NBC Recovery Note Securities linked to the S&P/TSX 60 Index S1

The NBC Recovery Note Securities linked to the S&P/TSX 60 Index, Series 1 (the "Note Securities") provide investors with the opportunity to participate in the short-term growth of the Canadian market via the S&P/TSX 60 Index (the "Reference Index"). If ever the return of the Reference Index at maturity is nil or negative, then the Note Securities will provide Holders with their Principal Amount of $100 as long as the closing level of the Reference Index has never reached [55% - 65%] of the Initial Index Level (the "Barrier"). Otherwise, the Note Securities incur 100% of the depreciation of the Reference Index.

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  2-year term.


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  Investors will receive a return based on the short-term appreciation of the Reference Index at maturity.


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  Subject to a maximum Variable Return of 50% (which represents a 22.47% annualized compounded yield).


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  Holders will get $100 back at maturity in a negative price return scenario if the Index closing level never reaches the Barrier.


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  If ever the Barrier is reached, every 1% decrease of the Reference Index at maturity will translate into 1% loss on the Note Securities


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  The Barrier is between 55% and 65% of the Initial Index Level.*


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  A daily secondary market will be available from issuance under normal market conditions and subject to early trading charges.