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CEO contract renewal

21 August 2001

The Commonwealth Bank Chairman, Mr John Ralph AC, today announced that the Bank had signed a new five year service agreement covering the period until mid 2006 with its Chief Executive, Mr David Murray.

Mr Ralph said that Mr Murray's former contract had been due to expire after 10 years in June 2002. He added that the Bank's Board was delighted to secure Mr Murray's services for a further five years. Mr Murray's leadership and the senior management he has built up within the Bank have contributed significantly to the Bank's substantial progress over his nine years as CEO.

Mr Ralph noted that the operating environment would likely be tougher in years ahead, demanding the close attention of a seasoned CEO and strong team. He said Mr Murray was most enthusiastic about the new opportunity to grow the Bank's business and further develop his executive team.