2025 2nd Quarter Market Outlook

The information and the data supplied in the present document,
including those supplied by third parties, are considered accurate at
the time of their printing and were obtained from sources which we
considered reliable. We reserve the right to modify them without
advance notice. This information and data are supplied as informative
content only. No representation or guarantee, explicit or implicit, is
made as for the exactness, the quality and the complete character of
this information and these data. The opinions expressed are not to be
construed as solicitation or offer to buy or sell shares mentioned
herein and should not be considered as recommendations.

NBI 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.

The NBI Portfolios (the “Portfolios”) are offered by National Bank
Investments Inc. and sold by National Bank Savings and Investments
Inc., separate entities and indirect wholly owned subsidiaries of
National Bank of Canada. Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund investments.
Please read the prospectus of the Portfolios before investing. The
Portfolios’ securities are not insured by the Canada Deposit Insurance
Corporation or by any other government deposit insurer. The Portfolios
are not guaranteed, their values change frequently and past
performance may not be repeated. 

NBI Private Wealth Management is an asset allocation service offered
by National Bank Investments Inc. and sold by National Bank Savings
and Investments Inc., separate entities and indirect wholly owned
subsidiaries of National Bank of Canada. Commissions, trailing
commissions, management fees and expenses all may be associated with
mutual fund investments and the use of an asset allocation service
(such as NBI Private Wealth Management). Please read the prospectus of
the NBI Funds and the Private Portfolios (the “Funds”) composing the
NBI Private Wealth Management profiles before investing. The Funds are
not guaranteed, their values change frequently and past performance
may not be repeated. Investors must enter into an agreement with
National Bank Savings and Investments Inc. National Bank Trust Inc.
(for all activity in Quebec, Prince Edward Island, Saskatchewan and
New-Brunswick) or Natcan Trust Company (for all activity in all other
Canadian provinces and territories), subsidiaries of National Bank of
Canada, act as portfolio managers of NBI Private Wealth Management,
which gives them the authority to select, add or remove Funds
composing the NBI Private Wealth Management profiles. 

© National Bank Investments Inc., 2025. All rights reserved. Any
reproduction, in whole or in part, is strictly prohibited without the
prior written consent of National Bank Investments Inc.

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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