Investor Presentaiton

OPERATING EXPENSES INCREASED INVESTMENT IN STRATEGIC INITIATIVES, RISK AND COMPLIANCE PROGRAMS BOQD GROUP SUMMARY Increased technology spend on strategic initiatives (VMA Phase 1 and core infrastructure modernisation) OPERATING EXPENSE BREAKDOWN ($M)¹ +4% +2% +2% -5% [14] 594 +4% 11 —11. 30 • Increased employee and 555 12 21 administrative expenses relating to risk and regulatory programs 49 16 40 39 • Excluding technology and risk and compliance spend, underlying expenses decreased 1% • Reduction in occupancy costs, general expenses, and discretionary spending 499 Underlying Expenses -1% 495 FY19 Actual Risk & Regulatory programs Digital & Technology programs Inflation Other growth Productivity benefit FY20 Actual ■Underlying Expenses Amortisation Projects ■VMA Digital Bank Bank of Queensland Limited 2020 Full Year Results Presentation (1) FY19 includes a restatement of employee costs from impairment on loans and advances to expenses 19

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