National Bank of Canada Announces Results of Conversion Rights of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 38 Non-Viability Contingent Capital (NVCC) (the “Series 38 Shares”)

Montreal, November 4, 2022

Not for distribution to U.S. news wire services or for dissemination in the United States.

National Bank of Canada (the “Bank”) (TSX: NA) announced today that none of its outstanding 16,000,000 Series 38 Shares will be converted on November 15, 2022, into Non-Cumulative Floating Rate First Preferred Shares, Series 39 (NVCC) (the “Series 39 Shares”).

During the conversion period, 82,826 Series 38 Shares were tendered for conversion into Series 39 Shares, which is less than the minimum 1,000,000 required to give effect to the conversion, as per the terms of the Series 38 Shares described in the prospectus supplement dated June 5, 2017.

As a result, no Series 39 Shares will be issued on November 15, 2022, and holders of Series 38 Shared will retain their shares.

The Series 38 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.C. The annual dividend rate for such shares for the five-year period commencing on November 16, 2022, and ending on November 15, 2027, will be 7.027%.

About National Bank of Canada
With $387 billion in assets as at July 31, 2022,  National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 28,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media such as  Facebook LinkedIn and  Twitter .


Marie-Pierre Jodoin

Senior Manager, Public Affairs and Corporate Social Responsibility
National Bank of Canada