Press Releases

National Bank of Canada announces $500 million offering of Medium Term Notes

Montreal, 28 April 2008 -

National Bank of Canada (the “Bank”) announced today that it intends to issue CAD$500 million of medium term notes (the “Series 6 Notes”) constituting subordinated indebtedness through its Medium Term Notes Program.

The net proceeds from the issuance of the Series 6 Notes will be added to the general funds of the Bank and will be used for general banking purposes. The Series 6 Notes are eligible for inclusion as Tier 2B capital of the Bank. The offering is scheduled to close on May 1, 2008.

The Series 6 Notes will be dated May 1, 2008 and will mature on November 15, 2018. Interest on the Series 6 Notes will be paid semi-annually at 5.55% per annum until November 15, 2013 and thereafter will be equal to the 90-day Bankers’ Acceptance Rate plus 2.64% and will be payable quarterly. The Series 6 Notes are redeemable at the Bank’s option at par on and after November 15, 2013.

The Series 6 Notes have been assigned a rating of A (high) with a stable trend from DBRS Limited, A- from Standard & Poor’s Rating Service and Aa3 with a stable outlook from Moody’s Investors Service, Inc.

The offering of the Series 6 Notes is made pursuant to the Short Form Base Shelf Prospectus dated September 21, 2006 and a Pricing Supplement relating to the Series 6 Notes which will be filed by the Bank with the securities regulatory authorities in all provinces of Canada. National Bank Financial Inc. acted as lead agent for the offering.

The Series 6 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 National Bank of Canada
National Bank of Canada is an integrated group which 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. The 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. National Bank has more than $120 billion in assets and, together with its subsidiaries, employs 16,856 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.

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

Denis Dubé
Director, Public Relations Department
National Bank of Canada
Tel.: 514-394-8644