National Australia Bank : Change in substantial holding for NEA

To:Company Name/Scheme

1. Details of substantial holder

   Name & ACN (if applicable)

   ACN 083 702 907

   National Australia Bank Limited (ACN 004 044 937) and its associated entities listed in Annexure A give notice of a change in relevant interests

   There was a change in the interests of the substantial holder on

   The previous notice was given to the company on

   The previous notice was dated

   14/07/2017

   09/01/2017

   04/01/2017

2. Previous and present voting power:

   The total number of votes attached to all voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

   Class of securities	Previous Notice		Present Notice
   Person's votes	Voting power	Person's votes	Voting power
   Fully paid ordinary shares	23,648,100	6.116%	19,504,516	5.024%

3. Changes in relevant interests

   Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

   Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
   Fully paid ordinary shares
   5/01/2017	MLC Investments Limited	Purchase	$57,063.27	79,859	79,859
   10/01/2017	MLC Investments Limited	Purchase	$104,639.18	150,000	150,000
   18/01/2017	MLC Investments Limited	Purchase	$66,485.42	105,202	105,202
   20/01/2017	MLC Investments Limited	Purchase	$30,388.45	47,940	47,940
   24/01/2017	MLC Investments Limited	Purchase	$54,964.54	90,447	90,447
   25/01/2017	MLC Investments Limited	Purchase	$46,411.35	76,146	76,146
   27/01/2017	MLC Investments Limited	Purchase	$29,284.93	47,438	47,438
   30/01/2017	MLC Investments Limited	Purchase	$15,447.08	25,302	25,302
   7/02/2017	MLC Investments Limited	Purchase	$46,989.34	77,980	77,980
   23/03/2017	MLC Investments Limited	Sale	$34,790.88	70,954	70,954

   21/04/2017	MLC Investments Limited	Sale	$52,768.94	99,856	99,856
   3/05/2017	MLC Investments Limited	Sale	$15,725.73	30,816	30,816
   4/05/2017	MLC Investments Limited	Sale	$57,290.85	116,973	116,973
   31/05/2017	MLC Investments Limited	Sale	$5,839.00	11,371	11,371
   5/06/2017	MLC Investments Limited	Sale	$52,767.62	102,028	102,028
   6/06/2017	MLC Investments Limited	Sale	$61,093.15	117,627	117,627
   12/07/2017	MLC Investments Limited	Sale	$32,770.60	49,294	49,294
   14/07/2017	MLC Investments Limited	Sale	$119,051.28	180,513	180,513
   5/01/2017	Antares Capital Partners Limited	Purchase	$235,902.34	330,141	330,141
   18/01/2017	Antares Capital Partners Limited	Purchase	$274,288.86	434,016	434,016
   19/01/2017	Antares Capital Partners Limited	Purchase	$103,957.64	164,365	164,365
   20/01/2017	Antares Capital Partners Limited	Purchase	$114,967.08	181,369	181,369
   24/01/2017	Antares Capital Partners Limited	Purchase	$205,633.73	338,381	338,381
   25/01/2017	Antares Capital Partners Limited	Purchase	$157,055.36	257,677	257,677
   27/01/2017	Antares Capital Partners Limited	Purchase	$99,022.90	160,405	160,405
   30/01/2017	Antares Capital Partners Limited	Purchase	$55,893.84	91,553	91,553
   7/02/2017	Antares Capital Partners Limited	Purchase	$179,228.97	297,435	297,435
   21/04/2017	Antares Capital Partners Limited	Sale	$117,377.80	222,117	222,117
   3/05/2017	Antares Capital Partners Limited	Sale	$34,975.14	68,537	68,537
   4/05/2017	Antares Capital Partners Limited	Sale	$117,487.06	239,878	239,878
   31/05/2017	Antares Capital Partners Limited	Sale	$14,613.69	28,459	28,459
   5/06/2017	Antares Capital Partners Limited	Sale	$128,083.07	247,653	247,653
   6/06/2017	Antares Capital Partners Limited	Sale	$146,659.00	282,373	282,373
   12/07/2017	Antares Capital Partners Limited	Sale	$113,485.16	170,706	170,706
   14/07/2017	Antares Capital Partners Limited	Sale	$428,347.32	649,487	649,487
   23/01/2017	MLC Wealth Management Limited	Purchase	$2,030.80	3,240	3,240
   16/02/2017	MLC Wealth Management Limited	Purchase	$27,000.00	50,000	50,000
   6/04/2017	MLC Wealth Management Limited	Purchase	$5,300.00	10,000	10,000
   25/05/2017	MLC Wealth Management Limited	Purchase	$3,021.80	5,660	5,660
   22/06/2017	MLC Wealth Management Limited	Purchase	$15,844.56	24,727	24,727
   9/01/2017	MLC Wealth Management Limited	Sale	$2,977.75	4,225	4,225

4. Present relevant interests

   Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

   Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and number of securities	Person's votes
   MLC Investments Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to its position as the responsible entity or trustee of various managed investment schemes and trusts	Fully paid ordinary shares 7,164,712	7,164,712
   Antares Capital Partners Limited	National Nominees Limited (ACN 004 278 899)	Power to control the voting and /or disposal of securities pursuant to its position as the responsible entity, investment manager or trustee of various managed investment schemes or trusts.	Fully paid ordinary shares 12,168,965	12,168,965
   MLC Wealth Management Limited	Navigator Australia Limited (ACN 006 302 987)	Power to exercise voting rights pursuant to position held as the Registrable Superannuation Entity licensee for the superannuation products it issues.	Fully paid ordinary shares 170,839	170,839
   Grand total		19,504,516

5. Changes in association

   The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

   Name and ACN/ARSN (if applicable)	Nature of Association
   No change	National Australia Bank Limited had a change in its relevant interest following the disposal of its indirect shareholding in Pengana Holdings Pty Ltd, who controls Pengana Capital Limited, an investment manager of various unit trusts.

6. Addresses

The addresses of persons named in this form are as follows:

Name

Signature