National Buys Hertz Fleetlease - 30 September 2002

National Australia Bank today entered into an agreement to purchase the New Zealand-based Hertz Fleetlease and its subsidiary in Australia, Hertz Lease Ltd., from Ford Motor Credit Company.

The National's General Manager Asset Finance and Fleet Management, Sean Littlebury said the acquisition of Hertz Fleetlease would make Custom Fleet one of the largest operators in the Australasian fleet management industry.

"Hertz Fleetlease is an excellent business with professional staff and strong product and service offerings," he said.

The purchase provides National's Custom Fleet operation with a significant position in both the New Zealand and Australian markets.

"This move will enable us to offer more competitive and flexible fleet leasing and management solutions and allow us to access further growth opportunities.

"Fleet management is an important component in delivering comprehensive integrated financial services, especially to our business customers," he said.

The businesses are highly compatible and integration will be completed over a six to 12 month time frame, Mr Littlebury said.

Subject to satisfying certain conditions, including obtaining regulatory consents, the acquisition is expected to be completed within the next two months.