IAG RPS II Reset Preference Share Issue

Welcome to the National Australia Bank IAG RPS II Reset Preference Share Issue web site.

IAG has announced an Offer to subscribe via a prospectus of a second series of Reset Preference Shares.

The expected opening date of the Offer is 28 May 2003, and expected closing date is 19 June 2003*.

Applicants, or prospective applicants, should read this Prospectus in its entirety before deciding whether to participate in the Offer. If, after reading this Prospectus, you have any questions about the Offer, you should contact your professional adviser, accountant or stockbroker.

National Australia Bank, via its subsidiary National Online Trading Ltd, has an interest in the IAG-RPSII offer via a firm allocation to NOLT for its retail clients. NOLT will receive a fee on this firm allocation.

*IAG has the right to close the Offer early.

The IAG prospectus is available below or alternatively on IAG's web site.

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