National Bank Of Canada · TSX:NA

National Bank Of Canada — Investor Day (October 2013)

69 slides from National Bank Of Canada's investor day presentation, Oct 9, 2013

1. Slide 1: Canada focused. Client driven. Financial Markets Investor Day

   Canada focused. Client driven. Financial Markets Investor Day October 9, 2013

2. Slide 2: Opening Remarks - Louis Vachon, President and CEO

   National Bank of Canada 1 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Canada focused. Client driven. Financial Markets Investor Day October 9, 2013 Louis Vachon President and CEO Financial Markets Investor Day October 9, 2013 2

3. Slide 3: Investor Days and Objectives Today

   2 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Investor Days Financial Markets October 9, 2013 Wealth Management Spring 2014 P&C Banking Fall 2014 3 ObjecNves Today DemysNfy our Financial Markets business Demonstrate the quality of earnings

4. Slide 4: Financial Markets IR Day - Agenda

   National Bank of Canada 3 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Markets IR Day -­‐ Agenda Opening Remarks Louis Vachon, President and CEO Financial Markets Overview & Strategy Ricardo Pascoe, ExecuNve Vice-­‐President Credigy Jean-­‐Guy Brunelle, E

5. Slide 5: Strategy and Achievements 2007-2013; Caution Regarding Forward-looking Statements

   4 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 CauNon Regarding Forward-­‐looking Statements From Nme to Nme, NaNonal Bank of Canada (the Bank) makes wriRen and oral forward-­‐looking statements, such as those contained in the Major Economic

6. Slide 6: Financial Performance 2007-2013; Adjusted EPS Growth vs. Canadian Peers

   National Bank of Canada 5 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Performance 2007-­‐2013 Total revenues ($M) Earnings per share ($) (1) CAGR +7% CAGR +7% 5,313 5,212 7.86 4,666 7.18 4,133 4,284 6.22 6.25 6.32 3,834 5.65 5.75 3,417 2007 2008 2009 201

7. Slide 7: Superior ROE Performance; Top Tier Total Shareholder Return

   6 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Superior ROE Performance Return on Equity (%) 20.7% 20.2% 19.7% 19.2% 19.0% 18.1% 18.0% 17.7% 17.0% 17.0% 17.2% 16.1% 2008 2009 2010 2011 2012 2013 YTD NaWonal Bank Canadian Peers Canadian peers

8. Slide 8: How We Create Value; National Bank Significantly Undervalued

   National Bank of Canada 7 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 How We Create Value Deliver industry average earnings growth vs. low expectaNons Tight cost and risk management Discipline in managing capital for shareholders 13 NaNonal Bank: Significantly Unde

9. Slide 9: Financial Markets Environment; Strategic Objectives 2014-2017

   8 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Markets Environment Global financial markets have stabilized post-­‐Lehman Quality of earnings in wholesale banking industry improving -­‐ Less proprietary trading, more client-­‐driven

10. Slide 10: Diversified Business Mix; Growing our National Presence

    National Bank of Canada 9 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Diversified Business Mix 2013 2017 (E) 2007 0% 2% 5% 30% 26% 23% 50% 50% 52% 20% 20% 22% Wealth Management P&C Banking Leveraging acquisiNons Wealth Management Financial Markets Financial Markets

11. Slide 11: Growing our National Presence; Managing Capital for Shareholders

    10 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Growing our NaNonal Presence Extending Footprint outside Quebec (As a % of total revenues) 2012 2017 (E) 36% 43% Outside Quebec Quebec Financial Markets revenues outside Quebec reflect client-­‐

12. Slide 12: Sound Financial Foundation

    National Bank of Canada 11 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Sound Financial FoundaNon Current CET1 raNo at 8.6%. Target: 8.75% Maintaining balanced capital management approach Capital -­‐ Invest to generate solid organic growth -­‐ Acquire assets aligne

13. Slide 13: Blank

    12 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Blank

14. Slide 14: Financial Markets Overview & Strategy

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15. Slide 15: One Client, One Bank

    14 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 G/0"/+H7%<==IF<=>?%% 6+-.1+0%J"D'#"-%K"#4L*%&)--%("M"9.-.D+*%/'%"--%'&%')0%(-.+#/*% N8#+%!-.+#/;%8#+%K"#4O% P+1+0"H+%')0%-+"$.#H%M'*.D'#%.#%Q)+9+(%H'1+0#R+#/%S#"#(+%% /'%9+('R+%"%-+"$+0%.#%!"#"

16. Slide 16: One Client, One Bank - Client needs and products

    National Bank of Canada 15 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 8#+%!-.+#/;%8#+%K"#4% ! 3"#)&"(/)0+%*/0)(/)0+$%#'/+*% !! !!! 80.H.#"/+%(-'*+$F+#$%&)#$*% \+"-/T% !!! @+*+"0(T% 3"#"H+R+#/% !!! J+X%.**)+*% 2.#"#(."-% Client needs 3"04+/*% 3"#)&"(/)0+%.#$+CF-.#

17. Slide 17: Revenue Performance

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18. Slide 18: Core Stable Revenue Base

    National Bank of Canada 17 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 3'0+%G/"9-+%@+1+#)+%K"*+% O*07(V&%#&:F%)#(U9*%;)#&":3;%3)+& GHHI& "+&"&R&02&*);)#1)+& GHLM& <=f% <>f% QJR& IJR& >af% df% ?]f% ?f% ]f% >]f% >Zf% :f% If% >=f% <=f% >If% >*%#:%/"F&D:3;%3)+& B%.)9&

19. Slide 19: Well Positioned to Optimize

    18 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 \+--%A'*.D'#+$%/'%8MDR.h+% •! !'#D#)')*%.RM0'1+R+#/%.#%')0%"9.-./7%/'%*+01+%(-.+#/*% •! G/0'#H%&'()*%'#%0+1+#)+%H+#+0"D'#%M+0%(-.+#/%"#$%2`B% >;?:I% >;?=?% >;<>?% >;>Ia% >;<<>% >;=ZI% :Z?% aI?%

20. Slide 20: Earnings Performance 2007-2013; Leveraging our Leadership Positions

    National Bank of Canada 19 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 B"0#.#H*%A+0&'0R"#(+%<==IF<=>?% 6'@_& Nc3O% IZd% <DO,&PLHR PLHR& a<d% ]d:% ]I<% ]a>% Z<d% ?Z=% GHHI& GHHJ& GHHK& GHLH& GHLL& GHLG& GHLM& D##1"F%S)9& !"#"$."#%^bbA%<==IF<=>=% >?% P+1+0"H.#H%')0%

21. Slide 21: Strategic Priorities 2014-2017

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22. Slide 22: Credigy: What We Are

    National Bank of Canada 21 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Credigy Jean-­‐Guy Brunelle Execu0ve Vice-­‐President & Managing Director Specialty Finance Financial Markets Investor Day October 9, 2013 1 What We Are § Acquirer of consumer-­‐related asset

23. Slide 23: Growth Timeline; Expanding Footprint

    22 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Growth Timeline § Entered Puerto Rican mortgage market § Na)onal § Entered Bank § Began lending performing § Incep)on acquired 80% to other buyers assets interest * of distressed assets ma

24. Slide 24: Investments by Geography; Portfolio Evolution

    National Bank of Canada 23 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Investments by Geography § US$ 1.3 billion invested since incep0on* Geography Investments United States $906 Brazil $230 Puerto Rico Mortgage $93 Puerto Rico Consumer $53 Europe Consumer (Spai

25. Slide 25: Portfolio Diversification; Structured Financing

    24 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 PorQolio Diversifica0on – Assets and Delinquency Asset Class Delinquency Spectrum Performing Non-­‐performing Small business products (credit cards) ü Types of Compe0tors ü Consumer credit & p

26. Slide 26: Annual Investments since 2009; Financial Performance 2010-2013

    National Bank of Canada 25 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Annual Investments since 2009 (US$M) 480 CAGR 46% 235 197 136 106 YE 2009 YE 2010 YE 2011 YE 2012 2013 Forecast * As at August 2013 9 Financial Performance 2010-­‐2013 Revenues ($M) 193 Revenue

27. Slide 27: Financial Performance 2010-2013; Experienced Management Team

    26 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Performance 2010-­‐2013 Revenues and NIBT* ($M) Revenue CAGR 19% NIBT CAGR 193 87% 168 154 115 42 22 30 6 2010 2011 2012 2013 Annualized Significant opera)ng leverage as we grow Canadi

28. Slide 28: Sophisticated Analytics Capabilities; Operational Collection Strategy

    National Bank of Canada 27 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Sophis0cated Analy0cs Capabili0es § Large data driven opera0on Database is constantly expanding -­‐ New asset purchases Pricing & -­‐ Recovery experiences Lending § Analy0cs drive decisions -

29. Slide 29: Operational Collection Strategy; Risk Management

    28 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Opera0onal Collec0on Strategy Outsourced servicing opera)ons Strong Strict compliance environment Hiring top with consumer reviews: 0er efficient protec0on § Country laws collec0on centres laws

30. Slide 30: Key Risks and Mitigation Factors; Market Opportunities

    National Bank of Canada 29 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Key Risks and Mi0ga0on Factors Supply & Economic / § Diversified across the delinquency spectrum, asset classes and geographic markets Market Condi)ons § Disciplined pricing strategy § Con0nu

31. Slide 31: Competitive Positioning

    30 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Compe00ve Posi0oning Sophis0cated Servicing Data Analysis Experience & Access to Diversifica0on & Pricing Capabili0es Capital Types of Compe0tors Specialty Buyers ü ü X X Hedge Funds X X ü ≈

32. Slide 32: Strategic Priorities 2014-2017; Key Takeaways

    National Bank of Canada 31 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategic Priori0es 2014-­‐2017 Develop new asset classes in markets that meet our strict criteria Enter new geographies with products we are comfortable with Deliver $100M NIBT within next 4 y

33. Slide 33: Credigy Appendix: Profiles of Executive Management Team

    32 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Credigy Appendix Profiles of Execu0ve Management Team Financial Markets Investor Day October 9, 2013 23 Brek Samsky — Chief Execu0ve Officer ▪ Founder and CEO since incep0on. ▪ Oversees all Credig

34. Slide 34: Steve Stewart - President; Malin Eriksson - Chief Investment Officer

    National Bank of Canada 33 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Steve Stewart — President ▪ Founder and President since incep0on. ▪ Instrumental in crea0ng our Brazil and US opera0ons; focused on Business Development both in the US and La0n American markets

35. Slide 35: Ashley Johnson - Chief Administrative Officer

    34 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Ashley Johnson — Chief Administra0ve Officer ▪ Founder and CAO. ▪ Concentra0on on the corporate structuring of Credigy’s investments and transac0ons. ▪ Directly oversees Legal, Compliance, Financ

36. Slide 36: Corporate Banking: Mandate and Vision

    National Bank of Canada 35 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Corporate Banking Yanick Blanchard Execu1ve Vice-­‐President, Head and Managing Director Financial Markets Investor Day October 9, 2013 1 Mandate and Vision Provide capital to corpora1ons for p

37. Slide 37: Corporate Banking Performance 2007-2013

    36 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Corporate Banking Performance 2007-­‐2013 Revenues ($M) 231 189 190 CAGR +16% 176 148 109 96 2007 2008 2009 2010 2011 2012 2013 Annualized Strong growth through the cycle Canadian GAAP 2007-­‐2

38. Slide 38: Target Markets and Evolution

    National Bank of Canada 37 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Target Markets and Evolu1on Focusing on regions and industries where we can lead client financing and have the opportunity to grow our ancillary business Quebec § Maintain leading posi1on acros

39. Slide 39: Diversified Loan Portfolio; Solid Risk Profile

    38 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Diversified Loan PorQolio With enhanced naMonal coverage and solid industry segmentaMon (Authorized $ in July 2013) (Authorized $ in July 2013) Other* UMliMes & 13% Alberta Power Other** GeneraM

40. Slide 40: Positioned for Growth

    National Bank of Canada 39 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Posi1oned for Growth Business Our Strengths Environment ▪ Discipline in selec1ng deals § Increased regulatory and deployment of balance capital requirements sheet § Low credit spreads ▪ Focus

41. Slide 41: How We Succeed; Strategic Objectives 2014-2017

    40 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 How We Succeed Public Market Bank Financing Financing Equity Debt Capital Capital Managing Markets Markets Currency and Interest Rate Commodity Exposure for Products ExisMng Debt Banking & Deri

42. Slide 42: Strategic Objectives 2014-2017

    National Bank of Canada 41 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategic Objec1ves 2014-­‐2017 Expand coverage to mid-­‐market segment Con1nue to § Private Equity / Infrastructure leverage exper1se lending / Power project financings on a na1onal scale § D

43. Slide 43: Blank

    42 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Blank

44. Slide 44: Investment Banking & Equities: Mandate and Vision

    National Bank of Canada 43 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Investment Banking & Equi<es Greg Thompson Head, Investment Banking and Global Equi<es Financial Markets Investor Day October 9, 2013 1 Mandate and Vision Outperform in a challenging market env

45. Slide 45: Industry Trends; Performance 2007-2013

    44 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Industry Trends Total Size of Market Fees (1) ($Billions) 4.0 27.5% § Fee pool declined 38% 2.5 § Secular change in global 32% Ins<tu<onal Equi<es 50% § Cyclical decline in natural 52% resou

46. Slide 46: Performance 2007-2013; Industry Trends and NBC Relative Performance

    National Bank of Canada 45 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Performance 2007-­‐2013 Revenues and NIBT(1) ($M) 177 166 170 M&A 21% 147 151 22% 21% 136 11% 135 21% 17% 15% IE 33% 31% 30% 27% 32% 37% 46% 46% 58% 49% 51% ECM 47% 48% 37% 2007 2008 2009 2010

47. Slide 47: Relative Performance and 2016 Objective; Competitive Positioning

    46 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Rela<ve Performance and 2016 Objec<ve NaLonal Bank Market Share (1) ▪ Objec<ve 2016: 8.0% -­‐ 8% market share in fees 6.5% -­‐ #5 ranking 4.4% 2007 2013 2016 #8 #6 #5 Ranking (1) Source of Gros

48. Slide 48: Competitive Positioning; Strategic Priorities 2014-2017

    National Bank of Canada 47 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Compe<<ve Posi<oning Business Our Strengths Environment ▪ Strong presence in § Changing role of research Canadian mid-­‐market, especially in energy across § Electronic trading and all busine

49. Slide 49: Strategic Priorities 2014-2017

    48 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategic Priori<es 2014-­‐2017 Cast a wider net Restructure IE business model § Diversified (industrial, and fully align with IB transporta<on, consumer & retail) Expand na<onal presence in §

50. Slide 50: Strategic Priorities 2014-2017; IB & IE Clients

    National Bank of Canada 49 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategic Priori<es 2014-­‐2017 Revenue Growth Restructure IE business model § Convert co-­‐managed business and fully align with IB to leads/co-­‐leads -­‐ #1 in equity-­‐linked deals Expand

51. Slide 51: Blank

    50 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Blank

52. Slide 52: Fixed Income: Mission and Vision

    National Bank of Canada 51 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Fixed Income Denis Girouard Sean St-­‐John Co-­‐Head, Fixed Income & Deputy Head, Financial Markets Co-­‐Head & ExecuIve Vice-­‐President, Fixed Income Financial Markets Investor Day October 9,

53. Slide 53: Evolution and Achievements 2007-2013; Financial Performance 2007-2013

    52 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 EvoluIon and Achievements 2007-­‐2013 Grew government originaIon beyond Quebec Achieved top Ier posiIon in Canadian corporate debt underwriIng Expanded the securiIzaIon team Established an advi

54. Slide 54: Financial Performance 2007-2013; Growth and Distribution of Underwriting Revenues

    National Bank of Canada 53 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Performance 2007-­‐2013 Revenues and NIBT ($M) 200 213 184 155 153 50 Trading revenues 24 Underwri8ng revenues 2007 2008 2009 2010 2011 2012 2013 NIBT -­‐9 -­‐12 119 80 66 84 108 Annu

55. Slide 55: Leadership in Electronic Market-making

    54 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Leadership in Electronic Market-­‐making Na8onal Bank Market Share (CANDEAL) – All Products (last 12 months) 100 10,000 90 9,000 80 Volume Trade Count 8,000 70 7,000 Volume (Billions) Trade Cou

56. Slide 56: Strategy 2014-2017: Government Finance and Corporate Debt

    National Bank of Canada 55 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategy 2014-­‐2017 Government Finance & DistribuIon § Maintain #1 underwriIng posiIon § ConInue to grow secondary market Corporate Debt share for Provincials & Canadas Debt – Canadian Gover

57. Slide 57: Strategy 2014-2017: Infrastructure and Securitization

    56 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategy 2014-­‐2017 Government Finance & DistribuIon § Advisory-­‐led business February 2013 Corporate Debt § #1 in P3 $2,100,000,000 (Contract Price) § Expand Power Co-­‐Underwriter for Og

58. Slide 58: Strategy 2014-2017: International Distribution; How We Succeed

    National Bank of Canada 57 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Strategy 2014-­‐2017 Government Finance & DistribuIon Focus on Canadian products § New York – Solid presence Corporate Debt § London – Largest Canadian-­‐focused desk Infrastructure § Hong K

59. Slide 59: Blank

    58 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Blank

60. Slide 60: Derivatives: Mandate and Vision

    National Bank of Canada 59 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Deriva.ves Laurent Ferreira Execu.ve Vice-­‐President & Managing Director Financial Markets Investor Day October 9, 2013 1 Mandate and Vision Offer risk management Best Canadian bank at solu.ons

61. Slide 61: Financial Performance; Investment Products - Offer

    60 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Financial Performance Revenues and NIBT ($M) Revenue CAGR 11.9% 504 NIBT CAGR 431 15.8% 395 376 378 335 257 272 265 230 238 236 139 141 2007 2008 2009 2010 2011 2012 2013 Annualized Cultural tr

62. Slide 62: Revenues - Equity and Structured Products

    National Bank of Canada 61 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Revenues – Equity and Structured Products ($M) CAGR 3.7% 277 229 243 229 243 223 172 2007 2008 2009 2010 2011 2012 2013 Annualized § Fees from investment product structuring § Market making r

63. Slide 63: Risk Management Solutions - Offer; Revenues - Rates, FX and Commodities

    62 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Risk Management Solu.ons -­‐ Offer Provide deriva.ves solu.ons for corporate and ins.tu.onal clients -­‐ Interest rate, FX, equity and commodi.es -­‐ 50+ deriva.ves professionals across Canada -

64. Slide 64: Revenues - Rates, FX and Commodities; Positioned for Growth

    National Bank of Canada 63 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Revenues – Rates, Foreign Exchange and Commodi.es ($M) 227 CAGR 37.3% 166 188 147 135 100 34 2007 2008 2009 2010 2011 2012 2013 Annualized ▪ 87% growth in number of ac.ve clients for all asset

65. Slide 65: Derivatives - Positioned for Growth; Revenue Drivers

    64 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Deriva.ves -­‐ Posi.oned for Growth Our Strengths § Highly skilled and talented people driven by ideas/innova.on Investment § Strong risk framework Products and risk management culture § Sol

66. Slide 66: Industry Recognition

    National Bank of Canada 65 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Industry Recogni.on v 2nd - Best Risk Management Advice 2013 Group 2 Lender: v 2nd - Most Effectively Used Swaps/Derivatives to Ø One To Watch Structure New Bond Issues Ø Most Innovative Ø

67. Slide 67: Blank

    66 National Bank of Canada Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Blank

68. Slide 68: Growth Drivers 2014-2017

    National Bank of Canada 67 Canada focused. Client driven. Financial Markets Investor Day - October 9, 2013 Growth Drivers 2014-­‐2017 § Mid-­‐market growth § Resurgence of M&A ac8vi8es TARGETS 2014-2017 § Increasing infrastructure investment Earnings § Growing demand for government +5-10% financi

69. Slide 69: Slide 69

National Bank of Canada — Investor Day (October 2013) on 6ix