Investor Presentaiton

Bank of Queensland Source: IRESS $16.00 $14.00 BEN share price ($) $12.00 $10.00 $8.00 Mar-05 Jun-05 Sep-05 Dec-05 $18.00 Proposal represents 25% premium to 1 month VWAP of $13.741 The proposal represents a significant premium to BEN's historical trading range... BEN historical share price Premium relative to historical prices Based on BOQ's 1 month VWAP to 16 March ($15.62) Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 BEN share price ($) 1 Based on BOQ's 1 month VWAP of $15.62, implying an offer price of $17.18 BEN share price ($) $18.00 +30.1% +25.0% +24.6% +22.6% $16.00 $13.74 $13.79 $14.01 $14.00 $13.21 $12.00 $10.00 $8.00 16 March closing 1 month VWAP 3 month VWAP 6 month VWAP Based on BOQ's closing price as at 16 March ($16.60) $18.00 +35.7% +30.4% +30.0% +27.9% $16.00 $13.74 $13.79 $14.01 $14.00 $13.21 $12.00 $10.00 $8.00 16 March 1 month VWAP 3 month VWAP 6 month VWAP closing 16

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