Letter to AFR editor

2 October 2003

The Editor
Australian Financial Review
201 Sussex Street
Sydney NSW 2000

Dear Sir

I refer to an article that appeared in Wednesday’s edition (2 October 2003) under the headline "NAB confirms another $600m buyback" and would like to correct the statement made by the journalist that "CBA has shelved its buyback plans".

In the presentation to analysts made on Friday 19 September as part of the Bank’s Customer Service Vision announcement, which media were invited to attend and is available on the Bank’s website, it was clearly stated that the Bank "will continue to issue shares to satisfy the DRP, which subject to the necessary approvals, should enable a structured buy back to go ahead".

It would be appreciated if the Bank’s position could be accurately reported in future.

Yours sincerely

Bryan Fitzgerald
General Manager, Media and Community