Press Releases

National Bank of Canada announces $1 billion offering of medium term notes

Montreal, 2 April 2012 -

National Bank of Canada (the “Bank”) announced today that it intends to issue $1 billion of medium term notes (the “Series 7 Notes”) constituting subordinated indebtedness through its Medium Term Notes Program. The net proceeds from the issuance of the Series 7 Notes will be added to the general funds of the Bank and will be used for general banking purposes.

The Series 7 Notes are expected to be issued on April 11, 2012 and will mature on April 11, 2022. Interest on the Series 7 Notes will be paid semi-annually at 3.261% per annum until April 11, 2017 and thereafter at a floating rate equal to the rate on 3-month CDOR plus 1.38% and will be payable quarterly. The Series 7 Notes are redeemable at the Bank’s option, with the approval of the Office of Superintendent of Financial Institutions on and after April 11, 2017.

The Series 7 Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell in the United States.

About the National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. As of January 31, 2012, National Bank has over CDN$175 billion in assets in accordance with IFRS and, together with its subsidiaries, employs 19,785 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca. To access National Bank’s financial education portal, visit
www.clearfacts.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):

Joan Beauchamp
Senior Advisor, Public Affairs
National Bank
Tel: 514-394-6500

Hélène Baril
Senior Director, Investor Relations
National Bank
Tel: 514-394-0296