Preferred Capital Pty Ltd Stock

Preferred Capital Limited is an Australia-based company, which serves as a special purpose vehicle for capital raising purposes as part of Commonwealth Bank of Australia's (the Bank) capital management program. The Company raises capital through the issue of Perpetual Exchangeable Repurchaseable Listed Shares (PERLS III). The Company's ultimate parent entity is the Bank. The proceeds received by the Company through the issue of PERLS III have been invested in convertible notes issued by the Bank's New Zealand branch (CBA New Zealand).