The National Bank of Canada Completes its $175 Million Preferred Share Offering

Montreal, 13 July 2000 - 

National Bank of Canada (the "Bank") announced today that it has completed its offering of $175 million of 7,000,000 Non-cumulative Preferred Shares, Series 13 (the "Preferred Shares"). The Preferred Shares were priced at $25 per share and will initially yield 6.40 per cent annually. The Preferred Shares are listed on The Toronto Stock Exchange under the symbol NA.PR.J.

The offering was underwritten by a syndicate led by National Bank Financial Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., TD Securities Inc., BLC Securities Inc., and Trilon Securities Corporation. The net proceeds of the offering will be used for general banking purposes and will enlarge the Bank’s Tier 1 capital base.

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