The following statement is made as a matter of record: Commonwealth Bank implements Code of Banking Practice

12 August 2003

The Commonwealth Bank of Australia announced that it has completed its adoption of the revised Code of Banking Practice, which commences operation today. In relation to guarantees, the Revised Code will apply to those Guarantees of banking services that the Bank commences to provide as from today. For all other Guarantees, the provisions of Clause 39.1(c) of the Revised Code will apply.

The Code of Banking Practice (which replaces the version of November 1993) is a code of conduct that sets standards of good banking practice for banks to follow when dealing with people who are, or may become, our individual and small business customers and their guarantors.