Deposit Notes

• Your potential return is linked to the stock markets.
• Notes may be redeemed prior to maturity.

Available through National Bank Direct Brokerage only.

Canadian Blue Chip III Deposit Notes™

Type	Protected Principal
Investment horizon	8.5 years
Risk level
Return (%)	Known at maturity
Minimum investment	$1,000
Issue date	On or about March 9, 2012
Sales period	From January 16 to March 2, 2012 at 4 p.m.
Available through National Bank Direct Brokerage only.

Exposure to 20 Canadian companies. Callable for redemption by National Bank of Canada 4 years after the issue date at $135.98 per Note, for a potential annual compound return of approximately 7.50%. Unlimited potential return at maturity if National Bank of Canada does not exercise its early redemption right 4.25 years after the issue date. No management fees. Common dividends will not be reinvested in the portfolio. A daily secondary market will be maintained by National Bank Financial. An early redemption fee will apply for the first 24 months. Capital is 100%-protected by National Bank of Canada at maturity. Not insured by Canada Deposit Insurance Corporation (CDIC)

Index performance tracking Technical sheet - current issue Information statement

The Canadian Blue Chip III Deposit Notes™ (the "Notes") are a principal-protected investment redeemable at maturity by the National Bank of Canada. The Notes offer uncapped return potential over an 8.5-year term. National Bank of Canada may, at its discretion, call the Notes for redemption on the 4 and a quarter year anniversary of their issue date with a premium of 35.98% representing an annual compound return of approximately 7.50%. In such a case, the investor may not fully benefit from the appreciation in the value of the Reference Portfolio. Variation in the Reference Portfolio, which corresponds to the variation in the Reference Portfolio Return, will have a direct impact on the return payable. If the Reference Portfolio does not generate a positive return at maturity, the Notes will produce no return. It is thus possible that no return will be paid. The Reference Share Return is a price return, and will not take into account dividends paid in respect of the Reference Share. Minimum investment of $1,000 is applicable. An Information Statement, which contains the complete information (including calculation and payment of return, reference portfolio, repayment of principal, risk factors, fees and possible lack of liquidity) relating to each issue of the Notes, is available upon request and will be sent to the investors prior to the closing date. Notes are not suitable for all types of investors. Potential investors should consult the Information Statement and their investment advisor before investing in the Notes. The Deposit Notes do not constitute deposits eligible under the Canada Deposit Insurance Corporation Act. Capitalized terms used in herein and not otherwise defined have the meaning ascribed thereto in the Information Statement of the Deposit Notes. The Notes can be bought and sold on a daily secondary market maintained by National Bank Financial under normal market conditions. Any sale in the secondary market may be made at a price less than the principal amount, and may be subject 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 Notes referred to herein