Capital Markets School - October 2023

Internal Use Only

To Hedge or Not To Hedge….

• Outlook for earnings & NII growth • Positioned moderately more asset sensitive than its peers • Benefited from curve steepening • More to lose from a retrenchment • Profitability objectives on track

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Internal Use Only

Potential Hedging Opportunities

Prudent to evaluate options to achieve goals & protect against interest rate risk

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