Closing of $350,000,000 Offering of National Bank of Canada Series 1 Medium Term Notes

National Bank of Canada (the "Bank") announces that it has closed its issue of $350,000,000 of Medium Term Notes Series 1 (the "Notes") dated June 7, 2000 and due June 7, 2010. The Notes were distributed at a price of 100% of their principal amount by a syndicate of agents led by National Bank Financial Inc. and comprising BMO Nesbitt Burns Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., TD Securities Inc., BLC Securities Inc. and Casgrain & Company Limited. The purpose of the Offering is to enlarge the Bank's Tier 2B capital base.

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