Investor Presentaiton

Distributions Distributions Distribution Rate Dividend and capital restrictions PERLS VIII are scheduled to pay quarterly, floating rate Distributions The first Distribution is scheduled to be paid on 15 June 2016 Distributions are expected to be fully franked, but will be increased to compensate Holders to the extent that a Distribution is not fully franked Distributions are discretionary and subject to the distribution payment conditions being satisfied Distribution Rate = (Market Rate + Margin) x (1 – Tax Rate) Margin to be determined through the Bookbuild and is expected to be between 5.20% and 5.35% per annum Distributions may not be paid in certain circumstances Distributions that are not paid do not accrue and will not be subsequently paid If a Distribution is not paid then, from that Distribution Payment Date and until a Distribution is paid in full on a subsequent Distribution Payment Date, CBA cannot (subject to certain exceptions): declare or determine a dividend on Ordinary Shares; or return any capital or undertake any buy-backs or repurchases in relation to Ordinary Shares Non-payment of a Distribution will not be an event of default 7 Commonwealth Bank of Australia / PERLS VIII Investor Presentation CAN

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