Mr. Claude Breton reports

NATIONAL BANK OF CANADA ANNOUNCES ELECTION OF DIRECTORS: MANON BROUILLETTE AND YVON CHAREST JOIN THE BOARD OF DIRECTORS

National Bank of Canada has noted that each director nominee listed in the management proxy circular dated Feb. 27, 2020, was elected as director of the bank during the annual meeting of the holders of common shares held today.

The board of directors welcomes two directors elected for the first time, Manon Brouillette and Yvon Charest, who are joining the board as of today. Ms. Brouillette was president and chief executive officer of Videotron Inc. until December, 2018. She holds a bachelor's degree in public communications from Universite Laval and has completed the Ivey executive program at Western University's Ivey Business School. Mr. Charest was president and CEO of iA Financial Group from 2000 to 2018. He holds a bachelor of actuarial science from Universite Laval, and is a fellow of the Canadian Institute of Actuaries (FCIA) and a fellow of the Society of Actuaries (FSA).

In addition, Gillian H. Denham is stepping down from her position as director, effective today. Ms. Denham had been a director since 2010 and was a member of the human resources committee.

"I am proud to welcome Manon Brouillette and Yvon Charest to the board. I know that the extensive experience and strong skills in strategic leadership and governance that these two new directors bring to the table will be important assets for the future of National Bank," stated Jean Houde, chairman of the board. "On behalf of the bank's shareholders and employees, I would like to sincerely thank Gillian H. Denham who is leaving the board. Through her skills and commitment, she made a valuable contribution to the bank's success and transformation."

The details of the election

Director nominee        Outcome          For   % for   Withheld  % withheld

Raymond Bachand         Elected  175,146,670  99.22%  1,380,805       0.78%     
Maryse Bertrand         Elected  176,016,103  99.71%    511,368       0.29%     
Pierre Blouin           Elected  175,966,727  99.68%    560,710       0.32%     
Pierre Boivin           Elected  175,305,100  99.31%  1,222,375       0.69%     
Ms. Brouillette         Elected  175,973,298  99.69%    539,240       0.31%     
Mr. Charest             Elected  176,163,589  99.79%    363,886       0.21%     
Patricia Curadeau-Grou  Elected  176,037,168  99.72%    490,307       0.28%     
Mr. Houde               Elected  175,193,201  99.24%  1,334,270       0.76%     
Karen Kinsley           Elected  176,218,117  99.83%    308,858       0.17%     
Rebecca McKillican      Elected  176,043,049  99.73%    484,426       0.27%     
Robert Pare             Elected  175,030,250  99.15%  1,497,225       0.85%     
Lino Saputo Jr.         Elected  174,423,688  98.81%  2,103,787       1.19%     
Andree Savoie           Elected  175,245,709  99.27%  1,281,766       0.73%     
Pierre Thabet           Elected  176,235,513  99.83%    291,462       0.17%     
Louis Vachon            Elected  175,706,184  99.53%    821,287       0.47%     

The results of the final votes regarding all matters subject to a vote during the annual meeting are available on the bank's website as well as on SEDAR.

About National Bank of Canada

With $289-billion in assets as at Jan. 31, 2020, National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups.