Mr. Alexandre Guay reports

NATIONAL BANK OF CANADA ANNOUNCES NVCC SUBORDINATED NOTES OFFERING

National Bank of Canada intends to issue medium term notes for an aggregate principal amount of $750-million at an interest rate of 4.333 per cent and maturing on Aug. 15, 2035 (non-viability contingent capital (NVCC)), constituting subordinated indebtedness of the bank through its medium term note program. The notes will be issued and sold through a dealer syndicate led by National Bank Financial Inc.

The notes are expected to be issued on June 26, 2025, and will mature on Aug. 15, 2035. Interest on the notes will be paid semi-annually at 4.333 per cent per annum until Aug. 15, 2030, and thereafter at a floating rate equal to daily compounded CORRA (Canadian Overnight Repo Rate Average) plus 1.61 per cent, payable quarterly.

The bank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the notes on or after Aug. 15, 2030, in whole or in part, at par plus accrued and unpaid interest, on not less than 10 nor more than 60 days of prior notice to holders. The proceeds to the bank from the sale of the notes will be added to the bank's general funds and will be utilized for general banking purposes.

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 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).