Mr. Alexandre Guay reports

NATIONAL BANK OF CANADA ANNOUNCES CLOSING OF NVCC AT1 LIMITED RECOURSE CAPITAL NOTES OFFERING

National Bank of Canada has closed its previously announced offering of $600-million of 6.067 per cent limited recourse capital notes, Series 4 (non-viability contingent capital (NVCC)).

The notes were offered by a group of agents led by National Bank Financial Inc.

Concurrently with the issuance of the notes, National Bank has also issued non-cumulative five-year fixed rate reset first preferred shares, Series 51 (NVCC), to be held by Computershare Trust Company of Canada as trustee for NBC LRCN Limited Recourse Trust. In case of non-payment of interest on or principal of the notes when due, the recourse of each noteholder will be limited to that holder's proportionate share of the limited recourse trust's assets in respect of the notes, which will consist of Series 51 preferred shares except in limited circumstances.

The notes and the Series 51 preferred shares were issued under a prospectus supplement dated June 4, 2026, to National Bank's short form base shelf prospectus dated Sept. 6, 2024.

About National Bank of Canada

With $618-billion in assets as at April 30, 2026, National Bank of Canada is one of Canada's six systemically important banks. The bank has approximately 35,000 employees in knowledge-intensive positions and operates three business segments in Canada: personal and commercial banking; wealth management; and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (symbol NA).