SALES PERIOD:April 19, 2018 to June 6, 2018

ISSUE DATE:June 13, 2018

MATURITY DATE:December 11, 2020

INVESTMENT HIGHLIGHTS FOR THIS PROMOTIONAL SERIES:

Maximum Interest at maturity: 7.00%(2.74% compounded annually)

Investment details

Term: 2.5 years Minimum Investment: $500 100% principal protected at maturity Eligible for the CDIC deposit insurance2

Eligible for registered* and non-registered accounts Exposure to foreign currency fluctuations

The Global Equity GIC offers the growth potential of a global diversified equity portfolio (the “Reference Portfolio”) while ensuring peace of mind due to capital protection at maturity.

The Variable Interest is calculated based on the price performance of the Reference Portfolio (please refer to page 2 for more details on Variable Interest calculation).

* For information on availability, please consult your advisor.

Global Equity GICSeries 18, Investors Category1 —

NBC OptimarketTM GIC

INVESTINGGlobal Equity GIC, Series 6

2

Reference Portfolio—Exposure to the common shares of 20 global companies (the "References Shares"):

– BHP Billiton Limited– Unilever N.V.– BNP Paribas SA– TOTAL SA– GlaxoSmithKline plc– Cisco Systems, Inc.– Intel Corporation

– Caterpillar Inc.– DowDuPont Inc.– Ford Motor Company– General Electric Company– HP Inc.– JPMorgan Chase & Co.– Pfizer Inc.

– AT&T Inc.– Nestlé SA– Honda Motor Co., Ltd.– Mitsubishi Corporation– Allianz SE– E.ON SE

The Reference Portfolio Return calculation (as described below) is based on the price return of the Reference Shares and will not take into account dividends paid on such shares. The dividends paid on account of all of the Reference Shares represented an annual return of approximately 3.80% as of April 3, 2018 representing an aggregate yield of of approximately 9.49% over the term of the 2.5-year GIC, assuming that the yield remains constant and dividends and/or distributions are not reinvested.

Potential Return—Following maturity, investors will be entitled to receive repayment of the principal invested on the Issue Date and a Variable Interest (as described below), depending on the performance of the Reference Portfolio. The potential return on the Reference Portfolio (the "Reference Portfolio Return") will be limited to the Maximum Interest.

No interest or any other amount will be paid during the term of the Global Equity GIC. If the Reference Portfolio does not generate a positive price return over the term of the Global Equity GIC, the Global Equity GIC will not generate any Variable Interest and, in this case, no return will be paid.

Variable Interest Calculation—The Variable Interest is based on the price return converted into Canadian dollars of the Reference Shares included in the Reference Portfolio over the term of the Global Equity GIC and is calculated as follows:

Variable Interest = Principal invested on the Issue Date x Reference Portfolio Return

The Reference Portfolio Return is the arithmetic average of the Reference Share Return of each of the Reference Shares comprising the Reference Portfolio, subject to the Maximum Interest. The Reference Share Return used to calculate the Reference Portfolio Return is based on the average of the three Reference Share Prices of each Reference Share determined over the last three months of the term of the Global Equity GIC. As a result, a brief period of high market volatility at the end of the term of the Global Equity GIC is less likely to have a significant impact on the Variable Interest.

Some of the Reference Shares are traded and denominated in foreign currencies and the price of such Reference Shares used to calculate the return payable under the Global Equity GIC will need to be converted in Canadian dollars at the applicable FX Rate. As a result, Global Equity GIC investors will be exposed to currency fluctuations in the exchange rates between the Canadian dollar and foreign currencies which will affect the performance of the Reference Portfolio and therefore the value of the Global Equity GIC.

The Global Equity GIC is not a conventional fixed income investment, as it does not provide investors with a defined income stream or a return that can be calculated by reference to a fixed or floating rate of interest that is determinable in advance.

Sector diversification of the Reference PortfolioFinancial Services 15%Industrials 15%Information Technology 15%Consumer Discretionary 10%Consumer Staples 10%Health Care 10%Materials 10%Energy 5%Telecommunication Services 5%Utilities 5%

Geographic diversification of the Reference PortfolioUnited States 50%France 10%Germany 10%Japan 10%Australia 5%Netherlands 5%Switzerland 5%United Kingdom 5%

INVESTINGGlobal Equity GIC, Series 6

3

Scenario Analysis—The following hypothetical examples are included for illustration purposes only and should not be construed as forecasts or projections. There can be no assurance that the results shown will be achieved.3

Hypothetical example of a Maximum InterestThe following table is based on the assumption that most of the closing prices for the Reference Shares will increase during the 2.5-year term of the Global Equity GIC and that the FX Rate fluctuation will positively impact the Reference Share Returns.

Reference Share

Issue Date Average Valuation Date 1

Average Valuation Date 2

Average Valuation Date 3 Reference Share

Final Average Value (Can$)

(A + B + C)/3

Reference Share ReturnReference Share

Initial Value (Can$)

Reference Share Price (Can$)

(A)

Reference Share Price (Can$)

(B)

Reference Share Price (Can$)

(C)BHP Billiton Limited 24.28 26.00 26.53 25.20 25.91 6.72%Unilever N.V. 66.48 85.87 90.21 84.87 86.98 30.84%BNP Paribas SA 86.85 107.97 111.44 104.84 108.08 24.45%TOTAL SA 68.31 80.08 84.13 79.15 81.12 18.76%GlaxoSmithKline plc 2,771.05 3,147.41 3,306.67 3,110.84 3,188.31 15.06%Cisco Systems, Inc. 44.69 50.56 53.12 49.97 51.22 14.60%Intel Corporation 48.48 55.38 58.18 54.73 56.10 15.71%Caterpillar Inc. 126.48 149.20 156.75 147.47 151.14 19.50%DowDuPont Inc. 84.57 103.48 108.72 102.28 104.83 23.96%Ford Motor Company 15.27 17.45 18.34 17.25 17.68 15.76%General Electric Company 40.22 44.15 46.38 43.64 44.72 11.20%HP Inc. 23.71 24.38 25.61 24.09 24.69 4.14%JPMorgan Chase & Co. 117.14 132.47 139.18 130.93 134.19 14.56%Pfizer Inc. 45.97 54.00 56.73 53.37 54.70 18.99%AT&T Inc. 55.77 65.71 69.03 64.94 66.56 19.34%Nestlé SA 102.73 121.87 128.04 120.45 123.45 20.17%Honda Motor Co., Ltd 39.50 40.13 42.16 39.67 40.65 2.91%Mitsubishi Corporation 29.03 33.39 35.08 33.00 33.82 16.48%Allianz SE 247.83 288.65 303.25 285.29 292.40 17.98%E.ON SE 10.45 12.46 13.09 12.31 12.62 20.78%Arithmetic average of the Reference Share Returns 16.60%Reference Portfolio Return at maturity (Maximum 7.00%) 7.00%Variable Interest payable at maturity ($1,000 investment) $70.00

In this example, the arithmetic average of the Reference Share Returns is 16.60%. The Reference Portfolio Return at maturity is subject to the Maximum Interest of 7.00%.Therefore, the Variable Interest payable at maturity on a $1,000 investment would be $70.00, representing an annualized return of approximately 2.74%.

Hypothetical example of a nil Variable InterestThe following table is based on the assumption that most of the closing prices of the Reference Shares will decrease during the 2.5-year term of the Global Equity GIC and that the FX Rate fluctuation will negatively impact the Reference Share Returns.

Reference Share

Issue Date Average Valuation Date 1

Average Valuation Date 2

Average Valuation Date 3 Reference Share

Final Average Value (Can$)

(A + B + C)/3

Reference Share ReturnReference Share

Initial Value (Can$)

Reference Share Price (Can$)

(A)

Reference Share Price (Can$)

(B)

Reference Share Price (Can$)

(C)BHP Billiton Limited 24.28 20.81 20.19 19.58 20.20 -16.81%Unilever N.V. 66.48 68.73 66.68 64.67 66.69 0.31%BNP Paribas SA 86.85 86.42 83.85 81.31 83.86 -3.44%TOTAL SA 68.31 64.10 62.19 60.31 62.20 -8.95%GlaxoSmithKline plc 2,771.05 2,519.19 2,444.12 2,370.31 2,444.54 -11.78%Cisco Systems, Inc. 44.69 40.47 39.26 38.08 39.27 -12.13%Intel Corporation 48.48 44.32 43.00 41.70 43.01 -11.29%Caterpillar Inc. 126.48 119.42 115.86 112.36 115.88 -8.38%DowDuPont Inc. 84.57 82.83 80.36 77.93 80.37 -4.96%Ford Motor Company 15.27 13.97 13.55 13.14 13.56 -11.25%General Electric Company 40.22 35.34 34.28 33.25 34.29 -14.74%HP Inc. 23.71 19.51 18.93 18.36 18.93 -20.16%JPMorgan Chase & Co. 117.14 106.03 102.87 99.77 102.89 -12.17%Pfizer Inc. 45.97 43.22 41.93 40.66 41.94 -8.77%AT&T Inc. 55.77 52.59 51.02 49.48 51.03 -8.50%Nestlé SA 102.73 97.55 94.64 91.78 94.65 -7.86%Honda Motor Co., Ltd 39.50 32.12 31.16 30.22 31.17 -21.09%Mitsubishi Corporation 29.03 26.72 25.93 25.14 25.93 -10.69%Allianz SE 247.83 231.03 224.15 217.38 224.19 -9.54%E.ON SE 10.45 9.97 9.68 9.38 9.68 -7.39%Arithmetic average of the Reference Share Returns -10.48%Reference Portfolio Return at maturity (Maximum 7.00%) -10.48%Variable Interest payable at maturity ($1,000 investment) $0.00

Since the Reference Portfolio Return is negative, the Variable Interest payable would be nil in the example above.

Legal Notice—Risk Factors

An investment in the Global Equity GIC's involves a variety of risks, which all investors should consider prior to making this investment. These risks are summarized in the Global Equity GIC Information Statement dated April 19, 2018 and you are encouraged to read the Information Statement carefully.

Suitability considerations and guidelines

An investment in the Global Equity GIC is not suitable for all investors and even if suitable, investors should consider what part the Global Equity GIC should serve in an overall investment plan. The Information Statement includes a summary of various suitability considerations and guidelines. You are encouraged to read the Information Statement carefully.

1 The Global Equity GIC , Series 18, Investors Category, herein referred to as “Global Equity GIC ”.

2 The Global Equity GIC is a deposit eligible for deposit insurance by the Canada Deposit Insurance Corporation (CDIC), subject to the maximum dollar limit of CDIC coverage and applicable conditions. More information about CDIC deposit insurance can be found in the “Protecting Your Deposits” brochure (available online at cdic.ca or by telephone at 1-800-461-2342).

3 Please refer to the Information Statement dated April 19, 2018 for complete details with respect to the examples and the impact of the FX Rate fluctuation on the value of the Global Equity GIC.

This document is for information purposes only and does not constitute an offer to sell or a sollicitation to buy the Global Equity GIC referred to herein.

The statements contained herein are based upon information, which we believe to be reliable but we cannot represent that they are complete or accurate. The complete information related to this issue of the Global Equity GIC is contained in the Information Statement which will be sent to investors prior to the Issue Date. All information about the Global Equity GIC is available at nbc.ca/optimarket and on request to your advisor or by calling 1-888-4-TelNat (1-888-483-5628).

The Global Equity GIC is not a conventional fixed income investment. The Global Equity GIC is not suitable for all types of investors. An investment in the Global Equity GIC is subject to a number of risk factors. Potential purchasers should consult the Information Statement before investing. The Bank has issued previous series, which may have different terms and conditions. Please refer to our website for the list of terms and conditions, compared to the previous series.

Capitalized terms used and not otherwise defined herein have the meaning ascribed thereto in the Information Statement.

NBC OptimarketTM GIC is a trademark of the National Bank of Canada.

©2018 National Bank of Canada. All rights reserved. Reproduction in whole or in part is strictly prohibited without the prior written authorization of National Bank of Canada.

l Should you have any questions, do not hesitate to contact your advisor.—1-888-4-TelNat (1-888-483-5628)

nbc.ca/optimarket

3069

6-00

2 (2

018/

04)

12 m

m

Simplifying your day-to-day banking transactions.

Insuring you and your assets for your peace of mind.

Customizing solutions and advice for your short-term projects and retirement plans.

Making sure your estate is transferred to your loved ones.

Helping decision-makers growtheir business.

Helping you carry out the projects that are important to you.