Media Release - National Australia Bank Prices National RMBS Trust 2004-1 Residential Mortgage-Backed Securities Issue - 22 September 2004

National Australia Bank Limited ("the National") today announced complete pricing details for its residential mortgage-backed securities issue ("National RMBS Trust 2004-1").

On the issue date, 28 September 2004, Perpetual Trustee Company Limited in its capacity as trustee of the National RMBS Trust 2004-1 will issue four classes of Notes, denominated in three currencies: US Dollar, Euro Notes (both under an SEC shelf filing) and two classes of Australian Dollar Notes.  Each class of Notes is secured by a pool of first ranking residential mortgages. 

Settlement will occur on 28 September 2004.

National Australia Bank is acting as the Lead Manager and Bookrunner in respect of the issue of Australian Dollar Notes.  Deutsche Bank A.G., Société Générale, Australian Branch, and Citigroup, Australia are acting as Co-Managers.

Deutsche Bank Securities Inc. is acting as the Co-Lead Manager and Bookrunner in respect of the issue of US Dollar Notes and Euro Notes.  J.P. Morgan Securities Inc., is acting as Co-Lead Manager, while National Australia Bank, SG Americas Securities, LLC, Société Générale, London Branch, and Citigroup are acting as Co-Managers.

For further information:
Graham Maloney    
General Manager, Corporate Finance  
+61 3 8641 0902 (work)    

Ian McLean
Head of Group Funding & Liquidity 
+61 3 8641 3358 (work)

Samantha Evans
Group Corporate Relations
+61 3 8641 4982 (work)
+61 3 404 883 509 (mobile)

This announcement may not be released in the United States.  This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction.  Any securities described in this announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration.