Mr. Robert Pare reports

NATIONAL BANK OF CANADA ANNOUNCES THE ELECTION OF DIRECTORS

All director nominees listed in National Bank of Canada's management proxy circular dated Feb. 20, 2024, were elected as directors of the bank during the annual and special meeting of the holders of common shares held today.

The board of directors welcomes Arielle Meloul-Wechsler who has been elected as a director for the first time.

Ms. Meloul-Wechsler has been executive vice-president, chief human resources officer and public affairs, at Air Canada since 2021, and has held several executive mandates in human resources at Air Canada since 2013. She has also served as president of Global Airline HR Leaders' Network of Airline People Directors' Council (APDC) since 2017 and chair of the board of National Airlines Council of Canada since 2020. Ms. Meloul-Wechsler was the winner of the Northern Lights Aero Foundation's 2022 Annual Elsie MacGill Business Award and of the Top 100 Award by the Women's Executive Network (WXN) in 2019. Member of the Quebec Bar, she holds a bachelor's degree in law from Universite de Montreal and a bachelor of science in psychology from McGill University.

During the meeting, the chair of the board, Robert Pare, mentioned that Ms. Meloul-Wechsler has a rich professional background and has in-depth knowledge in governance, human resources and client experience, which are major assets for the board.

Mr. Pare also addressed a word to the outgoing directors: "I would like to extend my warmest thanks to Maryse Bertrand and Lino A. Saputo, who are not seeking re-election. Their dedication, collegiality, sense of the bank, in short, their overall contribution, over the past 12 years, have contributed to the growth of the bank, which has established itself as a leader in its sector."

The results of the final votes regarding all matters subject to a vote during the annual and special meeting of the holders of common shares and the special meeting of the holders of first preferred shares are available on the websites of the bank and SEDAR+.

About National Bank of Canada

With $434-billion in assets as at Jan. 31, 2024, 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, United States specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA).