Highlights:

Preferred Shares

• Attractive Fixed Dividend Yield of 4.75% paid quarterly
• Provisional Pfd-2 (low) rating from DBRS with Initial Dividend Coverage of 1.4x
• Initial Downside Protection of approximately 50%
• Superior Yield Relative to Comparable Preferred Shares

Capital Shares

• Leverage of approximately 1.8x
• Dividend Yield of approximately 0.64% paid quarterly
• Previous Bank Split Shares have Performed Strongly

NB Split Corp. is a corporation investing in common shares of the National Bank of Canada, 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.

The Capital Shares and the Preferred Shares are being offered separately but will be issued only on the basis that two Capital Shares will be issued and outstanding for each Preferred Share issued and outstanding. The net proceeds from the offerings of the Capital Shares and the Preferred Shares will be used by the Company to fund the purchase of the National Bank Shares.