ASX Announcement - National Selects New External Auditor - 19 July 2004

The Chairman of the National's Audit Committee, Mr John Thorn, today announced that Ernst & Young had been selected to become the new external auditor of the National for the 2004-2005 financial year.

The decision to change external auditor was announced on April 7 as part of the National's overall change program.

Shareholders will be asked to approve the new auditor at the National's next Annual General Meeting.

"Ernst & Young will provide the National with access to considerable financial services audit experience," Mr Thorn said.

"I would like to thank the National's current auditor KPMG for their contribution over many years," he said.

For further information:

Brandon Phillips    
Group Manager 
Group Corporate Relations   

03 8641 3857 work
0419 369 058 mobile    

Samantha Evans   
Group Communications Adviser

03 8641 4982 work
0404 883 509 mobile