Investor Presentaiton
Positive 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
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