Financial Information For US Investors (US GAAP)

Consolidated Statement of Financial Performance

A$m

US$m ⁽¹⁾

A$m

US$m ⁽¹⁾

Net profit reported using Australian GAAP

2,083

1,024

3,239

1,753

Life insurance accounting adjustments:

Movement in excess of net market value over net assets of life insurance controlled entities

(551)

(271)

(202)

(109)

Amortisation of goodwill

(161)

(79)

(43)

(23)

Difference in revenue recognition and change in life insurance policy liabilities

(48)

(23)

(109)

(59)

Difference in investments relating to life insurance business asset values

(28)

(14)

2

1

Unrealised profits on available for sale securities

29

14

(40)

(22)

Shadow life insurance policy liabilities adjustment

6

3

22

11

Movement in deferred acquisition costs asset

112

55

57

31

Amortisation of present value of future profits (PVFP) asset

(56)

(27)

(19)

(10)

Movement in and elimination of the deferred tax liabilities

161

79

90

49

Elimination of foreign currency translation losses/(profits) on controlled entities

(18)

(9)

(9)

(5)

Movement in market value of subordinated debt

8

4

14

8

Difference in minority interest share of profit

32

16

(1)

(1)

Other adjustments:

Depreciation charged on difference between revaluation amount and historical cost of buildings

2

-

2

1

Difference in profit/(loss) on sale of land and buildings revalued from historical cost

6

3

15

8

Amortisation of goodwill arising from loan loss purchase adjustment

4

2

4

2

Amortisation of goodwill

3

1

4

2

Amortisation of core deposit intangible

(16)

(8)

(21)

(11)

Amortisation of deferred tax liability associated with core deposit intangible

4

2

5

3

Pension expense

44

22

35

19

Recognition and amortisation of tax losses resulting from IRS ruling

2

1

3

2

Adjustment of profit of sale-leaseback transactions

(10)

(5)

(12)

(6)

Amortisation of profit on sale-leaseback transactions over lease term

12

6

15

8

Employee share compensation

(26)

(13)

-

-

Difference in lease revenue recognition

(89)

(44)

-

-

Transitional adjustment on adoption of SFAS 133

(232)

(114)

-

-

Movement in fair value of derivative instruments

586

288

-

-

Difference in profit on sale of foreign controlled entity

7

3

-

-

Net income according to US GAAP

1,866

916

3,051

1,652

Earnings per share according to US GAAP (cents)

   Basic

107.5

52.8

189.8

102.8

   Diluted

108.9

53.5

183.9

99.6

 Comprehensive Income Under US GAAP

A$m

US$m ⁽¹⁾

A$m

US$m ⁽¹⁾

Net income according to US GAAP

1,866

916

3,051

1,652

Other comprehensive income

Foreign Currency Translation Reserve

192

94

931

504

Asset Revaluation Reserve

2

1

14

8

Available for sale securities

(29)

(14)

40

22

Shadow policy liabilities adjustment

(6)

(3)

(22)

(12)

Revaluation surplus

18

9

9

5

Transitional adjustment on adoption of SFAS 133

(17)

(8)

-

-

Movement in fair value of derivative instruments

(18)

(9)

-

-

Total other comprehensive income

142

70

972

528

Total comprehensive income according to US GAAP

2,008

984

4,023

2,180

A$m

US$m ⁽¹⁾

A$m

US$m ⁽¹⁾

Issued and paid-up capital

Contributed equity reported using Australian GAAP

10,725

5,271

9,855

5,336

Employee share compensation

26

13

-

-

Issued and paid-up capital according to US GAAP

10,751

5,284

9,855

5,336

Reserves

Reserves reported using Australian GAAP

2,427

1,193

2,006

1,086

Foreign Currency Translation Reserve

(1,762)

(866)

(1,570)

(850)

Asset Revaluation Reserve

(16)

(8)

(14)

(8)

Reserves according to US GAAP

649

319

422

228

Retained profits

Retained profits less ouside equity interest reported using Australian GAAP

10,337

5,081

9,500

5,144

Life insurance accounting adjustments

Movement in excess of net market value over net assets of life insurance controlled entities

(5,281)

(2,596)

(4,582)

(2,481)

Recognition and amortisation of goodwill

3,101

1,524

3,146

1,704

Difference in revenue recognition and change in life insurance policy liabilities

(1,007)

(495)

(893)

(484)

Difference in investments relating to life insurance business asset values

20

10

48

26

Unrealised profits on available for sale securities

(12)

(6)

(41)

(22)

Shadow life insurance policy liability adjustment

28

14

22

12

Movement in revaluation surplus

(39)

(19)

(9)

(5)

Movement in deferred acquisition cost assets

275

135

163

88

Recognition and amortisation of PVFP assets

1,746

858

1,795

972

Movement in and elimination of deferred tax liabilities

230

113

69

37

Movement in market value of subordinated debt

22

11

14

8

Recalculation of minority interest

(78)

(38)

(109)

(59)

Reclassify foreign currency translation of subdebt to Accumulated OCI

(12)

(6)

-

-

Other adjustments

Elimination of revaluation surplus of land and buildings

(109)

(54)

(107)

(58)

Adjustment of provision for depreciation on buildings revalued

87

43

85

46

Additional provisions relating to purchase adjustments, less amortisation

(23)

(11)

(27)

(15)

Pension expense

75

37

31

17

Provision for final cash dividend

1,054

518

976

529

Unrealised profit on shares in entities and other securities

239

117

49

27

Amortisation of goodwill, core deposit intangible and associated deferred tax liability

-

-

(64)

(35)

Recognition of tax losses resulting from IRS ruling

-

-

(40)

(22)

Unamortised profit on sale-leaseback transactions

(72)

(35)

(80)

(43)

Employee share compensation

(26)

(13)

-

-

Difference in lease revenue recognition

(89)

(44)

-

-

Transitional adjustment on adoption of SFAS 133

(232)

(114)

-

-

Movements in fair value of derivative instruments

586

288

-

-

Retained profits according to US GAAP

10,820

5,318

9,946

5,386

Outside equity interest

Outside equity interest reported using Austalian GAAP

68

33

46

25

Reclassification of minority interest

(68)

(33)

(46)

(25)

Outside equity interest according to US GAAP

-

-

-

-

Accumulated other comprehensive income

Accumulated other comprehensive income reported using Australian GAAP

Balance brought forward under US GAAP

1,613

794

640

347

Movement in Foreign Currency Translation Reserve

192

93.37

931

504

Movement in Asset Revaluation Reserve

2

1

14

8

Unrealised profit on available for sale debt securities

(29)

(14)

41

22

Shadow life insurance policy liability adjustment

(6)

(3)

(22)

(12)

Movement in revaluation surplus

30

15

9

5

Transitional adjustment on adoption of SFAS 133

(17)

(8)

-

-

Movement in fair value of derivative instruments

(18)

(9)

-

-

Accumulated other comprehensive income according to US GAAP

1,767

869

1,613

874

Total equity according to US GAAP

23,987

11,790

21,836

11,824

Consolidated Statement of Financial Position

A$m

US$m ⁽¹⁾

A$m

US$m ⁽¹⁾

Assets

Total assets reported using Australian GAAP

374,720

184,175

343,677

186,101

Life insurance accounting adjustments

Elimination of excess of interest of net market values over net

(5,281)

(2,595)

(4,582)

(2,481)

assets of life insurance controlled entities

Recognition and accumulated amortisation of goodwill

3,101

1,524

3,146

1,704

Difference in investment asset values in life insurance entities

20

10

48

26

Restatement of deferred acquitision costs

275

135

163

88

Recognition and accumlated amortisation of PVFP asset

1,746

858

1,795

972

Other adjustments

Revaluation surplus of land and buildings

(109)

(54)

(107)

(58)

Adjustment of provision for depreciation on buildings revalued

87

43

85

46

Additional provisions relating to purchase adjustments less amortisation

(23)

(11)

(27)

(15)

Pension fund adjustment

75

37

31

17

Unrealised profit on shares in entities and other securities

239

117

49

27

Unrealised profit on available for sale securities

1

0

1

1

Amortisation of goodwill, core deposits intangible and associated provision for doubtful debts

-

-

(94)

(51)

Recognition of tax losses resulting from IRS ruling

-

-

(40)

(22)

Reclassification of deferred acquisition costs

-

-

82

44

Difference in lease revenue recognition

(101)

(50)

-

-

Fair value adjustments to derivative instruments

2,417

1,188

-

-

Total assets according to US GAAP

377,167

185,377

344,227

186,399

Liabilities

Total liabilities reported using Australian GAAP

351,163

172,597

322,270

174,509

Difference in life insurance policy liabilities

1,007

495

893

484

Reclassification of deferred acquisition costs

-

-

82

44

Elimination of present value discount on deferred tax liabilities

(230)

(113)

(69)

(37)

Subordinated debt revaluation from market value to cost

(10)

(5)

(14)

(8)

Increase in and reclassification of minority interests

143

70

155

84

Deferred tax liability associated with core deposit intangible

-

-

(30)

(16)

Unamortised profit on sale-leaseback transactions

72

35

80

43

Elimination of dividend provided for but not formally declared prior to balance date

(1,054)

(518)

(976)

(528)

(12)

(6)

-

-

Fair value adjustments to derivative instruments

1,964

965

-

-

Deferred tax liability associated with movement in fair value of derivatives

137

67

-

-

Total liabilities reported according to US GAAP

353,180

173,587

322,391

174,575

Net assets according to US GAAP

23,987

11,790

21,836

11,824

(1)Translated from Australian dollars at the rate of US$0.4915 equals A$1.00 (Sept 2000: US$0.5415 equals A$1.00), the "Noon Buying Rate" per the Federal Reserve Bank of New York on 30 September 2001.