National Bank’s ESG Committee, chaired by the Chief Financial Officer and Executive Vice-President – Finance, will oversee a plan to disclose the Bank’s ESR including: (1) establishing and disclosing a methodology, (2) implementing and testing the methodology and (3) ensuring an appropriate governance process is followed for the ratio disclosure. The Bank has agreed to disclose an ESR methodology, leveraging the approach in the Institute of International Finance White Paper on an Energy Supply Ratio for Bank Disclosures and the approach of other peer banks in Canada. Currently, Energy Supply Ratios generally represent a dollar-to-dollar comparison of total financing through equity and debt underwriting, lending and project financing in low-carbon energy supply relative to that in fossil fuel energy supply. The Bank will disclose its ESR methodology prior to April 1, 2027, including methodological choices used in calculating the ESR. This commitment is also being included in our sustainability disclosures to be published in 2026. National Bank will continue its dialogue with SHARE related to the matters raised in the proposal prior to publication of the ESR methodology. On the basis of our announcement and related commitments, the proponents agreed to withdraw the proposal.