Bendigo and Adelaide Bank Limited

Annual / Quarterly Financial Statement • Aug 28, 2025

Bendigo and Adelaide Bank Covered Bond Trust

Financial Report 2025

Table of contents

Trust Manager's Report	1
Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Net Assets Attributable to Unitholders	4
Statement of Cash Flows	5
Notes to the Financial Statements	6
1 Trust Information	6
2 Summary of material accounting policies	6
3 Cash and cash equivalents	10
4 Trade and other receivables	10
5 Loans and receivables	10
6 Trade and other payables	11
7 Borrowings	12
8 Distribution to unitholders	13
9 Cash flow statement reconciliation	13
10 Covered bond guarantee	13
11 Risk management	14
12 Financial instruments	16
13 Related party disclosures	18
14 Auditor's remuneration	18
15 Events after balance sheet date	18
16 Commitments and contingencies	18
Trust Manager's Declaration	19
Auditor's Report	20

Trust Manager's Report

In accordance with the Trust Management Deed, the Directors of AB Management Pty Ltd, the Trust Manager of the Bendigo and Adelaide Bank Covered Bond Trust ("the Trust"), submit their report for the period ended 30 June 2025.

The Trust is an Australian registered Trust, constituted on The performance of the Trust for the period ended

Trust Manager ("the Manager")

AB Management Pty Ltd (ABN 75 070 500 855)

Trustee

Perpetual Corporate Trust Limited

Directors

report are: management fee is calculated monthly at 0.03% of the

• Benjamin Edwards

All Directors were in office from the beginning of the Bank Ltd in the following series during the year: financial period until the date of this report, unless otherwise • Series 2024-1 - AUD 500 million due on 28 Nov 2029 stated. • Series 2024-2 - AUD 250 million due on 28 Nov 2029

Nature of operations and principal activities Units on issue

Bonds issued by Bendigo and Adelaide Bank Limited 1 residual income). ("the Bank").

The Trust obtains funding from the Bank through a series of Distributions achieved through an equitable assignment. (2024: \$48,216,080) was made during the period.

Trust Information Review of results and operations

11 October 2022. 30 June 2025 as represented by the results of its operations, was as follows:

The Bendigo Centre,		\$000
22-44 Bath Lane,	Net assets:	-
Bendigo, Victoria, 3550.	Total interest income and other revenue:	52,721
	Total operating profit before distributions:	39,793

Level 18, 123 Pitt Street The total value of assets held by the Bendigo and Adelaide Sydney NSW 2000 Bank Covered Bond Trust as at 30 June 2025 was \$5,327 million (2024: \$4,320 million).

The names of the Directors of AB Management Pty Ltd Management fees paid to AB Management Pty Ltd during during the financial period and until the date of this the financial year were \$1,335,413 (2024: \$920,650). The • Luke Davidson opening loan pool.

Covered Bonds have been issued by Bendigo and Adelaide

-

The principal activity of the Trust during the year was to 1 residual capital unit and 1 residual income unit of the Trust act as the special purpose vehicle relating to the Covered were on issue as at 30 June 2025 (2024: 1 residual capital,

loans, in order to purchase a cover pool of assets. This is A distribution to the Residual Income Unitholder of \$39,792,923

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the Trust that occurred during the period.

Significant events after balance date Indemnification of Auditors

The Manager is not aware of any other matter or To the extent permitted by law, the Trust has agreed to significantly affect the operations of the Trust, the results of arising from the audit (for an unspecified amount). those operations or the state of affairs of the Trust in No payment has been made to indemnify Ernst & Young subsequent financial periods. during or since the financial period.

Likely developments Rounding

The Trust is expected to continue its operations in The amounts contained in this report and the financial accordance with the Trust's objectives outlined in the Trust report have been rounded to the nearest thousand dollars Deed. (\$000's) unless otherwise stated.

The operations of the Trust are not subject to particular or (i) Directors significant environmental regulations under a Commonwealth, The Directors of AB Management Pty Ltd are considered to

Insurance and Indemnification

No insurance premiums are paid out of the assets of the (ii) Compensation of Key Management Personnel Trust in regards to insurance cover provided to either the No amount is paid by the Trust directly to the Directors of accordance with the Trust Management Deed and the Trust to the Directors as Key Management Personnel. Law, both parties remain fully indemnified out of the assets of the Trust against any losses incurred while acting on Signed for and on behalf of AB Management Pty Ltd as

circumstance not otherwise dealt with in this report or the indemnify its auditors, Ernst & Young, as part of the terms of its financial statements that has significantly affected or may audit engagement agreement against claims by third parties

Environmental regulation Key Management Personnel

State or Territory Law. be Key Management Personnel of the Trust, and are outlined on page 1.

Manager, the Trustee, or the auditor of the Trust. So long AB Management Pty Ltd. Consequently, no compensation as as the officers of both the Manager and the Trustee act in defined in AASB 124 Related Party Disclosures is paid by the

behalf of the Trust. Manager of the Bendigo and Adelaide Bank Covered Bond Trust.

L Davidson 25 August 2025

Statement of Comprehensive Income

For the year ended 30 June 2025

	June 2025	June 2024
	\$000's	\$000's
Net interest income
Interest on loans	226,880	158,307
Interest on bank account	2,223	1,538
Swap receipts	37,470	53,368
Total interest income	266,573	213,213
Interest expense to loan providers	(217,371)	(158,413)
Total net interest income	49,202	54,800
Other revenue
Fee revenue	3,519	2,336
Total other revenue	3,519	2,336
Total interest income and other revenue	52,721	57,136
Expenses
Management fee	1,335	921
Servicer fee	11,128	7,672
Trustee fee	457	313
Other trust expenses	8	14
Total expenses	12,928	8,920
Operating profit before distribution to unitholders	39,793	48,216
Financing cost - Distribution to unitholders	(39,793)	(48,216)
Total comprehensive income attributable to unitholders	-	-

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

Statement of Financial Position

As at 30 June 2025

		June 2025	June 2024
	Note	\$000's	\$000's
Assets
Cash and cash equivalents	3	39,243	30,930
Trade and other receivables	4	118,031	78,863
Loans and receivables	5	5,169,697	4,210,336
Total assets		5,326,971	4,320,129
Liabilities
Trade and other payables	6	15,535	17,760
Borrowings	7	5,311,436	4,302,369
Total liabilities excluding net assets attributable to unitholders		5,326,971	4,320,129
Net assets attributable to unitholders		-	-

Statement of Changes in Net Assets Attributable to Unitholders

For the year ended 30 June 2025

	June 2025		June 2024
	Note	\$000's	\$000's
Net assets attributable to unitholders at the beginning of the year		-	-
Operating profit for distribution to unitholders		39,793	48,216
Financing cost - Distribution to unitholders	8	(39,793)	(48,216)
Net assets attributable to unitholders at the end of the year		-	-

The above Statement of Financial Position and Statement of changes in Net Assets Attributable to Unitholders should be read in conjunction with the accompanying notes.

Statement of Cash Flows

For the year ended 30 June 2025

		June 2025	June 2024
	Note	\$000's	\$000's
Cash flows from operating activities
Interest on loans		225,154	154,728
Interest on collections		2,291	1,680
Fee revenue		3,519	2,336
Swap receipts		41,333	57,751
Interest payments on borrowings		(214,789)	(145,420)
Management fee		(1,311)	(854)
Servicing fee		(10,923)	(7,113)
Trustee fee		(461)	(302)
Other expenses		7	-
Net cash flows from operating activities	9	44,820	62,806
Cash flows from investing activities
Loan repayments		1,239,550	834,059
Loan redraws		(206,564)	(146,722)
Net cash flows from investing activities		1,032,986	687,337
Cash flows from financing activities
Distribution to unitholders	8	(42,267)	(35,422)
Receipts relating to borrowings from related parties		963,394	1,015,471
Payments relating to purchase of loans from related parties		(1,990,620)	(1,738,632)
Net cash flows used in financing activities		(1,069,493)	(758,583)
Net increase/(decrease) in cash and cash equivalents		8,313	(8,440)
Cash and cash equivalents held at the beginning of the financial year		30,930	39,370
Cash and cash equivalents held at the end of the financial year	3	39,243	30,930

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

Notes to the Financial Statements

This section describes the Trust's material accounting policies that relate to the financial statements and notes of the accounts. This section also details new accounting standards, amendments and interpretations, and whether they are effective in 2025 or later years. We explain how these changes are expected to impact the financial position and performance of the Trust.

1 Trust information

The Bendigo and Adelaide Bank Covered Bond Trust ("The Basis of measurement Trust") was constituted on 11 October 2022 under the Bendigo The financial report has been prepared on a historical cost and Adelaide Bank Covered Bond Trust Deed ("the Trust basis, except for certain assets and liabilities as described in Deed"). The Trust Deed was executed between AB the accounting policies below, if applicable. Management Pty Ltd (the "Trust Manager" or "the Manager"), Perpetual Corporate Trust Limited as trustee of the Bendigo Comparative information and Adelaide Bank Covered Bond Trust (the "Covered Bond Where applicable comparative information has been Guarantor" or "the Trustee"), DB Trustees (Hong Kong) restated to align to the presentation in the current period. Limited (the "Bond Trustee") and Bendigo and Adelaide Bank Limited (the "Issuer" or "BEN" or "the Bank" or "the Parent"). Going concern

The Trust is an Australian registered Trust. The registered the Trust to continue as a going concern and disclosing, as office of the Trust Manager, AB Management Pty Ltd, is applicable, matters related to going concern and using the The Bendigo Centre, 22-44 Bath Lane, Bendigo, Victoria, 3550. going concern basis of accounting.

The financial report of the Trust for the period ended The Trust Manager has prepared the Financial Report on a a resolution of the Directors of the Trust Manager on of cash flows between the demand loan payable and the 25 August 2025. loan receivable. The Bank has the ability to request

Bendigo and Adelaide Bank Limited. liquidate the Trust or cease operations.

2 Summary of material accounting policies In the absence of this intention, the Trust Manager expects

The financial report is a General Purpose Financial Report, therefore the going concern basis of accounting is which has been prepared in accordance with Australian appropriate. Accounting Standards ("AAS") and Interpretations issued by the Australian Accounting Standards Board ("AASB"). Balance sheet presentation The financial report has also been prepared in accordance Assets and liabilities have been presented in order of liquidity with the International Financial Reporting Standards ("IFRS") as on the balance sheet. issued by the International Accounting Standards Board ("IASB").

The report is prepared in Australian Dollars, which is the functional currency of the Trust, with all values rounded to the nearest thousand dollars (\$'000s) (where rounding is applicable).

The Trust Manager is responsible for assessing the ability of

30 June 2025 was authorised for issue in accordance with going concern basis. There is a potential mismatch in timing repayment of the demand loan, however has no current The ultimate parent entity of the Manager and the Trust is intention to do so. In addition there is no current intention to

(a) Basis of preparation the cash inflows to align with the cash outflows and

2 Summary of material accounting policies (continued)

There have been no changes to the Trust's accounting policies are shown within borrowings as liabilities in the Statement other than those required by new accounting standards. The of Financial Position. impact of any new accounting standards on the Trust is not material. (e) Financial assets at amortised cost

Recently issued or amended standards not yet effective cost on the basis that the following conditions are met:

Amendments to existing standards that are not mandatorily • the asset is held within a business model whose objective effective for the reporting period ending 30 June 2025 and is to hold assets in order to collect contractual cash flows; have not been early adopted, are not likely to result in a and otherwise stated below. specified dates to cash flows that are solely payments

AASB 18 Presentation and Disclosure in Financial Statements

AASB 18 Presentation and Disclosure in Financial Statements (f) Loans and receivables was issued in June 2024 and will be effective for the Trust on Loans and receivables are financial assets that have fixed 1 July 2027. AASB 18 replaces AASB 101 Presentation of Financial and determinable payments that are not quoted in an active Statements as the standard describing financial statements market. Loans and other receivables are initially recognised at and setting out requirements for the presentation and fair value plus direct and incremental transaction costs on disclosure of information in financial statements. settlement date, and are subsequently measured at

Although the new Standard is not expected to have a allowances for credit losses. material impact on the recognition or measurement policies of the Trust, it is expected to have an impact on how the Derecognition

In preparing these financial statements, management has in the Bank retaining substantially all the risk and rewards made judgements, estimates and assumptions that affect the associated with the underlying mortgage loans. application of the Trust's accounting policies and the reported amounts of assets, liabilities, revenues, expenses and the As a result, the underlying loans remain on the Bank's Balance

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the Effective interest method carrying amount of assets or liabilities in future periods. Interest on loans is recognised using the effective interest Estimates and underlying assumptions are reviewed on an method. The estimated future cash flows used in the ongoing basis. calculation of the effective interest rate include those

Cash comprises cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible The effective interest method is a method of calculating the to known amounts of cash and which are subject to an amortised cost of a financial asset and of allocating interest insignificant risk of changes in value. income over the relevant period. The effective interest rate

For the purposes of the cash flow statement, cash and cash receipts over the expected life of the financial asset, to the equivalents consist of cash and cash equivalents as defined carrying amount of the financial asset.

(b) Changes in accounting policies above, net of outstanding bank overdrafts. Bank overdrafts

The financial assets of the Trust are measured at amortised

• the contractual terms of the financial asset give rise on of principal and interest on the principal amount outstanding.

amortised cost using the effective interest method less any

Trust presents and discloses financial performance in its Under Australian Accounting Standards, the underlying loans financial statements. originated by the Bank and held by the Trust do not meet the derecognition criteria as specified by AASB 9 Financial (c) Significant accounting judgements and estimates Instruments. This is due to the transaction structure resulting

accompanying disclosures, as well as the disclosure Sheet and the Trust has recognised a receivable from the Bank, of contingent liabilities. representing the contractual cash flows owing under the arrangement.

determined by the contractual term of the asset, and includes (d) Cash and cash equivalents all fees, transaction costs and all other premiums or discounts.

is the rate that exactly discounts the estimated future cash

2 Summary of material accounting policies (continued)

AASB 9 Financial Instruments requires the Trust to recognise The Trust holds derivative financial instruments that a provision for expected credit losses for all debt instruments comprise interest rate swaps to manage exposure to and swap arrangements. interest rate risk. As detailed in note 2(f) the underlying

Management have considered whether a provision is required derecognised from the Bank's Balance Sheet as the Bank and concluded that the operation of the Trust, including the retains exposure to substantially all the risks and rewards requirements for the Seller to repurchase loans 90+ days in of the underlying loans, in part, because the Bank provides arrears, mean the credit risk remains with the Bank, and interest rate swaps to the Trust. therefore a provision is not required.

Trade and other receivables, which are generally received fair value of the interest rate swaps in their respective amount. Bad debts are written off when identified. receipts are treated as part of imputed loans and interest.

Any impairment losses are recorded in line with the AASB 9 (k) Revenue recognition expected credit loss model. Fee revenue is recognised at an amount that reflects the

Financial liabilities, including borrowings, are initially performance obligations are satisfied. measured at fair value, less directly attributable transaction costs. Financial liabilities, including borrowings, are subsequently (l) Interest income measured at amortised cost, with interest expense Interest income or expense on financial instruments that are recognised using the effective interest rate method. recognised at amortised cost or fair value through other

The effective interest method is a method of calculating interest rate method. the amortised cost of a financial liability and of allocating interest rate is the rate that exactly discounts the estimated future cash receipts or payments through the to the net carrying amount of the financial liability. instrument.

payments in respect of the purchase of these goods and are considered when estimating future cash flows. services which are generally settled within 30 days.

Impairment of financial assets (j) Derivative financial instruments

mortgage loans held by the Trust are not permitted to be

Therefore, in accordance with AASB 9 Financial Instruments , (g) Trade and other receivables the Bank and the Trust cannot separately recognise the within 30 days, are recognised and carried at original invoice Balance Sheets. Interest rate swaps and associated payments/

consideration to which the Trust expects to be entitled, (h) Borrowings once the fee can be reliably measured and any underlying

comprehensive income are measured using the effective

interest expense over the relevant period. The effective The effective interest rate is the rate that exactly discounts estimated future cash receipts over the expected life of expected life of the financial instrument or, when appropriate, a the financial liability or a shorter period, where appropriate, shorter period, to the gross carrying amount of the financial

(i) Trade and other payables Calculation of the effective interest rate takes into account Trade payables are carried at amortised cost and fees receivable (i.e. origination and application fees) or payable represent liabilities for goods and services provided to the that are an integral part of the instrument's yield, premiums or Trust prior to the end of the financial year that are unpaid discounts on acquisition or issue, early redemption fees and and arise when the Trust becomes obliged to make future transaction costs. All contractual terms of a financial instrument

(m) Distributions/Contributions

Distributions to/(Contributions from) the residual income Unitholder are made in arrears on a monthly basis. Distribution/ (Contribution) is the interest receipts from receivables net of trust related expenses.

2 Summary of material accounting policies (continued)

(n) Income tax

Under current Income Tax Legislation, the Trust is not liable to pay income tax on that part of taxable income which is distributed to Unitholders.

(o) Goods & Services Tax (GST)

Expenses incurred by the Trust are recognised net of the amount of GST that can be recovered from the Australian Taxation Office (ATO). Amounts recognised as receivables and payables at balance date include the amount of GST payable.

Reduced input tax credits (RITC) recoverable by the Trust from the ATO are recognised as receivables in the Statement of Financial Position.

(p) Units on issue

The beneficial interest in the Trust is divided into Units.

• one Residual Income Unit where Bendigo and Adelaide Bank Limited is the Residual Income Unitholder;
• one Residual Capital Unit where Bendigo and Adelaide Bank Limited is the Residual Capital Unitholder;

Each unit issued confers upon the unitholder an equal interest in the Trust, and is of equal value. A unit does not confer any interest in any particular asset or investment of the Trust.

Unitholders have various rights under the Trust documentation, including the right to:

• have their units redeemed; and
• participate in the termination and winding up of the Trust.

Each Unitholder in the Trust is bound by the provisions of the Trust Deed and other Transaction Documents.

The rights, obligations and restrictions attached to each unit are identical in all respects.

3 Cash and cash equivalents

	June 2025	June 2024
	\$000's	\$000's
Bank deposit	39,243	30,930
Total cash and cash equivalents	39,243	30,930

4 Trade and other receivables

	June 2025	June 2024
	\$000's	\$000's
Due from related entities
Mortgage collections and other receivables - Bendigo and Adelaide Bank Ltd	118,031	74,940
Swap receivable - Bendigo and Adelaide Bank Ltd	-	3,854
Due from other entities
Goods and services tax receivable	-	69
Total trade and other receivables	118,031	78,863

Mortgage collections receivable represent principal and interest payments from mortgages that have been received by BEN but not yet paid to the Trust. These payments are transferred to the Trust on a monthly basis, the day before the distribution date. Other receivables include accrual balances attributable to the loan portfolio or investments held by the Trust.

Swap receivable represents the payment due as at 30 June 2025 to the Trust, under the fixed and basis swap agreements with the Bank.

5 Loans and receivables

	June 2025	June 2024
	\$000's	\$000's
Due from related entities
Loans - Bendigo and Adelaide Bank Ltd	5,156,956	4,199,320
Accrued interest on loans - Bendigo and Adelaide Bank Ltd	12,741	11,016
Total loans and other receivables	5,169,697	4,210,336

trust, and the Trust recognises a loan receivable from the Bank. The underlying cover pool loans are of various terms to maturity ranging up to 30 years from origination and at various fixed and variable interest rates.

The following table provides details of the maturity profile of the underlying loans based on the loan balances as at 30 June 2025:

	June 2025	June 2024
Maturity Profile on Loans and receivables	\$000's	\$000's
Not longer than 3 months	12,743	11,016
Longer than 3 and not longer than 12 months	662	7
Longer than 1 and not longer than 5 years	15,427	11,816
Longer than 5 years	5,140,865	4,187,497
Total loans and receivables	5,169,697	4,210,336

6 Trade and other payables

	June 2025 \$000's	June 2024
		\$000's
Due to related entities
Distribution payable - Bendigo and Adelaide Bank Ltd	14,265	16,739
Servicer fee payable - Bendigo and Adelaide Bank Ltd	1,079	874
Management fee payable - AB Management Pty Ltd	130	105
Swap payable - Bendigo and Adelaide Bank Ltd	7	-
Due to other entities
Trustee fee payable	38	42
Goods and services tax payable	16	-
Total trade and other payables	15,535	17,760

7 Borrowings

	June 2025	June 2024
	\$000's	\$000's
Due to related entities
Intercompany Loan (Floating) - Bendigo and Adelaide Bank Ltd	1,150,000	650,000
Intercompany Loan (Fixed) - Bendigo and Adelaide Bank Ltd	1,626,856	1,376,856
Demand Loan - Bendigo and Adelaide Bank Ltd	2,513,469	2,256,984
Interest payable to loan provider - Bendigo and Adelaide Bank Ltd	21,111	18,529
Total borrowings	5,311,436	4,302,369

Demand Loan

The Trust borrows funds from the Bank in order to acquire the cover pool assets via equitable assignment.

The Demand loan is denominated in Australian Dollars. There is no set maturity for the Demand loan. The Trust Manager may direct a Demand Loan repayment of all or part of the Demand Loan under certain circumstances. The following table provides details of key terms of the Demand Loan as at 30 June 2025.

	Balance	Rate	Margin
June 2025	\$000's	%	%
Demand Loan	2,513,469	RBA cash rate	(0.25%)
June 2024	\$000's	%	%
Demand Loan	2,256,984	RBA cash rate	(0.25%)

Intercompany Loan

Intercompany Loans are obtained by the Trust from the Bank and mirror the Covered Bonds issued by the Bank. The following table provides details of key terms of the Intercompany Loans as at 30 June 2025.

	Balance	Rate	Margin	Maturity
June 2025	\$000's	%	%
Intercompany Floating Loan Series 2022-1 - Tranche 1	250,000	3mBBSW	0.95%	11-Nov-2025
Intercompany Fixed Loan Series 2022-2 - Tranche 2	200,000	5.10%	-	11-Nov-2025
Intercompany Floating Loan Series 2023-1 - Tranche 3	400,000	3mBBSW	1.15%	16-Jun-2028
Intercompany Fixed Loan Series 2023-2 - Tranche 4	350,000	5.10%	-	16-Jun-2028
Intercompany Fixed Loan Series 2023-3(E) - Tranche 5	826,856	4.02%	-	04-Oct-2026
Intercompany Floating Loan Series 2024-1 - Tranche 6	500,000	3mBBSW	0.83%	28-Nov-2029
Intercompany Fixed Loan Series 2024-2 - Tranche 7	250,000	4.96%	-	28-Nov-2029
June 2024	\$000's	%	%
Intercompany Floating Loan Series 2022-1 - Tranche 1	250,000	3mBBSW	0.95%	11-Nov-2025
Intercompany Fixed Loan Series 2022-2 - Tranche 2	200,000	5.10%	-	11-Nov-2025
Intercompany Floating Loan Series 2023-1 - Tranche 3	400,000	3mBBSW	1.15%	16-Jun-2028
Intercompany Fixed Loan Series 2023-2 - Tranche 4	350,000	5.10%	-	16-Jun-2028
Intercompany Fixed Loan Series 2023-3(E) - Tranche 5	826,856	4.02%	-	04-Oct-2026

8 Distribution to Unitholders

	June 2025	June 2024
	\$000's	\$000's
Accrued distribution at the beginning of the year	16,739	3,945
Add profit for the year	39,793	48,216
Less distribution for the year	(42,267)	(35,422)
Accrued distribution to Unitholders	14,265	16,739

9 Cash flow statement reconciliation

	June 2025	June 2024
	\$000's	\$000's
Operating profit before distribution to unitholders	39,793	48,216
Adjustments for accrued operating movements
Increase in interest on loans and receivables	(1,725)	(3,578)
Decrease in GST receivable	68	142
Decrease in swap receivable	3,861	4,382
Increase in interest expense payable to loan providers	2,582	12,993
Increase in other receivables	241	651
Net cash flows from operating activities	44,820	62,806

10 Covered bond guarantee

Under the Bendigo and Adelaide Bank Covered Bond Programme, Perpetual Corporate Trust Limited, as Trustee for the Trust, is also the Covered Bond Guarantor ("CB Guarantor").

Subject to the provisions in the transaction documents, the CB Guarantor has guaranteed the payment obligations to bondholders of the Covered Bonds issued by the Bank.

The CB Guarantor has no obligation to make payments under the guarantee until the occurrence of an Issuer Event of Default.

For further details on the Covered Bond Programme, including what constitutes an Issuer Event of detail, refer to the Bendigo and Adelaide Bank website:

www.bendigoadelaide.com.au/investor-centre/investor-information/covered-bonds/

As at 30 June 2025, the Bank has the following Covered Bonds on issue:

June 2025	Balance \$000's	Currency	Rating Fitch	Rating Moodys	Maturity
Series 2022-1 - Tranche 1	250,000	AUD	AAA	Aaa	11-Nov-2025
Series 2022-2 - Tranche 2	200,000	AUD	AAA	Aaa	11-Nov-2025
Series 2023-1 - Tranche 3	400,000	AUD	AAA	Aaa	16-Jun-2028
Series 2023-2 - Tranche 4	350,000	AUD	AAA	Aaa	16-Jun-2028
Series 2023-3(E) - Tranche 5	500,000	EUR	AAA	Aaa	04-Oct-2026
Series 2024-1 - Tranche 6	500,000	AUD	AAA	Aaa	28-Nov-2029
Series 2024-2 - Tranche 7	250,000	AUD	AAA	Aaa	28-Nov-2029

11 Risk management

Nature of risk

The key financial risks associated with the Trust's activities are:

• interest rate risk;

• liquidity and cash flow risk; and

• credit risk.

Further details regarding the nature and extent of each key financial risk, and how these are managed, are outlined in this note.

(a) Interest rate risk

Interest rate risk is the risk that changes in market interest rates might adversely affect net interest income of the Trust.

This risk is managed by limiting the mismatch in the repricing dates of the Trust's asset and liabilities and through the use of interest rate hedging products such as swaps. On the balance sheet, cash and cash equivalents, loans and receivables and borrowings are subject to interest rate risk.

Due to the operation of the swaps, the impact of a reasonably possible change in interest rates on the Trust's profit or loss and net assets/ (liabilities) attributable to unitholders assuming all other variables remain constant is nil (2024: nil).

(b) Liquidity and cash flow risk

Liquidity risk is the risk of being unable to meet financial obligations as they fall due. Liquidity risk may arise as the maturity of the cover pool does not match the maturities of the borrowings in the Trust.

The Trust is required by the Banking Act to maintain over-collateralisation of at least 3% of the covered bonds issued by the Bank. The Bendigo and Adelaide Bank Covered Bond Programme requires at least a 5% over-collateralisation. This feature assists in mitigating the liquidity risk that the Trust may face.

The table below summarises the maturity profile of the Trust's financial liabilities at 30 June 2025. Borrowings are comprised of the Intercompany loan and the Demand loan. The maturity date of the Intercompany loan is described in Note 7.

The maturity analysis has been prepared on the contractual cash flows. Actual repayment obligations could be earlier or later than presented below.

	June 2025
	Not longer than 3 months	3 to 12 months	1 to 5 years	Longer than 5 years
Liabilities
Management fees accrued	130	-	-	-
Other creditors	15,382	-	-	-
Borrowings1	2,522,539	515,941	2,445,551	-
Total	2,538,051	515,941	2,445,551	-

	June 2024
	Not longer than 3 months	3 to 12 months	1 to 5 years	Longer than 5 years
Liabilities
Management fees accrued	105	-	-	-
Other creditors	17,655	-	-	-
Borrowings1	2,284,362	71,570	2,189,955	-
Total	2,302,122	71,570	2,189,955	-

¹The cash flows highlighted in the above disclosure represent principal and interest, on an undiscounted basis. Borrowings not longer than three months include

the Demand loan, given its contractual nature as repayable on demand. However, expected timing of cash flows is in line with the principal receipts of the underlying loans in the cover pool.

11 Risk management (continued)

(c) Credit risk

Credit risk, is the risk that the Trust will suffer a financial loss due to the unwillingness or inability of counterparties to fully meet their contractual debts and obligations. This risk is managed in accordance with the policies of the Servicer.

The Trust's credit exposure is concentrated primarily to one counterparty, Bendigo and Adelaide Bank Ltd.

Nonetheless, there is an intrinsic link between the receivable from the Bank, and the credit risk of the underlying cover pool assets.

Maximum exposure to credit risk

The total credit risk exposure of the Trust is limited to the carrying value of assets on the Statement of Financial Position.

Credit quality

The table below categorises the financial assets of the Trust by their grading profile.

Cash and cash equivalents are graded based on the credit rating of the financial institution in which the cash is held. Trade and other receivables and Loans and receivables are graded based on the credit rating of the counterparty, Bendigo and Adelaide Bank Ltd.

Credit risk on the underlying loans that support the receivables is managed through the Asset Coverage Test which supports the issuance of Covered Bonds by the Bank. Loans which are more than three months in arrears will be given zero value under the Asset Coverage Test and accordingly the Bank is incentivised to buy back such loans.

The credit risk exposures of the Trust are concentrated entirely within Australia.

Credit risk arises from lending activities, financial market transactions and other associated activities. The Servicer of the loans has a credit risk framework in place to provide a structured and disciplined approach to all lending activities.

	June 2025
	High Grade	Standard Grade	Sub Standard Grade	Total
Cash and cash equivalents	39,243	-	-	39,243
Trade and other receivables	118,031	-	-	118,031
Loans and receivables	5,169,697	-	-	5,169,697

	June 2024
	High Grade	Standard Grade	Sub Standard Grade	Total
Cash and cash equivalents	30,930	-	-	30,930
Trade and other receivables	78,863	-	-	78,863
Loans and receivables	4,210,336	-	-	4,210,336

12 Financial instruments

a) Measurement basis of financial assets and liabilities Valuation methodology

The accounting policies in Note 2 describe how different classes The fair values calculated for financial instruments which are of financial instruments are measured, and how income and carried in the Statement of Financial Position at amortised cost

b) Fair value measurement

Fair value is the price that would be received to sell an (i) Trade and other receivables

Wherever possible, fair values have been calculated using value. unadjusted quoted market prices in active markets for identical instruments held by the Trust. For all other financial instruments, (ii) Loans and receivables the Trust determines fair value using discounted future cash For variable rate loans, excluding impaired loans, the carrying flows. amount is a reasonable estimate of fair value.

The Trust measures fair values using the following fair value discounted cash flow models (i.e. the net present value of the hierarchy, which reflects the significance of the inputs in making portfolio future principal and interest cash flows), based on the the measurement. The fair value hierarchy is as follows: maturity of the loans. The discount rates applied represent the

Level 1 fair value measurements are those derived from unadjusted expected cash flows using these rates. quoted prices in active markets for identical assets/liabilities.

other than quoted prices within level 1 that are observable for similar instruments. either directly (as prices) or indirectly (derived from prices).

Level 3 fair value measurements are from inputs that are market price and fair value cannot be reliably measured may be significantly different from the amounts which will

Transfers between levels are deemed to have occurred at the beginning of the reporting period in which instruments are transferred. There were no significant transfers between levels during the year.

expenses, including fair value gains and losses, are recognised. are for disclosure purposes only. The following methodologies and assumptions have been used to determine fair values.

asset or paid to transfer a liability in an orderly transaction Trade and other receivables and other assets include accrued between market participants at the measurement date. interest, loan portfolio premium, other investments and other receivables. The carrying value is a reasonable estimate at fair

Valuation of financial assets and liabilities The net fair value for fixed loans is calculated by utilising rate the market is willing to offer for these loans at arms-length. Level 1 The net fair value of impaired loans is calculated by discounting

(iii) Borrowings

Level 2 The fair value for fixed rate borrowings is calculated using a Level 2 fair value measurements are those derived from inputs discounted cash flow model applying market rates and margins

(iv) Trade and other payables

Level 3 The carrying value for payables approximates fair value.

unobservable. Where equity investments have no quoted The fair values presented in the table are at a specific date and these investments are carried at cost less impairment. actually be paid or received on the maturity or settlement date.

12 Financial instruments (continued)

b) Fair value measurement (continued)

	Level 1	Level 2		Level 3 Total fair value amount	Total carrying amount
June 2025
Cash and cash equivalents	-	39,243	-	39,243	39,243
Trade and other receivables	-	-	118,031	118,031	118,031
Loans and receivables	-	-	5,163,927	5,163,927	5,169,697
Total financial assets carried at amortised cost	-	39,243	5,281,958	5,321,201	5,326,971
Trade and other payables	-	-	15,535	15,535	15,535
Borrowings	-	-	5,301,131	5,301,131	5,311,436
Total financial liabilities carried at amortised cost	-	-	5,316,666	5,316,666	5,326,971

	Level 1	Level 2		Level 3 Total fair value amount	Total carrying amount
June 2024
Cash and cash equivalents	-	30,930	-	30,930	30,930
Trade and other receivables	-	-	78,863	78,863	78,863
Loans and receivables	-	-	4,194,954	4,194,954	4,210,336
Total financial assets carried at amortised cost	-	30,930	4,273,817	4,304,747	4,320,129
Trade and other payables	-	-	17,760	17,760	17,760
Borrowings	-	-	4,302,075	4,302,075	4,302,369
Total financial liabilities carried at amortised cost	-	-	4,319,835	4,319,835	4,320,129

13 Related party disclosures

Bendigo and Adelaide Bank Ltd ("the Bank") is the counterparty to the Trust in relation to the loans and receivable balance of the Trust, and in relation to the Intercompany and Demand Loans.

Under the Covered Bond Programme, the Bank is also the Issuer, Seller, Servicer, Demand Loan Provider, Intercompany Loan Provider and Swap Provider. AB Management is the Trust Manager for the Trust. The Bank and AB Management receive fees for providing services to the Trust.

Principal and interest collections are received from underlying borrowers by the Bank and transferred to the Trust on a monthly basis.

No employees nor directors of related entities are paid by the Trust.

The following table provides the total amount of transactions that were entered into with related parties for the relevant financial year:

	Amounts paid by related parties1	Amounts paid to related parties1	Amounts owed by related parties2	Amounts owed to related parties2
June 2025	\$000's	\$000's	\$000's	\$000's
Bendigo and Adelaide Bank Ltd	272,297	226,173	5,287,729	5,326,787
AB Management Pty Ltd	-	1,311	-	130
June 2024	\$000's	\$000's	\$000's	\$000's
Bendigo and Adelaide Bank Ltd	216,495	152,835	4,289,130	4,319,982
AB Management Pty Ltd	-	854	-	105

1 Amounts paid by/to related parties exclude cash flows from investing and financing activities. Refer to the Statement of Cash Flows for specific detail of amounts paid to/by related parties for these categories.

2 Refer to individual disclosures for further detail of the balances due to/ from related parties.

14 Auditor's remuneration

	Audit services	Non-Audit services
June 2025	\$	\$
Total fees paid or due and payable to Ernst & Young (Australia):	14,000	33,500
June 2024

Total fees paid or due and payable to Ernst & Young (Australia): 14,000 64,000

15 Events after balance sheet date

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the economic entity, the results of those operations, or the state of affairs of the economic entity in subsequent financial years.

16 Commitments and contingencies

The Trust has no material commitments or contingencies as at 30 June 2025, other than those already disclosed in this report.

Trust Manager's Declaration

In the opinion of AB Management Pty Ltd, Trust Manager of the Bendigo and Adelaide Bank Covered Bond Trust:

(a) the financial statements and notes of the Trust:

• (i) Have been prepared in accordance with the Trust Management Deed and Australian Accounting Standards
• (including Interpretations issued by the Australian Accounting Standards Board);
• (ii) Comply with the requirements of International Financial Reporting Standards as disclosed in Note 2;
• (iii) Present fairly the Trust's financial position as at 30 June 2025 and of its performance for the period ended that date; and

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

L Davidson for and on behalf of AB Management Pty Ltd as Manager of the Bendigo and Adelaide Bank Covered Bond Trust 25 August 2025

Ernst & Young 121 King William Street Adelaide SA 5000 Australia GPO Box 1271 Adelaide SA 5001 Tel: +61 8 8417 1600 Fax: +61 8 8417 1775 ey.com/au

Independent auditor's report to the Unitholders of Bendigo and Adelaide Bank Covered Bond Trust

Opinion

We have audited the financial report of the Bendigo and Adelaide Bank Covered Bond Trust (the "Trust"), which comprises the statement of financial position as at 30 June 2025, the statement of comprehensive income, statement of changes in net assets attributable to unitholders and cash flow statement for the period then ended, notes to the financial statements, including material accounting policy information, and the directors' declaration.

In our opinion, the accompanying financial report presents fairly, in all material respects, the financial position of the Trust as at 30 June 2025, and its financial performance and its cash flows for the period then ended in accordance with Australian Accounting Standards.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial report section of our report. We are independent of the Trust in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information other than the financial report and auditor's report thereon

The directors are responsible for the other information. The other information is the Trust Managers' report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors of the Trust Manager for the financial report

The directors of the Trust Manager are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and for such internal control as the directors determine is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control.
• ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• ► Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Trust to cease to continue as a going concern.
• ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young

Clare Sporle Partner Sydney 25 August 2025