MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

NATIONAL BANK OF CANADA /FI/'s Holding History (CIK: 0000926171)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 19,245 Value ($000) $317 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 16,800 Value ($000) $270 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 5,100 Value ($000) $95 Avg Close $17.74 Range $16.13 - $18.75

Q4 2024

Shares 252 Value ($000) $5 Avg Close $17.85 Range $16.94 - $18.98

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	19,245	$317	$16.42	$15.24 - $17.38
Q3 2025	16,800	$270	$17.18	$15.53 - $18.77
Q2 2025	5,100	$95	$17.74	$16.13 - $18.75
Q4 2024	252	$5	$17.85	$16.94 - $18.98