Mr. Alexandre Guay reports

NATIONAL BANK OF CANADA TO REDEEM 4.840% SERIES G SUBORDINATED DEBENTURES DUE JUNE 29, 2030 (NVCC) ISSUED BY CANADIAN WESTERN BANK

National Bank of Canada intends to redeem, on June 29, 2025, $125-million aggregate principal amount of 4.840 per cent Series G subordinated debentures due June 29, 2030 (non-viability contingent capital (NVCC)) issued by Canadian Western Bank, at a redemption price that is equal to the outstanding principal amount, together with all accrued and unpaid interest.

The redemption has been approved by the Office of the Superintendent of Financial Institution. Formal notice will be given to holders of debentures in accordance with the terms thereof.

The redemption of the debentures is part of National Bank's continuing management of its regulatory capital.

About National Bank of Canada

With $484-billion in assets as at Jan. 31, 2025, 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. The bank's securities are listed on the Toronto Stock Exchange.

We seek Safe Harbor.