RNS Number:7141U
National Australia Bank Ld
28 January 2004

                                                       Group Corporate Affairs

                                                       National Australia
                                                       Bank Limited
                                                       ABN 12004044937


                                                       500 Bourke Street
            ASX Announcement                           Melbourne
                                                       Victoria  3000
                                                       Australia

                                         Melbourne, Wednesday 28th January  2004


National's Employee Incentive Scheme


The National is issuing the following statement to the Australian Stock Exchange
to clarify issues raised at an open analyst briefing earlier today about the
pricing of its EVA share offer, 'at risk" shares, options and performance rights
for staff.



As planned, the National will shortly lodge an Appendix 3B New issue
announcement, application for quotation of additional securities and agreement
with the Australian Stock Exchange.  This application will include the listing
of additional EVA shares and 'At Risk' shares allotted to staff on Friday 16
January 2004.


The pricing period for such employee incentives was set last year and was
conducted during the week ended 16 January 2004.  The issue price was $30.25 per
share.


Such allotments did not include the allotment of shares or the granting of
options or performance rights to the two Executive Directors or any operational
and risk management staff associated with the unauthorised foreign currency
options trading. To avoid any potential conflict, the Board has deferred such
allotments and grants pending the outcome of its independent investigation.



For further information please contact:


Robert Hadler                              Brandon Phillips
General Manager                            Group Manager
Group Corporate Affairs                    Group Corporate Relations

03 8641 3876 work                          03 8641 3857 work
0404 805 675 mobile                        0419 369 058 mobile

or visit www.nabgroup.com


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