Investor Presentaiton

ACTIVITY CONTINUES TO RECOVER FROM THE IMPACT OF COVID-19 Economic activity and the labour market have rebounded relatively quickly from the COVID-19 related fall in June 2020. GDP ended the year 1% lower, and is now expected to return to pre-COVID levels by Q1 2021. Relatively good health outcomes alongside significant support have aided the rebound - though intermittent localised shutdowns and a closed international border have led to elevated uncertainty. • While in aggregate the recovery has been strong, areas of stress remain, particularly in sectors which see impact from travel restrictions or changes to spending patterns. Interest rates remain low but some fiscal support will wind back. Offsetting some of the pull-back in support to households will be the savings buffers built up with earlier support. INCOMES HAVE SEEN SIGNIFICANT POLICY SUPPORT² (%) GDP ENDED THE YEAR 1% LOWER¹ (Ppt) 32101234 GDP (Ppt) Consumption Dwelling Investment Non-mining Investment Mining Investment Public Demand INCREASED SAVINGS HAVE BUILT A BUFFER³ Exports Imports -1 -2 -3 -4 3210T234 (%) 15 15 25 Net Saving Ratio Gross Saving Ratio 20 10 10 15 5 5 10 0 0 имит 5 -5 -5 0 Non-labour income contribution Income tax Compensation of Employees Other income payable -10 -10 -5 2006 2009 2012 2015 2018 2021 1989 1993 1997 2001 2005 2009 2013 2017 2021 Source: ABS, NAB. Data shows year-ended contributions to December quarter 2020 (2) Source: ABS, NAB. Year-ended growth. Data to December quarter 2020 (3) Source: ABS, NAB. Data to December quarter 2020 105 National Australia Bank

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