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Nat.Australia Bank (NAB)

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Tuesday 03 October, 2006

Nat.Australia Bank

Hybrid Tier 1 Capital Issue

National Australia Bank Ld
03 October 2006

Friday 29 September 2006

National Australia Bank hybrid Tier 1 capital issue

Further to an announcement on 15 September 2006, National Australia Bank today
announced an issue of Euro 400 million hybrid Tier 1 National Capital
Instruments ('NCIs').

The NCIs carry a floating distribution at a rate of 0.95% over 3 month EURIBOR,
from 29 September 2006 up to but not including 29 September 2016 (the 'Step-Up
Date'), and from the Step-Up Date at a rate of 1.95% over 3 month EURIBOR.

The perpetual securities are redeemable by the National on the occurrence of
certain events, on the Step-Up Date and on any distribution payment date on the
NCIs thereafter, subject to the prior written approval of APRA.

National Australia Bank Finance Director, Mr Michael Ullmer, said that the deal
was supported by a large number of European institutional investors.  This issue
of Tier 1 securities provides the National with capital flexibility, and
reinforces its relationships

with this important investor base.

This issue of hybrid Tier 1 capital is consistent with the National's objective
of efficient capital management and is part of National's ongoing capital
management strategy.  The proceeds from the Tier 1 issue will be used for
general business purposes.

For further information:

Brandon Phillips                                  Hany Messieh
Group Manager, External Relations                 Head of Investor Relations
T  03 8641 3857                                   T  03 8641 2312
M  0419 369 058                                   M  0414 446 876

This statement does not constitute an offer of any securities for sale.  The
securities offered will not be registered under the U.S. Securities Act of 1933

and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                

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