Investor Presentaiton

Consumer Confidence is Falling 160 150 Last observation Canada: September, United States: August Index level (2014 = 100) 140- 130 120 110 100 90 80 70 60 50- 40- Shaded area: U.S. recessions 30 20 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 NATIONAL BANK ANGUS WATT FINANCIAL WEALTH MANAGEMENT ADVISORY GROUP+ NBF Economics and Strategy (data from Conference Board of Canada)

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