HomeSide Announces the Retirement of Joe K. Pickett - 23 February 2001

Jacksonville, FL.

HomeSide today announced that Joe K. Pickett, Chairman and Chief Executive Officer of HomeSide International, Inc. and Chairman of its principal operating subsidiary, HomeSide Lending, Inc., has informed the Board of Directors of his decision to retire on June 30, 2001. Until that time, he will continue to serve as Chairman of HomeSide Lending, International.

Pickett has held various leadership roles at HomeSide, and its predecessor companies, BancBoston Mortgage Corporation and Mortgage Corporation of the South. Under his leadership, the servicing portfolio grew from $11.5 billion to its current size of over $185.5 billion. The company grew from a small, regional mortgage company with 850 employees to one of the largest mortgage companies in the US with over 3000 employees worldwide.

Frank Cicutto, Chief Executive Officer of National Australia Bank, HomeSide's parent company, thanked Joe for his tremendous contribution in leading a successful integration of HomeSide into the National Australia Bank Group. Cicutto wished Joe and his family well in his retirement.

"Joe helped build a strong leadership team at HomeSide," Cicutto said. "Under the leadership of Hugh Harris, chief executive officer of HomeSide, and Kevin Race, President and Chief Operating Officer, I'm confident that HomeSide will continue to grow in the US and to expand internationally."

"While I have taken great pride in being a part of HomeSide's growth in the US and more recently in Australia, I look forward to having more time to devote to my family and many other interests. I leave knowing that HomeSide has a strategy for success and a leadership team that is one of the best in the industry," Pickett stated.

"It has been a pleasure and a privilege to work with Joe for the past 18 years. I learned a great deal under his leadership and will always value his guidance and friendship. All of us at HomeSide wish him the very best in his retirement," said Harris.

In addition to his role as Chairman at HomeSide, Pickett has also been active in industry and community organizations. Pickett served as president of the Mortgage Bankers Association of America (MBA) in 1995, and is currently a member of the Fannie Mae Board of Directors. He holds the Certified Mortgage Banker (CMB) designation conferred by the MBA, as well as the MAI designation, which is conferred by the Appraisal Institute. He also serves on the Board of Directors of Baptist Medical Center and the I.M. Sulzbacher Center for the Homeless, in Jacksonville. He has been a frequent speaker on mortgage banking subjects at various schools, universities, conferences and seminars.

About HomeSide Lending, Inc.

HomeSide Lending, Inc. is the operating subsidiary of HomeSide International, Inc., a wholly owned subsidiary of National Australia Bank (ASX: NAB). It is one of the world's largest full-service residential mortgage companies. Headquartered in Jacksonville, Florida, HomeSide has a servicing portfolio of approximately $185.5 billion, representing over 2 million homeowners. Additional information about HomeSide is available at www.homeside.com. HomeSide Lending is an Equal Housing Lender.