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UBS Financial Services Conference“The Strategic Imperative”

Michael CameronChief Financial Officer

22 June 2005

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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

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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

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Which new BankThe CBA Strategic Centre Piece

2004/05 milestones

Customer service

Our people

Simple processes

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In 2003 the Bank anticipated

Slowing credit growth

Increased competition

Margin compression

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Engaged People

• Service and Sales

• CommSee

• Branch Refurbishment

Supported byThrough

“To Excel in Customer Service”

• Leadership

• Performance Management

• People Development

• CommWay

• Process Redesign / simplification

• Support FunctionRedesign

Via

Customer Service

Simple Processes

People

Systems

Our transformation vision

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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

Pro

cess

Peo

ple

Cu

sto

mer

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

Jun 05

Mar 05

Apr 05

Jun 05

Jun 05

Dec 04

Jun 05

Jun 05

Jun 05

Jun 05

Jun 05

Jun 05

June 05 milestones

*As at end April 2005

85%

65%

30%

60%

80%

80%

As at February 2005 WnB Update

Milestone

100%

100%

100%

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Customer service

Customer-focussed Service and Sales across Bank

New Netbank launched

CommSee progressing to plan

One Team Referrals working

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Our people

CommLeader

Performance Management

People Development

Internal Service Quality measured quarterly

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Simple processes

Becoming ‘everyday’ behaviours

Over 300 skilled at ‘lean/Six Sigma’ methodologies

33 CommWay projects completed

Increased security and integrity of customer data

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Dec 03 Jun 04 Dec 04

Revenue Benefits Cost Saving

WnB Benefits

Actual benefits ($m)

63

174

301

27

36

65

109

117

184

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WnB opportunities

CommSee Extensions

NetBank Product

One Team Referrals

Best Sourcing

CommWay

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Other strategic initiatives

Ongoing productivity improvements

Segmented product offerings

Wealth management structure

International growth

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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

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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

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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

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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

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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

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Summary

Which new Bank delivering

Expect to exceed original Which new Bank targets

Product segmentation initiatives

Well positioned for growth

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UBS Financial Services Conference“The Strategic Imperative”

Michael CameronChief Financial Officer

22 June 2005