Legal Notice

The Short Form Base Shelf Prospectus, the Pricing Supplement, the Information Statement and other material on this website (the «Documents» or the «Document») do not constitute an offer or invitation to purchase principal and non principal protected notes (the «Notes» or the «Note») by anyone in any jurisdiction in which such offer or invitation is not authorized or to any person to whom it is unlawful to make such offer or invitation. The distribution of a Document and the offering or sale of the Notes may be prohibited or restricted by law in some jurisdictions. Persons who receive or review any material on this website must inform themselves about and observe any such laws. A Document is an offering of Notes only in those jurisdictions where, and only to those persons to whom, the Notes may be lawfully offered for sale, and then only through individuals qualified to sell the Notes.

The return on the Note is dependent on the change in value (which may be positive or negative) of the underlying assets during the term of the Note. Except where a Note expressly provides for a minimum guaranteed return, it is possible that no return will be paid (or no additional return in the case of a Note with a minimum guaranteed return) to the holder. Some Notes may also be subject to caps, participation rates and/or other limits. The full principal amount will be repaid at maturity in case of protected notes. Since the principal amount of the non principal protected notes will not be guaranteed and will be at risk, holders may not receive any amount at maturity and holders could lose substantially all of their investment in the non principal protected notes. An investment in the Notes is subject to a number of risk factors. Please see the relevant Document for complete details, including the precise formula for determining the return, on any Note.

National Bank Financial Inc. intends to maintain a secondary market, but reserves the right not to do so in the future in its sole discretion without providing prior notice to holders. Please see the Documents for details.

Some Notes are linked to the performance of one or more indices. Each index name generally represents a trademark or service mark of the relevant index sponsor who reserves all rights, including copyright to the index. Each index is licensed for use by National Bank of Canada. The Notes are not sponsored, endorsed, sold or promoted by any index sponsor and none of the index sponsors makes any representation, warranty, or condition regarding the advisability of investing in the Notes or accepts any liability in relation to the issue, operation and trading of the Notes. Holders should read the applicable Document for more information on any index, including its historical performance.