#1Investor Intelligence Report National Bank of Canada "Voice of the Shareholder" Brendan Wood International First Intelligence 3Q 2023#2Notice To Reader This report contains confidential information which is the exclusive property of Brendan Wood International. Such information shall not be copied, excerpted, disclosed to others, or used for any purpose other than that for which it is expressly given, without the prior written permission of Brendan Wood International. We wish to emphasize that all reports, evaluations and assessments contained herein, represent Brendan Wood International's subjective judgment and opinions, based on our years of experience and on information obtained by us in the course of our research. Much of the factual information contained in the reports has been obtained by us from third parties on whose responses we have relied in good faith, independent verification by Brendan Wood International being, under the circumstances, impossible. While we believe that you will find our reports to be an invaluable tool in formulating your own strategies and judgments, the foregoing should be borne in mind. Under no circumstances should any ratings or evaluations of individuals' performances in these reports be considered as a sufficient basis for making decisions conceming the careers of individuals, including such matters as promotions, compensation arrangements, terminations, etc. This report is not meant as investment advice and should not be interpreted as advising on the value of a company's securities, the advisability of investing in, purchasing or selling any company's securities or any other conclusion relating to investment/divestiture of a company's securities. Finally, this report is not intended as an offer or solicitation for the purchase or sale of any of company's securities. Brendan Wood & Partners BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 2#3The Brendan Wood Shareholder Confidence Panel BWI Panel Institutional & Private Wealth Investors Secondary Markets Professionals Research, Sales & Trading GLOBAL PANEL 2000+ Debriefs with Decision Makers >$56 Trillion in Assets 70% Sector Specialists 30% Generalists Average 9 Yrs Professional Experience, 25% more than 15 Years GLOBAL RESOURCES PANEL 350+ Debriefs with Decision Makers >$15 Trillion in Assets 80% Sector Specialists 20% Generalists Average 11 Yrs Professional Experience, 35% more than 15 Years +/- 600 Professionals, including... +/- 100 Professionals, including... +/- 400 TopGuns +/- 100 TopGuns Geographic Breakdown of the BWI Panel 2023: Global Resources Panel: US 42% 35% Canada 21% 34% Europe/Middle East/Africa 32% 27% Pacific Rim 4% 3% Latin America 1%+ 1%+ BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 3#4WHAT DO BRENDAN WOOD COMPANY SCORES MEAN? METHODOLOGY The core mission of BWI performance and quality metrics is to illustrate and explain the emerging investor "commitment to own" particular stocks. Eleven critical performance metrics are used to determine the relative strength of investor commitment to a company as an investment target. To help investors rate companies in a sector on a relative basis "one metric at a time", a visual technique is used. For example, the visual tool shows investors a consensus vertical hierarchy representing how each investment target company in a sector is rated by investors against a criterion such as "Quality of Strategy" ... AS AN INFLUENCE ON THE INVESTOR COMMITMENT TO OWN THE NAME. The investor is then asked to adjust the consensus rating hierarchy to match their own particular view of how each company scores against the "Quality of Strategy" criterion. They may agree or disagree with the consensus. The investor then makes their personal adjustments which are added to our cumulative data instantly. To make this task fast and accurate the visual scoring hierarchy is broken down into top decile, four quartiles and a bottom decile, therefore six potential levels of performance against each investment selection criterion. The quartile display is instantly recognizable by investors as indicating both absolute and relative bases of the influence of a company's level of competitive performance against a critical investment selection criterion. The above methodology forces the (dependent variable) absolute benchmark of "commitment to own" on each quality of a corporate investment target. WHY A COMPANY SCORE MAY BE FIRST IN ITS SECTOR BUT RATE IN THE SECOND QUARTILE? This means that the sector itself (all companies included) ranks in the second quartile or below of investor selection attractiveness against a particular criterion of investability. ADVANTAGE OF BRENDAN WOOD INTERNATIONAL METHODOLOGY? This process identifies the emerging competitiveness of individual sectors, sub-sectors and most importantly of companies as investment targets on both an absolute and relative 'best in sector' basis against investors' selection criteria for the year ahead. Such calibrated data allows BW partners to help corporate management to accurately analyze their company's attractiveness as a target for the year ahead as an individual story and relative to its comparables and sector. The isolation of performance against individual metrics enables management to identify and address the key metrics which drive the "commitment to own" their particular stock. APPARENT CONDICTION BETWEEN QUARTERLY RESULTS AND ROLLING YEAR RESULTS? Quarterly results = the results in the quarter. Rolling years results = the results for a full year of data. BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 4#5October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C What is Your Commitment to Own This Stock in The Year Ahead? National Bank of Canada 2023 Q3 2023 Q2 2023 Q1 2022 Q4 10 20 20 30 40 50 60 60 70 80 90 100 1. Do not Own, Serious Lack Confidence in the Company 3. Own it, Selling it due to Decreasing Confidence 2. Do not Own, Lack Confidence in the Company 4. Neutral, Benchmark it but DO NOT see company as a Target 6. Own it or Intend to Own it 5. Own it with Confidence BUT DOWNSIZING to re-weight portfolio BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 7. Own it with Increasing Confidence 5#6October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C What is Your Commitment to Own This Stock in The Year Ahead? 10 9.5 9 8.5 8 00 7.5 7 6.5 6 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada ■ Sector Leader (Brookfield Corporation) Sector Average Peer Group Average BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 6#7October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Metrics National Bank of Canada's Performance Vs National Bank of Canada Peer Group National Bank of Canada Peer Group Bank of Montreal Bank of Nova Scotia Canadian Imperial Bank of Commerce Canadian Western Bank Laurentian Bank of Canada National Bank of Canada Royal Bank of Canada TD Bank Financial Group BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 7#8October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Metrics 10 7.5 5 Quarter over Quarter Results Strategy Forecast for the Year Ahead 10 7.5 Transparency/Disclosure - 5 Page 1/3 2.5 2.5 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada ■ Sector Leader (Royal Bank of Canada) Peer Group Average National Bank of Canada Sector Average ■ Sector Leader (Royal Bank of Canada) Peer Group Average Sector Average 10 7.5 5 CEO 10 7.5 5 Board 2.5 2.5 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada ■Sector Leader (Intact Financial Corp) Sector Average Peer Group Average National Bank of Canada ■Sector Leader (Royal Bank of Canada) Peer Group Average Sector Average BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 8#9October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Metrics Quarter over Quarter Results Forecast for the Year Ahead Senior Management (Excl C-suite.) 10 10 7.5 5 7.5 5 11 CFO Page 2/3 - 2.5 2.5 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada National Bank of Canada ■Sector Leader (Brookfield Corporation) Sector Average Peer Group Average ■✶ Sector Leader (Brookfield Corporation) Peer Group Average Sector Average Long Term Growth Balance Sheet 10 7.5 5 10 7.5 5 2.5 2.5 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada ■ Sector Leader (Brookfield Corporation) Peer Group Average Sector Average National Bank of Canada ■Sector Leader (Royal Bank of Canada) Peer Group Average Sector Average BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 9#10October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Metrics 10 7.5 5 Quarter over Quarter Results Page 3/3 Forecast for the Year Ahead Short Term Growth Shareholder Confidence Momentum 10 7.5 5 E 2.5 2022 Q4 2.5 2023 Q1 2023 Q2 2023 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 National Bank of Canada National Bank of Canada ■Sector Leader (Brookfield Corporation) Sector Average Peer Group Average ■ Sector Leader (Brookfield Corporation) Peer Group Average Sector Average BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 10 10#11October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Metrics Quarter over Quarter Results 10 9 8 7 6 5 す 3 2022 Q4 Forecast for the Year Ahead Price Appreciation Potential 2023 Q1 National Bank of Canada ■ Sector Leader (Brookfield Corporation) BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 2023 Q2 2023 Q3 Sector Average Peer Group Average 11#12Typical Investor Verbatim Positive Momentum Verbatim "National Bank are excellent with their balance sheet. They have a capital allocation discipline that is great to see." "Some people are concerned with National Bank's new CEO, Laurent Ferreira, but from what I've seen, he will be fine." "I have confidence in National Bank of Canada; they've been meeting numbers well." "National Bank of Canada has done a good job allocating capital. Their capital strength is good." "National Bank is consistent in their execution. There's nothing flashy or shiny about what they do, it's just about good and consistent execution, and they seem to keep on surpassing expectations. People always ask how they do it, and sometimes the answers are not obvious, but they do it consistently." "The Bank of Nova Scotia had a CEO that had one of the worst tenures of relative performance during his reign in the history of Canadian banks. It looks terrible for anyone to have confidence in him; it makes no sense. Then you have National Bank, which over the past seven years has been the best-performing bank stock by a landslide, and yet people have less confidence in it." "National Bank of Canada has been executing well." "¡A Financial and National Bank have a very long track record. If you look at National Bank's revenue growth over any period of time, it always ranks number one, sometimes number two out of six." "National Bank of Canada has been delivering; I have confidence in the CEO." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 12#13Positive Momentum Verbatim Typical Investor Verbatim "National Bank has been a great performer. It's been the best-performing bank for the last ten years." "National Bank is undervalued relative to how its strategy has performed over the last ten years, regarding earnings growths, share price returns, and what they focus on strategically. They do a good job." "I don't have confidence in banks with international banking exposure, like US or Latin American exposure, like TD Bank, the Bank of Nova Scotia, and the Bank of Montreal. I have more confidence in National Bank, which focuses on Canada and Capital Markets and Wealth Management; there's more growth in those types of businesses." "National Bank has a new CEO, so it's hard to evaluate; he doesn't have a track record yet. The Bank of Nova Scotia also has a new CEO, but he doesn't have a history in banking; at least National Bank's CEO does." "I like National Bank's business mix and its exposure to the US." "Given how well they've transitioned to a new CEO and executed well, I have confidence in National Bank." "I trust National Bank more than Scotia Bank regarding long-term delivery. National Bank is known for being a reliable and consistent bank in Canada." "National Bank's CEO, Laurent Ferreira, is a year and a half into the job, but he's done an excellent job. Capital allocation is the key to growing and having confidence over time; the CEO has a lot to do with that." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 13#14Positive Momentum Verbatim Typical Investor Verbatim "I don't have confidence in the Bank of Nova Scotia's senior management team; they are replacing people as we speak. The outcome of Scott Thomson taking over showed that they messed up on bench strength, partly due to Brian Porter. We like National Bank a lot and can defend why we like it. The National Bank CEO came from within the ranks; they're moving up people within the ranks. Scotia just hired two people externally." "National Bank has the highest capital ratio of the whole group." "The Bank of Nova Scotia has the weakest tier-one capital ratio and a lower ROE. In contrast, National Bank has a higher capital ratio and ROE to generate more capital every quarter." "National Bank has done a really good job with the balance sheet." "Certain people like National Bank because of its ROE, long-term growth, disciplined capital allocation, and management team. Some others say it's low-quality and has high-risk growth. If you ask them to show you that in the last ten years, they say it hasn't happened yet, but it will fall apart any day. National Bank is doing a great job." "The management team of National Bank consistently manages to find ways for them to expand in various niches." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 14#15Positive Momentum Verbatim Typical Investor Verbatim "National Bank is one of the only banks that has the excess capital position to manage the increased capital requirements." "Despite having a high-quality franchise with diversification and growth opportunities, the National Bank of Canada is currently ranked in the middle of its peer group, which does not accurately reflect its potential." "National Bank of Canada has the best chief risk officer. What he has done to incorporate risk with investment decisions is impressive. There are metrics for banks that are the density of the risk-weighted assets, compared to total assets, which is relevant as a measure of how much risk you're taking in your investment bonds. They have managed the capital-light business models in their capital markets. The impasse is that throughout COVID-19, when everybody was dumping risk down, they were behind everyone, and they were able to take a little bit more risk and get back in line with everybody else; that's not an easy task." "National Bank of Canada has been outperforming everybody, even the Royal Bank of Canada." "National Bank of Canada has excess capital that can support incremental EPS growth." "I like the National Bank of Canada and iA Financial. They are both niche companies that are improving. National Bank also has a solid excess capital position and has grown internationally." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 15#16Positive Momentum Verbatim Typical Investor Verbatim "National Bank of Canada's CFO is excellent." "National Bank's CEO is well appreciated." "National Bank has done a good job; they proved me wrong for a number of years. I give them more of the benefit of the doubt now." "I like some of National Bank's disclosure changes." "I like National Bank's prudent growth. It's not trying to overextend; it's steady as she goes. "I was at National Bank's conference in Montreal recently, which was very good. The participation from a company standpoint was very high. The site where the conference was held was perfect. It was seamless, with no hiccups." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 16#17Typical Investor Verbatim Neutral Momentum Verbatim "I think what will face the banks is a more challenging credit cycle and a more challenging expense environment. They are so macro sensitive. The problem with banks and I think what you're seeing right now is that you get a lift before you get the downdraft, and then the Canadian banks, depending on which ones, the higher quality ones can be used as a risk off and a flight to safety. Before the recession you are going to see credit card balances moving higher, and utilization rates moving higher. You are going to see a pickup of low growth as you're still getting some of the benefit of the higher interest rate environment. You will probably see one or two more quarters of probably decent earnings, but you are starting to see now some more normalization around the provisioning on credit losses, and I think that is going to extend and then you are going to start hitting NIM pressure once central banks start having to back off on the interest rate, once they sufficiently killed the economy. There is probably this incremental positive in bank earnings as loan utilization increases and you still get the NIM picture before it turns bad. I think that is why they have been holding on doing so well, but if you look at incrementally, from quarter to quarter, the narrative in the macro picture that they're basing their loan loss reserves under is continually getting worse." "Royal Bank of Canada's recent acquisition of HSBC was a good move. However, I would have liked another bank to get this. It would have been a better fit with National Bank or The Bank of Nova Scotia to diversify the landscape a bit more." "National Bank of Canada has proven it can earn outsized returns in the Canadian market. They had the CEO change, and there were questions about what he would bring to bear. The prior CEO was a rock star. The new CEO, Laurent Ferreria, has gone through a couple of quarters now, and the question is how much of that is attributable to the previous CEO?" "You can't push your way into branch banking, so you have to do it on the commercial and corporate side. Sometimes you have to take pricing risk to win market share, which can set you up, as we saw with National Bank. The only way they got out of Quebec years ago was to push heavily into Alberta on the corporate side." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 17#18Typical Investor Verbatim Neutral Momentum Verbatim "National Bank's CFO, Marie Chantal Gingras, is not proven, but I met with her, and I like her." "National Bank used to trade as the cheapest bank; now, it's the second most expensive bank. There's a lot of positive that's why it's more expensive than it used to be. They've done a great job, but I'd rather own BMO or TD, trading at a massive discount to where they normally trade." "National Bank doesn't get enough credit for what they do in terms of reporting." "Nothing looks all that compelling; I suggest broadly sticking with the higher quality, larger diversified names. From a sector perspective, I'm still underweight banks. The multiples look good, but earnings must be rewritten lower. The life insurance names are looking okay, but the IFRS 17 news is a little confusing and so that has to get played out a little bit. As it stands, I don't have any real confidence in any of the estimates right now; just on IFRS 17 basis for the insurers. They're still exposed to the market headwinds as well. P&C looks okay." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 18#19Negative Momentum Verbatim Typical Investor Verbatim "Canadian banks are always less attractive on valuation because the total trapped capital situation pushes things past reasonable levels relative to the rest of the world. It's just one of those things you're never going to get an outsize return of capital or dividend from the banks in Canada." "When it comes to the National Bank of Canada, we don't know what credit will do. We know it will be a challenge, but they'll be fine at the end of the day. On the flip side, the insurers are in a good spot, given that higher interest rates have taken slightly longer to flow through their income statement, so I have more confidence." "National Banks' CEO, Laurent Ferreira, is new, so he still has some things to do for the market to be 100% comfortable with him. He knows the business well, but he needs to improve his communication skills." "National Bank of Canada has a new CFO, and the confidence on calls has been lackluster. However, that's expected on tough questions on treasury specifically. Marie Gingras needs to prove that she knows the industry in depth." "Royal Bank of Canada, TD Bank and the Bank of Montreal have all executed acquisitions. They have more growth than National Bank which doesn't have any acquisitions in the pipeline. For them, it's probably more uncertain where the growth will come from than the other banks that made acquisitions." "Even though National Bank does a good job, their compensation is too high." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 19#20Typical Investor Verbatim Negative Momentum Verbatim "National Bank's reporting can be opaque in some areas." "National Bank's IR is a nice lady who tries to help but knows nothing about banking. You can't ask her a single question; she always has to go back to someone else. I have a carrier pigeon carrying messages from one person to another." "The credit provision is going to be normalized, which means that for the next few quarters, the banks will have to readjust their operating leverage and incur some charges. This will make the next few months tough for the banks. However, the next 12 months could be a good time to buy bank stocks as things are expected to worsen." BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 20 20#21October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Quarter over Quarter Results Forecast for the Year Ahead National Bank of Canada QUALITY INDEX MANAGEMENT GOVERNANCE MARKET DYNAMICS Balance Sheet Commitment to Own Confidence in Senior Management Confidence in the Board Confidence in the CEO Confidence in the CFO Corporate Strategy Momentum of Investor Confidence Long term Value growth potential Price Appreciation Potential Reporting Short term Value growth potential 0 10 20 30 40 2023 Q2 2023 Q3 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 50 50 60 60 70 20 80 90 90 90 100 21 24#22October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Rolling Year Data* *Rolling Year Data = Accumulation of the rolling 12 month intelligence from the BWI Shareholder Confidence Panel BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 22 22#23October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C What is Your Commitment to Own This Stock in The Year Ahead? Royal Bank of Canada Intact Financial Corp Bank of Montreal ¡A Financial Corporation Inc. Brookfield Corporation Element Fleet Management Sun Life Financial Inc National Bank of Canada TD Bank Financial Group Definity Financial EOB Inc Trisura Group Ltd Fairfax Financial Holdings Limited goeasy Ltd. TMX Group Ltd Canadian Western Bank Canadian Imperial Bank of Commerce Manulife Financial IGM Financial Inc. Nuvei Corp Onex Corp Power Corporation of Canada Great-West Lifeco Bank of Nova Scotia AGF Management CI Financial Corp ECN Capital Corp Laurentian Bank of Canada Fiera Capital Sprott Inc. Buyers/Sellers by Sector Rolling Year Data 0 10 1. Do not Own, Serious Lack Confidence in the Company 3. Own it, Selling it due to Decreasing Confidence 20 30 40 50 60 2. Do not Own, Lack Confidence in the Company 70 80 90 100 4. Neutral, Benchmark it but DO NOT see company as a Target 6. Own it or Intend to Own it 5. Own it with Confidence BUT DOWNSIZING to re-weight portfolio 7. Own it with Increasing Confidence BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 23#24Rolling Year Data October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Shareholder Confidence Competitive Index Royal Bank of Canada Brookfield Corporation Intact Financial Corp Bank of Montreal TD Bank Financial Group Onex Corp Trisura Group Ltd Sun Life Financial Inc Element Fleet Management Bank of Nova Scotia Definity Financial goeasy Ltd. iA Financial Corporation Inc. Manulife Financial National Bank of Canada TMX Group Ltd Nuvei Corp Canadian Western Bank EOB Inc IGM Financial Inc. Canadian Imperial Bank of Commerce Fiera Capital Power Corporation of Canada ECH Capital Corp CI Financial Corp AGF Management Fairfax Financial Holdings Limited Great-West Lifeco Laurentian Bank of Canada Sprott Inc. Global Investors - Investment Quality Index 0 100 200 300 400 500 600 700 800 900 1000 Competitive Index Score BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 24 24#25October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Investment Target: Buyer Ratings Vs Non-Buyer Ratings Forecast for the Year Ahead National Bank of Canada Balance Sheet Commitment to Own Confidence in Senior Management Confidence in the Board Confidence in the CEO Confidence in the CFO Corporate Strategy Is your confidence in this stock increasing or decreasing? Long term Value growth potential Price Appreciation Potential Reporting Short term Value growth potential 0 10 20 20 Buyer BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 Non-Buyer Rolling Year Data 40 50 60 70 Sector 80 50 90 90 100 25 25#26October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Ratings by Categories Forecast for the Year Ahead Page 1/2 Rolling Year Data Company Name Strategy Management CEO, CFO, Senior Management, Board Market Dynamics - Commitment to Own, Momentum, Price Appreciation Potential, Balance Sheet, Short and Long Term Growth Governance Reporting & Disclosure, Board, CFO Royal Bank of Canada 1st 2nd 1st 1st Intact Financial Corp 2nd 3rd 4th 2nd Brookfield Corporation 3rd 1st 2nd 3rd Element Fleet Management 4th 10th= 7th 11th Bank of Montreal 5th= 4th 6th 4th Sun Life Financial Inc 5th= 5th= 11th 7th= TD Bank Financial Group 7th= 9th 3rd 10th Trisura Group Ltd 7th= 10th= 5th 13th Onex Corp 9th 5th= 9th= 5th Bank of Nova Scotia 10th 12th 9th= 14th National Bank of Canada 11th 16th 16th 15th iA Financial Corporation 12th 7th 15th 7th= goeasy Ltd. 13th 13th 12th= 7th= Definity Financial 14th= 8th 12th= 12th TMX Group Ltd 14th= 18th= 14th 16th Canadian Imperial Bank of 16th= 18th= 20th 17th= IGM Financial Inc. 16th= 21st 18th= 17th= Manulife Financial 16th= 17th 8th 17th= Nuvei Corp 16th= 14th 18th= 20th Power Corporation of Cana 20th 23rd 23rd 26th Canadian Western Bank 21st 20th 17th 21st ECN Capital Corp 22nd= 27th 22nd 28th Fiera Capital 22nd= 22nd 25th 22nd BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 26 26#27October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance P&C Shareholder Confidence Ratings by Categories Forecast for the Year Ahead Page 2/2 Rolling Year Data Company Name Strategy Management CEO, CFO, Senior Management, Board Market Dynamics - Commitment to Own, Momentum, Price Appreciation Potential, Balance Sheet, Short and Long Term Growth Governance Reporting & Disclosure, Board, CFO EQB Inc 24th 15th 21st 6th Fairfax Financial Holding 25th 28th 24th 27th Great-West Lifeco 26th 29th 26th= 29th AGF Management 27th 25th= 28th 25th OCI Financial Corp 28th 24th 26th= 23rd Sprott Inc. 29th 30th 30th 30th Laurentian Bank of Canada 30th 25th= 29th 24th BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 27 22#28October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Advance Proxy Poll - Strategy Forecast for the Year Ahead What is Your Vote or Recommended Vote* to Retain/Replace the Existing Strategy? (*Applies to cases where compliance/administration executes the proxy.) Rolling Year Data (TD: Very Strong Vote to Retain, Q1: Strong Vote to Retain, Q2: Vote to Retain, Q3: Vote to Replace, Q4: Strong Vote to Replace, BD: Very Strong Vote to Replace) Bottom Decile Royal Bank of Canada Intact Financial Corp 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile Top Decile Brookfield Corporation Element Fleet Management Bank of Montreal Sun Life Financial Inc TD Bank Financial Group Trisura Group Ltd Onex Corp Bank of Nova Scotia National Bank of Canada ¡A Financial Corporation Inc. goeasy Ltd. Definity Financial TMX Group Ltd Canadian Imperial Bank of Commerce IGM Financial Inc. Manulife Financial Nuvei Corp Power Corporation of Canada Canadian Western Bank ECN Capital Corp Fiera Capital EOB Inc Fairfax Financial Holdings Limited Great-West Lifeco AGF Management CI Financial Corp Sprott Inc. Laurentian Bank of Canada 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 50 50 680 60 70 80 90 100 28#29Rolling Year Data 2nd Quartile 1st Quartile Тор Decile October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Confidence in Short Term Growth Forecast for the Year Ahead Bottom 4th 3rd Decile Quartile Quartile Brookfield Corporation Royal Bank of Canada Intact Financial Corp Element Fleet Management TD Bank Financial Group Manulife Financial Trisura Group Ltd Bank of Nova Scotia Bank of Montreal goeasy Ltd. Sun Life Financial Inc Definity Financial iA Financial Corporation Inc. National Bank of Canada Nuvei Corp TMX Group Ltd Canadian Western Bank IGM Financial Inc. Canadian Imperial Bank of Commerce Onex Corp Fiera Capital ECN Capital Corp Fairfax Financial Holdings Limited EOB Inc Great-West Lifeco Cl Financial Corp Power Corporation of Canada AGF Management Laurentian Bank of Canada Sprott Inc. 0 10 10 20 20 50 30 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 40 40 50 50 60 60 70 80 90 100 29 29#30Rolling Year Data 2nd Quartile 1st Quartile Top Decile October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Confidence in Long Term Growth Forecast for the Year Ahead Bottom 4th 3rd Decile Quartile Quartile Brookfield Corporation Royal Bank of Canada Intact Financial Corp TD Bank Financial Group Bank of Montreal Sun Life Financial Inc Bank of Nova Scotia Definity Financial Trisura Group Ltd Manulife Financial Onex Corp Element Fleet Management goeasy Ltd. National Bank of Canada EOB Inc iA Financial Corporation Inc. Canadian Western Bank Nuvei Corp TMX Group Ltd Canadian Imperial Bank of Commerce IGM Financial Inc. Power Corporation of Canada ECN Capital Corp Fiera Capital Great-West Lifeco AGF Management CI Financial Corp Laurentian Bank of Canada Fairfax Financial Holdings Limited Sprott Inc. 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 50 30 40 40 50 50 60 60 70 80 90 100 30 30#31October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Advance Proxy Poll - CEO Forecast for the Year Ahead What is Your Vote or Recommended Vote* to Retain/Replace the Existing CEO? (*Applies to cases where compliance/administration executes the proxy.) (>80 Very Strong Vote to Retain, 70-80 Strong Vote to Retain, 60-70 Neutral, 50-60 Strong Vote to Replace, <50 Very Strong Vote to Replace) Bottom Decile 4th Quartile Intact Financial Corp Royal Bank of Canada Brookfield Corporation Bank of Montreal goeasy Ltd. Sun Life Financial Inc Definity Financial ¡A Financial Corporation Inc. Element Fleet Management Onex Corp Trisura Group Ltd EOB Inc National Bank of Canada Manulife Financial TMX Group Ltd Nuvei Corp Bank of Nova Scotia Canadian Imperial Bank of Commerce IGM Financial Inc. TD Bank Financial Group Canadian Western Bank Fiera Capital AGF Management Fairfax Financial Holdings Limited Great-West Lifeco Power Corporation of Canada CI Financial Corp ECN Capital Corp Laurentian Bank of Canada Sprott Inc. 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 3rd Quartile 30 40 50 50 2nd Quartile 1 st Quartile Rolling Year Data Top Decile 680 60 70 80 90 100 31#32October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Confidence in CFO Forecast for the Year Ahead Rolling Year Data Bottom 4th 3rd Decile Quartile Quartile 2nd Quartile 1 st Quartile Тор Decile Brookfield Corporation Royal Bank of Canada Intact Financial Corp Bank of Montreal Bank of Nova Scotia Element Fleet Management EOB Inc Canadian Imperial Bank of Commerce Manulife Financial Sun Life Financial Inc Definity Financial ¡A Financial Corporation Inc. IGM Financial Inc. National Bank of Canada Onex Corp Canadian Western Bank goeasy Ltd. Nuvei Corp Power Corporation of Canada TD Bank Financial Group TMX Group Ltd Trisura Group Ltd AGF Management CI Financial Corp ECN Capital Corp Fiera Capital Fairfax Financial Holdings Limited Great-West Lifeco Laurentian Bank of Canada Sprott Inc. 0 10 20 30 40 50 50 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 60 60 70 80 90 100 32 32#33October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Advance Proxy Poll - Senior Management Forecast for the Year Ahead What is Your Vote or Recommended Vote* to Retain/Replace the Existing Senior Management? (*Applies to cases where compliance/administration executes the proxy.) (>80 Very Strong Vote to Retain, 70-80 Strong Vote to Retain, 60-70 Neutral, 50-60 Strong Vote to Replace, <50 Very Strong Vote to Replace) Rolling Year Data Bottom Decile 4th Quartile Intact Financial Corp Brookfield Corporation Royal Bank of Canada Bank of Montreal Definity Financial TD Bank Financial Group Nuvei Corp Onex Corp Trisura Group Ltd Bank of Nova Scotia Element Fleet Management Sun Life Financial Inc iA Financial Corporation Inc. National Bank of Canada Manulife Financial goeasy Ltd. Canadian Imperial Bank of Commerce TMX Group Ltd Canadian Western Bank Fiera Capital EOB Inc IGM Financial Inc. AGF Management Laurentian Bank of Canada CI Financial Corp ECN Capital Corp Power Corporation of Canada Great-West Lifeco Fairfax Financial Holdings Limited Sprott Inc. 0 110 3rd Quartile 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 2nd Quartile 50 50 1 st Quartile Top Decile 680 60 70 80 90 100 33 33#34Rolling Year Data October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Advance Proxy Poll - Board Forecast for the Year Ahead What is Your Vote or Recommended Vote* to Retain/Replace the Existing Board? (*Applies to cases where compliance/administration executes the proxy.) (>80 Very Strong Vote to Retain, 70-80 Strong Vote to Retain, 60-70 Neutral, 50-60 Strong Vote to Replace, <50 Very Strong Vote to Replace) Bottom Decile 4th Quartile Royal Bank of Canada Brookfield Corporation Intact Financial Corp Sun Life Financial Inc Bank of Montreal iA Financial Corporation Inc. EOB Inc TD Bank Financial Group Onex Corp Element Fleet Management National Bank of Canada Definity Financial goeasy Ltd. Manulife Financial TMX Group Ltd Trisura Group Ltd Canadian Imperial Bank of Commerce Canadian Western Bank IGM Financial Inc. Laurentian Bank of Canada Nuvei Corp Power Corporation of Canada CI Financial Corp Fiera Capital Bank of Nova Scotia Fairfax Financial Holdings Limited AGF Management ECN Capital Corp Sprott Inc. Great-West Lifeco 3rd Quartile 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 2nd Quartile 50 50 1 st Quartile Top Decile 680 60 70 80 90 100 34 =4#35October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Confidence in Reporting Forecast for the Year Ahead Bottom Decile 4th 3rd Quartile Quartile 2nd Quartile 1 st Quartile Royal Bank of Canada Intact Financial Corp Bank of Montreal EOB Inc goeasy Ltd. Bank of Nova Scotia TD Bank Financial Group Onex Corp Element Fleet Management iA Financial Corporation Inc. National Bank of Canada Definity Financial IGM Financial Inc. TMX Group Ltd Canadian Imperial Bank of Commerce Sun Life Financial Inc AGF Management Brookfield Corporation Fiera Capital Laurentian Bank of Canada Manulife Financial Nuvei Corp CI Financial Corp Trisura Group Ltd Canadian Western Bank Fairfax Financial Holdings Limited Great-West Lifeco Power Corporation of Canada ECN Capital Corp Sprott Inc. 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 40 50 50 Rolling Year Data Тор Decile 60 60 70 80 90 100 35#36October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Confidence in Strength of Balance Sheet Royal Bank of Canada Intact Financial Corp Brookfield Corporation TD Bank Financial Group Sun Life Financial Inc Definity Financial goeasy Ltd. Bank of Montreal Trisura Group Ltd Onex Corp Bank of Nova Scotia National Bank of Canada Element Fleet Management iA Financial Corporation Inc. IGM Financial Inc. TMX Group Ltd Great-West Lifeco Manulife Financial Nuvei Corp Power Corporation of Canada Canadian Western Bank EOB Inc Fairfax Financial Holdings Limited AGF Management Canadian Imperial Bank of Commerce Cl Financial Corp Fiera Capital Sprott Inc. ECN Capital Corp Forecast for the Year Ahead Bottom Decile 4th 3rd Quartile Quartile Laurentian Bank of Canada 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 40 50 50 2nd Quartile 1st Quartile Rolling Year Data Top Decile 60 60 70 80 90 100 36#37October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Momentum of Investor Confidence Royal Bank of Canada Brookfield Corporation Element Fleet Management Bank of Montreal Manulife Financial TMX Group Ltd TD Bank Financial Group Trisura Group Ltd Onex Corp Bank of Nova Scotia Intact Financial Corp National Bank of Canada Sun Life Financial Inc Definity Financial Fairfax Financial Holdings Limited iA Financial Corporation Inc. EOB Inc goeasy Ltd. IGM Financial Inc. Nuvei Corp Canadian Imperial Bank of Commerce Canadian Western Bank Fiera Capital ECN Capital Corp AGF Management Cl Financial Corp Power Corporation of Canada Great-West Lifeco Laurentian Bank of Canada Forecast for the Year Ahead Bottom 4th 3rd Decile Quartile Quartile Sprott Inc. 0 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 30 40 50 50 Rolling Year Data 2nd Quartile 1st Quartile Тор Decile 60 60 70 80 90 100 50 37#38October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C Price Appreciation Potential Forecast for the Year Ahead Rolling Year Data Bottom 4th 3rd Decile Quartile Quartile 2nd Quartile 1st Quartile Тор Decile Manulife Financial Brookfield Corporation goeasy Ltd. iA Financial Corporation Inc. Bank of Montreal Onex Corp TD Bank Financial Group Trisura Group Ltd Element Fleet Management Royal Bank of Canada TMX Group Ltd Bank of Nova Scotia Fairfax Financial Holdings Limited Intact Financial Corp Canadian Western Bank Nuvei Corp Sun Life Financial Inc CI Financial Corp Definity Financial Canadian Imperial Bank of Commerce National Bank of Canada ECN Capital Corp IGM Financial Inc. Power Corporation of Canada EOB Inc Great-West Lifeco AGF Management Fiera Capital Laurentian Bank of Canada Sprott Inc. 0 10 10 20 20 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 50 30 40 40 50 50 60 60 70 80 90 100 38#39October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C National Bank of Canada vs. Comparables Page 1/3 CEO Royal Bank of Canada Bank of Montreal National Bank of Canada Bank of Nova Scotia Canadian Imperial Bank of Commerce TD Bank Financial Group Canadian Western Bank Forecast for the Year Ahead Rolling Year Data Senior Management Laurentian Bank of Canada 0 25 50 CFO Royal Bank of Canada Bank of Montreal Bank of Nova Scotia Canadian Imperial Bank of Commerce National Bank of Canada Canadian Western Bank TD Bank Financial Group Laurentian Bank of Canada 0 75 75 100 Royal Bank of Canada Bank of Montreal TD Bank Financial Group Bank of Nova Scotia National Bank of Canada Canadian Imperial Bank of Commerce Canadian Western Bank Laurentian Bank of Canada 25 25 50 75 100 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 0 25 50 Board Royal Bank of Canada Bank of Montreal TD Bank Financial Group National Bank of Canada Canadian Imperial Bank of Commerce Canadian Western Bank Laurentian Bank of Canada 75 75 100 Bank of Nova Scotia 0 25 50 75 100 39#40October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C National Bank of Canada vs. Comparables Page 2/3 Forecast for the Year Ahead Rolling Year Data Corporate Strategy Long Term Growth Royal Bank of Canada Bank of Montreal TD Bank Financial Group Bank of Nova Scotia National Bank of Canada Canadian Imperial Bank of Commerce Canadian Western Bank Laurentian Bank of Canada 0 25 50 Short Term Growth Royal Bank of Canada TD Bank Financial Group Bank of Nova Scotia Bank of Montreal National Bank of Canada Canadian Western Bank Canadian Imperial Bank of Commerce Laurentian Bank of Canada 0 75 75 100 25 25 50 75 35 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE Royal Bank of Canada TD Bank Financial Group Bank of Montreal Bank of Nova Scotia National Bank of Canada Canadian Western Bank Canadian Imperial Bank of Commerce Laurentian Bank of Canada 100 0 25 50 Balance Sheet Royal Bank of Canada TD Bank Financial Group Bank of Montreal Bank of Nova Scotia National Bank of Canada 75 15 100 Canadian Western Bank Canadian Imperial Bank of Commerce Laurentian Bank of Canada 0 25 50 75 100 40 40#41October 1st, 2022 - September 30th, 2023, Canada - Asset Managers, Banks, Exchanges, Insurance - Life, Brokers, Financial Services, Financial Technology, Insurance - P&C National Bank of Canada vs. Comparables Forecast for the Year Ahead Page 3/3 Rolling Year Data Price Appreciation Potential Bank of Montreal TD Bank Financial Group Royal Bank of Canada Bank of Nova Scotia Canadian Western Bank Canadian Imperial Bank of Commerce National Bank of Canada Laurentian Bank of Canada 0 25 50 Commitment to Own Royal Bank of Canada Bank of Montreal National Bank of Canada TD Bank Financial Group Canadian Imperial Bank of Commerce Canadian Western Bank 75 175 100 Momentum Royal Bank of Canada Bank of Montreal TD Bank Financial Group Bank of Nova Scotia National Bank of Canada Canadian Imperial Bank of Commerce Canadian Western Bank Laurentian Bank of Canada Bank of Nova Scotia Laurentian Bank of Canada 0 25 50 75 100 BRENDAN WOOD INTERNATIONAL / FIRST INTELLIGENCE 0 25 50 Reporting & Disclosure Royal Bank of Canada Bank of Montreal Bank of Nova Scotia TD Bank Financial Group National Bank of Canada Canadian Imperial Bank of Commerce 75 75 100 Laurentian Bank of Canada Canadian Western Bank 0 25 50 75 100 41