Ms. Marianne Ratte reports

NATIONAL BANK OF CANADA CONFIRMS THE LAUNCH OF ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved National Bank of Canada's 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 381,739,059 common shares issued and outstanding on Sept. 25, 2026.

The normal course issuer bid will be effective on Oct. 8, 2026, and will end at the latest on Oct. 7, 2027. It will provide the bank with additional flexibility to manage capital.

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. Common shares may also be repurchased through other means permitted by applicable securities laws, including by private agreements. Any private purchase made under an exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price.

National Bank Financial Inc. has been retained to act as the designated broker to repurchase the bank's shares pursuant to the normal course issuer bid. The bank has established an automatic share purchase plan under which NBF may periodically purchase the bank's common shares pursuant to the normal course issuer bid within a defined set of criteria. The actual number of common shares which may be purchased, the timing of any such purchases and the price at which the common shares are bought will depend upon future market conditions. The common shares acquired will be cancelled.

According to TSX's requirements, the bank is entitled to repurchase up to 331,793 common shares during the same trading day (other than purchases made pursuant to the block purchase exception), representing 25 per cent of the average daily trading volume of its common shares over the past six completed calendar months, which is 1,327,172 common shares.

In its most recent normal course issuer bid launched on Sept. 25, 2025, and ended on Sept. 24, 2026, the bank repurchased 12,816,132 common shares for total consideration of approximately $2.4-billion, out of the maximum of 14.5 million common shares authorized for repurchase. These shares were purchased through the TSX and other Canadian alternative trading systems at an average price of $187.26 per share.

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 capital 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.

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