UBS Financial Services Conference “The Strategic Imperative”

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

2. Disclaimer 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.

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. Which new BankThe CBA Strategic Centre Piece • 2004/05 milestones • Customer service • Our people • Simple processes

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

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

7. 100% 80% 60% 30% 65% 100% 70% June 05 milestones Milestone Percentage complete* Target date 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 Jun 05 Jun 05 Mar 05 Apr 05 Jun 05 Jun 05 85% 100% Customer 7. Performance Culture - performance management system implemented 8. Performance Culture - new learning curriculum available Dec 04 Jun 05 People • 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 Jun 05 Jun 05 Jun 05 Jun 05 Jun 05 75% 80% Process 80% 90% As at February 2005 WnB Update * As at end April 2005

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

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

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

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

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

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

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. 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. 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. International Growth • 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

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

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