Ann: Clydesdale Bank business update, page-2

542 Pages! Yikes. Overview from page 3.

 For the purposes of this presentation the name "Clydesdale" has been used for the business
activities of National Australia Group Europe Limited (“NAGE”) and its subsidiaries (“NAGE Group”). The financial information presented in this presentation is that of NAGE

 Clydesdale’s parent (National Australia Bank (“NAB”)) announced on 7th May its intention to
pursue a demerger and IPO Clydesdale via

• −  Demerger of 70% – 80% to existing NAB shareholders
• −  IPO of approximately 20% – 30% to institutional investors

 Transaction intended by the end of 2015, subject to market conditions

 Targeting primary listing on the London Stock Exchange and listing of CHESS depositary interest on the Australian Securities Exchange

 Material work on a potential demerger and IPO (by way of institutional offer) of Clydesdale is continuing. The transaction is a substantial and complex undertaking subject to a range of risks and issues, including shareholder vote, regulatory approvals and board approvals