Ms. Marianne Ratte reports

NATIONAL BANK INCREASES ITS COMMON SHARE DIVIDEND BY 4 CENTS, UP APPROXIMATELY 4% FROM PREVIOUS QUARTER

National Bank of Canada's board of directors has declared a dividend increase of four cents per common share, to $1.06 per common share, for the quarter ending Jan. 31, 2024. This dividend is payable on Feb. 1, 2024, to common shareholders of record on Dec. 25, 2023.

The board of directors also declares quarterly dividends on the series of first preferred shares shown in the associated table. These dividends are payable on Feb. 15, 2024, to first preferred shareholders of record on Jan. 8, 2024.

The herein-mentioned dividends on the common and preferred shares are designated as eligible dividends for the purposes of the Income Tax Act (Canada) and any similar applicable provincial legislation.

Eligible shareholders may elect to have their cash dividend reinvested, free of charge, in common shares in accordance with the bank's dividend reinvestment and share purchase plan. For more information, please contact Computershare Trust Company of Canada at 1-888-838-1407. Beneficial or non-registered common and preferred shareholders must contact their financial institution or broker for instructions on how to participate in such plan.

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.