Mr. Alexandre Guay reports

NATIONAL BANK OF CANADA TO REDEEM ITS FIRST PREFERRED SHARES SERIES 32

National Bank of Canada intends to redeem all of its 12 million issued and outstanding non-cumulative five-year rate reset first preferred shares, Series 32, on Feb. 15, 2025, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.

The quarterly dividend of 23.99375 cents per Series 32 share declared on Dec. 3, 2024, is the final dividend on the Series 32 shares, and is payable in the usual manner on Feb. 15, 2025, to shareholders of record on Jan. 6, 2025, as previously announced.

Since Feb. 15, 2025, is not a business day, amounts due to holders of the Series 32 shares on that date will be paid on the first business day following that date, namely Monday, Feb. 17, 2025.

The redemption has been approved by the Office of the Superintendent of Financial Institutions. Formal notice will be given to holders of the Series 32 shares in accordance with the terms of the Series 32 shares.

The redemption of the Series 32 shares is part of the bank's continuing management of its regulatory capital.

About National Bank of Canada

With $462-billion in assets as at Oct. 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, United States specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange.