National Australia Bank to develop new office complex at Docklands - 28 June 2001

In partnership with Lend Lease, the National will build a working environment to meet the future needs of its business, attract and retain good people, improve speed of products and services to the market and maintain more efficient work practices.

The National complex will consist of two sister buildings of similar design, each six to seven storeys high and will accommodate up to 4000 employees who are currently located in several Melbourne sites.

"It is an important step for the National in becoming a truly integrated financial services organisation," said Mr Peter Scott, Executive General Manager of the National's wealth management division.

"The purchase of MLC in June last year rapidly progressed the National's financial services strategy. The new office complex will be a component in enabling the group to provide superior customer service," he said.

Mr Scott said that growth of the business has meant that existing office space will not meet future needs.

"The workplace environment will link the business strategy with the people strategy, which we believe is fundamental to overall business success."

"The new office complex will support the rapid growth of the business, provide the ability to work collaboratively across current organisational boundaries and create an innovative working environment," Mr Scott said.

Docklands was chosen from 36 sites across Melbourne. The Docklands precinct offers an ideal location with close proximity to the city, easily accessed by public transport and CityLink. It is well on the way to becoming a totally integrated development offering a dynamic mix of residential, commercial, retail and leisure activities.

Construction of the National complex will start in 3-4 months. The first building will be completed by mid 2003 and the second building by mid 2004.

Melbourne, 28 June 2001

For further information contact:

NAB Switch- 03 8641 3500