ASX Announcement - New Chairman at the National Australia Bank - 27 September 2005

The National Australia Bank Group today announced the transition of the Group's Chairmanship from Mr Graham Kraehe to Mr Michael Chaney.  This follows Mr Kraehe's announcement last year that he would be stepping down as Chairman and retiring from the National's Board in September 2005.

Mr Kraehe has been a non-executive director at the National since 1997, and was appointed Chairman in February 2004. 

Mr Chaney acknowledged Mr Kraehe's contribution to the National, particularly in his role as Chairman of the Group.

"I speak for the entire Board of Directors in thanking Graham for his significant contribution to the National Australia Bank. 

"Graham has been a strong leader of the Board, contributing substantially to the transformation of the National.  He led the National's Board of Directors through a significant renewal program, developing a Board with a strong diversity of experience across different industries and geographies.  He has been a leader in demonstrating cultural change at the National 'from the top'. 

"He leaves the National's Board in an excellent position from which to continue to build a stronger National.  I am looking forward to working with John Stewart, the rest of the executive team and Board of Directors to deliver long-term, sustainable value for the National's shareholders," he said.

Mr Kraehe said he had felt privileged to be able to lead the National's Board of Directors during a challenging time.

"It has been a terrific honour to be Chairman of such an iconic organisation.  It has been a challenging time, but one that I've found greatly rewarding.  I have particularly enjoyed working with all the people at the National, including its talented executive team and a strong and diverse group of Directors.

"Importantly, I believe Michael will be a dynamic leader, and I have no doubt his excellent track record will stand him in good stead for his role as Chairman of the National.  I wish him, the rest of the Board of Directors and the National Australia Bank all the best for what I'm sure will be a fantastic future," he said.

Mr Chaney assumes the role of Chairman from 28 September 2005.  He has been a non-executive director at the National since December 2004 and has been working closely with Mr Kraehe since that time to ensure a smooth changeover.

For further information:

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

Samantha Evans
External Relations Manager
03 8641 4982 work
0404 883 509 mobile

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