Mr. Alexandre Guay reports

NATIONAL BANK INVESTMENTS ANNOUNCES CHANGES RELATING TO CERTAIN NBI FUNDS

National Bank Investments Inc. (NBI) has made changes to portfolio management and investment strategies for the NBI Canadian Equity Fund, the NBI Global Small Cap Fund and the NBI North American Dividend Private Portfolio, a name change for the NBI Global Small Cap Fund, and the revision of the distribution frequency for the ETF series of the NBI Canadian Bond Index Fund.

Changes to portfolio management and investment strategies

On or about Nov. 23, 2026, Mackenzie Financial Corp. will replace Jarislowsky, Fraser Ltd. as portfolio subadviser of the NBI North American Dividend Private Portfolio and the fund's investment strategies will be modified to reflect the investment approach of the fund's new portfolio subadviser.

On or about Jan. 11, 2027, Goldman Sachs Asset Management LP will replace PineStone Asset Management Inc. as portfolio subadviser of the NBI Global Small Cap Fund and the fund's investment strategies will be modified to reflect the investment approach of the fund's new portfolio subadviser.

On or about Jan. 13, 2027, Triasima Portfolio Management Inc. will replace Jarislowsky, Fraser as portfolio subadviser of the NBI Canadian Equity Fund and the fund's investment strategies will be modified to reflect the investment approach of the fund's new portfolio subadviser.

Each of these funds' investment objective remains unchanged and the aforementioned changes are consistent with the governance process of NBI's open architecture structure.

Name change

On or about Jan. 11, 2027, the NBI Global Small Cap Fund will be renamed.

Change to the distribution frequency

On or about Jan. 1, 2027, the distribution frequency of the ETF series of the NBI Canadian Bond Index Fund (NBBX) will be changed.

All the aforementioned changes will be included in an amendment to the simplified prospectus of the NBI funds and NBI ETFs (exchange-traded funds), which will be filed on SEDAR+ and on the NBI website.

About NBI funds

NBI funds are offered by National Bank Investments, an indirect wholly owned subsidiary of National Bank of Canada, and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the funds before investing. The funds' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The funds are not guaranteed, their values change frequently and past performance may not be repeated. ETF series units of the funds are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. ETF series of the funds do not seek to return any predetermined amount at maturity.

About National Bank Investments Inc.

NBI 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 Sept. 30, 2026, assets under management in NBI products were valued at over $128-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 advisers build portfolios adapted to their clients' financial needs.

NBI 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 $635-billion in assets as at July 31, 2026, National Bank of Canada 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 (symbol NA).