1. 1 UBS Financial Services Conference “The Strategic Imperative” Michael Cameron Chief Financial Officer 22 June 2005

2. 2 The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 22 June 2005. 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. 3 Agenda Which new Bank - the CBA strategic centrepiece Other strategic opportunities Ongoing productivity improvements Segmented product offerings – Banking division Compartmentalisation of manufacturing and distribution in Wealth Management International growth

4. 4 Which new Bank The CBA Strategic Centre Piece 2004/05 milestones Customer service Our people Simple processes

5. 5 In 2003 the Bank anticipated Slowing credit growth Increased competition Margin compression

6. 6 Engaged People Service and Sales CommSee Branch Refurbishment Supported by Through “To Excel in Customer Service” Leadership Performance Management People Development CommWay Process Redesign / simplification Support Function Redesign Via Customer Service Simple Processes People Systems Our transformation vision

7. 7 1. Service & Sales Management - remaining staff trained 2. Branch Refurbishment - refurbish 125 3. NetBank - new service implemented 4. CommSee - platform built and deployment commenced 5. CommSee - 40% customer-facing staff trained 6. Segment Model - pilot completed 7. Performance Culture - performance management system implemented 8. Performance Culture - new learning curriculum available Process People Customer 9. CommWay - 40 process simplification initiatives completed 10. Support Function Redesign - implementation of 14 functions completed 11. Wealth management systems - reduced from 11 to 7 12. Procurement - 10 key categories renegotiated 13. IT Efficiency - run-rate savings of $80m realised 75% 80% 90% 70% Percentage complete*Target date Jun 05 Mar 05 Apr 05 Jun 05 Dec 04 Jun 05 June 05 milestones *As at end April 2005 85% 65% 30% 60% 80% As at February 2005 WnB Update Milestone 100%

8. 8 Customer service Customer-focussed Service and Sales across Bank New Netbank launched CommSee progressing to plan One Team Referrals working

9. 9 Our people CommLeader Performance Management People Development Internal Service Quality measured quarterly

10. 10 Simple processes Becoming ‘everyday’ behaviours Over 300 skilled at ‘lean/Six Sigma’ methodologies 33 CommWay projects completed Increased security and integrity of customer data

11. 11 Dec 03Jun 04Dec 04 Revenue BenefitsCost Saving WnB Benefits Actual benefits ($m) 63 174 301 27 36 65 109 117 184

12. 12 WnB opportunities CommSee Extensions NetBank Product One Team Referrals Best Sourcing CommWay

13. 13 Other strategic initiatives Ongoing productivity improvements Segmented product offerings Wealth management structure International growth

14. 14 Productivity improvements (1) On a cash basis Expense ratios (1) 50.1% 44.9% 0.74% Banking (2) Funds Mgt (4) Insurance (3) Dec 04 54.7% 50.4% 0.87% Jun 03 CAGR = 6% CAGR = 8% CAGR = 11% (2) Expense to income (3) Expense to average inforce premiums (4) Expense to average funds under administration

15. 15 Segmented product offerings - Deposits Ongoing review of customer base and product options Emphasis on effective segmentation Drawing on benefits to customers of access and convenience Product examples: NetBank Saver (5.4% online product) 5.6% Term deposit account

16. 16 Segmented product offerings – Premium Business Services Launch of Capped BetterBusiness Loan Launch of Business Line of Credit – over 1,600 accounts already Launch of the Premium Plantations Project 2005

17. 17 Wealth Management – structure Symetry Limited acquisition WM Restructure and Alignment - separation of asset mgt and platforms Joint venture with Acadian Asset Management 30% minority interest in 452 Capital Hiring of Warwick Negus to head up Global Asset Management

18. 18 Why Rapid growth in financial services demand in Asia Creates option plays for long term growth Where Regional strategy focused on Asia-Pacific Greater China, Indonesia, and India are new key markets Target mass affluent customers in large urban areas How Selectively establish bank deposit / investor / customer base Build on Group capabilities in integrated financial services International Growth

19. 19 Summary Which new Bank delivering Expect to exceed original Which new Bank targets Product segmentation initiatives Well positioned for growth

20. 20 UBS Financial Services Conference “The Strategic Imperative” Michael Cameron Chief Financial Officer 22 June 2005