National Bank of Canada (the ‘Bank’) announced the filing of a prospectus supplement to a short form base prospectus dated November 21, 2016 with the various securities regulatory authorities in all provinces of Canada to establish a Medium Term Notes Program (the "MTN Program"). The Bank also announced that it intends to issue $750 million aggregate principal amount of 3.183% Medium Term Notes due February 1, 2028 (Non-Viability Contingent Capital (NVCC)) constituting subordinated indebtedness of the Bank through its MTN Program (the ‘Notes’). The Notes will be issued and sold through a dealer syndicate led by National Bank Financial Inc. The Notes are expected to be issued on February 1, 2018 and will mature on February 1, 2028. Interest on the Notes will be paid semi-annually at 3.183% per annum until February 1, 2023 and thereafter at a floating rate equal to the 3-month CDOR plus 0.72% payable quarterly. The Bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the Notes on or after February 1, 2023, in whole or in part, at par plus accrued and unpaid interest on not less than 30 nor more than 60 days' prior notice to holders. Net proceeds of from the issuance the Notes will be used for general corporate purposes and added to the Bank's capital base. The Notes 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 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.