ASX Announcement - National Announces Next Stage of New Operating Model - 15 September 2005

National Australia Bank Managing Director John Stewart today announced the next stage of the development of a new operating model and changes to the Group Executive Committee.

"During the last year we have moved to a regional operating model, in which our businesses would have greater autonomy to improve efficiency, break down bureaucracy and speed up decision making.

"In recent months we have reviewed the role of Group Head Office and how it will work with our businesses to be a more nimble, innovative and customer-driven organisation," he said.

Mr Stewart said with the move to a regional operating model there will be fewer roles in Group Head Office, which will be responsible for:

• representing the interests of the investor and working with all businesses to set performance targets and policies
• identifying business development opportunities and driving innovation
• sharing best practice across the organisation, managing the Group's senior talent and optimising project investment
• fulfilling shareholder and prudential activities and obligations, such as regulatory and reporting requirements.

As a result the Group Executive Committee has also been restructured to align with the regional operating model and the future role of Group Head Office.

The Group Executive Committee will be reduced to eight members:

John Stewart - Managing Director
Michael Ullmer - Director, Finance and Risk
Ahmed Fahour - CEO, Australia
Lynne Peacock - CEO, United Kingdom
Peter Thodey - CEO, New Zealand
John Hooper - Executive General Manager, Institutional Markets & Services
Cameron Clyne - Executive General Manager, Group Development
Mike Hamar - Group Chief Risk Officer

Cameron Clyne who was previously Executive General Manager, Customer Solutions has been appointed to the new role of Executive General Manager, Group Development and will focus on business development opportunities, project governance and our Six Sigma capability.  He will also take responsibility for the activities of the Office of the CEO.

With the move to a smaller head office Ross Pinney, Executive General Manager Office of the CEO, has decided to retire after completing a 15 year career with the National during which time he has played a significant role in leading our businesses in Australia, New Zealand and the United Kingdom.

There are no other changes in the roles or reporting lines for those people no longer sitting on the Group Executive Committee.

For further information:

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

Samantha Evans
Group Corporate Affairs
03 8641 4982 work
0404 883 509 mobile

Hany Messieh
Group Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile