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Stocks N / Nat'l Australia Bank Ltd.


Subject:  Re: Is anybody out there? Date:  5/26/2000  9:34 PM
Author:  Carrara Number:  7 of 16


Management is committed to the shareholders, the owners of the business. They create value by generating economic returns that are greater than the cost of capital employed in the businesses. I've always admired management teams that can actually focus and execute this concept.

Here's the report card that measures economic profit over the last 5 years in A$:

1995 $865M
1996 $999M
1997 $1,312M
1998 $1,465M
1999 $1,703M

Yes, it's true that the relationship of the USD vs. the A$ has diminished these returns when translated back to USD's.

The U.S. lately, has pretty much stole center stage globally from an investment standpoint. Maybe during the Sydney Olympics global investors will take notice of this financial gem.

Glad to hear things are going well for the National in Europe.

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