Date Closed

January 31, 2011

Lead Office

Toronto

Value

1.00 Billion USD

On January 31, 2011, pursuant to its recently established US$5 Billion Global Covered Bond Programme, National Bank of Canada (“NBC”) completed an offering in the United States under Rule 144A and Regulation S of an aggregate amount of US$1 billion Series 1 1.650% covered bonds due January 30, 2014 (the “Covered Bonds”).  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. Barclays Capital Inc., National Bank of Canada Financial Inc., Citigroup Global Markets Inc., and Morgan Stanley & Co. Incorporated acted as lead managers for the issuance.

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