Bank of Queensland Ltd.

Capital/Financing Update • Dec 17, 2025

BOQ Soft Bullet Covered Bond Trust - Monthly Investor Report

Monthly Period
Calculation Period Start Date	01-November-2025
Calculation Period End Date	30-November-2025
Trust Payment Date	22-December-2025

Programme Details
Issuer	Bank of Queensland Limited
Seller, Servicer	Bank of Queensland Limited
Trust Manager	B.Q.L. Management Pty Ltd
Covered Bond Guarantor	Perpetual Corporate Trust Limited
Security Trustee	P.T. Limited
Covered Bond Swap Provider	ING Bank N.V, National Australia Bank Limited and BNP Paribas
Bond Trustee	BNY Trust Company of Australia Limited
Cover Pool Monitor	KPMG Australia

Ratings Overview	Moody's	Fitch
Bank of Queensland Short Term Rating	P2	F2
Bank of Queensland Long Term Rating	Baa1	A
Covered Bond Rating	Aaa	AAA

Compliance Tests
Asset Coverage Test	PASS
Issuer Event of Default	NO
Pre-Maturity Test	NO
Notice to Pay	NO
Covered Bond Guarantor Event of Default	NO

	Asset Coverage Test
A	Calculation of Adjusted Aggregate Mortgage Loan Balance Amount The lower of: (i) Aggregate LVR Adjusted Mortgage Loan Balance Amounts 2,879,820,086.49	\$	2,617,753,924.08
B	(ii) Aggregate Asset Percentage Adjusted Mortgage Loan Balance Amounts 2,617,753,924.08 Aggregate Amount of any Proceeds of any Intercompany Notes and/or any Demand Notes which have not been applied as at the Collection Period	\$	-
C	Aggregate Principal Balance of any Substitution Assets and Authorised Investments as at the Collection Period	\$	-
D	Aggregate amount of Principal Collections standing to the credit of GIC account and not applied in accordance with the applicable Priority of Payments		\$87,544,048.84
Z	Negative Carry Adjustment	\$	-
	Adjusted Aggregate Mortgage Loan Amount (A + B + C + D) - Z	\$	2,705,297,972.92
	Results of Asset Coverage Test Adjusted Aggregate Mortgage Loan Amount AUD Equivalent of the Aggregate Principal Amount Outstanding of the Covered Bonds Excess/(Shortfall) over adjusted Mortgage Loan Amount ACT Test Pass or Fail Asset Percentage	\$ \$ \$	2,705,297,972.92 2,028,814,591.70 676,483,381.22 PASS 90.9%
	Overcollateralisation Legislative Current Contractual Minimum (based on Asset Percentage) Current		103.0% 110.0% 33.3%
	Indexation Indexation is applied to each residential loan based on the loan's approval date to derive the Aggregate LVR Adjusted Mortgage Loan Balance Amounts in the Asset Coverage Test. Indexation is applied 85% for upward revision and 100% for downward revision. Indexation used is the CoreLogic "Hedonic Home Value Index" by State.

BOQ Soft Bullet Covered Bond Trust - Monthly Investor Report

Bonds	Issue Date	Maturity Date	ISIN	Fixed/Floating
Series 2024-1	30-May-2024	30-July-2029	XS2828820352	Fixed
Series 2025-1	18-June-2025	18-June-2030	XS3087737956	Fixed

Bonds	Issue Amount	Issue Amount AUD \$	Exchange Rate	Coupon Frequency	Coupon Rate
Series 2024-1	€ 600,000,000	\$976,961,940	1.62826990000	Annually	3.3004
Series 2025-1	€ 600,000,000.00	\$1,051,852,651.70	1.7530877528	Annually	2.7320

Covered Bond Pool Summary	30-November-2025
Housing Loan Pool Size (AUD)	\$	2,881,907,418.11
Number of Loans (Consolidated)		7,977
Number of Loans (Unconsolidated)		8,585
Average Loan Balance (Unconsolidated)	\$	335,691.02
Maximum Loan Balance (Unconsolidated)	\$	1,889,000.00
Weighted Average Current Loan-to-Value Ratio (CLVR)		53.86%
Maximum Current Loan-to-Value Ratio (CLVR)		80.38%
Weighted Average Consolidated Indexed Current Loan-to-Value Ratio		43.19%
Weighted Average Seasoning (Months)		41
Weighted Average Remaining Term to Maturity (Months)		298
Maximum Remaining Term to Maturity (Months)		360
Weighted Average Mortgage Rate		5.52%

	Number of	%	Current Balance	%
Original Loan to Value (LVR) - Unconsolidated	Loans	By Number	Outstanding	By Balance
Up to and including 5%	33	0.38%	1,363,375.93	0.05%
> 5%, up to and including 10%	120	1.40%	9,546,204.75	0.33%
> 10%, up to and including 15%	132	1.54%	16,283,121.95	0.57%
> 15%, up to and including 20%	174	2.03%	25,294,662.40	0.88%
> 20%, up to and including 25%	220	2.56%	40,340,371.67	1.40%
> 25%, up to and including 30%	318	3.70%	68,663,155.76	2.38%
> 30%, up to and including 35%	387	4.51%	97,049,999.97	3.37%
> 35%, up to and including 40%	474	5.52%	136,035,293.42	4.72%
> 40%, up to and including 45%	542	6.31%	156,642,981.05	5.44%
> 45%, up to and including 50%	621	7.23%	194,651,788.03	6.75%
> 50%, up to and including 55%	649	7.56%	215,642,468.24	7.48%
> 55%, up to and including 60%	748	8.71%	261,890,509.48	9.09%
> 60%, up to and including 65%	737	8.58%	268,064,400.68	9.30%
> 65%, up to and including 70%	868	10.11%	345,096,189.81	11.97%
> 70%, up to and including 75%	681	7.93%	279,668,425.80	9.70%
> 75%, up to and including 80%	1,671	19.46%	718,007,167.22	24.91%
> 80%, up to and including 85%	118	1.37%	29,945,919.63	1.04%
> 85%, up to and including 90%	49	0.57%	11,371,641.88	0.39%
> 90%, up to and including 95%	43	0.50%	6,349,740.44	0.22%
> 95%, up to and including 100%	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Current Loan to Value (CLVR) - Unconsolidated	Loans	By Number	Outstanding	By Balance
Up to and including 5%	403	4.69%	8,011,521.94	0.28%
> 5%, up to and including 10%	406	4.73%	30,165,165.54	1.05%
> 10%, up to and including 15%	374	4.36%	45,457,411.65	1.58%
> 15%, up to and including 20%	346	4.03%	55,971,386.37	1.94%
> 20%, up to and including 25%	412	4.80%	90,242,851.15	3.13%
> 25%, up to and including 30%	469	5.46%	115,603,762.38	4.01%
> 30%, up to and including 35%	489	5.70%	146,473,428.43	5.08%
> 35%, up to and including 40%	530	6.17%	172,998,375.42	6.00%
> 40%, up to and including 45%	574	6.69%	200,365,412.69	6.95%
> 45%, up to and including 50%	642	7.48%	240,987,837.97	8.36%
> 50%, up to and including 55%	640	7.45%	242,796,833.92	8.42%
> 55%, up to and including 60%	657	7.65%	280,717,213.19	9.74%
> 60%, up to and including 65%	685	7.98%	292,247,889.00	10.14%
> 65%, up to and including 70%	642	7.48%	300,619,040.52	10.43%
> 70%, up to and including 75%	644	7.50%	308,460,368.09	10.70%
> 75%, up to and including 80%	668	7.78%	349,129,545.61	12.11%
> 80%, up to and including 85%	4	0.05%	1,659,374.24	0.06%
> 85%, up to and including 90%	0	0.00%	-	0.00%
> 90%, up to and including 95%	0	0.00%	-	0.00%
> 95%, up to and including 100%	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Current Indexed Loan to Value (CLVR) - Consolidated *	Loans	By Number	Outstanding	By Balance
Up to and including 5%	621	7.79%	19,659,010.04	0.68%
> 5%, up to and including 10%	534	6.70%	54,620,688.28	1.90%
> 10%, up to and including 15%	513	6.43%	88,154,021.19	3.06%
> 15%, up to and including 20%	556	6.97%	128,822,366.33	4.47%
> 20%, up to and including 25%	553	6.93%	160,657,823.08	5.57%
> 25%, up to and including 30%	558	7.00%	199,861,245.34	6.94%
> 30%, up to and including 35%	630	7.90%	243,354,228.01	8.44%
> 35%, up to and including 40%	670	8.40%	282,050,811.11	9.79%
> 40%, up to and including 45%	694	8.70%	311,055,080.00	10.79%
> 45%, up to and including 50%	703	8.81%	318,595,368.81	11.06%
> 50%, up to and including 55%	598	7.50%	300,830,150.51	10.44%
> 55%, up to and including 60%	578	7.25%	308,858,628.06	10.72%
> 60%, up to and including 65%	323	4.05%	194,264,406.50	6.74%
> 65%, up to and including 70%	244	3.06%	147,320,588.83	5.11%
> 70%, up to and including 75%	146	1.83%	89,054,594.57	3.09%
> 75%, up to and including 80%	55	0.69%	34,748,406.96	1.21%
> 80%, up to and including 85%	0	0.00%	-	0.00%
> 85%, up to and including 90%	0	0.00%	-	0.00%
> 90%, up to and including 95%	0	0.00%	-	0.00%
> 95%, up to and including 100%	0	0.00%	-	0.00%
TOTAL	7,976	100.00%	2,881,907,417.62	100.00%

^* Based on quarterly data provided by CoreLogic

	Number of	%	Current Balance	%
Mortgage Pool by Mortgage Loan Interest Rate	Loans	By Number	Outstanding	By Balance
Up to and including 6.35%	7,986	93.02%	2,816,022,251.66	97.71%
> 6.35%, up to and including 6.60%	177	2.06%	28,474,776.75	0.99%
> 6.60%, up to and including 6.85%	121	1.41%	9,426,790.37	0.33%
> 6.85%, up to and including 7.10%	50	0.58%	5,280,462.64	0.18%
> 7.10%, up to and including 7.35%	46	0.54%	4,150,527.58	0.14%
> 7.35%, up to and including 7.60%	62	0.72%	5,395,734.61	0.19%
> 7.60%, up to and including 7.85%	25	0.29%	2,144,164.03	0.07%
> 7.85%, up to and including 8.10%	60	0.70%	5,154,812.70	0.18%
> 8.10%, up to and including 8.35%	19	0.22%	2,111,344.91	0.07%
> 8.35%, up to and including 8.60%	23	0.27%	3,000,194.14	0.10%
> 8.60%, up to and including 8.85%	13	0.15%	596,484.33	0.02%
> 8.85%, up to and including 9.10%	1	0.01%	59,680.33	0.00%
> 9.10%, up to and including 9.35%	2	0.02%	90,194.06	0.00%
> 9.35%, up to and including 9.60%	0	0.00%	-	0.00%
> 9.60%, up to and including 9.85%	0	0.00%	-	0.00%
> 9.85%	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Interest Rate Type	Loans	By Number	Outstanding	By Balance
Variable	8,102	94.37%	2,705,015,278.38	93.86%
Fixed	483	5.63%	176,892,139.73	6.14%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Mortgage Pool by Interest Option	Loans	By Number	Outstanding	By Balance
Total Variable	8,102	94.37%	2,705,015,278.38	93.86%
Up to an including 1 year	319	3.72%	117,503,566.30	4.08%
> 1 year, up to and including 2 years	141	1.64%	52,928,045.24	1.84%
> 2 years, up to and including 3 years	23	0.27%	6,460,528.19	0.22%
> 3 years, up to and including 4 years	0	0.00%	-	0.00%
> 4 years, up to and including 5 years	0	0.00%	-	0.00%
Total Fixed	483	5.63%	176,892,139.73	6.14%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Mortgage Pool by Consolidated Loan Balance	Loans	By Number	Outstanding	By Balance
Up to an including A\$100,000	1,184	14.84%	56,539,024.52	1.96%
> A\$100,000, up to and including A\$200,000	1,141	14.31%	171,928,226.93	5.97%
> A\$200,000, up to and including A\$300,000	1,433	17.97%	361,395,785.77	12.54%
> A\$300,000, up to and including A\$400,000	1,388	17.40%	485,176,574.63	16.84%
> A\$400,000, up to and including A\$500,000	1,042	13.06%	468,911,201.15	16.27%
> A\$500,000, up to and including A\$600,000	642	8.05%	351,261,561.16	12.19%
> A\$600,000, up to and including A\$700,000	380	4.76%	245,714,976.59	8.53%
> A\$700,000, up to and including A\$800,000	244	3.06%	181,605,032.09	6.30%
> A\$800,000, up to and including A\$900,000	174	2.18%	147,030,995.03	5.10%
> A\$900,000, up to and including A\$1,000,000	88	1.10%	83,543,240.82	2.90%
> A\$1,000,000, up to and including A\$1,250,000	152	1.91%	168,804,489.99	5.86%
> A\$1,250,000, up to and including A\$1,500,000	69	0.87%	94,898,477.57	3.29%
> A\$1,500,000, up to and including A\$1,750,000	31	0.39%	50,147,134.77	1.74%
> A\$1,750,000, up to and including A\$2,000,000	8	0.10%	14,950,697.09	0.52%
> A\$2,000,000	0	0.00%	-	0.00%
TOTAL	7,976	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Mortgage Pool by Geographic Distribution	Loans	By Number	Outstanding	By Balance
Queensland	4,793	55.83%	1,458,996,926.41	50.63%
New South Wales & Australian Capital Territory	1,512	17.61%	614,281,884.38	21.32%
Victoria	1,032	12.02%	415,345,558.11	14.41%
South Australia	223	2.60%	79,096,596.41	2.74%
Western Australia	892	10.39%	272,251,030.04	9.45%
Tasmania	86	1.00%	28,819,315.29	1.00%
Northern Territory	47	0.55%	13,116,107.47	0.46%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Mortgage Pool by Region	Loans	By Number	Outstanding	By Balance
Metropolitan	5,261	61.28%	1,927,234,895.22	66.87%
Non Metropolitan	3,256	37.93%	927,417,676.61	32.18%
Inner City	68	0.79%	27,254,846.28	0.95%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Repayment Type	Loans	By Number	Outstanding	By Balance
Principal & Interest	8,075	94.06%	2,647,786,339.81	91.88%
Interest Only	510	5.94%	234,121,078.30	8.12%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Interest Only Remaining Term	Loans	By Number	Outstanding	By Balance
Principal & Interest (Amortising)	8,075	94.06%	2,647,786,339.81	91.88%
Interest Only Loans: Up to and including 1 yr	93	1.08%	45,060,509.83	1.56%
Interest Only Loans: > 1 yrs, up to and including 2 yrs	152	1.77%	67,942,571.31	2.36%
Interest Only Loans: > 2 yrs, up to and including 3 yrs	204	2.38%	89,376,869.17	3.10%
Interest Only Loans: > 3 yrs, up to and including 4 yrs	33	0.38%	15,450,820.11	0.54%
Interest Only Loans: > 4 yrs, up to and including 5 yrs	28	0.33%	16,290,307.88	0.57%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Occupancy Type	Loans	By Number	Outstanding	By Balance
Owner Occupied	5,810	67.68%	1,872,519,782.82	64.98%
Investment	2,775	32.32%	1,009,387,635.29	35.02%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Loan Documentation Type	Loans	By Number	Outstanding	By Balance
Full Documentation	8,585	100.00%	2,881,907,418.11	100.00%
Low Documentation	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Seasoning Distribution	Loans	By Number	Outstanding	By Balance
Up to and including 6 months	463	5.39%	205,150,594.51	7.12%
> 6 months, up to and including 12 months	105	1.22%	48,769,456.94	1.69%
> 12 months, up to and including 18 months	118	1.37%	53,099,283.00	1.84%
> 18 months, up to and including 24 months	397	4.62%	152,910,746.53	5.31%
> 24 months, up to and including 30 months	2,139	24.92%	770,096,921.75	26.72%
> 30 months, up to and including 36 months	1,501	17.48%	567,878,301.41	19.70%
> 36 months, up to and including 48 months	1,791	20.86%	693,207,030.95	24.05%
> 48 months, up to and including 60 months	354	4.12%	122,125,406.89	4.24%
> 60 months	1,717	20.00%	268,669,676.13	9.32%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Remaining Term	Loans	By Number	Outstanding	By Balance
Up to an including 5 years	109	1.27%	3,331,239.20	0.12%
> 5 years, up to and including 6 years	26	0.30%	1,256,290.69	0.04%
> 6 years, up to and including 7 years	54	0.63%	4,074,887.61	0.14%
> 7 years, up to and including 8 years	90	1.05%	6,771,577.03	0.23%
> 8 years, up to and including 9 years	74	0.86%	6,278,503.92	0.22%
> 9 years, up to and including 10 years	66	0.77%	6,666,177.80	0.23%
> 10 years, up to and including 15 years	954	11.11%	136,334,879.59	4.73%
> 15 years, up to and including 20 years	1,346	15.68%	297,167,563.81	10.31%
> 20 years, up to and including 25 years	1,146	13.35%	398,760,505.17	13.84%
> 25 years, up to and including 30 years	4,720	54.98%	2,021,265,793.29	70.14%
> 30 years	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Mortgage Insurer	Loans	By Number	Outstanding	By Balance
No LMI	7,914	92.18%	2,803,407,043.49	97.28%
QBE LMI	634	7.38%	75,345,873.96	2.61%
Helia	37	0.43%	3,154,500.66	0.11%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

	Number of	%	Current Balance	%
Arrears Days	Loans	By Number	Outstanding	By Balance
Current	8,448	98.40%	2,830,098,112.48	98.20%
> 1 day, up to and including 31 days	122	1.42%	47,065,770.36	1.63%
> 31 days, up to and including 61 days	15	0.17%	4,743,535.27	0.16%
> 61 days, up to and including 91 days	0	0.00%	-	0.00%
> 91 days	0	0.00%	-	0.00%
TOTAL	8,585	100.00%	2,881,907,418.11	100.00%

Bank of Queensland Contacts

Tim Blumke Ally Tang +61 7 3212 3438 +61 7 3212 3989

Head of Funding Senior Manager Structured Finance tim.blumke@boq.com.au ally.tang@boq.com.au

Disclaimer

This report is for information purposes only and, does not constitute an offer, invitation, recommendation, inducement or solicitation for the purpose or sale of any covered bonds issued by Bank of Queensland Limited (ABN 32 009 656 740) (BOQ), or a recommendation to continue to hold covered bonds issued by BOQ. This report is not intended to and does not create legal relations on the basis of the information contained in it. This report does not contain all information that may be relevant to a covered bond investor in relation to its investment in covered bonds issued by BOQ and any statement as to any future matter is a present prediction of a possible future outcome, the accuracy of which cannot be guaranteed. The information contained in this report is not a representation or guarantee of the future performance of BOQ, any covered bonds issued by BOQ or any mortgage loans held by Perpetual Corporate Trustee Limited (ABN 99 000 341 533) as trustee of the BOQ Soft Bullet Covered Bond Trust (in such capacity, the Covered Bond Guarantor). This report is for the information of investors who have acquired BOQ covered bonds after reviewing, understanding and obtaining their own professional legal, regulatory, tax and accounting advice in relation to the offering documents pursuant to which the covered bonds were issued and no person is authorised to use it for any other purpose. BOQ does not warrant or represent that this report (or the information set out or referred to in this report) is accurate, reliable, complete or up to date. BOQ does not accept responsibility for, or liability arising from, any information or representation contained in this report. This report does not constitute any form of investment, legal, tax or other advice and does not take into account the investment objectives, financial situation or needs of any particular investor. To the fullest extent permitted by law, BOQ expressly disclaims all and any responsibility for and shall not be liable in any way whatsoever (whether in negligence or otherwise) for any loss, costs or expenses of any nature (whether direct, indirect or consequential) which may be suffered by any person relying upon this report (or any information, conclusions or omissions contained in this report). Recipients should not rely upon the contents of this report, but should make their own assessment and evaluation and seek their own advice to enable them to make any decision concerning their own risk. BOQ believes that, at the time of its issuance and based on transparency data made available by BOQ, covered bonds issued under the programme would satisfy the eligibility criteria for Article 14(2) of Directive (EU) 2019/2162 (Covered Bond Directive). However, Covered Bond investors should make their own determination and obtain professional advice on whether: (i) the information provided in this Report meets the requirements of Article 14 of the Covered Bond Directive; and (ii) covered bonds issued under the programme are eligible for preferential treatment by qualifying as Level 2A assets for the purpose of the Liquidity Coverage Ratio under Regulation (EU) 575/2013. BOQ does not accept any responsibility for, or any liability arising from, this assessment.