National Appoints New Executive General Manager, Wholesale Financial Services - 13 March 2002

The National Australia Bank is pleased to announce the appointment of Ian Scholes as Executive General Manager, Wholesale Financial Services.

Ian joins the National from Merrill Lynch, where he is currently Managing Director, Merrill Lynch Investment Banking. He replaces Steve Targett, who has recently been appointed Executive General Manager, Financial Services Great Britain & Ireland.

Ian joined Merrill Lynch in 1990, and since 1996 has been responsible for its Australian investment banking operations, including Corporate Relationships, Debt and Equity Finance and Merger and Acquisition Transactions.

Ian also gained experience in the banking industry while working with Citibank from 1980 to 1987. At Citibank, Ian's responsibilities included relationship management roles in Melbourne and New York, where he worked in the areas of Project Financing, Treasury Risk Products, Trade Finance, Mergers and Acquisition Finance and Preferred Stock Issues.

Ian is a member of the Institute of Chartered Accountants and has a Bachelor of Commerce from the University of Melbourne.

The National's Managing Director and CEO, Frank Cicutto, congratulated Ian on his appointment.

"We're very pleased to have Ian joining us. He brings a wealth of experience in corporate relationships in Australia and internationally, and is a terrific addition to our executive management team," Mr Cicutto said.

Commenting on his new role, Mr Scholes said: "While I have thoroughly enjoyed my time at Merrill Lynch, the role at the National presents me with an enormous challenge, the opportunity to work in the broader financial services industry and at a senior level in a large Australian corporate."