1. John Mulcahy UBS Warburg Conference 6 June 2001 www.commbank.com.au

2. 1 www.commbank.com.au The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 6 June 2001. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. Disclaimer

3. 2 www.commbank.com.au Speaker’s Notes Speaker’s notes for this presentation are attached below each slide.Speaker’s notes for this presentation are attached below each slide. To access them, you may need to save the slides in PowerPoint and view/print in “notes view.”To access them, you may need to save the slides in PowerPoint and view/print in “notes view.”

4. 3 www.commbank.com.au Group PerformanceGroup Performance Progress Report on Integration and Group StrategyProgress Report on Integration and Group Strategy Drivers of growth in Financial ServicesDrivers of growth in Financial Services Group PerformanceGroup Performance Progress Report on Integration and Group StrategyProgress Report on Integration and Group Strategy Drivers of growth in Financial ServicesDrivers of growth in Financial Services Agenda

5. 4 www.commbank.com.au Group Performance * Net Profit after tax and outside equity interest - cash basis. Excludes abnormal items, appraisal value uplift and goodwill amortisation ** Proforma * Proforma

6. 5 www.commbank.com.au Group Performance Mar 2001

7. 6 www.commbank.com.au Index of Top Consistent Performers 100.0 99.3 98.7 97.0 96.8 96.6 95.9 95.6 95.5 95.4 95.3 95.2 94.9 94.6 94.4 94.3 93.8 92.7 Ideal Firm Aegon CBA Mediolanum Northern Trust Capital One Charles Schwab BBVA Providian Finl. Bank of New York AIG Power Finl. Swiss Re American Express Skandia Mellon Great West Lifeco Robeco Group Fortis Source : Oliver, Wyman & Company Report Number 3 Volume 11 March 2001 SPI through December 2000.

8. 7 www.commbank.com.au Australian Market Share

9. Progress Report on Integration

10. 9 www.commbank.com.au Integration Targets Expect majority of cost synergies to be achieved by end of year two whilst revenue synergies will progressively be realised over the next few yearsExpect majority of cost synergies to be achieved by end of year two whilst revenue synergies will progressively be realised over the next few years Funding benefits from anticipated improved ratings and capital managementFunding benefits from anticipated improved ratings and capital management Maintain & improve service levelsMaintain & improve service levels Maintain the momentum of Colonial First State InvestmentsMaintain the momentum of Colonial First State Investments Continue strong relationships with independent distributorsContinue strong relationships with independent distributors

11. 10 www.commbank.com.au Customer Retention Customer Retention has been a critical targetCustomer Retention has been a critical target Retention based upon Customer Revenues rather than specific Customer NumbersRetention based upon Customer Revenues rather than specific Customer Numbers Retention is on targetRetention is on target Early Card Product changes resulted in 97% retentionEarly Card Product changes resulted in 97% retention Customer experience has been well managedCustomer experience has been well managed

12. 11 www.commbank.com.au Outcomes to Date Retail banking operations Systems build completeSystems build complete Transaction bridge operationalTransaction bridge operational End to End Testing commencedEnd to End Testing commenced Launceston call centre site build (stage 1) completeLaunceston call centre site build (stage 1) complete Conversion Management System operationalConversion Management System operational Launceston call centre operationalLaunceston call centre operational Colonial customer retention on trackColonial customer retention on track Product Conversion Mailing LodgedProduct Conversion Mailing Lodged Branch amalgamation program completeBranch amalgamation program complete Forecast Completion Dec QtrDec 00 Dec QtrDec 00 Mar QtrJan 01 Mar QtrJan 01 Jun QtrMar 01 Jun QtrMar 01 Mar Qtr Jan 01 Mar Qtr Jan 01 Jun QtrMar 01 Jun QtrMar 01 Ongoing Ongoing Jun QtrMay 01 Jun QtrMay 01 Dec QtrMay 01 Dec QtrMay 01

13. 12 www.commbank.com.au Other Outcomes Area manager incentive scheme now incorporates integration metricsArea manager incentive scheme now incorporates integration metrics 1 million Product conversion mailings sent to customers1 million Product conversion mailings sent to customers 700,000 Keycards issued to customers700,000 Keycards issued to customers Extensive Verification ProgrammeExtensive Verification Programme Campaign Management initiated to review all customer impactsCampaign Management initiated to review all customer impacts No unplanned impact on agent networkNo unplanned impact on agent network

14. 13 www.commbank.com.au Integration Phase 2 Rationalisation of the Financial Services product set to ensure a streamlined set of products with a consistent brandRationalisation of the Financial Services product set to ensure a streamlined set of products with a consistent brand –Life products –Managed Funds products Systems Infrastructure to support the rationalised product setSystems Infrastructure to support the rationalised product set Distribution StrategyDistribution Strategy –comprehensive strategy leveraging proprietary and third party distribution channels

15. Group Strategy and Drivers of Growth in Financial Services

16. 15 www.commbank.com.au Group Strategy Business Goals To be the best brands in helping customers manage and build wealth Develop offshore opportunities Global best-practice costs Best Team Attract more customers & more revenue per customer Best value service through innovation & on-line leadership Strategic VisionFinancial Goal Top Quartile TSR Top Quartile TSR Growth with low inflation inflation Major technology shift WHY? Pace of change Limited longer term domestic scope Margin squeeze

17. 16 www.commbank.com.au Progress against the Strategy Attract More Customers & More Revenue per CustomerAttract More Customers & More Revenue per Customer –Approximately 10 million personal customers –Growth in customer numbers and/or revenue across all segments Innovation and On-line leadershipInnovation and On-line leadership –1.1m on-line customers as at 31/3/01 Best TeamBest Team –Key skills and people from Colonial retained –All staff participate in a form of performance based remuneration

18. 17 www.commbank.com.au Progress against the Strategy Develop Offshore OpportunitiesDevelop Offshore Opportunities –ASB wholly owned –Entry into UK mortgage market –Integration of Stewart Ivory and CFS –China - commenced Life Insurance business Global Best Practice CostsGlobal Best Practice Costs –Focus on technology driven productivity –Leverage the increased scale from Integration

19. 18 www.commbank.com.au Sector Growth Source: ABS, Commonwealth Bank Source: Salomon Smith Barney Estimates, APRA, Commonwealth Bank Source: Salomon Smith Barney Estimates, ASSIRT, Commonwealth Bank Source: Plan for Life, Commonwealth Bank

20. 19 www.commbank.com.au Financial Services Drivers Demographics Aging populationAging population Increased life expectancyIncreased life expectancy Regulation SuperannuationSuperannuation TaxTax Clerp 6Clerp 6 Technology Channel proliferationChannel proliferation Rapid changeRapid change Consumers SophisticatedSophisticated ChoiceChoice ConvenienceConvenience Reduced loyaltyReduced loyalty Competition GlobalGlobal ConsolidationConsolidation Blurred boundariesBlurred boundaries Economic Poor savings historyPoor savings history Weak $AUDWeak $AUD Increased Complexity

21. 20 www.commbank.com.au Financial Services Vision By offering customers a comprehensive product set, superior value and the convenience of a multi channel distribution environment, we will meet customer needs in wealth creation, protection and financial management and build upon our positioning as the leading financial services brand.

22. 21 www.commbank.com.au Financial Services Business Model Product Strategy ManufactureManufacture WholesaleWholesale Multi-channel sales delivery leverage the CBA retail networkleverage the CBA retail network leverage and grow 3rd party distribution channelsleverage and grow 3rd party distribution channels develop online and self fulfillment opportunities.develop online and self fulfillment opportunities. Cross sell / life cycle strategy Customer segmentation and life stage needs as the basis for targeted marketing and product bundlingCustomer segmentation and life stage needs as the basis for targeted marketing and product bundling Develop channel specific offerings in line with customer needs to build balances and market share Deliver maximum sell / retention across the complete product range Wealth Management capability Advice Wrap Superior Customer Service

23. 22 www.commbank.com.au Retail Funds Under Management Market Share as at 31/12/2000 Market Share as at 31/3/2001 Market Share as at 31/12/2000 Market Share as at 31/3/2001 $bn share $bn share 1. CBA41.419.6% 42.620.0% 1. CBA41.419.6% 42.620.0% 2. NAB29.714.1%30.414.3% 2. NAB29.714.1%30.414.3% 3. AMP25.312.0%24.811.7% 3. AMP25.312.0%24.811.7% 4. BT18.1 8.6%17.2 8.1% 4. BT18.1 8.6%17.2 8.1% 5. Westpac13.7 6.5%13.8 6.5% 5. Westpac13.7 6.5%13.8 6.5% 6. ANZ11.0 5.2%11.5 5.4% 6. ANZ11.0 5.2%11.5 5.4% Funds under Management Source: Assirt

24. 23 www.commbank.com.au Total Assets Under Management Market Share as at 31/12/2000 Market Share as at 31/3/2001 $bn share$bn share $bn share$bn share 1. CBA 90.4 14.8% $94.515.1% 1. CBA 90.4 14.8% $94.515.1% 2. AMP 72.2 11.8%$72.411.6% 2. AMP 72.2 11.8%$72.411.6% 3. NAB 43.4 7.3%$47.1 7.5% 3. NAB 43.4 7.3%$47.1 7.5% 4. BT 37.1 6.2% $35.9 5.7% 4. BT 37.1 6.2% $35.9 5.7% 5. Deutsche 33.3 5.6%$33.3 5.3% 5. Deutsche 33.3 5.6%$33.3 5.3% 6. State Street 30.3 5.1% $30.3 4.8% 6. State Street 30.3 5.1% $30.3 4.8% Funds under Management Source: Assirt

25. 24 www.commbank.com.au Areas of Strategic Focus Rationalisation of the Financial Services product setRationalisation of the Financial Services product set Improvement in customer serviceImprovement in customer service Continued focus on productivity improvementContinued focus on productivity improvement

26. UBS Warburg Conference 6 June 2001 www.commbank.com.au