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Nat.Australia Bank (NAB)

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Tuesday 12 September, 2006

Nat.Australia Bank

NAB - Hybrid Tier 1 Capital

National Australia Bank Ld
12 September 2006

Tuesday 12 September 2006





National Australia Bank hybrid Tier 1 capital issue



Further to an announcement on 7 September 2006, National Australia Bank today
announced an issue of A$400 million hybrid Tier 1 National Capital Instruments
('NCIs').


The securities carry a floating distribution at a rate of 0.95% over 3 month
BBSW, accumulating from 18 September 2006  to and including 30 September 2016
(the 'Step-Up Date'), and at a rate of 1.95% over 3 month BBSW after the Step-Up
Date.  The perpetual securities are callable 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 approval of APRA.


National Australia Bank Finance Director, Michael Ullmer, said that the deal was
supported by a large number of Australian 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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