Investor Presentaiton

For personal use only OPERATING EXPENSES¹ INVESTMENT IN STRATEGIC INITIATIVES AND COSTS TO SUPPORT GROWTH SUMMARY Expenses increased $21m or 3% from FY20 • Underlying expenses increased 1.5% Increased investment on strategic initiatives, including VMA and other technology and digital projects • $14m of costs to support business growth in operations, product and marketing Year 2 productivity benefits of $30m delivered, bringing the total to $60m Bank of Queensland Limited 2021 Full Year Results Presentation OPERATING EXPENSE BREAKDOWN ($M)² BOQD GROUP 612 633 11 6 7 14 5 9- 10 (30) 17 52 45 39 39 517 Underlying expenses +1.5% 525 FY203 VMA Digital Bank Projects Business volume growth Lower annual leave taken Inflation Other Productivity FY21 (1) Excluding ME Bank Underlying Expenses Amortisation Projects ■VMA Digital Bank (2) VMA third party costs have been restated from non-interest income and included in operating expenses 22 (3) FY20 includes a $4m reclassification from projects to underlying expenses for data centre costs which have now moved to BAU

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