Also News Release (C-NTGB) NBI Target 2027 Investment Grade Bond Fund
Also News Release (C-NTGC) NBI Target 2028 Investment Grade Bond Fund

Mr. Martin Felton reports

NATIONAL BANK INVESTMENTS LAUNCHES NEW ACTIVE ETF SERIES

National Bank of Canada's National Bank Investments Inc. (NBI) has launched exchange-traded series for the NBI Target 2026 Investment Grade Bond Fund, the NBI Target 2027 Investment Grade Bond Fund and the NBI Target 2028 Investment Grade Bond Fund. The NBI funds have closed their initial offering of ETF series units, and they will begin trading on the Toronto Stock Exchange (TSX) today.

"The launch of new ETF series for the NBI target maturity bond funds underscores our commitment to offering investors more choice when it comes to portfolio construction," said Martin Felton, vice-president, national sales, at National Bank Investments. "They provide investors seeking fixed-income exposure solutions that aim to generate attractive and tax-efficient yields while benefiting from the intraday liquidity of ETFs."

The NBI funds' investment objective is to provide current income and preserve capital over a predetermined period. Each NBI fund invests, directly or indirectly through investments in securities of other mutual funds, in a portfolio primarily comprising investment-grade debt securities of North American issuers with an effective maturity date in 2026 (NTGA), 2027 (NTGB) or 2028 (NTGC). As target maturity funds, the NBI funds have a predetermined, specified life span. It is anticipated that each NBI fund will be terminated on or about the termination date indicated in the attached table or at an earlier date upon not fewer than 60 days notice to unitholders.

About National Bank of Canada

With $536-billion in assets as at April 30, 2025, National Bank is one of Canada's six systemically important banks. The bank has approximately 34,000 employees in knowledge-intensive positions and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, United States specialty finance and international, complements the growth of its domestic operations.

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