Investor Presentaiton

Positive 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

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