15millionmembersbuilding societynationwide

Annual Results PresentationFor the year ended 4 April 2018

Highlights

3

Our defining difference is that we are owned by our members

Our purpose is building society, nationwide

Built to last

Here for the long-term

Building thriving membership

Together we are stronger

Building a national treasure

A force for good for our members and societyBuilding PRIDE

Engaged colleagues will deliver for our members

Building legendary service

Helps us retain and attract members

4

We are delivering against our commitments to members

Measure

Built to last

Building PRIDE

Building a national

treasure

Building thriving

membership

Building legendary

service

Underlying profit before tax

UK leverage ratio

Employee engagement and

enablement

Prompted brand consideration2

Trust (all consumers)2

Engaged members

Customer satisfaction1

Cornerstone Performance

£1,022m

4.9%

74% / 70%

2nd

1st + 3.8%

8.1 million

1st + 4.6%

Target

£0.9bn - £1.3bn p.a.

>4.5%

Above cross industry high

performance benchmarks

(77% / 71%)

1st + 4% vs competitors by 2022

1st + 3% vs competitors in 2017/18

10 million by 2022

1st + 2% in high street peer group in 2017/18

1 © GfK 2018, Financial Research Survey (FRS) measure, as defined in the glossary (slide 31). 2 Source: Nationwide Brand and Advertising tracker - compiled by Independent Research Agency, based on all

consumer responses, 3 months ending March 2018. Prompted brand consideration is considered ie ‘first choice’ or ‘seriously considered’ brand amongst all consumers. Financial brands included Nationwide,

Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, NatWest, TSB and Santander.

5

Capital ratios at an all-time high

Our financial strength is enhanced by sustained profitability

Underlying profit before tax

UK leverage ratio

£1,030m £1,022m

2017 2018

4.4%4.9%

2017 2018

CET1 ratio

£505m£560m

2017 2018

Member financial benefit1

25.4%30.5%

2017 2018

Strong profit and continued member rewards

1 Member financial benefit is quantified as our interest rate differential plus member incentives and reduced fees.

6

Leading our peers for service1 and trust2

More members than ever before receiving high street leading service

Over 15m members, who continue to do more with us

Overall customer satisfaction versus high street peer group average(FRS1)

1 © GfK 2018, Financial Research Survey (FRS) measure, as defined in the glossary (slide 31). 2 Source: Nationwide Brand and Advertising tracker - compiled by Independent Research Agency, based on all

consumer responses, 3 months ending March 2018. Financial brands included Nationwide, Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, NatWest, TSB and Santander.

Total members

Engaged members

14.4m 14.8m 15.1m 15.5m

2015 2016 2017 2018

7.1m 7.4m 7.8m 8.1m

2015 2016 2017 2018

Trust2 versus competitor average

20%

25%

30%

35%

Mar-16 Sep-16 Mar-17 Sep-17 Mar-18

Nationwide

Competitor group

55%

65%

75%

Mar-16 Sep-16 Mar-17 Sep-17 Mar-18

Nationwide

Peer group

7

Protected deposit market share

Trading delivers record performance in tough markets

Growth in member depositsGross prime mortgage lending

Record current accounts opened

Market share of mortgage balances Market share of deposits

£22.4bn £25.5bn£29.1bn £29.4bn

2015 2016 2017 2018

£1.9bn

£6.3bn £5.8bn£3.5bn

2015 2016 2017 2018

Current accounts opened (‘000)

Market share of new current account openings

505590

795 816

2015 2016 2017 2018

9.1% 11.1%14.6% 16.0%

2015 2016 2017 2018

All-time high prime mortgage lending

10.2% 10.2% 10.1% 10.0%

2015 2016 2017 2018

12.1% 12.6% 12.9% 12.9%

2015 2016 2017 2018

Financials

9

Strong growth and flat costs contribute to sustained profit

% Change2018

£m2017

£m

Underlying income

Costs

Impairments

Other items

Statutory profit

3,132

(1,979)

(105)

(45)

977

Underlying profit 1,022 (1%)

(7%)

Other provisions (26)

3,285

(1,979)

(140)

24

1,054

1,030

(136)

Cost income ratio 63.2%60.2%

▪ Continued to manage the business within the financial performance framework and delivered £560m (2017: £505m) of member financial benefit

▪ Focus on efficiency has resulted in a flat cost base year on year

Other items (£m) 2017 2018

Bank levy (42) (45)

FSCS costs - 1

Gains from derivatives and hedge accounting

66 (1)

Total 24 (45)

10

Maintaining a low risk balance sheet

% Change4 Apr 2018

£bn4 Apr 2017

£bn

Residential mortgages

Other lending

Liquidity1

Retail deposits2

Wholesale funding

177.2

14.5

30.8

148.4

58.8

229.1

Other assets 6.6

171.1

16.2

25.4

146.9

55.5

221.7

9.0

Other liabilities 3.74.94

▪ Balance sheet growth has been driven by a £6 billion increase in residential mortgage balances due to strong trading in prime mortgages during the year

▪ Capital position has strengthened with CET1 and UK leverage ratios increasing to 30.5% and 4.9%, respectively (4 April 2017: 25.4% and 4.4%)

Key Ratios4 Apr

2017

4 Apr

2018

Liquidity coverage ratio 124.0% 130.3%

Wholesale funding ratio 27.1% 28.2%

CET1 ratio 25.4% 30.5%

UK leverage ratio 4.4% 4.9%Capital & reserves3 18.214.44

229.1221.7

4%

(10%)

21%

1%

6%

3%

(27%)

(24%)

26%

3%

1 Treasury liquidity and investment portfolio (on balance sheet). 2 Shares (member deposits) and amounts due to customers on consolidated balance sheet. 3 Total members’ interests and equity including CCDS,

AT1 and subordinated liabilities. 4 Restated.

11

Lower funding costs offset by mortgage competition

Margin has moderated in line with expectations

Net interest margin (bps)Net interest margin & net interest income

Continued focus on long term value for members

£2,431m£2,872m £3,086m £2,960m £3,011m

1.27%1.47% 1.52%

1.33% 1.31%

2014 2015 2016 2017 2018

£1,449m £1,511m £1,514m £1,497m

1.33% 1.33% 1.34% 1.28%

H1 2017 H2 2017 H1 2018 H2 2018

10

1

Commercial

& capital

other

(2)

PCA &

structural

hedge

131

Mortgage

deal book

repricing

(7)

Mortgage

managed

rate

switching to

deal book

(4)

Cost of

savings book

2017

133

2018

12

Demonstrating cost discipline while delivering record business volumes

Underlying costs (£m)

Successfully embedded £105m of sustainable saves

36

37

20

27

20

0%

2018

1,979

Other saves

(35)

Business

volumes

Pay &

inflation1

Pensions Sustainable

saves

(105)

OtherInvestment

in efficiency

2017

1,979

▪ As a result of our significant focus on efficiency, underlying costs have remained flat

▪ We are on course to achieve our target of realising greater than £300m of sustainable cost savings by 2022

▪ A further update on our medium term sustainable savings target will be provided later in the year

1 Includes apprentice levy.

13

Low impairment charges reflect quality of lending

Impairment charge (£m)

181

9874

199

107145

106

2012 2013 2014 2015 2016 2017 2018

Treasury & other

Consumer banking

Residential lending

Retail lending Residential Unsecured

4 Apr 17 4 Apr 18 4 Apr 17 4 Apr 18

Total balances

(£m)171,263 177,299 3,949 4,107

Non performing

balances (£m)2,694 2,721 311 334

NPL1 1.6% 1.5% 8%2 / 4%3 8%2 / 4%3

NPL provisions

coverage5.3% 5.3% 86%2 / 77%3 89%2 / 83%3

3 month+

arrears0.45% 0.43%

UKF4 industry

average0.91% 0.81%

Total negative

equity balances£385m £261m

Negative equity £61m £38m

1 NPLs are defined In the glossary on page 31. 2 Including charged off balances. 3 Excluding charged off balances. 4 UK Finance arrears = divide arrears balance outstanding by the latest contractual payment.

247

493

309

52

(34) (5) (1)

2012 2013 2014 2015 2016 2017 2018

Commercial and other

lending

14

The day one impact of IFRS 9 is limited

Increase in provisions £172m

Impact on general reserves(inc. reclassification & measurement, net of deferred tax)

£162m

The capital ratio impact is expected to be insignificantIncreased provisions will reduce reserves

CET1 ratio reduction▪ Before transitional relief▪ Including transitional relief

31 bps

10 bpsCurrent ratio: 30.5%

UK leverage ratio reduction:▪ Before transitional relief▪ Including transitional relief

3 bps

0 bpsCurrent ratio: 4.9%

We will not restate comparatives on the initial adoption of IFRS 9 but will issue a separate IFRS 9 Transition Report before the release

of our Q1 Interim Management Statement in August 2018.

15

No additional PPI charge in H2

103

7369

59

127136

26

2012 2013 2014 2015 2016 2017 2018

Other PPI

Customer redress (£m)

Provisions are in line with previous expectation

16

Further strengthened capital ratios

Movement in CET1 ratio

Profit and CCDS issuance enhanced capital ratios

Movement in UK leverage ratio

Peer group CET1 ratios1

Continue to benchmark well against peers

Peer group UK leverage ratios1

30.5%

16.4% 14.1% 12.7% 12.5%

Nationwide RBS Lloyds Barclays Santander UK

6.1% 5.3% 4.9% 4.8% 4.4%

RBS Lloyds Nationwide Barclays Santander UK

Mar-17

25.4%

Profit

2.2%

2.4%

CCDS

issuance

RWAs & other

0.5% 30.5%

Mar-18

Mar-18

0.3%

CCDS

issuance

Exposure

& other

4.9%

Profit

0.4%(0.2%)

Mar-17

4.4%

¹ Peer group as at March 2018.

▪ Revised IRB expectations and the finalised Basel III framework will increase RWAs significantly, but we expect our CET1 ratio to remain ahead of peers

17

Resources supported by senior non-preferred issuance

Remain on track to meet all current and future capital regulation

MRELGoing concern capital1

The Society remains leverage constrained

Tier 1

6.5% of

leverage exposure

Buffers

Tier 2

SNP

£16.7bn£16.1bn

Current resources 2020 expected requirements

CET1

CET1

AT1

AT1

Pillar 1

Pillar 2A

Leverage

buffers

CRD IV

buffers

End point Tier 1

capital resources

UK leverage

requirement

CET1 requirement

33.6%

30.5%

27.3%

22.2%

16.6%

13.0%

8.5%

4.5%

1 Requirements, including buffers, expected to apply from January 2019. 2 Leverage buffers comprised of: 0.35% supplementary leverage ratio buffer and 0.4% countercyclical leverage ratio buffer. 3 CRDIV buffers comprised of: 1% countercyclical capital buffer; 1% systemic buffer; and 2.5% capital conservation buffer. 4 Assuming UK leverage exposure as at April 2018.

3

2

4

18

Strong credit ratings position

Senior preferred Outlook

S&P A Positive

Moody’s Aa3 Stable

Fitch A+ Stable

▪ In August 2017 Moody’s revised their outlook on Nationwide to

stable from negative

▪ As a result of Nationwide’s inaugural issuance of senior non-

preferred debt S&P and Fitch took ratings actions on Nationwide in

February 2018:

– S&P placed Nationwide on positive outlook

– Fitch downgraded Nationwide’s Long-Term Issuer Default

Rating (IDR)2 to 'A' from 'A+' with a stable outlook. The senior

preferred unsecured debt rating was unchanged at A+

Capital strength recognised in credit ratings and stress test performance

1 Bank of England, stress testing the UK banking system 2017 results, November 2017; annual cyclical scenario. 2 In accordance with Fitch’s methodology the IDR is aligned to the most junior form of (non-loss

absorbing) debt. Now Nationwide has issued senior non-preferred debt this becomes the reference obligation for Nationwide’s IDR (previously it was our senior preferred debt).

Remained ahead of hurdle throughout 2017 stress test

▪ Nationwide remained profitable in each year of the 2017 stress1

and continued to make full distributions on all Tier 1 capital

instruments

▪ Low point CET1 ratio of 12.3%, 390bps above regulatory hurdle

rate and 260bps above closest peer

▪ Low point UK leverage ratio of 4.5%

▪ The FPC judged that this stress test did not reveal capital

inadequacies for Nationwide given its balance sheet at end-2016

12.3

9.77.9 7.4 7.0

Nationwide Santander UK Lloyds Barclays RBS

Projected CET1 capital ratios in the stress scenario (%)(post management actions)

Low point

Hurdle rate

19

Liquidity position remains strong following full FLS repayment

Liquid assets

Portfolio composition change following FLS redemptions

Key ratios 2017 2018

Liquidity coverage ratio 124.0% 130.3%

Net stable funding ratio 132.6% 131.0%

▪ Growth in the cash and government bond components of the

liquidity portfolio is predominantly due to replacement of off-

balance sheet Funding for Lending Scheme (FLS) liquidity, with

on-balance sheet Term Funding Scheme (TFS) drawdowns

▪ Maintained wholesale funding market presence – c. £8bn

issued in 2017/18 comprising;

– CCDS - £0.8bn

– Tier 2 - £1.8bn

– Senior non-preferred - £2.1bn

– Senior preferred - £1.1bn

– Silverstone RMBS - £0.9bn

– Covered bonds - £0.9bn£13.0bn

£14.4bn

£4.8bn2

£6.9bn

£8.9bn

£2.8bn£3.5bn

£27.5bn£26.8bn

2017 2018

Cash

Other securities1

Government

bonds

All figures sterling equivalent . 1 Balances include all RMBS held by the Society which can be monetised through sale or reposition. 2 2017 includes £4.8bn of FLS, all of which had matured by 4 April 2018.

Outlook & Summary

21

A platform of strength means we can continue to support our members

▪ £1,022m underlying profit

▪ £977m statutory profit

▪ 4.9% UK leverage ratio

▪ 30.5% CET1 ratio

▪ Record gross prime mortgage lending

of £29.4bn

▪ A thriving 15.5 million members

▪ £560m of member financial benefit

▪ UK’s top choice for current accounts4

▪ No. 1 for customer satisfaction for 6th

year running1

▪ Main current account satisfaction

lead 10% above 2nd place competitor2

▪ UK’s most trusted3 financial organisation

▪ 1% of pre-tax profits invested in

supporting good causes

▪ Launched a Private Rental Sector

Standards Board

▪ Set up Community Boards to issue

member-directed community grants

▪ c.300 Carillion employees taken on

within 7 days of collapse

▪ 95% of employees believe our

purpose and values are meaningful

to them

1 © GfK 2018, Financial Research Survey (FRS), see glossary on slide 31. 2 GfK 2018, Financial Research Survey (FRS), see glossary on slide 31. 3 Source: Nationwide Brand and Advertising tracker - compiled by

Independent Research Agency, based on all consumer responses, 3 months ending March 2018. 4 Source: Nationwide Brand and Advertising tracker - compiled by Independent Research Agency. See glossary

on page 31.

22

▪ Balance growth and margin protection in

members’ interests in subdued mortgage and

savings markets

▪ Develop Mortgage propositions to support later

life

▪ Buoyant until financial crisis shook the

world

▪ Stable world order

▪ Reliable FS sector returns

We remain agile in a rapidly changing environment

DisruptorsOld normal Readying for new normal

▪ Possibility of protectionism and trade wars

▪ Brexit uncertainty dominates local prospects

▪ Subdued growth – 1% to 1.5% over next 2 years

▪ Expect base rate of 0.75% in 2018, then stable

▪ Competitive pricing and outstanding service

▪ Enhance offering, starting with business banking

▪ Deliver further sustainable savings

▪ Big banks distracted by conduct issues

and ringfencing

▪ High market barriers to entry

▪ Competition in core markets remains intense

as banks re-emerge and new entrants engage

▪ Sector likely to change more in next 5 years

than in last 50

▪ Extend service leadership, especially digital

▪ Invest in mobile, digital, data and analytics

to enhance our sector-leading trust

▪ Ensure capacity for growth, through

investment in security and resilience

▪ Incremental change

▪ Businesses controlled the consumer

relationship

▪ Trust based on service levels

▪ Transformational change – Open Banking

▪ Consumers increasingly control the relationship

with businesses

▪ Trust based on data security and resilience

Eco

no

my

Co

mp

eti

tio

nTe

chn

olo

gy

23

Using technology today to…

We are investing in technology for our members

to launch internet banking in the UK

major UK provider to launch an Android wearable app and first on Apple Watch

non-bank to enter the current account market

to deploy intelligent deposit ATMs in branch

non-bank to enable members to share their data through Open Banking

to provide non-authenticated balance views through ‘quick balance’

A history of technological innovation…

Grow the Society…

▪ Added over 1m new members in last 4 years

▪ Modernised our current account platform in

2014, successfully migrating 4.5m accounts

and enabling our record growth

▪ Grew mobile active members by 44%, with

200m more log-ins this year

Improve member experience…

▪ Launched in-branch self-service iPads and smart

ATMs; committed £350m to branches

▪ Partnered with FCA’s innovation sandbox to launch

auto-advice tools for savers and borrowers

▪ Launched running balances, instant mobile

registration and new payment management services

Drive efficiency…

▪ Changing our cost trajectory and delivering flat

costs have been directly enabled by technology

▪ Achieved over £25m of sustainable saves through

digitisation, automation and simplification

▪ Digitised our mortgage journey in branches,

halving the interview time

1st

24

We will seek to broaden and deepen our member relationships

KPI Measure Target

Outstanding serviceOur members deserve the highest levels of service

Customer service

(FRS1)1st + 4%

UK CSI2

satisfaction indexUK top 5

Value for members and societyCreate mutual value by doing more with and for our members and their communities

Member financial

benefit>£400m in 2019

Engaged members 10 million by 2022

Committed

members34 million by 2022

Community

investment

1% of pre-tax

profits

Financial strengthEnsuring a safe and sustainable business for current and future members

UK leverage ratio >4.5%

Continued adherence to our Financial Performance Framework (FPF)

Simplified, member focused success measuresWe can do more with our current members

Engaged members (m)

0

3

6

9

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Banking Mortgages Savings & investment Deep

1 Financial Research Survey. 2 Customer Service Institute. 3 Committed members are those holding at least two membership products or one membership product and a just for members product.

21%of total members

are committed 52%of total members

are engaged

6 million engaged members

hold only one product

Q&A

Appendices

27

▪ UK economic growth slowed to 1.8% in 2017. This was only

modestly below the 1.9% recorded in 2016, but was still the

weakest annual rate of growth since 2012. Growth moderated

further to 1.2% year on year in Q1 2018, where the slowdown was

only partly due to adverse weather conditions during the quarter.

▪ We expect activity to remain subdued this year and next, broadly

in line with consensus. Despite some progress in the Brexit

negotiations, uncertainty will remain until the withdrawal

agreement is ratified and new trading arrangements are finalised.

▪ Inflation is likely to have peaked, but it remains above target.

Comments from policymakers suggest that they believe further

monetary policy tightening is likely to be required, though there

is significant uncertainty about the timing and extent of future

increases.

Bank of England base rate (FY end)

UK GDP growth

Source: Bank of England/ Nationwide

(F) Nationwide Forecast

Market environment: macroeconomic outlook

-9%

-6%

-3%

0%

3%

6%

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

Q/Q

Y/Y

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

2013 2014 2015 2016 2017 2018 2019 (F)

28

▪ House price growth has been broadly stable in recent quarters

with the year-on-year pace of growth hovering between 2% and

3% over the past twelve months. In April 2018 the annual house

price growth was 2.6%.

▪ Prices in the south of England are expanding more slowly than in

the north, reversing several years of the opposite trend. In

London, house prices have been falling for the past three

quarters, but only by a very modest amount (-1% y/y in Q1 2018).

▪ Looking ahead, much will depend on how economic conditions

evolve, especially in the labour market, but also with respect to

interest rates. Subdued real income growth is likely to continue to

exert a modest drag on housing market activity and house price

growth in the quarters ahead. We continue to expect house

prices to rise by c.1% over the course of 2018.

UK house prices Y/Y change

Source: Nationwide

Market environment: housing market

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Oct

-07

Ap

r-0

8

Oct

-08

Ap

r-0

9

Oct

-09

Ap

r-10

Oct

-10

Ap

r-11

Oct

-11

Ap

r-12

Oct

-12

Ap

r-13

Oct

-13

Ap

r-14

Oct

-14

Ap

r-15

Oct

-15

Ap

r-16

Oct

-16

Ap

r-17

Oct

-17

Ap

r-18

29

▪ Mortgage market lending has grown modestly over the last year,

with recent months seeing increased remortgage activity. Buy to

let purchase activity has remained subdued following tax

changes and changes in underwriting standards.

▪ Following relatively strong growth in the previous two years,

growth in savings balances slowed to 3.2% in 2017/18, in part

reflecting the previous high base.

▪ Households’ ability to save has been hampered by a period of

falling real wages, though earnings growth has finally overtaken

inflation to provide a little respite. Similarly, the low interest rate

environment has remained a drag on the deposit market, despite

the modest 25bp increase in bank rate in November.

Market environment: mortgage & savings

UK mortgage market net lending

Savings market change in balance

£9bn

£17bn

£24bn

£44bn

£36bn

£44bn

2013 2014 2015 2016 2017 2018

£58bn

£40bn

£57bn

£73bn £71bn

£46bn

2013 2014 2015 2016 2017 2018

30

CONTACTS

Alex Wall

Head of Investor Relations, Rating Agencies & Capital

alexander.wall@nationwide.co.uk

0845 602 9053

Nationwide Treasury Mailbox

nationwide.treasury@nationwide.co.uk

31

GLOSSARYMeasure Definition

Net satisfaction in core products

(slide 4)

© GfK 2018, Financial Research Survey (FRS), 12 months ending 31 March 2018, proportion of extremely/very satisfied customers minus proportion of extremely/very/fairly

dissatisfied customers summed across current account, mortgage and savings. High street peer group defined as providers with main current account market share >4%

(Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest, Santander and TSB).

Net satisfaction in core products

(slide 6)

© GfK 2018, Financial Research Survey (FRS), 12 month rolling data from March 2016 to March 2018, proportion of extremely/very satisfied customers minus proportion of

extremely/very/fairly dissatisfied customers summed across current account, mortgage and savings. High street peer group defined as providers with main current account

market share >4% (Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest, Santander and TSB). Prior to April 2017, high street peer group defined as providers with main

current account market share >6% (Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest and Santander).

Non Performing Loans

(slide 13)

Residential non-performing loans include: impaired loans (accounts > 3 months in arrears and accounts subject to possession); loans which are past due but not impaired,

including any loan where a payment due is received late or missed; and past term interest only loans which have gone into litigation. The non-performing loan amount represents

the entire loan balance rather than just the payment overdue.

Unsecured non-performing loans include: impaired loans (accounts > 3 months in arrears or have individual provisions raised against them), overdrafts and credit card balances

which are < 3 month in arrears, including any loan where a payment due is received late or missed, this includes overdrawn accounts which are above the agreed limit. The non-

performing loan amount represents the entire loan balance rather than just the payment overdue.

Net satisfaction in core products

(slide 21)

© GfK 2018, Financial Research Survey (FRS), 6 year lead held over period 12 months ending 31 March 2013 to 12 months ending 31 March 2018. Each monthly data point

contains customer feedback referring to previous 12 months. Proportion of extremely/very satisfied customers minus proportion of extremely/very/fairly dissatisfied customers

summed across current account, mortgage and savings. High street peer group defined as providers with main current account market share >4% (Barclays, Halifax, HSBC, Lloyds

Bank (inc C&G), NatWest, Santander and TSB). Prior to April 2017, high street peer group defined as providers with main current account market share >6% (Barclays, Halifax,

HSBC, Lloyds Bank inc C&G (Lloyds TSB prior to Apr 15), NatWest and Santander).

10.0% lead on current account satisfaction

(Slide 21)

© GfK 2018, Financial Research Survey (FRS), 12 months ending 31 March 2018, proportion of extremely/very satisfied main current account customers minus proportion of

extremely/very/fairly dissatisfied main current account customers. . High street peer group defined as providers with main current account market share >4% (Barclays, Halifax,

HSBC, Lloyds Bank (inc C&G), NatWest, Santander and TSB).

Top choice for current accounts

(slide 21)

Source: Nationwide Brand and Advertising tracker - compiled by Independent Research Agency. Top Choice is considered ie ‘first choice’ or ‘seriously considered’

current account provider amongst non-customers, based on responses from non-customers of each brand, 3 months ending March 2018. Financial brands included Nationwide,

Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, NatWest, TSB and Santander.

32

DISCLAIMERThis presentation has been prepared by and is the property of

Nationwide Building Society (“Nationwide”). By attending this

presentation or accepting this document you represent, warrant

and agree that (i) you will not reproduce or transmit the contents

(in whole or in part) of this presentation by any means; (ii) you

have understood and agreed to the terms set out herein; (iii) you

consent to delivery of this presentation by electronic

transmission, if applicable; (iv) you are not a US Person, as

defined below; (v) if you are in the United Kingdom, then you are

a person who is (a) an investment professional within the

meaning of Article 19 (5) of the Financial Services and Markets

Act 2000 (Financial Promotion) Order 2005 (“FPO”) or (b) a

high net worth entity falling with Article 49(2)(a) to (d) of the

FPO; and (vi) if you are within the European Economic Area

(“EEA”), then you are a person who is a “qualified investor”

within the meaning of Article 2(1)(e) of EU Directive 2003/71/EC,

as amended (the “Prospectus Directive”).

This presentation shall not constitute or form part of any offer to

sell or the solicitation of an offer to buy or subscribe for any

securities. Any securities subsequently issued by Nationwide will

not be registered under the United States Securities Act of 1933,

as amended (the “Securities Act”), or the securities laws of any

state or any other jurisdiction of the United States. Any securities

subsequently issued by Nationwide may not be offered or sold

within the United States except pursuant to an exemption from,

or in a transaction not subject to, the registration requirements

of the Securities Act.

NOT FOR DISTRIBUTION TO ANY US PERSON (AS SUCH TERM IS

DEFINED IN REGULATION S UNDER THE SECURITIES ACT) OR TO

ANY PERSON OR ADDRESS IN THE UNITED STATES.

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Certain data in this presentation has been rounded. As a result of

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