National Australia Bank Limited · ASX:NAB
National Australia Bank — FY2005 Earnings Presentation
83 slides from National Australia Bank's earnings presentation, Nov 18, 2005
Slide 1: Full Year Results
FULL YEAR 0) rE RB National RESULTS SUR) Bank John Stewart, Michael Ullmer, Managing Director Director, Finance and CEO and Risk November 9, 2005
Slide 2: Agenda
Agenda Introduction Group Results Outlook & Update Questions and Answers John Stewart Michael Ullmer John Stewart
Slide 3: Focus on the fundamentals is delivering
Focus on the fundamentals is delivering Culture and People Regulatory and Compliance Simplicity Restart revenue Getting costs under control has been the biggest challenge V% National Australia
Slide 4: Turnaround is on track
Turnaround is on track $m 1,900 1.850 1.800 4,750 1,700 1.650 1,600 1,550 Cash earnings before significant items 1,850 1,992 460 1,618 Mar04HY — SepO4HY Mar OSHY Sep OSHY * Cash earnings up 4.6% to $1,692m * Ongoing operations up 7.8% * Dividend maintained at 83 cents per share (80% franked) * Net p
Slide 5: Agenda
Agenda Introduction Group Results Outlook & Update Questions and Answers John Stewart Michael Ullmer John Stewart
Slide 6: Group Scorecard
Group Scorecard * Cash earnings up 4.6% for the half, but down 4.4% year on year + Banking net interest income down 0.6% for the half * Strong growth in other income + Banking cost pressures came through — up 11.3%” for the half, 9.1%* for the year + Restructure charge of $838m, with estimated benef
Slide 7: Group Performance
Group Performance Sep05 Mar 05 % Change on HY HY Mar 05HY Sep 04FY $m $m Group Ongoing* Ongoing* Banking net income* 5,760 5,659 18 70 49 Banking operating expenses" (3,345) (3,248) 30) (98) (14.5) Underlying profit 2.415 2.413 01 35 (5.6) Charge to provide for doubtful debts (253) (281) (10.0) 80 2
Slide 8: September 2005 half cash earnings by division
September 2005 half cash earnings by division Change on Change on Sep05 Mar05 Mar05HY Sep 04FY HY HY Ongoing* Ongoing’ $m $m % % Total Australia 4130 1,145 (1.3) (1.8) Total UK 2292-29711.) 69) Total New Zealand 168 (163 34 78 Institutional Markets & Services* 305 308 07 128 Other (incl Group Fundin
Slide 9: Australia cash earnings down 1.3% on the March 2005 half
Australia cash earnings* down 1.3% on the March 2005 half Halfyearto Change on Sep 05 Mar05 Mar 05 Sep 04 Australian Banking = Sms SM HY%)FY'% Netinterest income 1995 188805749 Other operatingincome 1,154 1,081 68 53 Total income 3,149 2,969 61 54 ‘Other operating expenses (1,730) (1,479) (17.0) (15
Slide 10: UK ongoing operations cash earnings down 10.4% on the March 2005 half
UK ongoing operations* cash earnings* down 10.4% on the March 2005 half Volume Growth ue eS ms ime sey oa Cee ee) fm fm HY% FY% Netinterest income: 350 334 48 os Other operating income 222 183 213 184 Total income 872 ‘S17 10.6 68 Housing Business Personal Retail Total expenses: (374) (330) (13.3) (
Slide 11: New Zealand cash earnings up 4.5% on the March 2005 half
New Zealand cash earnings* up 4.5% on the March 2005 half Halfyearto Change on Sep 05 Mar 05 Mar 05 Sep 04 NzZsm NZSm HY% FY % Netinterest income 428 420 19 47 Other operating income. 222 219 14 (26) Total income 650 639 AT 24 Total expenses (353) (366) 36 (13) Underlying profit 297 273 88 34 Charge
Slide 12: Institutional Markets & Services ongoing cash earnings up 0.7%
Institutional Markets & Services ongoing* cash earnings* up 0.7% on the March 2005 half Half yearto Change on’ ‘Sep 05 Mar 05* Mar 05 Sep 04 sm = $m HY% FY* Total Income down 7.9%* Maret Sales Net interest income 262 27 (64) (113) Markets Risk & Trading| Ober operating neome 433 eae li ai ee ais (94
Slide 13: % Income from UK property transaction and Danske
% Income from 425% UK property is eee r] Danske fo 4 I Sep 04 HY é EN I Mar 05 HY 4 | 1 Sep 05 HY (3) Income from UK property (10) transaction & | Danske (15) 29% Australian UK NZ IMs* Total Banking Banking’ Banking Banking?| Constant exchange rates ‘Before significant items, excluding ish Banks and
Slide 14: Key areas of focus
Key areas of focus 1. Margins 2. Expenses 3. Asset Quality 4. Capital Hl
Slide 15: Key area - Margins
Key area 1 - Margins + Regional declines in line with expectation + Group outcome result of portfolio effect
Slide 16: Group margin down for the year, up for the half
Group margin down 15 bps for the year, but up 1 basis point for the half “el salle MET alin AEE” ate ‘$Bn SepO4FY Sep 05 FY Australian Banking 2.65% (14bps) 251% 155, 46% 48% (1bp) UK Banking 3.96% (24bps) 3.72% 49 18% 15% (13bps) New Zealand Banking 2.61% (18bps) 243% 32 9% 10% ® Institutional Mark
Slide 17: Key area - Expenses
Key area 2 - Expenses + Bow wave of costs coming through + Tactical initiatives implemented + Restructuring plans developed + Comprehensive three year investment slate
Slide 18: Banking expenses
Banking expenses* September 2005 year (22) ae (11) 44 200 eal) 222 170 2) 7 . 6591 mo 8 6413 6119 256 | 5,625 Sep 04 ish Compliance’ -Rebasing ——«People Other Wish Exch Sep 05 FY Banks Regulatory costs Banks Rate FY 4 Legacy Danske Franchise Cost 05 Issues Senices investment saves + Before sigricant
Slide 19: Finalised restructuring charge
Finalised restructuring charge Costs OSFY FTE Related $m Reduction Australia 409 2,248 UK 268 4,700 NZ 14 38 ims 124 47 Corporate Centre 28 205 Total 838 4,662 Run- rate benefits 05 (06 07 FY ending Sm Sm Sm Australia 380117198 UK 51 118165 NZ C) 1 2 IMs 4 44 50 Corporate Centre 2 12 14 Total 102289
Slide 20: Investment spend
Investment spend + Investment spend of $2.5b over the next three years — in line with prior years + Approximately 70% will be in the Australian region + Compliance and infrastructure programmes continue to be the focus in the short term + Weighting will change in favour of franchise development over
Slide 21: Key area - Asset Quality
a Key area 3 — Asset Quality + Strong growth in business banking + Pick up in mortgage lending + UK expansion + Devolved credit processes with Group oversight + Consistent methodology
Slide 22: Portfolio remains sound with write-off levels down
Portfolio remains sound with write-off levels down and key quality indicators improving 0.40) Total Net Write-offs to Risk-Weighted Assets (excl Housing) 8 030 acu ANZ 020 — wee 010 % + ‘Sep 87 Sep 98 Sep 98 Sep 00 Sep 01 Sep 02 Sep 03 Sep 04 Sep 05 cox , Well Secured lending % of Total Balancer CRS
Slide 23: Provisioning coverage levels remain sound
Provisioning coverage levels remain sound General Provision to Risk-Weighted Assets Sep 99 Sep 00 Sep 01 Sep 02 Sep 03 Sep 04 Sep 05 Mar 00 Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 "—— General Provisions excl. Housing to RWA excl. Housing — General Provisions to RWA
Slide 24: Credit Provisioning will change on transition to AIFRS
24 Credit Provisioning will change on transition to AIFRS + Transition to AIFRS currently estimated to result ina decrease in the general (collective) provision for doubtful debts of approximately $350m * This would give coverage of non-housing RWA’s — AGAAP 0.99% -— IFRS 0.83%
Slide 25: Key area - Capital
Key area 4 - Capital + Gaining more clarity on AIFRS impacts + Some significant issues outstanding + Capital base adequate to absorb changes
Slide 26: Strong ACE and Tier ratios maintained
Strong ACE and Tier 1 ratios maintained ' |ss 58 Sep 04 Mar 05 ‘Sep 05 O ACE Ratio i Total regulatory capital ratio @ Tier 1 Ratio B Target Ranges + Surplus provides flexibility to cater for expected impact of AIFRS * Continued focus on improving ROE and internal capital allocation Targets Target, |
Slide 27: AIFRS impact on capital is significant
AIFRS impact on capital is significant Estimated impact on Capital $bn. ACE Tier 1 Defined benefit schemes (1.0) (1.0) Prepaid pension asset 08) 08) ‘WM value-in-force, at acquisition : (15) ‘WM historical adjustment re NAFiM 02) (0.2) Revenue recognition — effective yield 03) 03) Other 03) 03) Hedg
Slide 28: Final dividend and dividend for the year
Final dividend of 83 cents, 166 cents for the year Cents per share 190 163 166 166 100: 147 a| i Current half + Payout ratio of 77% 120 + ranking of 80% 400 80 Full year 60 + Payout ratio of 79% 40 + Franking of 80% 20 ° 2001 2002" 2003 ° 2004 +" 2005 MM Interim dividend Final dividend % Hl
Slide 29: Group Scorecard
Group Scorecard + Our results bottomed in the first half + Acceptable growth by each of the regional businesses + Franchises being rebuilt and extended + Compliance and infrastructure programmes will continue + Objective to deliver satisfactory long-term returns to our shareholders National Austr Ba
Slide 30: Agenda
Agenda Introduction Group Results Outlook & Update Questions and Answers John Stewart Michael Ullmer John Stewart x il
Slide 31: Economic environment to soften in our key markets
Economic environment to soften in our key markets + Economic outlook is subdued + Slowing credit growth + But business momentum is building 31 Hl
Slide 32: Headwinds for 2006
2 Headwinds for 2006 + Continuing reinvestment in core infrastructure + Compliance cost - Basel ‘gaps’, enforceable undertakings, APRA - Compliance Infrastructure - Internal model re-accreditation «Wealth Management - transitional tax relief + Current year IORE due to market levels + IMS business co
Slide 33: Regional accountability model
Regional accountability model Refreshed Leadership Leaders demonstrating the Corporate Principles Setting high standards for our customers Rewarding behaviours & results Clear direction — clear accountabilities
Slide 34: Corporate Centre
3 Corporate Centre + Emphasis on clear accountability for decisions and outcomes Corporate Centre to focus on: + Value creation Target/ expectation setting and sign off of proposed strategies Performance monitoring Validation and oversight required to provide assurance required for financial and ris
Slide 35: Businesses largely stabilised
Businesses largely stabilised Australia Retail Wealth B&P| In Decline Stabilising New Zealand = Truly Competitive x fl
Slide 36: IMS
IMS IMS o—___—_ Focus on 5 strategies In Decline Stabilising + Reduce reliance on low ROE lending + Increase capital velocity + Align presence to market potential + Drive efficiency * Create products for the new capital pools % Hl
Slide 37: United Kingdom
United Kingdom UK Providing the evidence of a healthy growing business Rebuilding Capability Let's connect * Continued management of margins, product simplification and rationalisation * Grow retail deposit and CB wholesale funding volumes + Continue Cost Reduction Programme + Increase staff satisfa
Slide 38: Australia
Australia Australia Retail Wealth B&P Helping our customers fulfil their aspirations Rebuiaing Capabiny Wealth Management Business & Private
Slide 39: Australian Region — Retail
Australian Region — Retail Rebuilding through people capability Retail Wealth BPA ——I Rebuilding Capability Major rebuilding program across the entire Retail network Focusing our brand on key customer segments and geographic locations Focus on building sales capabilities in key branches Customer dri
Slide 40: Retail Wealth BPA
Retail Wealth BPA ——— Rebuilding Capability + Accelerate insurance sales by Not all Multi-Managers are created equal. broadening distribution + Offer our bank customers simple, Ofthe integrated solutions total sum + Assert our Manager of Managers invested with credentials and build new investment of
Slide 41: Australian Region - Business & Private
Retail Wealth BPA Australian Region - Business & Private — Lead th rket, th hi ti ea je market, grow through innovation Rebuilding We take time to understand our customer's needs and help fulfil their aspirations * Greater banker empowerment, quick decisions, decentralised, ‘streamlined servicing pr
Slide 42: New Zealand
2 New Zealand Focus on key markets ANY FIXED RATE ANY BIG BANK WE'LL BEAT IT urbe Hone Lon ois New Zealand + Truly Competitive Capitalise on consistent strategy Strength in middle business, agri, cards SME focus Housing — increase share in personal markets Youth Leverage cultural change already evid
Slide 43: Summary
re Summary + Revenue momentum is building + Costs are under control * Turnaround is on track
Slide 44: Agenda
Agenda Introduction Group Results Outlook & Update Questions and Answers John Stewart Michael Ullmer John Stewart 4“ x fl
Slide 45: Full Year Results
FULL YEAR RESULTS
Slide 46: Appendix
6 Appendix Group Performance Divisional Performance Asset Quality Capital & Funding Other Matters Economic Outlook
Slide 47: Group Performance
FULL YEAR RESULTS 05 “= Group Performance
Slide 48: Volume growth across the Group
Volume growth across the Group Group Lending Growth** Retail Deposits Growth* ‘ s (quarterly average) ” (quarterly average) 4 4 2 oO 0 (4)" Housing’ Business Corporate Personal 7) ae eure paikg Bl Decos Mar0S—] Jun 05 Sep 05, se | “At constant exchange rates Peay ‘* Excludes Irish Banks and UK Natio
Slide 49: Net interest margin up on the March 2005 half
Net interest margin up 1 bp on the March 2005 half ‘Mar 05 HY NIM SepOSHY —AIEA ‘% of Group Impact on NIM Contraction NIM Sep. 05 HY AIEA Group NIM ‘$Bn— MarOSHY Sep 05 HY Australian Banking 252% (3bps)--2.49% = 160 46% = 50% bps UK Banking 368% = Sbps 3.77% 4 17% 14% = (10bps) New Zealand Banking 2
Slide 50: Banking net interest income reflects strong volume growth
Banking net interest income reflects strong volume growth. =—/|—— _]] 16 (16) 5 fw 0 — 497 Hey (29) 3,603 3,549 13,527 Sep04 Mar05 | Portfolio Portfolio |] Portfoio Portfaic || Portfolio Portfolio ish Exch Sep 05 ty HY” | Voumer Margin || Vourne! Margin || Vourne! Margin Banks Rate Mie Mi ‘Australan
Slide 51: Banking other operating income up $217m
Banking other operating income* up $217m in the September 2005 half Mm oO = oe 80) (44) a (2 OT 2.327 27233 2.042 2,110) Sep04 Mar0S Loan Other IMS* Other. «UK Acting Irish Exch Sep 05 HY HY Fees Retail Property! presentation Benks Rate HY Banking* Danske st cove dram, Hh ans ecm al oes Nationa! tes
Slide 52: Divisional Performance
FULL YEAR RESULTS 05 Divisional Performance
Slide 53: Australian banking net interest margin down 14bps in the year
Australian banking net interest margin down 14bps in the September 2005 year 0.01% (0.05%) 205%] 0018 n Ci) ie ee 005% (0.05%) — (0.02%) ( OO Cy {ees LO 0.03% 0.00% 251% p04 | lentng Lending Lenanal| epost Depost Depost| enang Otter core Fiee Copia Aust Sep0s By" |'Bosc! Precuct “tix || ‘Gece Preot
Slide 54: Australian banking net interest margin down 3bps in the half
Australian banking net interest margin down 3bps in the September 2005 half 2.5204 (0.02%) (001%) 202% (001%) | Co] @ors im 1% 2.49% oom fo = CI | oo 0.02% 000% 900% [7 Wwar05 |Lending” Lending “Lending || Depost Depost Depost |Lending Other Core Free Captal Aust” Sep 05 Hy | Basis Product Moc | Bas
Slide 55: Australian Banking: market share
Australian Banking: market share Markee share Sep05 Mar05 Sep04 Mar04 Rank at Sep 05* Business Lending (incl Bills*)" 243% 229% 216% 220% wn Housing (inc! Securitisation) 167% 166% 165% 170% #2 Credit Cards 154% 163% 167% 178% #4 Business Deposits 269% 267% 278% 277% #1 Household Deposits 133% 133%
Slide 56: Wealth Management Australia underlying cash earnings
Wealth Management Australia* underlying cash earnings* up 13.4% on the March 2005 half Sep 05 Mar 05 Change on HY HY Mar 05HY Sep 04 FY sm sm % Investments 105 115 (8.7) 10.6 Insurance 85 7 14.9 368) Other (incl. regulatory programs) (37) (42) 11.9 (25.4) Profit from operations (after tax) 153 147 4
Slide 57: Wealth management revaluation profit
Wealth management revaluation profit evalvation proft before tax $535m Revaluation Profit before tax $335m LC] Tax (inl, pactoftax == —— consol) 10% Revaluation proft ater tx $345m Rll Change in. Transfer of forward Assumptions franking $32im experience credits $m $(42}m 30 Sep 05 + Higher investmen
Slide 58: Wealth Management Australia — market share
Wealth Management Australia — market share Masterfund market share plus flows 20% 1 FUM matket share 15% Alton te Annual intowe market share 10% 5% 0% Sep03 Dec03 Mar04 — Jun.04Sep04 Deo04 — Mar05— Jun05 18% 16% Inforce premium market share 2% Pg | = New sales market share 9% 5 3% 0% Sep03 Dec} Mar4
Slide 59: Wealth Management Australia — inflows and attrition
Wealth Management Australia — inflows and attrition Share of annual inflows. Attrition rate 1a) 40 % 20 2 0 a 8 49g yp ge “ = 6 a ot ‘Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar05 Jun-05 ‘Sep-03 Dec-09 Mar-04 Jun-04 Sep-04 Diec-04 Mar-05 Jun-05 —K— Nitional Australia /MLC Group ING Australia Group
Slide 60: UK banking net interest margin down 14bps in the half
UK banking ongoing operations“ net interest margin down 14bps in the September 2005 half 0.01% (0.01%) 39% pa (0.07%) (0.01%) (0.04%) oO (0.02%) 0.11% (0.01%) [_] | eos = a 0.00% (0.01%) fas) Mar 05 Basis Lending Lending] Basis Deposit Deposit] Lending Core Capital Ireland IRM Sep 05 Hy | Risk Produ
Slide 61: UK banking net interest margin down 32bps in the year
UK banking ongoing operations“ net interest margin down 32bps in the September 2005 year 004% (0.15%) 4.18%) 10.11%) (0.03%) (0.01%) (9 049%) = |e 0.11% (0.04%) 389% co 01% 0.02% ] —_—_ = Sep 04] Lending Lending Lending |] Deposit Deposit Deposit | Lending Core Free Capital reland IRM — Sep 05 FY |
Slide 62: New Zealand banking net interest margin down 14bps in the half
New Zealand banking net interest margin down 14bps in the September 2005 half 250% | (008%) (0.03%) (0.04%) (0.02%) 0.10% 2.36% [9 | 04%) i 00% (0.05%) | Tending” Lending J) Depost " Depost | Lending” Other "Core Capital MarP5) Product Mix” || Product «= Mx | vs. Portola Free Benet’ Mammetch’ aw ari
Slide 63: New Zealand banking net interest margin down 18bps in the year
New Zealand banking net interest margin down 18bps in the September 2005 year 261% 0.00% (0.11%) (0.08%) 0.08% fo ue (0.08%) 0.01% — (0.11%) 0.00% | P| — 0.09% 243% Sep 04] Basis Lending Lending | Basis Deposit’ Deposit| Lending Other CoreFree Capital IRM 8 FY | Risk Product Mic | Risk Product Mx |
Slide 64: Total IMS Return on Risk Weighted Assets
Total IMS Return on Risk Weighted Assets* (RWA) and Total IMS External Assets Vs RWA External Assets /RWA ‘Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 [EaBoternal Assets Spot -e- RWA Spot ‘@actual rates Return on ‘Avg RWA +m Return on Avg. RWA + Strong improvement in Return on Risk Weighted Assets + Reductio
Slide 65: Asset Quality
FULL YEAR RESULTS 05 Asset Quality
Slide 66: Non-accrual levels stable
Non-accrual levels stable Gross Non-Accrual Loans 0 Sep96 — Sep9B_— Sep00-— Sep02 = Sep03_— Sepo4_ Sep 05 MmGroup = Irish Banks. |» — Gross NAL's to Gross Loans & Acceptances 90+ Delinquency and Gross 12 Month Rolling Write Off Rates Total Personal Lending =o Pay ‘ate - Old Series rn 00 Delinquency
Slide 67: Australian Housing metrics
7 Australian Housing metrics Low Doc Loans * $1.3bn outstanding + LVR capped at 60% Inner City Apartments * $2.0bn outstanding + 90 days past due improving Origination source Proprietory Introducer Broker Mar 05 72% 10% 18%
Slide 68: Housing Segmentation - Australia
Housing Segmentation - Australia Majority of growth attributable to owner occupied housing. Housing portfolio segmentation Housing portfolio segmentation for Australia March 2005 for Australia September 2005 2% 2% 37% 35% [inner City Apartments [] Investment housing [J Owner occupier housing
Slide 69: Capital & Funding
FULL YEAR RESULTS 05 “= Capital & Funding
Slide 70: Core capital movement
Core capital movement Movement in ACE ratio % Core items -tsbps CHS 073 (51) Non-core items -16bps 625 (0:18) f (029) (0.04) uo) (0.16) 515 — | 525 475 ACE Profitbefore Dividend Deconsol.of Change FXimpact” Other Signficant ” ACE Sep 05 Mar05Sig.tems and WMoprofitnet_ in RWA hems (ater distributions
Slide 71: Other Matters
FULL YEAR RESULTS 05 Other Matters
Slide 72: Pro-forma cash earnings under AIFRS
n Pro-forma cash earnings under AIFRS $m Cash earnings under AGAAP for the year to 30 September 2005 3,310 Defined Pension benefits adjustment 36 Share based payment expense (66) Wealth Management revenue and expense recognition (12) Other 24 Tax effect impact 40 *Cash earnings under AIFRS for the y
Slide 73: Pro-forma cash earnings under AIFRS
2 Pro- forma cash earnings under AIFRS * Indicative impact of a reduction of $8 million driven largely by recognition of expense for share based payments of $66 million, offset by a decrease in pension expense of $36 million, together with a number of other small adjustments. * These numbers will fo
Slide 74: Project / investment spend - IFRS and Basel II
Project / investment spend - IFRS and Basel II Global Wealth IFRS Project ($m) ‘Aust Management Europe ——«NZ_Total Enabiing Infrastructure 40 B 6 - 48 Process Automation 10 : 4 2 16 Compliance Delivery 3 “1 18 3 65 Total Cash Budget 8 8 28 6 129 Operational Expense 4 Copital Budget 35 Cash spend to
Slide 75: Taxation
75 Taxation Potential Amount in Dispute TrUEPrs capital raising $210 million ExCaps capital raising $552 million* NZ structured finance transactions iNzp S28 millon Status In-principle agreement In dispute In dispute Amount Provided $96.5 million $ Nil $ Nil + TIUEPrS tax dispute - in-principle agre
Slide 76: Economic Outlook
FULL YEAR RESULTS LORS asst Economic Outlook The following slides contain forward looking statements. Refer to disclaimer on page 82
Slide 77: Global economy strong and only marginally weaker in 2006
Global economy strong and only marginally weaker in 2006 World GDP Growth annual % change annual % change 8 ols NonvJapan Asia | * be 1980 198419881902 1006-2000 2004 1982 © 1986 = 1990 1994 190820022006 Global growth strong Growth underpinned by US, China and India Inflationary concerns remain Upwa
Slide 78: Economic outlook
78 Economic outlook Economic environment to soften in our key market: + Overall, sustained income and credit growth, albeit at a bit slower. Slightly higher unemployment & inflation. Monetary conditions remain about “neutral”. + 2005/06 GDP growth is forecast to be 3% in Australia, 2.5% in the UK &
Slide 79: Sustained growth & low unemployment
Sustained growth & low unemployment Economic Growth & Unemployment % 10 Australia % % New Zealand % ae 0 40 ’ SG oS i ene 5) a) 5 = A Vy 19091000" oot” 2001005 seer" se0s '%” e087" 2003 7° seor 160" Teot” 10001051007” 10e0" 001 2000" 2005"Z007 uK % % Group -Asset Weg on kd 10 . : ’ S - = SS 7 “se ee
Slide 80: Credit growth to moderate slightly
Credit growth to moderate slightly System Credit Growth Australia New Zealand ery Fas 2a] 20 45] 1s 0 ‘0 s 4 5 » 4 0 ss Sep00__Sep83 Sopa) sep di sep08 Sep00__Sepe3__Sep01__ Sopot _sep5, Bep-01 Sepas beat Gaps 7 ‘Sept Sep-05 Sepae Sep.03 Sep 07 % uK % % Group -Asset Wtg % 3; B n a » 585 5 0 1 10 5 3
Slide 81: Economic outlook estimates
Slide 82: Macro risks to outlook estimates
Slide 83: Searchable text section of graphics shown above
Searchable text section of graphics shown above FUL L YEAR [LOGO] RESULTS John Stewart, Michael Ullmer, Managing Director and CEO Director, Finance and Risk November 9, 2005 Ag enda Introduction John Stewart Group Results Michael Ullmer Outlook & Update John Stewart Questions and Answers [LOGO] Fo c
National Australia Bank — FY2005 Earnings Presentation on 6ix