ASX Announcement - 19 March 2002

Following the completion of the sale of the HomeSide operating platform to Washington Mutual it is a requirement under SEC disclosure rules that HomeSide lodge proforma financial information relating to the sale.

In accordance with past practice the National is also lodging this information with the Australian Securities Exchange.

The attached Form 8-K reflects the financial position and operating results of HomeSide as if the sale had taken place at the beginning of the last financial year.

The results shown in the Form 8-K are based on set parameters and are for illustrative purposes only and may not be indicative of the actual results, or of future performance.

For example, the proforma financial information does not include the funding benefit obtained from the sale proceeds for the period in question.

The Form 8-K disclosure is made under US GAAP which differs in some significant respects from Australian GAAP. No equivalent disclosure requirement exists in Australia.

The National's March half year profit announcement will include actual financial results for HomeSide.