National Bank of Canada Establishes $2 Billion Medium Term Note Program

On April 23, 2008, National Bank of Canada completed the establishment of a $2 billion medium term note (structured note) program. The program was established pursuant to a short form base shelf prospectus dated the same day. The note securities may be offered by National Bank Financial Inc. and by such other investment dealers as may be selected from time to time by the bank.

Jean-Pierre Chamberland (securities) and Thomas Copeland (tax) of Fasken Martineau DuMoulin LLP advised National Bank of Canada in the establishment of this program.

Jennifer Parkin of McMillan LLP advised National Bank Financial Inc.