Ms. Linda Boulanger reports

NBC ASSET TRUST'S ANNOUNCES REDEMPTION OF TRUST CAPITAL SECURITIES - SERIES 1

NBC Asset Trust, a closed-end trust established by National Bank of Canada, intends to redeem all of the outstanding 400,000 trust capital securities -- Series 1 -- on June 30, 2018, at a price per unit of $1,000. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

Notice to the NBC CapS II -- Series 1 -- holders will be delivered in accordance with the terms outlined in the NBC CapS II -- Series 1 -- prospectus. Separately from the redemption amount, the final semi-annual distribution of $36.175 per NBC CapS II -- Series 1 -- will be paid in the usual manner on June 29, 2018.

Payment of the redemption amount will be held by Computershare Investor Services Inc. and will be payable to holders of the NBC CapS II -- Series 1 -- as of July 3, 2018. The rights of holders of the NBC CapS II -- Series 1 -- will be limited to receiving the redemption amount, and following the redemption, they will no longer be entitled to distributions or exercise any other rights.

The holders of NBC CapS II -- Series 1 -- should consult their own tax advisers for advice with respect to the income tax consequences to them of such redemption having regard to their particular circumstances.

About National Bank of Canada

With $251-billion in assets as at Jan. 31, 2018, National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 21,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity.