Senior Executive Departure

22 July 2002

The Chief Executive of the Commonwealth Bank, Mr David Murray, today announced that the Executive General Manager of Financial and Risk Management (Deputy CFO), Mr Tom Pockett, will take up an appointment as Chief Financial Officer of Woolworths Limited.

During Mr Pockett’s time with the Commonwealth Bank he oversaw the Group’s external and internal reporting, taxation, capital, business planning and investment functions.

Mr Murray said he was sorry to be losing a member of the senior executive team. Mr Murray said "Tom has been an important member of the team. During his two years at the Commonwealth Bank he successfully managed a number of key initiatives and we wish him well in his new role".

Mr Pockett will leave the Commonwealth Bank at the end of August. Woolworths Limited is an important customer and business partner of the Commonwealth Bank. There are no conflicts of interest arising from Mr Pockett completing the Group’s Financial Statements for the year ended 30 June 2002 and the Bank’s relationships with Woolworths Limited.

An announcement on the replacement for Mr Pockett is likely to be made in the near future.