ASX Announcement - National's Hybrid Tier 1 Roadshow - 11 March 2005

National Australia Bank will conduct a roadshow in the United States next week to assess institutional investor interest in a possible issue of Tier 1 Trust Preferred Securities.  An issue of hybrid Tier 1 capital supports the National's objective of efficient capital management.  The proceeds from any Tier 1 issue would be used by the National's London Branch for general business purposes.

This statement is not an offer of securities for sale.  The securities offered will not be registered under the U.S. Securities Act of 1933.  Nor may they be offered or sold in the United States without meeting, or being exempt from, the registration requirements.

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