National Bank of Canada ("National Bank" or the "Bank") closed a previously announced offering of $750 million of Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 52 (Non-Viability Contingent Capital, or NVCC) on September 22, 2026. The offering was announced on September 15, 2026, when National Bank entered into an agreement with a group of agents led by National Bank Financial Inc. for the issuance of 750,000 Series 52 Preferred Shares to certain institutional investors at a price of $1,000 per share, raising gross proceeds of $750,000,000. The shares carry fixed non-cumulative dividends at a rate of 6.570 percent annually, payable semi-annually, for the initial period ending on, but excluding, November 16, 2031. The Series 52 Preferred Shares were issued under a prospectus supplement dated September 15, 2026 to National Bank's short form base shelf prospectus dated September 2, 2026. The shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered, sold, or delivered within the United States except pursuant to an applicable exemption. Net proceeds will be added to National Bank's general funds for general banking purposes. National Bank operates through Personal and Commercial Banking, Wealth Management, Financial Markets, and U.S. Specialty Finance and International segments, and is one of Canada's six systemically important banks, with $635 billion in assets as at July 31, 2026, listed on the TSX under the symbol NA.