Investor Presentaiton

Canada: Caught in a population trap Net real capital stock at year-end per person, all sectors (NBF estimation for 2023) y/y variation (%) 5.0 4.5- 4.0 3.5 3.0- 2.5- 2.0- 5-year MA 1.5 1.0 0.5- 0.0 -0.5- -1.0- -1.5 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 NATIONAL BANK ANGUS WATT FINANCIAL ADVISORY GROUP+ WEALTH MANAGEMENT Source: NBF Economics and Strategy (data via Statistics Canada 34-10- 0163-01, 36-10-0096-01, 17-10-0009-01)

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