Investor Presentaiton
10
Mandatory Exchange
Mandatory
Exchange
Maximum Exchange
Number
Mandatory
Exchange
Conditions
On the Mandatory Exchange Date (15 October 2023), CBA must Exchange all PERLS VIII (subject to the Maximum
Exchange Number and Mandatory Exchange Conditions) for a variable number of Ordinary Shares with the benefit
of a 1% discount1
If all of the Mandatory Exchange Conditions are not satisfied on that date, the Mandatory Exchange Date will be the
first Distribution Payment Date after that date on which all the Mandatory Exchange Conditions are satisfied
Calculated according to the formula: (Face Value) / (Relevant Percentage x Issue Date VWAP)
The Relevant Percentage is 50% if Exchange is occurring on a Mandatory Exchange Date
There are three Mandatory Exchange Conditions:
First Mandatory Exchange Condition: the VWAP of Ordinary Shares on the 25th Business Day before (but
not including) a possible Mandatory Exchange Date is greater than 56% of the Issue Date VWAP;
Second Mandatory Exchange Condition: the VWAP of Ordinary Shares during the period of 20 Business
Days before (but not including) a possible Mandatory Exchange Date is greater than 50.51% of the Issue
Date VWAP; and
Third Mandatory Exchange Condition: Ordinary Shares are listed or admitted to trading on ASX as at the
Mandatory Exchange Date
The First and Second Mandatory Exchange Conditions are intended to provide some protection for Holders against
Exchange occurring when the price of Ordinary Shares has fallen to such a level that you would only receive the
Maximum Exchange Number
1 The number of Ordinary Shares received for each PERLS VIII will have a value equal to A$101.01 (based on the Face Value (initially A$100) and the VWAP of Ordinary Share during the 20 Business Days before
the Mandatory Exchange Date with a benefit of a 1% discount
Commonwealth Bank of Australia / PERLS VIII Investor Presentation
CANView entire presentation