1. Deutsche Bank Asia Pacific Financial Institutions Conference 9 July 2001 www.commbank.com.au

2. 1 The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 9 July 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 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 Australian financial services environmentAustralian financial services environment Our starting positionOur starting position Recent and future developmentsRecent and future developments Summing upSumming up Australian financial services environmentAustralian financial services environment Our starting positionOur starting position Recent and future developmentsRecent and future developments Summing upSumming up Agenda

5. 4 Is the media overusing the ‘R’ word? (use of "recessions" in newspapers) 0 250 500 750 1000 Jan-00Jul-00Jan-01Jul-01 0 250 500 750 1000 No. *Survey covers 19 major Australian newspapers Australian Economic Environment Vs Source : Commonwealth Bank Group illustration

6. 5 Australian Economic Environment AUD - "FAIR VALUE" Source : Commonwealth Bank Group illustration CURRENT ACCOUNT (% of GDP) Vs

7. 6 Australian Economic Environment 0 2 3 4 CONSUMER PRICES (% change) 1 Sep-89Sep-92Sep-95Sep-98 0 1 2 3 4 % GST effect HOUSING AFFORDABILITY^ ^ Commonwealth Bank Group / Housing Industry Association measure 100 125 150 175 200 Sep-89Sep-92Sep-95Sep-98Sep-01 100 125 150 175 200 Index (e) Mar-01

8. 7 Wealth Distribution and Ageing United Kingdom 20% 35% 30% 200020502010202020402030 25% 10% 30% 20% United States 195020501970199020302010 15% 40% 25% 20% 35% 30% Japan 1990205020102020204020302000 Australia 15% 35% 25% 1990205020102020204020302000 China 5% 35% 15% 25% 1990205020102020204020302000 Source: US Census Bureau Prime Savers and Dissavers - % of total population Prime Savers (40-59 yrs) Dissavers (60+ yrs) This marks the current decade

9. 8 Regulation Policy driven by populist politicsPolicy driven by populist politics More than 25 inquiries currently underwayMore than 25 inquiries currently underway Declining understanding of industry’s role and operationDeclining understanding of industry’s role and operation Increasing trend to micro regulationIncreasing trend to micro regulation Increased regulation seems inevitable and is no different to every other developed economy

10. 9 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

11. Our Starting Position

12. 11 Commonwealth Bank Group *Net Profit after tax and outside equity interest - cash basis. Excludes abnormal items, appraisal value uplift and goodwill amortisation ** Proforma * Proforma

13. 12 Australian Market Share ** Not available for March 2001

14. 13 The Integration Achievement 17/7/00 Interim Risk management framework Staff & Customer Communications Email link Key management roles Corporate entity restructuring Product Decisions Brand Strategies Owned Distribution Third Party Distribution Managerial Functions Rationalisation On-line strategies Product Rationalisation Brand economics analysed Systems changes to support product specification Back office processing specifications Interim process integration Distribution function specifications Colonial Customers transact in CBA branches Brands rationalised Branch amalgamation Call Centre & Back office integration Third party distribution alignment On line business model Property rationalisation Systems integration 30/9/00 31/12/00 30/6/01 People Phase Design Phase Specifications Phase Implementation Phase

15. 14 The Integration Experience Transaction bridge designed and built for testing within 90 days 279 branch amalgamations and 89 Colonial branch sites were rebadged over 7 weekends 1,950 staff completed Orientation workshops 39,600 hours of call centre staff training – 90 new scripts prepared to respond to customer questions about the merger and product conversion 3.5 million Colonial ATM transactions per month redirected to the Commonwealth Bank ATM network 1 million Product conversion mailing packs sent to customers 700,000 Access cards issued to customers – existing pins and passwords automatically transferred 1.3 million accounts converted

16. 15 Capital and Debt Management Strategy $3.6 billion of share buy-backs since 1996 (full privatisation)$3.6 billion of share buy-backs since 1996 (full privatisation) –Off market share buy-back of $700 million in April 2001. More than 9 times oversubscribed. Preference Share Issue of $700 million in April 2001Preference Share Issue of $700 million in April 2001 –Through ComSec : 6,075 online prospectus requests and 2,047 online applications. $7.5 billion of mortgage backed securities issued since 1997$7.5 billion of mortgage backed securities issued since 1997 –Australian mortgage securitisation of $2.9 billion in April 2001

17. 16 Group Strategy To be the best brands in helping customers manage and build wealth Strategic Vision Low inflation Technology shift Environment of: Competition and margin squeeze Ageing population and rate of change On line services and wealth creation

18. Recent and Future Developments

19. 18 Technology Shared ApplicationsShared Applications –Web enabled Human Resources information services –Financial systems –On-line eProcurement –Data and customer relationship management Business ApplicationsBusiness Applications –Image item processing –End to end process re-engineering InfrastructureInfrastructure –IPNet –Intranet OutsourcingOutsourcing – IT - EDS Australia – Telecommunications - TCNZA Technology

20. 19 People Upskilling of people to achieve business leadership skills, commercial acumen and depth of talent.Upskilling of people to achieve business leadership skills, commercial acumen and depth of talent. Align work, business, leadership and remuneration systems to future Group requirements.Align work, business, leadership and remuneration systems to future Group requirements. Best Team Implementation of consistentImplementation of consistent Group wide models for attraction, retention, promotion and reward.

21. 20 Reconfiguration of the Proprietary Distribution Network An efficient and productive networkAn efficient and productive network –Face-to- Face –Mobile Bankers –Business Banking Centres Underpinned by:Underpinned by: –effective technology and streamlined processes –transformational change in front-line people systems and culture Aligned to customer segment needs and valuesAligned to customer segment needs and values

22. 21 Products, post integration BrandsBrands Proprietary and third party channelsProprietary and third party channels ‘Best of breed’ product offering‘Best of breed’ product offering –choice –competitive –convenience

23. 22 Superannuation Simple - Discrete products Complex - Masterfunds Platform - Administration wrap 0% 20% 40% 60% 80% 100% 200020012002200320042005 Source: Plan for Life Superannuation assets

24. 23 Superannuation Corporate Funds Do it yourself Funds Industry Funds Public Sector Funds Retail Wholesale Funds Management Education/retirement planning Cash Management Trusts Retail Unit Trusts ComSec Super Bonds Wholesale Funds Manager Commonwealth Bank Group

25. 24 United Kingdom London & Edinburgh 188 staff Asia Presence in Hong Kong, Singapore & Mainland China 84 staff Australia 1996,1998 & 1999 Australian fund manager of the year Listed, retail, wholesale and private equity products Direct property investment products Consistent top quartile performer Over 700 staff New Zealand Funds Under Mangement Colonial First State Location of FUM - by source Operations in Australia, UK, New Zealand, Hong Kong, Singapore and China Focus on institutional, wholesale and retail markets. Investment in most asset classes Tactical Global Management 24 staff Domestic & International clients Total FUM - A$ 84bn

26. 25 Funds under Management Commonwealth Investment Management Composition of FUM Investment Mix Over $35bn in FUM across a diverse range of clients (including $10bn of cash management). Quantitative management and active management of Australian shares, bonds, credit, cash and infrastructure. Innovative product offerings such as Commonwealth Diversified Credit Fund. As at 31 May 2001 Index 28% Active 72% Wholesale Super Funds 18% Institutional Funds 16% Wholesale Unit Trusts 6% Retail Life Ins. & Super 34% Retail Unit Trusts 26% 66% 24% 4% 43% 7% cash component #%

27. 26 The Group’s approach to Risk Integrated Risk Management FrameworkIntegrated Risk Management Framework Risk ToleranceRisk Tolerance Economic EquityEconomic Equity

28. Summing up

29. 28 Summing up Brand and scaleBrand and scale PeoplePeople –Customer Service RevenueRevenue –Customer segmentation –Volume and market share growth –Cross-offering non-traditional products to the Group’s customer base. Productivity enhancementProductivity enhancement –Process re-engineering –Unit cost reduction International presenceInternational presence

30. Deutsche Bank Asia Pacific Financial Institutions Conference 9 July 2001 www.commbank.com.au