Investor Presentaiton

GLOBAL RECOVERY UNDERWAY CHINA'S ECONOMY BACK ON TRACK BY END 2020¹ (% yoy) 30 China total GDP and selected sectors 25 20 15 10 5 0 -5 -10 -15 Manufacturing and construction -Services BROADER GLOBAL RECOVERY CONTINUES BUT NOT SMOOTHLY DUE TO FURTHER COVID WAVES¹ Major advanced economy GDP (Q4 2019 = 100) 100 95 90 90 85 80 Canada GDP USA - Euro-zone Japan 75 Q1 2019 Q1 2021 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q1 2007 Q1 2009 Q1 2011 Q1 2013 Q1 2015 Q1 2017 YIELDS UP AS VACCINE ROLL OUT AND US FISCAL STIMULUS BOOST GROWTH & INFLATION EXPECTATIONS² (%) 2.5 10yr government bond yields 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 Oct-19 Apr-20 (1) Source: Refinitiv; Commodity price data to 30 April 2021 Source: Bloomberg; data to 30 April 2021 (3) Source: Econdata DX 109 Q4 2020 UK Q1 2021 COMMODITY PRICES HAVE RISEN SUPPORTED BY RAPID CHINA RECOVERY AND IMPROVED OUTLOOK³ RBA index of commodity prices (USD) 180 160 US 140 U.K. 120 100 (Index) 80 Bulks Japan All items Base metals Euro-zone 60 Oct-20 Apr-21 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 National Australia Bank

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