NATIONAL AUSTRALIA BANK LIMITED

This licence authorises the licensee to carry on a financial services business to:
(a) provide financial product advice for the following classes of financial products:
(i) deposit and payment products including:
(A) basic deposit products;
(B) deposit products other than basic deposit products; and
(C) non-cash payment products;
(ii) derivatives;
(iii) foreign exchange contracts;
(iv) general insurance products;
(v) debentures, stocks or bonds issued or proposed to be issued by a government;
(vi) life products including:
(A) investment life insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; and
(B) life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;
(vii) interests in managed investment schemes including:
(A) investor directed portfolio services;
(viii retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);
(ix) securities;
(x) standard margin lending facility;
(xi) superannuation;
(xii) Australian carbon credit units; and
(xiii eligible international emissions units;
(b) deal in a financial product by:
(i) issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:
(A) deposit and payment products including:
(1) basic deposit products;
(2) deposit products other than basic deposit products; and
(3) non-cash payment products;
(B) derivatives;
(C) foreign exchange contracts;
(D) interests in managed investment schemes including:
(1) investor directed portfolio services;
(E) retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);
(F) securities; and
(G) standard margin lending facility;
(ii) arranging for another person to issue, apply for, acquire, vary or dispose of a financial product in respect of the following classes of financial products:
(A) general insurance products;
(iii) applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:
(A) deposit and payment products including:
(a)
basic deposit products;
(b)
deposit products other than basic deposit products; and
(c)
non-cash payment products;
(B) derivatives;
(C) foreign exchange contracts;
(D) general insurance products;
(E) debentures, stocks or bonds issued or proposed to be issued by a government;
(F) life products including:
(a)
investment life insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; and
(b)
life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;
(G) interests in managed investment schemes including:
(a)
investor directed portfolio services;
(H) retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);
(I) securities;
(J) standard margin lending facility;
(K) superannuation;