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Guaranteed-Capital Solutions ? Promotional GICs Also available as an RRSP Term Risk level Return Evoluterm GIC 3 years 1st year : % 2nd year : % 3rd year : % Known final return 5 years 1st year : % 2nd year : % 3rd year : % 4th year : % 5th year : % Known final return Non-redeemable Escalarator GIC 3 years Average rate % Preferred rate 3rd year: % 5 years Average rate % Preferred rate 5th year: % Non-redeemable GICs with unconventional terms 14 months Average rate % Known final return Simple Compound 19 months Average rate % Known final return Simple Compound 37 months Average rate % Known final return Simple Compound 51 months Average rate % Known final return Simple Compound 58 months Average rate % Known final return Simple Compound Redeemable Escalarator GIC 3 years Average rate % Preferred rate 3rd year: % 5 years Average rate % Preferred rate 5th year: % GIC redeemable without penalty 12 months % Known final return 14 months % Known final return 24 months % Known final return Simple Compound Monthly cash management GIC Amount invested : $5,000 to $99,999 % Known final return Amount invested : $100,000 to $499,999 % Known final return $500,000 to $999,999 % Known final return 18 months % Known final return Simple Compound Conventional GICs Also available as an RRSP or a TFSA Term Risk level Return Non-Redeemable GIC 1 month Rate % Known final return 3 months Rate % Known final return 6 months Rate % Known final return 1 year Rate % Known final return 18 months Rate % Known final return 2 years Rate % Known final return 3 years Rate % Known final return 4 years Rate % Known final return 5 years Rate % Known final return Redeemable GIC 1 month Rate % Known final return 3 months Rate % Known final return 6 months Rate % Known final return 1 year Rate % Known final return 2 years Rate % Known final return 3 years Rate % Known final return 4 years Rate % Known final return 5 years Rate % Known final return TermNote Plus GIC 61 months Rate % Known final return 84 months Rate % Known final return Redeemable US$ GIC 1 month Rate % Known final return 3 months Rate % Known final return 6 months Rate % Known final return 1 year Rate % Known final return 2 years Rate % Known final return 3 years Rate % Known final return 4 years Rate % Known final return 5 years Rate % Known final return Non-redeemable US$ GIC 1 month Rate % Known final return 3 months Rate % Known final return 6 months Rate % Known final return 1 year Rate % Known final return 2 years Rate % Known final return 3 years Rate % Known final return 4 years Rate % Known final return 5 years Rate % Known final return NBC Optimarket GICs (variable return)1 Also available as an RRSP Term Risk level Guaranteed Interest at maturity Maximum Interest at maturity Canadian Advantage 8 (5 years) GIC 5 years N/A At maturity, the Variable Interest, if any, will not be subject to a cap (except for the 8 Reference Shares with the highest price returns, which are automatically assigned a 31.50% return)2 Canadian Advantage 8 (3.5 years) GIC 3 years and a half N/A 15.00% (approximately 4.07% compounded annually)3 Diversified GICs 5 years 7.19% (approximately 1.40% compounded annually)4 16.11% (approximately 3.03% compounded annually)4 Diversified GIC – Stability 5 years 4.98% (approximately 0.98% compounded annually)4 19.00% (approximately 3.54% compounded annually)4 Diversified GIC – Balanced 5 years 2.76% (approximately 0.55% compounded annually)4 21.89% (approximately 4.04% compounded annually)4 Diversified GIC – Performance

¹ The NBC Optimarket^TM GICs are not a conventional fixed income investment, are not suitable for all types of investors and are subject to a number of risk factors. Potential purchasers should consult the Information Statement before investing. The Bank has issued previous series which may have different terms and conditions. Please refer to our website for the list of terms and conditions, compared to the previous series. Capitalized terms used and not otherwise defined herein have the meaning ascribed thereto in the relevant Information Statement. NBC Optimarket^TM GIC is a trademark of the National Bank of Canada.

² At maturity, the Variable Interest of the Canadian Advantage 8 GIC, 5 years, Investors Category (“Canadian Advantage 8 GIC”), if any, will not be subject to a cap. However, in the calculation of the Variable Interest, the price return of the 8 highest performing Reference Shares comprising the Reference Portfolio will be assigned a fixed return of 31.50% at maturity. The Variable Interest is contingent on the price performance of a Reference Portfolio composed of the common shares of 20 Canadian companies. The Reference Portfolio Return is the arithmetic average of the price returns of the Reference Shares, where each of the 8 Reference Shares with the highest price return will be allocated a fixed return of 31.50%, for the purpose of such calculation, notwithstanding their actual return. The remaining 12 Reference Shares will be assigned their actual price returns. A change in the Reference Portfolio has a direct impact on the variable interest payable at maturity. No interest or any other amount will be paid during the term of the Canadian Advantage 8 GIC. If the Reference Portfolio does not generate a positive price return at maturity, the Canadian Advantage 8 GIC will not generate any Variable Interest and, in this case, only the principal will be repaid.

³ The Variable Interest of the Canadian Advantage 8 GIC, 3.5 years, Investors Category (“Canadian Advantage 8 GIC”) will be limited to a maximum of 15.00%. The Variable Interest is contingent on the price performance of a Reference Portfolio composed of the common shares of 20 Canadian companies. The Reference Portfolio Return is the arithmetic average of the price returns of the Reference Shares, where each of the 8 Reference Shares with the highest price return will be allocated a fixed return of 15.00%, for the purpose of such calculation, notwithstanding their actual return. The remaining 12 Reference Shares will be assigned their actual price returns. A change in the Reference Portfolio has a direct impact on the variable interest payable at maturity. No interest or any other amount will be paid during the term of the Canadian Advantage 8 GIC. If the Reference Portfolio does not generate a positive price return at maturity, the Canadian Advantage 8 GIC will not generate any Variable Interest and, in this case, only the principal will be repaid.

⁴ The Diversified GICs offer three distinct investment solutions which combine different weightings of a fixed-rate GIC, a GIC linked to Canadian equity markets and a GIC linked to global equity markets. The Variable Interest of the Diversified GICs is based on the return of the three Reference Assets comprised in the Reference Portfolio. The Reference Portfolio Return is equal to the weighted average return of the Reference Assets, calculated as the sum of the Weighted Reference Asset Return of the Reference Assets. The Variable Interest will be no less than the Guaranteed Interest and will be limited to the Maximum Interest. Refer to the table above for details on each Diversified GIC. No interest or any other amount will be paid during the term of the Diversified GICs. Notwithstanding whether the Reference Portfolio Return is positive or not at maturity, the Diversified GICs will generate the Guaranteed Interest. However, if the Reference Portfolio Return is not greater than the Guaranteed Interest, the Diversified GICs will generate only the Guaranteed Interest in addition to the principal invested on the Issue Date. Fluctuations in currency exchange rates of the Reference Shares of the Global Precision 10 will affect the performance of the Reference Asset Return of the Global Precision 10 comprised in the Reference Portfolio and therefore, the Reference Portfolio Return and as a result, the value of the Diversified GICs.