Performance Highlights

A Strong Performance Net profit*  Net profit* up   Market capitalisation up 30% to   *After significant items   [Bloomberg 30 Sep 2002] Excellent shareholder returns Cash earnings per share# (EPS)  $2.48 Cash EPS growth#  4.9% Return on equity#  17% Economic Value Added (EVA®)  $1,284 million # Before significant items EVA® is a registered trademark of Stern Stewart & Co. It measures the economic profit earned in excess of the Group's cost of capital. 10 years of dividend growth Dividend rate - cents per share Year June December Total 1992 22  23 45 1993 24 26 50 1994 35 39 74 1995 40 43 83 1996 43 44 87 1997 45 49 94 1998 49 53 102 1999 54 58 112 2000 59 64 123 2001 67 68 135 2002 72 75 147 National Share Price Performance Relative to the All Ords Accumulation Index (Ex National)   National share price at Sept 1992 used as base for All Ords Acc Index Solid foundations* We are the largest Australian listed financial services institution (by market capitalisation) We are the second largest company on the Australian Stock Exchange (by market capitalisation) We have over $377 billion in assets We have almost 8 million banking customers and 2.8 million wealth management customers We are one of the world's top 50 financial services companies by revenue (Fortune magazine, July 2002) * Globally, as at September 30, 2002 AA credit quality We have actively managed our credit portfolio in difficult economic conditions to successfully reduce our risk exposure. We are the only Australian bank to receive Standard & Poor's AA long-term credit rating (as at September 30, 2002). Investing in our people Over $55 million invested in employee training and development is creating a high-performance culture Community and environment We donated over $11 million to communities during the year on top of volunteering and in-kind support. We also donated $1 million to the Australian Red Cross Bali Appeal The Australian program that allows employees to take up to two days' paid leave a year for community work will soon be extended worldwide World-leading CRM technology Our Customer Relationship Management (CRM) technology has won international awards including: Relationship Strategy - Institute of Financial Services UK & British Telecom, November 2001 Australian Bank of the Year, Best Use of Technology - The Banker Awards (Financial Times, UK), September 2002 Greater Access (as at 30 September 02)   National (Australia) Bank of New Zealand Northern & National Irish Banks Clydesdale & Yorkshire Banks Total Branches 794 183 154 491   1,622 Banking centres* 152 22 41 89   304 Australia Post giroPost outlets 2,970         2,970 ATMs/ADMs (Automated Deposit Machines) 1,680** 383 280 978   3,321 Internet banking Coming in 2003     Phone banking     * includes Business, Agribusiness, Premium and Financial Service Centres, Private and Executive Banking Suites, Investment Centres and workplace units. May be co-located in branches. ** includes 462 unbranded alliance ATMs Note References in this report to 'the National' are references to National Australia Bank Limited. References to 'the Group' are references to the National together with its controlled entities around the world.

Building on our Strengths Performance Highlights Our People Chairman's Message Chief Executive Officer's Message Chief Financial Officer's Message Community and Environment Financial Services Australia Financial Services Europe Financial Services New Zealand Wholesale Financial Services Wealth Management Senior Management Board of Directors Concise Financial Report Shareholder Information