CCDS - Notification of Adjustment to PIR Cap

Nationwide Building Society

3 May 2017

NATIONWIDE BUILDING SOCIETY

(the "Society")

CORE CAPITAL DEFERRED SHARES ("CCDS") - NOTIFICATION

OF ADJUSTMENT TO THE PERIODIC INVESTMENT RETURNS ("PIR") CAP

NOTICE IS HEREBY GIVEN by the Society that, in respect of its financial year ended 4 April 2017, the PIR cap on each CCDS of the Society will be £15.67 per share. This amount has been calculated, in accordance with the relevant provisions in the Rules of the Society, by applying the relevant United Kingdom Consumer Price Index ("CPI") annual inflation percentage increase for the twelve months to and including March 2017 to the prevailing PIR cap for the previous financial year of £15.32 per share. For these purposes the CPI means the United Kingdom Consumer Price Index (overall index, 2015 = 100) published by the Office for National Statistics.

For further information, please contact:

Nationwide Building Society

One Threadneedle Street

London EC2R 8AW

Telephone: 0845 602 9053

Attention: Alex Wall

DISCLAIMER

This announcement is for information purposes only and does not constitute an invitation or offer to subscribe for or otherwise acquire or dispose of any securities of Nationwide Building Society in any jurisdiction.