PRESS RELEASES

National Bank of Canada Announces Interest Rate Reset of its 4.05% Limited Recourse Capital Notes Series 2

Montreal, August 14, 2026

Not for distribution to U.S. news wire services or for dissemination in the United States.

 

National Bank of Canada (“National Bank”) today announced the interest rate for its $500,000,000 aggregate principal amount of 4.05% Limited Recourse Capital Notes, Series 2 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the “Notes”) for the five-year period commencing August 15, 2026.

In accordance with the terms of the trust indenture dated April 21, 2021 (the “Indenture”), the interest rate on the Notes for the period from and including August 15, 2026, to but excluding August 15, 2031, will be 6.293% per annum.

The interest rate was calculated as the sum of the Government of Canada Yield (as defined in the Indenture) determined as at August 14, 2026, plus 3.045%. Interest on the Notes will continue to be payable semi-annually in arrears on February 15 and August 15 of each year.

For more information, the prospectus supplement dated April 15, 2021, under which the Notes and the Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 45 (Non-Viability Contingent Capital (NVCC)) were issued, is available on National Bank’s SEDAR+ profile at www.sedarplus.ca. 

Caution Regarding Forward-Looking Statements
 Certain statements in this press release are forward-looking statements. These statements are based on a number of assumptions and are subject to risk factors, inherent risks and uncertainties, many of which are beyond the control of National Bank and the impacts of which are difficult to predict. Except as required by law, National Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

About National Bank of Canada
 With $618 billion in assets as at April 30, 2026, National Bank of Canada (the “Bank”) 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. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca  or via social media.

Information:

Alexandre Guay

Chief Advisor, Public Affairs
National Bank of Canada

alexandre.guay@nbc.ca
514-412-5125