National Bank Investments Inc. ("NBI") announces risk rating revisions, management or administrative fee reductions and a portfolio management change for certain NBI Funds and ETFs (the "Funds").

Risk Rating Revisions

Effective immediately, the below Funds' risk ratings have been revised as follows:

Management Fee Reductions

On or about May 14, 2025, the management fees for the following series of the NBI High Yield Bond Fund will be reduced as indicated in the table below:

Administrative Fee Reductions

On or about May 14, 2025, the administrative fees for the following series of the NBI Sustainable Global Equity Fund will be reduced as indicated in the table below:

Portfolio Management Change

On or about May 14, 2025, NBI will replace National Bank Trust Inc. ("NBT") as portfolio manager of all Funds listed below. The investment objectives of the Funds will remain unchanged.

This change will have no impact on the sub-advisors currently making investment decisions for the Funds.

NBI Global Climate Ambition FundNBI Sustainable Global Bond FundNBI Senior Loan FundNBI Target 2025 Investment Grade Bond FundNBI Target 2026 Investment Grade Bond FundNBI Target 2027 Investment Grade Bond FundNBI Target 2028 Investment Grade Bond FundNBI Target 2029 Investment Grade Bond FundNBI Target 2030 Investment Grade Bond FundNBI Target 2031 Investment Grade Bond FundNBI International Equity FundNBI Canadian Equity FundNBI North American Dividend Private PortfolioNBI Jarislowsky Fraser Select Income FundNBI Jarislowsky Fraser Select Balanced FundNBI Non-Traditional Capital Appreciation Private PortfolioNBI Money Market FundNBI Floating Rate Income FundNBI Bond FundNBI Income FundNBI Unconstrained Fixed Income FundNBI Corporate Bond FundNBI High Yield Bond FundNBI Preferred Equity FundNBI Presumed Sound Investments FundNBI Sustainable Canadian Bond FundNBI Canadian Core Plus Bond FundNBI Tactical Asset Allocation FundNBI Global Balanced Growth FundNBI SmartBeta Low Volatility Canadian Equity FundNBI Canadian All Cap Equity FundNBI Small Cap FundNBI Quebec Growth FundNBI Sustainable Canadian Equity FundNBI SmartBeta Low Volatility Global Equity FundNBI Global Equity FundNBI Global Real Assets Income FundNBI Active U.S. Equity FundNBI U.S. Equity FundNBI Global Small Cap FundNBI Active Global Equity FundNBI Global Diversified Equity FundNBI Active International Equity FundNBI Diversified Emerging Markets Equity FundNBI Sustainable Global Equity FundNBI Resource FundNBI Precious Metals FundNBI Innovators FundNBI Canadian Bond Index FundNBI Canadian Equity Index FundNBI U.S. Equity Index FundNBI International Equity Index FundNBI Canadian Bond Private PortfolioNBI Canadian Fixed Income Private PortfolioNBI U.S. Bond Private PortfolioNBI Corporate Bond Private PortfolioNBI Non-Traditional Fixed Income Private PortfolioNBI Multiple Asset Class Private PortfolioNBI Canadian Equity Private PortfolioNBI Canadian High Conviction Equity Private PortfolioNBI U.S. High Conviction Equity Private PortfolioNBI International High Conviction Equity Private PortfolioNBI Tactical Equity Private PortfolioNBI Global Equity Markets Private PortfolioNBI Sustainable Secure PortfolioNBI Sustainable Conservative PortfolioNBI Sustainable Moderate PortfolioNBI Sustainable Balanced PortfolioNBI Sustainable Growth PortfolioNBI Sustainable Equity PortfolioNBI Secure PortfolioNBI Conservative PortfolioNBI Moderate PortfolioNBI Balanced PortfolioNBI Growth PortfolioNBI Equity PortfolioMeritage Canadian Equity PortfolioMeritage Global Equity PortfolioMeritage American Equity PortfolioMeritage International Equity PortfolioMeritage Conservative PortfolioMeritage Moderate PortfolioMeritage Balanced PortfolioMeritage Growth PortfolioMeritage Growth Plus PortfolioMeritage Diversified Fixed Income PortfolioMeritage Conservative Income PortfolioMeritage Moderate Income PortfolioMeritage Balanced Income PortfolioMeritage Growth Income PortfolioMeritage Growth Plus Income PortfolioMeritage Global Conservative PortfolioMeritage Global Moderate PortfolioMeritage Global Balanced PortfolioMeritage Global Growth PortfolioMeritage Global Growth Plus PortfolioMeritage Tactical ETF Moderate PortfolioMeritage Tactical ETF Balanced PortfolioMeritage Tactical ETF Growth PortfolioMeritage Tactical ETF Equity PortfolioNBI Sustainable Canadian Short Term Bond ETFNBI Sustainable Canadian Bond ETFNBI Sustainable Canadian Corporate Bond ETFNBI High Yield Bond ETFNBI Unconstrained Fixed Income ETFNBI Active Canadian Preferred Shares ETFNBI Canadian Dividend Income ETFNBI Sustainable Canadian Equity ETFNBI Active U.S. Equity ETFNBI Active International Equity ETFNBI Global Real Assets Income ETFNBI Sustainable Global Equity ETFNBI Global Private Equity ETFNBI Liquid Alternatives ETF

The above changes will be reflected in the simplified prospectus for the NBI Funds and ETFs which will be available on the SEDAR+ website and the NBI website.

About NBI FundsNBI Funds (the "Funds") are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Funds before investing. The Funds' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About NBI ETFsNBI ETFs are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Management fees, brokerage fees and expenses all may be associated with investments in exchange-traded funds (ETFs). Please read the prospectus or ETF Facts document before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

About National Bank Investments Inc.National Bank Investments Inc. ("NBI") is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at March 31, 2025, assets under management in NBI products were valued at over $98.92 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI's role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients' financial needs. Follow NBI's activities at nbinvestments.ca or via social media.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada's Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of CanadaWith $484 billion in assets as at January 31, 2025, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 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, 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.

SOURCE National Bank of Canada

SOURCE: National Bank of Canada

Information: Alexandre Guay, Chief Advisor, Public Affairs, National Bank of Canada,
Tel.: 514-412-5125, alexandre.guay@nbc.ca

COMTEX_465315995/2197/2025-05-07T08:00:00