Investor Presentaiton

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notice and disclaimer (cont) U.S. restrictions This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States of America (United States) or to any person in the United States or that is acting on behalf of a person in the United States. The entitlements and the New Shares have not been, and will not be, registered under the Securities Act of 1933 (U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the entitlements may not be offered and the New Shares may not be offered or sold to persons in the United States or that are acting for the account or benefit of a person in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws. This Presentation may not be distributed or released in the United States. Underwriter The underwriter and its affiliates is a full service financial institution engaged in various activities, which may include trading, financial advisory, financing, investment management, investment research, principal investment, hedging, market making, margin lending, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary fees and expenses. The underwriter and its affiliates have provided, and may in the future provide, financial advisory, financing services and other services to the Issuer and to persons and entities with relationships with the Issuer, for which they received or will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriter and its affiliates may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the Issuer, and/ or persons and entities with relationships with BOQ. The underwriters and its affiliates may also communicate independent investment recommendations, market colour or trading ideas and/ or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/ or short positions in such assets, securities and instruments. The underwriter and its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents may from time to time hold interests in the securities of or earn brokerage, fees or other benefits from BOQ and make no recommendations as to whether you or your related parties should participate in the Offer nor do they make any representations or warranties to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by the underwriters, or their advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them. Not investment or financial product advice This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares and does not and will not form any part of any contract for the acquisition of New Shares. This Presentation has been prepared without taking account of any person's investment objectives, financial situation or particular needs and prospective investors should conduct their own independent investigation and assessment of the Offer and the information contained in, or referred to in, this Presentation. Cooling off rights do not apply to the acquisition of New Shares. An investment in BOQ is subject to investment risk including possible loss of income and principal invested. Please see the "Risk Factors" Section of this Presentation for further details. Investment risk An investment in New Shares is subject to known and unknown risks, some of which are beyond the control of BOQ. BOQ does not guarantee any particular rate of return or the performance of BOQ, nor does it guarantee the repayment of capital or any particular tax treatment. Prospective investors should have regard to the risk factors in the "Risk Factors" Section of this Presentation when making their investment decision and should make their own enquires and investigations regarding all information in this presentation including but not limited to the assumptions of uncertainty but not limited to the assumptions, uncertainties and contingencies which may affect future operations of BOQ and the impact that future outcome may have on BOQ. Investments in New Shares are not deposit liabilities of BOQ and are not protected accounts for the purposes of the depositor protection provisions of Australian banking legislation and they are not guaranteed or insured by any government, government agency or compensation scheme of Australia or any other jurisdiction. IT'S POSSIBLE to LOVE A BANK BOQ

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