Investor Presentaiton

Comparison to other CBA hybrid securities There are differences between PERLS III and PERLS VIII, and PERLS VIII may not suit your investment objectives, financial situation or particular needs. If you have any questions about the differences between PERLS III and PERLS VIII, you should seek advice from your financial adviser or other professional adviser before deciding to invest in PERLS VIII. 13 Other hybrid securities issued by CBA PERLS III Issuer Preferred Capital Limited, a subsidiary of CBA CommBank PERLS VIII Capital Notes CBA PERLS VI PERLS VII CBA CBA Legal Form Preference share Initial Face Value A$200 ASX Code PCAPA Perpetual note A$100 CBAPE1 Perpetual note Perpetual note A$100 CBAPC A$100 CBAPD 3.80% per annum 2.80% per annum Margin Quarterly Distributions Call Date / Resale Date Exchange 1.05% per annum until the Step- Expected to be between 5.20% up date (6 April 2016) and 5.35% per annum and will After the Step-up date, the initial be determined through the margin increases by 1.00% per annum Floating rate, expected to be fully franked 6 April 2016 CBA may choose to exchange for Ordinary Shares on 6 April 2016 N/A Bookbuild Floating rate, expected to be fully franked 15 October 20212 CBA must Exchange on 15 October 2023 if the Mandatory Exchange Conditions are satisfied 56% of Issue Date VWAP Floating rate, expected to be fully franked 15 December 2018² CBA must exchange for Ordinary Shares on 15 December 2020 if certain conditions are satisfied $31.41 Floating rate, expected to be fully franked 15 December 20222 CBA must exchange for Ordinary Shares on 15 December 2024 if certain conditions are satisfied $44.03 CBA ordinary share price for first mandatory exchange condition Capital Trigger Event Non-Viability Trigger Event Ranking in a winding up (assuming no Exchange) Tier 1 Capital Ratio less than 5% Total Capital Ratio less than 8% No Automatically exchanges into Ordinary Shares Common Equity Tier 1 Capital Ratio equal to or less than 5.125% Yes Ranks equivalent to a preference share 1 CBA will apply for quotation of PERLS VIII on ASX. It is expected that PERLS VIII will be quoted under this code 2 Call Date/Resale is two years prior to the Mandatory Exchange Date Commonwealth Bank of Australia / PERLS VIII Investor Presentation Common Equity Tier 1 Capital Ratio equal to or less than 5.125% Yes Ranks equivalent to a preference share Common Equity Tier 1 Capital Ratio equal to or less than 5.125% Yes Ranks equivalent to a preference share CAN

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