AUB GROUP LIMITED — Major Shareholding Notification 2008

Jul 21, 2008

AUB

Form 603 Corporations Law Notice of initial substantial holder Section 671B AUB To:Company Name/Scheme The Secretary Austbrokers Holdings Limited Level 10 1 Elizabeth Plaza NORTH SYDNEY NSW 2060 Phone: (02) 9930 9555 Fax: (02) 9954 1724 ACN/ARSN ACN 000 000 715 1. Details of substantial shareholder National Australia Bank Limited (ACN 004 044 937) and its associated companies listed in Name Annexure A and which includes: ACN (if applicable) MLC Investments Limited ACN 002 641 661 Antares Managed Investments Limited ACN 083 784 463 Elly Investments Pty Ltd ACN 098 198 004 (Elly Investments Pty Ltd acquired more than 20% of the voting power in Pengana Holdings Pty Limited (PHPL) on 30 April 2008. Pengana Capital Limited is a wholly owned subsidiary of PHPL)

The holder became a substantial holder on 18/07/2008

2. Details of voting power

	The total number of votes attached to all the voting shares in the company or voting interests in	The total number of votes attached to all the voting shares in the company or voting interests in
	the scheme that the substantial holder or an associate had a relevant interest in on the date the
	substantial holder became a substantial holder are as follows:
	Class of securities Number of Persons’ votes	Voting power
	securities
	Ordinary 2,600,838 2,600,838	5.188%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest	Class and number of securities
MLC Investments Limited	Power to control voting and/or disposalofsecurities	Ordinary 350,140
Antares Managed Investments Limited	Power to control voting and/or disposalofsecurities	Ordinary 74,276
Elly Investments Pty Ltd	Having voting power in Pengana Capital Limited that is above20%	Ordinary 2,176,422
TOTAL		2,600,838

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities
MLC Investments Limited	National Nominees Limited (ACN 004 278 899)		Ordinary 350,140
Antares Managed Investments Limited	National Nominees Limited (ACN 004 278 899)		Ordinary 74,276
Elly Investments Pty Ltd	Cogent Nominees Pty Ltd (ACN 084 150 023)	Pengana Capital Limited as responsible entity for the Pengana Emerging Companies Fund	Ordinary 2,176,422

cnwdata:leg:county:ssnbrl

TOTAL 2,600,838

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5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration			Class and number
					of securities
		Cash		Non-cash
MLC Investments Limited	18/04/2008 to 18/07/2008	$3.70 to $4.20			Ordinary
					38,811
Antares Managed Investments	18/04/2008 to 18/07/2008	$4.00 to $4.24			Ordinary
Limited					74,276
Elly Investments Pty Ltd	18/04/2008 to 18/07/2008	$3.70 to $4.20			Ordinary
					2,176,422
6. Associates	The reasons the persons named in paragraph 3 are asfollows:		above are associates of the substantial holder

Holder of relevant interest	Holder of relevant interest	Date of acquisition	Consideration	Consideration	Class and number of securities
			Cash	Non-cash
MLC Investments Limited		18/04/2008 to 18/07/2008	$3.70 to $4.20		Ordinary 38,811
Antares Managed Investments Limited		18/04/2008 to 18/07/2008	$4.00 to $4.24		Ordinary 74,276
Elly Investments Pty Ltd		18/04/2008 to 18/07/2008	$3.70 to $4.20		Ordinary 2,176,422
6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are asfollows:
7. Addresses		Name and ACN/ARSN (if applicable	Nature of association
		MLCInvestmentsLimited	Is arelated body corporate of National AustraliaBank Limited
		EllyInvestmentsLimited	Is arelated body corporate of National AustraliaBank Limited
		Antares Managed InvestmentsLimited	Is a related body corporate of National Australia Bank Limited
		The addresses ofpersons named in this form are as follows:
		Name	Address
		National Australia Bank Limited	Level 34 500 Bourke Street MELBOURNE VIC 3000
		MLC Investments Limited	Ground Floor MLC Building 105-153 Miller Street SYDNEY NSW 2000
		National Nominees Limited	Level 35 500 Bourke Street MELBOURNE VIC 3000
		Antares Managed Investments Limited	Level 35 500 Bourke Street MELBOURNE VIC 3000
		Elly Investments Pty Ltd	Level 35 500 Bourke Street MELBOURNE VIC 3000
		Pengana Capital Limited	Level 29 20 Bond Street SYDNEY NSW 2000
		Pengana Holdings Pty Limited	Level 29 20 Bond Street SYDNEY NSW 2000
		Cogent Nominees Pty Ltd	Level 6 60 Castlereagh Street SYDNEY NSW 2000
		Michaela Healey Capacity Company Secretary for and on behalf of National Australia Bank Limited
Signature print name signature
		date 21 /07 / 2008

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ANNEXURE A

This is Annexure A of two pages referred to in the Form 603 Notice of initial substantial holder signed by me and dated 21 / 07 / 2008

Michaela Healey Company Secretary

National Australia Bank Limited River Boyne Pty Limited National Australia Investment Capital Limited River Embley Pty Limited Relationship Services Pty Limited Custom Lease Pty Limited (In Liquidation) Loyalty Pacific Pty Ltd (50% NAB; 50% Coles Myer) Hegira Limited FBP Awards Fund Pty Ltd (50% NAB; 50% Coles Myer) Custom Lease Pty. Limited (In liquidation) Loyalty Pacific (Hong Kong) Ltd (50% RSPL & 50% Tickoth P/L (Coles Fleet Systems Pty. Limited Myer) National Capital Guaranteed Fund Limited (In Liquidation) (49%) VPL Securities Pty Limited National Equities Limited Vilexton Pty Limited National Australia Group (NZ) Limited C.B.C. Investments Limited (In liquidation) BNZ International Australia Limited National Infrastructure Investment No.1 Pty Ltd Partown Pty Limited National Infrastructure Investment No.2 Pty Ltd BNZ Securities Australia Ltd National Infrastructure Investment No.3 Pty Ltd Bank of New Zealand C.B.C. Investments Services Limited (In liquidation) BNZ Capital Guaranteed Growth Fund Limited National Australia Securities Limited BNZ Funding Limited Tasovac Pty Ltd BNZ International Funding Limited ARDB Limited BNZ International (Hong Kong) Limited Australian Banks' Export Re-finance Corporation Limited BNZ International Australia Limited National HK Investments Limited Interchange and Settlement Limited (12.6%) Portsmouth Investments Company Pty Ltd (45%) Loyalty New Zealand Limited (25%) National Australia Managers Limited Cards NZ Limited (23%) National Australia Underwriters Limited BNZ Corporation Limited National Australia Corporate Advisory Limited (In Liquidation) Mondex New Zealand Limited (20%) Alice Corporation Pty Ltd (50% NAB; 50% Alice Ventures) BNZ Investments Limited Erstfeld Pty Limited BNZ Equipment Limited HICAPS Pty Limited BNZI Securities No. 1 Limited BOACT Pty Ltd BNZI Securities No. 2 Limited Matrix Film Investment One Pty Limited National Australia Limited NBA Leasing Pty. Limited New Zealand Card Services Limited National Nominees Limited Electronic Transaction Services Limited (25%) National Nominees (London) Limited (In Liquidation) BNZ International Limited Commercial Nominees Pty. Limited BNZ Property Investments Limited National Australia Investment Brokers Limited (In Liquidation) BNZ Branch Properties Limited Custom Credit Holdings Limited (In liquidation) BNZ Properties (Auckland) Limited O2-e Limited BNZ Properties Limited National eProcurement Ltd (In Liquidation) Custom Fleet (NZ) Limited National eProcurement Australia Pty Ltd (In Liquidation) Squadron No. 1 Limited (FKA Custom Service Leasing (New Zealand) National eProcurement UK Limited (In Liquidation) Limited) Valewin Pty Limited Squadron No. 2 Limited (fka Fleetlease (NZ) Limited) Elly Investments Pty Ltd Squadron No. 3 Limited (fka BNZ Fleet Limited) Rosie Investments Pty Ltd Squadron No. 4 Limited (fka Custom Flettleasing (NZ) Limited) National Global MBS Manager Pty Ltd National Australia Group Europe Limited Deesarn Pty Ltd National Americas Holdings Ltd Rycee 2 Pty Ltd National Capital Investments Limited Rycee 3 Pty Ltd Tokenhouse Investments Limited Rycee 6 Pty Ltd NAGE Trustee Company Limited Mockey 1 Pty Ltd National Australia Finance (Europe Holdings) Limited Antares Capital Partners Pty Ltd M.O.R.A. Development Company Limited (20%) Mockey 2 Pty Ltd Kensington Hotel (Belfast) Limited Mockey 3 Pty Ltd National Europe Holdings (GB) Limited Mockey 4 Pty Ltd Yorkshire Bank PLC Mockey 5 Pty Ltd Clydesdale Bank PLC Antares Managed Investments Limited CB Nominees Limited National Australia Capital Securities (UK) PLC Clydesdale Bank Asset Finance Limited National Australia Capital Securities (Jersey) Limited CGF No. 3 Limited NAB Capital LLC CGF No. 6 Limited nabCapital Securities, LLC CGF No. 9 Limited National Funding Holdings Pty Ltd CGF No. 12 Limited National Markets Group Limited Clydesdale Group Investments Limited Ausmaq (NZ) Limited Clydesdale Investments BV (49%) Australian Market Automated Quotation (Ausmaq) System Limited Clydesdale Bank Pension Trustee Limited NBA Properties Limited Clydesdale Europe Finance Limited (75%) NBA Properties (Qld.) Limited Yorkshire Bank Retail Services Ltd. NBA Properties (Vic.) Limited Storecard Ltd. CBC Holdings Limited Yorkshire Bank Finance Ltd. CBC Properties Limited Northern and General Finance Ltd. National Australia Group Services Limited Yorkshire Bank Equipment Leasing Ltd. Laura Pty Limited Yorkshire Bank Commercial Leasing Ltd Lavallette Pty Limited Scottish Agricultural Securities Corporation PLC (33%) N.S.W. Housing No.1 Pty Limited Allerton House Properties Limited Omnibus Leasing (1978) Limited YB Lease Ltd.

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Yorlease Ltd Yorkshire Bank Home Loans Ltd. Yorkshire Bank Investments Ltd. Yorkshire BIHK Limited Machill Investments Ltd (90%) Yorkshire Bank Financial Services Ltd Yorbank Nominees Ltd. Yorkshire Bank Nominees Ltd. Brunswick Collection Services Ltd YB Trust Company Ltd. North British Finance Group Ltd. EVR Limited Eden Vehicle Rentals Ltd. MSRA UK Limited National Australia Bank (GB) Limited Fairhalsen Collections Ltd. National Australia Group Europe Investments Ltd National Australia Finance (Hong Kong) PLC Angara Company Limited National Australia Group Europe Finance B.V. Ariodante Limited NAGEO B.V. PFA (UK) Limited Starfish Company Limited National Australia Finance (Leasing) Limited National Australia Group CIF Trustee Ltd National Australia Group SSP Trustee Ltd National Australia UK Pension Trustee Ltd NAB Investments Limited National Australia Group Europe Asset Investments Ltd The Deep in Hull Limited National Australia (Asset Finance) Limited National Australia Finance (Vessel Leasing No.1) Limited National Australia Finance (Vessel Leasing No.3) Limited National Australia Finance (Commercial Leasing) Limited National Australia Finance (Infrastructure Leasing No.1) Limited National Australia Finance (Infrastructure Leasing No.2) Limited National Australia Finance (Vessel Leasing) Limited National Australia Finance (Vessel Leasing No.2) Limited National Australia Finance (Equipment Leasing) Limited National Australia Finance (Asset Leasing) LLP (75%) National Australia Bank Pension Trustee (UK) Limited National Americas Investment, Inc MSRA Holdings, Inc National Americas Capital Investment LLC National Capital Holdings 1 LLC Young Street Limited National Capital Funding (UK) PLC National Australia Bank Finance Ireland Limited Clydesdale Trustee & Custodial Services (Ireland) Ltd (In liquidation) Clydesdale Corporate Investment Services (Ireland) Ltd (In Liquidation) Clydesdale Ireland Securities Nominees Limited (In Liquidation) National Australia Trustees Limited Bourke Street Nominees Pty Ltd (In Liquidation) National Australia Corporate Services Limited Nautilus Insurance Pte. Ltd. Nautilus Insurance (Europe) Limited National Australia Finance (Asia) Limited National Australia Finance (Hong Kong) PLC National Australia Funding (Delaware) Inc. National Australia Merchant Bank (Singapore) Limited National Australia Overseas Holding (Singapore) Private Limited National Wealth Management Holdings Limited Australian Company Number 094 484 625 National Australia Management Services Pty. Ltd. (In Liquidation) National Wealth Management Services Limited National Australia Financial Management Limited MLC Corporate Services Asia Pte Limited GWM Adviser Services Limited Godfrey Pembroke Limited MLC Holdings Limited Apogee Financial Planning Limited MLC Investments Limited MLC Lifetime Company Limited Australian Eagle Nominees Pty Limited (In Liquidation) Capita Properties Pty Ltd MLC Limited Plum Financial Services Limited PFS Nominees Pty Ltd PLUMFS Limited (In Liquidation) Godfrey Pembroke Financial Services Limited (in Liquidation)

ThreeSixty Limited (in liquidation) Fortuitous Assets Ltd (In Liquidation) Sophisticated Assets Ltd (In Liquidation) Eight Star Group Ltd (In Liequidation) Stable Markets Holdings Ltd (In Liquidation) FlexiPlan Australia Limited (In Liquidation) Heritage Management Limited (In Liquidation) Medfin Australia Pty Limited Messenia Pty Limited (In Liquidation) MLC Properties Pty Limited MLC Nominees Pty Ltd Your Prosperity Limited JANA Investment Advisers Pty Limited Superannuation for Australian Corporate Employees Pty Ltd (In Liquidation) NAFM Investments Pty. Ltd. (In Liquidation) National Australia Superannuation Pty. Ltd. National Asset Management Limited NAM NT Rail Pty Limited MLC Funds Management Limited (In Liquidation) National Wealth Management International Holdings Limited National Wealth Management Europe Holdings Limited National Europe Holdings (Wealth Management) Limited MLC UK Nominees Limited National Wealth Management Europe Services Limited Clydesdale Bank Insurance Brokers Limited Yorkshire Bank Financial Services Ltd - Refer Yorkshire Bank Northern Bank Insurance Services Ltd. National Wealth Management Europe Services Limited (fka National Australia Life Services Ltd) National Australia Insurance Services Limited MLC Savings Limited MLC Trust Management Company Ltd National Wealth Management New Zealand Holdings Limited BNZ Life Insurance Limited National Online Trading Limited National Online Trading Nominees Pty Ltd National Margin Services Pty Ltd NMS Nomineees Pty Ltd Asibond Pty Limited NAF Trustee Limited Guidestar Financial Limited Guidestar Financial Group Limited Diba Investments Limited Vipro Pty Ltd (owned by NAB, Westpac & CBA) Cruickshank Asset Management Pty Ltd Portsmouth Investment Company Pty Ltd nabCapital Leasing (No. 1) Pty Limited RMBS 2006-2 Finance Company Pty Ltd RMBS 2006-2 Investment Company Pty Ltd New City Living Japan (KK) NWMH Sub Limited Northward Capital Pty Ltd Gibson Hills Pty Limited Chelonia Swaps Pty Limited

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