National Bank of Canada Announces Results of Conversion Rights for First Preferred Shares, Series 30 (NVCC)

Montreal, May 2, 2024

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 14,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 30, Non-Viability Contingent Capital (NVCC) (the “Series 30 Shares”) will be converted, on May 15, 2024, into Non-Cumulative Floating Rate First Preferred Shares, Series 31 (NVCC) (the “Series 31 Shares”).

During the conversion period, 42,445 Series 30 Shares were tendered for conversion into Series 31 Shares, which is less than the minimum 1,000,000 shares required to give effect to the conversion, as per the terms of the Series 30 Shares described in the prospectus supplement dated January 31, 2014.

As a result, no Series 31 Shares will be issued on May 15, 2024, and holders of Series 30 Shares will retain their shares.

The Series 30 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.S. As previously announced on April 15, 2024, the annual dividend rate for the Series 30 Shares for the five-year period commencing on May 16, 2024, and ending on May 15, 2029, will be 6.191%.

About National Bank of Canada
With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at  or via social media.



Stéphanie Rousseau

Senior Advisor, Public Affairs
National Bank of Canada