Sentry Select Rogers International Commodity Index Principal-Protected Notes, Series 2 Raises $18,428,900; Total Raised in Series: $65 Million.

TORONTO -- Sentry Select Capital Corp. is pleased to announce that $18,428,900 principal amount of Sentry Select Rogers International Commodity Index Principal-Protected Notes, Series 2 has been issued. The total amount raised in the Sentry Select Rogers International Commodity Index Principal-Protected series is $64,907,000.

Benchmark Portfolio

Sentry Select Rogers International Commodity Index Principal-Protected Notes, Series 2 (the "Notes") are deposit notes, issuable in series by National Bank of Canada (the "Bank"). The performance of the Notes is linked to the appreciation of (i) a portfolio of commodities managed by Diapason Commodities Management SA with the objective to replicate the performance of the Rogers International Commodity Index(TM) (RICI) and (ii) certain fixed income and/or money market instruments (the "Benchmark Portfolio").

Marketing Agent

Sentry Select Capital Corp. is the marketing agent of the Notes.

Issuer

National Bank of Canada is the issuer of the Notes.

Investment Manager

Diapason Commodities Management SA, is a Swiss based investment management firm specializing in commodities futures trading.

Payment at Maturity

At maturity, after eight years, investors will be repaid their principal plus appreciation in the Benchmark Portfolio, if any. The fluctuation of the value of the Benchmark Portfolio will directly impact the return payable. It is, therefore, possible that no return will be paid.

Liquidity

A weekly secondary market will be maintained by National Bank Financial under normal market conditions to ensure the Notes' liquidity. There is no assurance that a secondary market will develop. Sale of Notes within 24 months of their issue will be subject to an early trading charge.

Annual Income

On each anniversary date of the issuance of the Notes, subject to certain conditions, investors may be entitled to receive an amount per Note equal to (i) the sum of, for each day of that year, the Canadian overnight financing rate of the Bank of Canada, less 0.50%, divided by 365, multiplied by a specified amount of cash or cash equivalent instruments held in the Benchmark Portfolio for that day, (ii) divided by the number of Notes outstanding. If the value of the Benchmark Portfolio becomes equal to or less than a specified level, no amount will be paid to the investors on any anniversary date of the Notes. At current interest rate levels and considering the initial Investment Level, the annual coupon is estimated to be 2.12%.

Sentry Select Capital Corp.

Sentry Select Capital Corp. is the Marketing Agent of the Notes. Sentry Select is a wealth management company with gross assets under management in excess of $9 billion. It is the portfolio manager of 17 closed-end trusts, 4 flow-through limited partnerships and 11 mutual funds; the manager of an investment corporation; the marketing agent for a series of principal-protected notes; and the administrator of 3 closed-end trusts.

The Notes are not sponsored, endorsed, sold or promoted by James Beeland Rogers, Jim Rogers or Beeland Interests Inc. (collectively "Beeland") or Diapason Commodities Management SA ("Diapason"). Beeland and Diapason make no representation or warranty, express or implied, to investors in the Notes or any potential investor, governmental authority, or any member of the public, regarding the advisability of investing in securities or commodities generally, or in the Notes or futures particularly. "Jim Rogers", "Rogers International Commodity Index", "RICI" are trademarks and service marks owned by Beeland."

Diapason Commodities Management SA is a limited partnership and commodity operator whose main mandate is to promote and distribute products designed around the Rogers International Commodity Index(TM). Diapason is owned by its management, who are experienced professionals in the fields of asset management, commodity markets, futures and options trading and it is managing in excess of 1.1 billion Euros in assets.

"Jim Rogers", "James Beeland Rogers", "Rogers", "Rogers International Commodity Index", and "RICI" are trademarks and service marks of Beeland Interests, Inc., which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The name and likeness of Jim Rogers/James Beeland Rogers are trademarks and service marks of James Beeland Rogers, Jr. .

"Sentry Select Rogers International Commodity Index Principle-Protected Notes are not and will not be offered or sold in the United States to or for the account of U.S. Persons as defined by U.S. securities laws. Each purchaser of the Notes will be asked to certify that such purchaser is not a U.S. Person, is not receiving the Notes in the United States, and is not acquiring the Notes for the benefit of a U.S. Person."

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