Investor Presentaiton

99 98 WHOLESALE FUNDING COSTS WHOLESALE TERM ISSUANCE CURVES¹ (bps) 220 AVERAGE LONG TERM WHOLESALE FUNDING COSTS² (bps) 200 200 180 160 140 120 100 80 60 60 40 20 20 0 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 3 Year 5 Year Mar 16 Jun 16 Sep 16 175 150 125 سمار 100 75 50 25 0 Sep 07 Sep 08 Sep 09 Sep 10 Sep 13 Sep 14 Sep 15 Sep 16 WAC of Term Funding Portfolio Forecast WAC of Portfolio New Issuance WAC (Rolling 6m average) (1) AUD Major Bank Wholesale Unsecured Funding rates over BBSW (3 years and 5 years) (2) NAB Ltd Term Wholesale Funding Costs >12 Months at issuance (spread to 3 month BBSW). Average cost of new issuance is on a 6 month rolling basis. Forecast assumption based on current issuance cost DIVERSIFIED AND FLEXIBLE FUNDING ISSUANCE ($36.4BN FY16) TYPE Issuer split: NAB Ltd 87%, BNZ 13% Subordinated Public 5% Subordinated Private 1% Senior Public Offshore 45% Private Placements 10% Secured Public. Domestic 6% Secured Public- Offshore 11% Senior Public Domestic 22% INVESTOR LOCATION Asia (ex. Japan) 23% Australia & New Zealand 27% Japan 4% Europe 18% UK Other 5% 2% USA 21% CURRENCY GBP 1% Other 8%. USD 44% JPY 1% EUR 16% AUD 30% TENOR > 5 years, 21%. < 2 years, 1% 3 years, 29% 4 years, 1% 5 years, 48%. National Australia Bank National Australia Bank

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