining customer migration commencing Personal loans and TDs enabled Commence ME legacy core banking decommissioning Digital deposits launched Collaboration tools in place BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: Dates refer to calendar years (1) Based on $75m mid-point synergies range for new customers (2) Integration costs are not included in cash earnings (3) Includes dormant customers 19#20Multi-brand strategy provides tailored solutions to niche segments Through loved brands, caring bankers, building life-long relationships, and enriching communities EXCEPTIONAL CUSTOMER EXPERIENCE Retail Bank: Providing distinctive value propositions Virgin money me BOQ GROUP Business Bank: Specialist relationship banking, niche segments BOQ BOQ BOQ BUSINESS SPECIALIST BOQ FINANCE BOQ The Human Touch Mature customers who prefer personal relationships, first time investors and first home buyers The Optimiser Younger, digitally savvy and aspirational The Striver PAYG with more equity – digitally aware and - not requiring face to face support Tailored Specialist business and private banking centred on niche customer segment. A specific focus on the SME segment, particularly growing medium sized family business The multi-brand approach allows us to build differentiated customer offerings which align to the preferences of our niche target segments. BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 20#21Clear digital transformation benefits Increased confidence in the benefits for customers, our people and shareholders from the transformation BOQ GROUP CLOUD BASED. DIGITAL BANK Differentiated approach to transformation Truly end-to-end digital transformation plan across retail bank, business bank and supporting group infrastructure Will migrate 100% of customers to new systems, allowing for full decommissioning of legacy Deep partnerships with global leaders to leverage technology scale, minimise complexity and customisation and staying leading edge Clear benefits to be delivered Improved customer proposition Better customer proposition, leading to increasing customer base and revenue Improved productivity and scalability Improved productivity and scalability, leading to higher operating leverage, improved CTI and higher returns Reduced manual processes and compliance by design with strengthened risk controls Improved agility for the future Improved agility for the future, allowing BOQ to quickly and affordably adapt to changing customer needs BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 21 24#22Clear approach to simplifying our technology to cloud, digital Retail and Business platforms will have clear customer offerings BOQ Retail Bank Virgin money me Business Bank BOQ GROUP BOQ BUSINESS Intelligent customer data infrastructure on Azure Public Cloud BOQ SPECIALIST BOQ FINANCE Common Retail Banking Core Temenos Cloud - v.22 Common Business Banking Core Temenos on-premise v.22 with InfoLease 10 Leasing product system Customer Experience Platform - Microsoft Financial Services Cloud Common scalable payments hub catering needs of SME and retail customers across all payment rails Differentiated origination and teller system unified across all Retail Bank Differentiated origination system unified across all Business Bank Digital deposit product first, then simple home loans and personal loans BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Digital leasing and deposits/payments first, then complex home loans and business lending 22 22#23Group Business Bank Retail Bank Clear digital transformation plan Phased approach to ensure successful execution and staged delivery of benefits, reducing risks CLOUD BASED, DIGITAL BANK BOQ GROUP 2021/2023 Digital Deposits & Payments Hub VMA and BOQ transaction and savings launched on new cloud digital bank ME customers migrated to v. 18, Ultracs decommissioned (7 apps, 51 servers) ME transaction and savings launched on new cloud digital bank Commence payments hub build Deposit only ME customers migrated to new digital bank Leasing systems consolidated on latest version of InfoLease Business Bank Temenos core banking platform upgraded to latest v.22 Enhanced working capital product capability 2024/2025 Digital Home, Personal & Business Loans Digital mortgage for all brands on new cloud digital bank ME home loan and remaining customers migrated to new digital bank and commence decommissioning of legacy platform Digital personal loans for all brands on new digital bank Unified origination system and teller system across all retail brands Unified origination system across all Business Bank brands Unified 360 view of customer across the Business Bank Upgraded internet banking capability for SME's Enhanced payments hub, enabling critical use cases Data centres migrated to private cloud Intelligent data platform Data centres migrated to public cloud Cloud based ERP platform (Finance & HR) Implement Customer Experience Platform Real time connectivity of data insights Post 2025 Scaled Growth, Personalised through Data Insights, Legacy Systems Retired BOQ/VMA customer migration completed Complex home loan and retail small business migrated to BOQS Retire BOQ legacy systems New complex lending origination capability (complex home loan customers serviced by Business Bank) Integrated supply chain capability Digital transaction account capability for small business Migration of SME, Agri and Property customers to new core Integrated cloud-based data platform enabling omni- channel personalisation BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 23#24Starting to realise results for transaction and deposit customers Digital bank is enabling scale, superior customer experience through simplified and faster processes and attracting new customers BOQ GROUP CLOUD BASED, DIGITAL BANK Measure Legacy Current (new platform) Customers on new Retail platform1 (% of total customers) Nil Processes fully digital2 (deposit only) <10% Data centres Physical data centres c.15% 67% (43/64) Private cloud data centres c.$24k SUSTAINABLE PROFITABLE GROWTH Delivering productivity improvements > Removing manual touchpoints and creating improved self-serve > Simplifying technology infrastructure > More scalable Accelerating growth in deposits > $1.5bn of deposits on new platform achieved › Significantly faster rate of customer acquisition › Support balance sheet, cost of funding and improve returns EXCEPTIONAL CUSTOMER EXPERIENCE Monthly deposit and account openings³ Deposits/customer on new platform Nil Origination time – deposit products 30 mins <5 mins 2.2k c.20k (9x) Total deposit balance on new platform Nil c$1.5bn (1) Includes BOQ and VMA transaction, deposit and credit card customers on the new digital platform as a proportion of total BOQ and VMA retail customers Refers to digitisation of customer facing processes only BOQ and VMA brands at-call and transaction accounts only; Start Point = 6 month average prior to VMA launch, Sep 2020 - Feb 2021. Current (new platform) = 3 month average through to the end of financial year, June - August 2022 (2) (3) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 24 24#25Customer migration approach Clear plan for customer migration to ensure good customer experience and retention EXCEPTIONAL CUSTOMER EXPERIENCE Seamless migration of customers enabled by robust technology approach › Retention of account number, BSB and existing direct payment and deposit details > Minimise potential friction points to reduce risk of churn CLOUD BASED, DIGITAL BANK Retail me BOQ Virgin money > ME customer data cleaned and products simplified, during migration to Temenos V.18. > Payments Hub facilitates account number retention > ME deposit only customers of (c.300k¹) will be migrated to new cloud digital bank first > ME home loan and remaining deposit customers c.200k migrated once digital mortgage in place, ME core bank retired > BOQ/VMA customers c.500k migrated after ME > Complex home loan customers and small retail business customers migrated to business bank core Business BOQ GROUP BOQ BOQ BOQ BUSINESS FINANCE SPECIALIST > Most customers already in end-state core banking system, thus not requiring migration › Leasing - c.60k, on InfoLease 10 platform already, not requiring migration > BOQS Temenos v.22 will be business bank core banking system. c.30k customers already on this system > c.10k relationship managed business customers will be migrated onto new Temenos v.22 core system BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Includes dormant customers requiring migration 25#26Investing in the business to deliver sustainable profitable growth Our superior customer proposition and transformation program will deliver tangible outcomes SUSTAINABLE PROFITABLE GROWTH Investment spend profile > FY23 overall investment spend reduced due to lower ME integration costs in FY23 > Investment profile to normalise over time as transformation completes BOQ GROUP Target financial benefits by FY26 by executing on our organic strategy1 > CTI benefits not linear given legacy systems are decommissioned upon completion of customer migration › Transformation to deliver a scalable, cost competitive platform that is future fit 300 200 100 FY22 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation FY23 (1) FY26 outlook is subject to no material change in market conditions Cost to Income Ratio <50% Return on Equity >9.25% 46 26#27Clear strategy to improved returns We have a clear pathway to enhanced CTI and ROE performance Current priorities Medium-term outcomes BOQ GROUP Long-term outcomes > Growing at an attractive ROTE > NIM benefits from centralised pricing and rising rate environment › Business growth refocus on SME and optimising mortgage portfolio composition for Basel III › Digital deposits and transaction accounts for all brands › Synergy and productivity benefits > Clear digital investment roadmap - investing now for future benefits > Phased approach to transformation to ensure ongoing benefits throughout the program › Clear targets and roadmap set and ongoing tracking against these to ensure delivery > Improved customer experience through better tools, self service capabilities and faster time to yes > Scalable revenue growth as digital bank streamlines processes > New revenue streams, growth in financial markets and personal loans > Unit costs reducing as technology architecture simplified, and systems being decommissioned › Transformation benefits increasing > Ongoing simplification > Improved returns > Simpler organisation, and agile > Scalable revenue growth through digital platforms > Unit cost benefits from technology run and change costs reducing, all legacy systems decommissioned > Evergreen technology platforms enabling low cost upgrades > Simple, efficient and streamlined organisation > Revenue growth through innovation > Returns increasing Foundation Build By FY261: CTI <50% ROE >9.25% Long-term competitive advantage BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) FY26 outlook is subject to no material change in market conditions 27 27#28FINANCIAL DETAIL Racheal Kellaway Chief Financial Officer BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 28#29Financial performance Solid financial performance delivering 1% uplift in underlying profit and positive jaws for the year BOQ GROUP Key financial results ($m) FY22 FY21 FY22 v FY21 2H22 1H22 2H22 v 1H22 Net interest income Non-interest income Total income Operating expenses Underlying profit 1,529 1,539 (1%) 788 741 6% 153 134 14% 63 90 (30%) 1,682 1,673 1% 851 831 2% (937) (933) 0% (476) (461) 3% 745 740 1% 375 370 1% Loan impairment expense (13) 29 Large (28) 15 Large Cash earnings after tax 508 532 (5%) 240 268 (10%) Reported statutory net profit after tax¹ 426 369 15% 214 212 1% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: All FY21 P&L comparatives are on a pro forma basis with the exception of reported statutory net profit after tax (1) On a pro forma basis, FY22 statutory net profit after tax is down 8% on FY21. Further details on the reconciliation between statutory and cash profit can be found in the FY22 Annual Report 29 29#30Net interest income NII shape benefiting from ME balance sheet turnaround and higher NIMs resulting in 6% NII growth in 2H22 BOQ GROUP Summary NII down 1% year on year, up 6% half on half > 1H22 NII impacted by lower ME balances prior to acquisition and NIM impacts from elevated fixed rate lending > 2H22 benefitting from; 1.86 1.86 1.75 1.74 +6% 788 > Tailwinds from GLA growth in all brands including the ME turnaround 782 757 741 > Deposit benefits from active management of retail deposits and improved wholesale funding costs > Improving NIM following cash rate rises, Q4 NIM at 1.81% > Day count BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 1H21 2H21 1H22 2H22 Net Interest Income ($m) Net Interest Margin (%) 30#31Net interest margin Underlying 2H22 NIM up 4bps from funding cash rate benefits, partially offset by continued impact of competition Summary > NIM recovery in 2H22 with funding cost and replicating portfolio benefits offsetting increasing competition impacts > Fixed rate lending impacts peaked and reversed > Competition continuing to impact front to back book Net interest margin – FY21 to FY22 (%) - (0.34%) 0.28% 0.03% (0.03%) 1.86% > Funding costs continued to benefit from changes to deposit rates and improved wholesale funding costs > Increased liquidity build to enable CLF reduction Net interest margin - 1H22 to 2H22 (%) (0.15%) 1.74% -6bps fixed spreads and mix -6bps housing FTBB -2bps business FTBB -1bp asset portfolio mix 1H22 1.80% BOQ GROUP (0.06%) 1.74% FY21 Asset pricing and mix Retail & wholesale Capital and low funding costs cost deposits and mix 3rd party costs and other FY22 (excl. Liquidity) Liquidity FY22 (incl. Liquidity) Underlying +4bps 0.08% (0.02%) 0.13% +8bps savings accounts +3bps term deposits +2bps wholesale funding 1.78% Q4 NIM 1.81% (0.03%) 1.75% Asset pricing and mix Retail and wholesale funding costs Capital and low cost deposits 3rd party costs and other 2H22 (excl. Liquidity) Liquidity 2H22 (incl. Liquidity) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation and mix Note: All comparative periods prior to FY22 are on a pro forma basis 31#32Net interest margin future considerations Benefits expected to continue from rising rate environment NIM Driver 1H23 Medium Term BOQ GROUP Asset pricing & mix Retail and wholesale funding costs and mix Competition continuing Fixed rate normalised Optimising portfolio mix and for Basel III impacts Tailwinds continuing but to a lesser extent Wholesale funding headwinds Competition continuing Optimising portfolio mix and for Basel III impacts Rising retail and wholesale funding costs including TFF replacement Capital and low cost deposits Benefit from rising cash rates Third party costs & other Owner manager revenue share increasing but not material Liquidity BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Ongoing benefits from higher cash rates Owner manager proportional revenue share fairly stable and aligned to BOQ revenues Liquids portfolio growing for remaining CLF handback, but with minimal NII impact Liquids portfolio growing with balance sheet 32 22#33Non-interest income Strong non-interest income for the year with one-off benefits in 1H22 Summary Non interest income increased by $19m for the year > Underlying banking fees stabilising with product simplification offset by increases in business volumes > Banking fees includes $8m reclassification of ME Bank interchange fees as contra revenue from expenses to align accounting policy > Other income benefited from one-offs in 1H22 relating to an updated card services arrangement and an insurance provider termination fee > Trading income reflects gain on sales of investment securities 2H22 non-interest income of $63m was primarily lower due to non-recurrence of one-offs in 1H22 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Non-interest income breakdown ($m) $153m 90 $134m 99 69 12 65 63 33 33 28 24 31 41 41 41 32 1H21 2H21 1H22 1 Banking Other One-offs Note: All comparative periods prior to FY22 are on a pro forma basis Trading Income 2H22 BOQ GROUP (1) Banking fees includes $8m reclassification of ME Bank interchange fees as contra revenue from expenses to align accounting policy. This has no impact on earnings 33#34Operating expenses Productivity and synergy benefits offsetting increased expenses from volume growth and investment spend BOQ GROUP Operating expenses ($m) 26 933 20 20 (30) +0% (29) (9) Productivity and synergies more than offsetting volume growth and inflation resulting in expense reduction of $22m (2%) · 1 · 25 937 25 FY21 Volume growth and technology Inflation & Productivity Other 1 Synergies Investment Amortisation² FY22 Run the bank Investment Productivity and Synergies FY23 considerations > Spot FTE reduction of 8% in FY22 providing ongoing benefits > Headwinds from inflation pressures and regulation impacting the banking industry > Normalised discretionary spend post COVID-19 > Further synergy benefits with integration on track Maintenance of legacy core banking platform during development of new digital bank > Note: All comparative periods prior to FY22 are on a pro forma basis (1) Includes share based rem, occupancy, training and insurance. Neutral impact from accounting policy alignment including reclassification of interchange fees offset by inclusion of acquisition costs not previously reported in expenses BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (2) Amortisation was reduced by c.$14m and investment propex increased by c.$14m as a result of the SaaS accounting policy change in FY21 34#35Transformation investment Ongoing investment to deliver transformation roadmap Investment spend ($m) 331 81 212 78 145 13 49 45 172 150 100 BOQ GROUP Summary > Overall investment increased primarily due to integration costs in the period > Material capital investment in FY22 focused on new cloud digital retail banking platform and key foundational components of the Data Platform and Open Banking > Velocity and cost of digital bank delivery is improving with each additional phase > Assets of the combined entity have an average useful life of 6.3yrs, with an average remaining life of 3.0yrs › Amortisation is anticipated to increase in FY23 as assets under construction complete Software intangible asset balances ($m) 379 172 133 FY201 FY21 FY22 246 ■Capitalised Expensed Integration FY21 Software Investment Note: Integration costs are not included in cash earnings 439 (66) (46) 176 263 Amortisation 2 Software intangible assets balance Revised Accounting Policy 3 Assets under construction FY22 (1) FY20 does not include ME Bank, all other comparative periods prior to FY22 are on a pro forma basis Amortisation has decreased by c.$14m and project expenses have increased by c.$14m as a result of the SaaS accounting changes (3) Revised accounting policy in relation to the SaaS changes. Refer to Financial statements for further detail (2) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 35#36Provision and loan impairment expense Sound provisioning levels maintained in light of changing economic conditions BOQ GROUP Housing, asset finance and commercial arrears 90DPD (bps) Impaired assets ($m) 91 93 243 84 221 194 38 88 19 61 32 153 15 20 80 59 24 36 77 78 20 52 55 63 38 24 54 - 128 111 95 61 1H21 2H21 1H22 2H22 Feb-21 Aug-21 Feb-22 Aug-22 Housing & Consumer Business Lending Asset Finance Housing Asset Finance Commercial Loan impairment expense Provisions ($m)¹ 374 LIE\GLA (bps) 311 289 295 7 (14) (4) 7 26 28 271 204 199 217 (15) (55) 103 107 90 78 1H21 2H21 1H22 2H22 1H21 2H21 1H22 2H22 ■Loan Impairment Expense ($m) Note: All comparative periods prior to FY22 are on a pro forma basis BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) 1H21 excludes $95m ME total provision which has been fair valued on acquisition Specific Collective 36#37Provisioning levels Well provisioned, with coverage above regional peers excluding impact of ME (acquisition accounting and lower risk housing exposure) Summary > Specific provision levels remain low due to low arrears and increased asset valuations > Excluding ME, coverage above peers › Acquisition accounting adjustments in relation to ME have also reduced coverage ratios due to the reset of portfolio to "new" lending as at the date of acquisition² Provisions & GRCL to GLA¹ (%) BOQ GROUP 0.67% › Consolidation of ME portfolio has driven a shift in mix towards housing exposures, reducing required coverage ratios 0.51%³ > ME related provisions are expected to increase over time as portfolio matures 0.76% 0.67% 0.63% 0.65% 0.60% 0.53% 0.52% 0.47% BOQ (Excl BOQ Group Regional 1 ME) FY22 Regional 2 Major 1 Major 2 Major 3 Major 4 FY22 (1) Includes Collective Provisions, Specific Provisions and GRCL (2) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (3) A fair value adjustment (FVA) was taken against the opening ME GLA balance at the point of acquisition Simple average including BOQ Group, Regional 1 and Regional 2 (Excl. BOQ (Excl. ME)) Average Regionals Average Majors 37 40#38BOQ GROUP Impacts of interest rate rises for home loan customers Housing customers have a comfortable buffer for future interest rate rises Summary > 53% of home loan customers have a repayment¹ buffer of one year or more > Home loans with minimal or no repayment buffer² are: > skewed towards investor loans, those originated within the past 12 months and fixed rate lending with contractual limitations > have a strong LVR³ profile with only 7% of accounts having an LVR >80%, due to prudent lending, house price appreciation and disciplined growth in lower LVR loans Fixed rate maturity impacts and towers > Fixed rate maturity tower peak in 1H24, in line with high levels of fixed rate lending through 1H22 > Portfolio arrears remain low given high levels of employment - no impacts yet seen from either interest rate rises or fixed rate to variable rate conversions > 35% of housing portfolio is currently on a fixed rate loan › Serviceability buffers and minimum floor rates mean borrowers have capacity to meet repayments in a rising rate environment BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation $2.5bn 1H23 $3.6bn 2H23 $6.2bn 1H24 $3.7bn $1.7bn $1.1bn 2H24 1H25 2H25 (1) Including payments in advance, offset accounts and customer deposits. 40% excluding savings, transaction and term deposit accounts. Savings, transactions and term deposits were aggregated for all customers linked to a loan and apportioned against the aggregate loans of all customers linked to the loan (2) 18% of home loan customers have minimal or no repayment buffer when including payments in advance, offset accounts and customer deposits. Including the 18%, 39% of home loan customers have minimal or no repayment buffer when savings, transaction and term deposit accounts are excluded (3) LVR is based upon current loan balance and collateral value indexed from origination to reporting date 38#39Funding & liquidity Increasing deposit portfolio supporting business growth Summary > Deposit to loan ratio broadly stable at 74% > Growth in transaction accounts of 19% > Cash rate increases driving growth in term deposits as customers seek yield following a low interest rate cycle > Term deposits currently providing favourable funding source due to pricing compared to BBSW, $1.7bn is new money > Long term wholesale funding increased to replace CLF > FY22 LCR of 139% and NSFR of 125% Funding mix ($bn)1 91.5 83.5 19.4 17.7 50.8 11.6 9.3 11.3 4.8 34.7 56.5 60.5 BOQ GROUP FY20 FY21 FY22 ■Customer Deposits Short Term Wholesale Long Term Wholesale Customer deposit balances ($bn)1 Long term wholesale funding ($bn)² 60.5 56.5 17.7 19.4 5.8 4.8 5.4 6.4 1.0 1.8 11.3 34.7 3.0 3.0 3.6 2.8 24.3 23.3 0.8 0.7 3.7 4.6 13.3 2.4 2.5 4.0 22.0 25.1 2.4 15.0 7.6 7.5 3.4 FY20 FY21 FY22 FY20 FY21 FY22 ■Term Deposits Savings & Investments Transaction Accounts Offsets ■Securitisation Covered Bonds Senior Unsecured TFF Additional Tier 1 Notes/Subordinated Debt BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) FY20 does not include ME Bank, all other comparative periods prior to FY22 are on a pro forma basis (2) $0.3b additional tier 1 capital notes are included in 'other equity instruments' in the Financial Statements. Upon ADI licence handback completed on 28 February 2022, these notes, which were originally issued by ME, formed part of the Group's capital adequacy 39#40BOQ GROUP Capital Investing in growth and transformation Summary › CET1 remains above the target range, at 9.57% for 2H22 > Solid quality growth generating earnings › Continued investment in transforming the business > Impact of c.6bps in 2H22 from mark-to-market on HQLA portfolio (impacting Other) > Final dividend at lower end of target payout range and DRP discount of 1.5% implemented to retain capital while growth opportunities remain and investing in transformation CET1 (%)-1H22 to 2H22 CET1 (%) - FY21 to FY22 9.80% 1.14% (0.51%) (0.68%) (0.19%) 0.09% (0.08%) 9.57% FY21 Earnings Dividend net of RWA Investment Securitisation Other items FY22 DR P 9.68% 0.53% (0.23%) (0.27%) (0.10%) 0.05% (0.09%) 9.57% 1H22 Earnings Dividend RWA Investment Securitisation Other 2H22 net of DRP BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 40 40#41SUMMARY & OUTLOOK BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 41 44#42BOQ GROUP FY22 summary > Supporting our customers and people through ongoing changing times > Solid financial performance during FY22, delivering positive jaws and sustainable quality growth across retail and business bank Quality loan growth offsetting heightened industry margin pressure during first half > Margin benefits due to rising interest rates starting to flow through > Demonstrating good operating efficiency enabling increased investment in the new digital bank > High quality portfolio well secured > Integration program well progressed, ME returned to growth, synergies ahead of accelerated schedule > St Andrew's divestment completed › Creating real competitive advantage through execution of our transformation › Sustainable and diversified growth across multi brands, in niche segments, across retail and business, providing distinctive customer propositions > Specialist bankers, credit officers and owner managers embedded in communities focused on long term customer relationships › Operating leverage with strategic execution capability > New cloud based, end-to-end digital bank, leading to improvement in productivity, customer experience, innovation and embedded compliance leading to improved risk controls > Quality portfolio and originations, well secured > Capital position of 9.57% 'unquestionably strong', supporting investment, growth and dividends. BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 123 42#43Outlook BOQ GROUP FY23 outlook1 > Australia remains well placed given low unemployment, high level of accumulated household saving, strong business order books, robust growth in capex spending plans and high terms of trade. Increased business spending in response to increased consumer spending relative to pre-pandemic levels > However, uncertainty remains given elevated inflation, rising interest rates, geopolitical tensions, weakening global economy and supply chain and labour disruptions. Housing and business system growth expected to slow in FY23 and both residential and commercial property prices expected to fall > Focus remains on quality sustainable profitable growth > Expecting market forecast credit growth of c.3.5% in housing and c.6.5% in business > Growth ahead of market optimising margin, revenue and returns. Tailwinds given net growth across all brands, retail and business > Positive NIM momentum, with tailwinds from rising interest rates partly offset by headwinds from wholesale funding › Cost headwinds from inflation, run of legacy systems along with build of new digital bank, regulatory changes and business growth, only partly offset by continued delivery of simplification and integration benefits > Positive jaws > We intend to operate with CET1 above the target range of 9.0-9.5%² > Implementing an integrated plan to strengthen our financial and operational resilience and risk culture > Dividend payout ratio target range of 60 - 75% of cash earnings³ BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) FY23 outlook is subject to no material change in market conditions (2) Following payment of the FY22 final dividend in November 2022, CET1 is expected to fall below 9.5%, before increasing to above 9.5% by the end of 1H23. We will re-assess our CET1 target once the final impacts of APRA's changes to RWAs and capital calibration are understood. (3) The amount of any dividend paid will be at the discretion of the Board and will depend on several factors, including (a) the recognition of profits and availability of cash for distributions; (b) the anticipated future earnings of the Company; or (c) when the forecast timeframe for capital demands of the business allows for a prudent distribution to shareholders 43#44ABOUT BOQ GROUP BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 44#45BOQ GROUP BOQ Unique brands in niche segments serving customers for 148 years Our differentiators > Unique brands with proud history > Deeply anchored in local communities > Highly specialised bankers, within niche industry segments > Building an innovative digital offering and loyalty Our distinctive brands Key statistics for FY22 c.1.3m1 Customers c.530k BOQ Retail c.240k VMA c.350k ME1 c.10k BOQ Business c.34k Specialist c.80k Finance c.50k Retail small business Retail Banking Human, empathetic relationship-led BOQ banking Business Banking 36 154 Branches² ME Mobile & Direct c.3.3k Employees $142b3 Virgin The digital bank money of bigger me possibilities The bank helping all Australians get ahead Bankers >900 OMB Employees Footings BOQ BOQ BUSINESS BOQ FINANCE SPECIALIST Specialised banking solutions that meet core business and personal needs 74% Deposit-to- Loan Ratio 2.98%4 Market share - Housing 1.54%4,5 Market share - Business (1) FY22 ME customer numbers adjusted to align to BOQ Group active customer definition which excludes dormant customers Total branches includes transaction centres Footings means gross loans and advances plus customer deposits Internal BOQ Analysis and APRA monthly authorised deposit-taking institution statistics excluding International banks, August 2022 (5) Excluding BOQF (2) (3) (4) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 45 45#46Distribution footprint 10 5 1,166 1 27 22 14 17 73 14 36 1,964 3 680 1,544 1 665 7 6 1,299 2,262 BOQ GROUP Summary > FY22 branch numbers at 154 (incl. transaction centres) > The franchise network remains a key differentiator for BOQ and is pivotal to the Bank's deposit raising capabilities and growth in mortgages and SME lending 2 304 850 4 19 3,234 As at 31 August 2022 11 2,313 4,835 36 CORPORATE BRANCHES 9,864 BROKERS ACCREDITED WITH BOQ BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 5 10 2,731 111 OWNER MANAGED BRANCHES 6,777 BROKERS ACCREDITED WITH VMA 12 2,086 4,412 7 TRANSACTION CENTRES 77 2 81 123 36 ME MOBILE & DIRECT BANKERS 14,062 BROKERS ACCREDITED WITH ME 46 46#47Distribution footprint movements Distribution footprint movements BOQ GROUP Aug-22 QLD NSW/ACT VIC WA NT TAS SA Total Corporate branches 17 4 Owner managed branches 73 19 51 10 36 10 5 2 1 111 Transaction centres 7 7 - - Total 97 23 15 15 1 2 1 154 Aug-21 QLD NSW/ACT VIC WA NT TAS SA Total Corporate branches 25 7 10 11 Owner managed branches 66 18 9 6 Transaction centres Total 7 98 - - - - 25 19 17 1 1212 53 - 1 103 - - 7 1 163 Corporate, owner managed branches & transaction centres Summary of changes Corporate closure OMB closure OMB to corporate Corporate to OMB OMB to OMB sale New branch opening Total changes FY22 Actual YTD Gross 7 2 1 11 3 - 24 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Net Branch Movement (7) (2) (9) 47 12#48Cultural transformation Cultural transformation delivering improved outcomes for our people and business BOQ GROUP Engagement Culture August 2020 August 2020 59% August 2022 67% +8 54% August 2022 65% +11 Safe to speak up Strategy execution May 2020 58% August 2022 76% +18 May 2020 51% May 20221 64% +13 Alignment of role to strategy August 2020 72% August 2022 79% +7 We encourage collaboration and working together to achieve the best outcomes for customers August 2022 76% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Full strategy execution index not included in August 2022 survey 48#49BOQ GROUP Multi brand strategy Our multi brand strategy allows us to target attractive segments with brands and value propositions that work Differentiation & value proposition BOQ The Human Touch 'The Relationship Bank' Delivering premium service through OUR UNIQUE OM NETWORK. Mature customers who prefer personal relationships, first time investors and first home buyers. Retail Bank Virgin money The Optimiser 'The Loyalty Bank' Digitally disrupting banking by offering value and REWARDING CUSTOMER LOYALTY. Younger, digitally savvy and aspirational. me BOQ FINANCE The Striver 'Banking made simple and doing good' SIMPLE, FAST AND SOCIALLY CONSCIOUS banking to help everyday Australians get ahead. PAYG with more equity - digitally aware and not requiring face to face support. •Digital Brokers BOQ SPECIALIST Business Bank BOQ BUSINESS BOQ FINANCE BOQ BUSINESS BOQ FINANCE Specialised Business & Private Banking Services Distinctive industry tailored business and private banking for Healthcare, Technology & Professional Businesses. • Specialist Bankers Differentiated Full- service proposition to Diversified & Logistics businesses. • OM Branches • Digital • Digital Brokers • Channel • Brokers Call Centre • Mobile Bankers • Call Centre • Mobile Bankers • Call Centre • • Specialist Credit Officers Branches • Products Consumer • • Finance Everyday Banking • . Home Loans • Consumer Finance Everyday Banking Saving • • Emerging opportunities • Home Loans • Finance Everyday Banking Savings Insurances ⚫ SME • • • Home Loans • Consumer Savings Insurance • Superannuation Low-cost, scalable customer propositions aligned to brand segments New Digital Apps to increase main bank relationship and transaction accounts • Consumer Finance Data and insights BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Supporting Australian businesses who are farming, building or investing (Agri, Social & Property services). ⚫OMB • Branches • Specialist Bankers • Local Connections • Specialist Bankers Specialist Credit Officers • Branches Home Loans Business Loans Business Transaction Banking . Foreign Currency (Smart FX) Equipment and Vendor Finance • Dealer Finance ⚫ Insurance Premium Finance • Structured Finance • Targeted profitable niche segment penetration in business lending • Market leading merchant acquiring and transaction banking solutions Data and insights • Payments Hub Financial Markets Supply chain capability . 49#50Balanced portfolio for growth and geographic diversity Combination of BOQ and ME has diversified the portfolio Summary > Well diversified profit, with 49% of profits from Retail Banking and 51% from Business Banking › Lending portfolio diversified geographically across the East Coast of Australia > Multi-brand and business bank niche strategy enables differentiated customer propositions › Capital investment leveraged across a broader base while scaling common technology > Targeting growth with a ROTE above BOQ's cost of capital FY22 Cash profit by division 1 (%) 49% 51% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Excludes $2m in other segment business loss (2) Excludes consumer as at 31 August 2022 Total loans by geography² (%) 22% 9% 6% ■ Retail Business 32% ■ QLD ■ NSW ■ VIC ■ WA 31% ■ Other BOQ GROUP 50#51TRANSFORMATION & INTEGRATION DETAIL BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 51#52Executing on the ME integration Integration program well progressed and synergies ahead of schedule www BOQ GROUP L ME returned to growth Improved time to yes Centralised product and pricing capability $1.1bn GLA growth in FY22 compared to $1.4bn GLA decline in FY21 (pre- ownership) Single ADI ME Bank ADI licence handed back Consolidated Treasury and Balance sheet technology Synergy and integration cost profile Technology integration well progressed Upgrade to v.18 of Temenos completed and decommissioned Ultracs (7 apps, 51 servers) Migrated c.500k customers from Temenos v.13 to v. 18, c.30k customers from Ultracs to v.18 Consolidated team and capability build Single executive team with leadership teams drawn from 'best of both' Capability uplifts acquired in technology and marketing Outperformed on synergy benefits delivered Synergies accelerated and increased Integration costs in line with initial target Sources of annualised synergies to date FY21 FY22 FY23 FY24+ Synergies annualised run rate $47m c.$70 - $80m $95m+ Delivered percentage¹ 63% 100% 125%+ Integration costs² Cumulative $13m $13m $81m c.$40m c.$5m $94m c.$135m c.$140m (1) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (2) Based on $75m mid-point of synergies range Integration costs are not included in cash earnings ■ Operating Model Project Propex Supply Chain ■ Other 52 52#53Integration update Integration program delivering ahead of plan BOQ GROUP Expense synergy profile Integration costs² 1H22 FY22 FY23 FY24+ FY21 FY22 FY23 FY24+ Synergies annualised run rate $33m $47m c.$70-$80m $95m+ Integration costs $13m $81m c.$40m c.$5m Delivered percentage¹ 44% 63% 100% 125%+ Cumulative $13m $94m c.$135m c.$140m > FY22 P&L synergies of $38m delivered through operating model changes, supply chain benefits and consolidation of project portfolios > Additional $7.5m one off non interest income benefit from an updated card services arrangement > FY23 annualised synergies expected from further ME BAU project portfolio reductions, supply chain benefits and ongoing operating model changes FY22 spend primarily relates to²: › Operating model changes > Technology spend on collaboration tools, network integration, Treasury system consolidation and regulatory reporting consolidation > Risk, compliance and remediation programs FY23 costs expected to relate to ongoing technology integration and operating model changes BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Based on $75m mid-point of synergies range (2) Integration costs are not included in cash earnings 53#54DIVISIONAL RESULTS BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 54 =#55Divisional performance Positive growth in underlying profit in BOQ Business with Retail Bank down 1% ($m) Retail bank me BOQ Virgin money Business bank BOQ GROUP BOQ BOQ BUSINESS BOQ FINANCE SPECIALIST FY22 FY21 FY22 v FY21 FY22 FY21 FY22 v FY21 Net interest income 943 981 (4%) 593 555 7% Non-interest income 98 85 15% 50 48 4% Total income 1,041 1,066 (2%) 643 603 7% Operating expenses (642) (663) (3%) (295) (262) 13% Underlying profit 399 403 (1%) 348 341 2% Loan impairment expense (41) 29 Large 28 100% Cash profit before tax 358 432 (17%) 376 341 10% Income tax expense (109) (134) (19%) (115) (106) 8% Cash earnings after tax 249 298 (16%) 261 235 11% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 55#56Retail banking overview Summary > Total income decreased 2% as margin degradation more than offset high non-interest income in the year Improved home lending growth ($m)¹ +263% > Retail customer deposit growth of $3.3bn, reflecting 1.3x system, driven by 20% transaction account growth > $1.5bn deposits on new digital platform > Maintained housing momentum in BOQ retail and VMA growing at 1.3x system. ME returned to growth in 1H22 and achieved 0.6x system growth in FY22. Overall BOQ Group system growth of 1.0x system² › Ongoing enhancement to loan processing and resourcing profile has ensured time to yes continues to improve 4 > Retail NPS improved to 3rd (from 5th in FY19)³, > Mortgage NPS stable at 5th (from 11th in FY19)³, 4 1,051 1,439 1,040 (1,428) FY21 ■ME Bank ■Virgin Money Solid deposit funding ($bn)1 +11% (2) (1) All comparative periods prior to FY22 are on a pro forma basis APRA monthly banking statistics August 2022 (3) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (4) RFI XPRT Report, August 2022 and August 2019 Relates to BOQ Retail brand 30.0 7.9 3.7 14.9 3.5 FY21 3,810 1,468 1,206 1,136 FY22 ■BOQ Housing 33.3 10.4 4.5 14.2 4.2 FY22 BOQ GROUP ■Transaction Accounts Savings & Investments Offsets Term Deposits 56#57Home lending performance Quality growth in housing, with net growth and application volumes providing revenue tailwinds, whilst maintaining good turnaround times Quality housing growth metrics Quality Growth LVR >90% (%) LVR > 80% (%) 90 Days past due Interest only %¹ Investor % PAYG % DTI >6x % Fixed % Broker % BOQ & VMA system growth² 2.6 15.9 5.1 Housing application volumes (# '000) +6% Portfolio FY22 Flow FY22 1.3 50.1 53.2 10.9 5.2 55bps 13 13 23.1 31 29 78 83 19.5 35 32 45 55 1.3x 1.3x 0.6x 1.0x BOQ GROUP 18.7 6.9 6.7 15.8 15.1 3.6 3.1 FY21 ■ BOQS BOQ BOQ Broker FY22 ■ME Bank ■ VMA BOQS system growth² ME system growth² Overall BOQ Group system growth² Serviceability buffer Higher of 5.35% (BOQ)/5.05% (ME) or 3.0% above customer interest rate. BOQ and ME rates were raised to 5.75% in Aug 2022 FY22 turnaround times - housing (days)³ 12 ME housing GLA growth ($m) BOQ Ownership July 2021 882 254 6 0 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 BOQ Broker -VMA Broker BOQ Network ME Bank Note: All comparative periods prior to FY22 are on a pro forma basis (1) Excluding construction loans BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (483) (945). 1H21 2H21 1H22 2H22 (2) Multiple based on YTD system to August 2022, APRA monthly banking statistics (3) Conditional approval with median turnaround times reported. ME's process has automated Conditional Approval prior to verification, BOQ's process is a fully verified Conditional Approval 57 40#58Business banking overview BOQ GROUP Summary > Total income grew 7%, reflecting strong lending balance growth of 8% and focused margin management in an environment of increasing competition > Lending momentum was underpinned by above system growth in SME ($0.6bn) and housing ($0.6bn), and $0.5bn of additional lending to large corporates > The business remained focused on portfolio optimisation and delivering improved risk adjusted returns during the year > $0.9bn of growth in customer deposits, helping to support asset growth across the Group > Ongoing supply chain issues subdued growth across the BOQ Specialist asset finance portfolio, offset by solid growth in BOQ Finance › An ongoing focus on policy, process and technology enhancements continues to deliver benefits to customers and our people Strong housing and business lending growth ($bn) 1.1 0.2 0.4 0.5 FY21 Housing & Consumer +55% 1.8 0.1 1.1 0.6 FY22 Business Asset Finance Uplift in deposit funding ($bn) 10.8 1.4 1.1 6.4 +8% 11.7 2.0 1.3 6.2 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 1.9 2.2 FY21 FY22 ■Transaction Accounts ■Savings & Investments Offsets ■Term Deposits 58#59Lending to households (APRA data) BOQ GROUP Lending to Households (APRA) Multiple (APRA) YTD (A) 3M (A) 1M YTD 3M 1M Market share Major 1 35.71% 21.61% 1.46% 5.0 3.6 3.2 4.76% International 1 16.47% -3.03% -0.25% 2.3 Neg Neg 1.36% Regional 1 12.53% 18.14% 1.44% 1.7 3.0 3.2 2.39% Major 2 11.61% 17.95% 0.40% 1.6 3.0 0.9 14.93% BOQ & VMA 9.77% 0.71% -0.15% 1.4 0.1 Neg 1.70% Regional 2 9.73% 3.49% 0.10% 1.4 0.6 0.2 2.84% BOQ, VMA + ME 7.42% 1.99% -0.14% 1.0 0.3 Neg 2.98% System 7.18% 6.04% 0.45% Major 3 6.70% 4.54% 0.38% 0.9 0.8 0.9 25.81% International 2 5.82% -5.02% -0.67% 0.8 Neg Neg 2.74% ME 4.48% 3.70% -0.13% 0.6 0.6 Neg 1.29% Major 4 Major 5 3.28% 5.96% 0.57% 0.5 1.0 1.3 21.54% 0.80% 3.10% 0.18% 0.1 0.5 0.4 13.00% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Source: APRA Monthly Banking Statistics August 2021 to August 2022 Note: Majors comprise CBA, NAB, WBC, ANZ and Macquarie, Regionals comprise SUN and BEN and Internationals comprise HSBC and ING 59#60Lending to business (APRA data) BOQ GROUP Lending to Businesses (APRA) Multiple (APRA) YTD (A) 3M (A) 1M YTD 3M 1M Market share International 1 34.87% 8.57% -2.39% 2.4 0.6 Neg 0.40% International 2 15.22% 47.25% 3.54% 1.0 3.4 4.7 1.58% System 14.56% 13.87% 0.75% Major 4 14.33% 18.20% 0.88% 1.0 1.3 1.2 19.57% Major 2 14.18% 12.12% 0.56% 1.0 0.9 0.8 20.62% Major 3 14.01% 7.66% 0.55% 1.0 0.6 0.7 25.84% Major 1 13.49% 7.10% -2.04% 0.9 0.5 Neg 1.93% Major 5 12.55% 20.67% 1.04% 0.9 1.5 1.4 16.14% BOQ 8.87% 7.56% 0.09% 0.6 0.5 0.1 1.54% International 3 5.60% 18.47% 0.44% 0.4 1.3 0.6 1.91% Regional 1 1.55% 7.84% 0.90% 0.1 0.6 1.2 1.39% Regional 2 0.11% 1.40% -0.42% 0.0 0.1 Neg 1.80% Source: APRA Monthly Banking Statistics August 2021 to August 2022 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: Majors comprise CBA, NAB, WBC, ANZ and Macquarie, Regionals comprise SUN and BEN and Internationals comprise HSBC and ING 60 60#61Business lending (RBA data) Solid business growth with focus on SME Small and medium (rolling 3m growth rate) - RBA 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Aug-21 Small and medium Market Growth - RBA (As at 31 Jul 22) BOQ Growth (As at 31 Aug 22) BOQ Multiple (As at 31 Jul 22) Large (rolling 3m growth rate) - RBA 30.0% 25.0% 20.0% 15.0% 10.0% 10.0% 10.2% 5.0% 0.0% -5.0% -10.0% -15.0% Aug-22 Aug-21 Feb-22 BOQ Market YTD (A) 18.7% 10% 0.6x Feb-22 BOQ Market YTD (A) Large 7.9% Market Growth - RBA (As at 31 Jul 22) 11% BOQ Growth (As at 31 Aug 22) 1.5x BOQ Multiple (As at 31 Jul 22) BOQ GROUP BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Source: BOQ data is internal GL based and market data is sourced from the RBA D14.1 lending to business - business finance outstanding by business size and industry Note: The RBA defines small business as an entity with exposure of less than $1 million and the business has turnover of less than $50 million, medium business is defined as an entity with exposure of more than $1 million and turnover of less than $50 million, and large business is defined as an entity with turnover of $50 million or more 22.8% 7.7% Aug-22 61#62PORTFOLIO QUALITY BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 62 62#63200 150 100 50 0 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 House price index Dec-21 Feb-22 Apr-22 Provision and loan impairment expense Prudent economic forecasts reflective of a changing environment Provision model assumptions > The base case scenario reflects BOQ's forward looking economic assumptions and is supported by RBA forecasts where available > Downside scenario represents the risk of stagflation effects, with further rises in interest rates, no GDP growth and rising unemployment > Downside and Severe scenario weights have reduced since 2021, representing a less volatile economic outlook with COVID-19 risks subsiding, although still reflecting the uncertainty posed by the current economic environment GDP (YoY growth %) Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Scenario weights BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Economic forecasts as at July 2022, based on RBA and market consensus at that time and prepared for the purposes of collective provision updates. The peak interest rate at that time was 3.1% 8.0% 6.0% 4.0% 2.0% 0.0% Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Weighting Unemployment (%) Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Economic forecasts (calendar year) (%) 1 Base Downside 2022 2023 2024 2022 2023 2024 3.25 1.75 1.75 0.25 0.00 0.75 Unemployment rate (%) 3.25 3.50 4.00 5.00 7.00 7.50 Residential Property Prices -6.00 -15.00 -20.00 -16.00 -29.00 -32.00 (cumulative % change) Commercial Property Prices -4.00 -9.00 -12.00 -13.00 -22.00 -26.50 (cumulative % change) Cash Rate (%) 2.90 2.95 2.90 3.50 3.75 3.50 Upside 2022 2021 2022 5% 5% Base Downside 2021 2022 2021 Severe 2022 2021 50% 43% 30% 30% 15% 22% Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 63 Oct-24 Dec-24 BOQ GROUP#64Portfolio quality Housing and Commercial arrears trends broadly improving over the year Commercial arrears (bps) 171 BOQ GROUP 143 111 91 93 84 61 Aug-21 Feb-22 Aug-22 Summary > Low unemployment, rising house prices and increased household deposits supporting lower housing arrears > Commercial arrears continue to normalise to pre COVID-19 levels › Asset finance arrears have deteriorated since FY21, driven by a small number of customers > Rising interest rates and inflation expected to result in increasing arrears, somewhat mitigated by high quality portfolio, serviceability buffers and well secured in retail and business banking Housing arrears (bps) 174 Feb-21 106 100 13 73 Asset finance arrears (bps) 64 . 64 79 81 82 62 88 80 59 55 24 24 20 15 Feb-21 Aug-21 Feb-22 Aug-22 Feb-21 Aug-21 Feb-22 Aug-22 90DPD 90DPD+Impaired BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Note: FY21 comparison is on a pro forma basis 64#65Housing loan portfolio Strong risk management with diversified portfolio and conservative LVR lending Summary > Housing portfolio diversified across geography and channel > 97% of customers with LVR<90%, with FY22 flow above 90% at 1.3% > FY22 flows from home loan customers with LVR>80 reduced from 23% (FY21) to 11% Housing portfolio by LVR (%) 13% 3% 33% ■ Up to and including 60% ■>60% to 70% ■>70% to 80% Housing portfolio by geography (%) 23% 6% 10% 31% ■ QLD ■ NSW & ACT ■ VIC ■ WA ■ Other 30% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 31% 20% ■>80% to 90% ■Greater than 90% Housing portfolio by channel (%) 26% 9% 1% ■ BOQ OMB 26% ■ BOQS ■BOQ Branch 10% 4% 15% 9% ■ VMA ■ME Bank Proprietary ■ME Bank Broker ■BOQ Broker ■ BOQ Other BOQ GROUP 65#66Asset finance portfolio Portfolio remains well diversified Summary › Broad industry spread reducing concentration of asset finance portfolio > Exposure to the construction sector is well spread across a mix of light and heavy vehicles and yellow goods, with strong secondary markets for these assets Asset finance by geography (%) 9% ■ QLD 5% 30% ■ NSW 9% ■ VIC ■ WA 21% 26% ■ NZ ■ Other Asset finance by industry (%) 18% 25% 13% 4% 12% 7% 10% ■Construction Transport Manufacturing ■ Agriculture ■Retail & Whs Trade ■Rental, Hiring ■ Professional ■ Health Care 6% 5% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation ■ Other Asset finance by channel (%) 13% 2% 3% 9% 56% ■Equipment Finance ■Structured Finance ■Dealer Finance ■Cashflow Finance Vendor Finance ■BOQS 17% BOQ GROUP 66 9#67Business portfolio Strong growth across the core distribution channels of Business Banking, BOQS & owner managed branches Summary › Business portfolio well diversified geographically with a diverse channel mix > The portfolio is well secured with less than c.8% of unsecured lending > Property and construction industry segments are well diversified and performing well with no material indication of stress emerging in the portfolios Business by geography (%) 18% 6% 2% Business by industry (%) 19% 32% 5% 7% Property Health Care ■Construction ■ Professional Accommodation 6% ■ Agriculture 9% 22% ■ Other BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 36% Business by channel (%) 15% 2% 25% 58% QLD 38% ■NSW & ACT ■ VIC ■ WA ■ Other ■Business Banking ■BOQS ■ OMB Other BOQ GROUP 67 20#68Business portfolio Business lending primarily underpinned by quality security Summary > c.8% of the business exposure is unsecured > All industries and brands are predominantly secured > Property and construction contribute 41% to the business exposure with the vast majority of these industries being secured lending Business portfolio security status by industry (% of industry GLA) BOQ GROUP 35% 0.6% 30% 25% 20% 9.5% 15% 99.4% 16.7% 10% 90.5% 5% 2.4% 97.6% 8.6% 91.4% 32.0% 68.0% 1.7% 98.3% 15.1% 83.3% 84.9% 0% Property 1 Health Care Construction Accomm' & Food Professional Agriculture Financial Serv' Other Industries ■Secured Unsecured BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Majority of the unsecured exposure in the property industry is due to a group with more than $13m exposure which was re-contracted on the 29th of August. The group is fully secured however due to timing differences security data had not been recorded in system on the year end date 68#69Industry and geographic split over time¹ Enhanced geographic and sector diversification over time Housing loans - geographic split over time (%) FY22 Balance Outstanding (%) FY17 Balance Outstanding (%) 31% 30% 23% 50% 21% 14% 10% 6% 12% 3% ■ QLD NSW & ACT ■VIC ■WA ■ Other Asset finance - industry segments over time (%) FY22 Balance Outstanding (%) FY17 Balance Outstanding (%) 18% 15% 13% 21% 12% 7% 10% 5% 35% 13% 8% 8% 8% 27% ■Construction Health Care Transport Manufacturing Agriculture Retail Trade ■ Other Business - industry segments over time (%) FY22 Balance Outstanding (%) 32% FY17 Balance Outstanding (%) 29% Property Health Care Construction Total lending - geographic split over time² (%) FY22 Balance Outstanding (%) 32% FY17 Balance Outstanding (%) 38% ■ QLD ■NSW (1) BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (2) 22% 9% 6% 7% 5% 19% 22% 8% 11% 7% 23% Professional ■Accomodation Agriculture Other 31% 22% 9% 6% 27% 19% 8% 8% ■VIC ■ WA ■Other FY22 includes ME, FY17 has not been restated Excludes consumer BOQ GROUP Summary > Enhanced geographic diversification, Queensland housing portfolio reducing over 4 years from 50% in FY17 to 31% in FY22 > The addition of ME has further diversified the geographic diversity of the housing portfolio > Asset Finance and Business Lending portfolios remain diversified across a broad range of industries 69#70BOQ GROUP Emerging risks Macro economic environment > Strong post covid economic rebound > Historically low unemployment forecast to remain > Housing and business credit system growth expected to slow › Increasing inflationary concerns > Geopolitical tensions with weakening global economy > Supply chain and labour disruptions > Increased swap yields, rising cash rates and increasing volatility > House prices expected to fall Recent weather events > Supporting customers impacted by FY22 weather events through hardship arrangements - minimal customer requests received > > Construction industry > Sector risks emerging given recent impacts from supply chain and rising cost impacts Construction industry comprises 9% of BOQ's commercial portfolio and 18% of the asset finance book Construction sector exposure is well diversified by customer size and geography with a focus on SME > Prudent collective provisioning in place which considers sector health > Analysis of BOQ construction exposure completed, with no material signs of stress currently emerging > Individual customer assessments performed for all exposures over $10m, whilst customers have been impacted by industry issues, no material signs of stress emerging and customers appear to be well positioned to withstand the industry stress Group business construction GLAs by customer exposure size (%) > > 48% 97% 20% 2% 0% 0% 0% 0% 7% 6% 8% 12% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ■ $0-$1m ■$1m-$5m ■ $5m-$10m $10m-$20m ■$20m-$35m ■>$35m To date no material credit losses expected in relation to housing customers as general insurers expected to cover most property damages By # of Customers Business bankers working closely with impacted business customers, government assistance arrangements expected to minimise economic impacts By GLA > Sound credit policy which considers flood risk as part of lending criteria BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 70 10#71BOQ GROUP CAPITAL, FUNDING & LIQUIDITY BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 14 71#72Term deposits benefiting from lower pricing relative to BBSW, new money of $1.7bn Summary > FY22 term deposit growth of 14% > 2H22 saw a strategic pivot to term deposits due to relatively low cost of funding > Favourable carded rates in 2H22 well below elevated BBSW vs normalised rates positioned above BBSW > Portfolio shifted to longer tenor with c.50% held in terms nine months or greater > $1.7bn of new money, $1.4bn from existing customers (net of run off) Term deposit carded rates¹ compared to BBSW (%) 1.80 1.20 BOQ GROUP Combined Average 0.43% Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 6M 12M Combined Avg. 0.60 0.00 -0.60 -1.20 -1.80 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 3M BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Relates to BOQ Brand 72 22#73Replicating portfolio and uninvested capital and low cost deposits BOQ GROUP Summary › Replicating portfolio investment term moved from 3 years to 5 years in FY22 > Additional $1bn of uninvested low cost deposits were invested into the replicating portfolio early in 2H22 Replicating portfolio (%) 5% 4% 3% > $300m increase in uninvested low cost deposits due to transaction deposit growth 3M BBSW 2% > For every 25bps cash rate increase, the uninvested capital and low cost deposit portfolio increases NIM by c.0.5bps 1% RBA Official Cash Rate Replicating Portfolio Return 0% Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 1H22 Balance 2H22 Balance ($bn) ($bn) 2H22 Avg. Return Exit Return Rate Feb-22 Aug-22 Investment Term Capital Low cost deposits Total Replicating Portfolio Uninvested capital and low cost deposit 3.9 3.9 1.17% 1.28% 5 yrs 3.3 4.3 1.50% 1.64% 5 yrs 7.2 8.2 1.34% 1.47% 5 yrs 2.9 2.2 0.84% 2.31% 3 mths1 BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) Invested at the overnight cash rate plus 3 month average of 3 month Bills OIS spread 73#74Hedging costs - basis risk Summary > The impacts of hedging costs had a flat NIM impact in 2H22 > The basis exposure has started to normalise since HY22 as fixed rate lending has slowed and term deposits growth has increased during the period > Current sensitivity given increasing basis exposure is c.1.5bps of NIM for every 10bps in basis swap spread 0.6% 0.4% BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 0.2% 0.0% Long term basis risk avg - 21bps M BOQ GROUP -0.2% Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 74#75Yield curve movements Summary > Swap yields have continued to increase significantly in 2H22 as central banks commence lifting cash rates in response to inflationary pressures > This has created challenges for industry NIM BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation Yield curve movements (%) 4.0 3.0 1.85 2.0 1.0 2.46 BOQ GROUP 3.64 3.65 3.69 3.73 3.40 0.61 2.14 2.02 1.77 1.39 0.75 0.10 0.08 0.59 0.42 0.22 0.0 0.10 0.01 0.05 RBA Cash Rate 3mBBSW 1yr Swap 2yr swap 3yr swap 4yr swap 5yr swap FY21 31/08/2021 1H22 - 28/02/2022 FY21 Results - 14/10/2021 FY22 - 31/08/2022 21 AGM - 8/12/2021 75#76Funding Summary > Loan growth funded through stable funding sources, including customer deposits and long term wholesale funding > Deposit to loan ratio of 74% despite the increase in loan growth in the year Uses & sources of funding - FY21 to FY22 ($bn) FUNDING USES FUNDING SOURCES 0.8 (5.5) 4.0 (3.0) 2.3 (5.0) 6.4 Lending Assets Liquid Assets Long Term and other Wholesale Asset Growth 1 Maturities Long Term Wholesale Funding Issuance Short Term Wholesale Funding Customer Deposits Other Deposit to loan ratio (%) BOQ GROUP 70% 74% 75% 74% FY192 FY202 FY21 Customer at call deposit funding costs³ $29.3bn FY22 $16.8bn 59% 45% 4% 7% 17% 8% 31% 30% FY20 FY22 10%≤0.05% 0.05%≤0.25% ■>0.25%≤0.50% >0.50% (1) Other assets comprises of movements in derivatives, collateral, operating accounts and other non ESA cash accounts (2) Period excludes ME Bank BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (3) Funding mix is presented on a spot basis. FY20 funding mix and customer deposit data does not include ME 76#77Credit rating Current debt ratings¹ Rating Agency S&P Fitch Moody's BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP Short Term Long Term Outlook A-2 BBB+ Positive F2 A- Stable P-2 A3 Stable (1) The Bank monitors rating agency developments closely and is rated by Standard & Poor's (S&P), Fitch Ratings and Moody's Investor Service 77#78ECONOMIC ASSUMPTIONS BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 78#79Macro economic environment¹ Economic growth to be strong but with elevated inflation Macro economic > Economic growth will likely slow over the next 1-2 years with a forecast modest rise in the unemployment rate > Inflation will likely peak by end-2022 > This will likely result in interest rates peaking by the first half of next year > RBA base case is for a soft landing > There is a higher than usual uncertainty about the outlook BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) BOQ house view BOQ GROUP 79#80Housing, business lending and deposits outlook¹ BOQ GROUP Housing outlook › Unemployment low at c.3.5% in calendar 2023 and likely to stay low › Consumer confidence has taken a hit from the rise in the cost of living and higher interest rates › Consumers remain confident about the labour market and are likely to benefit from faster wage growth › Consumers have accumulated significant savings > Rising interest rates and affordability concerns will see a peak-to-trough decline in house prices of around 16% in this cycle > House prices forecast to drop by c.9% in 2023 > Housing credit is projected to grow by around 3.5% this financial year² Business lending outlook › Business order books and capex intentions are currently elevated › Consumer spending is above pre-COVID levels > High input costs are an issue for many firms > Labour remain the biggest constraint although supply-chain problems are slowly being resolved > Strong outlook for agri given high commodity prices › Business credit is expected to grow by around 6.5% in the 2023 financial year Deposits outlook › System deposit growth was elevated over COVID-19 > Deposit growth will likely slow reflecting the end of government COVID income support, negative real wages growth and greater spending opportunities from the re-opening of the economy > An important offset may be that the uncertain economic and financial market environment as well as higher interest rates will lead to a shift in the composition of saving towards deposits > Deposit growth is expected to grow by around 5% in the 2023 financial year BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation (1) BOQ house view (2) BOQ financial year to August 2023 80 60#81ABBREVIATIONS BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation BOQ GROUP 81#82Abbreviations BOQ GROUP 1H: First half of financial year 2H: Second half of financial year 30DPD: 30 days past due 90DPD: 90 days past due AASB: Australian Accounting Standards Board ADI: Authorised Deposit-taking Institution APRA: Australian Prudential Regulation Authority ASIC: Australian Securities & Investments Commission AUC: Assets Under Construction Avg: Average BAU: Business As Usual BBSW: Bank Bill Swap Rate BDD: Bad & Doubtful Debt Expense BOQS: Bank of Queensland Specialist BOQF: Bank of Queensland Finance bps: basis points CAGR: Compound annual growth rate CET1: Common Equity Tier 1 CP: Collective Provision cps: cents per share CTI: Cost-to-income ratio CLF: Committed Liquidity Facility DPD: Days past due EPS: Earnings per Share ESA: Exchange Settlement Account ERP: Enterprise Resource Planning FTE: Full Time Equivalent FY: Financial year GDP: Gross Domestic Product GLA: Gross Loans & Advances GRCL: General Reserve for Credit Losses HQLA: High Quality Liquid Assets LCD: Low cost deposit LCR: Liquidity Coverage Ratio LGD: Loss Given Default LIE: Loan Impairment Expense LOC: Line of Credit LVR: Loan to Valuation Ratio MFI: Main Financial Institution NIM: Net Interest Margin NII: Net Interest Income NM: Not meaningful NPAT: Net Profit After Tax NPS: Net Promoter Score NSFR: Net Stable Funding Ratio OMB: Owner Managed Branch OIS: Overnight Index Swap PAYG: Pay As You Go PCP: Prior Corresponding Period PD: Probability of Default QE: Quantitative Easing RBA: Reserve Bank of Australia ROE: Return on equity ROTE: Return on tangible equity RWA: Risk-weighted assets SaaS: Software as a Service SME: Small and Medium Enterprises TD: Term deposit TFF: Term Funding Facility VMA: Virgin Money Australia BANK OF QUEENSLAND LIMITED 2022 Full Year Results Presentation 82 62