Investor Presentaiton

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Basis of preparation of financial information FY15 Pro forma Financial Information Key assumptions used to estimate the impact of the acquisition on BOQ's FY15 cash EPS and calculation of FY15 post-tax earnings of the acquired business (including associated acquisition funding cost impact) are set out below. This information is intended to assist investors in assessing, where relevant, the reasonableness and likelihood of the assumptions occurring and is not a representation that the assumptions will occur. Potential investors should be aware that the timing of actual events and the magnitude of their impact might differ from that assumed in preparing this information, and that this may have a positive or negative impact on BOQ's financial performance. Investors are advised to review the key assumptions in this section in conjunction with the Key Risks section. FY15 Assumptions (financial assumptions for Professional Finance business and the deposit portfolio, except where otherwise stated) The first full year of BOQ ownership is the 12 months ending 31 August 2015 (FY15). Assumed asset growth slightly below historical levels (refer slide 16 for historical asset growth) Assumed asset spread to the swap curve on new business volumes in-line with recent experience over the last 6 months (refer to slide 16 for historical spread performance) The existing deposits assumed at current rates, with rollovers at maturity assumed at BOQ's marginal deposit pricing profile. A proportion of funding costs related to excess liquidity have been removed from cash earnings. Non-interest income is assumed to be consistent with the Acquired Businesses' financial performance in prior years (refer to slide 16 for historical performance) Operating expenses assumed at a cost-to-income ratio of approximately 47% Impairment expenses assumed to be in-line with recent experience for the Professional Finance portfolio in recent periods (refer to slide 16) Post-tax earnings contribution from AF&L business of less than $2m Corporate tax rate of 30% BOQ raises approximately $400 million under an Equity Offer 29 IT'S POSSIBLE to LOVE A BANK BOQ

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