Mr. Alexandre Guay reports

NATIONAL BANK INVESTMENTS ANNOUNCES PORTFOLIO MANAGEMENT CHANGES

National Bank of Canada's National Bank Investments Inc. has made portfolio subadviser changes for certain NBI funds.

Effective today, National Bank Trust Inc. transitions Fiera Capital Corp.'s portfolio subadvisory responsibilities for the NBI Small Cap Fund and the NBI Quebec Growth Fund directly to Montrusco Bolton Investments Inc.

The funds' investment objectives and strategies remain unchanged. As portfolio manager, NBT will continue to ensure compliance of investment decisions in relation to the mandates.

These changes are part of NBI's open architecture structure governance process. The above changes will be reflected in the simplified prospectus for the NBI funds and exchange-traded funds, which will be available on the SEDAR+ website and the NBI website.

About National Bank of Canada

With $484-billion in assets as at Jan. 31, 2025, National Bank 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. Its securities are listed on the Toronto Stock Exchange.