JBWere Board appointments announced

National Australia Bank (NAB) and Goldman Sachs JBWere (GSJBW) today announced the appointment of Board members to oversee JBWere Pty Ltd.

JBWere Pty Ltd will be formed through a strategic private wealth management alliance between Goldman Sachs JBWere and NAB announced in July 2009. JBWere Pty Ltd will become a portfolio business within NAB’s wealth division at the completion of this transaction.

NAB Group Executive Wealth Australia, Steve Tucker said the completion of the transaction is progressing well.

"We are very pleased by the level of support shown by advisers and the broader team towards JBWere Pty Ltd," NAB Group Executive Wealth Australia, Steve Tucker said.

"The feedback we have received from advisers and clients is very positive, and we have made great progress towards bringing the wealth capabilities of these businesses together over the last two months."

"The JBWere sponsorship of the Australian Masters Golf Tournament announced on 1 October demonstrates our commitment to investing in the JBWere brand."

The JBWere business will continue to execute its existing strategy of delivering tailored wealth advice to clients. JBWere Pty Ltd will be overseen by a board comprised of executive and non-executive directors.

"The seniority and experience of the board members we are announcing today is a reflection of GSJBW and NAB’s commitment to JBWere and the size of the opportunity we see for this business," Mr Tucker said.

Director and Adviser appointments to the JBWere Pty Ltd board include:

• Michael Ullmer will be appointed as the Chairman. Michael is Deputy CEO and an Executive Director of the National Australia Bank, and brings with him a wealth of experience in the banking and finance industry.
• Stephen Fitzgerald, Co-Chief Executive Officer and Managing Director of Goldman Sachs JBWere will be appointed as Adviser to the Board. Stephen has been a Board member of Goldman Sachs JBWere since 2005 and brings extensive global expertise to the Board of JBWere Pty Ltd.
• Steve Tucker, NAB Group Executive, Wealth Australia, will be appointed as an Executive Director. Steve has more than 20 years experience at MLC and has held a number of senior roles prior to becoming CEO of MLC, including heading up MLC’s Retail Investments business and leading MLC’s Advice businesses.
• Paul Heath, Managing Director of JBWere will be appointed as an Executive Director. Paul has more than 15 years experience in private wealth management with JBWere, and has led the JBWere business since 2005.
• Terry Campbell will be appointed as Adviser to the Board. Terry is recognised as one of Australia’s pre-eminent brokers and has more than 50 years experience with JBWere. Throughout his career, Terry has been involved in all aspects of JBWere’s activities, and is currently Senior Chairman of Goldman Sachs JBWere.
• Andrew Rothery will be appointed as a Non Executive Director. Andrew, a lawyer by training, has been involved in the venture capital and private equity markets for the past 19 years. In 1996 Andrew founded Archer Capital, a leader in private equity investing in Australasia.

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For further information:

Stacey Mitchell

M: +61 (0)400 305 446

Ric Shadforth

M: +61 (0)447 395 889