V-AI RE 2021 Investor Presentation 6 May 2021 Ross McEwan Chief Executive Officer Gary Lennon Chief Financial Officer ©2021 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 Divisional Performances 32 Technology & Operations Update 49 Long Term: A Sustainable Approach 52 Australian Business Lending 59 Australian Housing Lending 63 Other Australian Products 70 Group Asset Quality 73 Capital & Funding 90 Economics 103 Other Information 111 NAB 2021 HALF YEAR RESULTS ...

Financial Data and Key Metrics Changes - Cash earnings declined by 26% year-on-year and 9% in the second half, primarily due to high credit impairment charges [42] - Underlying profit fell by 4% over the year, with costs up by 2% and revenue lower mainly due to reduced free income [42] - Final dividend of $0.30 per share represents a 64% reduction compared to full-year 2019, reflecting the need to maintain a strong capital position [12][13] Business Line Data and Key Metrics Changes - Markets and treasury income increased by $672 million half-on-half, driven by mark-to-market impacts and stronger trading revenue [49][51] - Net interest margin declined by 1 basis point over the half, with a 3 basis point drop excluding markets and treasury impacts [54] - Fees and commissions decreased by $86 million, influenced by lower transaction volumes and COVID-19 related fee waivers [50] Market Data and Key Metrics Changes - Total loan deferral balance reduced from over $60 billion to $19 billion, with over 90% of customers expected to resume repayments [19] - Business deferrals also declined, with balances reducing to $5 billion by late October [68] - The CET1 capital ratio increased to 11.47%, with a pro forma ratio expected to reach 11.82% after the completion of the MLC Wealth sale [14][69] Company Strategy and Development Direction - The company is focusing on becoming a simpler, more streamlined business with clear accountability and efficiency [10][22] - A refreshed strategy emphasizes relationship-led banking, ease of doing business, safety, and long-term thinking [23][24] - Investment in technology and digital tools is prioritized to enhance customer experience and operational efficiency [26][34] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenging operating environment due to low interest rates and the ongoing impacts of COVID-19 [6][42] - There is optimism about the economic recovery in Australia and New Zealand, with expectations of increased activity as restrictions lift [76] - The company plans to maintain a strong capital position while targeting growth in core business areas [77] Other Important Information - The company has extended substantial support to customers, including loan repayment deferrals totaling $60 billion [17] - A significant investment of approximately $1.3 billion is planned for 2021, focusing on key strategic priorities [30] - The company is committed to improving its compliance and control framework, particularly in response to rising cyber threats [32] Q&A Session Summary Question: Provisioning and Credit Quality Trends - Management indicated that the increase in provisioning reflects a more conservative approach due to the uncertain recovery timeline, particularly in sectors like aviation [82][84] - The overall credit quality remains stable, but there is recognition of the uneven impact across different sectors and geographies [84][85] Question: Target for Double-Digit Cash ROI - Management confirmed that the target for double-digit ROI does not rely on an increase in interest rates, emphasizing the need for improved operational efficiency [86][88] Question: Mortgage Growth and Market Share - Management acknowledged a loss of market share but expressed confidence in regaining competitiveness and growth in the mortgage sector [91][92] - The focus will be on maintaining disciplined margins while being competitive in the market [93] Question: Investment Spending and Amortization - Management is comfortable with the planned investment of $1.3 billion, emphasizing the importance of focused spending on key programs [95] - There is an expectation of an uptick in amortization costs due to policy changes affecting project capitalization [98]

Financial Data and Key Metrics Changes - The company achieved a 1% uplift in underlying cash earnings, but cash EPS declined by 2% due to dilution from capital raisings [6][22] - Cash earnings declined by just under 11% for the year, incorporating additional remediation charges and changes in capitalized software policy [6][22] - The CET1 ratio is at 10.38%, projected to rise to around 10.75% with the DRP [47][70] Business Line Data and Key Metrics Changes - Business & Private Banking cash earnings fell 2% year-on-year, with revenue up 1% [35] - Consumer Banking cash earnings fell 8% year-on-year but increased 20% half-on-half, with housing lending growth declining 1% [39] - Wealth cash earnings declined 30% over the year, driven by lower revenue and margins [41] - Corporate & Institutional Banking earnings fell 2% year-on-year, impacted by lower markets income [43] - New Zealand Banking cash earnings increased by 5% year-on-year, with strong lending growth [45] Market Data and Key Metrics Changes - The Australian economy is expected to grow around 2% in the coming year, with low unemployment at around 5% [57] - Housing recovery is underway in New South Wales and Victoria, reducing downside risks to housing credit growth [58] - Business conditions have softened, posing risks to business credit growth [58] Company Strategy and Development Direction - The company is focused on addressing past issues while preparing for the future, including a new CEO starting in December [64] - The transformation plan aims to deliver a more digitally-enabled bank and improve IT resilience [66] - Continued investment in digital capabilities is critical, with 66% of active customers now interacting through digital channels [16] Management's Comments on Operating Environment and Future Outlook - The operating environment remains uncertain, with low interest rates posing challenges for bank earnings [57][60] - Households are using surplus cash to pay down debt rather than spending, impacting economic growth [62] - The company is cautious about the outlook for business credit growth and overall economic confidence [80] Other Important Information - The company has increased customer-related remediation provisions to over $2 billion pretax [3] - A new remuneration framework has been implemented, with significant reductions in executive compensation [9][10] - The company has completed 5 of the 39 Royal Commission recommendations [8] Q&A Session Summary Question: Capital considerations and expenses - The company is comfortable meeting the unquestionably strong capital requirements and expects to build capital to around 11% [70] - There are challenges with rising compliance costs, but the company is focused on achieving productivity savings [76] Question: NIM and business credit growth - The impact of cash rate cuts on NIM is blended, considering multiple factors [78] - Business credit growth is slowing, but the company remains ahead of peers [80] Question: Capital position and remediation impacts - The company does not expect significant capital impacts from remediation provisions moving forward [84] Question: FTE reductions and expenses - The company is slightly behind on FTE reductions but remains focused on achieving flat costs for FY '20 [87][90] Question: Interest rate risk and capital accretion - The company’s interest rate risk is down, but not as significantly as peers [93]