Commonwealth Bank of Australia

Prospectus • Aug 15, 2025

Commonwealth BankAustralia

Connmonwigalth Sank of Australia , A,B ,N ,43123123124

Incorporated in Australia with limited liability

U.S.\$40,000,000,000 CBA Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by

Perpetual Corporate Trust Limited

(incorporated with limited liability in the Commonwealth of Australia and having Australian Business Number 99 000 341 533) as trustee of the CBA Covered Bond Trust

This supplement (the "Supplement") comprises a supplement to the prospectus of Commonwealth Bank of Australia (the "Issuer") dated 22 July 2025 (the "Prospectus"). The Prospectus is a base prospectus for the purposes of the UK Prospectus Regulation prepared in connection with the CBA Covered Bond Programme (the "Programme") established by the Issuer and unconditionally and irrevocably guaranteed as to payments of interest and principal by Perpetual Corporate Trust Limited ABN 99 000 341 533 in its capacity as trustee of the CBA Covered Bond Trust (the "Trust" and, in such capacity, the "Covered Bond Guarantor"). This Supplement constitutes a supplement to the Prospectus for the purposes of Article 23 of the UK Prospectus Regulation. When used in this Supplement, "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

Terms defined in the Prospectus have the same meaning when used in this Supplement. This Supplement is supplemental to, and should be read in conjunction with, the Prospectus and any other supplements to the Prospectus issued by the Issuer. This Supplement will be published on the website of the Issuer at https://www.commbank.com.au/about-us/investors/covered-bonds.html. A copy of the Annual Report (as defined below) is available on the website of the Issuer at https://www.commbank.com.au/content/dam/commbank-assets/investors/docs/results/fy25/2025-annualreport.pdf.

The Issuer accepts responsibility for the information contained in this Supplement. To the best of the knowledge of the Issuer the information contained in this Supplement is in accordance with the facts and this Supplement does not omit anything likely to affect the import of such information.

The purpose of this Supplement is to (i) incorporate by reference specified pages of the Annual Report into the Prospectus; (ii) confirm that since 30 June 2025, the last day of the financial period in respect of which the most recent audited financial statements have been published, there has been no significant change in the financial performance or financial position of the Issuer and its subsidiaries, taken as a whole, and that since 30 June 2025, the last day of the financial period in respect of which the most recent audited financial statements have been published, there has been no material adverse change in the prospects of the Issuer and its subsidiaries, taken as a whole (save as disclosed below) and (iii) update the "Pre-Maturity Test" sub-section of the "Structure Overview – Credit Structure" section on page 7 of the Prospectus.

Annual Report

On 13 August 2025, the Issuer published its Annual Report (the "Annual Report") for the financial year ended 30 June 2025, which includes its audited consolidated and non-consolidated annual financial statements (including the auditor's report thereon) for the financial year ended 30 June 2025. A copy of the Annual Report has been filed with the UK Financial Conduct Authority.

Accordingly, the audited consolidated and non-consolidated annual financial statements for the financial year ended 30 June 2025 and the auditor's report thereon (set out on pages 221 to 364 (inclusive) and on pages 369 to 376 (inclusive), respectively, of the Annual Report) of the Issuer shall be deemed to be incorporated in, and form part of, the Prospectus. The non-incorporated parts of the Annual Report are either (i) not considered by the Issuer to be relevant for prospective investors in the Covered Bonds to be issued under the Programme or (ii) covered elsewhere in the Prospectus.

Since 30 June 2025, the last day of the financial period in respect of which the most recent audited financial statements have been published, there has been no significant change in the financial performance or financial position of the Issuer and its subsidiaries, taken as a whole, nor, since 30 June 2025, the last day of the financial period in respect of which the most recent audited financial statements have been published, save as disclosed in the Prospectus in the risk factor entitled "The Group's results could be adversely impacted by emerging risks arising from changes in the Group's operating environment" on page 39 of the Prospectus, has there been any material adverse change in the prospects of the Issuer and its subsidiaries, taken as a whole.

If documents which are incorporated by reference themselves incorporate any information or other documents therein, either expressly or implicitly, such information or other documents will not form part of this Supplement for the purposes of the UK Prospectus Regulation except where such information or other documents are specifically incorporated by reference.

Pre-Maturity Test

The paragraph beginning "As at the date of this Prospectus…" in the "Pre-Maturity Test" sub-section of the "Structure Overview – Credit Structure" section on page 7 of the Prospectus shall be updated and superseded by the following:

"As at the date of this Prospectus, the Pre-Maturity Test has not been breached in relation to any outstanding Series of Hard Bullet Covered Bonds."

To the extent that there is any inconsistency between (a) any statement in this Supplement or in any statement incorporated by reference into the Prospectus by this Supplement and (b) any other statement in or incorporated by reference in the Prospectus, the statements in (a) above will prevail.

Save as disclosed in this Supplement and in any other supplement to the Prospectus previously issued, there has been no other significant new factor, material mistake or material inaccuracy relating to information included in the Prospectus since the publication of the Prospectus.