Liquidity improving up another cent.

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    National 1 Limited reported sales of A$61.56 million (US$32.68 million) for the fiscal year ending June of 2001.
    National 1 Limited currently has 251 employees. With sales of A$61.56 million (US$32.68 million) , this equates to sales of US$130,181 per employee.
    Hi Viking yes I do think if they manage to turn the company around in the second half and the acquistions they have done are succesful and they manage to extract the synergies from them--that the directors have stated---this stock could indeed be another Corporate Express.
    My view.Cheers.
    intermediate (ID#: 405583) RE: see previous posts.--NOL.(liquidity) 17/4/02 1:59:45 PM 5056593
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    Liquidity improving see previous posts---expected to have a better second half)

    Negotiations for a new distribution centre in Adelaide have beencompleted with the new facility at Angle Park anticipated to be fullyoperational during March with a sales capacity of approximately $40
    rainbow8 (ID#: 401932) RE: BK?---can I ask what you think?--Rainbow. 17/4/02 11:15:31 PM 5057924
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    BK what do you think about Nol?-----Intermediate.

    spudsandpeas (ID#: 404413) RE:what does bonkers think? Rainbow Nol 17/4/02 11:23:33 PM 5057951
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    I think if someone were to buy Nol---in the low 30's and put up with at times not very good liquidity and were patient and waited and just tucked them in the draw---that the next time the company reported it would show an improvement from the previous time it reported, which should then be reflected in a resulting capital gain (sector and market conditions not withstanding) in the share price--it's immediate trend (share wise) I'd regard as unimportant (certainly with todays big trade--it has raised a few eyebrows)--I am thinking in terms of a month or two.
    Looks good Rainbow,Cheers,--BK.
    progreeively realised second half 22/5/2002. ilrobbinrosso 22/5/02 4:08:03 PM
    progressively/realised/second half/27/11/2001. ilrobbinrosso 20/5/02 1:54:32 PM
    progressively/realised/second half/27/11/2001. ilrobbinrosso 19/5/02 5:15:35 AM
    A lot of speculative risk eps quite low 2nd half ilrobbinrosso 19/5/02 5:03:31 AM
    opened 1c higher than previous close 17/5/2002 viking116 17/5/02 3:32:28 PM
    defintely improving---liquidity---rising. viking116 17/5/02 3:25:00 PM

    ilrobbinrosso (ID#: 406483) progreeively realised second half 22/5/2002. 22/5/02 4:08:03 PM 5189233
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    NOL National 1 Limited FPO
    Total Trades Total Volume Last Trade V.W.A.P*
    3 117,200 38 38
    * Volume Weighted Average Price
    Number (s) Time
    Last Traded Price Volume Change Value Number
    of Trades
    2 - 3 12:06:06 pm 38 115,000 1 $43,700 2
    1 10:30:41 am 39 2,200 $858 1

    4th Preliminary Final Report (4 parts)

    HOMEX - Perth
    Information or documents not available now must be given to ASX as
    soon as available. Information and documents given to ASX become
    ASX's property and may be made public.
    Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
    Name of Entity
    National 1 Limited
    ACN or ARBN
    088 164 872
    We (the entity) give ASX the following information.
    You must complete the relevant sections (attach sheets if
    there is not enough space).
    1. Class of securities issued Unlisted Options
    or to be issued

    2. Number of securities issued 2,600,000 options
    or to be issued (if known)
    or maximum number which
    may be issued
    3. Principal terms of the securities Exercisable at 90 cents from
    (eg, if options, exercise price 0//01/2004 and expiring on
    and expiry date; if partly paid 31/12/2005
    securities, the amount
    outstanding and due dates for
    payment; if convertible securities,
    the conversion price and dates
    for conversion)
    4. Do the securities rank equally yes
    in all respects from the date
    of allotment with an existing
    class of quoted securities
    If the additional securities
    do not rank equally, please
    * the date from which they do
    * the extent to which they
    participate for the next
    dividend, (in the case of
    a trust, distribution) or
    interest payment
    * the extent to which they do
    not rank equally, other than
    in relation to the next
    dividend, distribution or
    interest payment
    5. Issue price or consideration Nil
    6. Purpose of the issue (if Issued in terms of the
    issued as consideration for company's Employee Share
    the acquisition of assets, Option Plan copy of which has
    clearly identify those been lodged with the Australian
    assets) Stock Exchange.
    7. Dates of entering securities N/A
    into uncertified holdings
    or despatch of certificates

    8. Number and class of all 25,117,786 Ordinary shares fully
    securities quoted on paid
    ASX (including the
    securities in clause
    2 if applicable)
    9. Number and class of all 78,453,642 Ordinary shares fully
    securities not quoted paid and held in escrow
    on ASX (including the to 24/10/2002
    securities in clause 2 1,925,000 Ordinary shares fully
    if applicable) paid and held in escrow
    to 24/10/2001
    1,000,000 Options held in escrow
    exercisable at 40 cents
    each and expiring on
    1,000,000 Options held in escrow
    to 31/10/2002,
    exercisable at 45 cents
    each and expiring on
    500,000 Options exercisable at
    50 cents each from
    31/12/2002, and
    expiring on 30/06/2005
    2,600,000 Options exercisable at
    90 cents each from
    01/01/2004 and expiring
    on 31/12/2005
    10.Dividend policy (in the case As per existing shares
    of a trust, distribution
    policy) on the increased
    capital (interests)
    Items 11 to 33 are Not Applicable
    You need only complete this section if you are applying for quotation
    of securities
    Items 34 to 37 are Not Applicable
    Entities that have Ticked Box 34 (b)
    Items 38 to 42 are Not Applicable
    43. Payment method (tick one)
    Cheque attached
    Electronic payment made
    Note: Payment may be made electronically if Appendix 3B is
    given to ASX electronically at the same time.

    Periodic payment as agreed with the home branch has been
    Note: Arrangements can be made for employee incentive
    schemes that involve frequent issues of securities.
    1. Quotation of our additional securities is in ASX's absolute
    discretion. ASX may quote the securities on any conditions it
    decides.2. We warrant to ASX that the issue of the securities to be quote
    complies with the law and is not for an illegal purpose, and that
    there is no reason why those securities should not be granted
    quotation. We warrant to ASX that an offer of the securities for
    sale within 12 months after their issue will not require
    disclosure under section 707(3) of the Corporations Law.
    3. We will indemnify ASX to the fullest extent permitted by law in
    respect of any claim, action or expense arising from or connected
    with any breach of the warranties in this agreement.
    4. We give ASX the information and documents required by this form.
    If any information or document not available now, will give it to
    ASX before quotation of the securities begins. We acknowledge that
    ASX is relying on the information and documents. We warrant that
    they are (will be) true and complete.
    J Burness

    HOMEX - Perth

    It is pleasing to welcome shareholders, staff and guests to the
    second annual general meeting of the company, but the first as a
    listed public company.

    The year ended 30th June 2001 has been an exciting, challenging and
    extremely busy year.

    On the 27th October, last year, National 1 became listed on the
    Australian Stock Exchange following an $8 million capital raising.
    This capital raising enabled the company to settle the outstanding
    purchase consideration for the Western Australian and new south wales
    businesses, complete the purchase of the Victorian business and to
    reduce bank debt.

    Within weeks of the ASX listing the company experienced a surge in
    interest from potential new large national clients and it very
    quickly became clear that the anticipated growth path for National 1
    would differ from that originally envisaged with a significant number
    of new business opportunities being presented to the company.

    A number of business acquisition opportunities which together with
    rapidly growing interest from potential new national corporate and
    government clients brought significant challenges to our small but
    rapidly growing company.

    These challenges were accepted by management with enthusiasm and
    energy. They did, however place management undersignificant pressure
    throughout the year.

    In November 2000, National 1 successfully absorbed the business of B
    G Price in New South Wales.

    This was followed by the purchase in March 2001 of Sinclair
    Halvorsen, which was Australia's largest privately owned specialist
    supplier of sophisticated coffee, tea and canteen products to the
    corporate market.

    At this time the company completed a $33 million capital raising
    which enabled National 1 to complete the purchase of Sinclair
    Halvorsen, reduce bank debt to zero and provide the funds for the
    subsequent acquisitions in July 2001 of the National 1 alliance
    businesses in South Australia and Tasmania plus the independently
    owned Tasmanian business of island stationery.

    All of this took place at a time when the company was being invited
    to tender for a rapidly growing list of new national corporate
    clients and with our distribution facilities in Sydney and Melbourne
    being stretched to capacity.

    Yourdirectors and the company's management were faced with the
    issues of rapid growth and escalating demand for the company's
    services which substantially stretched management and distribution

    The company's Western Australian operation was moved to this new
    Belmont facility in June 2001 and in July we opened a new
    distribution centre in Canberra.

    In July we acquired the Victorian businesses of Palladium School
    Supplies Pty Ltd and B W Distributors Pty Ltd.

    The search for suitable new distribution centres in Sydney and
    Melbourne began in November of last year with the need to secure
    facilities that would meet the service requirements of our major
    national clients and provide the capacity to meet our anticipated
    continued growth.

    The Victorian operations have been progressively moved since
    September to a new distribution centre ideally located in port
    Melbourne. The move will be completed next month with the exception
    of the transfer of palladium school supplies and B W Distributors,
    which will not take place until March of next year. The new Melbourne
    facility should provide the company with ample capacity for many
    years ahead.

    in October, we commenced the progressive transfer of our Sydney
    operations to a new distribution centre at Rydalmere. Again this
    transfer is expected to be completed by the end of next month.

    Distribution centres in Tasmania at Hobart and Launceston have been
    rationalised and negotiations for a new centre in Adelaide are
    nearing completion.

    As several of our national corporate clients have operations in New
    Zealand, we have recently arranged distribution capacity in New

    We completed the final year to 30th June 2001 with total sales
    revenue of $61.5 million and earnings before interest, taxation,
    depreciation and amortisation of $2.9 million and a net profit after
    income tax of $397,000 after the deduction of $881,000 for the
    amortisation of intangibles.

    Whilst profits for the year were well short of our original
    prospectus forecasts, your board of directors believes that the
    decisions taken to pursue the growth opportunities presented to the
    company will prove to be significantly beneficial in the future.

    As announced to the Australian Stock Exchange on 4th September 2001,
    National 1 Ltd anticipates sales revenue for the 2001/2002 financial
    year to more than double to in excess of $130 million.

    Our business is one of large sales revenues at relatively low margins
    spread over distribution infrastructure locations throughout the
    country. Economies of scale at each location therefore will drive
    performance to the bottom line.

    With the significant costs associated with absorbing and
    rationalising the business acquisitions and the investment in new
    distribution centres already described we are budgeting for revenue
    of approximately $60 million and EBITDA (earnings before interest,
    taxation, depreciation and amortisation) of approximately $0.5
    million for the first half with the benefits of our achievements to
    date being progressively realised in the second half.

    As you can see, National 1 has grown from a company with only one
    business and distribution centre two years ago with a turnover in the
    order of $20 million to a national organisation which now has eight
    distribution centres, has absorbed nine business acquisitions and is
    moving to anticipated sales revenue for this year in excess of $130
    million. Most of this growth has taken place in the last twelve

    In closing I would like to thank all the employees of National 1 for
    their work throughout the year with particular thanks to our senior
    executives who have shouldered an immense work load with great
    commitment enthusiasm and energy.
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