ASX Announcement - Amendments to Dividend Reinvestment Plan and Bonus Share Plan - 10 May 2007

The National Australia Bank Limited today announced the following amendments to its Dividend Reinvestment Plan (DRP) and Bonus Share Plan (BSP):

1. The DRP and BSP will be amended to enable dividend balances to be carried forward.

The number of shares received by participants will be calculated by multiplying the number of participating shares held by the shareholder by the dividend, deducting any applicable withholding tax and then dividing this amount by the issue or transfer price for DRP or BSP shares determined in accordance with the plan rules.  Any balance of funds remaining after this calculation will be maintained in an account to be applied to the individual shareholder's next dividend entitlement.

The rounding up of DRP and BSP calculations to the nearest whole share will be discontinued.

Shareholders in the United Kingdom will receive their unallocated dividend balance with their dividend statement.

This change will be effective 8 June 2007. It will not apply to the interim dividend payable in July 2007.

2. The BSP will be closed to new participants with effect from 10 May 2007.

The record date for the National Australia Bank Limited's interim dividend is 7 June 2007.

MJ HEALEY
Company Secretary
National Australia Bank Limited