Colonial Mutual Superannuation Pty Ltd - SuperTrace

1 Colonial Mutual Superannuation Pty Ltd ABN 56006831983 Licence Number L0002769 Colonial Mutual Superannuation Pty Ltd 2014 Remuneration of Executive Officers The Executive Officers for the 2014 financial year are listed in the table below. Name Position Term as Executive Officer Harley McHutchison Non-Executive Chairman Full Year Penelope James Non-Executive Director Full Year David Robinson Non-Executive Director Full Year Peter Chun1 Executive Director Full Year David Dixon1 Executive Director Full Year Peter Taylor Executive Director Full Year Greg Ballard General Manager, Superannuation & Investments (from 19 September 2013) Part Year Rob Daly General Manager, Wealth Risk Management (from 19 September 2013) Part Year 1 No remuneration for Peter Chun and David Dixon has been disclosed, as payments, benefits or compensation paid to Peter Chun and David Dixon by Commonwealth Bank of Australia or related entities do not relate to work performed for Colonial Mutual Superannuation Pty Ltd as a Registrable Superannuation Entity.

2 This report has been prepared in accordance with the disclosure requirements of Section 29QB (1) (a) of the Superannuation Industry (Supervision) Act 1993 and Division (section ) of Part 2 of the Superannuation Industry (Supervision) Regulations 1994. All remuneration disclosures have been apportioned to reflect the work performed by the relevant Executive Officer for Colonial Mutual Superannuation as a Registrable Superannuation Entity (RSE) Licensee. The remuneration for Executive Officers of Colonial Mutual Superannuation is not paid for by any Superannuation fund and is not incorporated into any fees paid by members. The remuneration of Executive Officers is paid by the Commonwealth Bank of Australia and its wholly owned subsidiaries (Group). 1. Remuneration Framework Non-Executive Directors Remuneration Non-Executive Directors receive fees (inclusive of Superannuation ) to recognise their contribution to the work of the Board and the associated committees that they serve.

3 Non-Executive Directors do not receive any performance related remuneration. Executive Director and Senior Manager Remuneration The structure of remuneration arrangements for Executive Directors and Senior Managers consists of the following components: Fixed Remuneration; and Short Term Incentive (STI) at Risk. The at risk components are based on performance against key financial and non-financial measures. Fixed Remuneration Fixed remuneration is made up of base remuneration and Superannuation . Base remuneration includes cash salary and any salary sacrifice items. Fixed remuneration is reviewed annually, following the end of the 30 June financial year. Variable Remuneration All Executive Directors and Senior Managers are eligible to participate in variable remuneration arrangements applicable to their position. Variable remuneration includes STI awards. STI awards are discretionary and recognise annual performance over the financial year.

4 Performance is measured and reviewed against set goals, which include financial and non-financial metrics. Executive Directors and Senior Managers receive a portion of their STI as cash and a portion deferred as per the arrangements set out below: Group Role Deferral Policy Group Executives 50% of STI award is deferred as cash for 12 months (plus interest for the deferral period) Executive General Managers and General Managers 1/3 of STI award is deferred into rights to CBA shares (or cash equivalent) that vests after three years Executive Directors and Senior Managers will generally forfeit the deferred portion of their STI if they resign or are dismissed from the Group during the deferral period. Colonial Mutual Superannuation Pty Ltd ABN 56006831983 Licence Number L0002769 2. Executive Officer Statutory Remuneration The following statutory tables detail the accounting expense of all remuneration related items for Executive Officers. This includes remuneration costs in relation to both the previous and current financial year.

5 Non-Executive Directors Statutory Remuneration The table below details individual statutory remuneration for Non-Executive Directors for the year ended 30 June 2014. Cash / Fees Super-annuation Total Statutory Remuneration $ $ $ Harley McHutchison 2014(1) 58,078 5,372 63,450 2013 49,954 4,496 54,450 Penelope James 2014(1) 44,678 2,622 47,300 2013 33,303 2,997 36,300 David Robinson 2014(1) 41,465 3,835 45,300 2013 33,303 2,997 36,300 (1) For 2014, Cash / Fees also includes fees payable for the Colonial Mutual Superannuation Board Audit & Risk Committee established 1 July 2013. Executive Director and Senior Manager Statutory Remuneration The table below details individual statutory remuneration for Executive Directors and Senior Managers for the year ended 30 June 2014. All remuneration disclosures have been apportioned to reflect the work performed by the relevant Executive Officer for Colonial Mutual Superannuation as an RSE Licensee. Base Remuneration (1) Other Short Term Benefits Long Term Benefits Share Based Payments Short Term Cash Fixed (2) Superan nuation Fixed Non Monetary Fixed Cash STI Payment At Risk (3) Other (4) Long Term (5) Reward Shares/Rights (at risk) (6) Total Statutory Remuneration $ $ $ $ $ $ $ $ Peter Taylor 2014 11,594 626 - 8,525 (254) 499 3,522 24,512 2013 23,755 1,312 - 18,421 704 642 5,587 50,421 Greg Ballard(7) 2014 62,528 4,399 - 39,952 17,587 3,978 16,604 145,048 Rob Daly(7) 2014 25,761 1,801 - 12,353 219 325 1,471 41,930 (1) Base Remuneration comprises short term benefits, being the Cash Fixed component and post-employment benefit being Superannuation Fixed.

6 (2) Cash Fixed remuneration is the total cost of salary including any salary sacrificed benefits. (3) Reflects the cash portion of the 2014 STI for performance during 12 months to 30 June 2014 (payable September 2014), representing 2/3 of 2014 STI. (4) Other short term benefits relate to company funded benefits (including associated fringe benefits tax where applicable). This item also includes the net change in accrued annual leave over the year and adjustments in relation to previous years. For Greg Ballard, this also includes amounts relating to other arrangements that are subject to forfeiture if he ceases to be employed by the Group due to his resignation in any circumstances. (5) Includes long service entitlements accrued during the year. The long service leave valuation has been determined using assumptions consistent with AASB119. (6) Includes amounts relating to deferred STI awards. (7) For 2014, Greg Ballard and Rob Daly were appointed as Executive Officers from 19 September 2013.

7 The remuneration for these individuals has been prorated accordingly. Colonial Mutual Superannuation Pty Ltd ABN 56006831983 Licence Number L0002769 3. Executive Officer STI Allocations for 2014 Maximum STI Potential (1) STI Paid (2) STI Portion Deferred (3) $ % $ % $ Peter Taylor 13,326 67% 8,525 33% 4,263 Greg Ballard(4) 74,959 67% 39,952 33% 19,976 Rob Daly(4) 20,589 67% 12,353 33% 6,177 (1) The minimum STI potential is zero. (2) Includes portion of the annual STI award payable as cash in recognition of performance for the year ended 30 June 2014. (3) Represents the portion of the annual STI award that is deferred until 1 July deferred awards are subject to risk review at the time of payment. (4) Greg Ballard and Rob Daly were appointed as Executive Officers from 19 September 2013. The remuneration for these individuals has been prorated accordingly. 4. Equity Awards Received as Remuneration The table below details the value and number of equity awards that were granted or forfeited/lapsed during 2014.

8 It also shows the number of previous year s awards that vested during the 2014 financial year. Previous Years' Forfeited or Granted Awards Vested Lapsed during 2014 (1) during 2014 (2) during 2014 Name Class Units $ Units Units $ Peter Taylor Deferred Shares / Rights 60 4,375 36 - - Greg Ballard(3) Deferred Shares / Rights 227 16,527 319 - - Rob Daly(3) Deferred Shares / Rights 61 4,412 - - - (1) This represents the maximum number of deferred shares that may vest to each Executive Officer. The value represents the fair value at grant date. (2) Previous years' awards that vested include deferred STI equity awards. (3) Greg Ballard and Rob Daly were appointed as Executive Officers from 19 September 2013. The remuneration for these individuals has been prorated accordingly. 5. Fair Value Assumptions for Unvested Equity Awards The table below provides a summary of the fair value of unvested equity awards for Executive Officers. The awards will vest subject to the satisfaction of performance and / or service conditions in future financial years.

9 Fair Value(1) Exercise Price Performance / Award Type Grant Date $ $ Deferral Period End Rights (STI) 1/09/2011 Nil 1/07/2014 Deferred Shares (STI) 1/09/2012 Nil 1/07/2015 Deferred Shares (STI) 1/09/2013 Nil 1/07/2016 (1) For deferred shares and rights (STI) awards, the fair value is the volume weighted average closing price of Commonwealth Bank ordinary shares over the 5 trading days prior to grant date.