Wholesale Banking Performance Analysis

NAB Wealth Investments cash earnings ($m) 14 1 (8) (4) 2 162 167 Insurance cash earnings ($m) 72 7 6 93 Sep 11 Annuity Experience (incl MtM FUM/ volumes invest. Profits) Underlying Margins (Business Mix & Pricing) Private Wealth volumes & Other Mar 12 Sep 11 PIF Claims Policyholder Mix & Lapses margins Allocated Financial Planner revenue Mar 12 Movement in FUM¹ Premiums inforce ($bn) ($m) 2.1% 2.1% 1.8% 73% 7.0 67% 0.1 72% (8.4) 7.7 (0.4) (1.5) 119.0 110.3 123.5 1,407 1,436 1,466 1,493 Mar 11 Net flows Investment Other Sep 11 Net flows Investment Other Mar 12 Earnings Earnings %% Retail FUM 23 (1) FUM based on a proportional ownership basis New Zealand Cash earnings and underlying profit (NZ$m) 24 24 494 496 532 569 385 329 269 283 Sep 10 Mar 11 Sep 11 Mar 12 National Australia Bank Net interest margin (%) 2.41 2.35 2.24 2.24 Sep 10 Mar 11 Sep 11 Mar 12 Cash earnings Underlying profit Sep 10 Mar 11 Sep 11 Mar 12 Revenue v expense growth B&DD charge (NZ$m) (NZ$m) 910 944 861 865 42.6% 42.7% 41.5% 39.7% 99 95 367 369 378 375 56 Sep 10 34 Mar 11 Sep 11 Mar 12 Revenue -Expenses %Cost to income ratio Sep 10 Mar 11 Sep 11 Mar 12 National Australia Bank

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