Ms. Marianne Ratte

NATIONAL BANK OF CANADA ANNOUNCES ITS INTENTION TO LAUNCH A NORMAL COURSE ISSUER BID

National Bank of Canada's board of directors has authorized a normal course issuer bid to repurchase for cancellation up to 10 million of the bank's issued and outstanding common shares for a maximum of $2.25-billion, representing approximately 2.6 per cent of the 382,837,767 common shares issued and outstanding on Sept. 1, 2026. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange.

It is expected that this normal course issuer bid will begin on or around Oct. 9, 2026, and will end at the latest on or around Oct. 8, 2027. The actual number of common shares to be purchased and the timing of any such purchases will be at the bank's discretion. The purchases must be made under the normal course issuer bid once all regulatory approvals are obtained, and the common shares acquired will be cancelled.

Any purchases will be made through the facilities of the TSX and/or any alternative trading system in Canada. The bank will pay the market price for the common shares at the time of acquisition and the purchases will be made in accordance with applicable regulatory requirements.

The bank could periodically establish automatic programs under which its broker, National Bank Financial Inc., would repurchase the bank's shares pursuant to the normal course issuer bid within a set of criteria predefined by the bank.

The normal course issuer bid will provide the bank with additional flexibility to manage capital.

About National Bank of Canada

With $635-billion in assets as at July 31, 2026, National Bank is one of Canada's six systemically important banks. The bank has more than 37,000 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 TSX (symbol: NA).

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