ASX Announcement - Subordinated Debt Issue Documentation Released - 2 June 2004

Download the Offering Memorandum for the European Medium Term Note Program

National Australia Bank has lodged with the Luxembourg Stock Exchange the attached offering memorandum for its European Medium Term Note Program.  Notes issued under the program may be listed on the Luxembourg Stock Exchange.

The National has previously announced it will raise subordinated debt as part of its annual debt-raising program to increase its total capital ratio to more than 10 per cent of risk weighted assets.

The increase in total capital is part of the remedial actions required by the Australian Prudential Regulation Authority following its review of irregular currency options trading.

Part of this additional capital will be raised under this European Medium Term Note Program.

For further information:

Brandon Phillips     
Group Manager   
Group Corporate Relations   

03 8641 3857 work     
0419 369 058 mobile