ASX Announcement - Dividend Reinvestment Plan and Bonus Share Plan - 15 June 2004

The National wishes to announce that the percentage of shares participating in the Dividend Reinvestment Plan and Bonus Share Plan in respect of the 2004 interim dividend is approximately 45%.

As previously announced, the National has entered into an agreement to fully underwrite its Dividend Reinvestment Plan and Bonus Share Plan in respect of the 2004 interim dividend at a value of approximately A$1.2bn.

The National's Chief Financial Officer, Richard McKinnon, said: "This initiative combined with the recent successful subordinated debt issue is expected to meet the Group's total capital target of 10% by June 30."

For further information:

Brandon Phillips     
Group Manager   
Group Corporate Relations   

03 8641 3857 work     
0419 369 058 mobile