The purchaser of a Cdn.$100 note is entitled to receive semi-annual partial repayments of 2.25% thereof (ROC distributions), or approximately 13.5% over the term of approximately three years. On maturity, the Note is redeemed for an amount determined as follows:

(a) if the Index Return (on the S&P/TSX 60) is in excess of 4.5%, the redemption amount is equal to the (original) principal amount ($100) plus a 10% participation in that excess;

(b) if the Index Return is equal to or less than 4.5% but better than -30%, the redemption amount is $100; or

The purchaser of a Cdn.$100 note is entitled to receive quarterly distributions of $1.50 as partial repayments of principal (ROC distributions), or $30 over the five-year term, provided that on the valuation date on the third business day preceding each such repayment date, the total Index Return (on the S&P/TSX 60) is not worse than -30%. On maturity, the investor receives the algebraic sum of the remaining principal amount and the "Variable Amount," which is the positive or negative amount equal to all ROC distributions previously received plus or minus the adjustments below:

Principal and interest

Non-principal protected notes, so that all of the $100 principal (other than $1) is at risk. Interest is payable at 3.75% for each six-month period, if on the specified "Observation Day" shortly before the end of that period, each of the applicable indices (the S&P/TSX 60, EuroSTOXX 50 and S&P 500) is at least equal to the Barrier Level (75% of the initial level).

Overview

Overview

Overview

Each ETF, which will trade on the TSX, seeks to replicate the performance of its "Underlying Index" through entering into a total return swap (the "Swap") with National Bank of Canada or another bank. Any (income account) gains on the Swap generally will only be distributed to redeeming unitholders so that such income generally will not be allocated to unitholders who only trade their units.

Overview

After running through the applicable transitional periods respecting the new character conversion rules, the ETFs will replace existing forward contracts, for the sale of Canadian equities at a price based on the performance or inverse performance of the underlying commodity, with cash-settled forward contracts, and will use new unit proceeds to invest in cash equivalents (to be pledged under the cash-settled forwards) rather than in Canadian equities.

Offering

Offering of US$250,000 of 2.50% senior unsecured Notes due November 15, 2022 at a price of 99.867%, and 3.50% senior unsecured Notes due November 14, 2042, at a price of 99.43%. Under both Notes the interest is calculated and payable semi-annually.

Offering

Offering of $400,000 of 3.75% senior unsecured Debentures, Series E due November 14, 2022 at a price of $999.92, and 5.09% senior unsecured Debentures, Series F due November 14, 2042, at $999.54. Under both series the interest is calculated and payable semi-annually.

Overview