Nat.Australia Bank

Completion of DRP Purchase

National Australia Bank Ld
28 November 2006

                                                           National Australia
                                                           Bank Limited
                                                           A.C.N. 004044937
                                                           500 Bourke Street
                                                           Victoria   3000

Melbourne, Wednesday 29 November 2006


National Australia Bank Limited ('National') today announced that UBS AG,
Australia Branch ('UBS') had completed the on-market purchase of shares to meet
National's requirements under its Dividend Reinvestment Plan.

UBS purchased 2,585,297 National shares at total consideration of approximately
$99.5 million.  The highest price paid was $39.25 and the lowest price paid was
$37.99. Participants in the Dividend Reinvestment Plan will receive National
shares at the price of $38.48.

Purchases by UBS commenced on Friday 17 November 2006 and ended on Tuesday
28 November 2006.

As announced on 3 November 2006, in the National full year results announcement
and in the Appendix 3C filed with the ASX, the National also intends to conduct
an on-market buy back of up to approximately $500m of National shares.
Both UBS and Goldman Sachs JBWere Pty Ltd have been appointed to conduct the buy
back (although on any single day only one will be acting).

For further information:

Brandon Phillips                                      Hany Messieh
Group Manager, External Relations                     Head of Investor Relations
T  03 8641 3857                                       T  03 8641 2312
M  0419 369 058                                       M  0414 446 876

                      This information is provided by RNS
            The company news service from the London Stock Exchange