National Australia Bank Limited (ABN 12 004 044 937) ("NAB") Announces Completion of Tender Offer for Any and All of Its Outstanding 2.550% Fixed Rate Notes due January 13, 2012 Guaranteed by the Commonwealth of Australia

MELBOURNE, Australia, Feb. 22, 2011 /PRNewswire/ -- NAB announced today that it has completed its previously announced cash tender offer for any and all of its outstanding 2.550% Fixed Rate Notes due January 13, 2012 Guaranteed by the Commonwealth of Australia (the "Notes"). The tender offer expired at 5:00pm, New York City time, on February 22, 2011 (the "Expiration Time").

Based on the final tabulation provided by Global Bondholder Services Corporation, the depositary and information agent for the tender offer, the aggregate principal amount of Notes that were validly tendered and not validly withdrawn prior to the Expiration Time was US$1,711,786,000. NAB has accepted for purchase all Notes validly tendered and not validly withdrawn prior to the Expiration Time, with settlement expected to occur on Thursday, February 24, 2011.

J.P. Morgan Securities LLC served as dealer manager and Global Bondholder Services Corporation served as the depositary and information agent for the tender offer.

SOURCE National Australia Bank Limited