RNS Number:5596U
National Australia Bank Ld
22 January 2004

                                                                       Rule 3.8A


                                      Appendix 3F


                          Final share buy-back notice

                       (except minimum holding buy-back)




        Introduced 1/9/99. Origin: Appendices 7D and 7E. Amended 30/9/2001.


Information and documents given to ASX become ASX's property and may be made
public.


                                                                 
Name of entity                    ABN            

National Australia Bank Limited   12 004 044 937 

We (the entity) give ASX the following information.

Description of buy-back 

                                                                              
  1   Type of buy-back   Selective share buy-back of preference shares issued 
                         in relation to the TrUEPrS                           

Details of all shares bought back 

                                                                
  2   Number of shares bought back                         36, 008, 000 
 

                                                                             
  3   Total consideration paid or payable for the shares   US $450, 100, 000 
 

                                                                              
  4   If buy-back is an on-market buy-back - highest and   highest price: N/A 
      lowest price paid                                    date: N/A          
                                                                              
                                                           lowest price: N/A  
                                                           date: N/A          
 
 
Compliance statement 

1.     The company is in compliance with all Corporations Act requirements
       relevant to this buy-back.

2.     There is no information that the listing rules require to be disclosed
       that has not already been disclosed, or is not contained in, or attached 
       to, this form.

Sign here:       ......................................    Date: 23 January 2004
                 (Director/Company secretary)

Print name:      ..G F NOLAN...........................
                                                            == == == == == 
 






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