ASX Announcement - Shares Issued Under DRP Underwriting

11 July 2008

Pursuant to announced underwriting arrangements for the dividend reinvestment plan in respect of the interim dividend of 97 cents per share announced on 9 May 2008, National Australia Bank Limited (NAB) has issued 34,847,745 ordinary shares (“Shares”) yesterday to the underwriter at an issue price of $27.26 per share.

Accordingly, in accordance with sub-section 708A(5) of the Corporations Act 2001 (Cwlth) (Act), NAB gives notice as follows:

1. The Shares were issued without disclosure to investors under Part 6D.2 of the Act.

2. This notice is being given under paragraph 5(e) of section 708A of the Act.

3. As at the date of this notice NAB has complied with:

• the provisions of Chapter 2M of the Act as they apply to NAB; and
• section 674 of the Act.

As at the date of this notice, there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Act.

NATHAN BUTLER
Company Secretary