NAB Subordinated Notes

NAB Subordinated Notes (NSN) are interest bearing notes and constitute direct, subordinated and unsecured obligations of NAB. Each NAB Subordinated Note is issued on and subject to the provisions of the Deed Poll and the Terms. The NAB Subordinated Notes have been issued with a face value of $100 each and are listed on the ASX under code NABHB.

On 20 April 2017, NAB gave notice to NSN holders that the NSN will be redeemed on the first optional redemption date of Monday, 19 June 2017 (in accordance with their terms). For each NSN held on Friday, 9 June 2017 (the record date for payment), a holder will receive a cash payment of $100 (being the face value of the NSN) plus a final interest payment of $1.1331 in respect of the interest period from (and including) 20 March 2017 to (but not including) 19 June 2017.

Payments will be made in cash on 19 June 2017.

The last day of trading in NSN on the Australian Securities Exchange (ASX) will be 7 June 2017.

For Australian resident holders, the distributions received will generally form part of your Australian taxable income. Franking credits are not attached to the distributions made.

For more information on the NABHB please refer to:

Important information

Note: the above information is not financial advice. Please consult your independent financial adviser if you are considering investing in NABHB.

The NAB Subordinated Notes do not constitute deposit liabilities of NAB. They are not protected accounts for the purposes of the Banking Act 1959 (Cth) or any other accounts. They're not guaranteed or insured by any government, government agency or compensation scheme of the Commonwealth of Australia or any other jurisdiction, by any member of the NAB Group or by any other party.

The NAB Subordinated Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or the securities laws of any state or other jurisdiction of the United States. They may not be offered, sold or resold in the United States or to, or for the account or benefit of, any "U.S. Person" (as defined in Regulation S under the Securities Act), absent registration or an applicable exemption from the registration requirements.

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