ASX Announcement - Michael Chaney Appointed to National Australia Bank Board - 21 June 2004

The Board of National Australia Bank today announced that Michael Chaney will become a non-executive director effective December 2004 and will assume the role of Chairman in September 2005.

Michael Chaney recently announced his intended retirement as Managing Director of Wesfarmers in July 2005 after 13 years in that position.

Graham Kraehe will continue as Chairman of the National until Mr Chaney assumes the position in September 2005.  This will enable Mr Chaney to familiarise himself with the group before he becomes Chairman and enable a smooth transition.

"We are delighted to have a person of the calibre and experience of Michael joining the Board.  He has an excellent track record, a strong focus on shareholder value and has delivered outstanding shareholder returns as Managing Director of Wesfarmers," Graham Kraehe said.

Mr Chaney said: "I believe the National is one of Australia's outstanding companies and I have great confidence in the future of the group. I look forward to working with the Board to help the National achieve its full potential and further improve shareholder returns."

Mr Kraehe said the Board was also making significant progress in its Board renewal program: "We are interviewing a number of appropriate candidates including some with Australian banking experience and expect to announce additional Board appointments in the next couple of months."

For further information:

Brandon Phillips
Group Corporate Relations    
National Australia Bank     
03 8641 3857 work
0419 369 058 mobile      

Keith Kessell
General Manager, Public Affairs
Wesfarmers     
08 9327 4281 work
0419 949 082 mobile

Michael Chaney AO

Managing Director and Chief Executive Officer, Wesfarmers
Director Elect and Chairman Elect, National Australia Bank
Age 54

Michael Chaney is Managing Director  and Chief Executive Officer of Wesfarmers Limited.

He worked in the finance and petroleum industries in Australia and the United States of America before joining Wesfarmers in 1983.  He became a Board member in 1988, and was appointed CEO in 1992.

In his time as CEO of Wesfarmers, the former farmers' cooperative has increased in market value from $1 billion to over $10 billion.  Prior to becoming CEO, Mr Chaney served as Wesfarmers' Chief Financial Officer for 8 years, in which position his responsibilities included oversight of the group's rural lending activities.

Mr Chaney's previous experience includes three years in corporate lending and financial advisory roles with the Australian Industry Development Corporation.  He is also a director of BHP Billiton Limited and the investment bank, Gresham Partners Holdings Ltd.

He is a member of the JP Morgan International Council and the Council of the National Gallery of Australia, Vice-President of the Business Council of Australia and Chairman of the Australian Research Alliance for Children and Youth.

He holds a Bachelor of Science and Master of Business Administration degrees from the University of Western Australia.  He has also been awarded an Honorary Doctorate of Laws from the University of Western Australia.  He completed the Advanced Management Program at the Harvard Business School in 1992.

Mr Chaney was made an Officer in the Order of Australia in 2004.