Letter to the Australian Stock Exchange (ASX)

The Manager
Company Announcements Platform
Australian Stock Exchange
20 Bridge Street
Sydney NSW 2000

13 December, 2000

In response to the report which appeared today in the Financial Review, Commonwealth Bank wishes to clarify that it has received a number of expressions of interest regarding the insurance businesses within its Asian portfolio.

Given the number of enquiries, the Bank has retained Credit Suisse First Boston to assist the Bank in evaluating the robustness of these approaches in relation to these Asian businesses.

At this stage the Bank has not, nor does it expect in the immediate term, to receive any recommendations from Credit Suisse First Boston. The Bank had no intention of selling these businesses at the time of the Colonial acquisition and any change from this position would depend on the nature of the approaches and the advice of Credit Suisse First Boston.

Yours sincerely
J D Hatton
Company Secretary