Retirement of Director

29 March 2001

Mr K E Cowley, AO has announced that he will retire from the Board of Commonwealth Bank of Australia.

Mr Cowley, who has been on the Board of the Bank since 1997, has indicated that as a result of the commitments involved with his recent appointment to the chair of Independent Newspapers Limited, New Zealand, he has decided to retire from his position as a Director of the Bank. Independent Newspapers Limited is the largest newspaper, magazine and pay television company in New Zealand.

Mr John Ralph AC, Chairman of the Bank thanked Mr Cowley for his contribution during his period on the Board and wished him well in his new role.