ASX Announcement - Dr Brian Clark to Stand Down as a National Director - 24 June 2004

The Board of National Australia Bank today announced that Dr Brian Clark will stand down as a non-executive Director in August because of extended commitments with Vodafone in Asia.

Dr Clark was Chief Executive of Vodafone Pacific and located in Sydney when he joined the National Australia Bank Board in October 2001.  During 2003, Brian was appointed Chief Executive of Vodafone Asia Pacific and relocated from Sydney to Tokyo.  Last night, Vodafone announced that he would become President and Chief Executive of Vodafone Holdings K.K. and Vodafone K.K. in Tokyo.

The National's Chairman, Mr Graham Kraehe, paid tribute to Dr Clark's valuable contribution to the Board over the last two and a half years.

"I and my fellow Directors are sad to see Dr Clark leave the Board but we realise that his new appointment with Vodafone will extend the time he must spend in Tokyo and make it difficult for him to make the necessary time commitment to the National," Mr Kraehe said.  "Brian will attend the August meeting of the Board and formally resign at that time.  His replacement will be considered as part of the Board renewal program currently underway."

Dr Clark thanked his fellow Directors for their support and wished them well in rebuilding the reputation of the National.

"I have been delighted to be a member of the National Board over the last two and a half years and I am disappointed that I will not have the necessary time available to devote to the National as a result of my extended commitments with Vodafone," he said.  "I remain committed to the National, its shareholders, its customers and its people.  In spite of recent events, this is a great company.  I am sure John Stewart and his team will restore the reputation of the National.

"Following discussions with Graham Kraehe, we agreed that the best course of action was for me to resign and focus on my Vodafone commitments and allow the National to appoint another Director to replace me.  In particular, I would like to express my strong support for Graham Kraehe and my fellow Directors."
 
For further information:

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