7 February 2004 Dear National Customer As you may have seen in the media this week, I have been appointed Managing Director and CEO of the National Australia Group. It is a great honour to lead Australia's largest financial institution. We are an active and contributing part of the community, employing over 23 thousand Australians, with almost 3.5 million banking customers and over 2 million wealth management customers. It is a combination of these employees and loyal customers who have conducted business together for nearly 150 years that makes us one of Australia's very special companies. There has been much said and written about us recently. I am committed to listening and observing, so that I can fully understand our great potential and address our shortcomings. After more than 25 years in the world of finance, I am well aware of what the National is and what it means to be a leader. I am totally committed to ensuring that your financial services provider is one of the best in the world. You will be hearing more from me in the future, but I would like to take this opportunity to thank all of our customers, suppliers, employees and shareholders for their support and loyalty. I look forward to a bright future, building on the combined strengths of the National and all our partners. Yours sincerely John Stewart
Managing Director and Chief Executive Officer | 
