Mr. Alexandre Guay reports

NATIONAL BANK INVESTMENTS ANNOUNCES PORTFOLIO MANAGEMENT CHANGES

National Bank of Canada's National Bank Investments Inc. will make portfolio subadviser changes for certain NBI Funds.

On or around April 22, 2024, National Bank Trust Inc. will transition Fiera Capital Corp.'s portfolio subadvisory responsibilities for the NBI Global Equity Fund, the NBI U.S. Equity Fund, the NBI U.S. High Conviction Equity Private Portfolio and the NBI International High Conviction Equity Private Portfolio directly to PineStone Asset Management Inc., which consequently becomes the sole portfolio subadviser of the equity funds. Fiera will no longer serve as portfolio subadviser of the equity funds. NBI remains committed to Fiera through its partnership in managing other equity mandates.

On or around March 20, 2024, NBT will appoint Beutel, Goodman & Company Ltd. and RP Investment Advisors LP to jointly act as portfolio subadvisers of the NBI Bond Fund together with Fiera. On or around the same date, NBT will terminate the mandate of AlphaFixe Capital Inc. as portfolio subadviser of the NBI Bond Fund. NBI remains committed to AlphaFixe through itspartnership in managing other fixed-income mandates.

The funds' investment objectives remain unchanged. As portfolio manager, NBT will continue to ensure compliance of investment decisions in relation to the mandates.

These changes are part of NBI's open architecture structure governance process and will be included in the amendment to the NBI funds' simplified prospectus, which will be filed on the SEDAR+ website and on the NBI website.

About National Bank of Canada

With $434-billion in assets as at Jan. 31, 2024, 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: personal and commercial banking, wealth management, and financial 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 (NA).