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Stocks N / Nat'l Australia Bank Ltd.


Subject:  Re: Is anybody out there? Date:  5/27/2000  12:33 PM
Author:  MIUSA2000 Number:  8 of 16

Glad to see a little interest in NAB. I'm an employee in the Michigan operations. I had the good fortune of spending 3 weeks downunder this month. Had the chance to have a 1 on 1 with Frank Cicutto. A very smart, energetic, focused individual that has a very good grasp of the various markets and their needs. Has a clear vision for the future and seems to be a very independent thinker who appreciates fresh approaches and isn't dictatorial as Don Argus who preceded him was.

I also know Stuart Grimshaw who will be CEO of Europe. A very focused, young, enthusiastic individual as well. European operations will grow significantly under his leadership in my opinion.

The new electronic partnerships being formed under Nova and Glenn Barnes will provide NAB an entirely new revenue opportunity. The investment will take $$$ and time, but it is definitely a needed avenue to pursue. Additional investments in the States via Nova as well as NAB as a whole are being reviewed - as the AUS$ is expected to remain low relative to the US$ - therefore US profits make a huge impact. There is also a much larger market opportunity both here and in Europe, and will be the focus of NAB investment in the coming years as they clearly own the financial services market in Australia.

The Australian Stock market is a very strange place. PE ratios are exceptionally low, and the market seems to view NAB much differently than financial services companies in the States and Europe. Growth potential in the Group is very strong. Earnings will continue to be impressive. It's not an aggressive growth stock for sure, but I predict a nice steady growth path for the next several years, subject to the price increases and decreases which seem to show historical trends.

I obviously have personal $ into the stock. i like what the future looks like for the company.

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