Looking to Buy NAB

Key Dates for NAB

2 June 2006* Ex-Dividend Date for 2006 Interim Dividend

8 June 2006* Record Date for 2006 Interim Dividend

13 July 2006* Payment Date for 2006 Interim Dividend

Closing Price: 35.23

We intend to buy NAB in thrids as part of our long term buy to hold strategy. We have been waiting for a market pull-back and believe now is a good time to by our first third in NAB.

The reasons for this include; the fund plans to ultimately own long term positions in the major banks and find NAB the most attractively priced at the moment. More later.