NAB issued today $1,175m subordinated floating rate medium term notes due November 2031 and - A$225,000,000 subordinated fixed rate medium term notes due November 2031. The Subordinated MTNs convert into fully paid ordinary shares of the Issuer (or, in certain circumstances, an Approved NOHC) where the Australian Prudential Regulation Authority (“APRA”) determines this to be necessary on the grounds that the Issuer would otherwise become non-viable.

The issue was completed to wholesale investors. Further details are available here www.nabgroup.com.