Date Closed

February 10, 2012

Lead Office

Toronto

Value

600.00 Million USD

On February 10, 2012, National Bank of Canada (“NBC”) completed an offering in the United States under Rule 144A and Regulation S of an aggregate amount of US$600 million Series 2, Tranche 2 2.200% covered bonds due October 19, 2016 pursuant to its US$5 Billion Global Covered Bond Programme.  The Covered Bonds trade on the London Stock Exchange and are irrevocably and unconditionally guaranteed as to timely payment of principal and interest by NBC Covered Bond Guarantor Limited Partnership.

National Bank of Canada Financial Inc., RBC Capital Markets LLC and RBS Securities Inc. acted as lead managers for the issuance.

National Bank of Canada, headquartered in Montréal, Québec, is the sixth largest commercial bank in Canada.

McCarthy Tétrault LLP represented National Bank of Canada, with a team led by Marc MacMullin.