The NBC Globe-Trotter Deposit Notes with Low Point^TM are finally back. The 8-year term Deposit Notes aim to provide a return at maturity based on the price return of 20 leading international companies, while enjoying full principal protection at maturity. The return at maturity is calculated advantageously starting from the lowest of 13 monthly portfolio levels observed in the first year.

The Low Point Valuation Dates will be comprised of the Issuance Date and the twelve subsequent monthly anniversary dates following the Issuance Date. Of the 13 portfolio levels recorded, the lowest will be kept and will be used as the Locked-in Initial Reference Portfolio Level or "low point."

This unique feature allows investors to buy now while benefiting from the lowest level of the 13 observed levels in the first year, as their investment is automatically and optimally synchronized with the market. This structure may be relevant for the current market climate; where reluctant investors may worry about a market correction in the next twelve months.

Features

• 	Index performance tracking
  	Technical sheet - current issue
  	Information statement

  Principal fully protected at maturity by the Bank (not insured by Canada Deposit Insurance Corporation (CDIC))
• Linked to a Reference Portfolio comprised of common shares of 20 leading international companies
• Exposure to a Reference Portfolio with sector and geographic diversification without risking the invested principal
• Eight-year term
• Exposure to exchange rate fluctuations
• Daily secondary market under normal market conditions and may be subject to early trading charges.
• Callable for redemption by the Bank four years after the Issuance Date at $136.05 per Deposit Note (approximately 8.00% annual compounded return at the Bank Early Redemption Date)
• If the Deposit Notes are not redeemed, the return at maturity is calculated advantageously starting from the lowest of the 13 monthly Reference Portfolio Levels observed in the first 12 months
• Unlimited potential return at maturity if the Bank does not call the Deposit Notes for redemption
• Minimum investment $1,000
• Eligible for different account types (RRSP, RRIF, RESP, RDSP, DPSP and TFSA)

NBC Globe-Trotter Deposit Notes with Low Point^tm, series 11, (the " Deposit Notes") are principal protected and redeemable at maturity by National Bank of Canada. The Deposit Notes aim to provide Holders thereof a return at maturity based on the price return, converted into Canadian dollar, of a notional Reference Portfolio comprised of common shares of 20 leading international companies. The Variable Return will be equal to the greater of (i) zero and (ii) the product of $100 and the Reference Portfolio Return. The Reference Portfolio Return will be equal to a number, expressed as a percentage, equal to the difference between the Reference Portfolio Level on the Valuation Date and the Locked-in Initial Reference Portfolio Level, divided by 1,000. The Locked-in Initial Reference Portfolio Level will be equal to the lowest Reference Portfolio Level calculated on each Low Point Valuation Dates which are the Issuance Date and the twelve subsequent monthly anniversary dates following the Issuance Date. The Reference Portfolio Level will be initially fixed at 1,000 on the Issuance Date and it will fluctuate thereafter according to the Average Reference Share Return which is the arithmetic average of the Reference Share Return of the 20 Reference Shares. The Reference Share Return will be that of the Reference Share’s percentage gain or loss measured from its closing price on the Issuance Date converted into Canadian dollars at the FX Rate on the Issuance Date to its closing price on the relevant calculation date, converted into Canadian dollars at the FX Rate on the relevant calculation date.

Any variations in the Reference Portfolio will have a direct impact on the return of the Deposit Notes at maturity. If the Reference Portfolio does not produce a positive return at maturity, the Deposit Notes will produce no return. It is therefore possible that no return will be paid. The Reference Share Return is a price return, and shall not take dividends paid to the Reference Share into account. A minimum $1,000 investment is required.

Deposit Notes are not suitable for all types of investors. An investment in the Deposit Notes is subject to a number of risk factors. Prospective purchasers should consult the Information Statement and their investment advisor before investing in the Deposit Notes. The Deposit Notes will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act. Terms used herein and not otherwise defined have the meaning ascribed thereto in the Information Statement. A daily secondary market is maintained by National Bank Financial, subject to normal market conditions and to early trading charges. This document is for information purposes only and does not constitute an offer to sell or a solicitation to buy the Deposit Notes referred to herein.