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Clarification of article that appeared in the Money Management Magazine

1 October 2003

The following letter was forwarded to the Editor in response to an article that appeared today:

"I refer to the article that appeared today under the headline "CBA senior exec leaves after stoush" and would like to correct the reporting of the number of jobs to be cut, which is reported as up to 4,000.

At the Bank's announcement on 19 August 2003 and in the media release issued, it was clearly stated that the Bank's workforce was expected to reduce by 3,700 positions between July 2003 and June 2006 and that around 25% of this reduction had already occurred. It would be appreciated if the position could be accurately reported in future."