ASX Announcement - National Focuses On Strategic Priorities - 27 January 2004

The National Australia Bank has sold its shareholdings in St George Bank, AMP Limited and HHG Plc.

The AMP and HHG shareholdings have been sold in block trades to Merrill Lynch. The St George shares are being sold in an overnight book-build which has been fully underwritten by Merrill Lynch.

Final details of the sale will be announced following the completion of the book-build.

The Chief Executive Officer of the National, Mr Frank Cicutto, said an in-principle decision to dispose of the shareholdings subject to market conditions and final approval was made late last year.

"Current market conditions have facilitated the sale of the shareholdings at an attractive profit to the National," he said.

"Going forward, our priorities will be further integrating our banking and wealth management businesses, developing our European business and rebuilding market confidence in our risk management systems."

For further information:

Robert Hadler 
General Manager
Group Corporate Affairs
03 8641 3876 work
0404 805 675 mobile

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile