Strong market positions in key market segments Globally among the strongest banks on key earning metrics and earnings stability Asset quality likely to remain strong despite increasing credit losses and global economic downturn Low -risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could cause a disruption to funding access With the A$3 billion issue of ordinary equity in November 2008, NAB's ratio of adjusted total equity (ATE) to adjusted assets has improved to 4.5%, which compares well with most of its peers. We believe that NAB's capitalization is sufficient to absorb unexpected losses under the likely stress conditions. We believe that the most likely foreseeable risks to the ratings on NAB would be one
