ASX Announcement - Blake Dawson Waldron Advice Released - 1 April 2004

National Australia Bank has received the attached advice from Blake Dawson Waldron (BDW) on probity and governance matters relating to the PricewaterhouseCoopers (PwC) report into foreign exchange options trading losses.

The National advises that Mrs Catherine Walter, a director of the National, has written directly to BDW claiming that it would be improper for them to provide further advice concerning the legitimacy of the PwC report because certain allegations made by Mrs Walter are now in the public domain and will be considered by shareholders at a general meeting, and other National Directors may respond to those matters.

Having received legal advice on this matter, the National considers that it is in the National's corporate interests to assess and respond to criticisms of the PwC report which the National commissioned and released to the market, irrespective of whether the person making those criticisms is one of the Directors of the National.

BDW has also confirmed to the National that they can properly provide the further advice the National has sought.

The National has accordingly decided to release BDW's further probity advice to the market despite Mrs Walter's objection to its doing so.

Download the Blake Dawson Waldron Advice (PDF 200KB)

Download the Blake Dawson Waldron Annexure (PDF 87.5KB)

For further information:

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