NB Split Corp. will hold common shares of the National Bank of Canada, which is one of the best performing banks in Canada. The Corporation will generate fixed cumulative preferential distributions for the holders of the Preferred Shares and will allow the Capital Shares to participate in any capital appreciation in the National Bank of Canada Shares and benefit from any increase in the dividends payable on the Bank's Shares.

Preferred Shares

• Fixed dividend yield of 4.75% paid quarterly
• Provisional Pfd-2 (low) rating from DBRS
• Initial dividend coverage of 1.4x
• Initial downside protection of approximately 50%

Capital Shares

• Performance based on performance of National Bank of Canada shares
• Leverage factor of approximately 1.8x
• Initial dividend yield of approximately 0.64% paid quarterly
• Capital appreciation potential
• Potential for additional yield