Letter to The Age clarifying Bank position

23 June 2005

The Commonwealth Bank today forwarded the following Letter to the Age clarifying reporting on comments made by incoming CEO, Ralph Norris on double digit growth.

I refer to an article that appeared in your column on 22 June 2005 under the headline "Aspiring with reality" and would like to clarify for you and your readers the actual comments made by incoming Commonwealth Bank CEO, Ralph Norris in regard to double digit growth.

At the media and analysts briefing on 14 June, Mr Norris was asked by a journalist if the days of double digit growth were gone for the time being.

Mr Norris responded, "Well, I’m not close enough to the numbers right at this point to say yay or nay on that. But my objective would be to keep looking for double digit growth."

As you can see from the above, Mr Norris has not rewritten his pledge to secure double digit earnings but rather confirmed his original advice.