The information contained in this summary is made available for persons who are sophisticated investors or professional investors (as those terms are defined by section 708(8) or (10) and (11) of the Corporations Act 2001 (Cth)). 

The Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (“the Bank”) and its subsidiaries, including Commonwealth Securities Limited ABN 60 067 254 300 AFSL 238814 (“CommSec”), Commonwealth Australia Securities LLC, CBA Europe Ltd, are domestic or foreign entities or business areas of the Commonwealth Bank Group of Companies(CBGOC). CBGOC and their directors, employees and their representatives are referred to in this Appendix as the “Group”. 

Financial markets products have an element of risk. The level of risk varies depending on the product’s specific attributes and how it is used. Potential investors should note that the product discussed in the summary may be sophisticated financial products which involve dealing in derivatives. Unless you are familiar with products of this type, this product may not be suitable for you. The Bank will enter into transactions on the understanding that the customer has: made his/her own independent decision to enter into the transaction; determined that the transaction is appropriate; ensured he/she has the knowledge to evaluate and capacity to accept the terms, conditions and risks; and is not relying on any communication from Commonwealth Bank as advice. 

In the UK and Europe: This summary is made available in the UK and Europe only for persons who are Eligible Counterparties or Professional Clients, and not Retail Clients as defined by Financial Conduct Authority rules. The Commonwealth Bank of Australia and CBA Europe Ltd are both registered in England (No. BR250 and 05687023 respectively). 

Commonwealth Bank of Australia: Authorised and regulated by the Australian Prudential Regulation Authority. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. 
CBA Europe Ltd: Authorised and regulated by the Financial Conduct Authority. 

In Singapore: The information in this summary is made available only for persons who are Accredited Investors or Expert Investor in terms of the Singapore Securities and Futures Act. It has not been prepared for, and must not be distributed to or replicated in any form, to anyone who is not an Accredited Investor or Expert Investor. If you are an Accredited Investor or Expert Investor as defined in Regulation 2(1) of the Financial Advisers Regulations ("FAR"), the Bank is obliged to disclose to you that in the provision of any financial advisory services to you, we are exempted under Regulations 33, 34 and 35 of the FAR from complying with the business conduct provisions of sections 25 (Obligation to disclose product information to clients), 27 (Recommendations by licensees) and 36 (Disclosure of interests in securities) respectively, of the Financial Advisers Act ("FAA"). 

In Japan: This document is made available only for institutional customers. Commonwealth Bank of Australia, Tokyo Branch is a licensed banking business authorized by Japan Financial Services Agency. 
In Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. 

The provision of this document to any person in Hong Kong does not constitute an offer of securities to that person or an invitation to that person to acquire, apply, or subscribe, for the issue of, or purchase, securities unless the recipient is a person to whom an offer of securities may be made in Hong Kong without the need for a prospectus under section 2 and the Seventeenth Schedule of the Companies Ordinance (Cap. 32 of the Laws of Hong Kong) (“Companies Ordinance”) pursuant to the exemptions for offers in respect of which the minimum consideration payable by any person is not less than HK$500,000 or its equivalent in another currency. Neither this document nor any part of it is, and under no circumstances are they to be construed as, a prospectus (as defined in the Companies Ordinance) or an advertisement of securities in Hong Kong. The products have not been, nor will they be, qualified for sale to the public under applicable Hong Kong securities laws except on a basis that is exempt from the prospectus requirements of those securities laws. 

Minimum Investment Amount for Hong Kong Investors: HK$500,000 

In New Zealand The information contained in this document is made available in New Zealand only for persons who are wholesale investors as defined in the Financial Markets Conduct Regulations 2014. 
In the USA for products other than Equities: 

The Bank is authorized to maintain a Federal branch by the Office of the Comptroller of the Currency. 

This document is made available for informational purposes only. The products described herein are not available to retail investors. NONE OF THE PRODUCTS DESCRIBED ARE DEPOSITS THAT ARE COVERED BY FDIC INSURANCE. 

This product is not suitable for investment by counterparties that are not “eligible contract participants” as defined in the U.S. Commodity Exchange Act (“CEA”) and the regulations adopted thereunder; or (ii) entities that have any investors who are not “eligible contract participants.” Each hedge fund or other investment vehicle that purchases the products must be operated by a registered commodity pool operator as defined under the CEA and the regulations adopted thereunder or a person who has qualified as being exempt from such registration requirement. CBA cannot execute swaps with any US person unless our counterparty has adhered to the ISDA Dodd Frank protocol. 

Produced by the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the “Bank”). If you would like to speak to someone regarding securities related products, please contact Commonwealth Australia Securities LLC (the “U.S. Broker–Dealer”), a broker–dealer registered under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) and a member of the Financial Industry Regulatory Authority (“FINRA”) at 1 (212) 336-7737. The information contained herein is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice. Investments and strategies are discussed in this summary only in general terms and not with respect to any particular security or securities transaction, and any specific investments may entail significant risks including exchange rate risk, interest rate risk, credit risk and prepayment risk among others. There also may be risks relating to lack of liquidity, volatility of returns and lack of certain valuation and pricing information. International investing entails risks that may be presented by economic uncertainties of foreign countries as well as the risk of currency fluctuations. Investors interested in the strategies or concepts described in this summary should consult their tax, legal or other adviser, as appropriate. This summary is not intended to provide information on specific securities. The Bank’s New York Branch and its Houston Representative Office provides its clients access to various products and services available through the Bank and its affiliates. 

In the United States, U.S. brokerage products and services are provided solely by or through the U.S. Broker-Dealer. The U.S. Broker-Dealer is a wholly-owned, but non-guaranteed, subsidiary of the Bank, organized under the laws of the State of Delaware, U.S., with limited liability. The U.S. Broker-Dealer is not authorized to engage in the underwriting of securities and does not make markets or otherwise engage in any trading in the securities of the subject companies described in our summary’s. 

No offer. This communication is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any securities discussed herein, nor is it to form the basis of any contract or commitment. Information provided in this document should be regarded as provided for illustrative or discussion purposes only, and in no way binds Commonwealth Bank. This document does not purport to be a complete statement or summary. 

No reliance. We believe that the information in this summary is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made to accuracy, reliability or completeness. To the extent permitted by law, neither Commonwealth Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this summary. No person should act on the basis of this summary without considering, and if necessary, taking appropriate professional advice upon their own particular circumstances. In the case of certain securities Commonwealth Bank is, or may be, the only market maker. 

Conflicts of interest. Commonwealth Bank may, as principal or agent, have positions in, or enter into transactions in relation to any securities referred to in this summary. Commonwealth Bank operates policies and procedures designed to minimise the risk that officers and employees are influenced by any conflicting interest or duty and that confidential information is improperly disclosed or made available. 

Do not distribute. This summary may not be reproduced or distributed in any manner without the permission of Commonwealth Bank. Commonwealth Bank accepts no liability for any loss or damage of any kind arising out of the use or unauthorised distribution of this summary

Not Research. This communication is from a Commonwealth Bank Sales or Trading desk and is not a product of the Research department. Any views and/or commentary in this communication are the views of the Sales or Trading desk from which it originates.