An anonymous director reports

NATIONAL BANK INVESTMENTS ANNOUNCES ESTIMATED ANNUAL DISTRIBUTIONS FOR ITS NBI EXCHANGE-TRADED FUNDS

National Bank of Canada's National Bank Investments Inc. has estimated annual reinvested capital gains to be paid for 2023 to unitholders of NBI exchange-traded funds, as indicated in an attached table.

Unitholders of record on Dec. 29, 2023, will receive the capital gains distributions on Jan. 5, 2024. The capital gains distributions will be reinvested, and the resulting units will be immediately consolidated so the number of units held by each investor will not change. Investors holding their units outside registered plans will have taxable amounts to report and will see an increase in the adjusted cost base of their units.

These estimated amounts are for the reinvested capital gains distributions only and do not include the continuing periodic cash distribution amounts to be declared later.

Please note that these are estimated capital gains only, based on data as of Oct. 31, 2023. Since these are estimated amounts, the final capital gains distributions could change by the end of the NBI ETFs' fiscal year on Dec. 15, 2023. NBI expects to issue a press release on or around Dec. 20, 2023, confirming the final amounts of the reinvested distributions for all NBI ETFs (subject to further revisions of per-unit amounts resulting from subscription and redemption activity prior to the record date). The amounts of the reinvested distributions are estimated amounts only and may vary between Dec. 20, 2023, and Dec. 29, 2023. These reinvested distributions generally consist of capital gains only.

An attached table lists the NBI ETFs and their respective estimates of per-unit reinvested capital gains distributions.

About National Bank of Canada

With $426-billion in assets as at July 31, 2023, National Bank, 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.