Investor Presentaiton

Appendix: CommBank PERLS VIII Capital Notes - Key Benefits and Key Risks¹ 25 Key Risks of PERLS VIII (cont.) PERLS VIII may not be Exchanged on the scheduled Mandatory Exchange Date and you may continue to hold PERLS VIII indefinitely CBA may redeem PERLS VIII on the Call Date or at any time for tax or regulatory reasons, subject to APRA's prior written approval. APRA's approval may or may not be given You do not have a right to request that your PERLS VIII be Exchanged or Redeemed early CBA may raise more debt and issue further securities which rank equally with or ahead of PERLS VIII, whether or not secured The Distribution Rate will fluctuate with changes in the Market Rate. There is a risk the Distribution Rate may become less attractive compared to returns on comparable securities or investments The market price of PERLS VIII on ASX will fluctuate and you may lose some of the money you invested in PERLS VIII if you sell them Liquidity of PERLS VIII on ASX may be low and you may not be able to sell your PERLS VIII at an acceptable price or at all A significant portion of CBA's business is related to Australia and CBA may be adversely affected by a downturn in the Australian economy CBA may be adversely affected either directly or indirectly by disruption to global markets CBA is subject to extensive regulation. Changes in regulation may adversely affect CBA's performance or financial position CBA may incur losses associated with exposures to customers, counterparties and suppliers who default on their obligations to CBA A significant proportion of CBA's wholesale funding is obtained, and a proportion of its profits are earned, in currencies other than Australian dollars. CBA hedges these risks where appropriate but there is no guarantee that CBA's hedging strategy will be sufficient or effective CBA is subject to operational risks and may incur losses CBA is subject to information security risks, including cyber attacks, and data security breaches CBA's ability to raise capital and funding may be adversely affected by changes in credit ratings CBA is subject to intense competition which may adversely affect its performance CBA may be adversely affected by harm to its reputation amongst customers and investors Acquisitions of other businesses by CBA may adversely affect its performance and financial position for example due to difficulties in integrating systems and processes or not achieving expected cost savings CBA's businesses or customers may be affected by catastrophic events 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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