National Australia Bank (Covered Bond Prog)

Under the US$20bln NAB Covered Bond Programme,the Issuer may from time to time issue bonds
denominated in any currency agreed between the Issuer and the relevant Dealer(s). The price and
amount of the Covered Bonds to be issued under the Programme will be determined by the Issuer
and the relevant Dealer at the time of issue in accordance with prevailing market conditions. The
Covered Bonds may be issued in bearer or registered form.

Nature of eligible property: Residential Mortgage Loans and the Related Security, Substitution
Assets and Authorised Investments. Location of eligible residential property securing Mortgage
Loans: Australia. Maximum Asset Percentage: 95%.Asset Segregation: Yes.