Investor Presentaiton

Outlook 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

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