National's Hybrid Tier 1 Capital Security Issue - 16 September 2003

National Australia Bank will conduct a roadshow in the U.K. next week to assess institutional investor interest in a possible issue of GBP300 million Tier 1 Trust Preferred Securities. An issue of Tier 1 capital is consistent with the National's strategy of maintaining an efficient capital structure through active capital management. The proceeds from any such Tier 1 issue would be used by the National's London Branch for operational banking purposes.