NAB Group Result for September quarter

For personal use only

Investor presentation

28 October 2009
Cameron Clyne, Group Chief Executive Officer
Mark Joiner, Executive Director Finance

National Australia Bank Limited ABN 12 004 044 937

Solid performance in challenging environment
Sep 09 Change on Sep 09 Change on

Full year Sep 08 Half year Mar 09

Revenue ($m) 16,906 9.7% 8,392 (1.4%)

Costs ($m) (7,580) (4.2%) (3,810) (1.1%)

Underlying Profit ($m) 9,326 14.6% 4,582 (3.4%)

B&DDs ($m) (3,815) (53.3%) (2,004) (10.7%)

Cash Earnings ($m) 3,841 (1.9%) 1,814 (10.5%)

Cash ROE (%) 11.8 (250bps) 10.9 (180bps)

Dividend 146 (48) 73 -
(100% franked) (cps)

Tier 1 ratio 8.96% 161bps 8.96% 65bps

2

Outlook – cautious optimism United Kingdom
Expect GDP growth to re-commence
but slowly <1% in 2010

Australia Indicators suggest past worst:
> Housing markets have modestly
Business confidence has strengthened
improved sharply > Commercial property prices stabilising
72% Large government deficit will need to
Growth brought forward
by stimulus be corrected
17%
Sterling depreciation to support exports
Below productive
capacity
Expect GDP growth New Zealand
approx 2% for 2010
but 3% by Q4 Emerged from long recession
Benefits from growth by Housing market stabilising
non-Japan Asia and Consumer spending starting to
China increase
10%
RBA has started raising GDP forecast 2.3% in 2010
rates
Expect unemployment
peak of 6.7% in 2010 United States
1% Responding to government stimulus
Modest increase in house prices
Higher confidence levels
Unemployment continues to increase
Mid-West region faring better.
GWB above our expectations

% represent share of 30 September 2009 GLAs.
3 Australia includes Asia

2010 Priorities

Leadership, culture and talent

Balance sheet strength

Efficiency and cost management

Supporting customers and improving reputation

Continuing to address portfolio priorities

4


FY09 Financials

Group financial result
Full year to Half year to
($m) Sep 09 Sep 08 Change (%) Sep 09 Mar 09 Change (%)

Net interest 12,072 11,142 8.3% 6,188 5,884 5.2%
income
Other operating 4,834 4,272 13.2% 2,204 2,630 (16.2%)
income (incl MLC)
Net operating 16,906 15,414 9.7% 8,392 8,514 (1.4%)
income
Operating (7,580) (7,276) (4.2%) (3,810) (3,770) (1.1%)
expenses
Underlying profit 9,326 8,138 14.6% 4,582 4,744 (3.4%)
B&DDs (3,815) (2,489) (53.3%) (2,004) (1,811) (10.7%)
Cash earnings 3,841 3,916 (1.9%) 1,814 2,027 (10.5%)

ROE 11.8% 14.3% (250bps) 10.9% 12.7% (180bps)
Tier 1 ratio 8.96% 7.35% 161bps 8.96% 8.31% 65bps
RWA ($bn) 342.5 343.5 (0.3%) 342.5 352.4 (2.8%)
Diluted Cash EPS 197.5 237.3 (16.7%) 90.1 107.4 (16.1%)
(cents)
Dividend payout 73.6% 81.4% (9.6%) 80.6% 67.4% (19.6%)
ratio

6

Underlying business performance
Home currency Full year to Half year to
(m) Sep 09 Sep 08 Change (%) Sep 09 Mar 09 Change (%)

Underlying profit
Business and Private 3,664 3,205 14.3 1,856 1,808 2.7
Banking
Retail Banking 1,831 1,529 19.8 935 896 4.4
MLC 407 576 (29.3) 198 209 (5.3)
UK Region £529 £518 2.1 £291 £238 22.3
NZ Region NZ$776 NZ$763 1.7 NZ$359 NZ$417 (13.9)
nabCapital 1,883 1,309 43.9 848 1,035 (18.1)
Other* (212) (247) 14.2 (129) (83) (55.4)
Group underlying profit 9,326 8,138 14.6 4,582 4,744 (3.4)

Underlying Profit – Ongoing Operations
($m) 574 35
761 (169)
(6) (7)

9,326

8,138

Sep 08 Australia Bank MLC UK Region NZ Region nabCapital Other* Sep 09

7 * Central Functions, GWB and Asia.

Contribution to cash earnings
Home currency Full year to Half year to
(m) Sep 09 Sep 08 Change (%) Sep 09 Mar 09 Change (%)

Cash Earnings
Business and Private 1,811 2,028 (10.7) 796 1,015 (21.6)
Banking
Retail Banking 963 900 7.0 508 455 11.6
MLC (pre IoRE) 311 408 (23.8) 153 158 (3.2)
UK Region £78 £249 (68.7) £28 £50 (44.0)
NZ Region NZ$420 NZ$482 (12.9) NZ$192 NZ$228 (15.8)
nabCapital 634 (44) Large 289 345 (16.2)
Other* (385) (322) (19.6) (138) (247) 44.1
Group cash earnings 3,841 3,916 (1.9) 1,814 2,027 (10.5)

Cash Earnings – Ongoing Operations
($m)
(154) 678 (63)
(97) (378)
(61)

3,916 3,841

Sep 08 Australia Bank MLC (pre UK Region NZ Region nabCapital Other* Sep 09
IoRE)

8 * Other represents Central Functions, GWB, Asia, IoRE and distributions.

Tier 1 capital position
(%)

0.78 (0.47)
(0.28)
0.14 (0.05) (0.37)
0.40
0.04 8.96
0.51 (0.30) 0.25
8.31

2.15
11.32
1.72

6.59 6.81
Core Tier 1 Tier 1 Hybrid

Mar 09 Cash Dividend (net RWA Hybrid capital Underwrite Institutional Non-cash Acquisitions Change in UK FCTR Other $0.1bn Sep 09 Sep 09
$29.3bn Earnings of DRP Movement issuance 09 interim Placement earnings ($1.0bn)^ Pension ($1.3bn) $30.7bn Pro-forma
$1.8bn participation) $9.9bn $1.4bn DRP $0.5bn and SPP items Deficit FSA#
($1.1bn) $2.75bn ($1.6bn)* ($0.2bn)

* Non-cash earnings items affecting Tier 1 after adjusting for Distributions and Treasury Shares.
^ Acquisitions of Aviva $525m (-15bps), JBWere $99m (-3bps), Challenger $312m (-9bps) and TierOne branches $35m (-1bp). RWAs from acquisitions (-8bps) will not
affect the Capital ratio until completion (all expected Q1 FY10).
# FSA calculation is approximate

9

Credit RWA movement
NAB Group: Credit RWA movement March 2009 to September 2009

($bn)

11.8 (15.3)

11.5
(3.2)
(14.4)

321.6
312.0

Mar 09 Credit Quality Calculation Exchange Rate Net Grow th RWA Sep 09
Adjustm ents Optim isation

10

Non-cash earnings items (after tax)
Full year to Half year to

($m) Sep 09 Sep 08 Change (%) Sep 09 Mar 09 Change (%)
Cash earnings 3,841 3,916 (1.9%) 1,814 2,027 (10.5%)
(incl IoRE)

Distributions 245 312 (21.5%) 101 144 (29.9%)

Treasury shares (256) 375 Large (344) 88 Large

FV & HI (79) (89) 11.2% (555) 476 Large

EQS initiatives (179) - Large (137) (42) Large

Tax litigation (851) - Large (851) - Large

Other litigation (110) - Large (64) (46) (39.1%)

Other (22) 22 Large (39) 17 Large

Net profit after tax 2,589 4,536 (42.9%) (75) 2,664 Large

11

Funding and liquidity
Group Stable Funding Index (SFI) Liquid asset holdings

($bn)
68 71
72% 76% 78% 66
70% 58
16% 19% 19%
17% 37 39 42
29

53% 56% 57% 59%
29 29 29 29

Mar 08 Sep 08 Mar 09 Sep 09 Mar 08 Sep 08 Mar 09 Sep 09
C us t o m e r F unding Inde x T e rm F unding Inde x M a r 0 7 le v e l Liquids a bo v e M a r 0 7 le v e l

Term funding Term funding tenor
($bn)

16.0 16.5
15.8
12.0
49% 3.9 4.2
3.5
100% 98%
100%
51%
2%
Mar 08 Sep 08 Mar 09 Sep 09 Sep 07 Sep 08 Sep 09
Guaranteed Term Funding Raised
Unguaranteed Term Funding Raised We ight e d a v e ra ge m a t urit y ( ye a rs ) o f t e rm f unding is s ua nc e

12

Retail Deposit Volumes
Australia Banking Market Share (Spot)*

($bn) 11.8% 7.3%
4.8%
Australia Banking grew at 1.5x system
123 132 (excluding transfers)
105 110
48 53
43 UK deposits annual growth 14%, nearly 4x
42
system
63 67 75 79
NZ market share steady, 1H decline regained
in 2H
Mar 08 Sep 08 Mar 09 Sep 09
BP A R e t a il B a nk

UK New Zealand
(£bn) 7.0% (NZ$bn) 3.0%
6.3% 5.0% 1.3%
8.0%
21.5 24.3
20.1 22.2 23.3 23.6
18.9
17.5
9.5 10.2 13.0
8.6 11.6 12.1 12.7
8.3

9.2 10.3 10.6 11.3 10.6 11.2 10.9 11.3

iF S R e t a il B N Z P a rt ne rs B N Z R e t a il

13 * Based on latest available system data

Business Lending Volumes

($bn)
All Australia + 3.7% vs system - 3.5%.
5.6% Australia Banking SME up + 7.7%
8.1%
7.6%
UK region – average volumes - 0.5% vs
system - 2.2%
113
107 NZ Region – increase in market share in key
99
92 business segments


nabCapital UK Region NZ Region
($bn) (£bn) (NZ$bn) 5.9%
3.7% 4.7% 6.7% -0.5% 12.1%
-12.3%
7.1%
13.8%

23.5
53.6 56.1 19.2 19.1 22.2
51.7 49.2 18.0 19.8
16.8
17.4

Mar 08 Sep 08 Mar 09 Sep 09 Mar 08 Sep 08 Mar 09 Sep 09 Mar 08 Sep 08 Mar 09 Sep 09


Retail Lending Volumes

($bn)
Mortgages
7.4 7.5
7.4 2.0% > Australia Banking grew below system
7.1 2.0%
4.2%
> UK and NZ – in line with system
148 151 154
142
Unsecured personal lending
> Flat for all businesses
H o us ing Uns e c ure d P e rs o na l

UK New Zealand
(£bn) (NZ$bn)

2.3 1.4 1.4
2.4 2.5 2.4 1.4 1.4
2.1% 2.9%
0.8% 3.0%
2.6% 1.7%
23.3 24.0 24.5 25.2
11.4 11.7 11.9 12.0



Net interest margin
Group NIM – Attribution Analysis

0.01% (0.06%) 0.02%
0.07%
(0.01%) (0.12%) 0.03% (0.02%)
0.08%

2.25% 2.25%

2.07%

Sep 08 HY Australian UK NZ Banking nabCapital Mar 09 HY Australian UK NZ Banking nabCapital Other Sep 09 HY
Banking Banking Banking Banking

Australia Banking UK Region NZ Region

(%) (%) (%)
2.65
2.53 0.13 0.18 2.49
2.49 0.58 0.19 2.35
2.23
2.36
2.04
2.66 2.59
2.14 2.35

Reported m argins Basis risk

16

Other operating income
Other Operating Income (excl MLC) MLC Net Income

($m) ($m)

220
226
204 185
2,091
1,690 1,675 426
1,325 385 335 344


Investments Insurance

Global Markets (inc nabCapital FUM
Treasury) Income
($m) ($bn)

1,079 0.86% 0.91% 0.90%
14.0 (2.1)
834 (0.6) (12.8)

545 513 3.0
83.6 (0.1) 85.0

70.1

Sep 08 Mar 09 Sep 09
Mar 08 Sep 08 Mar 09 Sep 09 Funds under management Net flows Investment earnings Other

17 x% Investment margins

Costs (including MLC)
Operating expenses: Contribution to Net Increase

($m) 172

124 (20) (140) 92
94
(18) 7,580

7,276 7,316

Sep 08 Aust Bank MLC UK Region NZ Region nabCapital GWB Other* Sep 09

Jaws and CTI momentum Investment spend ($m)
CTI FY07 CTI FY08 CTI FY09 343 445 331 483
50.8% 46.9% 43.9% 8% 7% 9% 4%
8.3% Revenue 9.7%
25% 28% 27% 33%
growth
5.8% 5.5%
38% 43%
7.4% 4.2%
47% 51%
7.8% FY09 v FY08
29% 22% 17% 12%
0.9%
FY07 v FY06 Expense FY08 FY09 Growth Mar 08 Sep 08 Mar 09 Sep 09
growth -2.0%
Expenses 7,276 7,580 4.2% Other
FY08 v FY07 Infrastructure projects
GWB (30) (122)
Efficiency/revenue generating projects
Net expenses 7,246 7,458 2.9% Compliance projects
CTI – Banking Cost to Income Ratio

18 * Other represents Central Functions and Asia.

B&DD charge and provision coverage
B&DD charge B&DD charge

($m) ($m)
2,300 2,300
1,900 1,900
1,500 1,500

1,100 1,100

700 700

300 300

-100 -100
Australia United Kingdom
Specific Provision Collective Provision Economic Cycle Adjustment
New Zealand nabCapital
ABS CDOs Credit Wrapped ABS Economic Cycle Adjustment ABS CDOs

Collective Provision Specific Provision
Coverage ratios
balances balances
($m) Basel II RWAs
1.60%
3,545 3,553 1.40%
1,551
1,316 1.20%
2,649
2,309 494 1.00%
522 0.80%
165
645 0.60%
126
179 0.40%
892
88 668 0.20%
378 0.00%
Mar 08 Sep 08 Mar 09 Sep 09 Sep 08 Mar 09 Sep 09 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09
C o lle ct ive P ro v is io ns a s % o f C redit R is k We ight e d A s s e t s
Business Retail Single Names >$25m ( ex H o us ing)
T o t a l P ro v is io ns a s % G ro s s Lo a ns a nd A c ce pt a nc e s

19

Group portfolio
Gross loans and acceptances by product
and by region as at September 2009 Risk rated non-retail exposures*

UK NZ
Term Other 23% 26% 26%
Acceptances 14% 9%
Lending
13%
29% nabCapital
11% BBB+ to BBB- 33%
Overdrafts 35% 36%
4% 77% 74% 74%
Leasing Great 23% Investment Investment
A+ to A- 21% Investment
4% Grade 20%
Western Grade Grade
Equivalent Equivalent
Credit Cards 1% Equivalent
AAA to AA- 21% 18% 18%
2%
Housing
Loans Other
Australia Sep 08 Mar 09 Sep 09
46% 2%
65% * Based on expected loss (probability of default x exposure at default
x loss given default)

90+DPD & Impaired Assets as a % of gross
Group Categorised Assets by Balance loans and acceptances by product
($m) 2.0%

90+DPD
25,000 6.0%
1.5%
20,000 5.0%
4.0%
15,000 1.0%

Impaired
3.0%
10,000
2.0% 0.5%
5,000 1.0%
0.0%
0 0.0%
Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09
Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09
Mortgages Impaired Business 90+ DPD
Watch Loans 90+ Days Past Due Business Impaired - nabC Mortgages 90+ DPD
Business Impaired - regions ex nabCapital Retail Unsecured 90+ DPD
Im paired Assets Categorised Exposures as % of GLAs

Note: Categorised Assets includes Watch, 90+ DPD & Impaired Assets but
20 excludes default no loss < 90DPD loans.

UK Region Asset Quality
Gross loans and acceptances by product
as at September 2009 UK B&DD Charge

(£33.5bn) Commercial Commercial (£m)
Property - Property -
Investment Development
17% 6%

Unsecured 6% Other
business 34% 253
168
115
60
Mortgages
37%

Development lending Gross impaired assets + 90 days past due
to GLAs

2.60%
Other 2%
1.82% 0.85%
Industrial 2%
Tourism & 0.71%
Leisure 5% 0.99%
Residential
85% 0.65% 0.46% 1.75%
Retail 2%
0.38% 1.11%
Office 4% 0.27% 0.53%

GIA as % of GLA 90 DPD as % of GLA

21

Specialised Group Assets – Pro Forma Portfolio
“Non-franchise” activity

Approx A$24bn credit risk weighted assets (CRWAs) representing approx A$20bn of
commitments, A$17bn drawn

Indicative CRWA split:
> Conduit transactions A$9bn

> Vanilla corporate loans A$8bn

> Leveraged loans A$3bn

> Project finance/structured asset finance A$2bn

> Credit wrapped bonds A$1bn

> Market derivatives exposures A$1bn

Prior to transfer to SGA approx A$13bn of the RWAs were managed by nabCapital from the
UK, $7bn from the US and the remainder from Australia

Set for orderly run-off (weighted average contractual term approx 8 years)

22

nabCapital Securitisation Portfolio
Overall performance – FY09

Portfolio $13.1bn Sep 09 ($17.0bn Mar 09). Exits of $1.9bn in 2H09
Portfolio performance in FY09 as expected: downgrades and credit events as anticipated
Ongoing ratings methodology reviews and close management attention

SCDOs - $1.6bn
Broad signs of stabilisation in underlying portfolios with deterioration in reference entities
slowing
Exposures managed for ultimate risk of loss:
> Active management strategy
> Further downward ratings migration, with two SCDOs expected to move below investment grade
(internal ratings)
> May consider further small hedges, in due course

Credit Wrapped ABS - $0.8bn
$50m provision charge in 2H09 related to monoline ratings downgrades

23

2010 Priorities

Leadership, culture and talent

Balance sheet strength

Efficiency and cost management

Supporting customers and improving reputation

Continuing to address portfolio priorities

24


Questions


Additional Information
Australia Banking and MLC
nabCapital
UK Region
New Zealand and GWB
Asset quality
Capital and Funding
Economic outlook

Australia Banking
Business lending Retail deposits Retail lending

($bn) ($bn) 7.3% ($bn)
5.6% 11.8%
8.1% 4.8% 132
123 7.4 7.5
7.6% 105 110 7.4
53 7.1 2.0%
48 2.0%
42 43 4.2%
113 151 154
107 148
99 142
67 75 79
92 63

M ar 08 Sep 08 M ar 09 Sep 09 M ar 08 Sep 08 M ar 09 Sep 09 M ar 08 Sep 08 M ar 09 Sep 09
BP A R e t a il B a nk H o us ing Uns e c ure d P e rs o na l

Costs Net Interest Margin
($m) (%)
1,732 1,758 2.65
1,707
1,659
2.53
2.49
2.36

42.6% 40.6% 39.0% 38.6%


X% Cost to Income Ratio

27

Australia Banking: Net interest margin
September 2009 up 12bps on March 2009

Lending Deposits
2.8%
0.13% (0.02%) (0.02%) 0.00% 0.03% 0.00%
2.6%

2.4%
2.65%
2.53%
2.2%

2.0%
Mar 09 NIM Margin Mix Change Margin Mix Change Treasury Asset Sep 09 NIM
Change Change Liability Mix

September 2009 up 17bps on September 2008

Lending Deposits
2.8% 0.29% (0.02%) (0.10%)
(0.07%) 0.02% 0.05%
2.4%

2.0%
2.42% 2.59%
1.6%

1.2%
Sep 08 NIM Margin Mix Change Margin Mix Change Treasury Asset Sep 09 NIM
Change Change Liability Mix

28

Business and Private Banking - Australia
Business lending1 Revenue

($bn) ($m) 2.6%
5.6% 5.2%
8.1% 9.4% 2,729 2,799
2,595
7.6% 426 OOI
2,371 541
507
113
107 546
99 2,373 NII
92 2,088 2,188
1,825


Costs Underlying profit

($m) ($m)
921 943 2.7%
896 6.4%
865 12.8%

36.5% 34.5% 33.7% 33.7% 1,808 1,856
1,699
1,506


1 Total Australia Banking business lending
29
including $1bn Micro Business in Retail Banking

Business and Private Banking - Australia
Business customer satisfaction1 Transaction banking market share and trend
Percentage share and basis point change of primary relationships, by customer segment 2

25 +10 +70 +50
7.00 6.56 6.36 +80 +10
6.00 20 +30
(40) +30
5.00 4.40 +50 +20
15 +30
4.00 3.56 3.64
+10
3.00 10
2.00
5
1.00
0.21 0.20 (0.88) (1.00) (0.24) A NAB B C NAB A C B NAB A C B
0.00 0
NAB Bank 1 Bank 2 Bank 3 Bank 4 Institutional Corporate SME
>$340m $20m—$340m $1m—$20m
Market average of 4.79

nabSpecialised banking
Cross-sell nabCapital
(% growth Sep 09 v Sep 08)
Year (A$m) +32% PCP
Revenue Lending Deposits
Established

Agribusiness 2000 11% 11% 9%

Health 2007 26% 16% 30%

88 115 89 157 118
Education 2007 27% 18% 38%
Sep 07 Mar 08 Sep 08 Mar 09 Sep 09

Government 2007 92% 51% 64% Total NAB Group revenue from the sale of Markets products to
BPA customers.

1 East & Partners: Business Banking Customer Satisfaction Monitor – September 2009 results and full year change
30 2 East & Partners - Arrows relate to the trend from prior survey, basis point change above the bar. Australian Institutional Transaction
Banking Markets May 09, Australian Corporate Transaction Banking Markets Aug 09; Australian SME Banking Markets Apr 09

Business and Private Banking: SME Business*
Diverse assets Portfolio quality***

Business 65%

Property & Business Services
49%
65% 66% 67%

Construction
8%

Retail Trade 35% 34% 33%
8%
Housing 35% Other
12% Accom m odation, Cafes, Pubs &
Restaurants Sep 08 M ar 09 Sep 09
Finance & Insurance
7%
4%
Manufacturing
Inv e s t m e nt gra de e quiv a le nt
Wholesale Trade
6%
6% S ub- Inv e s t m e nt gra de

Well secured – business products B&DD Charges have increased but Net
Write Off rates remain low
($m)
250
7% 7% 7% 0.30%
200 0.25%
29% 28% 27%
150 0.20%
0.15%
100
64% 65% 66% 0.10%
50 0.05%
0 0.00%
Sep 08 M ar 09 Sep 09 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09
F ully S e c ure d** P a rt ia lly S e c ure d Uns e c ure d B&DD Charges NWO / GLAs (RHS)

* SME business data reflects the nabBusiness segment of Business & Private Banking which supports business
31 customers with lending typically up to $25m, excluding the Specialised Businesses.
** Based upon security categories in internal ratings systems.
***Based upon expected loss which is the product of probability of default x exposure at default x loss given default

Retail Banking - Australia
Retail deposits Housing loans

($bn) 10.4% ($bn)
11.6% 1.1%
2.4%
2.4%

2.4%

48 53
42 43 87 88
85
83


Costs Revenue

($m) ($m) 2.5%
6.0%
794 811 811 815
5.8%

1,750
1,707
52.1% 50.3% 47.5% 46.6%
1,611
1,523



32

Australia Banking Mortgages Portfolio – $157bn
Geography Low doc loans

$3.1bn outstanding (2.0% of housing book)
LVR capped at 60% (without LMI)
Vic 28%
Inner-city apartments
Qld 21%
$5.1bn outstanding
Approx 3.3% of housing book

SA 5% Other
LVR on the portfolio remains stable
NSW 35% WA 11%

Customer segment Origination source
– flows (Australia)

Investor
34% Proprietary 78% 77% 81% 81%

Broker 16% 16% 12% 11%
Owner
occupied
First home
58%
buyer 8% Introducer 6% 7% 7% 8%

33

MLC
FUM Expenses

($bn) ($m)
(16%)
21% CAGR (1.2%)
2.0
(16%) 400

350
(15.3) (2.1)
(2.3) (0.6) 300
99.2
250
83.6 85.0
14.0
(12.8) (0.1) 3.0 200
70.1
150
Sep Sep Mar Sep Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09
07 08 09 09
Funds under management Net flows Investment earnings Other

Premiums in force Cash earnings (before IoRE)
($m) ($m) Investment cash earnings Insurance cash earnings
1,000 (22.7%)
CAGR 11.4% (10.0%)
900 (2.9%) (3.3%)

800

700 88
68 66 100 90 87
600

500
Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Sep 08 Mar 09 Sep 09 Sep 08 Mar 09 Sep 09

34

MLC
Investments Margins FUM by Asset Class

9%
2%
0.94%
31%
0.92%
Net Margins

(0.01%)
0.90%
(0.01%)
2%
0.88%
0.04% 0.91% 33% 2%
0.90%
(0.01%) 7%
0.86% 0.88%
(0.01%) 0.02%
0.86% 14%
0.84%
Ma An Ot Se An FU Ot Ma FU Se Australian Cash Australian Fixed Interest
r0 n uit he p0 nu M he r0 M p0
8 ies r 8 itie Mi r 9 Mi 9 Australian Equities Australian Listed Property
sM x x
Mo ov
ve em International Fixed Interest International Equities
me en
nt t International Listed Property International Direct Property

Investments Gross Income Insurance Net Income
($m) (16%) ($m) 10%
(28)
2% 43 (7)
(33)

446
425
590 (1)
(2) 4 9 385 389
(107) 16
497 509
Rep Cha Mov Adj Rep H ig Oth Adj
or te nge e me u ste orte h er er o u ste
d Se p of g nt in dS dS th an ne -o dS
08 rou the ep 0 ep 0 no r ff i t ep 0
p in r ea l 8 9 mal em s 9
Me Me s ur yi el d ea
Se p FU
M mb Oth Ma
r 09
FU
M mb FU
MM
Se p an c ds o th c
08 Mo er er Mo er ix 09 e re l ai m
vem Pro vem Pro se rv n as s
en t te c
tion en t te c
tion i ng s e ts
s
/A
s
/An ba s ba c
nnu nu i is k in g
itie ties l ia b
s il itie
s

35

nabCapital
Underlying profit Revenue by line of business

($m) Global Markets
$1,913m
& Treasury
CGR 13.1%
1,035 ($197m) Structuring & Investments
848
731 Corporate
$348m
Finance
578
458 502 Institutional
$746m
Lending

(400) 0 400 800 1,200 1,600 2,000 2,400
Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09
Sep 08 FY Growth on Sep 08 FY Decline on Sep 08 FY

Global Markets (including Treasury) Income Currency volatility and credit spreads

AUD/USD 1-month iTraxx Australia Credit
($m)
implied volatility, % default swap spread, bps
1,079 60 500
834 50 400
40
545 513 300
30
200
20
10 100

Mar 08 Sep 08 Mar 09 Sep 09 0 0
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
07 07 07 07 08 08 08 08 09 09 09

Source: Bloomberg,
37 iTraxx, National Australia Bank

NAB Group Result for September quarter

NAB Group Result for September quarter

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NAB Group Result for September quarter