National Bank of Canada

Fund Information / Factsheet • Dec 4, 2025

Calculation Date: 29 Aug 2025

This report contains information regarding the National Bank of Canada Legislative Covered Bond Programme's Cover Pool as of the indicated Calculation Date. The composition of the Cover Pool will change as Loans are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans will vary over time.

Certain information set forth below has been obtained and based upon sources believed by National Bank of Canada to be accurate, however, National Bank of Canada makes no representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information contained herein. National Bank of Canada assumes no liability for any errors or any reliance you place on the information provided herein.

This material is for distribution only under such circumstances as may be permitted by applicable law. This material is published solely for informational purposes and this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.

THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE AND HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DISCLOSURE DOCUMENT. THESE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.

Programme Information
Series	Initial Amount	Translation Rate	C\$ Equivalent	Maturity Date	Extended Due for Payment Date	Coupon Rate	Rate Type	Maturity Type
CBL15	€500,000,000	1.4887	\$744,350,000	25 Mar 2028	25 Mar 2029	0.010%	Fixed	Soft
CBL16	€750,000,000	1.4860	\$1,114,500,000	29 Sep 2026	29 Sep 2027	0.010%	Fixed	Soft
CBL17	€1,000,000,000	1.4164	\$1,416,430,000	27 Jan 2027	27 Jan 2028	0.125%	Fixed	Soft
CBL 18	USD\$1,250,000,000	1.2479	\$1,559,862,500	6 Apr 2027	6 Apr 2028	2.900%	Fixed	Soft
CBL 20	£750,000,000	1.6125	\$1,209,375,000	5 May 2026	5 May 2027	SONIA +1.000%	Floating	Soft
CBL 21	CHF280,000,000	1.3680	\$383,037,200	3 Nov 2027	3 Nov 2028	1.958%	Fixed	Soft
CBL 22	€1,000,000,000	1.4679	\$1,467,885,000	25 Apr 2028	25 Apr 2029	3.500%	Fixed	Soft
CBL 23	€750,000,000	1.5024	\$1,126,785,000	18 Oct 2028	18 Oct 2029	2.750%	Fixed	Soft
			\$9,022,224,700

Weighted Average Maturity of Outstanding Covered Bonds (months) 22.25 Weighted Average Remaining Term of Loans in Cover Pool (months) 19.31

Series Ratings	Moody's	DBRS	Fitch Ratings
CBL15	Aaa	AAA	AAA
CBL16	Aaa	AAA	AAA
CBL17	Aaa	AAA	AAA
CBL 18	Aaa	AAA	AAA
CBL 20	Aaa	AAA	AAA
CBL 21	Aaa	AAA	AAA
CBL 22	Aaa	AAA	AAA
CBL 23	Aaa	AAA	AAA

Supplementary Information

Parties

Issuer National Bank of Canada (NBC)

Guarantor Entity NBC Covered Bond (Legislative) Guarantor Limited Partnership

Servicer & Cash Manager National Bank of Canada Swap Provider National Bank of Canada

Covered Bond Trustee & Custodian Computershare Trust Company of Canada

Asset Monitor Deloitte LLP

Account Bank & GIC Provider National Bank of Canada Standby Account Bank & GIC Provider Royal Bank of Canada (RBC)

Paying Agents The Bank of New York Mellon (Luxembourg) S.A. & UBS AG.

Calculation Date: 29 Aug 2025

National Bank of Canada Ratings

	Standard & Poor's	Moody's	DBRS	Fitch Ratings
Long Term Senior Debt	A+	Aa2	AA	AA
Short Term Senior Debt	A-1	P-1	R-1 H	F1+
Outlook	Stable	Stable	Stable	Stable
Other Ratings	N/A	Counterparty Risk Assessment long term / short term Aa2(cr) / P-1 (cr) Deposit Rating long term	N/A	Issuer Default Rating long term / short term A+ / F1

/ short term Aa2 / P-1

Applicable Ratings of Standby Account Bank & GIC Provider (RBC)

	Moody's (Deposit Rating)	DBRS (Debt Ratings)	Fitch Ratings (Issuer Default Rating)
Long Term	Aa1	AA (high)	AA
Short Term	P-1	R-1 H	F1+

Description of Ratings Triggers

A. Party Replacement

If the rating(s) of the Party falls below the level stipulated below, such party is required to be replaced or in the case of the Swap Provider

(i) transfer credit support and (ii) replace itself or obtain a guarantee for its obligations.

Role (Current Party) Moody's DBRS Fitch Account Bank & GIC Provider (NBC) P-1 R-1(low) or A F1 or A Standby Account Bank & GIC Provider (RBC) P-1 R-1(low) or A F1 or A Cash Manager (NBC) P-2(cr) BBB (low) F2 Servicer (NBC) Baa3 BBB (low) F2 Interest Rate Swap Provider (NBC) P-2(cr) or A3(cr) R-2(mid) or BBB F2 or BBB+ Covered Bond Swap Provider (NBC) P-2(cr) or A3(cr) R-2(mid) or BBB F2* or BBB+ Title Holder on Mortgages (NBC) Baa1 BBB (low) BBB

B. Specified Rating Related Action

as applicable, within 5 business days

2 business days

i. The following actions are required if the rating of the Cash Manager (NBC) falls below the stipulated rating:

Moody's DBRS Fitch
(a) Amounts received by the Servicer are to be deposited directly P-1 BBB(low) F1 or A to the GIC Account and not provided to the Cash Manager
(b) Amounts held by the Cash Manager belonging to the Guarantor P-1 BBB(low) F1 or A are to be deposited to the Transaction Account or the GIC account,

ii. The following actions are required if the rating of the Servicer (NBC) falls below the stipulated rating:

Moody's DBRS Fitch
(a) Servicer is required to transfer amounts belonging to the Guarantor P-1(cr) BBB(low) F1 or A to the Cash Manager or the GIC Account, as applicable, within

iii. The following actions are required if the rating of the Issuer (NBC) falls below the stipulated rating:

Moody's DBRS Fitch
(a) Repayment of the Demand Loan N/A N/A F2* or BBB+
(b) Establishment of the Reserve Fund P-1(cr) R-1(low) or A(low) F1* or A
(c) Fund Pre-Maturity Liquidity Required Amount on Hard Bullet P-1 6 months: A(high) F1+
Covered Bonds 12 months: A(low)

iv. The following actions are required if the rating of the

iv. The following actions are required if the rating of the Issuer (NBC) falls below the stipulated rating:
Moody's DBRS Fitch
(a) The Interest Rate Swap and the Covered Bond Swap will become Baa1 BBB(high) BBB+ effective except as otherwise provided in the Covered Bond Swaps Agreements

v. Each Swap Provider is required to transfer credit support, replace itself or obtain a guarantee of its obligations if the rating of such Swap Provider falls below the specified rating.

Moody's DBRS Fitch
(a) Interest Rate Swap Provider P-1(cr) or A2(cr)(1) R-1(low) or A F1 or A (b) Covered Bond Swap Provider P-1(cr) or A2(cr)(1) R-1(low) or A F1 or A

*Short Term rating

(1) In the case of the Interest Swap Provider, or, in the case of the Covered Bond Swap Provider prior to CBL7 only, if the applicable swap provider or its credit support provider does not have a short-term rating assigned by Moody's, the long term unsecured rating trigger is A1(cr).

Events of Default

Issuer Event of Default	No
Guarantor Event of Default	No

Calculation Date: 29 Aug 2025

		Asset Coverage Test
--	--	---------------------	--

OSFI Covered Bond Ratio (2) : ^² OSFI Covered Bond Ratio Limit:

Outstanding Covered Bonds	\$9,022,224,700
A = Lesser of (i) LTV Adjusted True Balance and	\$16,756,045,345		A(i): \$18,264,434,382
(ii) Asset Percentage Adjusted True Balance			A(ii): \$16,756,045,345
B = Principal Receipts	\$0	Asset Percentage: 91.70%
C = Cash Capital Contributions	\$0	Maximum Asset Percentage: 93.00%
D = Substitute Assets	\$0
E = Reserve Fund Balance	\$0	Regulatory OC Minimum: 103.00%
Y = Contingent Collateral Amount	\$0	Level of Overcollateralization¹: 109.10%
Z = Negative Carry Factor calculation	\$83,628,221
Total: A + B + C + D + E - Y- Z	\$16,672,417,124

Note: Due to rounding, numbers presented may not add up precisely to the totals provided.

Asset Coverage Test PASS

¹ Per Section 4.3.8 of the CMHC Guide, (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.

Valuation Calculation
Trading Value of Covered Bonds	\$10,031,866,507
A = LTV Adjusted Loan Present Value	\$17,908,592,923
B = Principal Receipts	\$0
C = Cash Capital Contributions	\$0
D = Trading Value of Substitute Assets	\$0
E = Reserve Fund Balance	\$0
F = Trading Value of Swap Collateral	\$0
Present Value Adjusted Aggregate Asset Amount
Total: A + B + C + D + E + F	\$17,908,592,923
Weighted average market rate used for discounting:	5.83%
Amortization Test
Event of Default on the part of the registered Issuer?	No
Do any Covered Bonds remain outstanding?	Yes
Amortization Test Required?	No
Amortization Test	N/A
Intercompany Loan Balance
Guarantee Loan	\$9,842,945,340
Demand Loan	\$8,714,127,251
Total	\$18,557,072,591
Covered Bonds Outstanding vs OSFI Limit
Covered Bonds Currently Outstanding (CAD Equivalent):
Issued under the Legislative Covered Bond Programme	\$9,022,224,700
Total	\$9,022,224,700

5.50% 1.78%

⁽²⁾ Per OSFI's letter dated May 23, 2019, the OSFI Covered Bond Ratio refers to total assets pledged for covered bond relative to total on-balance sheet assets. Total on-balance sheet assets as of July 31, 2025.

Calculation Date: 29 Aug 2025

Cover Pool Summary Statistics
Previous Month Ending Balance	\$18,621,067,726
Current Balance	\$18,276,224,779
Number of Mortgage loans in Pool	122,625
Average Mortgage Size	\$149,042
Number of Properties	99,131
Number of Primary Borrowers	95,020
Weighted Average Indexed Authorized LTV	51.67%
Weighted Average Indexed Drawn LTV	45.83%
Weighted Average Original LTV	72.30%
Weighted Average Interest Rate	3.83%
Weighted Average Seasoning	33.13 months
Weighted Average Original Term	52.44 months
Weighted Average Remaining Term	19.31 months

Note: Due to rounding, numbers presented in the following distribution tables may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Cover Pool Delinquency Distribution
Aging Summary	Number of Loans	Percentage	Principal Balance	Percentage
Current and less than 30 days past due	122,526	99.92%	\$18,261,589,677	99.92%
30 to 59 days past due	57	0.05%	\$9,204,052	0.05%
60 to 89 days past due	19	0.02%	\$1,883,856	0.01%
90 or more days past due	23	0.02%	\$3,547,194	0.02%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Cover Pool Provincial Distribution
Province	Number of Loans	Percentage	Principal Balance	Percentage
Alberta	1,778	1.45%	\$346,847,949	1.90%
British Columbia	1,718	1.40%	\$512,520,891	2.80%
Manitoba	290	0.24%	\$41,305,781	0.23%
New Brunswick	2,172	1.77%	\$194,848,422	1.07%
Ontario	17,539	14.30%	\$5,139,695,451	28.12%
Quebec	98,717	80.50%	\$11,982,768,995	65.56%
Saskatchewan	411	0.34%	\$58,237,290	0.32%
Other	0	0.00%	\$0	0.00%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Cover Pool Credit Score Distribution
Credit Score	Number of Loans	Percentage	Principal Balance	Percentage
Score Unavailable	135	0.11%	\$21,281,624	0.12%
599 and below	1,301	1.06%	\$217,958,441	1.19%
600 - 650	1,946	1.59%	\$321,409,257	1.76%
651 - 700	6,713	5.47%	\$1,101,448,475	6.03%
701 - 750	15,714	12.81%	\$2,650,145,525	14.50%
751 - 800	21,664	17.67%	\$3,574,053,934	19.56%
801 and above	75,152	61.29%	\$10,389,927,524	56.85%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Cover Pool Interest Rate Type Distribution
Interest Rate Type	Number of Loans	Percentage	Principal Balance	Percentage
Fixed	94,578	77.13%	\$12,648,127,588	69.21%
Variable	28,047	22.87%	\$5,628,097,192	30.79%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Calculation Date: 29 Aug 2025
Cover Pool Occupancy Type Distribution
Occupancy Type	Number of Loans	Percentage	Principal Balance	Percentage
Owner Occupied	109,126	88.99%	\$15,253,902,117	83.46%
Non-Owner Occupied	13,499	11.01%	\$3,022,322,662	16.54%
Total	122,625	100.00%	\$18,276,224,779	100.00%
Mortgage Asset Type Distribution
Asset Type	Number of Loans	Percentage	Principal Balance	Percentage
Conventional Mortgage	51,352	41.88%	\$10,161,591,994	55.60%
Amortizing Segment of All-in-One Product	71,273	58.12%	\$8,114,632,786	44.40%
Total	122,625	100.00%	\$18,276,224,779	100.00%
Cover Pool Interest Rate Distribution
Interest Rate (%)	Number of Loans	Percentage	Principal Balance	Percentage
Less than 2.000	18,708	15.26%	\$3,117,349,091	17.06%
2.000 - 2.999	18,112	14.77%	\$2,225,889,844	12.18%
3.000 - 3.999	15,993	13.04% 33.55%	\$3,435,892,606	18.80% 33.61%
4.000 - 4.999	41,144		\$6,141,812,389
5.000 - 5.999	22,749	18.55%	\$2,813,880,410	15.40%
6.000 - 6.999	4,603	3.75%	\$409,542,571	2.24%
7.000 - 7.999	284	0.23%	\$20,460,849
8.000 or Greater	1,032	0.84%	\$111,397,019	0.61%
Total	122,625	100.00%	\$18,276,224,779	100.00%
Cover Pool Remaining Balance
Remaining Principal Balance (\$)	Number of Loans	Percentage	Principal Balance	Percentage
99,999 and below	59,161	48.25%	\$2,734,669,984	14.96%
100,000 - 149,999	19,791	16.14%	\$2,455,404,288	13.44%
150,000 - 199,999	13,839	11.29%	\$2,400,162,931	13.13%
200,000 - 249,999	8,761	7.14%	\$1,959,187,904	10.72%
250,000 - 299,999	5,996	4.89%	\$1,638,358,236	8.96%
300,000 - 349,999	4,016	3.28%	\$1,300,133,880	7.11%
350,000 - 399,999	2,834	2.31%	\$1,058,264,001	5.79%
400,000 - 449,999	2,102	1.71%	\$891,445,956	4.88%
450,000 - 499,999	1,517	1.24%	\$718,420,628	3.93%
500,000 - 549,999	1,192	0.97%	\$625,294,785	3.42%
550,000 - 599,999	810	0.66%	\$464,532,323	2.54%
600,000 - 649,999	660	0.54%	\$412,371,664	2.26%
650,000 - 699,999	418	0.34%	\$281,289,102	1.54%
700,000 - 749,999	376	0.31%	\$272,387,465	1.49%

750,000 - 799,999 308 0.25% \$238,783,765 1.31% 800,000 - 849,999 216 0.18% \$177,877,127 0.97% 850,000 - 899,999 183 0.15% \$159,846,576 0.87% 900,000 - 949,999 101 0.08% \$93,485,490 0.51% 950,000 - 999,999 83 0.07% \$80,839,735 0.44% 1,000,000 and above 261 0.21% \$313,468,939 1.72% Total 122,625 100.00% \$18,276,224,779 100.00%

Calculation Date: 29 Aug 2025

Cover Pool Months to Maturity Distribution
Months to Maturity	Number of Loans	Percentage	Principal Balance	Percentage
5 or Less	18,537	15.12%	\$2,631,989,337	14.40%
6 - 11	29,165	23.78%	\$4,838,682,270	26.48%
12 - 23	36,764	29.98%	\$5,705,160,008	31.22%
24 - 35	18,895	15.41%	\$2,478,254,006	13.56%
36 - 47	5,402	4.41%	\$669,182,735	3.66%
48 - 59	12,598	10.27%	\$1,773,789,792	9.71%
60 - 71	1,227	1.00%	\$173,906,348	0.95%
72 - 83	32	0.03%	\$4,931,849	0.03%
84 or Greater	5	0.00%	\$328,434	0.00%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Cover Pool Property Type Distribution
Property Type	Number of Loans	Percentage	Principal Balance	Percentage
Single Family	95,773	78.10%	\$13,603,858,581	74.43%
Condominium	15,458	12.61%	\$2,634,107,371	14.41%
2-4 Family Units	11,394	9.29%	\$2,038,258,828	11.15%
Multiple	0	0.00%	\$0	0.00%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Cover Pool Indexed LTV - Authorized Distribution
Indexed LTV (%)	Number of Loans	Percentage	Principal Balance	Percentage
20.00 and below	8,970	7.31%	\$537,401,153	2.94%
20.01 - 25.00	5,044	4.11%	\$526,981,504	2.88%
25.01 - 30.00	7,383	6.02%	\$800,465,228	4.38%
30.01 - 35.00	11,856	9.67%	\$1,216,634,665	6.66%
35.01 - 40.00	14,584	11.89%	\$1,675,560,452	9.17%
40.01 - 45.00	13,697	11.17%	\$1,736,593,228	9.50%
45.01 - 50.00	12,223	9.97%	\$1,778,711,337	9.73%
50.01 - 55.00	10,535	8.59%	\$1,764,000,346	9.65%
55.01 - 60.00	10,750	8.77%	\$1,901,909,906	10.41%
60.01 - 65.00	10,402	8.48%	\$1,970,960,335	10.78%
65.01 - 70.00	8,237	6.72%	\$1,787,788,740	9.78%
70.01 - 75.00	5,046	4.11%	\$1,287,146,311	7.04%
75.01 - 80.00	3,040	2.48%	\$878,657,274	4.81%
Greater than 80.00	858	0.70%	\$413,414,302	2.26%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Calculation Date: 29 Aug 2025

Cover Pool Indexed LTV - Drawn Distribution
Indexed LTV (%)	Number of Loans	Percentage	Principal Balance	Percentage
20.00 and below	25,029	20.41%	\$1,438,682,568	7.87%
20.01 - 25.00	10,345	8.44%	\$1,045,927,251	5.72%
25.01 - 30.00	11,635	9.49%	\$1,330,448,726	7.28%
30.01 - 35.00	12,387	10.10%	\$1,601,981,729	8.77%
35.01 - 40.00	11,732	9.57%	\$1,738,920,354	9.51%
40.01 - 45.00	10,786	8.80%	\$1,731,930,692	9.48%
45.01 - 50.00	9,330	7.61%	\$1,658,222,269	9.07%
50.01 - 55.00	8,465	6.90%	\$1,656,080,518	9.06%
55.01 - 60.00	7,733	6.31%	\$1,632,779,309	8.93%
60.01 - 65.00	6,343	5.17%	\$1,496,670,331	8.19%
65.01 - 70.00	4,470	3.65%	\$1,215,066,373	6.65%
70.01 - 75.00	2,473	2.02%	\$838,893,322	4.59%
75.01 - 80.00	1,296	1.06%	\$572,213,648	3.13%
Greater than 80.00	601	0.49%	\$318,407,692	1.74%
Total	122,625	100.00%	\$18,276,224,779	100.00%

Provincial Distribution by Indexed LTV - Drawn and Aging Summary
------------------------------------------------------------------	--

Current and less than 30 days past
------------------------------------	--

due

Indexed LTV (%)		Alberta British Columbia		Manitoba New Brunswick	Ontario	Quebec	Saskatchewan	Other	Total
20.00 and below	\$13,859,959	\$62,933,919	\$1,690,885	\$9,231,898	\$296,519,567	\$1,049,565,033	\$4,395,876	\$0	\$1,438,197,136
20.01 - 25.00	\$10,498,009	\$45,477,796	\$1,694,978	\$10,305,564	\$237,140,350	\$736,184,883	\$4,353,398	\$0	\$1,045,654,979
25.01 - 30.00	\$14,291,662	\$48,030,650	\$2,386,308	\$12,208,260	\$265,535,756	\$979,764,824	\$7,844,266	\$0	\$1,330,061,726
30.01 - 35.00	\$23,878,590	\$45,097,906	\$2,979,331	\$12,736,489	\$306,932,780	\$1,199,402,878	\$9,677,632	\$0	\$1,600,705,606
35.01 - 40.00	\$32,501,597	\$55,593,767	\$2,663,243	\$15,782,884	\$343,586,497	\$1,284,374,274	\$3,621,595	\$0	\$1,738,123,858
40.01 - 45.00	\$54,148,204	\$36,514,046	\$3,858,119	\$14,672,896	\$328,260,956	\$1,288,673,949	\$3,993,207	\$0	\$1,730,121,378
45.01 - 50.00	\$46,973,225	\$26,077,971	\$4,172,452	\$21,475,757	\$343,067,835	\$1,210,281,645	\$2,729,376	\$0	\$1,654,778,262
50.01 - 55.00	\$52,330,510	\$35,173,225	\$4,996,781	\$22,334,693	\$385,789,798	\$1,150,151,168	\$3,451,508	\$0	\$1,654,227,683
55.01 - 60.00	\$40,272,198	\$32,525,628	\$4,386,077	\$18,744,522	\$393,674,723	\$1,137,843,403	\$4,607,592	\$0	\$1,632,054,144
60.01 - 65.00	\$33,934,171	\$37,963,277	\$4,832,607	\$21,351,039	\$436,049,453	\$957,226,695	\$5,177,536	\$0	\$1,496,534,779
65.01 - 70.00	\$13,242,914	\$33,145,216	\$6,063,368	\$16,512,125	\$428,113,955	\$713,166,449	\$2,724,673	\$0	\$1,212,968,701
70.01 - 75.00	\$3,549,747	\$32,642,759	\$874,385	\$13,615,568	\$557,985,201	\$225,698,540	\$4,243,727	\$0	\$838,609,928
75.01 - 80.00	\$3,282,424	\$19,261,701	\$707,243	\$4,945,790	\$498,239,229	\$43,290,514	\$1,416,905	\$0	\$571,143,806
Greater than 80.00	\$3,824,081	\$607,023	\$0	\$529,215	\$313,298,818	\$148,555	\$0	\$0	\$318,407,692
Total	\$346,587,292	\$511,044,886	\$41,305,781	\$194,446,700	\$5,134,194,919	\$11,975,772,809	\$58,237,290	\$0	\$18,261,589,677

30 to 59 days past due

Indexed LTV (%)		Alberta British Columbia		Manitoba New Brunswick	Ontario	Quebec	Saskatchewan	Other	Total
20.00 and below	\$0	\$0	\$0	\$0	\$0	\$207,597	\$0	\$0	\$207,597
20.01 - 25.00	\$0	\$0	\$0	\$0	\$108,284	\$154,752	\$0	\$0	\$263,036
25.01 - 30.00	\$0	\$0	\$0	\$0	\$97,389	\$289,611	\$0	\$0	\$387,000
30.01 - 35.00	\$0	\$0	\$0	\$0	\$240,238	\$262,188	\$0	\$0	\$502,426
35.01 - 40.00	\$0	\$0	\$0	\$0	\$0	\$409,197	\$0	\$0	\$409,197
40.01 - 45.00	\$260,657	\$0	\$0	\$0	\$0	\$329,963	\$0	\$0	\$590,620
45.01 - 50.00	\$0	\$1,476,005	\$0	\$0	\$318,912	\$814,093	\$0	\$0	\$2,609,010
50.01 - 55.00	\$0	\$0	\$0	\$223,941	\$110,148	\$382,842	\$0	\$0	\$716,932
55.01 - 60.00	\$0	\$0	\$0	\$0	\$273,883	\$300,713	\$0	\$0	\$574,596
60.01 - 65.00	\$0	\$0	\$0	\$0	\$0	\$135,552	\$0	\$0	\$135,552
65.01 - 70.00	\$0	\$0	\$0	\$91,657	\$1,090,467	\$443,250	\$0	\$0	\$1,625,374
70.01 - 75.00	\$0	\$0	\$0	\$0	\$0	\$152,268	\$0	\$0	\$152,268
75.01 - 80.00	\$0	\$0	\$0	\$0	\$1,030,446	\$0	\$0	\$0	\$1,030,446
Greater than 80.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
Total	\$260,657	\$1,476,005	\$0	\$315,598	\$3,269,766	\$3,882,025	\$0	\$0	\$9,204,052

Calculation Date: 29 Aug 2025

60 to 89 days past due

Indexed LTV (%)		Alberta British Columbia		Manitoba New Brunswick	Ontario	Quebec	Saskatchewan	Other	Total
20.00 and below	\$0	\$0	\$0	\$0	\$0	\$77,861	\$0	\$0	\$77,861
20.01 - 25.00	\$0	\$0	\$0	\$0	\$0	\$9,236	\$0	\$0	\$9,236
25.01 - 30.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
30.01 - 35.00	\$0	\$0	\$0	\$86,123	\$0	\$543,265	\$0	\$0	\$629,388
35.01 - 40.00	\$0	\$0	\$0	\$0	\$0	\$141,459	\$0	\$0	\$141,459
40.01 - 45.00	\$0	\$0	\$0	\$0	\$0	\$108,819	\$0	\$0	\$108,819
45.01 - 50.00	\$0	\$0	\$0	\$0	\$305,030	\$0	\$0	\$0	\$305,030
50.01 - 55.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
55.01 - 60.00	\$0	\$0	\$0	\$0	\$0	\$150,569	\$0	\$0	\$150,569
60.01 - 65.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
65.01 - 70.00	\$0	\$0	\$0	\$0	\$290,970	\$0	\$0	\$0	\$290,970
70.01 - 75.00	\$0	\$0	\$0	\$0	\$0	\$131,127	\$0	\$0	\$131,127
75.01 - 80.00	\$0	\$0	\$0	\$0	\$0	\$39,397	\$0	\$0	\$39,397
Greater than 80.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
Total	\$0	\$0	\$0	\$86,123	\$596,000	\$1,201,733	\$0	\$0	\$1,883,856

90 or more days past due

Indexed LTV (%)		Alberta British Columbia		Manitoba New Brunswick	Ontario	Quebec	Saskatchewan	Other	Total
20.00 and below	\$0	\$0	\$0	\$0	\$34,763	\$165,210	\$0	\$0	\$199,973
20.01 - 25.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
25.01 - 30.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
30.01 - 35.00	\$0	\$0	\$0	\$0	\$0	\$144,309	\$0	\$0	\$144,309
35.01 - 40.00	\$0	\$0	\$0	\$0	\$0	\$245,839	\$0	\$0	\$245,839
40.01 - 45.00	\$0	\$0	\$0	\$0	\$815,120	\$294,755	\$0	\$0	\$1,109,875
45.01 - 50.00	\$0	\$0	\$0	\$0	\$0	\$529,968	\$0	\$0	\$529,968
50.01 - 55.00	\$0	\$0	\$0	\$0	\$784,884	\$351,020	\$0	\$0	\$1,135,904
55.01 - 60.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
60.01 - 65.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
65.01 - 70.00	\$0	\$0	\$0	\$0	\$0	\$181,327	\$0	\$0	\$181,327
70.01 - 75.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
75.01 - 80.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
Greater than 80.00	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0	\$0
Total	\$0	\$0	\$0	\$0	\$1,634,766	\$1,912,428	\$0	\$0	\$3,547,194

Cover Pool Indexed LTV - Drawn by Credit Bureau Score

Indexed LTV (%)

	599 and below	600 - 650	651 - 700	701 - 750	751 - 800	801 and above	Score Unavailable	Total
20.00 and below	\$4,379,582	\$9,444,534	\$30,389,897	\$90,456,791	\$127,921,348	\$1,172,618,484	\$3,471,932	\$1,438,682,568
20.01 - 25.00	\$6,729,245	\$12,454,482	\$35,555,268	\$81,462,586	\$127,143,196	\$780,774,356	\$1,808,117	\$1,045,927,251
25.01 - 30.00	\$10,884,117	\$14,480,779	\$54,896,529	\$128,964,661	\$199,819,766	\$919,054,762	\$2,348,112	\$1,330,448,726
30.01 - 35.00	\$15,381,109	\$21,941,709	\$68,016,519	\$175,030,139	\$283,837,686	\$1,036,440,531	\$1,334,036	\$1,601,981,729
35.01 - 40.00	\$14,856,200	\$26,795,027	\$86,228,672	\$206,873,434	\$325,658,464	\$1,077,324,821	\$1,183,736	\$1,738,920,354
40.01 - 45.00	\$19,414,753	\$34,087,605	\$88,481,901	\$233,600,437	\$341,107,634	\$1,014,221,362	\$1,017,000	\$1,731,930,692
45.01 - 50.00	\$18,811,847	\$26,218,380	\$97,436,187	\$257,519,638	\$367,598,585	\$888,859,214	\$1,778,417	\$1,658,222,269
50.01 - 55.00	\$21,830,599	\$28,460,265	\$108,886,077	\$287,243,469	\$404,156,495	\$802,790,942	\$2,712,671	\$1,656,080,518
55.01 - 60.00	\$22,863,908	\$30,972,580	\$122,052,094	\$311,903,038	\$386,831,733	\$757,597,967	\$557,988	\$1,632,779,309
60.01 - 65.00	\$24,779,148	\$38,529,460	\$121,144,355	\$301,503,832	\$349,920,027	\$660,166,143	\$627,366	\$1,496,670,331
65.01 - 70.00	\$21,857,864	\$30,897,911	\$115,271,465	\$227,041,061	\$280,572,966	\$538,021,146	\$1,403,959	\$1,215,066,373
70.01 - 75.00	\$18,452,315	\$17,041,642	\$91,871,980	\$181,011,389	\$185,308,397	\$343,758,074	\$1,449,526	\$838,893,322
75.01 - 80.00	\$7,831,723	\$20,652,398	\$51,166,226	\$114,143,845	\$128,925,329	\$249,050,783	\$443,345	\$572,213,648
Greater than 80.00	\$9,886,030	\$9,432,486	\$30,051,302	\$53,391,206	\$65,252,309	\$149,248,937	\$1,145,422	\$318,407,692
Total	\$217,958,441	\$321,409,257	\$1,101,448,475	\$2,650,145,525		\$3,574,053,934 \$10,389,927,524		\$21,281,624 \$18,276,224,779

Calculation Date: 29 Aug 2025

Indexation Methodology

As of the date of this Investor Report, the Guarantor uses the methodology described below (which methodology is, as of the date hereof, the "Indexation Methodology"), to establish the market value of residential properties securing loans included in the Covered Bond Portfolio on a quarterly basis for purposes of the Asset Coverage Test, the Amortization Test, the Valuation Calculation and for other purposes as may be required by the CMHC Guide from time to time. Changes to the Indexation Methodology may only be made (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such change constitutes a material change, subject to satisfaction of the Rating Agency Condition, and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to the consent of the Bond Trustee. The Indexation Methodology must at all times comply with the requirements of the CMHC Guide.

The primary index used by the Guarantor to determine the market value of a Property is the Teranet-National Bank Regional and Property Type Sub-IndicesTM (the "RPT Sub-Indices"). The RPT Sub-Indices are estimated by tracking the observed or registered home prices over time based on property records of public land registries and grouped based on the first three digits of the Property's postal code. A Property must have been sold at least twice in order to be included in the calculation of the RPT Sub-Indices. In areas where sufficient data is available, the RPT Sub-Indices may be further subdivided by property type (all types, single-family homes and condominiums), which offers another layer of valuation granularity without compromising the statistical estimation error terms. To the extent necessary, the Teranet-National Bank House Price IndexTM – Composite 11 Index (the "HPI – Composite 11") will be used for indexation purposes where the RPT Sub-Indices are not available. The HPI – Composite 11 combines the metropolitan areas of Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec and Halifax to form a national composite index. At this time, New Brunswick and Saskatchewan are the only areas relevant to the Covered Bond Portfolio for which the RPT Sub-Indices are not available. For regions where the RPT Sub-Indices are not subdivided by property type, the Guarantor will use the all types sub-index. The RPT Sub-Indices and the HPI – Composite 11 are available by subscription at www.housepriceindex.ca. This website and its contents do not form part of this Investor Report.

For each Property in the Covered Bond Portfolio, the indexed valuation for a quarter will be determined by multiplying the Original Market Value (as defined in the CMHC Guide) for such Property by the percentage change since the valuation date in the price level for the sub-index in which such Property is located and, if available, also based on the property type.

Material risks associated with using the Indexation Methodology include, but are not limited to, the following: the accuracy, adequacy, timeliness and completeness of the indices being relied upon; the consistency in underlying methodology of such indices; the continued availability of the home sale price data provided to Teranet; in the case of Properties outside of the regions covered by the RPT Sub-Indices, the risk that the HPI – Composite 11 may not accurately capture unique factors affecting local housing markets; and in the case of Properties located within the regions where the RPT Sub-Indices are not subdivided by property type, the risk that the all-types sub-index may not account for differences in property value changes based on property type.

National Bank of Canada (in its capacity as a licensor of the Index (as defined below), the "NBC Licensor") has, jointly with Teranet Inc. ("Teranet" and collectively with the NBC Licensor and their third party licensors the "Licensors"), developed a methodology and algorithm to create a residential house price index. The National Bank of Canada Legislative Covered Bond Programme (the "Programme") is not endorsed, sold or promoted by the Licensors. None of the Licensors make any representation or warranty, express or implied, to the parties to the Programme or any member of the public regarding the advisability or recommendation of investing in the Programme particularly or concerning the results to be obtained from the Teranet-National Bank House Price IndexTM and the Teranet-National Bank Regional and Property Type Sub-IndicesTM (the "Index") and its ability to track the performance of the residential real estate and housing markets or concerning the extent to which the capital value or income return of the Programme matches or will match the performance of the Index or the levels at which Index may stand at a particular date. The Licensors' only relationship to National Bank of Canada as licensee (in such capacity, "NBC") is the licensing of certain trademarks and trade names of the Licensors without regards to NBC or the Programme. The Licensors have no obligation to take the needs of NBC or the parties to the Programme into consideration in determining, composing or calculating the Index. None of the Licensors is responsible for and none has participated in determining the pricing, quantities or timing of the execution of the Programme by the parties thereto or the assessment or method of settlement calculation therefor. The Licensors have no obligation or liability in connection with the administration, marketing or trading of the Programme.

None of the Licensors or any of their affiliates guarantees the adequacy, accuracy, timeliness or completeness of the Index or any data included therein, or any communications related thereto. None of the Licensors or any of their affiliates shall be subject to any damages or liabilities for any errors, omissions or delays of the dissemination of the Index. None of the Licensors or any of their affiliates makes express or implied warranties, and each of them expressly disclaims all warranties or merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event whatsoever shall the Licensors or any of their affiliates be liable for any direct, special, incidental, punitive or consequential damages, including but not limited to loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability or otherwise. The Teranet-National Bank House Price IndexTM and the Teranet-National Bank Regional and Property Type Sub-IndicesTM are trademarks of Teranet and the NBC Licensor, and have been licensed for use by NBC.