Transaction in Own Shares

RNS Number:5858T
National Australia Bank Ld
23 December 2003


                                                     Group Corporate
                                                     Affairs
                                                     National Australia
                                                     Bank Limited
                                                     ABN 12004044937
                                                     500 Bourke Street
ASX Announcement                                     Melbourne
                                                     Victoria 3000
                                                     Australia





                                           Melbourne, Tuesday 23rd December 2003

        National Australia Bank to buy-back TrUEPrS preference shares



        Following approval of shareholders at its recent Annual General Meeting,
        and as part of its ongoing capital management strategy, National
        Australia Bank Limited (NAB) has called for the buy-back of the NAB
        Preference Shares issued as part of the trust units exchangeable for
        preference shares (TrUEPrS) in September 1998.

        The buy-back will be effective on 22 January 2004. This buy-back will
        also result in NAB redeeming the TrUEPrS for cash on the same date.

        Each of the TrUEPrS will be exchanged for US$25.00 plus an amount equal
        to the accrued but unpaid interest from 31 December 2003 to 22 January
        2004.

        Notices will be sent to the holders of the TrUEPrS and payment of cash
        will be made to the holders through The Bank of New York, 21W, 101
        Barclay Street, New York, NY 10286, United States of America.

        For enquiries please contact:

        Hany Messieh

        Investor Relations

        03 8641 2312

        0414 446 876



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