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National Bank of Canada

600 De La Gauchetière Street West, 4

th Floor

Montreal, Quebec H3B 4L2 Canada

Telephone: 514-394-5000

Website: nbc.ca

A

Annnnuuaall MMeeeettiinngg

The Annual Meeting of Holders of Common Shares of the Bank will be held on

April 22, 2022.

C Coorrppoorraattee SSoocciiaall RReessppoonnssiibbiilliittyy SSttaatteemmeenntt The information will be available in March 2022 on the Bank's website at nbc.ca. C Coommmmuunniiccaattiioonn wwiitthh SShhaarreehhoollddeerrss For information about stock transfers, address changes, dividends, lost certificates, tax forms and estate transfers, shareholders of record may contact the transfer agent at the following address: C Coommppuutteerrsshhaarree TTrruusstt CCoommppaannyy ooff CCaannaaddaa

Share Ownership Management

100 University Avenue, 8

th Floor

Toronto, Ontario M5J 2Y1 Canada

Telephone: 1-888-838-1407

Fax: 1-888-453-0330

E-mail:

service@computershare.com

Website: computershare.com

Shareholders whose shares are held by a market intermediary are asked to contact the market intermediary concerned.

Other shareholder inquiries can be addressed to:

Investor Relations

National Bank of Canada

National Bank Tower

600 De La Gauchetière Street West, 7

th Floor

Montreal, Quebec H3B 4L2 Canada

Telephone: 1-866-517-5455

E-mail: investorrelations@nbc.ca

Website: nbc.ca/investorrelations

C Caauuttiioonn RReeggaarrddiinngg FFoorrwwaarrdd--LLooookkiinngg SSttaatteemmeennttss From time to time, National Bank of Canada makes written and oral forward-looking statements, including in this Annual Report, in other filings with Canadian regulators, in reports to shareholders, in press releases and in other communications. All such statements are made pursuant to the Canadian and American securities legislation and the provisions of the

United States

Private Securities Litigation Reform Act of 1995.

Additional information about these statements can be found on page 15 of this Annual Report. T

Trraaddeemmaarrkkss

The trademarks belonging to National Bank of Canada and used in this report include National Bank of Canada, National Bank, NBC, National Bank Financial, National Bank Financial Wealth Management, Private Banking

1859, National Bank Direct Brokerage, National Bank Investments, National

Bank Independent Network, National Bank Trust, NBC Asset Trust, National Bank Life Insurance, Natcan Trust Company, National Bank Realty, Natbank and their respective logos. Certain trademarks owned by third parties are also mentioned in this report.

PPoouurr oobbtteenniirr uunnee vveerrssiioonn ffrraannççaaiissee dduu RRaappppoorrtt aannnnuueell,,

vveeuuiilllleezz vvoouuss aaddrreesssseerr àà ::

Relations avec les investisseurs

Banque Nationale du Canada

600, rue De La Gauchetière Ouest, 7

e

étage

Montréal (Québec) H3B 4L2 Canada

Téléphone : 1 866 517-5455

Adresse électronique : relationsinvestisseurs@bnc.ca L

Leeggaall DDeeppoossiitt

ISBN 978-2-921835-71-8

Legal deposit - Bibliothèque et Archives nationales du Québec, 2021

Legal deposit - Library and Archives Canada, 2021

P

Prriinnttiinngg

L'Empreinte

National Bank of Canada proudly participates in a carbon neutral program and purchased carbon credits to offset the greenhouse gases emitted to produce the paper this calendar is printed on and is proud to help save the environment by using EcoLogo and Forest Stewardship Council (FSC certified paper.

2021 Return on Common

Shareholders' Equity

(2) (ROE)

Common Equity Tier 1 (CET1) Ratio

(4) as at October 31, 2021 12.3% (3)

ROE excluding specified items

(2)

15-20%

Dividend payout ratio excluding specified items

(2)

40-50%

CET1 capital ratio

(3) > 11.00%

Leverage ratio

(3) > 3.75% 4.7)

15.8 %

46.6 %

11.8 %

4.4 %

(1) See the Financial Reporting Method section on pages 18 to 21 for additional information on non-GAAP financial measures.

(2)

See the Financial Reporting Method section on pages 18 to 21 and see the Glossary section on pages 123 to 126 for additional information on non-GAAP ratios.

(3)

See the Financial Reporting Method section on pages 18 to 21 for additional information on capital management measures.

(4)

See the Glossary section on pages 123 to 126 for additional information on supplementary financial measures composition.

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4

National Bank of Canada

2021 Annual Report

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JJeeaann HHoouuddee

Chairman of the Board of Directors

For more information regarding the Bank's governance, please refer to the

Statement of Corporate Practices

available on the Bank's website at nbc.ca.

OUR ONE MISSION

1.

We consider the fight against

climate change in our economic and community actions 2.

We guide and advise our clients

in their energy transition 3.

We manage and reduce our

environmental footprint in all of our business segments 4. We maximize the potential of individuals and the community

5. We promote inclusion

and diversity 6.

We foster entrepreneurship,

financial literacy, philanthropy, and support for health and education7. We promote a strong ethics culture, sound governance practices, and rigorous risk management

8. We manage according to

responsible business practices

9. We ensure the long-term

viability of the institution

SOCIALGOVERNANCE

The Bank is committed to having a positive impact in people's lives. Our ESG principles reect our commitment to building a sustainable future while representing the best interests of stakeholders.

Governance

nb c.ca

Riisskk DDiisscclloossuurreess

In 2012, the Financial Stability Board (FSB) formed a working group, the Enhanced Disclosure Task Force (EDTF), that was mandated to develop principles for

enhancing the risk disclosures of major banks, to recommend improvements to current risk disclosures, and to identify risk disclosure best practices used by

major financial institutions. The EDTF published a report entitled Enhancing the Risk Disclosures of Banks, which contains 32 recommendations. The Bank

makes every effort to ensure overall compliance with those recommendations and is continuing to enhance its risk disclosures to meet the best practices on

an ongoing basis. The risk disclosures requ ired by the EDTF are provided in this Annual Report and in the document entitled

Supplementary Regulatory Capital

and Pillar 3 Disclosure available on the Bank's website at nbc.ca.

PPaaggeess

AAnnnnuuaall

RReeppoorrtt

SSuupppplleemmeennttaarryy

RReegguullaattoorryy CCaappiittaall

aanndd PPiillllaarr 33 DDiisscclloossuurree (1)

GGeenneerraall

1 Location of risk disclosures 13

Management's Discussion and Analysis 59 to 107, 119, 121 and 122 Consolidated Financial Statements Notes 1, 7, 16, 23 and 29

Supplementary Financial Information 20 to 30

(2) Supplementary Regulatory Capital and Pillar 3 Disclosure 5 to 52

2 Risk terminology and risk measures 69 to 107

3 Top and emerging risks 16 to 18, 26 and 73 to 78

4 New key regulatory ratios 60 to 63, 94 and 98 to 101

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5 Risk management organization, processes and key functions 69 to 88, 94 to 96 and 101

6 Risk management culture 69 and 70

7 Key risks by business segment, risk management

and risk appetite 68 to 70, 73 and 74

8 Stress testing 59, 70, 82, 92, 93 and 96

CCaappiittaall aaddeeqquuaaccyy aanndd rriisskk--wweeiigghhtteedd aasssseettss ((RRWWAA))

9 Minimum Pillar 1 capital requirements 60 to 63

10 Reconciliation of the accounting balance sheet to

the regulatory balance sheet 7 to 13, 16 and 17

11 Movements in regulatory capital 66

12 Capital planning 59 to 68

13 RWA by business segment

and by risk type 68 6

14 Capital requirements by risk and RWA calculation method 78 to 82

6

15 Banking book credit risk 6

16 Movements in RWA by risk type 67

6

17 Assessment of credit risk model performance 73, 79 to 82 and 87

35

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18 Liquidity management and components of the liquidity buffer 94 to 101

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19 Summary of encumbered and unencumbered assets

97 and 98

20 Residual contractual maturities of balance sheet items and

off-balance-sheet commitments 221 to 225

21 Funding strategy and funding sources 101 to 103

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22 Linkage of market risk measures to balance sheet 89 and 90

23 Market risk factors 87 to 93, 210 and 211

24 VaR: Assumptions, limitations and validation procedures 91

25 Stress tests, stressed VaR and backtesting 87 to 93

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26 Credit risk exposures 86 and 172 to 183

18 to 44 and 20 to 28

(2)

27 Policies for identifying impaired loans 83, 84, 146 and 147

28 Movements in impaired loans and allowances for credit losses 119, 121, 122 and 172 to 183

25 to 27

(2)

29 Counterparty credit risk relating to derivatives transactions 83 to 85 and 190 to 193

37 to 44, 29

(2) and 30 (2)

30 Credit risk mitigation 81 to 84 and 169

20, 24 and 42 to 52

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31 Other risks: Governance, measurement and management 77, 78 and 103 to 107

32 Publicly known risk events

16 to 18, 26, 103 and 104

(1)Fourth quarter 2021. (2)These pages are included in the document entitled Supplementary Financial Information - Fourth Quarter 2021.

Noovveemmbbeerr 3300,, 22002211

The following Management's Discussion and Analysis (MD&A) presents the financial condition and operating results of National Bank of Canada (the Bank).

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