Investor Presentaiton

Appendix: CommBank PERLS VIII Capital Notes - Key Benefits and Key Risks¹ 24 Key Benefits of PERLS VIII PERLS VIII are scheduled to pay a floating Distribution Rate PERLS VIII Distributions are scheduled to be paid quarterly in arrears PERLS VIII pay a fixed Margin above the Market Rate to be determined through the Bookbuild PERLS VIII Distributions are expected to be fully franked PERLS VIII are expected to be listed on ASX and may be traded on ASX PERLS VIII provide investors an opportunity to diversify their investment portfolio Key Risks of PERLS VIII Investments in PERLS VIII are an investment in CBA and may be affected by the ongoing performance, financial position and solvency of CBA and other risks associated with CBA's businesses. They are not deposit liabilities or protected accounts of CBA under the Banking Act Investments in PERLS VIII are subordinated and unsecured liabilities. On a winding up of CBA, there is a risk that you may lose some or all of the money you invested in PERLS VIII Distributions are discretionary and subject to the distribution payment conditions being satisfied. Distributions that are not paid do not accrue and will not be subsequently paid PERLS VIII may be Exchanged for Ordinary Shares on the Mandatory Exchange Date (subject to the Maximum Exchange Number and Mandatory Exchange Conditions) or on another date if certain events occur. This includes if a Capital Trigger Event, Non-Viability Trigger Event or Change of Control Event occurs. There is a risk that on Exchange you may receive a number of Ordinary Shares with a value which is significantly less than the Face Value, including as a result of the application of the Maximum Exchange Number and of the market price of Ordinary Shares at the time you may sell your Ordinary Shares Dividends are payable at the absolute discretion of CBA and, in a winding up of CBA, claims of holders of Ordinary Shares rank behind claims of holders of all other securities and debts of CBA. In contrast, distributions on PERLS VIII are payable in accordance with the Terms and claims of PERLS VIII holders rank ahead of holders of Ordinary Shares - If a Capital Trigger Event or Non-Viability Trigger Event occurs and the Exchange is not effective and CBA has not otherwise issued Ordinary Shares within 5 Business Days of the event, then Holders' rights under the relevant PERLS VIII will be terminated. Your investment in the relevant PERLS VIII will lose all of its value – the Face Value will not be paid and you will not receive any compensation. This could occur if CBA was prevented from issuing Ordinary Shares by circumstances outside its control, for example, if CBA was prevented by an applicable law or order of any court, or action of any government authority from issuing Ordinary Shares 1 You should read Section 5 "Risk of CommBank PERLS VIII Capital Notes" in full before deciding to invest Commonwealth Bank of Australia / PERLS VIII Investor Presentation CAN

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