Table of Contents ENHANCED DISCLOSURE TASK FORCE (EDTF) RECOMMENDATIONS The Enhanced Disclosure Task Force (EDTF) was established by the Financial Stability Board in May 2012 with the goal of developing fundamental disclosure principles. On October 29, 2012, the EDTF published its report, "Enhancing the Risk Disclosures of Banks," which sets forth recommendations around improving risk disclosures and identifies existing leading practice risk disclosures. Below is the index of all these recommendations to fa ...

Financial Highlights - FY25 Pre-Tax Pre-Provision earnings increased by 9%, with adjusted earnings up by 15%[13] - FY25 revenues increased by 12%[15] - Q4 Return on equity was 11%, with adjusted return on equity at 12.5%, a year-over-year increase of 190 bps[15] - The company repurchased 10.8 million shares in FY25[15] - CET1 ratio stood at 13.2%[15] Segment Performance - Canadian Banking: Q4 pre-tax pre-provision earnings increased by 3% year-over-year[15] - International Banking: Q4 Net Interest Margin (NIM) increased by 12 bps year-over-year[15] - Global Wealth Management: FY25 net income increased by 18%, with operating leverage of 1.6% and net sales improved by $11.5 billion[15] - Global Banking and Markets: FY25 net income increased by 30%, with underwriting and advisory fees up by 35%[15] Capital Position and Risk Management - Q/Q CHANGE IN CET1 RATIO decreased by ~10 basis points Q/Q[25] - Total ACL ratio of 98 bps, up 2 bps Q/Q[57] - GILs are higher Q/Q by $354 million due primarily to formations mainly in Canadian Retail and Corporate portfolios, as well as the impact of foreign currency translation[68]

Group 1: Merck (MRK) - Merck is a pharmaceutical company facing specific risks, particularly related to patent cliffs where revenues can sharply decline after drug exclusivity ends [3][4] - The current market capitalization of Merck is $260 billion, with a current stock price of $104.83 and a dividend yield of 3.09% [5][6] - Merck's dividend payout ratio is approximately 50%, which is more sustainable compared to Pfizer's 90% payout ratio, positioning Merck better to maintain dividends despite upcoming patent cliffs [6] Group 2: Enbridge (ENB) - Enbridge operates a toll-taker business model, focusing on moving oil and natural gas, which makes it less sensitive to commodity price fluctuations [8][9] - The company has a market capitalization of $106 billion, with a current stock price of $48.78 and a dividend yield of 5.52% [10][11] - Enbridge has consistently increased its dividend annually for three decades, making it an attractive option for investors looking to enter the energy sector [11] Group 3: Bank of Nova Scotia (BNS) - Bank of Nova Scotia is currently undergoing a turnaround, focusing on North America and exiting less desirable operations in Central and South America [12][15] - The bank has a market capitalization of $86 billion, with a current stock price of $69.29 and a dividend yield of 4.44% [14][15] - The bank has a long history of paying dividends since 1833, indicating a commitment to returning value to shareholders [13]

Core Viewpoint - Dividend 15 Split Corp. has renewed its at-the-market equity program, allowing the issuance of shares until October 6, 2026, with a maximum gross proceeds of $600 million [1][2]. Group 1: ATM Program Details - The renewed ATM Program replaces the previous program that ended in September 2024 and allows the Company to issue Class A Shares and Preferred Shares at prevailing market prices [1][2]. - Sales will occur through the Toronto Stock Exchange or other Canadian marketplaces, with the distribution governed by an equity distribution agreement with National Bank Financial Inc. [1][2][3]. - The volume and timing of distributions will be determined at the Company's discretion, and proceeds will align with the Company's investment objectives and strategies [3]. Group 2: Investment Portfolio - The Company invests in a high-quality portfolio of leading Canadian dividend-yielding stocks, including major banks and corporations such as Bank of Montreal, Royal Bank of Canada, and BCE Inc. [4].

Core Insights - Dynamic announced estimated year-end reinvested distributions for its Active ETFs and ETF series units for the 2025 tax year [1][3] Distribution Details - The reinvested distributions will be calculated based on forward-looking information as of October 31, 2025, with actual distributions potentially differing from estimates [3] - The record date for the final year-end distributions is set for December 30, 2025, with payments scheduled for January 5, 2026 [3] Estimated Reinvested Distributions - The estimated reinvested distribution amounts per unit for various Dynamic Active ETFs are as follows: - Dynamic Active Canadian Bond ETF: CAD 0.07703 - Dynamic Active Canadian Dividend ETF: CAD 0.61658 - Dynamic Active Global Dividend ETF: CAD 6.83813 - Dynamic Active Global Gold ETF: CAD 8.74527 - Dynamic Active Mining Opportunities ETF: CAD 1.00270 - Dynamic Retirement Income Fund: CAD 0.35562 - Dynamic Short Term Credit PLUS Fund: CAD 0.16133 [4][5] Company Overview - Dynamic is a division of 1832 Asset Management L.P., offering a range of wealth management solutions including mutual funds and actively managed ETFs [7]

Core Viewpoint - The company, Bit Strategy (06113.HK), has entered into an agreement to purchase a corporate membership from The Bank of Nova Scotia for HKD 14.2 million (approximately MYR 7,553,191), which will enhance its business promotion and expansion efforts [1] Group 1: Company Overview - Bit Strategy primarily engages in providing outbound telemarketing services and customer contact center facilities to promote financial products issued by authorized financial institutions, card companies, or global organizations [1] - The company is also expanding into digital assets and related businesses as part of its new strategic direction [1] Group 2: Membership Acquisition - The corporate membership being acquired is from a non-profit member-owned golf club established in 1889, making it one of the oldest golf clubs in Asia [1] - The limited number of corporate memberships at the club adds significant value, with potential resale value in the secondary market based on historical market prices and its status in Hong Kong [1]

Core Viewpoint - Scott+Scott Attorneys at Law LLP is investigating potential breaches of fiduciary duties by the leadership of The Bank of New York Mellon Corporation to the bank and its shareholders [1] Group 1 - The investigation focuses on whether members of the board of directors or senior management of Bank of New York Mellon failed to manage their responsibilities appropriately [1]

Core Viewpoint - The economic team at Canada's Scotiabank predicts that inflationary risks from U.S. tariffs will compel the Bank of Canada to initiate interest rate hikes in the second half of 2026 [1] Group 1: Interest Rate Predictions - Scotiabank expects the Bank of Canada to raise the benchmark interest rate by 0.5 percentage points starting in the third quarter of next year [1] - The Bank of Canada recently lowered the benchmark interest rate and indicated that the easing cycle may be over, as it seeks to balance economic growth and inflation control [1] Group 2: Economic Context - The recent rate cut by Scotiabank was described as a precautionary measure against potentially weaker economic outcomes amid uncertainty [1] - The likelihood of initiating a rate hike cycle will depend on the impact of new government spending proposals on the economy [1]

Core Insights - Scotiabank has launched a modernized U.S. Cash Management program supported by the cloud-based treasury platform ScotiaConnect®, aimed at enhancing cash management capabilities across North America, a market valued at US$ 1.4 trillion (C$1.9 trillion) in annual cross-border trade [1][5]. Group 1: Product Offerings - The upgraded Cash Management offering includes a comprehensive suite of U.S. Deposit solutions, featuring Savings, Operating, and Term Deposit products, along with new account features [2]. - The program provides ACH, wire transfer, and account transfer capabilities to meet companies' payment and receivables needs [2]. Group 2: Platform Features - ScotiaConnect® offers a personalized, secure online portal with real-time visibility into account balances, enabling businesses to control and optimize their payments [3]. - The platform features intuitive navigation and self-serve capabilities for corporate and commercial clients, enhancing user experience [3]. - Direct-to-client Host-to-Host connectivity allows seamless integration with Scotiabank's Cash Management services, simplifying treasury operations [3]. Group 3: Strategic Importance - The launch of ScotiaConnect® and integrated cash management solutions positions Scotiabank for growth in key North American markets, driven by innovation and improved service [5]. - The initiative reflects Scotiabank's commitment to delivering innovative, client-driven solutions that cater to the evolving needs of businesses across North America [6].

Core Viewpoint - The comparison between Bank of Nova Scotia (BNS) and ICICI Bank Limited (IBN) indicates that BNS currently offers better value for investors based on various financial metrics and earnings outlook [1][3][7] Valuation Metrics - BNS has a forward P/E ratio of 13.11, while IBN has a forward P/E of 19.52, suggesting BNS is more attractively priced [5] - The PEG ratio for BNS is 1.51, compared to IBN's PEG ratio of 1.53, indicating similar expected earnings growth rates but a better valuation for BNS [5] - BNS has a P/B ratio of 1.46, significantly lower than IBN's P/B of 2.73, further supporting BNS's valuation advantage [6] Earnings Outlook - BNS has experienced stronger estimate revision activity, which is a positive indicator for its earnings outlook compared to IBN [3][7] - The Zacks Rank for BNS is 2 (Buy), while IBN is rated 4 (Sell), reflecting a more favorable investment sentiment towards BNS [3]