Investor Presentaiton

ECONOMY IMPROVING BUT RISKS REMAIN KEY CONSIDERATIONS . . Strong economic recovery forecast to continue in 2021 - GDP growth1 of 3.7% and unemployment¹ to reduce to 5.1% Record high business conditions driven by substantial improvement across all leading indicators² GDP BACK TO PRE-COVID LEVELS AND EXPECTED TO IMPROVE³ (%) -Current forecasts 4.0 2.0 0.0 -0.3 0.0 0.0 -2.0 -0.3 -4.1 -4.0 • • Customers generally have shown high degree of resilience However some customers continue to be impacted by COVID-19 related restrictions or changes in consumer behaviour and face a more uncertain recovery -6.0 -2H20 forecasts 2.6 1.8 0.6 0.1 -1.1 -1.1 -0.4 -2.3 -3.3 -8.0 -4.6 -7.2 -4.7 -7.3 -10.0 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 UNEMPLOYMENT TO TREND LOWER (%) Unemployment rate¹ 60 SOME SECTORS REMAIN HEAVILY IMPACTED BY COVID-19 Australian non-retail categorised assets4 27% 6.7% 73% 5.1% 4.7% 4.4% CY20 CY21F CY22F CY23F Mar 21 NAB economic forecasts for the period to December (2) NAB Business Survey March 2021 (3) Source: ABS, NAB. Percentage deviation from December 2019 level Includes: Watch, 90+ DPD and Impaired Loans Tourism, Hospitality & Entertainment Property & Business Services Retail Trade Transport & Storage (includes Aviation) National Australia Bank

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