National Australia Bank : Change in substantial holding for RWC

To:Company Name/Scheme

1. Details of substantial holder

   Name & ACN (if applicable)

   ACN 610 855 877

   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

   04/09/2017

   05/09/2017

   31/08/2017

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	28,324,780	5.395%	33,985,299	6.473%

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
   4/09/2017	MLC Investments Limited	Purchase	$1,436,130.56	394,000	394,000
   1/09/2017	MLC Investments Limited	Sale	$21,775.76	5,796	5,796
   31/08/2017	MLC Wealth Management Limited	Sale	$37,344.80	10,270	10,270
   01/09/2017 to 04/09/2017	National Australia Bank Limited	Securities Lending	No consideration directly referable to the securities provided by NAB	Refer to Appendix 1 Table	Refer to Appendix 1 Table
   1/09/2017	National Australia Bank Limited	Stock return - refer Appendix 2	No consideration directly referable to the securities provided by NAB	35,399	35,399
   4/09/2017	National Australia Bank Limited	Stock borrow - refer Appendix 2	No consideration directly referable to the securities provided by NAB	451,358	451,358

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 21,496,394	21,496,394
   Antares Capital	UBS Nominees Pty	Power to control the	Fully paid	2,100,000
   Partners Limited	Limited	voting and /or disposal	ordinary
   	(ACN 001 450 522)	of securities pursuant to	shares
   		its position as an	2,100,000
   		investment manager in
   		accordance with
   		investment mandates
   		and as an investment
   		manager of Antares
   		Capital Partners Limited
   		trusts.
   MLC Wealth	Navigator Australia	Power to exercise voting	Fully paid	12,190
   Management	Limited	rights pursuant to	ordinary
   Limited	(ACN 006 302 987)	position held as the	shares
   		Registrable	12,190
   		Superannuation Entity
   		licensee for the
   		superannuation products
   		it issues.
   National Australia	National Nominees	Power to control the	Fully paid	9,604,132
   Bank Limited	Limited	voting and /or disposal	ordinary
   	(ACN 004 278 899)	of securities pursuant to	shares
   		securities lending	9,604,132
   		agreements.
   JBWere (NZ) Pty	JBWere (NZ) Nominees	Power to control the	Fully paid	39,000
   Limited	Limited	voting and/or acquisition	ordinary
   	(NZBN 9429031839822)	or disposal of securities	shares
   		pursuant to its position	39,000
   		as the entity performing
   		a discretionary
   		investment management
   		services to its clients.
   National Australia	National Nominees	Power to control the	Fully paid	733,583
   Bank Limited	Limited	voting and /or disposal	ordinary
   	(ACN 004 278 899)	of securities pursuant to	shares
   		securities lending	733,583
   		agreements.
   Grand total		33,985,299

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

6. Addresses

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

Name

Signature

Appendix 1 - RWC