ASX Announcement - National Australia Bank To Buy-Back TrUEPrS Preference Shares - 23 December 2003

Following approval of shareholders at its recent Annual General Meeting, and as part of its ongoing capital management strategy, National Australia Bank Limited (NAB) has called for the buy-back of the NAB Preference Shares issued as part of the trust units exchangeable for preference shares (TrUEPrS) in September 1998.

The buy-back will be effective on 22 January 2004.  This buy-back will also result in NAB redeeming the TrUEPrS for cash on the same date. 

Each of the TrUEPrS will be exchanged for US$25.00 plus an amount equal to the accrued but unpaid interest from 31 December 2003 to 22 January 2004.

Notices will be sent to the holders of the TrUEPrS and payment of cash will be made to the holders through The Bank of New York, 21W, 101 Barclay Street, New York, NY 10286, United States of America.

For enquiries please contact:

Hany Messieh
Investor Relations
03 8641 2312
0414 446 876