Investor Presentaiton

8 Summary of events that may affect PERLS VIII PERLS VIII do not have a fixed maturity date but may be Exchanged into Ordinary Shares, Redeemed or Resold. The diagram below summarises when these events could occur¹. If none of these events occur, PERLS VIII could remain on issue indefinitely and the Face Value will not be repaid 30 March 2016 Issue Date 15 October 2021 Call Date 15 October 2023 Mandatory Exchange Date (if not on the Call Date or Exchanged earlier) Each Distribution Payment Date after Mandatory Exchange Date Redemption or Resale at CBA's option (see Section 2.2 "When will the Face Value be repaid?") Redemption Resale You receive the You receive the Face Value from Face Value from CBA the Purchaser Mandatory Exchange subject to the Mandatory Exchange Conditions being satisfied (see Section 2.3 "Mandatory Exchange") Maximum Exchange Number calculated based on 50% of Issue Date VWAP If Mandatory Exchange does not occur on the Mandatory Exchange Date, then Mandatory Exchange will occur on the first Distribution Date after that date on which the Mandatory Exchange Conditions are satisfied (see Section 2.3 "Mandatory Exchange") Maximum Exchange Number calculated based on 50% of Issue Date VWAP Events that could occur at any time Redemption at CBA's option for tax or regulatory reasons (see Section 2.2 "When will the Face Value be repaid?") Automatic Exchange if a Capital Trigger Event, Non-Viability Trigger Event or Change of Control Event occurs (see Section 2.4 "Automatic Exchange on a Capital Trigger Event or Non-Viability Trigger Event" and Section 2.5 "Automatic Exchange on a Change of Control Event"). Maximum Exchange Number calculated based on 20% of Issue Date VWAP 1 Section references in the diagram are references to sections of the Prospectus Commonwealth Bank of Australia / PERLS VIII Investor Presentation CAN

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