Bendigo and Adelaide Bank Limited

Fund Information / Factsheet • Aug 28, 2025

BEN Covered Bond Trust - Monthly Investor Report

Calculation Period Start Date	1/07/2025
Calculation Period End Date	31/07/2025
CBG Payment Date	19/08/2025

Parties
Issuer	Bendigo and Adelaide Bank Limited
Covered Bond Guarantor	Perpetual Corporate Trust Limited
Bond Trustee	DB Trustees (Hong Kong) Limited
Trust Manager	AB Management Pty Limited
Covered Bond Swap Provider	Bendigo and Adelaide Bank Limited
Interest Rate Swap Provider	Bendigo and Adelaide Bank Limited
Security Trustee	P.T Limited
Servicer	Bendigo and Adelaide Bank Limited
Asset Monitor and Cover Pool Monitor	Ernst & Young

Ratings Overview	Moody's	Fitch
Bendigo and Adelaide Bank's Short Term Rating	P-2 / P-1 (deposits)	F2
Bendigo and Adelaide Bank's Long Term Rating	Baa1 / A1 (cr)	A- Stable
Covered Bond Ratings	Aaa	AAA

Compliance Tests
Asset Coverage Test Issuer Event of Default	PASS NO
Covered Bond Guarantor Event of Default	NO

Asset Coverage Test as at 31 July 2025
Calculation of Adjusted Aggregate Loan Amount
A. The lower of:
(i) Sum of LTV Adjusted Outstanding Principal Balance	5,043,327,577.71
(ii) Sum of the Asset Percentage Adjusted Outstanding Principal Balance	4,539,179,500.67
		4,539,179,500.67
B. Aggregate amount of all Principal Collections standing to the credit of the GI Account		0.00
C. Aggregate amount of Advances under the Intercompany Loan and Demand
Loan Advances under the Demand Loan Agreement which have not been
applied as at the last day of that Calculation Period		0.00
D. Aggregate outstanding principal balance of any Substitution Assets and Authorised
Investments as at the last day of that Calculation Period		0.00
Z. Negative Carry Adjustment		0.00
Adjusted Aggregate Loan Amount = A + B + C + D - Z		4,539,179,500.67
Asset Coverage Test Result
Adjusted Aggregate Loan Amount		4,539,179,500.67
Aggregate AUD Equivalent of the Principal Amount Outstanding of all Covered Bonds		2,776,856,292.38
Excess / (Shortfall) over Adjusted Aggregate Loan Amount		1,762,323,208.29
Asset Coverage Test PASS or FAIL		PASS
Asset Percentage		90.0%
Overcollateralisation
Required By Law		103.00%
Agreed Minimum		111.11%
Rating Agency Required		106.30%
Actual Overcollateralisation ( value of assets in the cover pool divided by face value of covered bonds )		181.64%

BOND ISSUANCE

Bonds	Issue Date	Principal Balance	Currency	Exchange Rate	AUD Equiv. Of Principal Balance	Coupon Rate	Coupon Frequency
Series 2022-1	11 Nov 2022	250,000,000.00	AUD	1.0000	250,000,000.00	3mBBSW+0.95%	QUARTERLY
Series 2022-2	11 Nov 2022	200,000,000.00	AUD	1.0000	200,000,000.00	5.10%	SEMI ANNUAL
Series 2023-1	16 Jun 2023	400,000,000.00	AUD	1.0000	400,000,000.00	3mBBSW+1.15%	QUARTERLY
Series 2023-2	16 Jun 2023	350,000,000.00	AUD	1.0000	350,000,000.00	5.10%	SEMI ANNUAL
Series 2023-3E	04 Oct 2023	500,000,000.00	EUR	0.6047	826,856,292.38	4.02%	ANNUALLY
Series 2024-1	28 Nov 2024	500,000,000.00	AUD	1.0000	500,000,000.00	3mBBSW+0.83%	QUARTERLY
Series 2024-2	28 Nov 2024	250,000,000.00	AUD	1.0000	250,000,000.00	4.96%	SEMI ANNUAL

Bonds	Maturity Date	Note Type	Fixed / Floating	ISIN	Initial Term (years)	LISTING	Extended Due for Payment Date
Series 2022-1	11 Nov 2025	Soft Bullet	Floating	AU3FN0073334	3	N/A	11 Nov 2026
Series 2022-2	11 Nov 2025	Soft Bullet	Fixed	AU3CB0293967	3	N/A	11 Nov 2026
Series 2023-1	16 Jun 2028	Soft Bullet	Floating	AU3FN0078846	5	N/A	16 Jun 2029
Series 2023-2	16 Jun 2028	Soft Bullet	Fixed	AU3CB0300135	5	N/A	16 Jun 2029
Series 2023-3E	04 Oct 2026	Soft Bullet	Fixed	XS2680753568	3	N/A	04 Oct 2027
Series 2024-1	28 Nov 2029	Soft Bullet	Floating	AU3FN0094165	5	N/A	28 Nov 2030
Series 2024-2	28 Nov 2029	Soft Bullet	Fixed	AU3CB0316016	5	N/A	28 Nov 2030

Cover Pool Summary
Report Date	31 Jul 2025
Pool Balance	5,043,751,295.40
Number of Loans (Unconsolidated)	18,765
Number of Borrowers	17,603
Average Balance of Loans	268,785.04
Balance of Largest Loan	1,751,727.43
Weighted Average Interest Rate	5.58%
Weighted Average Current LVR	51.84%
Weighted Average Indexed LVR (consolidated) *	44.54%
Weighted Average Seasoning (Months)	50.96
Weighted Average Remaining Term (Months)	265.21

Cover Pool - Current LVR

LVR BAND	Number of Loans	% of Number	Balance of Loans	% of Total Balance
<= 40%	7,699	41.03	1,239,224,002.74	24.57
> 40% <= 45%	1,506	8.03	414,285,822.68	8.21
> 45% <= 50%	1,525	8.13	476,121,797.43	9.44
> 50% <= 55%	1,634	8.71	506,848,821.94	10.05
> 55% <= 60%	1,633	8.70	560,250,924.26	11.11
> 60% <= 65%	1,457	7.76	515,858,836.18	10.23
> 65% <= 70%	1,426	7.60	532,038,234.80	10.55
> 70% <= 75%	1,370	7.30	573,439,548.09	11.37
> 75% <= 80%	502	2.68	222,389,061.09	4.41
> 80% <= 85%	5	0.03	1,752,570.83	0.03
> 85% <= 90%	2	0.01	452,159.37	0.01
> 90% <= 95%	0	0.00	0.00	0.00
> 95% <= 100%	0	0.00	0.00	0.00
> 100%	6	0.03	1,089,515.99	0.02
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Indexed LVR (Consolidated by Customer and Related Security ) *

LVR BAND	Number of Loans	% of Number	Balance of Loans	% of Balance
<= 40%	9,778	54.56	1,854,629,418.83	36.77
> 40% <= 45%	1,732	9.67	558,800,101.05	11.08
> 45% <= 50%	1,532	8.55	550,463,291.47	10.91
> 50% <= 55%	1,330	7.42	509,128,126.51	10.09
> 55% <= 60%	1,142	6.37	471,907,523.30	9.36
> 60% <= 65%	853	4.76	355,496,152.76	7.05
> 65% <= 70%	645	3.60	298,359,659.69	5.92
> 70% <= 75%	528	2.95	267,868,972.12	5.31
> 75% <= 80%	350	1.95	165,825,477.54	3.29
> 80% <= 85%	24	0.13	9,730,896.77	0.19
> 85% <= 90%	2	0.01	452,159.37	0.01
> 90% <= 95%	0	0.00	0.00	0.00
> 95% <= 100%	0	0.00	0.00	0.00
> 100%	4	0.02	1,089,515.99	0.02
	17,920	100.00	5,043,751,295.40	100.00

Cover Pool - Interest Rates

Rate Band	Number of Loans	% of Number	Balance of Loans	% of Balance
<= 3.00%	282	1.50	82,262,921.82	1.63
> 3.00% <= 3.25%	67	0.36	22,804,224.67	0.45
> 3.25% <= 3.50%	63	0.34	15,397,044.05	0.31
> 3.50% <= 3.75%	30	0.16	7,235,265.39	0.14
> 3.75% <= 4.00%	12	0.06	3,862,042.52	0.08
> 4.00% <= 4.25%	34	0.18	6,567,553.77	0.13
> 4.25% <= 4.50%	6	0.03	1,141,173.96	0.02
> 4.50% <= 4.75%	3	0.02	1,682,924.59	0.03
> 4.75% <= 5.00%	27	0.14	6,352,688.08	0.13
> 5.00% <= 5.25%	85	0.45	31,942,367.97	0.63
> 5.25% <= 5.50%	3,781	20.15	1,165,776,959.91	23.11
> 5.50% <= 5.75%	10,180	54.25	2,768,295,868.35	54.89
> 5.75% <= 6.00%	2,284	12.17	546,327,147.92	10.83
> 6.00% <= 6.25%	885	4.72	221,879,642.07	4.40
> 6.25% <= 6.50%	371	1.98	83,358,648.72	1.65
> 6.50% <= 6.75%	240	1.28	43,706,783.92	0.87
> 6.75% <= 7.00%	80	0.43	14,321,445.90	0.28
> 7.00% <= 7.25%	74	0.39	8,709,066.07	0.17
> 7.25% <= 7.50%	54	0.29	6,817,842.15	0.14
> 7.50% <= 7.75%	42	0.22	2,090,950.53	0.04
> 7.75% <= 8.00%	51	0.27	1,636,765.40	0.03
> 8.00%	114	0.61	1,581,967.64	0.03
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Interest Rate Type

Rate Type Band	Number of Loans	% of Number	Balance of Loans	% of Balance
Variable	16,276	86.74	4,426,471,787.91	87.76
Fixed 1 Year	92	0.49	24,036,765.87	0.48
Fixed 2 Year	962	5.13	251,932,151.30	4.99
Fixed 3 Year	257	1.37	55,946,970.11	1.11
Fixed 4 Year	601	3.20	146,695,895.25	2.91
Fixed 5 Year	577	3.07	138,667,724.96	2.75
Total Fixed	2,489	13.26	617,279,507.49	12.24
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Loan Size (Consolidated by Customer )

Loan Size Band	Number of Loans	% of Number	Balance of Loans	% of Balance
<= 100,000	3096	17.59	156,589,735.33	3.10
> 100,000 <= 200,000	3910	22.22	590,560,645.91	11.71
> 200,000 <= 300,000	3874	22.01	962,854,786.98	19.09
> 300,000 <= 400,000	2735	15.54	947,510,197.09	18.79
> 400,000 <= 500,000	1726	9.81	770,002,667.02	15.27
> 500,000 <= 600,000	931	5.29	508,843,232.26	10.09
> 600,000 <= 700,000	467	2.65	300,966,678.04	5.97
> 700,000 <= 800,000	267	1.52	199,562,913.78	3.96
> 800,000 <= 900,000	216	1.23	182,856,288.33	3.63
<=1000000 > 900,000 <= 1,000,000	130	0.74	122,794,485.90	2.43
<=1250000 > 1,000,000 <= 1,250,000	159	0.90	175,126,413.54	3.47
<=1500000 > 1,250,000 <= 1,500,000	72	0.41	97,921,939.59	1.94
<=1750000 > 1,500,000 <= 1,750,000	12	0.07	19,154,929.38	0.38
<=2000000 > 1,750,000 <= 2,000,000	5	0.03	9,006,382.25	0.18
<=2250000 > 2,000,000 <= 2,250,000	0	0.00	0.00	0.00
<=2500000 > 2,250,000 <= 2,500,000	0	0.00	0.00	0.00
<=4000000 > 2,500,000	0	0.00	0.00	0.00
	17,600	100.00	5,043,751,295.40	100.00

	Number of Loans	% of Number	Balance of Loans	% of Balance
ACT
Metro	373	1.99	117,119,836.27	2.32
Non Metro	0	0.00	0.00	0.00
New South Wales
Metro	618	3.29	304,062,566.16	6.03
Non Metro	1,118	5.96	268,175,774.71	5.32
Northern Territory
Metro	70	0.37	15,069,393.27	0.30
Non Metro	75	0.40	17,864,185.45	0.35
Queensland
Metro	595	3.17	174,174,796.77	3.45
Non Metro	1,840	9.81	401,586,201.21	7.96
South Australia
Metro	1,008	5.37	250,914,491.62	4.97
Non Metro	456	2.43	92,741,192.77	1.84
Tasmania
Metro	511	2.72	122,372,805.14	2.43
Non Metro	335	1.79	67,252,317.43	1.33
Victoria
Metro	4,332	23.09	1,500,707,417.96	29.75
Non Metro	5,907	31.48	1,344,385,238.91	26.65
Western Australia
Metro	922	4.91	240,713,678.12	4.77
Non Metro	605	3.22	126,611,399.61	2.51
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Repayment Type

Type	Number of Loans	% of Number	Balance of Loans	% of Balance
Principal and Interest	18,453	98.34	4,916,466,601.89	97.48
Interest Only	312	1.66	127,284,693.51	2.52
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Documentation Type

Type	Number of Loans	% of Number	Balance of Loans	% of Balance
Full Doc	18,765	100.00	5,043,751,295.40	100.00
Lo Doc	0	0.00	0.00	0.00
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Occupancy Type
Type	Number of Loans	% of Number	Balance of Loans	% of Balance
Owner Occupied Investment	14,578 4,187	77.69 22.31	4,010,000,577.17 1,033,750,718.23	79.50 20.50
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Mortgage Insurer
Insurer	Number of Loans	% of Number	Balance of Loans	% of Balance
Insurable	18,765	100.00	5,043,751,295.40	100.00
Helia	0	0.00	0.00	0.00
QBE	0	0.00	0.00	0.00
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Loan Seasoning

Seasoning Bands	Number of Loans	% of Number	Balance of Loans	% of Balance
<= 3 Months	0	0.00	0.00	0.00
> 3 Months <= 6 Months	0	0.00	0.00	0.00
> 6 Months <= 12 Months	414	2.21	125,556,731.45	2.49
> 12 Months <= 18 Months	760	4.05	209,292,313.06	4.15
> 18 Months <= 24 Months	1,179	6.28	331,568,432.22	6.57
> 24 Months <= 30 Months	1,166	6.21	344,176,263.52	6.82
> 30 Months <= 36 Months	1,442	7.68	422,116,843.01	8.37
> 36 Months <= 42 Months	2,268	12.09	715,449,563.12	14.18
> 42 Months <= 48 Months	2,461	13.11	771,454,346.42	15.30
> 48 Months <= 54 Months	2,291	12.21	668,344,537.04	13.25
> 54 Months <= 60 Months	1,349	7.19	361,277,226.42	7.16
> 60 Months <= 66 Months	808	4.31	214,584,650.75	4.25
> 66 Months <= 72 Months	625	3.33	161,794,213.44	3.21
> 72 Months <= 78 Months	389	2.07	93,801,033.15	1.86
> 78 Months <= 84 Months	409	2.18	93,801,563.12	1.86
> 84 Months <= 90 Months	332	1.77	84,406,525.80	1.67
> 90 Months <= 96 Months	313	1.67	74,458,329.22	1.48
> 96 Months <= 102 Months	284	1.51	64,240,525.03	1.27
> 102 Months <= 108 Months	289	1.54	61,426,488.94	1.22
> 108 Months <= 114 Months	160	0.85	27,421,519.28	0.54
> 114 Months <= 120 Months	148	0.79	23,351,218.17	0.46
> 120 Months	1,678	8.94	195,228,972.24	3.87
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Remaining Term

Term Bands	Number of Loans	% of Number	Balance of Loans	% of Balance
<= 1 Year	25	0.13	652,646.72	0.01
> 1 Year <= 2 Years	50	0.27	2,783,967.42	0.06
> 2 Years <= 3 Years	68	0.36	2,562,436.20	0.05
> 3 Years <= 4 Years	87	0.46	3,087,518.79	0.06
> 4 Years <= 5 Years	158	0.84	6,669,262.40	0.13
> 5 Years <= 6 Years	213	1.14	14,512,267.29	0.29
> 6 Years <= 7 Years	224	1.19	19,791,940.84	0.39
> 7 Years <= 8 Years	260	1.39	22,972,424.85	0.46
> 8 Years <= 9 Years	312	1.66	29,971,313.54	0.59
> 9 Years <= 10 Years	301	1.60	32,648,083.26	0.65
> 10 Years <= 15 Years	2,734	14.57	429,603,003.90	8.52
> 15 Years <= 20 Years	3,999	21.31	903,848,385.56	17.92
> 20 Years <= 25 Years	4,835	25.77	1,497,328,272.50	29.69
> 25 Years <= 30 Years	5,499	29.30	2,077,319,772.13	41.19
> 30 Years	0	0.00	0.00	0.00
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Arrears

of Loans			% of Balance
	Number		97.97
			1.41
81	0.43	25,944,999.07	0.51
16	0.09	5,405,715.09	0.11
1	0.01	142,727.05	0.00
	18,426 241	98.19 1.28	4,941,140,220.80 71,117,633.39

Cover Pool - Remaining Fixed Term

Term Bands	Number of Loans	% of Number	Balance of Loans	% of Balance
Variable	16,280	86.76	4,426,971,759.03	87.77
> 1 Month <= 3 Months	239	1.27	64,857,133.06	1.29
> 3 Months <= 6 Months	276	1.47	72,692,200.54	1.44
> 6 Months <= 9 Months	181	0.96	43,270,629.85	0.86
> 9 Months <= 12 Months	310	1.65	75,064,758.03	1.49
> 12 Months <= 15 Months	272	1.45	71,651,596.45	1.42
> 15 Months <= 18 Months	441	2.35	123,644,921.31	2.45
> 18 Months <= 21 Months	325	1.73	74,415,071.35	1.48
> 21 Months <= 24 Months	240	1.28	54,074,212.90	1.07
> 24 Months <= 27 Months	66	0.35	12,047,093.12	0.24
> 27 Months <= 30 Months	38	0.20	8,126,910.77	0.16
> 30 Months <= 33 Months	23	0.12	4,012,045.56	0.08
> 33 Months <= 36 Months	17	0.09	3,364,319.70	0.07
> 36 Months <= 39 Months	14	0.07	2,667,506.50	0.05
> 39 Months <= 42 Months	13	0.07	2,543,206.40	0.05
> 42 Months <= 45 Months	10	0.05	1,808,858.94	0.04
> 45 Months <= 48 Months	8	0.04	1,060,405.38	0.02
> 48 Months <= 51 Months	4	0.02	438,824.49	0.01
> 51 Months <= 54 Months	4	0.02	618,377.22	0.01
> 54 Months <= 57 Months	3	0.02	351,945.23	0.01
> 57 Months <= 60 Months	1	0.01	69,519.57	0.00
> 60 Months	0	0.00	0.00	0.00
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Loan Purpose

Purpose Categories	Number of Loans	% of Number	Balance of Loans	% of Balance
Established Property Established Property	7,576	40.37	2,099,162,927.87	41.62
ConstructionNewly Erected Property	2,431	12.95	719,630,363.70	14.27
Refinance	7,671	40.88	2,069,509,219.92	41.03
Additions and Alterations Home Improvement	245	1.31	41,675,063.77	0.83
Home EquityOther	842	4.49	113,773,720.14	2.26
	18,765	100.00	5,043,751,295.40	100.00

Cover Pool - Remaining Interest Only Period

IO Remaining Period	Number of Loans	% of Number	Balance of Loans	% of Balance
Principal and Interest	18,453	98.34	4,916,466,601.89	97.48
IO Remaining Period
<= 1 Year	137	0.73	52,500,349.54	1.04
> 1 Year <= 2 Years	95	0.51	41,435,844.56	0.82
> 2 Years <= 3 Years	53	0.28	24,053,435.07	0.48
> 3 Years <= 4 Years	27	0.14	9,295,064.34	0.18
> 4 Years <= 5 Years	0	0.00	0.00	0.00
> 5 Years <= 10 Years	0	0.00	0.00	0.00
> 10 Years	0	0.00	0.00	0.00
	18,765	100.00	5,043,751,295.40	100.00

Important Information

This Report is for information purposes only, is not intended as an offer to sell or invitation, recommendation, inducement or solicitation of any offer to subscribe for or purchase or continue to hold covered bonds issued by Bendigo and Adelaide Bank Limited (ABN 11 068 049 178) (BEN) in any country or jurisdiction. This Report is not intended to and does not create legal relations on the basis of the information contained in it.

This Report is for the information of investors who have acquired covered bonds issued by BEN 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 this Report for any other purpose. No person is authorised to copy this Report (or any part of it) or to distribute it (or any part of it) to any other person.

This Report does not contain all information that may be relevant to a covered bond investor in relation to its investment in the covered bonds issued by BEN 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 is not a representation or guarantee of the future performance of BEN, covered bonds issued by BEN or the performance of the mortgage loans held by Perpetual Corporate Trust Limited (ABN 99 000 341 533) as trustee of the Bendigo and Adelaide Bank Covered Bond Trust and CB Guarantor.

None of BEN, the Trust Manager and the CB Guarantor represent or warrant that this Report (or the information set out or referred to in it) is complete, accurate, reliable or up to date.

To the fullest extent permitted by law, each of BEN, the Trust Manager and the CB Guarantor expressly disclaims all and any responsibility for, and liability to, in any way whatsoever (whether in negligence or otherwise) for any loss, costs, expenses or damage of any nature (whether direct, indirect or consequential) which may be suffered by any person relying upon this Report (or its information, conclusions or omissions)

Each of BEN the Trust Manager and the CB Guarantor does not accept responsibility for, or liability arising from, any information or representation contained in this Report.

No person should act on the basis of, or rely on, any matter in this Report (or its content) without first making their own assessment and evaluation and seeking their own advice to enable them to make any decision concerning their own risk.

* © Copyright 2022. RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic) and its licensors are the sole and exclusive owners of all rights, title and interest (including intellectual property rights) subsisting in this publication, including any data, analytics, statistics and other information contained in this publication (Data). All rights reserved.

Whilst CoreLogic uses commercially reasonable efforts to ensure the Data and information in this publication is current, CoreLogic does not warrant the accuracy, currency or completeness of the Data and commentary contained in this publication and to the full extent not prohibited by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Data and commentary contained in this publication.