Investor Presentaiton

LOWER OPERATING EXPENSES AND INVESTMENT SPEND OPERATING EXPENSES (EX LARGE NOTABLE ITEMS) ($m) HoH expense decline 1.8% (PcP growth 3.1%) 22 3,747 3,932 (181) 15 42 238 (41) (141) Insourcing benefits FTE productivity • Higher performance-based compensation Growth & COVID-19 support hires 3,863 Mar 20 Sep 20 Productivity savings Remuneration and inflation Technology and Depreciation and investment Amortisation Restructuring related costs Other Mar 21 INVESTMENT SPEND ($m) COMMENTS HoH expense decline compared to PcP increase primarily reflects non-repeat of restructuring related costs in 2H20 Investment spend expected to increase in 2H21 to ~$700-750m. Relative to FY20, the mix of spend is shifting from Infrastructure and Compliance & Risk towards Customer Experience Re-affirming 0-2% cost growth guidance for FY21 61% Opex 696 655 137 510 107 248 270 156 177 311 278 177 Mar 20 Sep 20 Mar 21 • ■Infrastructure ■Compliance and risk ■Customer experience National Australia Bank

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