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I am very pleased that the National Australia Bank Group has concluded another successful transaction...the sale of County Investment Management. This follows our success with two considerably larger deals - the acquisition of MLC Limited and the more recent sale of Michigan National. While the size of the latest transaction is obviously different to the others, it is similar in a number of other important respects. It is another step forward in our building of a highly focussed and fully integrated wealth management business. It is another example of the active portfolio management that is a key element of the National's overall growth strategy. And importantly, the price we have obtained represents good value for our shareholders and reflects the overall quality of County Investment Management. AMVESCAP has a well established international network of retail and institutional investment operations. County will provide an important platform for their growth in Australia. The price we have obtained is highly attractive to us. The total expected return of up to $125 million is above our original investment. That is pleasing and so the fact that we have been able to complete this transaction efficiently and expeditiously as part of our overall integration of MLC. As we announced in August, both the National and County realised that following the MLC acquisition...County's potential could be best realised by linking them with a major international organisation solely focussed on their style of investment management. Since then we have worked with County to locate a suitable partner and come to an arrangement that met the value needs of all parties. Today's announcement is confirmation of our success with that. The County sale completes an extraordinarily successful year for the National in terms of profitability and implementation of our growth strategy. It is a further indication of the manner in which we are transforming not only the strategy...structure and operations of the National. We are also changing the psychology of our organisation to one that is clearly focussed on shareholder value...and understands the need to be flexible and opportunistic in its pursuit of growth. For further information contact: Julie McBeth
National Australia Bank
Tel: (03) 86413270
Mobile: 0418 992 485
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