National Bank of Canada at National Bank Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Well, thank you for that. Well, sticking with the topic, the geopolitical and macroeconomic backdrop. As CEO, what is like the I mean that's a pretty broad question, but the factors on which you focus to assess and manage risk and navigate this climate, what are some of the key priorities for you?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : But in terms of the risk management part of that, and I know that's a big philosophy at National Bank, core competency as well. Is there any particular things you're doing a bit more of today or less than normal today, like holding on to extra liquidity or dialing back on any lending or anything of that nature?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : You also mentioned volatility, and I don't want to be crude or anything, but there's potentially a silver lining to some of these situations or maybe not. Is there such a thing? I asked a similar question on the conference call a couple of weeks ago. Is there such a thing as too much volatility? Or are we in a position now where it's actually kind of a bit of a tailwind? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 22, 2022 / 12:35PM, NA.TO - National Bank of Canada at National Bank Financial Services Conference

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. Just to switch gears a bit. I think it was at a conference earlier in the year, you were asked about some of the key priorities for the bank and your -- as you see them and you did bring up the wealth business a few times. And I think it's one of the parts of National. It's a little bit underappreciated. It's actually a bigger proportion of the overall bank than some people realize. What -- A, what do you see as some of the main drivers for growth in the wealth business; and underlying that, some of the key advantages that your wealth business has that might not be as well understood by The Street?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : You mentioned collaboration. And one of the announcements that came up recently was the -- well, for a lack of a better description, some of the combination of sales efforts between the commercial bank and the wealth business. Can you just explain to us what's the opportunity you see? And -- well, I'll follow up that with a -- I'll let you answer that one first. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 22, 2022 / 12:35PM, NA.TO - National Bank of Canada at National Bank Financial Services Conference

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Well, my follow-up on that, is there any side of that business that you see there's -- while there's more of an opportunity for wealth because we have all these commercial businesses that are selling out and they didn't particularly manage money or commercial banking because your wealth distribution private banking, I think has a much broader national presence than most of your other businesses. So there's more commercial banking opportunities at West. Or is it balanced?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : And sticking with the collaboration, I think that's one of your priorities where you -- obviously, this is one example. Do you see others that or across the bank? And if you can describe it because I have an idea.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Equity research and Cambodia, especially in winter time. I'll collaborate, okay.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. Before I switch on to another topic, I'll field the -- is there a question from the audience? Unidentified Analyst Yes. You talked about fintech, your predecessor has (inaudible) on midpoint. Can you give us...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Anyone else? Okay. We've done big picture wealth. That's Canadian banking. And the one thing that jumps out to everyone is the growth in the mortgage business National certainly participated, but I have not seen growth rates like this in my lifetime, I don't think. What's the outlook there? How long can we have double-digit growth in mortgages. It seems like with rising rates, you got regulatory kind of tightening looming, a few different factors that might cause that to drop off pretty fast. Lack of supply, I guess, too, as an issue, how do you see the mortgage market growing over the next little while or maybe a year or 2, let's say?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Capital markets then. I'm sure I've asked this before, but I'll do it again. Geographic expansion, the whole Canada strategy has been very successful, but some will say, "Oh, it limits your growth opportunities". Are there any avenues of expansion you're looking at outside of Canada. I know Europe was a little nichey opportunity that became decent size a few years ago, anything you're looking at now that...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Right.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : And not -- and I think also the capital markets business has a really nice mix ratio that you don't want to go.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Yes. Right. Credigy, this is a business that it fluctuates what it's originating based on what's attractive at that time. Can you give us a bit of insight on what type of business they're doing today because the...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Okay. And last question, Cambodia. ABA, so Ghislain...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Ghislain is now overseeing ABA. Is this more -- you want them to focus on maximizing growth or on managing risk?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Well, I think that it's a good way...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Good timing, yes.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Question, quick. Unidentified Analyst Discussed the situation...

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : Well, we're good.