Mr. Laurent Ferreira reports

NATIONAL BANK OF CANADA ANNOUNCES APPOINTMENTS TO ITS BOARD OF DIRECTORS

As part of the previously announced closing of National Bank of Canada's acquisition of Canadian Western Bank, National Bank has appointed two CWB nominees to its board of directors. National Bank is pleased to welcome, as of Feb. 3, 2025, Sarah Morgan-Silvester and Irfhan Rawji as directors.

National Bank also announced that Chris Fowler, president and chief executive officer of CWB, will retire from his current role, effective March 1, 2025, and will continue as executive adviser to Laurent Ferreira, president and chief executive officer of National Bank, until April 30, 2025.

"On behalf of the senior leadership team at National Bank and CWB, I would like to recognize Chris for his impressive contributions to CWB over his 34-year tenure and his continued engagement in Alberta's business community. Chris has been instrumental in CWB's growth and ambitious vision. I look forward to continuing to benefit from his sound advice and expertise on Western Canada ahead of his well-deserved retirement," said Mr. Ferreira.

Mr. Fowler joined CWB in 1991 and was appointed president and CEO in 2013. He has made significant contributions to the business community as a director with the Business Council of Alberta and a member of both the Business Council of Canada and the University of Alberta business advisory council. Mr. Fowler has also served as board member with the Art Gallery of Alberta and the University Hospital Foundation and as a campaign cabinet member for the United Way. In 2022, Mr. Fowler was inducted into the junior achievement of Northern Alberta Business Hall of Fame. Mr. Fowler holds a bachelor of arts (economics) and a master of arts (economics) from the University of British Columbia.

Ms. Morgan-Silvester joins the board of directors of National Bank with an extensive background in financial services. She was most recently chair of the board for CWB. She was previously executive vice-president, personal financial services and wealth management, of HSBC Bank Canada, and president and CEO of HSBC Trust Company (Canada). She currently serves on several boards, including as board chair of Grosvenor Americas Partners. She served in the past as chancellor of the University of British Columbia, chair of Vancouver Fraser Port Authority, chair of B.C. Women's Hospital and Health Centre Foundation, and as a director of private companies and other organizations.

Ms. Morgan-Silvester holds a bachelor of commerce with honours from the University of British Columbia and is a fellow of the Institute of Canadian Bankers. She also holds a human resources and compensation committee designation from the Directors College.

Mr. Rawji is managing partner at Relay Ventures, an early-stage venture capital firm, and is also managing partner at Realize Capital Partners, a multiasset class fund of funds focused on impact investing across Canada. He is executive chair of MobSquad, board chair of The Logic, board chair of the Canadian Institute for Advanced Research and board chair of the Institute for Canadian Citizenship.

Mr. Rawji holds a master of business administration with high honours from Harvard Business School and a bachelor of commerce with honours from the University of British Columbia.

"Irfhan and I are honoured to join the board of directors for National Bank at this historic time. We look forward to applying our experience from CWB to continue the great work of furthering National Bank's strategic priorities and growth, while building on the achievements and successes of our fellow directors and the talented management team," said Ms. Morgan-Silvester.

"Sarah brings her deep knowledge of financial services and wealth management, and Irfhan brings rich experience with venture capital and innovative Canadian entrepreneurs. Together, they have a wealth of knowledge about CWB and Western Canada, and will strengthen our board as National Bank accelerates its growth across the country. On behalf of the National Bank board, I welcome them both to the board of directors and look forward to working together," said Robert Pare, chair of the board of National Bank.

About National Bank of Canada

With $462-billion in assets as of Oct. 31, 2024, National Bank 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, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange.

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