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Investor Presentaiton

Key terms of the merger proposal Scrip and cash proposal Value Implied premium (based on BOQ 1 month VWAP of $15.62 to 16 Mar 07) Implied premium (based on BOQ closing share price of $16.60 on 16 Mar 07) Board (post merger) Integration to combine management strengths Name (post merger) Mechanism to effect merger Conditions Scrip offer on exchange ratio of 0.748 BOQ shares and $5.50 in cash per BEN share (value of $17.18)(1) Exchange ratio is calculated based on 1 month VWAP trading prices for BEN and BOQ EPS positive impact for year ended August 2009 for both BOQ and BEN shareholders 30% premium to BEN closing share price as at 16 March 2007 of $13.21 25% premium to BEN 1 month VWAP of $13.74 36% premium to BEN closing share price as at 16 March 2007 of $13.21 30% premium to BEN 1 month VWAP of $13.74 5 BEN Board members to be invited to enlarged BOQ Board David Liddy (MD of BOQ) to be MD of enlarged Group and manage integration "Best of both" approach to choosing senior management To be defined - clear that all present brand names continue to exist BEN scheme of arrangement - vote by BEN shareholders BEN Board to recommend merger proposal Regulatory approvals Conditions typical for public offer Bank of Queensland (1) Value based on $15.62 (BOQ 1 month VWAP); exchange ratio will be adjusted to reflect BOQ entitlement issue 4
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