Investor Presentaiton

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Entitlement offer summary Offer Structure and Size Dividends/Ranking Offer Price Institutional Entitlement Offer Retail Entitlement Offer 3 for 26 pro rata accelerated renounceable entitlement offer to raise approximately A$400m Approximately A$190m institutional component Approximately A$210m retail component Allows non-participating shareholders to potentially realise value for their entitlements Offer fully underwritten New shares will not be eligible for the 1H2014 interim dividend of A$0.32 per share New shares issued will rank equally with existing shares from the date of allotment A$10.75 per new share 11.4% discount to dividend adjusted TERP of A$12.14(1) 12.6% discount to dividend adjusted last closing price of A$12.30 (2) Institutional entitlement offer opens at 9:00am Friday, 11-Apr-2014 and closes at 2:00pm Monday, 14-Apr-2014 Entitlements not taken up and entitlements of ineligible institutional shareholders will be sold through the institutional bookbuild to be conducted on Tuesday, 15-Apr-2014 Retail entitlement offer opens at 9:00am Thursday, 17-Apr-2014 and closes 5:00pm Friday, 09-May-2014 Entitlements not taken up and entitlements of ineligible retail shareholders will be sold through the retail bookbuild to be conducted after-market on Wednesday, 14-May-2014 Record Date 7:00pm on Wednesday, 16-Apr-2014 'The Theoretical Ex-Rights Price ("TERP") is the theoretical price at which BOQ shares should trade immediately after the ex-date for the entitlement offer. The TERP is a theoretical calculation only and the actual price at which BOQ shares trade immediately after the ex-date entitlement offer will depend on many factors and may not equal the TERP. TERP is calculated by reference to BOQ's closing price of A$12.62 on 10-April-2014 and deducting the 2014 interim dividend of A$0.32 per share to reflect the fact that new shares will not be entitled to receive this dividend payment. 2 Based on the closing price on 10-April-2014 of A$12.62 and deducting the 2014 interim dividend of A$0.32 per share to reflect the fact that new shares will not be entitled to receive this dividend payment. 26 IT'S POSSIBLE to LOVE A BANK BOQ

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