national australia bank · 2 nab // inside out national australia bank backs australian business...

NATIONALAUSTRALIA

BANK Inside outCorporate and Institutional Banking

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NATIONAL AUSTRALIA BANK BACKS AUSTRALIAN BUSINESS We’re a global business specialising in servicing and managing the relationships with corporate Australia in the public and private sectors. We’re where our customers are, right across the globe. We connect Australian and New Zealand borrowers and investors into Asia, London and New York and international investment back into Australia and New Zealand.

We support Australian businesses’ funding needs that contribute to economic growth, job creation and a better quality of life for individuals and communities. Our trading and research capabilities for consumers, small business and larger corporate customers in traded markets – including fixed income, money markets, credit, derivatives, currencies and commodities – support their investment strategies locally and globally.

We have been backing Australian business for more than 150 years. Everything we do supports our Group vision to be Australia and New Zealand’s most respected bank.

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10,000,000Approximately 10 million customers globally

NAB GROUP – QUICK FACTS

GLOBAL FOOTPRINT

ESTABLISHED MORE THAN 150 YEARS AGO

1. Peter Lee Associates – Large Corporate Relationship Banking Survey Australia 2017. Ranking against the four major domestic banks.

RATED #1

for Net Promoter Score (NPS)1

with offices and subsidiaries across Australia, New Zealand, Asia, the United Kingdom (UK) and the United States (US)

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2. NAB Group’s operations are primarily based in its core markets of Australia and New Zealand, and it has a presence in Asia, the UK and the US, in each case predominantly for wholesale banking and institutional business and treasury activity.

3. NAB’s audited financial statements, prepared in accordance with the Corporations Act 2001 (Cth) and Australian Accounting Standards, are set out in NAB’s 2016 Annual Financial Report.

4. Does not include any estimated FY16 impacts for 1 July 2016 mortgage risk weight increase, wealth debt maturity or life insurance sale – pro forma results for 30 September 2015 as set out in the Scheme Booklet for the demerger of CYBG PLC dated 7 December 2015.

2016 BANK OF THE YEAR

KEY PRIORITY

HELP OUR CUSTOMERS SUCCEED. GIVE THEM A GREAT EXPERIENCE.

NAB GROUP SNAPSHOT

Financial resultsAll figures in Australian dollars (AUD) unless otherwise stated.

14.3%Cash ROE3 40.8%

Banking cost to income ratio4

9.7%

Tier 1 common equity ratio3

APPROXIMATELY

35,000 EMPLOYEES2

NAB WON

BANK OF THE YEARat the 2016 Financial Review Smart Investor Blue Ribbon awards, for the fourth year running

Cash earnings3

$6.48BStatutory net profit3

$352M

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5. moodys.com, 18 August 2016.

6. standardandpoors.com, 7 July 2016.

7. fitchratings.com, 7 December 2016.

NAB’S RATINGS

Agency: Moody’s Investors Service5

Agency: Standard and Poor’s6 Agency: Fitch Ratings7

Short-term: P-1 Short-term: A-1+ Short-term: F1+

Long-term: Aa2 (Negative) Long-term: AA- (Negative) Long-term: AA- (Stable)

NAB’S CORE BUSINESS SEGMENTS

Corporate and Institutional

Business and Private Consumer and WealthCustomer Products and Services

• Client Coverage• Corporate Finance• Fixed Income

Currencies & Commodities

• Asset Servicing• International &

Innovation

• Business Direct & Small Business

• JBWere• NAB Business• NAB Private• Specialised Banking

• Broker Partnerships• Direct Banking• MLC Life Insurance• Retail• UBank• Wealth Advice

• Asset Management• Business Lending• Consumer Lending• Corporate Affairs• Deposit &

Transaction services• Digital• Marketing• NAB Labs• Strategy• Super & Investment

Platforms

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REGIONAL CAPABILITIES

Australia New Zealand Asia UK and US

NAB connects with millions of customers across retail, business, private and institutional banking, as well as in wealth management, every day.

Bank of New Zealand (BNZ) helps people and businesses across retail, agribusiness, business and institutional banking with a range of financial services and wealth management products.

NAB Asia’s network of offices in China, Hong Kong, Japan, Singapore, India, Indonesia and Vietnam provides expert banking, financial services and market products to private, corporate and institutional customers.

NAB supports customers in these locations with wholesale banking, institutional markets, business and treasury activity.

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USA

JAPAN

UNITED KINGDOM

INDONESIA

HONG KONG

VIETNAM

CHINA

INDIA

SINGAPORE

BUILDING INTERNATIONAL EXPERTISEThe flow of trade, people and capital between Australia, New Zealand,8 Asia, the United Kingdom and the United States is growing rapidly. We’re supporting our customers as they capitalise on these exciting developments with significant investments that ensure we can meet their expanding global banking and financing needs.

Customers call on our international expertise in the infrastructure, energy, natural resources, food and agriculture and health sectors.

To continue to assist them in doing business internationally, we have been investing in our capabilities and presence in a number of regions.

Outside Australia NAB Group’s subsidiary, BNZ, also operates in New Zealand. NAB also operates in New York (US), London (UK), China, Hong Kong, Singapore, Japan and India, and has a presence in Indonesia and Vietnam.

For more information on NAB’s international capabilities, visit nationalaustraliabank.com

7 branches China Hong Kong India Japan Singapore UK US

2 representative offices Indonesia Vietnam

in the US and Asia

40+ YEARS

in the UK

150 YEARS

1000international employees approximately

20,000+individual, corporate and institutional customers

8. Operates via Bank of New Zealand.

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NAB GROUP’S CORE BUSINESS SEGMENTS IN INTERNATIONAL LOCATIONS

Corporate and Institutional Banking

Business Banking Consumer and Wealth

• Support for large corporate and institutional businesses based in, or connected with, Australia and New Zealand.

• Financial solutions and structuring advice specific to a range of industry sectors:

– deposit and transaction services

– business lending – capital financing – consumer lending – fixed income, commodities,

and currencies (FICC) – trade and working capital

solutions.• Services offered in Australia

and internationally in Hong Kong, Singapore, Japan, China (Shanghai and Beijing), India, the US and the UK; we also provide support through our Vietnamese and Indonesian representative offices, and in New Zealand via BNZ.

• Support for Australian businesses as they invest, expand and trade in Asia.

• Support for Asian customers with trade, asset and investment flows into Australasia.

• Multi-currency accounts.• Dual currency investments.• Business loans and equipment

finance.• Trade and international

finance.• Overseas property finance.• Foreign exchange risk

management and interest rate risk management.

• Services offered in Singapore and Hong Kong.

• Through centralised sales and service teams, we manage consumer relationships and wealth investment services.

• Multi-currency deposit accounts.

• Loan products including overseas mortgages for Australia and New Zealand properties.

• Dual currency investment products including foreign exchange (FX) services.

• Enquiries and support are offered from select Asian branches (India, Hong Kong, Singapore and Japan).

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OUR CAPABILITIES NAB’s Corporate and Institutional Banking (C&IB) division provides deep expertise, cross border access and financial solutions to solve our customers complexities. Our products within Fixed Income, Currencies & Commodities, Corporate Finance and Asset Servicing delivers consistently across the globe and respond to the evolving needs and changing environment our customers are facing today.

CLIENT COVERAGEOur expertise and global reach demonstrates to institutions across the global that they have a committed partner for all their transaction and trade flow needs. Customers with Australia and New Zealand9 investments or cross-border trade

flows benefit from our industry specialisation across Financial Institutions Group, Resources, Infrastructure & Goverment segments, Consumer, Diversified Industries & Property segments to Corporate segments.

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Client relationship management – end-to-end relationship management and execution across customer segments

Client services including on-boarding, analytics, credit administration and services, business improvement, management information, portfolio analytics

Client support including risk management framework and monitoring and documenting compliance obligations

Conduct Policy and Governance – implementation and monitoring of conduct controls and risk practices

Working across our solution business units – Corporate Finance, Fixed Income Currencies & Commodities, Asset Servicing and International branches

Client Coverage

9. Operates in New Zealand via Bank New Zealand.

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GLOBAL TRANSACTION BANKING SOLUTIONSAs the largest liquidity provider in the Australian market, we provide our multi-region customers with a comprehensive range of flexible and competitive products and services to help them manage their end-to-end working capital requirements. Our short reporting lines mean efficient decision making and rapid responses to customers’ needs. Risk management is also a major part of our service offering.

Our dedicated client services team is the single point of contact for all customer enquiries. Customers also benefit from support provided by teams located in key regional areas. They are on hand to assist with day-to-day operations so customers are assured of the highest level of service and support.

Solutions include:• cash management solutions (including

cash and liquidity management)• merchant services• enhanced receivables management• global trade finance• supply chain finance• treasury (continuous linked settlement)

and commercial clearing• migrant banking.

• Rated Best Local Currency Cash Management Service (AUD) for nine years running10

• Largest provider of domestic agency clearing services and off-system BSB provider

• Only Australian bank to provide integrated custody and transaction banking services

• Rated #1 for AUD Wholesale Clearing with the highest rating among our competitors for Quality of Problem Resolution, Effective Customer Service, Sufficient Credit Support, Accuracy of Execution, Quality of MT 940/950 Reporting and Value for Price Paid11

10. Best Local Currency Cash Management Bank in Australia for AUD as voted by Financial Institutions – Asiamoney Cash Management Poll 2015.

11. FIMetrix survey results, 2016.

LARGEST LIQUIDITY PROVIDER

NAB is the

in the Australian market

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ASSET SERVICINGNAB is the only domestic bank with an asset servicing business, and is uniquely placed to support the end-to-end product needs of institutional investors including superannuation, funds management, insurance and government entities.

NAB Asset Servicing has been providing custody and value-added services to the Australian market for more than 60 years. Australia is our home market, and all decisions are made locally with a focus on our Australian clients.

Our Asset Servicing division ensures that customers’ assets are kept safe and secure through our conservative risk profile, while NAB is consistently rated as one of the safest banks in the world.12 Our asset registration policy ensures that customers’ assets are identifiable and segregated from the bank’s assets, promoting transparency and safety for our customers.

NAB Asset Servicing is a leading provider of custody, fund administration and performance and risk analytics to Australian institutions. Our team of experts ensure that our services and clients remain at the forefront of legislative and regulatory change. We invest in best-of-breed technologies and solutions to meet the continually evolving needs of the market and of our clients.

Our objective is to be the most respected custodian in our chosen markets. As such, we pride ourselves on working with our clients and with industry bodies to ensure that our clients achieve the best possible outcomes for their members and investors.

NAB Asset Servicing provides the following services:• custody – safekeeping of assets and

settlement of all security and cash transactions, maintenance of portfolio records, income collection and processing of corporate actions

• sub-custody – supporting offshore institutions to hold and clear assets in Australia and New Zealand

• fund administration – administration and reporting at security, portfolio and total fund level including accounting, taxation and regulatory reporting, unit pricing, financial statement preparation and regulatory reporting

• middle office services – supporting clients that manage assets in-house, including pre-trade support (trade matching), post-trade support (performance and analytics, risk management, mandate compliance) and liquidity management services

• other value-add services include: – unit registry (also known as transfer

agency) – processing of applications, redemptions, transfers, unit holder reporting and data extracts

– securities lending – lending of stock, derivatives or other securities to an investor or firm; Asset Servicing offers Principal and Agency programs

– foreign exchange – supporting custody clients with an independent foreign exchange service using a bank panel approach.

Global Finance magazine –Best Sub-custodian in Australia and New Zealand 2014-16

12. Most recently, NAB ranked 22nd in Global Finance magazine’s World’s Safest Banks 2016.

NAB Asset Servicing has been providing custody and value-added services to the Australian market

60 YEARS

For

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Australian company to make Fortune’s Change the World list

FIRST

CORPORATE FINANCENAB is leading the way in developing diverse liquidity pools in the Australian corporate bond market.

We provide holistic funding and capital for our issuer customers, tailoring solutions across a variety of products and markets.

Our team helps both rated and non-rated clients with growing needs to diversify their funding sources across markets and products. We also enable access to new investor pools.

Our business is global, with specialist teams in Australia, Asia, Europe, the US and New Zealand (via BNZ).

• Rated #1 for Relationship Strength Index13

• #1 for Overall Quality of Debt Capital Markets Service14

• Rated #1 for Best Debt Markets Research15

• Rated #1 for Strongest Private Placement/ ‘Tap’ Capability in Domestic Market16

• Rated#1 for Strongest Private Placement/ ‘Tap’ Capability in US Market17

• Rated #1 for Strongest Private Placement/ ‘Tap’ Capability in Europe ex-UK Market18

• Rated #1 for Strongest Private Placement/ ‘Tap’ Capability in UK Market19

Bonds and Syndicated LoansNAB is a leading arranger, underwriter, bookrunner and manager of diverse products for our customers. Our global team is strongly positioned to execute transactions for our customers across the major debt capital markets.

Our distribution capability extends to both institutional and sub-institutional investors, with the largest aligned distribution capability and the broadest external intermediary distribution in Australia.

Our origination coverage extends across the major domestic and offshore debt capital markets in which NAB has capabilities, including:

• AUD MTNs • NZD MTNs• Euro MTNs and Sterling MTNs • USD 144a/RegS and RegD private

placements• Syndicated loans.

We have adopted an agnostic approach to market selection to align the most suitable market with a customer’s funding objectives.

ASX-listed Debt and HybridsNAB’s specialist hybrid origination capabilities and extensive distribution channels include a large, aligned group of financial planners.

Our leading market position in the Australian retail bond and hybrid capital markets gives us a greater understanding of investor appetite and demand.

Our retail distribution channels align to the current investment landscape and to emerging developments, such as shifting investor appetite and growing trends in self-managed superannuation funds.

13. Peter Lee Associates – Debt Securities Originations Survey Australia 2017. Ranking against the four major domestic banks.


15. Peter Lee Associates – Debt Securities Originations Survey Australia 2017. Ranking against all banks.





Australian bank to issue a public offshore green bond

FIRST

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US Private PlacementOur flagship offering in the northern hemisphere is our work in the US Private Placement (USPP) market. NAB was the first Australian bank to offer an in-house USPP team and, with one of the largest investor bases in the world, our team has led more USPP transactions than any other Australian bank.

Our leading franchise is designed to ensure the highest quality of service for our customers and to put their interests and objectives first. Since 2015, NAB has acted as lead agent on 19 Australasian transactions with a collective volume of US$5.2 billion and on 29 transactions for issuers globally totalling US$8.4 billion.

As a result of our market-leading credentials in the USPP market and our thorough understanding of Australian companies, we are viewed as the most reputable and qualified house to lead Australian offerings in the USPP market.

Debt Securities Originations Survey Australia 2017Reg D / Private Placement Issues

• #1 for Market Penetration for Reg D/Private Placement Issues20

• #1 for % of Lead Provider Citations for Reg D/Private Placement Issues21

• #1 for % of Top 2 Provider Citations for Reg D/Private Placement Issues22

• #1 for % of Top 5 Provider Citations for Reg D/Private Placement Issues23

• #1 for Overall Quality of Service for Reg D/Private Placement Issues24

• #1 for Strongest Origination Team Relationships for Reg D/Private Placement Issues25

• #1 for Best Start-to-Finish Execution for Reg D/Private Placement Issues26

NAB’s status as the leading agent for Australasian issuers was recently recognised through the KangaNews Awards, which named NAB the Australian Issuer Offshore Debt House of the Year – the first time a domestic bank has received this prestigious award.

SecuritisationNAB is an experienced and longstanding participant in the securitisation market, with an entrenched position as a key arranger and lead manager of transactions for financial institutions and corporate customers globally.

We assist customers in raising funds from investors using a portfolio of financial assets as security.

We also have an established transaction management support team – National Australia Managers Limited (NAML) – providing daily cash flow and transaction management and operating as a single point of client contact for all private and public transactions.

• Rated Australian Securitisation House of the Year 2012, 2013, 2014, 2015, 201627

• Ranked #1 for Australian Securitisation28

Rated Australian Securitisation House of the Year








27. KangaNews Awards 2012, 2013, 2014, 2015 and 2016.

28. KangaNews AU Securitisation League Table, 30 September 2016.

5 YEARSRUNNING

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AWARDEDAustralian Issuer Offshore Debt House of the Year – Kanga News Awards 2016

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Asset FinanceOur Specialised Finance team has the expertise, technical skills and industry-specialised global relationships to facilitate complex financing for NAB’s global relationships.

Our capabilities put us in a unique position to deliver the right debt-financing solutions for our customers across the infrastructure, clean energy, natural resources and utilities sectors. We have:

• specialist teams in Australia, Europe, the US and New Zealand (via BNZ)

• a specialised corporate origination and syndication team to syndicate various project finance and non-rated corporate loans and bonds

• a market-leading position across each of the markets we participate in, as evidenced by our rating as Mandated Lead Arranger for Project Finance in Australian and New Zealand Renewables by IJ Global, 1 January to 7 September 2016.

Our Specialised Finance team acted as mandated lead arranger and bookrunner (MLAB) for several significant transactions over the past 12 months, including the transactions below.

• As mandated lead arranger and bookrunner, NAB structured and syndicated more than $350m of acquisition funding for the Australian National University (ANU) Purpose-built Student Accommodation transaction, reaching financial close in August 2016. This transaction highlights NAB’s credentials in the project finance sector and in the student accommodation asset class.

• In September 2016, acting as sole lead, NAB executed a $100m Institutional Term Loan for National Storage REIT, demonstrating NAB’s capability to distribute longer-dated unrated funding for our customers domestically.

Asset Finance and LeasingOur market-leading Asset Finance and Leasing team arranges secured debt and leasing facilities for high-value, operationally critical mobile infrastructure assets in key global transport sectors (aviation, marine and rail). These activities are complemented by a domestic focus on natural resources (mine fleet, transport and processing) and other critical assets employed at our customers’ key operations.

Customers can access our specialist teams in Australia, Asia, Europe and the US.

Our Asset Finance and Leasing team acted as mandated lead arranger (MLA) for several significant transactions over the past 12 months, including the transactions below.

• In December 2015, NAB acted as MLA in part-funding US$346m of debt to ICBC Financial Leasing (a critical operating subsidiary of the Industrial and Commercial Bank of China). This sale-leaseback transaction funded the acquisition of nine tankers.

• Acting as sole MLA, NAB closed two transactions for the Royal Australian Navy, the first in December 2015 and the second in July 2016. These transactions provided $225m of vessel financing and allowed the Commonwealth to manage its budget in line with vessel life.

• In April 2016, NAB acted as joint MLA on a US$1.8bn senior secured debt facility provided to Macquarie Air Finance to fund the acquisition of a 50+ aircraft portfolio.

Australia, Europe, the US and New Zealand

SPECIALIST TEAMS IN

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29. NAB’s 2016 Full Year Results Announcement.

Insurance

Superannuation

Financial advice

Investment

BRINGING WEALTH SOLUTIONS TO OUR CUSTOMERS

NAB wealth provides NAB wealth operates one of the largest �nancial planning networks in Australia

2016 Cash earnings29 A$m

Australian Banking 5,472

NZ Banking 778

Wealth Management 356

Corporate Functions and Other 1

NAB provides superannuation, advice, investment and insurance solutions to retail, corporate and institutional clients, supported by a number of brands including MLC, JBWere, JANA, Plum and investment brands under NAB Asset Management. NAB also operates one of the largest networks of financial advisers in Australia.

In October 2016, we completed the sale of 80 per cent of NAB’s life insurance business to Nippon Life Insurance Company (Nippon Life). We also streamlined our superannuation business to create Australia’s largest retail superannuation fund, the MLC Super Fund, in 2016.

of NAB’s life insurance business was sold in 2016

80%

WEALTH SOLUTIONS

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Volume ($m)

Number of deals

$1,278Macquarie

Bank

$396HSBC

$456J.P. Morgan

$769Deutsche

Bank $846Citibank

$1,874ANZ

$4,332NationalAustralia

Bank

$1,890CommonwealthBank of Australia

CreditSuisse$266

NationalAustralia Bank

27

DeutscheBank

5

WestpacInstitutional Bank

16

Citibank

4

CommonwealthBank of Australia

15

J.P. Morgan

3

ANZ

11

HSBC

2

MacquarieBank

8

Credit Suisse

2

National Australia Bank

Westpac Institutional Bank

ANZ

Macquarie Bank

Citibank

Deutsche Bank

J.P. Morgan

HSBC

Credit Suisse

Market Share

29.4%

14.6%

12.8%

12.7%

8.7%

5.7%

5.2%

3.1%

2.7%

1.8%

Commonwealth Bank of Australia

$2,158Westpac

InstitutionalBank

AUSTRALIAN SECURITISATION 2016 MARKET

Source: KangaNews AU Securitisation League Table Jan 1-19 Dec 2016 (including AUD and foreign currency tranches/excluding self-led deals and private placements).

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FIXED INCOME, CURRENCIES AND COMMODITIESNAB Group’s Fixed Income, Currencies and Commodities (FICC) team uses its sales, trading and research expertise to provide local and offshore customers access to both traded and illiquid markets, including fixed income, money markets, credit, derivatives, currencies and commodities.

We have a global reach with trading and sales operations across the Australian, Asian, UK, US and New Zealand (via BNZ) markets.

The depth of our balance sheet, our strong credit rating and leading market share in our chosen markets enables us to deliver superior outcomes for our customers.

Foreign ExchangeNAB Group is a leading provider of foreign exchange30 in Australian and New Zealand markets and a major liquidity provider in all other G10 currencies. From seamless execution to hedging strategies, we utilise our 24 hour operations and expertise to manage customers’ currency risk in line with their goals.

We offer a range of solutions from digital pricing to currency overlay across a number of FX products such as spot, forward and options including hedging capability in both onshore and offshore renminbi (CNY/CNH). We provide non-deliverable forward pricing in the major Asian, Latin American and emerging European currencies.

Our connections to all major multi bank platforms globally enable the execution and settlement of currency transactions.

Interest Rate DerivativesNAB Group is recognised as a leader in AUD and New Zealand dollar (NZD) interest rate markets, providing seamless execution in a confidential manner without impacting markets. We provide customers access to liquidity, risk management and structuring opportunities across a wide range of interest rate derivatives.

We have dedicated teams working closely with our customers to ensure we support funding and investment objectives via customised solutions and appropriate risk management products.

Like our FX team, we run 24 hour operations across Australia, Asia, the UK, the US and New Zealand (via BNZ).

Fixed Income and CreditNAB Group works closely with our customers to distribute primary market issues.

We are also committed to secondary trading and promoting liquidity in a broad range of products including Australian and New Zealand government, semi-government and local government authority bonds as well as corporate, securitised and covered bonds.

We have a dedicated team working with borrowers to access private and illiquid debt market investors using unrated, long dated, or subordinated instruments across a variety of segments including real estate, project finance, private companies and structured finance.

FICC SolutionsOur FICC solutions team works closely with our customers on opportunities to improve yield outcomes, reduce costs, access collateral and protect capital. While the team is focused on developing innovative solutions to meet a specific need we have developed deep expertise in:

• tailored single and cross-currency secured funding swaps for Residential Mortgage-Backed Securities (RMBS), Asset-Backed securities (ABS) and covered bond programs (having recently developed a significant market share in the UK across RMBS master trusts and regulated covered bond programs)

• inflation swaps in the UK Retail Price Index (RPI) and Australia Consumer Price Index (CPI), including highly structured solutions

• total return swaps over fixed income indices, money market indices and bonds in a number of formats

• FX and rates solutions which can extend hedge tenor and effectively manage derivatives valuation adjustments (XVA) costs and liquidity risk

• working with customers to meet their requirements and obligations in relation to the ever-changing regulatory environment.

FICC TEAMhas sales, trading and research capabilities

operations across Australia, Asia, the UK, the US and New Zealand

24-HOUR

30. #1 for Most Trusted Adviser Peter Lee Associates – Foreign Exchange Survey Australia 2016. Financial Institution Respondents. Ranked against the four major domestic banks.

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Money MarketsWe have dedicated Money Market teams in Australia and Asia. Our Australian team has dominated the short-term money markets in Australia and has held the number one market share and relationship strength position for five years. BNZ also provide a full Money Market service in New Zealand.

Commodities NAB provides customers with solutions to manage their exposure to commodity price movements, along with structured commodity investment opportunities.

Our Commodities team incorporates an in-house trading desk, a client relationships team and specific research analysis to ensure our customers receive expert knowledge and analysis of market conditions.

Markets Research Our world class Markets Research team provides specialist coverage of the Australian and New Zealand economies, as well as analysis and trading strategies for foreign exchange, fixed income and credit markets.

Being a large bank in Australia allows our research teams access to a very wide range of data and expertise to help form their views. For example, the NAB Business Survey we produce in Australia is the longest running and most respected business survey. Meanwhile in New Zealand the BNZ Markets Research team produces the widely followed BNZ PMI. A range of other proprietary data is produced.

Our research team interacts with customers in numerous ways including regular email updates, meeting with customers, presenting at industry forums as well as through the media. A recent innovation is the morning podcast, which is delivered to our customers by 7am, providing them with insights and impacts from events that occurred across global markets overnight. (Customers can sign up for this via iTunes.)

• #1 for Market Share for Interest Rate Derivatives (IRD)31

• #1 for Market Share for AUD and non-AUD Interest Rate Swaps and Overnight Indexed Swaps32

• #1 for Market Share for Cross Currency Swaps33

• #1 for Market Share in Cross Currency Interest Rate Swaps31

• #1 for Market Share for Overnight Indexed Swaps32

• #1 for Relationship Strength Index for IRD31

• #1 for Relationship Strength Index for FX34

• #1 for Relationship Strength Index for Interest Rate Swaps33

• #1 for Most Trusted Adviser for IRD31

• #1 for Most Trusted Adviser for FX Financial Institutional respondents32

• #1 for Most Trusted Adviser for FX Corporate respondents35

• #1 for Overall Quality of Service for Interest Rate Swaps30

• #1 for Relationship Strength Index for Short-dated Securities37

• #1 for Overall Service for Short-dated Securities38

• #1 for Most Valuable Commentary on Currency Markets39

• #1 for Advice and Guidance in Managing Risk and Executing Transactions40

• #1 for Structuring Ability41

• #1 for Understanding and Acting on Derivatives Needs42

• #1 for Most Valuable/Tailored FX Advice43

DEDICATED MONEY MARKET TEAMspecialising in short-dated securities and funding

31. Peter Lee Associates – Interest Rate Derivatives Survey Australia 2016. Ranked against all banks.

32. Peter Lee Associates – Debt Securities Investors Survey Australia 2016. Ranked against all banks.

33. Peter Lee Associates – Debt Securities Investors Survey Australia 2016. Ranked against the four major domestic banks.

34. Peter Lee Associates – Foreign Exchange Survey Australia 2016. Financial Institution Respondents. Ranked against the four major domestic banks.

35. Peter Lee Associates – Foreign Exchange Survey Australia 2016. Corporate Respondents. Ranked against the four major domestic banks.

36. Peter Lee Associates – Debt Securities Investors Survey Australia 2016. Ranked against all banks.

37. Peter Lee Associates – Foreign Exchange Survey Australia 2016, Financial Institution Respondents. Ranked against the four major domestic banks.

38. Peter Lee Associates – Foreign Exchange Survey Australia 2016, Corporate Respondents. Ranked against all banks.

39. Peter Lee Associates – Foreign Exchange Survey Australia 2016. Corporate Respondents. Ranked against all banks.

40. Peter Lee Associates – Foreign Exchange Survey Australia 2016. Corporate Respondents. Ranked against all banks.

41. Peter Lee Associates – Interest Rate Derivatives Survey Australia 2016. Ranked against the four major domestic banks.

42. Peter Lee Associates – Interest Rate Derivatives Survey Australia 2016. Ranked against all banks.

43. Peter Lee Associates – Foreign Exchange Survey Australia 2016. Financial Institution Respondents. Ranked against the four major domestic banks.

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1969

Establishment of National Bank of Australasia Limited to serve merchants, traders, settlers, store keepers and miners

London branch opened

Tokyo representative office opened

Singapore representative office opened

New York representative office opened

Hong Kong representative office opened

National Bank of Australasia Limited merged with The Commercial Banking Company of Sydney Limited to form National Australia Bank Limited (NAB)

Beijing representative office opened

Tokyo branch opened

Hong Kong branch opened

NAB acquired Clydesdale Bank PLC (Scotland)

1858

1988

Singapore branch opened

COMPANY MILESTONES

NAB acquired Yorkshire Bank PLC (England and Wales)

1858

1864

1971

1972

1974

1981

1982

1985

1988

1987

1990

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NAB acquired MLC Limited

UBank launched in Australia, offering branchless direct banking

NAB acquired 80% of the private wealth management

division of Goldman Sachs JBWere Pty Ltd in Australia

Shanghai and Mumbai branches opened

nabtrade launched in Australia, offering online share trading to investors

Sale of Great Western Bank

NAB acquired remaining portion of JBWere Pty Ltd to

become full owner

MLC Insurance bought by Nippon Life

Jakarta representative office opened

Hanoi representative office opened

Demerger of Clydesdale and Yorkshire banks

NAB acquired Bank of New Zealand Limited 1992

Mumbai representative office opened

Osaka branch opened

2000

2007

2008

2009

2011

2012

2014

2015

2016

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NAB BUSINESS RESEARCH AND INSIGHTSOur knowledge is built on 150 years of Australian experience. As one of the country’s leading business banks, we want to help you navigate the market and have brought together a wealth of content designed to do just that. Power your investment decisions with a visit to NAB’s Business Research and Insights hub featuring some of the market’s most respected news, research, insights and analysis provided by our Global Markets Research and Economics teams.

business.nab.com.au

Insights, trends and stories to help you lead, learn, innovate and grow your business.

150 YEARSof Australian experience

Our knowledge is built on

Business View

Your source for the business news and analysis that matters. Hot topics, latest trends and expert opinions from respected commentators, NAB economists, and the leaders of Australian and global businesses.

Corporate and Institutional

Industry, global markets, and economic insights to help position our customers for the future.

Health View

We know life as a healthcare professional is busy, which is why we’ve collated all our health tools, tips and calculators in the one area. Whether you’re starting out or looking to secure your financial future, we’re here to help.

Agribusiness View

One in three Australian farmers bank with NAB. Hear their stories, share their journeys and grow your own enterprise as we cover new trends, opportunities for expansion and the latest agribusiness news from around Australia.

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NAB // INSIDE OUT

AWARDSNAB is consistently ranked as a pre-eminent financial services provider by local and international publications and surveys, including those below.

Awarding body Award Recipient

Smart Investor Blue Ribbon Bank of the Year National Australia Bank

KangaNews Awards 2016 Australian Market Awards – House Awards

Australian Securitisation House of the Year National Australia Bank

Australian Derivatives House of the Year

Australian Innovative Debt Deal of the Year – Qube Holdings as joint structuring advisor and joint lead manager

Project Finance International (PFI) Awards 2016

APAC M&A Deal of the Year AusGrid

IJ GLOBAL Awards 2016 Asia Pacific Ports Deal of the Year Port of Melbourne Privatisation

Finance Asia Achievement Awards 2016 Australia/New Zealand Best Debt Finance House National Australia Bank

Australia/New Zealand Best Local Bond Deal DBS covered Kangaroo bond

Australia/New Zealand Best Finance Deal Flexigroup ABS Trust 2016-1

AsiaMoney Cash Management Poll 2006-2015

Best Local Currency Cash Management Service (AUD)


FIMetrix Survey 2016 No. 1 for AUD Wholesale Clearing, with the highest rating among our competitors for quality of problem resolution, sufficient credit support, accuracy of execution, regular intraday reporting and value for price paid


FX Week 2016 Best Bank for Australian Dollar National Australia Bank

KangaNews 2016 Research Poll Best Macroeconomic Research and Analysis National Australia Bank

Euromoney Award for Excellence 2016 Australia’s Best Bank National Australia Bank

IFR Asia Awards 2016 APAC Structured Finance Issue of the Year Flexigroup A$260M Green

Kangaroo/Kauri Bond of the Year ABS DBS Banks A$750M covered bond

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NAB // INSIDE OUT

23

AUSTRALIASYDNEY255 George Street, Sydney NSW 2000Tel: 13 22 65

HONG KONGPACIFIC PLACELevel 27, One Pacific Place, 88 Queensway, Hong KongTel: +852 2826 8111 Fax: +852 2845 9251

HYSAN PLACE32/F, Hysan Place, 500 Hennessy RoadCauseway Bay, Hong KongTel: +852 2822 5342 Fax: +852 2845 9251

SINGAPORE12 Marina View, #20-02 Asia Square Tower 2Singapore 018961Tel: +65 6419 7000 Fax: +65 6336 0067

JAPANTOKYOMuromachi Higashi Mitsui Building 18F2-2-1 Nihonbashi Muromachi Chuo-ku Tokyo 103-0022, JapanTel: +81 3 3241 8781 Fax: +81 3 3241 8951

UNITED KINGDOM (UK)LONDON88 Wood Street, London, EC2V 7QQ, United KingdomTel: +44 (0) 207 710 2100 Fax: +44 (0) 207 710 1351

UNITED STATES OF AMERICA (USA)NEW YORK245 Park Avenue, 28th Floor, New York, NY 10167United States of AmericaTel: +1 212 916 9500 Fax: +1 212 983 5252

CHINASHANGHAISuite 4201-4204, 42nd Floor, One Lujiazui68 Middle Yincheng RoadPudong, Shanghai 200120, ChinaTel: +86 21 2089 0288 Fax: +86 21 6100 0531

BEIJINGUnit 26, Level 23, China World Tower 1No. 1 Jian Guo Men Wai Avenue, Beijing 100004, ChinaTel: +86 10 6535 9800 Fax: +86 10 6505 8836

INDIAMUMBAI901, 9th Floor, Nariman Bhavan, 227 Backbay ReclamationNariman Point, Mumbai 400021, IndiaTel: +91 22 6198 8200 Fax: +91 22 6198 8299

INDONESIAJAKARTA REPRESENTATIVE OFFICE106E, 6th Floor, Sentral Senayan I, Jl. Asia Afrika No.8Gelora Bung Karno, Senayan, Jakarta Pusat 10270, IndonesiaTel: +62 21 572 4111 Fax: +62 21 572 4120

VIETNAMHANOI REPRESENTATIVE OFFICE14th floor, Corner Stone, Building 16 Phan Chu TrinhHoan Kiem, HanoiTel: +84 4 3937 8889 Fax: +84 4 3936 5725

NEW ZEALANDAuckland80 Queen Street, Auckland, New ZealandTel: +64 4 931 8209

www.nab.com.auwww.nationalaustraliabank.comwww.bnz.co.nz

NAB Business and Insights @NAB

USA

JAPAN

UNITED KINGDOM

INDONESIA

HONG KONG

VIETNAM

CHINA

INDIA

SINGAPORE

NEW ZEALAND

AUSTRALIA

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NAB // INSIDE OUT

DisclaimersThis document has been prepared by National Australia Bank Limited ABN 12 004 044 937 (AFSL 230686) (“NAB”) for information purposes and does not constitute financial product advice. The information does not constitute, in any jurisdiction, a recommendation, invitation, offer, or solicitation or inducement to buy or sell any financial instrument or product, or to engage in or refrain from engaging in any transaction. It is not the intention of NAB to create legal relations on the basis of the information contained herein.

So far as the law allows, neither NAB nor its related bodies corporate or any of their officers, employees, agents, advisers or contractors (collectively, “NAB Parties”) warrants or represents that the information in this document is accurate, reliable, complete or contemporary. To the extent permitted by law, the NAB Parties shall not be liable for any loss or damage which may be suffered by any person relying upon this document or any Information (including by way of negligence or misrepresentation) arising from or in connection with information contained in this document.

United Kingdom: If this document is distributed in or deemed to be distributed in the United Kingdom, such distribution is by National Australia Bank Limited, 88 Wood Street, London EC2V 7QQ. Registered in England BR1924. Head Office: 800 Bourke Street, Docklands, Victoria, 3008. Incorporated with limited liability in the State of Victoria, Australia. Authorised and regulated by the Australian Prudential Regulation Authority. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. This document is intended for Investment Professionals (as such term is defined in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005), such persons having professional experience in matters relating to investments, and should not be passed to, or relied upon by, any other person who does not have professional experience in matters relating to investments, including but not limited to persons defined as retail clients by the rules of the United Kingdom’s Financial Conduct Authority and Prudential Regulation Authority.

USA: This information has been prepared by National Australia Bank Limited or one of its affiliates or subsidiaries (“NAB”). If it is distributed in or deemed to be distributed in the United States, such distribution is by nabSecurities, LLC which accepts responsibility for its contents. Any U.S. person receiving this information wishes further information or desires to effect transactions in any securities described herein should call or write to nabSecurities, LLC, 28th Floor, 245 Park Avenue, New York, NY 10167 (or call (877) 377-5480). The information contained herein has been obtained from, and any opinions herein are based upon, sources believed to be reliable and no guarantees, representations or warranties are made as to its accuracy, completeness or suitability for any purpose. Any opinions or estimates expressed in this information is our current opinion as of the date of this report and is subject to change without notice. The principals of nabSecurities, LLC or NAB may have a long or short position or may transact in the securities referred to herein or hold or transact derivative instruments, including options, warrants or rights with securities, or may act as a market maker in the securities discussed herein and may sell such securities to or buy from customers on a principal basis. This material is not intended as an offer or solicitation for the purchase or sale of the securities described herein or for any other action. It is intended for the information of clients only and is not for publication in the press or elsewhere.

Asia: These materials are for information purposes only

The attached presentation materials (Materials) have been prepared by National Australia Bank Limited (ABN 12 004 044 937, AFSL 230686) (NAB) and made available to you (Recipient) for general information purposes only without taking account of your objectives, financial situation or needs. The Materials are intended to provide the Recipient with high-level information only concerning the matters described in the Materials. The Materials are not, and are not intended to be, a prospectus, offering circular, profile statement or other form of offer document regulated or governed by any legislation of any country or a private placement memorandum, an information memorandum or any other form of invitation to treat.

This document is not an offer or advice The Materials do not constitute in any jurisdiction an offer, invitation, solicitation or inducement for the issue, subscription, sale, purchase or disposal of any securities, financial instruments, financial products, assets or businesses, or any advice or recommendation in relation to subscribing for, investing in, or acquiring or disposing of any securities, financial instruments, financial products, assets or businesses, or to engage in or refrain from engaging in any transaction whatsoever.

No guarantee as to performance Neither NAB nor any other company in the National Australia Bank Group or their respective officers, directors, employees, agents, advisers or associates (NAB Group) guarantee the performance of any security, financial product, person, entity, asset or business, or any particular rate of return, forecast, target or forward-looking statement, referred to in the Materials nor take responsibility for the Materials or their contents. Securities and financial products, or any assets or business, described in the Materials may be an investment in, a deposit with or other liability of any NAB Group member and such investments or acquisitions, if made, will be subject to investment risk, including possible delays in repayments and loss of income or capital invested. No NAB Group member in any way stands behind the capital value of, nor does it guarantee the performance of, any securities, financial instruments, financial products or any person, entity, assets or business described in the Materials, including as to any income or other distributions. No NAB Group member provides any guarantee or assurance in respect of any securities, financial instruments, financial products or entity, assets or business described in the Materials, the ultimate owners of such assets or businesses, their respective related companies or the underlying entities.

Price maker A member of the NAB Group may hold a position or act as price maker in respect of securities or financial products mentioned in the Materials or the securities or financial products of any entity or its related companies mentioned in the Materials, or act as underwriter, placement agent, adviser or lender in respect of such entities, securities or products.

No representation or warranty as to accuracy, reliability or completeness No member of the NAB Group makes any representation or warranty, express or implied, as to the accuracy, reliability or completeness of any statement or information in the Materials including, without limitation, any target returns, forecasts (whether economic or otherwise), projections or other forward-looking statements (whose preparation involves elements of subjective judgment and analysis). The Materials do not purport to contain all relevant information and any statement as to any future matter is a present prediction of a possible future outcome, the accuracy of which is not and cannot be guaranteed. The Recipient of the Materials should not rely on the contents of the Materials, but should obtain and read all relevant disclosure documents, make and rely on their own assessment and evaluation and undertake their own investigations and inquiries and seek independent advice.

Forward-looking statements The Materials may contain “forward-looking statements”. These forward-looking statements may be based upon certain assumptions. Actual events may differ from those assumed. There can be no assurance that any forward-looking statements will materialise or will not be materially lower than those presented. Except where otherwise indicated herein, the information in the Materials (including forward-looking statements) is based on information available as of the date of the creation of the relevant document and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. Where provided, forecasts and estimates of future performance are sourced from company and broker reports. Past performance is no guarantee of future performance.

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Disclaimer of liability To the maximum extent permitted by law, the NAB Group expressly disclaims all or any liability arising from or in connection with:

the contents of or omissions from the Materials, including any express or implied representations, statements, conclusions and forward-looking statements;

the provision to or use by any person of the information and statements contained in the Materials;

the preparation of the information contained in the Materials; and

any loss, damage, costs or expenses of any nature which may be suffered or incurred by any person relying on, disclosing or using any information or statement contained in or connected with the Materials.

No member of the NAB Group has any liability to the Recipient or to any of such Recipient’s officers, directors, employees, agents or associates, legal counsel or other professional advisers or to any other person for any damages, claims, costs or losses resulting from the use of the information contained in the Materials.

Accuracy of materials from third party sources The Materials contain information received from third party sources and the content of that information was not devised, nor has it been verified or tested, by any member of the NAB Group. No NAB Group member takes any responsibility for that information or endorses its accuracy.

Disclosure of Materials The Materials should not be disclosed or circulated to any other person or reproduced or redistributed in any format without the prior written consent of NAB. NAB reserves the right at any time to suspend or terminate your access to or use of the Materials.

Governing law The Materials are governed by, and are to be construed in accordance with, the laws in force in the State of Victoria, Australia, and any dispute or claim arising from, or in connection with, the Materials is subject to the non-exclusive jurisdiction of the courts of that State.

Recipients in Hong Kong By accepting the Materials, the Recipient represents and warrants that it is a “professional investor” within the meaning of the definition of that term in Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). If you think you have received the Materials in error, please contact NAB at Level 27, One Pacific Place, 88 Queensway, Hong Kong Ph: +852 2826 8111.

If the Materials are distributed in Hong Kong, such distribution is by National Australia Bank Limited, Hong Kong Branch, which is licensed by the Hong Kong Monetary Authority and registered (CE Number AAO169) under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) for Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Its main business address is Level 27, One Pacific Place, 88 Queensway, Hong Kong.

The contents of the Materials have not been reviewed by any regulatory authority in Hong Kong. If you are in any doubt about any of the contents of the Materials, you should obtain independent professional advice.

Recipients in Singapore By accepting the Materials, the Recipient represents and warrants that it is an “institutional investor” within the meaning of the definition of that term in the Securities and Futures Act (Cap. 289 of the Laws of Singapore). Recipients of this material in Singapore should contact NAB, Singapore branch at 12 Marina View, #20-02 Asia Square Tower 2, Singapore 018961 Tel (65) 6419 6875 for any matter arising from, or in connection with, this Material.

Recipients in Japan NAB has no licence of securities-related business in Japan. Therefore, the Materials are only for your information purpose and are not intended as an offer or solicitation for the purchase or sale of the securities described herein or for any other action.

Recipients in China In the PRC, the Materials are directed solely at persons who would be constituted as (i) Qualified Domestic Institutional Investors in accordance with the applicable PRC laws and regulations promulgated by China Banking Regulatory Commission, China Securities Regulatory Commission or China Insurance Regulatory Commission or (ii) other eligible investors in accordance with the applicable PRC laws and regulations.

Further, the information contained in the Materials does not constitute “marketing or production and business activities in the PRC” as defined in the Administrative Measures on the Registration of Production and Operation Activities of Foreign Enterprises in the PRC promulgated by the State Administration of Industry and Commerce.

New Zealand: Bank of New Zealand is a registered bank in New Zealand and is only authorised to offer the products and services mentioned in this document to customers in New Zealand. If you are not in New Zealand please speak to your local NAB representative. No other member of the NAB Group is a registered bank in New Zealand or authorised to offer the products and services mentioned in this document to customers in New Zealand. The information in this communication is provided by Bank of New Zealand for use by the recipient only for general information and discussion purposes. None of the information is to be used for any other purpose, reproduced or altered. To the extent that any such information constitutes financial advice, it does not take into account any person’s particular financial situation or goals. We recommend that you seek advice specific to your circumstances from your financial and other professional advisers. Further details of BNZ Markets products and services are contained in BNZ’s Product Disclosure Statements copies of which can be obtained, free of charge, by contacting your BNZ Relationship Manager. Any statements as to past performance do not represent future performance, and no statements as to future matters are guaranteed to be accurate or reliable.

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