Steve Targett to Leave the National - 7 February 2003

Mr Steve Targett has resigned as Executive General Manager, Financial Services Europe, to accept a main Board position as Group Executive Director, Wholesale and International Banking with Lloyds TSB in London. Mr Targett's resignation will be effective from 5 March 2003. Mr Ross Pinney, a senior National executive, will act in the position until a permanent appointment has been made.

The Chief Executive of the National, Mr Frank Cicutto, expressed his disappointment that Mr Targett had resigned but said Mr Pinney was an experienced manager and would maintain a business-as-usual approach until a replacement was appointed.

"We are disappointed that Steve is leaving the National after almost 6 years in a number of senior roles. Steve is moving to a challenging management and Board role at Lloyds TSB and we wish him well for the future."

"Mr Pinney is a senior executive with more than 10 years experience at the National in Australia, New Zealand and our European operations and he will continue our strategies to improve customer service, remain competitive and grow the business."