Ms. Marianne Ratte reports

NATIONAL BANK OF CANADA ANNOUNCES AN AMENDMENT TO ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved an amendment to National Bank of Canada's normal course issuer bid.

This 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 bank's 392,169,565 issued and outstanding common shares as at Sept. 11, 2025.

The program, launched on Sept. 25, 2025, originally allowed the bank to repurchase up to eight million common shares, representing 2.04 per cent of its issued and outstanding common shares as at Sept. 11, 2025. As at Feb. 28, 2026, the bank had repurchased 6,376,200 common shares at an average price of $165.75 under the current normal course issuer bid, representing 1.63 per cent of the issued and outstanding common shares as at Sept. 11, 2025, when the bank filed its initial application with the TSX.

The amendment will take effect on March 12, 2026. The program will terminate on Sept. 24, 2026, as previously announced. No other terms of the current normal course issuer bid have been amended.

All repurchases will be made through the facilities of the TSX and/or other Canadian alternative trading systems at the prevailing market price at the time of acquisition, and will be made in accordance with applicable regulatory requirements. Common shares may also be repurchased by other means permitted under applicable securities laws, including through private agreements. Any private purchase made pursuant to an exemption granted by a securities regulatory authority will be at a discount to the prevailing market price.

National Bank Financial Inc. (NBF) has been retained to act as the designated broker to repurchase the bank's shares under the normal course issuer bid. The bank has established an automatic share repurchase plan under which NBF may, subject to certain pre-established criteria, periodically purchase the bank's common shares in accordance with the normal course issuer bid. The plan will be amended to reflect the increase in the maximum number of the bank's common shares that may be repurchased for cancellation. The actual number of common shares to be repurchased, the timing of such repurchases and the price at which the common shares will be repurchased will depend on future market conditions. All common shares repurchased will be cancelled.

In accordance with TSX rules, the bank is entitled to purchase up to 465,791 common shares on any single trading day (excluding purchases made under the block purchase exception), representing 25 per cent of the average daily trading volume of its common shares during the six full calendar months preceding the launch of the normal course issuer bid, being 1,863,165 common shares.

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, U.S. specialty finance and international, complements the growth of its domestic operations. The bank's securities are listed on the TSX.

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