Mr. Alexandre Guay reports

NATIONAL BANK INVESTMENTS AND APOLLO GLOBAL MANAGEMENT PARTNER TO EXPAND ACCESS TO PRIVATE CREDIT INVESTMENTS IN CANADA

National Bank of Canada's National Bank Investments Inc. (NBI) has formed a new partnership with Apollo Global Management Inc. to expand access to private credit investments for Canadian-accredited investors.

The new NBI Apollo Private Credit Fund, available since May 1, provides exposure to private credit opportunities in directly originated assets by investing in Apollo Debt Solutions BDC, a non-traded United States business development company focusing on senior secured large corporate direct origination, broadly syndicated loans and, to a lesser extent, middle market direct lending.

Founded in 1990, Apollo is a high-growth, global alternative asset manager, overseeing $785-billion (U.S.) in assets. The firm has built an ecosystem of 16 origination platforms focused on asset-backed and specialty lending that originates tens of billions in assets on an annual basis for Apollo clients and third parties. With a team of nearly 4,000 professionals working across these businesses, Apollo is uniquely positioned to create value for investors through its scale and deep investment expertise.

"This offering marks a significant step forward in expanding access to private credit for a broader audience, reinforcing NBI's and Apollo's shared commitment to meeting investors' growing demand for alternative investment solutions," said Corinne Belanger, vice-president, investment solutions, at NBI. "With Apollo's demonstrated leadership in private credit, we are confident this will empower eligible investors seeking a complimentary institutional-grade strategy for their portfolios."

"As we seek to scale the adoption of private markets in client portfolios, we are excited to partner with the NBI team as they introduce this new offering to accredited Canadian investors," said Stephanie Drescher, partner and chief client and product development officer at Apollo. "As part of our ongoing efforts to deliver institutional-quality private investments for individuals, Canadian advisors and their clients will be able to access private credit solutions that can increase portfolio diversification and help achieve their financial objectives."

About National Bank Investments Inc.

National Bank Investments is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions, and services designed to help Canadian investors pursue their financial goals. As at March 31, 2025, assets under management in NBI products were valued at over $98.9-billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI's role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients' financial needs.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada's Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada

With $536-billion in assets as at April 30, 2025, National Bank of Canada is one of Canada's six systemically important banks. The bank has approximately 34,000 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 (TSX: NA).