ASX Announcement - 2004 Interim Dividend Reinvestment Plan and Bonus Share Plan - 6 July 2004

The issue price for ordinary shares under the National's Dividend Reinvestment Plan and Bonus Share Plan in respect of the 2004 interim dividend will be $28.9920 per share.  This represents a 2.5% discount to the arithmetic average of the daily volume weighted average price during the 15 trading days from 15 June 2004 to 5 July 2004 inclusive. 

Shares will be allocated to participating shareholders on 14 July 2004, the interim dividend payment date.   

For further information:

Brandon Phillips     
Group Manager   
Group Corporate Relations   

03 8641 3857 work     
0419 369 058 mobile