RNS Number:2603K
National Australia Bank Ld
23 April 2003






                                                                                       Group Corporate Affairs



                                                                               National Australia Bank Limited

                                                                                               ABN 12004044937
                                                                                             500 Bourke Street

                                                                                    Melbourne  Victoria  3000
                                                                                                     Australia


                                                                                     Telephone: (03) 8641 3580

                                                                                    Facsimile:  (03) 8641 4925

ASX Release



National takes prompt action on King Bros Bus Group





The National Australia Bank confirms that on the 8th and 9th of April, under
securities held in respect of property, bus routes and buses, it appointed
receiver/managers to companies associated with the King Bros Bus Group.



The National has $132 million of leasing and other lending to companies
associated with the King Bros bus business.



Although the receiver/managers are in the early stages of their investigation of
the company's affairs the National has taken an interim provision at the half
year of $46 million, pending further clarification of the company's financial
position.



Executive General Manager, Financial Services Australia, Mr Ian MacDonald said:
"We believe it was appropriate, based on information provided by the receiver/
managers, to take an early provision of $46 million which will be reflected in
the accounts as at March 31."



The provision does not alter expectations for the Group's half year profit.



The National is working with the receiver/managers and other creditors to
clarify and resolve outstanding issues.





Melbourne, 23 April, 2003



For further information contact:   Brandon Phillips

Manager Group Corporate Relations

03 8641 3857 or 0419 369 058


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