National Australia Bank Ld
As Agent Bank, please be advised of the following rate determined on: 15-Oct-2003

Issue               : National Australia Bank US $250,000,000
                      Undated Subordianted FRN
ISIN Number         : GB0006241326
Issue Nomin     USD : 250,000,000.00
Period              : 17-Oct-2003 to 19-Apr-2004          Payment Date 19-Apr-2004
Number of Days      : 185
Rate                : 1.3375
Denomination    US  : 10,000.00     250,000.00

Amount Payable 
per Denomination    : 68.73         1,718.32

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438