Book size: 1650; Registration: Reg S Only; Comments: EUR500m 5.5yr fxd cpn 2.7592% at 100, yld 2.7592%. Spread: MS+31. 2.761% DBR 0% Aug-31 +43.1bps (Spot: 88.13 / HR 107%). LEI: 549300IBZWZL1KTPF918;

Reoffer: 5.5yr: MS+31bp / 100.000 / 2.761% Benchmark: DBR 0% Aug-31 @ 88.13 / B+43.1bp (HR 107%) Final Books: €1.65bn+ (incl. €225m JLM) Peak Books: €1.9bn+ (pre-rec, incl. €225m JLM) Launched: 5.5yr: €500m @ MS+31bp - Books €1.9bn+ (pre-rec, incl. €225m JLM), Subject at 12:00 CET Book Update: Books €1.5bn+ (incl. €225m JLM) Guidance: 5.5yr: MS+38bp area Issuer: ASB Bank Limited (ASB), a wholly owned subsidiary of Commonwealth Bank of Australia LEI: 549300IBZWZL1KTPF918 Covered Bond Guarantor: ASB Covered Bond Trustee Limited in its capacity as trustee of the ASB Covered Bond Trust Type: New Zealand legislative Covered Bond, backed 100% by prime New Zealand residential mortgages. ECBC Covered Bond Label Compliant Expected Issue Ratings: Aaa/AAA (Moody's/Fitch) Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply - no communications with or into the US or to US persons) Currency / Size: €500m Maturity: 26 August 2031, soft bullet maturity Settlement Date: 26-Feb-26 (T+7) Coupon: 2.7592% Fixed until maturity date, Annual, Act/Act (ICMA), Unadjusted, short first coupon. Floating thereafter, Monthly, Act/360, Adjusted Reoffer: MS+31bp / 100.000 / 2.761% DBR 0% Aug-31 +43.1bp (Spot: 88.13 / HR 107%) Denom/Listing: €100k + €1k / London Joint-Leads: CBA / Deutsche Bank / HSBC / Natixis (DM/B&D) / UBS Timing: Priced: TOE: 14:49 CET FTT: 15:05 CET Target Market: MiFID II / UK MiFIR professionals / ECPs-only / No PRIIPs or UK PRIIPs KID Governing Law: The Covered Bonds and Bond Trust Deed are governed by English law. The Security Deed is governed by New Zealand law Documentation: ASB's €7bn Covered Bond Programme dated 12 November 2025, as supplemented on 11 February 2026, and as may be further supplemented or amended from time to time ISIN: XS3302885408 Advertisement: The Base Prospectus in relation to ASB's €7bn Covered Bond Programme dated 12 November 2025, any supplements thereafter, and the Final Terms, when published, will be available via: https://www.asb.co.nz/documents/covered-bond-programme/asb-covered-bond-documentation-prospectus.html

ASB Covered Bond Trustee Ltd