ASX Announcement - The New National in Australia - 22 October 2004

The Chief Executive of the National in Australia, Mr Ahmed Fahour, today finalised a new leadership team and a more streamlined structure to help revitalise the business.

The new structure combines all of the National's business units in Australia; Financial Services Australia and the Australian operations of MLC and Institutional Markets and Services, into three core categories:

· Customer - responsible for all front line sales and customer relationships

· Products - responsible for end to end product management and integration of risk, IT and operational processes into products

· Support - centralised support services for the Australian business

The new leadership team comprises executives from each of the three existing businesses and external executives with extensive business experience from a range of sectors.

"The new leadership team rivals any business in the country in terms of experience and capability," he said.  "Our first objective is to rebuild our reputation with customers."

"The new structure will improve our customer focus, provide clear accountability for sales and service, and streamline our business to eliminate internal silos and provide a more competitive cost structure."
 
Attached:  NAB Australia Executive Committee and organisational structure.

For further information:

Tim O'Leary 
Corporate Affairs, Australia 
03 8634 1569 work 
0414 446 826 mobile 

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

Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile

The new National leadership team & structure - Australia

Previously announced appointments to the National Australia Bank's Australian leadership team include:

• Paul Orton:  Head of Corporate Banking, and Head of Institutional Markets and Services.
• George Frazis:  Head of Business and Private Banking, formerly from the Commonwealth Bank and initially appointed as Head of Business Development for the National.
• Matt Lawler:  Head of Financial Planning and Third Party Distribution, previously responsible for MLC's adviser network.
• Bruce Munro:  Head of Transaction & Custody Services, formerly from the Commonwealth Bank.
• Steve Tucker:  Head of Wealth Management Services, previously responsible for MLC's retail investment platforms and services.
• Ewen Stafford:  Chief Financial Officer, formerly Chief Financial Officer for MLC.
• Bob Brice:  acting Chief Risk Officer, previously General Manager Risk Management for Financial Services Australia.
• Greg Sutherland:  Head of Strategy & Marketing, joining the National from the Boston Consulting Group.
• Final key appointments to the leadership team for the Australian regional business announced today include:
• Jeremy Dean, currently head of Business Financial Services for the National, will head up Consumer Lending and Deposit Services (includes Cards Australia).  The National's business and private banking operations will now be headed by George Frazis.
• Gordon Lefevre who will continue as head of Personal Banking for the National. 
• Sean Littlebury, currently General Manager for Asset Finance and Global Fleet Management, will head up Business Lending & Asset Finance Services.
• Fiona Wardlaw, currently head of Cards Australia, will head up People and Culture for the Australian business.
• Michelle Tredenick, currently head of MLC Corporate Solutions will become Chief Information Officer for the Australian business.