On June 4, 2026, National Bank of Canada completed an offering of US$1 billion aggregate principal amount of 4.928 percent Fixed-to-Floating Rate Medium Term Notes due 2032 under its Section 3(a)(2) MTN program. The notes are fully and unconditionally guaranteed as to payments by National Bank of Canada, acting through its New York Branch. The offering was conducted in reliance on the exemption from registration provided by Section 3(a)(2) of the United States Securities Act of 1933 for securities issued or guaranteed by a U.S. branch of a foreign bank. The notes bear a fixed coupon of 4.928 percent for an initial period, after which interest accrues at a floating rate, consistent with the standard fixed-to-floating structure used for senior bank funding in the U.S. institutional market. National Bank of Canada, headquartered in Montréal, is one of the largest Canadian chartered banks, providing financial services to commercial, corporate and institutional clients across Canada and internationally, including through its New York Branch, which is licensed by the Superintendent of the New York State Department of Financial Services to maintain a branch office in New York State. The offering forms part of the bank's ongoing wholesale funding program in the U.S. debt capital markets, supporting general corporate purposes and the bank's broader liquidity and funding objectives.