Investor Presentaiton

36 2200 $m Cost income ratio on track to meet target of 45 • Peer average CTI (%) 70 impacted by funds management acquisitions Expenses 2000 65 Cost Income Ratio $31m expense -Peer Average CTI* reduction from sold 1800 60 1600 1400 1200 1000 Sep-97 Mar-98 Sep-98 Mar-99 * Source: CSFB Investor Presentation Sep-99 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 45.5 Sep-02 55 50 45 40 businesses • Effective half on half cost growth of 1.8% • We will invest more in growth areas, particularly personal businesses • 2000 $361m restructuring provision fully utilised, ongoing $60m+ charge likely ANZ

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