Mr. Alexandre Guay reports

NATIONAL BANK OF CANADA ANNOUNCES INTEREST RATE RESET OF ITS 4.05% LIMITED RECOURSE CAPITAL NOTES SERIES 2

The interest rate for National Bank of Canada's $500-million aggregate principal amount of 4.05 per cent limited recourse capital notes, Series 2 (non-viability contingent capital (NVCC)), for the five-year period commencing Aug. 15, 2026.

In accordance with the terms of the trust indenture dated April 21, 2021, the interest rate on the notes for the period from and including Aug. 15, 2026, to but excluding Aug. 15, 2031, will be 6.293 per cent per annum.

The interest rate was calculated as the sum of the government of Canada yield (as defined in the indenture) determined as at Aug. 14, 2026, plus 3.045 per cent. Interest on the notes will continue to be payable semi-annually in arrears on Feb. 15 and Aug. 15 of each year.

For more information, the prospectus supplement dated April 15, 2021, under which the notes and the non-cumulative five-year fixed rate reset first preferred shares, Series 45 (non-viability contingent capital (NVCC)) were issued, is available on National Bank's SEDAR+ profile.

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 more than 35,000 employees in knowledge-intensive positions and operates three business segments in Canada: personal and commercial banking, wealth management, and capital 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 (TSX: NA).