National Australia Bank (ABN 12 004 044 937) ("NAB") Announces Tender Offer for any and all of its Outstanding 3.375% Senior

 National Australia Bank (ABN 12 004 044 937) ("NAB") Announces Tender Offer
   for any and all of its Outstanding 3.375% Senior Notes due July 8, 2014
Guaranteed by the Commonwealth of Australia and any and all of its Outstanding
Floating Rate Senior Notes due July 8, 2014 Guaranteed by the Commonwealth of
                                  Australia

PR Newswire

NEW YORK and SYDNEY, Oct. 30, 2012

NEW YORK and SYDNEY, Oct. 30, 2012 /PRNewswire/ -- NAB announced today the
commencement of a cash tender offer for any and all of its 3.375% Guaranteed
Senior Notes due July 8, 2014 outstanding in an aggregate principal amount of
US$1.0 billion (the "Fixed Rate Notes") and any and all of its Floating Rate
Guaranteed Senior Notes due July 8, 2014 (the "Floating Rate Notes")
outstanding in an aggregate principal amount of US$1.75 billion (the
"Notes"). The tender offer is being made pursuant to an offer to purchase and
related letter of transmittal, each dated today, which set forth a more
complete description of the terms and conditions of the tender offer,
including the calculation of the cash purchase price. Holders of the Notes are
urged to read the Offer to Purchase dated October 30, 2012 (as it may be
amended or supplemented from time to time, the "Offer to Purchase") and the
related letter of transmittal carefully before making any decisions with
respect to the tender offer.

The tender offer will expire at 5:00pm, New York City time, on November 7,
2012 unless extended or earlier terminated (such time and date, as the same
may be extended or earlier terminated, the "Expiration Time"). Holders of the
Notes must validly tender and not validly withdraw their Notes on or prior to
the Expiration Time to be eligible to receive the Purchase Price (as defined
below). Tenders of Notes may be withdrawn at any time on or prior to, but not
after, the Expiration Time.

The following table summarizes the material pricing terms of the tender offer:

                                                     Total         U.S.                Fixed
Title of     CUSIP                  Principal        Consideration Treasury  Bloomberg Spread
Security     Numbers   ISIN         Amount           per US$1,000  Reference Reference (Basis
                                    Outstanding      principal     Security  Page      Points)
                                                     amount
3.375% Fixed
Rate Notes   144A:     144A:                         To be
due July 8,  6325C0AV3 US6325C0AV33                  determined at 0.25%
2014                                US$1,000,000,000 the Fixed     October   PX1       -5
Guaranteed   Reg S:    Reg S:                        Rate Price    31, 2014
by the       6325C1AV1 US6325C1AV16                  Determination
Commonwealth                                         Date
of Australia
Floating
Rate Notes   144A:     144A:
due July 8,  6325C0AW1 US6325C0AW16
2014                                US$1,750,000,000 US$1,009.82   N/A       N/A       N/A
Guaranteed   Reg S:    Reg S:
by the       6325C1AW9 US6325C1AW98
Commonwealth
of Australia

NAB will pay holders of the Fixed Rate Notes that validly tender and do not
validly withdraw their Fixed Rate Notes prior to the Expiration Time an amount
described below, and will pay holders of the Floating Rate Notes that validly
tender and do not validly withdraw their Floating Rate Notes prior to the
Expiration Time an amount equal to US$1,009.82 per US$1,000 principal amount
of Floating Rate Notes (the "Floating Rate Purchase Price", and together with
the "Fixed Rate Purchase Price", as applicable, the "Purchase Price").

The Fixed Rate Purchase Price is calculated as described in the offer to
purchase in a manner intended to result in a yield to maturity equal to the
sum of the yield to maturity of the 0.25% U.S. Treasury Notes due October 31,
2014, (the "Fixed Rate Purchase Price") as measured at 11:00a.m., New York
City time, on November 7, 2012 (such time and date, as the same may be
extended, the "Fixed Rate Price Determination Date") and the fixed spread as
shown in the table above. In addition to the Purchase Price, National
Australia Bank will also pay accrued and unpaid interest on Notes purchased
to, but not including, the settlement date. National Australia Bank expects
the settlement date to be November 9, 2012, the second business day following
the Expiration Time.

The tender offer is subject to the satisfaction or waiver of certain
conditions set forth in the offer to purchase.

HSBC Securities (USA) LLC , J.P. Morgan Securities LLC and nabSecurities, LLC
are serving as global dealer managers and D.F. King & Co., Inc. is serving as
the tender agent and information agent for the tender offer.

No prospectus or other disclosure document (as defined in the Corporations Act
2001 or Australia (the "Corporations Act")) in relation to the offer has been
or will be lodged with the Australian Securities and Investments Commission
("ASIC") and the offer to purchase does not comply with Division 5A of Part
7.9 of the Corporations Act. In addition:

(a) no offers or applications will be made or invited for the purchase of any
Notes in Australia (including an offer or invitation which is received by a
person in Australia); and

(b) the offer to purchase or any other offering material or advertisement
relating to any Notes will not be distributed or published in Australia,

Unless (i) the aggregate consideration payable by NAB is at least A$500,000
(or its equivalent in other currencies but disregarding moneys lent by the
offeror or its associates) or the offer or invitation otherwise does not
require disclosure to investors in accordance with Part 6D.2 of the
Corporations Act; (ii) such action complies with all applicable laws and
regulations; (iii) such action does not require any document to be lodged with
ASIC; and (iv) the offer or invitation is made in circumstances specified in
Corporations Regulation 7.9.97.

This media release is not an offer to purchase or a solicitation of an offer
to sell any securities. The tender offer is being made only pursuant to the
terms of the offer to purchase and the related letter of transmittal.

Requests for documents may be directed to D.F. King & Co., Inc. toll-free at
(800) 967-4617 or in writing at 48 Wall Street, 22^nd Floor, New York, NY
10005. Questions regarding the tender offer be directed to any of the global
dealer managers at:

                            J.P. Morgan Securities
HSBC Securities (USA) Inc. LLC                      nabSecurities, LLC

452 Fifth Avenue            383 Madison Avenue, 3rd  245 Park Avenue, 28^th
                            Floor                    Floor
New York, New York 10018
                            New York, New York 10179 New York, New York 10167
Toll Free: (888) HSBC-4LM
                            Toll Free: (866)         Tel: (212) 916-9688
Collect: (212) 525-5552     834-4666
                                                     Fax: (212) 949-9515
Attention: Liability        Collect: (212) 834-2494
Management Group                                     Attention: Debt Syndicate
                            Attention: Liability
                            Management Desk



SOURCE National Australia Bank

Contact: Kristian Klein, +1-212-269-5550
 
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