Mr. Alexandre Guay reports

NATIONAL BANK INVESTMENTS ANNOUNCES SELECT FUND AND ETF TERMINATIONS

As part of its continuing efforts to simplify its investment solutions offering, National Bank of Canada's National Bank Investments Inc. has terminated the NBI Canadian Family Business ETF and the NBI Canadian Preferred Equity Private Portfolio.

NBI Canadian Family Business ETF termination

NBI will be terminating the ETF (exchange-traded fund) effective on or around Nov. 29, 2024.

Investors in the ETF will be sent a notice of termination at least 60 days prior to the ETF termination date. Units of the ETF are anticipated to be voluntarily delisted from the Toronto Stock Exchange at the request of NBI and cease trading following the market close on or around Nov. 28, 2024.

Unitholders may continue to buy or sell units of the ETF on the TSX until the units are delisted. Units still held by investors on the ETF termination date will be cancelled. Effective today, no further direct subscriptions for units of the ETF by authorized participants will be accepted by NBI. The rights of unitholders of the ETF to exchange or redeem their units will cease as of the ETF termination date.

Prior to the ETF termination date, NBI will, to the extent reasonably possible, sell and convert the assets of the ETF to cash. After paying or making adequate provision for the liabilities and obligations of the ETF, NBI will, on or around the ETF termination date, distribute the net assets of the ETF on a pro rata basis among the unitholders of record on the ETF termination date based on the net asset value per unit of the ETF.

NBI will issue an additional press release on or around Nov. 29, 2024, that will confirm the final details of the ETF termination.

NBI Canadian Preferred Equity Private Portfolio termination

NBI will be terminating the fund effective on or around Nov. 29, 2024. Investors in the fund will be sent a notice of termination at least 60 days prior to the fund termination date.

Up until the close of business on the fund termination date, investors may switch or redeem units of the fund at any time, subject to the procedures and requirements set out in the fund's prospectus.

These changes will be included in the amendment to the simplified prospectus for NBI funds and the prospectus for NBI ETFs which will be filed on the SEDAR+ website and on the NBI website.

About National Bank of Canada

With $454-billion in assets as at July 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions and operates through 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.