Ms. Marianne Ratte reports

NATIONAL BANK OF CANADA ANNOUNCES ITS INTENTION TO AMEND ITS NORMAL COURSE ISSUER BID

National Bank of Canada's board of directors has authorized an amendment to its normal course issuer bid. This amendment is subject to approval by the Office of the Superintendent of Financial Institutions of Canada and the Toronto Stock Exchange (the TSX).

The amendment is intended to increase the maximum number of the bank's issued and outstanding common shares that may be repurchased for cancellation under the current normal course issuer bid, by allowing the repurchase of up to 14.5 million common shares, representing 3.70 per cent of the 392,169,565 common shares issued and outstanding as at Sept. 11, 2025.

The program, which was launched on Sept. 25, 2025, currently allows the bank to purchase for cancellation up to eight million common shares, representing approximately 2.04 per cent of the 392,169,565 common shares issued and outstanding as at Sept. 11, 2025.

The amendment is expected to become effective on or about March 12, 2026, subject to obtaining the required regulatory approvals. The program will expire on Sept. 24, 2026, as previously announced. No other terms of the current normal course issuer bid will be amended.

The actual number of common shares to be repurchased and the timing of such purchases will be determined by the bank. All common shares repurchased will be cancelled. Purchases will be made through the Toronto Stock Exchange and/or other Canadian alternative trading systems at the prevailing market price at the time of acquisition, in accordance with all applicable regulatory requirements.

The normal course issuer bid provides the bank with additional flexibility in managing its capital.

About National Bank of Canada

With $606-billion in assets as at Jan. 31, 2026, National Bank of Canada is one of Canada's six systemically important banks. The bank has more than 35,000 employees in knowledge-intensive positions and operates three business segments in Canada: personal and commercial banking, wealth management, and capital markets. A fourth segment, United States specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA).

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