Investor Presentaiton

NEW ZEALAND NZ GROWTH SOLID, UNEMPLOYMENT BELOW 5YR AVERAGE¹ STRONG MIGRATION: MANY GO TO AUCKLAND - INADEQUATE SUPPLY RESPONSE LEADS TO HOUSE PRICE GROWTH² (%) NZ GDP (yoy) 7 (%) NZ Unemployment rate 10 Number (6 mth average) 7000 5 8 6000 5000 3 6 Net long-term, permanent migration - New Zealand (LHS) 4000 1 4 3000 2000 -1 2 1000 Number (6 mth average) 1800 1600 1400 1200 1000 800 600 -3 0 Dec 00 Dec 05 Dec 10 Dec 15 Sep 04 Sep 09 Sep 14 0 New building consents - 400 Auckland Region (RHS) -1000 200 Mar 09 Sep 10 Mar 12 Sep 13 Mar 15 Sep 16 FONTERRA MILK PRICE FORECASTS (INCLUDING DIVIDEND) 9 $'000s 1200 8 7 6 5 1000 800 600 Average House Prices - Auckland City 4 2012 2013 2014 2015 2016 2017 (FC) 400 Fonterra milk price (Inc Dividend)³ Average cost of production (per kg)4 Mar 09 Sep 10 Mar 12 Sep 13 Mar 15 Sep 16 124 (1) Source: NAB, Econdata DX/Statistics NZ (2) Source: Econdata DX, Thomson Reuters Datastream (Statistics New Zealand, QV) Source: Fonterra (3) (4) Source: DairyNZ. Cost of production includes interest and rent, RBNZ FSR ADDITIONAL INFORMATION Group Australian Banking NZ Banking NAB Wealth MOCKREL HILL Group Asset Quality Capital and Funding Environmental, Social and Governance Economic Outlook GLOSSARY CKRE National Australia Bank National Australia Bank

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