1. Presentation of Full Year Results Michael Cameron Chief Financial Officer 20 August 2003 www.commbank.com.au

2. Full Year Results 20 August 2003 2 The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 20 August 2003. 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. Full Year Results 20 August 2003 3 Speaker’s Notes 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.”

4. Overview

5. Full Year Results 20 August 2003 5 3% increase in cash profit is in line with expectations at the last AGM Statutory Net Profit After Tax Net Profit After Tax (cash basis)* June 2003 $2,012m $2,579m June 2002 $2,655m $2,501m Change (24%) 3% * ie excluding appraisal value uplift/reduction and goodwill amortisation. Unless otherwise stated the numbers in this presentation refer to the net profit after tax (cash basis) and all comparisons are to the prior comparative period.

6. Full Year Results 20 August 2003 6 Banking performance drives a 9% underlying growth

7. Full Year Results 20 August 2003 7 Key shareholder ratios improving Earnings per Share Dividend per Share June 2003 $2,579m 203 cents 154 cents 75.9% 13.27% June 2002 $2,501m 197 cents 150 cents 76.2% 13.12% Change 3% - 2% Dividend Payout Ratio Return on Equity Net Profit After Tax

8. Full Year Results 20 August 2003 8 Another record dividend

9. Full Year Results 20 August 2003 9 Strategic initiative targets achieved Costs Benefits Net Cost Annual Benefit $m $m $m $m Target 227 84 143 159 Outcome 214 69 145 165 Revenue: $40m Costs: $125m Full Year to 30 June 2003

10. Segment Results: Banking

11. Full Year Results 20 August 2003 11 Banking A strong result driven by solid home loan growth and continuing sound asset quality In summary 16% underlying profit growth 4% productivity improvement 9% growth in assets

12. Full Year Results 20 August 2003 12 Banking result reflects the strong home loan market

13. Full Year Results 20 August 2003 13 Banking income has grown strongly

14. Full Year Results 20 August 2003 14 Underlying Banking Cost to Income is improving...

15. Full Year Results 20 August 2003 15 9% growth in lending assets

16. Full Year Results 20 August 2003 16 Strong banking product market shares Source: RBA, APRA, East and Partners, AELA, Reserve Bank of NZ Banking Market Shares Notes: (1) - Includes both Credit and Debit Turnover (2) - Retail Only (3) - Mid-Corporates (turnover $20m-100m) (4) - Excludes consumer and commercial finance (5) - April Data (6) - May Data (7) - February Data (8) - March Data (9) - Eliminated effect of changes in data series Merchant Acquiring 1 Deposits 2 Credit Cards Transaction Services 3 Home Loans Business Lending New Zealand Lending New Zealand Deposits Asset Finance 4 0%10%20%30%40% 33.9% 5 24.8% 6 22.7% 7 19.5% 8 14.3% 9 15.1% 20.4% 5 16.3% 5 22.9% 6 20032002 June 34.5% 24.7% 21.8% 7 19.9% 8 15.2% 16.5% 19.6% 15.5% 22.8%

17. Full Year Results 20 August 2003 17 Home lending growth profile* Owner occupied Viridian/ Access Advantage Investment Home Loan

18. Full Year Results 20 August 2003 18 Further improvement in the portfolio Dec 01 Dec 02 Jun 02 63% investment grade *CBA Equivalent Ratings ^Predominantly secured lending Jun 03 Other Commercial Government Agriculture Finance Construction Leasing Energy Telcos Technology Aviation A High Quality Portfolio Well Diversified Portfolio by Industry Committed Exposure ($m) 30 June 2003 S&P Rating or Equivalent Top 20 Exposures to Corporates (Committed) (Top 20 exposures are 3.3% of total committed exposures of $229 billion) 0200400600 BBB BBB+ BBB A+ BB BBB+ BBB- A+ AAA AA- A- A+ A- BBB- BBB A-

19. Full Year Results 20 August 2003 19 Continuing sound asset quality *Risk Weighted Assets

20. Full Year Results 20 August 2003 20 * Includes Colonial $millions The Bank remains well provisioned

21. Segment Results: Funds Management

22. Full Year Results 20 August 2003 22 Funds Management Lower result consistent with tough market conditions Income to FUM stable at 116 basis points Cost growth of 6% FirstChoice growing rapidly to $3.2bn

23. Full Year Results 20 August 2003 23 Lower Funds Management profit

24. Full Year Results 20 August 2003 24 Underlying expenses increased by $46m %$bn Underlying Expenses/Average FUM (%) Average FUM ($bn)

25. Full Year Results 20 August 2003 25 Movement in funds under management

26. Full Year Results 20 August 2003 26 Net flows by product category $bn *Cash Management Trusts ^ Non-UK includes New Zealand and Asia Net Funds Flow

27. Full Year Results 20 August 2003 27 Strong market share position Funds Management Market Shares Source: Plan for Life, Fund Source Research (1) Retail Only (2) Internally Calculated (3) March Data Managed Investments 1 0%10%20% Property Managed Funds 2 New Zealand Managed Investments 6.3% 14.0% 3 14.8% 20032002 June 5.2% 13.0% 15.5%

28. Full Year Results 20 August 2003 28 FirstChoice has made a strong contribution

29. Segment Results: Life Insurance

30. Full Year Results 20 August 2003 30 Life Insurance 85% growth in net profit after tax Improved shareholder investment returns Lower operating costs #1 market share in Australia and New Zealand

31. Full Year Results 20 August 2003 31 Steady operating margins and improving investment returns

32. Full Year Results 20 August 2003 32 Operating expense to average inforce premiums is improving % $m Operating Expenses/ Average Inforce Premiums (%) Average Inforce Premiums ($m)

33. Full Year Results 20 August 2003 33 9% growth in annual premiums

34. Full Year Results 20 August 2003 34 Market shares growing Life Insurance Market Shares Source: ISI Statistics, Plan for Life, HK Insurance Association (1) In-force Business (2) March Data (3) Single premium new business (Jan - Mar 2003) (4) Single premium new business (Jan - Jul 2002) New Zealand 1 0% 10%20%30%40% Australia Hong Kong 20032002 June 26.2% 14.9% 2.1% 4 28.3% 2 15.0% 2 2.5% 3

35. Full Year Results 20 August 2003 35 Australian Life Insurance business Lump Sum Disability Income Group Risk & MasterFund

36. Investment Earnings

37. Full Year Results 20 August 2003 37 Investment earnings

38. Full Year Results 20 August 2003 38 Investment Mandate Structure The Bank has $3bn of shareholders funds across its insurance and funds management business, which is invested in:

39. Wealth Management Valuations

40. Full Year Results 20 August 2003 40 Wealth management valuations

41. Full Year Results 20 August 2003 41 Wealth management valuations - movement analysis

42. Capital

43. Full Year Results 20 August 2003 43 Capital ratios remain strong Credit Ratings unchanged or improved since 1996... Short Term Long Term Fitch Moody’s S&P F1+ AA (Stable) P1 Aa3 (Stable) A1+ AA- (Stable )

44. Full Year Results 20 August 2003 44 Generation and use of capital

45. Summary

46. Full Year Results 20 August 2003 46 Summary Cash profit up 3% with underlying Group profit growth of 9% 2003 strategic initiatives delivered Underlying bank cost/income improvement of 4% Further improvement in credit quality Continued strengthening of our Tier 1 capital position

47. Presentation of Full Year Results Michael Cameron Chief Financial Officer 20 August 2003 www.commbank.com.au

48. Supplementary Slides

49. Full Year Results 20 August 2003 49 Underlying EPS growth of 16 cents per share

50. Full Year Results 20 August 2003 50 Corporate Bonds Global Loans FX Overall Interest Rate Derivatives Commercial Bills (Investment) Term Loans (Debt) Interest Rate Swaps FX Options Strong market share position Source: Insto Public Domestic Non Govt. Bond League Table, Bloomberg Global Loans League Table, Greenwich and Associates, East and Partners Global Markets Shares Notes: (1) - 6 mths ended 30 June 2003 (2) - December 2002 Data (3) - January 2003 Data (4) - July 2002 Data Corporate 0% 10%20%30% 9.4% 1 10.2% 10.9% 2 13.2% 3 25.6% 3 16.0% 3 13.4% 2 20032002 June 12.9% 2 12.2% 8.4% 11.6% 4 24.9% 4 14.9% 4 10.9% Institutional 12.1% 3 11.5% 4

51. Full Year Results 20 August 2003 51 Arrears in consumer book remain at low levels

52. Full Year Results 20 August 2003 52 CBAANZNABWBC Credit ratios are in line with peers

53. Full Year Results 20 August 2003 53 Offshore credit risk concentration Other Commercial Government Agriculture Finance International breakdown by Industry* Australia New Zealand International Construction Leasing Energy Telcos Technology Aviation *Excludes Mortgage and Personal

54. Full Year Results 20 August 2003 54 Bad debt charge as annualised % of secured lending balances 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% Dec-01Jun-02Dec-02Jun-03

55. Full Year Results 20 August 2003 55 Credit Exposure - Energy Sector Australia (771% investment grade) Asia ( 87% investment grade) North America (61% investment grade) Other (100% investment grade) 0 500 1000 1500 2000 2500 3000 3500 4000 4500 AAA to A- BBB+ to BBB- BB+ to BB- <B 76% 8% 2% 14% $3,885m 297 638 1,807 1,143 $m

56. Full Year Results 20 August 2003 56 Credit Exposure - Telcos Sector Australia ( 74 % investment grade) Asia (100% investment grade) Europe (18% investment grade) Other (100% investment grade) 0 200 400 600 800 1000 1200 AAA to A- BBB+ to BBB- BB+ to BB- <B 86% 1% 2% 11% $1,042m 124 196 411 311 $m

57. Full Year Results 20 August 2003 57 Credit Exposure - Technology Sector 0 100 200 300 400 500 600 700 800 900 1000 AAA to A- BBB+ to BBB- BB+ to BB- <B 78% 8% 5% $895m 273 73 387 162 $m 9% Australia (56% investment grade) North America (100% investment grade) Europe (72% investment grade) Other ( 57% investment grade)

58. Full Year Results 20 August 2003 58 Credit Exposure - Agriculture Sector

59. Full Year Results 20 August 2003 59 Credit Exposure - Aviation Sector 0 500 1000 1500 2000 2500 AAA to A- BBB+ to BBB- BB+ to BB- <B 84% 10% 6% Other (100% investment grade) Australia (69% investment grade) Europe ( 19% investment grade) $1,975m 61 607 1,136 171 $m

60. Full Year Results 20 August 2003 60 Funds under management

61. Full Year Results 20 August 2003 61 *Cash Management Trusts Movement of funds by product category

62. Full Year Results 20 August 2003 62 9% growth in annual premiums

63. Full Year Results 20 August 2003 63 Capital to protect policyholders’ interests

64. Full Year Results 20 August 2003 64 Generation and use of capital (2nd half 2003)

65. Full Year Results 20 August 2003 65 Generation and use of capital (1st half 2003)

66. Full Year Results 20 August 2003 66 Total income segmentation at 30 June 2003 (1) (1) (2) (1) Excludes policyholder tax (2) Excludes internal funds management income