#127.75 3.1. 50 $7 18 XES XSD VOLU UVOL 76.36 AX November 2, 2023 34.62 34.97 2 MO NYSE 34.9600 axos FINANCIAL NYSE Axos Financial, Inc. Investor Presentation NYSE: AX FOOD FOR FTCORE LLEFEL TM axos Banking Evolved SM#2Safe Harbor axos This presentation contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos Financial, Inc.'s ("Axos") financial prospects and other projections of its performance and asset quality, Axos' deposit balances and capital ratios, Axos' ability to continue to grow profitably and increase its business, Axos' ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this presentation. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos' ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos' periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023, Form 10-Q for the quarter ended September 30, 2023 and its last earnings press release, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Axos undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this presentation, which are attributable to us or persons acting on Axos' behalf are expressly qualified in their entirety by the foregoing information. 2#3Axos' Business Model is Differentiated From Other Banks Customer Acquisition • Digital Marketing • Affinity and Distribution Partners • Data mining/target feeding direct marketing • Cross-selling Data Driven Insight Sales • Automated fulfillment • Inbound call center sales ● Outbound call center sales ● Minimal outside sales Significant inside sales Integrated Customer Experience Self-service • Digital journey ● Servicing Direct banker (call center) Core Digital Capabilities Digital Marketing axos Digitally Enabled Operations Distribution ● Balance sheet • Whole loan sales options ● Securitization Next-Gen Technology 3#4Axos is a Top Performer Versus Bank Peer Group ROAA Return on equity Net interest income Efficiency ratio Axos Bank 1.63% 16.56% 4.38% 46.19% Peer Group 0.74% 7.48% 2.79% 70.94% Source: Uniform Bank Performance Report (UBPR) as of 06/30/23; data retrieved 10/6/2023. Note: Peer group is all savings banks (101) with assets greater than $1 billion for quarter ended 06/30/23. Percentile 91% 91% 94% axos 8% The 91% on ROE means that the Bank outperformed 91% of all banks. The 8% efficiency ratio ranking means that only 8% of banks have lower expenses in comparison to their revenues. 4#5Axos Financial's Three Divisions Provide the Foundation axos for Sustained Long-term Growth Securities Consumer Banking Commercial Banking Investment Thesis > Diverse mix of asset, deposit, and fee income reduces risk and provides multiple growth opportunities in varying environments > Differentiated retail digital strategy from "online savings banks" or fin-tech competitors Structural cost advantage vs. traditional banks > Differentiated distribution strategy New business initiatives generate incremental growth > Universal Digital Banking Platform and Enterprise Technology stack provide operating leverage opportunity TM > Technology synergies among divisions reduce overall cost of growth strategy LO 5#6Consolidated Fiscal First Quarter 2024 Highlights Compared with Fiscal First Quarter 2023 Asset Growth $ Millions 25,000 20,000 15,000 10,000 5,000 0 $ Millions 100 50 0 18,407 Q1 2023 Net Income 69.6* 58.4 13.1% Q1 2023 18.7% 20,825 Q1 2024 82.6 Q1 2024 $ Millions 20,000 15,000 10,000 5,000 0 $ Diluted EPS 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Return on Equity = 16.91% Return on Assets = 1.64% Deposit Growth 15,177 15.7% Q1 2023 Diluted EPS 1.15* 0.97 Q1 2023 20.0% axos * Net income and diluted EPS for Q1 2023 exclude a $16.0 million ($11.2 million post tax) accrual as a result of an adverse legal judgement that has not been finalized. 17,566 Q1 2024 1.38 Q1 2024 6#7Diluted EPS and Book Value Per Share Have Been Consistently Strong $ per share 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2.37 2018 Diluted EPS (FY) 5.07 16.4% CAGR 3.97 3.56 2.98 2.48 mill 2019 2020 2021 2022 2023 $ per share 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Book Value Per Share (FY) 15.24 17.47 axos 16.4% CAGR 27.48 23.62 20.56 32.53 2018 2019 2020 2021 2022 2023 7#8Net Interest Margin has been Stable Through a variety axos of Interest Rate Cycles* 3.76% 2.40% 2019 Stable Net Interest Margin 3.83% 0.08% 2020 NIM 3.92% 0.08% 2021 4.13% 0.26% 2022 5.08% 4,35% *NIM excludes impact of HRB; relationship with HRB terminated in December 2021. 2023 Effective Fed Funds rate 5.33% 4.36% Q1 2024 8#9Loan Portfolio More Sensitive to Rate Increases Today Compared to Last Fed Fund Rate Hike Starting in 2015 September 30, 2015 Variable rate Hybrid Fixed 9% 11% 80% September 30, 2023 Variable rate 61% Fixed 7% axos 32% Hybrid 9#10Interest Rate Components of Loan & Lease Portfolio At September 30, 2023 Mix of Loan Repricing Types Variable 61% Fixed 7% Hybrid 32% Fixed/Hybrid Years to Maturity / Repricing* $M 7,000 6,000 5,000 4,000 3,000 2,000 1,000 455 axos 944 6,483 6,491 6,543 5,516 3,297 Jlll 2,139 1/2 1 2 3 Years5 10 20 7% 15% 33% 50% 84% 99% 99% 100% *Excludes SF Warehouse Lending and Equipment Leasing. The years to repricing assumes no loan prepayments and reflects only contractual terms. Of the fixed and hybrid rate loan balances in our portfolio at September 30, 2023, 50% will reprice within 3 years and 84% will reprice within 5 years > 20 10