Mr. Laurent Ferreira reports

NATIONAL BANK RECEIVES COMPETITION BUREAU CLEARANCE FOR ACQUISITION OF CANADIAN WESTERN BANK

National Bank of Canada has received the Competition Bureau's clearance for its previously announced proposed acquisition of Canadian Western Bank. The proposed transaction also requires approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance.

"We are pleased that the Competition Bureau has concluded its review of this transaction, and to have its approval to bring together these two great banks which have a complementary footprint in personal and commercial banking. Once the remainder of the regulatory approvals processes are complete, we look forward to joining forces with the CWB team so that, together, we deliver a stronger banking choice for all Canadians and Canadian businesses," said Laurent Ferreira, president and chief executive officer of National Bank.

"This positive news from the Competition Bureau is a major step forward in uniting National Bank and CWB," said Chris Fowler, chief executive officer of Canadian Western Bank. "This decision preserves the tremendous value the transaction represents for our clients, teams, communities and shareholders."

About National Bank of Canada

With $454-billion in assets as at July 31, 2024, National Bank is one of Canada's six systemically important banks. National 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, United States specialty finance and international, complements the growth of its domestic operations.

About Canadian Western Bank

Canadian Western Bank is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. Canadian Western Bank provides its nationwide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Clients choose Canadian Western Bank for a differentiated level of service through specialized expertise, customized solutions, and faster response times relative to the competition. Canadian Western Bank people take the time to understand its clients and their business, and work as a united team to provide holistic solutions and advice.

Canadian Western Bank is firmly committed to the responsible creation of value for all its stakeholders, and its approach to sustainability will support its continued success.

We seek Safe Harbor.