Investor Presentaiton

Negative 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

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