NATIONWIDE BUILDING SOCIETY

Capital/Financing Update • Jan 21, 2016

20 January 2016

Nationwide Building Society EUR 50,000,000 Floating Rate Notes due January 2019 issued pursuant to its U.S.\$25,000,000,000 European Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 28 September 2015 and the supplement thereto dated 20 November 2015 which together constitute a base prospectus for the purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU) (the Prospectus Directive) (the Base Prospectus). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus has been published on the website of the London Stock Exchange through regulatory $\mathbf{a}$ information service (http://www.londonstockexchange.com/exchange/news/market-news/market-news- home.html).

TYPE OF NOTE

2.			Ordinary
	Interest Basis:		Floating Rate (see paragraph 12 below)
		DESCRIPTION OF THE NOTES
3.	New Global Note:		Yes
4.	Form of Notes:		Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event
5.	(a)	Series Number:	483
	(b)	Tranche Number:	1
	(c)	Date on which the Notes will be consolidated and form a single Series:	Not Applicable
6.	(a)	Nominal Amount of Notes to be issued:	EUR 50,000,000
	(b)	Aggregate nominal amount of Series (if more than one issue for the Series):	EUR 50,000,000
	(c)	Specified Currency:	Euro ("EUR")

	Specified Denomination: (d)	EUR 100,000
	Calculation Amount: (e)	EUR 100,000
7.	Issue Price:	100 per cent.
8.	Issue Date:	22 January 2016
9.	Interest Commencement Date:	Issue Date
10.	Automatic/optional conversion from one Interest Basis to another:	Not Applicable
11.	Additional Financial Centre(s):	London

$\sim$

$\sim$

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

12.	Fixed Rate Note Provisions:			Not Applicable
13.	Zero Coupon Note Provisions			Not Applicable
14.	Floating Rate Note Provisions			Applicable
	(a)		Party responsible for calculating the Interest Rate and Interest Amount (if not the Agent):	Not Applicable
	(b)		Interest Period(s) or specified Interest Payment Date(s):	Quarterly on 22 January, 22 April, 22 July and 22 October in each year, commencing 22 April 2016 up to, and including, the Maturity Date, each subject to adjustment with the Business Day Convention.
	Business Day Convention: (c)			Modified Following Business Day Convention
	Additional Business Centre(s): (d)			Not Applicable
	(e)	First Interest Payment Date:		22 April 2016
	(f)	Manner in which Rate of Interest is to be determined:		Screen Rate Determination
	If Screen Rate Determination: (g)
		(i)	Reference Rate, Specified Time and Relevant Financial Centre:	Reference Rate: 3 month EURIBOR Specified Time: 11.00 a.m. Relevant Financial Centre: Brussels
		(ii)	Interest Determination Date:	Second business day on which the TARGET2 System is open prior to the first day of each Interest Period

	(iii)	Relevant Screen Page:	Reuters Page EURIBOR01
(h)		If ISDA Determination:	Not Applicable
(i)	Linear Interpolation:		Not Applicable
(i)	$Margin(s)$ :		Plus 0.37 per cent.
$\left( k\right)$		Minimum Interest Rate (if any):	Not Applicable
$\left( 1\right)$		Maximum Interest Rate (if any):	Not Applicable
(m)	Day Count Fraction:		Actual $/360$

PROVISIONS REGARDING REDEMPTION/ MATURITY

16.	Maturity Date:	Interest Payment Date falling on, or nearest to, 22 January 2019
17.	Redemption at Issuer's option:	Not Applicable
18.	Regulatory Event (Subordinated Notes only)	Not Applicable
19.	Redemption at Noteholder's option:	Not Applicable
20.	Final Redemption Amount:	Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at 100 per cent. of their nominal amount.
21.	Early Redemption Amount payable on redemption for taxation reasons or (for Subordinated Notes	EUR 100,000 per Calculation Amount

GENERAL PROVISIONS APPLICABLE TO THIS ISSUE OF NOTES

only)following a Regulatory Event or (for any Note) on an Event of Default:

U.S. Selling Restrictions: 22.

Reg S Compliance Category 2; TEFRA D

$\mathcal{A}$

Signed on behalf of NATIONWIDE BUILDING
SOCIETY
By: .	By:
iuthorised		Duly Authorised

PART B - OTHER INFORMATION

LISTING AND ADMISSION TO TRADING 1.

(a)	Listing and Admission to trading:	Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on London Stock Exchange's regulated market and listing on the Official List of the UK Listing Authority with effect from the Issue Date
(b)	Estimated of total expenses related to admission to trading	GBP 2,100
RATINGS
Ratings:		The Notes to be issued are expected to be rated:

Moody's Investors Service Limited: A1 Standard & Poor's Credit Market Services Europe Limited: A Fitch Ratings Ltd.: $\overline{A}$

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE $\overline{\mathbf{3}}$ .

Save for any fees payable to Deutsche Bank AG, London Branch (the Dealer), so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Dealer and its affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

$\overline{4}$ . YIELD (Fixed Rate Notes only)

Indication of yield:

$\overline{2}$ .

Not Applicable

$5.$ OPERATIONAL INFORMATION

(a)	ISIN:	XS1349444049
(b)	Common Code:	134944404
(c)	Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and the relevant identification number(s):	Not Applicable
(d)	Names and addresses of additional Paying Agent(s) (if $any)$ :	Not Applicable

CONFIRMATION OF EUROSYSTEM ELIGIBILITY

• To: Citibank, N.A., London Office Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom
• and: Clearstream Banking, S.A. 42 Avenue JF Kennedy L-1855 Luxembourg Luxembourg (as common safekeeper) for Euroclear Bank S.A./N.V. and Clearstream Banking, S.A.

20 January 2016

Dear Sirs,

Nationwide Building Society EUR 50,000,000 Floating Rate Notes due January 2019 issued pursuant to its U.S.\$25,000,000,000 European Note Programme

We hereby confirm that the Notes are intended to be held in a manner which would allow Eurosystem eligibility.

Intended to be held in manner which a allow would Eurosystem eligibility:

Yes. Note that the designation "yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

Please could you forward this letter to Clearstream Banking, S.A. and Euroclear Bank, S.A./N.V.

Nationwide Building Society

$Bv$ :