National Bank of Canada Announces Closing of $400 Million NVCC Preferred Share Offering

Not for distribution to U.S. news wire services or for dissemination in the United States.

MONTREAL, Jan. 22, 2016 /CNW Telbec/ - National Bank of Canada ("National Bank") today announced that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 34 (non-viability contingent capital (NVCC)) (the "Series 34 Preferred Shares"). National Bank issued 16 million Series 34 Preferred Shares at a price of $25.00 per share to raise gross proceeds of $400 million.

The offering was underwritten by a syndicate led by National Bank Financial Inc.

The Series 34 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.X.

The Series 34 Preferred Shares were issued under a prospectus supplement dated January 15, 2016 to National Bank's short form base shelf prospectus dated December 1, 2014.

The Series 34 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This press release shall not constitute an offer to sell or a solicitation to buy securities in the United States.

Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

About National Bank of Canada
With $216 billion in assets as at October 31, 2015, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has close to 20,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at or via social media such as Facebook, LinkedIn and Twitter.


SOURCE National Bank of Canada

For further information: (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders): Claude Breton, Vice-President, Public Affairs and Investor Relations, National Bank of Canada, Tel.: 514-394-8644; Hélène Baril, Senior Director, Investor Relations, National Bank of Canada, Tel.: 514-394-0296


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