Ms. Marianne Ratte reports

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 purchase for cancellation up to seven million of its common shares, representing approximately 2.07 per cent of its 338,269,824 issued and outstanding common shares as at Nov. 28, 2023. 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 (the TSX).

It is expected that this normal course issuer bid will begin on or around Dec. 12, 2023, and will end at the latest on or around Dec. 11, 2024. 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 $424-billion in assets as at Oct. 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The bank has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange.

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