Ms. Marianne Ratte reports

NATIONAL BANK RELEASES CHANGES TO ITS SUPPLEMENTARY FINANCIAL INFORMATION

National Bank of Canada has made changes to its supplementary financial information for the fiscal year ended Oct. 31, 2023, and related quarters.

On Nov. 1, 2023, as required by the international financial reporting standards (IFRS), the bank retrospectively applied accounting policy changes arising from the adoption of IFRS 17 -- Insurance Contracts, which replaces the IFRS 4 standard addressing insurance contracts, as indicated in note 2 to the audited annual consolidated financial statements for the fiscal year ended Oct. 31, 2023. The related information for the fiscal year ended Oct. 31, 2023, and related quarters has been adjusted to reflect these accounting policy changes.

The bank's results for the first quarter of 2024, which will be published on Feb. 28, 2024, will reflect these changes.

The revised supplementary financial information can be found on the bank's website.

About National Bank of Canada

With $424-billion in assets as at Oct. 31, 2023, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: (i) personal and commercial banking; (ii) wealth management; and (iii) financial markets. A fourth segment, United States specialty finance and international, complements the growth of its domestic operations.

We seek Safe Harbor.