DBRS Finalizes Rating of National Bank’s Non-Viability Contingent Capital Preferred Shares at Pfd-2 (low), Stable

DBRS has today finalized the rating of National Bank of Canada’s (the Bank or National Bank) Non-Cumulative five-year Rate Reset First Preferred Shares Series 30 (NVCC Preferred Shares Series 30 or Series 30) at Pfd-2 (low) with a Stable trend.

Following the review of all documentation associated with the recent offering, DBRS has confirmed that all terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on January 29, 2014. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Provisionally Rates National Bank’s Non-Viability Contingent Capital Preferred Shares Pfd-2 (low), Stable.”

The aggregate gross proceeds from the NVCC Preferred Shares Series 30 totalled $350 million. Proceeds from the issuance will be used for general business purposes.

For more information on DBRS’s methodologies and criteria or the banking industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013), which can be found on our website under Methodologies.