Book size: 1750; Registration: Reg S Only; Comments: EUR1bn 7yr cpn 2.848% at 100, yld 2.848%. Spread: MS+30. LEI: F8SB4JFBSYQFRQEH3Z21;

Reoffer: 7yr: MS+30bp / 100 / 2.848% Benchmark: 7yr: DBR 2.3 Feb-33 @ 98.87 / B+37bp / HR 100% Final Books: €1.75bn+ (incl. €160m JLM) Launched: 7yr: €1bn @ MS+30bp - Books €2bn+ (incl. €175m JLM) Guidance: 7yr: MS+36bp area - Books €1.75bn+ (incl. €125m JLM) Issuer: National Australia Bank Limited (ABN 12 004 044 937) ("NAB") LEI: F8SB4JFBSYQFRQEH3Z21 Covered Bond Guarantor: Perpetual Corporate Trust Limited (ABN 99 000 341 533), in its capacity as trustee of the nab Covered Bond Trust Type: Australian legislative Covered Bond guaranteed as to payments of interest and principal by the Covered Bond Guarantor pursuant to its guarantee, which is secured over the mortgage loans and the related security and its other assets Expected Issue Ratings: Aaa/AAA (Moody's/Fitch) Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply - no communications with or into the US or to US persons), ECBC Covered Bond Label Compliant (non-EEA) Size: €1bn Maturity: 04-Mar-33 (7 years), Soft Bullet Maturity Settlement Date: 04-Mar-26 (T+5) Coupon: 2.848% Fixed until maturity date, Annual, Act/Act (ICMA), Unadjusted. Floating thereafter until extended due date for payment, Monthly, Act/360, Adjusted Reoffer: MS+30bp / 100 / 2.848% Benchmark: DBR 2.3 Feb-33 @ 98.87 / B+37bp / HR 100% Denominations: €100k + €1k Listing: Luxembourg Stock Exchange's Regulated Market Joint-Leads: BNP Paribas (B&D), HSBC, ING, NAB, Natixis and UBS Investment Bank Timing: Priced – TOE: 14:22 CET / FTT: 14:35 CET Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPS or UK PRIIPs KID has been prepared as not available to retail in the EEA or the UK Governing Law: The Covered Bonds and Trust Deed are governed by English law. The Security Deed and certain other Transaction Documents are governed by the laws of New South Wales, Australia ISIN: XS3307268576 Advertisement: The Base Prospectus in relation to NAB's U.S.$40bn Covered Bond Programme dated 12 November 2025 as supplemented on 15 January 2026 and 19 February 2026, is available via: https://capital.nab.com.au/programmes/funding-programmes

Perpetual Corporate Trust Ltd