ASX Announcement - nabCapital Outlines Strategic Priorities - 8 February 2007

National Australia Bank Limited today outlined the strategic direction and priorities of its nabCapital business.

"We now have a stable business that takes a client-focused approach to delivering results for nabCapital and the National Australia Bank," Group Chief Executive Officer, Mr John Stewart said.

"The business makes more efficient use of capital and is positioned to grow revenue and deliver a sustainable return on equity," he said.

Mr John Hooper, CEO of nabCapital, and members of his Executive Committee briefed the market and media on the business model and strategy for growth.

"We have reshaped the business, we have a sound strategy in place to deliver improved return on equity, and the quality of our leadership and our cultural initiatives are geared towards delivering the strategy," Mr Hooper said.

"Our focus is developing our existing customer base and creating new products for customers with investment needs.

"We are also improving our capital efficiency which improves shareholder returns. This is an on-going task for nabCapital.

"We are investing in the business to enhance our capabilities," he said.

For further information:

Jim Stiliadis
Head of Corporate Affairs, nabCapital
T  03 8641 3958
M  0414 534 703 

Hany Messieh
Head of Investor Relations
T  03 8641 2312
M  0414 446 876