Investor Presentaiton

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES A compelling transaction for BOQ shareholders High Quality Loan Portfolio Niche Distribution Capability Increased Diversification and Scale Financially Attractive Addition of a $2.4bn high quality loan portfolio with attractive margins High income client base with a relatively low-risk profile Attractive industry segments characterised by predictable and recurring cash flows and capital requirements Established national distribution capability across a number of high-growth professional sectors Professional Finance specialist model is strongly aligned with BOQ's strategy Asset Finance & Leasing expands BOQ Finance's customer base Further diversifies BOQ's loan portfolio by industry sector and geography Increases the size of BOQ's Commercial lending portfolio by approximately 38% at acquisition Transaction expected to be approximately 2% cash EPS accretive in the first full year following the acquisition (FY15) and approximately 4% cash EPS accretive in FY16(1) Acquisition expected to add approximately $38m in post-tax earnings in FY15, before the impact of operating cost and revenue synergies and one-off costs (includes assumed BOQ funding costs) New channel for BOQ mortgage origination Further Value Creation Opportunities Cross-selling opportunities (including transactional banking, financial markets and leasing) Opportunity to leverage the Acquired Businesses' proven specialist model to enter adjacent industry sectors 1 Calculated on a post cost synergies basis and excludes the impact of one-off integration and transaction costs, one-off balance sheet transitional impacts and amortisation expense associated with new identifiable intangibles from the acquisition. Refer to slide 29 for the key assumptions. Cash EPS accretion relative to BOQ analyst consensus estimates for cash EPS of $0.96 for FY15 and $1.03 for FY16, theoretically adjusted for the bonus element of the entitlement offer. 10 IT'S POSSIBLE to LOVE A BANK BOQ

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