Dividend Stocks

• The dividend case is defensive revenue with regulatory and claims risk, not guaranteed.

• The dividend case is appealing but dependent on credit quality and funding, not guaranteed.

• The dividend case is high quality for a retailer, but clearly discretionary, not guaranteed.

• National Australia Bank Limited (NAB) has a trailing yield near 4.53% and an indicated yield near 4.53%.

• The dividend case is potentially cash rich, but the indicated yield demands scepticism, not guaranteed.

• The dividend case is growth-oriented and promising, but dependent on execution and capital-market conditions, not guaranteed.

• The dividend case is possible but credit-cycle dependent, not guaranteed.