Mr. Jean-Francois Cadieux reports

NATIONAL BANK AND CANADIAN WESTERN BANK ANNOUNCE COMPLETION OF CWB TIER 1 CAPITAL REORGANIZATION

National Bank of Canada and Canadian Western Bank today completed the previously announced reorganization of Canadian Western's Tier 1 capital.

In particular, on the date hereof, all of the issued and outstanding first preferred shares Series 5 (non-viability contingent capital (NVCC)) and Series 9 (non-viability contingent capital (NVCC)) of Canadian Western have been exchanged, on a one for one basis, for new first preferred shares of National Bank Series 47 (non-viability contingent capital (NVCC)) and Series 49 (non-viability contingent capital (NVCC)), respectively, in each case having substantially the same rights, privileges, restrictions and conditions as the corresponding Canadian Western first preferred shares. The limited recourse capital notes Series 1 and Series 2 (NVCC) of Canadian Western have been redeemed in accordance with their terms.

It is expected that the National Bank first preferred shares will commence trading on the Toronto Stock Exchange (TSX) under the ticker symbols NA.PR.I. and NA.PR.K., respectively, as of opening of markets on Feb. 20, 2025. The Canadian Western first preferred shares will be delisted from the TSX.

As previously announced, following such exchanges and redemptions and certain other corporate actions, National Bank and Canadian Western will, on March 1, 2025, amalgamate and continue as one bank under the name National Bank of Canada, with the resulting entity assuming the obligations of its predecessors, including the obligations of Canadian Western under its outstanding NVCC subordinated debentures.

About National Bank of Canada

With $462-billion in assets as of Oct. 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. Its securities are listed on the Toronto Stock Exchange (TSX: NA).

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