#1Investor Presentation May 2020 Scotiabank®#2Caution Regarding Forward-Looking Statements Forward-looking statements From time to time, our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2019 Annual Report under the headings "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "foresee," "forecast," "anticipate," "intend," "estimate," "plan," "goal," "project," and similar expressions of future or conditional verbs, such as "will," "may," ," "should," "would" and "could." By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward- looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2019 Annual Report, as may be updated by quarterly reports. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2019 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. 2#3TABLE OF CONTENTS Scotiabank Overview • • • • Leading Bank in the Americas Well-Diversified Business with Strong Returns Business Lines Economic Outlook in Core Markets • Why Invest in Scotiabank? . • Focused on Higher Return Markets Increasing Banking Penetration • Digital Progress • COVID-19 Response COVID-19: Strong Response from Governments across Core Markets • Q2 2020 Financial Performance • Earnings and Dividend Growth • Strong Capital Position • Technology Strategy Fintech Environmental, Social & Governance (ESG) Business Line Overview: Canadian Banking Business Line Overview: International Banking Business Line Overview: Global Wealth Management Business Line Overview: Global Banking and Markets Risk Overview . Risk Snapshot • Risk Density Historical PCL Ratios on Impaired Loans • Retail Loans and Provisions • Sectors Most Impacted by COVID-19 Energy E&P and Oilfield Services Exposure Treasury and Funding • Pandemic Response • Funding Strategy • Wholesale Funding • Deposit Overview • Wholesale Funding Utilization Liquidity Metrics Appendix 1: Core Markets: Economic Profiles Appendix 2: Canadian Housing Market Appendix 3: Additional Information Contact Information 5 6 4997 8 9 10 11 12 13 14 15 16 17 18 19 20 22 30 41 45 49 50 51 52 53 55 56 57 58 59 60 61 62 63 64 70 77 81 3#4Scotiabank Overview · . • Leading bank in the Americas with competitive scale in high return markets Repositioning of business substantially complete Greater geographic focus, increased scale in core markets, and improved business mix Strong credit quality. Stable credit metrics. Positioned for higher capital ratios, ongoing buybacks, and sustainable long-term earnings growth 4#5Leading Bank in the Americas¹ Core markets: Canada, US, Mexico, Peru, Chile and Colombia 9th largest bank by assets¹ in the Americas Mexico (BBB) #5 Bank Peru (BBB+) #3 Bank Q2 2020 Full-Service, Universal Bank Scotiabank2 YTD Change YTD/YTD Canada (AAA) #3 Bank Canada Revenue Net Income $15,945MM +5% $3,715MM (18%) Mexico Return on Equity 11.1% (260 bps) Peru Chile Operating Leverage -1.0% n.a. United States Colombia Productivity Ratio 53.7% +50 bps (AA+) Caribbean Top 15 FBO Uruguay Total Assets $1.25T +18% Colombia (BBB-) Ranking by Market Share³ #6 Bank Wholesale Operations Canada #3 USMCA USA USA Top 15 FBO UK Mexico #5 Singapore Australia PAC Ireland Hong Kong SAR Peru Chile Colombia #3 #3 #6 China Brazil Chile (A+) South Korea Malaysia Earnings by Market2,4 Other- C&CA #3 Bank India Japan 8% 5% PAC 21% 1 Ranking by asset as at May 22, 2020, Bloomberg; 2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLS, Derivative Valuation Adjustment, and impairment charge on software asset; ³ Ranking based on market share in loans as of March 2020 for PAC (incl. M&A), as of January 2020 in Canada for publically traded banks; 4 Adjusted net income attributable to equity holders of the Bank for the 6 months ended April 30, 2020 57% Canada 9% U.S.A 5#6Well-Diversified Business with Strong Returns Earnings by Business Line 1,2,3 Wealth Management 17% Global Wealth Management Caribbean and Central America Earnings by Market¹,2 Europe, Asia, Brazil, Australia Other Colombia C&CA 8% 1% Wholesale Banking 26% Global Banking and 17% Q2 2020 YTD EARNINGS MIX $3.8B3 Markets 26% International Banking P&C 21% Adjusted Return Canadian Banking P&C Personal & Commercial 36% Banking 57% 5% Chile 6% Peru Q2 2020 YTD 8% EARNINGS MIX Canada Mexico $3.8B³ 57% 6% U.S. 9% on Equity 1,2 by Business Line 16.7% 13.8% 14.7% 11.1% 8.3% Canadian Banking International Banking Global Wealth Management Global Banking All Bank and Markets 1Net income attributable to equity holdersor for the 6 months ended April 30, 2020; 2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and impairment charge on software asset; 3 Excluding Other segment 6#7Business Lines Activity Business Line Products Personal & Commercial Banking Canadian Banking • Mortgages Auto Loans Commercial Loans Personal Loans Credit Cards International Banking • Mortgages Auto Loans Commercial Loans • Personal Loans • Credit Cards Wealth Management Global Wealth Management • Asset Management Private Banking Private Investment Counsel • Brokerage Capital Markets Global Banking and Markets • Corporate Banking Advisory Equities Fixed Income Foreign Exchange • Commodities ⚫ Trust NIAEH¹ ($MM) $1,389 $812 $632 $974 % All-Bank¹ 36% 21% 17% 26% % Target 35-40% 25-30% ~15% 15-20% Productivity 46.7% 52.7% 62.2% 46.5% Ratio¹ ROE1 16.7% 8.3% 13.8% 14.7% Employees² 18,755 52,318 7,237 2,412 1 Adjusted figures for the 6 months ended April 30, 2020 2 As at April 30, 2020 7#8Economic Outlook in Core Markets Real GDP Growth Forecast (2019 – 2021) Real GDP (Annual % Change) Country 2010-18 Average 2019 Forecast 2020F 2021F 2.2 1.6 Previous 1 1.5 2.0 Canada Current 2 -9.1 6.5 2.3 2.3 Previous 1 1.7 1.8 U.S. Current 2 -6.3 7.0 3.0 Mexico Previous 1 1.0 1.8 Current 2 -8.4 1.1 4.8 2.3 Previous 1 3.0 3.5 Peru Current 2 -9.0 7.0 3.5 1.0 Previous 1 1.4 3.0 Chile Current 2 -4.5 2.9 3.8 3.2 Previous 1 3.6 3.6 Colombia Current 2 -2.9 3.6 3.8 1.6 Previous 1 2.3 3.0 PAC Average Current 2 -6.2 3.7 Source: Scotiabank Economics. 1 Forecast as of January 13, 2020 2 Forecasts as of April 17, 2020 for Canada; Forecasts as of May 16, 2020 for U.S., Mexico, Peru, Chile, and Colombia 8#9Why Invest in Scotiabank? Leading bank in the Americas • Six core markets: Canada, US, Mexico, Chile, Peru and Colombia ~87% of earnings from six core markets Diversified exposure to high quality growth markets Unique Americas footprint provides diversified exposure to higher growth, high ROE banking markets • 225 million people in the Pacific Alliance countries comprise the 6th largest economy in the world • , Increasing scale and market share in core markets • $ Improved earnings quality, lower risk profile Competitive scale and increasing market share in core markets Competitive advantages in technology, risk management, and funding versus competitors Increased scale in Wealth Management and P&C businesses via M&A • ~75% of earnings from stable P&C banking and wealth businesses • Simplified footprint lowers operational risk and regulatory costs • Strong Canadian risk management culture with strong capabilities in AML and cybersecurity Strengthening competitive advantages in technology and talent High levels of technology investment supports digital banking strategy to increase digital sales and adoption Named "Bank of the Year" in Canada (2019) 9#10Focused on Higher Return Markets 20% Banking: Average ROE by Market (Latest Reporting Period) 15.0% 15% 13.0% 10.5% 9.9% 10% 5% 0% 4.2% Canada Latam Asia US Europe 73% of all-bank earnings Return on equity in latest reporting period for the leading bank by market share for loans in each country. Canada and US figures are average for five largest and 10 largest market share banks in each country, respectively Sources: Bloomberg LLP, Company Financial Reports. 10 0#11Banking Penetration (%)¹ Increasing Banking Penetration 150 100 Growth Markets Brazil Chile Colombia C&CA 50 PAC Peru ⚫ Cambodia Mexico Czech Republic Mature Markets Canada U.K. Spain U.S. Bubble size represents nominal GDP Scotia P&C Markets Scotia Americas Wholesale Markets Other Markets $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 GDP per Capita (US$)² 1 Source: World Bank Open Data 2018. Banking Penetration is defined as account ownership at a financial institution or with a mobile-money-service provider (% of population ages 15+) 2 Source: World Bank Open Data 2018. GDP per capita is nominal gross domestic product divided by mid year population 11#12Digital Progress • Canada: • Pacific Alliance: Digital Retail Sales¹ +2,200 bps >40% of payment deferral requests processed online >80% of payment deferral requests processed online Digital Adoption² +1,900 bps In-Branch Financial Transactions³ 33 28 22 15 11 -1,400 bps 45 26 39 23 20 33 29 16 26 12 2016 2017 2018 2019 Q2/20 2016 2017 2018 2019 Q2/20 2016 2017 2018 2019 Q2/20 Goal >50% Goal >70% Adoption grew 10% Y/Y 1 Canada: F2017 22%, F2018 26%, F2019 26% PACS: F2017 13%, F2018 19%, F2019 29% 2 Canada: F2017 36%, F2018 38%, F2019 42% PACS: F2017 20%, F2018 26%, F2019 35% 3 Canada: F2017 17%, F2018 15%, F2019 12% PACS: F2017 29%, F2018 24%, F2019 19% Goal <10% • In-branch transactions fell 5% Y/Y 12#13COVID-19 Response Our Customers Supporting our individual customers in-branch, by phone, and on-line. • Lower interest rates and fee waivers provided on many products • ~90% of branches open globally • • Processed >600,000 CERB and >55,000 CEBA requests Launched priority services for front-line healthcare workers and seniors Residential Mortgages Financial Relief Measures for Customers Canada # Customer Amount Accounts ('000s) Outstanding ($B) International # Customer Accounts ('000s) Amount Outstanding ($B) 134 $38.0 94 $9.7 Personal Loans 164 $5.5 1,066 $6.7 • Credit Cards 73 $0.4 1,499 $3.4 Commercial & Small 10 $16.7 2 $11.1 Business Total $60.6 $30.9 381 2,661 Supporting our business customers by providing liquidity, extending credit and arranging financing: . • > $25 billion of loan financing provided to support corporate customers and their employees > $250 billion in capital markets financing arranged for customers Our Employees Protecting and supporting our employees while they serve our customers: • Business continuity planning invoked in late February >80% of employees working remotely (ex. branches). Balance of employees in low density/safety-enhanced workspace Increased pay to support employees. Added safety measures in branches and laptops for working remotely Deployed medical, mental health, and wellness support for employees Our Communities Supporting our communities to manage through COVID-19 and beyond: • Committed $15 million to support COVID-19 response efforts by local charities o Partnered with the Canadian Medical Association (CMA) and MD Financial to commit $4.6 million to support physicians during the COVID-19 pandemic. o Partnered with CMA in contributing to the Code Life Ventilator Challenge Provided financial grants to academic partners working on scalable healthcare innovations 13#14COVID-19: Strong Response from Governments across Core Markets Policy Action Canada United States Mexico Peru Chile Colombia Movement Restrictions (Date of Introduction) Policy Rate Cuts March 12-22 March 19-24 March 24 March 16 March 18 March 25 150 bps 150 bps 150 bps 200 bps 125 bps 100 bps (Since March 1, 2020) Fiscal & Financial Measures¹ (% of GDP) Emerging Market Average: 2.6%¹ 16.5% 13.6% 0.7% 12.0% Key Measures¹ . Liquidity programs Wage and payroll support programs Payment deferral programs • Small business and sectoral programs . • Liquidity programs Wage and payroll support programs Payment deferral programs Small business and sectoral programs Liquidity programs Payment deferral programs • Small business and sectoral programs Liquidity programs Loan guarantees Payment deferral programs • Small business programs • Retirement savings withdrawals 1 Source: Scotia Economics 5.7% 2.8% . Liquidity programs . Liquidity programs • Loan guarantees • Loan guarantees • Payment deferral . programs • Tax holidays • Payment deferral programs Tax holidays • Small business programs 14#15Q2 2020 Financial Performance $MM, except EPS Reported Q2/20 Y/Y Q/Q • Net Income $1,324 (41%) (43%) Pre-Tax, Pre Provision Profit $3,593 (4%) (3%) • Diluted EPS $1.00 (42%) (46%) Revenue $7,956 +2% (2%) Expenses $4,363 +8% (1%) • Productivity Ratio 54.8% +300 bps +50 bps Core Banking Margin 2.35% (10bps) (10bps) PCL Ratio¹ 119 bps +58 bps +58 bps PCL Ratio on Impaired Loans¹ 56 bps +7 bps +1 bp . Adjusted² Net Income $1,371 (39%) Pre-Tax, Pre Provision Profit $3,661 +1% (42%) (2%) Diluted EPS $1.04 (39%) (43%) • YEAR-OVER-YEAR HIGHLIGHTS Adjusted EPS down 39%² Adjusted Net Income down 39%² О Pre-tax, pre-provision profit (PTPP) up 1%² or up 7% excluding metals business charges Adjusted Revenue up 4%² or +9% excluding divestitures Net interest income up 5% Non-interest income up 3%² Adjusted Expense growth of 8%², +5% excluding metals business charges and divestitures Adjusted YTD operating leverage of -1.0%², +3.5% excluding metals business charges and divestitures ADJUSTED NET INCOME³ BY BUSINESS SEGMENT ($MM) Revenue $7,956 +4% Expenses $4,295 +8% +1% -42% Productivity Ratio 54.0% +170 bps +60 bps Y/Y -72% Y/Y4 +25% PCL Ratio1 119 bps +68 bps +68 bps +4% Y/Y Y/Y PCL Ratio on Impaired Loans¹ 56 bps +7 bps +3 bps 823 724 481 303 314 420 523 197 CB IB GWM GBM Q2/19 Q2/20 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Refer to Non-GAAP Measures on Slide 44 for adjusted results 3 After non-controlling interests 4Y/Y growth rate is on a constant dollars basis 15#16Earnings and Dividend Growth Strong track record of stable and predictable earnings and growing dividends Earnings per share (C$)1,2 $3.31 60 10 11 23 Dividend per share (C$) $1.96 +8% $7.14 CAGR 19 Total shareholder return³ Scotiabank ■Big 5 Peers (ex. Scotiabank) $2.87 1.0% 20YTD +6% CAGR 5 Year 3.5% 10.4% 10.1% 6.9% 5.1% 10 Year 20 Year $3.49 $1.80 09 10 11 12 13 14 15 16 17 18 19 20 YTD 1 Reflects adoption of IFRS in Fiscal 2011.2 Excludes notable items for years prior to 2016. For 2016 onwards, results adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLS, Derivative Valuation Adjustment, and impairment charge on software asset. 3 As of April 30, 2020 16#17Strong Capital Position CET1 Ratio +30 bps -27 bps 11.4% -47 bps -10 bps -4 bps +10 bps 10.9% Q1/20 Reported Earnings1 Dividends RWA Impact (ex. FX) CCR/ Other ECL CVA² (Incl. Share transitional Q2/20 Reported Buybacks) 3, 3,4 add-back Strong Capital Levels 14.7% 2.2% 1.4% 14.8% 14.2% 14.6% 2.5% 2.0% 2.1% 1.1% 1.1% 1.1% 14.0% 2.1% 1.0% 11.1% 11.2% Q2/19 11.1% 11.4% 10.9% Q3/19 Q4/19 Q1/20 CET1 Tier 1 Tier 2 Q2/20 1 Net Income Available to Equity Holders. 2 Counterparty Credit Risk and Credit Valuation Adjustment impact on RWA. 3 Repurchased 2 million common shares in Q2 2020. 4 'Other' includes impacts from regulatory capital deductions, foreign exchange translation, FVTOCI securities, etc. 17#18Technology Strategy Co $ Build a strong and scalable platform foundation . Cloud-first strategy for automation and speed Rebalance core technology spending towards modernization Maintain consistent investment in technology Technology Investment Growth Rate (YoY Change) 21% rate Moderating to 12% 14% steady-state growth 11% 9% 7% 2014 2015 2016 2017 2018 2019 • Technology Investment ~11% of revenue ($3.6B) Common systems • Software re-use, best practice-sharing • Consistent software design • Customer-focused micro-services Analytics on real-time data • Strong cyber-security foundation 18#19Fintech Partnerships QED INVESTORS Georgian Partners Scale UP VENTURES • • • V VIOLA VENTURES • TEAM8 Rethinking Cyber 1 Selected proof of concepts with fintech partners Focus Areas Proof of Concepts¹ Credit adjudication Accessibility Natural language processing Personal financial management Customer experience and self-service Machine-learning modelling Data collaboration Cybersecurity konfio Cerebri≥ Fable Tech Labs Eigen Technologies personetics® HH wysdom stratifyd™ callvu H₂O cinchy TEAM8 Rethinking Cyber 199 19#20Environmental, Social & Governance (ESG) Scotiabank's Climate Commitments include: Mobilize $100 billion by 2025 to reduce the impacts of climate change. Memberships, Associations and Partnerships MEMBER OF Dow Jones Sustainability Indices In Collaboration with Robeco SAM SAM Sustainability Award Industry mover 2019 UN GLOBA COMPACT United Nations UN Global Compact WOMEN E TASK FORCE ON CLIMATE-RELATED FINANCIAL TCFDs DISCLOSURES SAM Sustainability Award Bronze Class 2019 2019 = Bloomberg Gender-Equality Index TOP 100 COMPANY 2018 Thomson Reuters Diversity & Inclusion Index REFINITIV TOP 100 COMPANY 2019 Diversity and Inclusion Index FINANCE UNEP INITIATIVE PRI Principles for Responsible investment CDP DRIVING SUSTAINABLE ECONOMIES SUSTAINABLE DEVELOPMENT GOALS EQUATOR PRINCIPLES CP CARBON PRICING LC LEADERSHIP COALITION 20 20#21Environmental, Social & Governance (ESG) Highlights from 2019/2020 E Environmental TRUST S Social G Governance Committed to mobilize $100 billion by 2025 to reduce the impacts of climate change Issued USD$500 million Green Bond. Proceeds fund assets under the Scotiabank Green Bond Framework, including renewable energy, clean transportation and green buildings Achieved 17% greenhouse gas (GHG) reduction from a 2016 baseline, achieving our 10% target two years early; set new target of 25% by 2025 Internal price on carbon of $15/tonne invested in GHG reduction initiatives; increased to $30/tonne for 2020; to $60/tonne by 2022 Implemented a Climate Change Risk Assessment tool in corporate & commercial lending to assess clients' physical & transition climate risks • We are here for every future COVID-19 response includes various relief measures for customers, added personal days and wellness expense allocations for employees, and a commitment of $15 million to support communities most at-risk, including our partner programs and our ongoing support of hospitals and healthcare professionals Nearly $100 million invested globally in communities where we operate as part of our global philanthropy program $3 billion in funding committed over the first three years of The Scotiabank Women Initiative™ to advance women-led businesses in Canada Signed the UN Women's Empowerment Principles and UN LGBTI Codes for Business Conduct $250 million committed over 10 years to help employees adapt to the digital economy Top 1% of global financial institutions for Corporate Governance in Dow Jones Sustainability Index 38% of our directors are female. We first established a Board diversity policy in 2013 Appointed third independent Chairman in 2019. Separate CEO and Chairman roles since 2004 Dedicated significant Board time to cybersecurity, anti-money laundering, conduct and culture issues, keeping the Bank safe 21 24#22Business Line Overview Canadian Banking 22 22#23Canadian Banking Top 3 bank in personal & commercial banking in Canada Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to Retail, Small Business, Commercial Banking customers. Canadian Banking also provides an alternative self- directed banking solution to over 2 million Tangerine Bank customers. Retail 76% REVENUE MIX1,2 $2.5B Commercial 24% Residential Mortgages 61% AVERAGE LOAN MIX1 $355B MEDIUM-TERM FINANCIAL OBJECTIVES Target³ NIAT Growth4 5%+ Productivity Ratio <44% Credit Cards 20% 17% Business and Government Loans Personal Loans Operating Leverage Positive STRATEGIC OUTLOOK Improve Sustained Business Performance: Invest to grow our higher ROE businesses, including Business Banking, to deliver consistent and stable long-term earnings growth ⚫ Instill a Winning team Culture: Engage employees through a RESULTS (Revenue, Earnings, Simplify, Urgency, Listen, Trust, Support) focused culture Superior Customer Experience: Develop deeper household relationships for our customers across Canada by providing differentiated focus and service to those who are most loyal and engaged Scale our unique partnerships and assets: Leverage our long-term partnerships and assets like MLSE, Scene and Wealth businesses to generate growth across our division 1 For the three months ended April 30, 2020; 2 Reflects the adoption new leases accounting standards, IFRS16; 33-5 year target from 2020 Investor Day; 4 Adjusted Net income attributed to equity shareholders 23#24Canadian Banking YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income down 42%3 o Higher performing loan PCLs o Strong volume growth and higher net interest income offset by lower non-interest income Revenue flat 。 Net interest income up 4% o Non-interest income down 11% Loan growth of 7% o Residential mortgages up 6%; credit cards flat o Business loans up 14% Deposit growth of 4% o Personal up 3%; Non-Personal up 6% NIM down 7 bps Adjusted YTD operating leverage of -1.7%³ 1,3 ADJUSTED NET INCOME ¹³ ($MM) AND NIM (%) $MM Q2/20 Y/Y Q/Q Reported Net Income¹ $477 (42%) (44%) Pre-Tax, Pre Provision Profit $1,306 (4%) (11%) Revenue $2,526 (7%) Expenses $1,220 +4% (1%) • PCLs $670 +165% +109% Productivity Ratio 48.3% +200 bps +270 bps Net Interest Margin 2.33% (7 bps) (3 bps) • PCL Ratio² 0.77% +46 bps +41 bps PCL Ratio Impaired Loans² 0.36% +7 bps +6 bps Adjusted³ • Net Income¹ $481 (42%) (47%) Pre-Tax, Pre Provision Profit $1,312 (4%) (11%) Expenses $1,214 +4% PCLS $670 +165% (1%) +168% . . Productivity Ratio 48.1% +200 bps +270 bps PCL Ratio² 0.77% +46 bps +49 bps PCL Ratio Impaired Loans² 0.36% +7 bps +7 bps 2.40% 1 Attributable to equity holders of the Bank 2 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on Slide 44 for adjusted results 2.44% 2.41% 2.36% 2.33% 823 914 902 908 481 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 24#25Canadian Banking: Financial Performance High quality retail loan portfolio: ~93% secured • High quality residential mortgage portfolio 80% Real Estate Secured Lending 。 38% insured; remaining 62% uninsured has a LTV of 53%¹ • Market leader in auto loans o $38.7 billion retail auto loan portfolio with 7 OEM relationships (3 exclusive) o Prime Auto and Leases (~91%) 。 Stable lending tenor with contractual terms for new originations averaging 78 months (6.5 years) with projected effective terms of 53 months (4.5 years) • Prudent growth in credit cards o $6.7 billion credit card portfolio represents ~2% of domestic retail loan book and 1.0% of the Bank's total loan book o Organic growth strategy focused on payments and deepening customer relationships 。 Strong risk management culture with specialized credit card teams, customer analytics and collections focus Prudent growth of Card portfolio given elevated unemployment across Canada and additional pressure on loan obligations: de-risking policies are put in place at the onset of the pandemic to ensure borrowers' debt capacity and credit profile are within the Bank's controlled risk appetite under crisis 5% Unsecured DOMESTIC RETAIL LOAN BOOK² $303.6B 2% Credit Cards 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 Spot Balance as of April 30, 2020 13% Automotive 25#26Canadian Banking: Residential Mortgages High quality, diversified portfolio Residential mortgage portfolio of $234 billion: 38% insured; LTV 53% on the uninsured book¹ 。 Mortgage business model is “originate to hold" 。 New originations² in Q2/20 had average LTV of 64% 。 Majority is freehold properties; condominiums represent approximately 14% of the portfolio • Three distinct distribution channels: all adjudicated under the same standards o 1. Broker (~59%); 2. Branch (~20%); and 3. Mobile Salesforce (~21%) 。 Scotiabank eHOME is our fully digital 4th distribution channel for pre-approvals and standard applications. Since the launch of eHOME, we have processed more than 8000 mortgage applications. Most recently, we have enabled eHOME to service the unique lending needs of MD Financial customers, which has been very positively received CANADIAN MORTGAGE PORTFOLIO: $234B (SPOT BALANCES AS AT Q2/20, $B) $121.9 $15.3 Freehold $201B 38% Insured Condos - $33B Total Portfolio: $234 billion $106.6 $44.0 $11.4 $31.0 $3.7 $32.6 $27.3 52.1% Ontario BC & Territories Alberta % of portfolio 13.2% $16.6 $14.6 Quebec $2.0 $11.0 $10.8 $9.5 $0.2 $0.7 Atlantic Provinces $8.8 Manitoba & 62% Uninsured Saskatchewan 18.8% 7.1% 4.7% 4.1% 1LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases refinances with a request for additional funds and transfer from other financial institutions 26#27Canadian Residential Mortgages – LTVs* Credit fundamentals remain strong NEW ORIGINATIONS UNINSURED LTV* DISTRIBUTION GVA 62% BC & Territories 63% Q2/19 Q1/20 Q2/20 Canada Total Originations ($B) Uninsured LTV 7.1 11.2 10.5 64% 64% 64% GTA 62% GTA Total Originations ($B) Uninsured LTV 2.3 3.7 3.3 64% 63% 62% GVA Atlantic Prairies 66% ON QC 63% 67% Provinces 67% Total Originations ($B) Uninsured LTV 0.9 1.4 63% 63% 1.4 62% *Average LTV ratios for our uninsured residential mortgages originated during the quarter FICO® DISTRIBUTION - CANADIAN UNINSURED PORTFOLIO² Average FICO® Score 60% Canada 792 GTA 794 GVA 798 15% 10% 11% 4% < 635 636 - 706 707-747 748-788 > 788 FICO is a registered trademark of Fair Isaac Corporation 2 FICO distribution for Canadian uninsured portfolio based on score ranges at origination 3 Percentage is based on Total Mortgages *Above figures include Wealth Management Only <0.66% of uninsured portfolio³ has a FICO® score of <620 and an LTV >65% Canadian uninsured mortgage portfolio is $144 billion as at Q2/2020 27 27#28Tangerine Canada's Leading Digital Bank Medium Term Objectives Recent Accolades 15%+ Earnings CAGR 6%+ Deposits CAGR No.1 Client Satisfaction A+Ⓡ Award By Fundgrade 10%+ Assets CAGR No.1 Credit Card Ranked No. 1 in Client Satisfaction among Mid-Sized Retail Banks in 2020 by J.D. Power for the 9th year in a row Awarded for performance of Balanced Income Portfolio in 2019 Ranked highest in Credit Card Satisfaction in 2019 by J.D. Power for the Money-Back Credit Card Client Experience Our Approach Maintain industry-leading position in customer experience through best-in-class onboarding and servicing. Product Innovation Broaden asset and payments portfolios to drive earnings growth and meet evolving client needs Strategic Partnerships Leverage partnerships with Raptors, MLSE, and Cineplex to broaden reach and drive client growth. 1Tangerine received the highest score among midsize retail banks in the J.D. Power 2012-2020 Canada Retail Banking Satisfaction Studies of customers' satisfaction with their primary bank. Visit jdpower.com/awards. 28#29Automotive Finance Canada's leader in automotive finance Provide personal and commercial dealer financing solutions, in partnership with seven leading global automotive manufacturers in Canada • Portfolio grew 6% year-over-year Personal up 5.5%, Commercial up 9% Commercial 15% Exclusive Relationships MAZDA VOLVO JAGUAR/LAND ROVER AVERAGE ASSET MIX Near-Prime 8% Retail $45.5B1 Semi-Exclusive Relationships* 78% 100% Secured HYUNDAI CHRYSLER GM TESLA Prime Retail * 1 to 2 other financial institutions comprise Semi-Exclusive relationships Market Share Prime Retail Market Share² 36 % 64 % Near-Prime Retail Market Share3 78 % 22 % Commercial Floorplan Market Share4 72 % 28 % 1 For the three months ended April 30, 2020; 2 CBA data as of January 2020, includes RBC, CIBC, Canadian Western Bank, National Bank, TD, Scotiabank, Laurentian Bank; 3 DealerTrack Portal data, includes all Near-Prime Retail providers on Dealer Track Portal, data for April 2020 originations; 4 Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of June 2019 29 29#30Business Line Overview International Banking 30#31International Banking Leading P&C bank focused on high quality growth markets in Latin America and the Caribbean ⚫ International Banking operates primarily in Latin America and the Caribbean with a full range of personal and commercial financial services. Core markets are the Pacific Alliance countries of Mexico, Peru, Chile and Colombia Asia 22% C&CA REVENUE1 $2.7B 76% 8% Other Business 55% Loans LOAN MIX1 Credit Cards 7% $152B MEDIUM-TERM FINANCIAL OBJECTIVES Target² NIAT Growth³ 9%+ Latin America 14% Personal 24% 26% 26% Mexico Latin America Loans Peru Residential Mortgages Productivity Ratio <50% 15% Colombia 25% Chile 92% PAC Operating Leverage Positive STRATEGIC OUTLOOK Optimize Footprint: Continue executing with discipline announced acquisitions and divestitures to enhance the risk profile of our portfolio and improve quality of our earnings • Lead in Customer Experience and Digital: Continue accelerating our digital transformation to amplify business impact and continue deploying digital solutions to other channels to optimize our distribution model ⚫ Accelerate Growth Drivers: Leverage new strategic partnership to accelerate insurance growth, scale our Capital Markets business in the Pacific Alliance and build our Wealth business with focus in affluent customer segment 1 For the 3 months ended April 30, 2020; 23-5 year target from 2020 Investor Day; 3 Excluding divestitures impact 31#32International Banking $MM1 Q2/20 Y/Y Q/Q Reported • Net Income² $173 (72%) (66%) Pre-Tax, Pre Provision Profit $1,242 (15%) (5%) Revenue $2,707 (9%) (8%) • Expenses $1,465 (2%) (10%) PCLS $1,019 +74% +79% Productivity Ratio 54.1% +330 bps (160 bps) • Net Interest Margin³ 4.28% (34 bps) (23 bps) PCL Ratio4 2.78% +106 bps +121 bps PCL Ratio Impaired Loans4 1.45% +15 bps • Adjusted 5 Net Income² $197 (72%) (68%) Net Income - Ex Divested $197 (63%) (65%) Ops.2 Pre-Tax, Pre Provision Profit $1,287 (14%) (7%) YEAR-OVER-YEAR HIGHLIGHTS1 Adjusted Net Income ex. divestitures down 63% 2,5 o Higher performing loan PCLs Ex divested operations, PTPP up 1% Revenues ex. divestitures up 2% Strong loan and deposit growth of 11% ex. divestitures NIM down 34 bps³ 。 Mainly driven by asset mix, and lower rates due to policy rate reduction in Mexico Adjusted Expenses ex. divestitures up 2% о Good cost control across PAC and C&CA Adjusted YTD operating leverage of -0.6%5 ex. divestitures ADJUSTED NET INCOME 2,5 ($MM) AND NIM³ (%) Expenses $1,420 (3%) (8%) 4.62% 4.51% 4.51% 4.51% PCLS $1,019 +133% +107% 4.28% Productivity Ratio 52.5% +270 bps (40 bps) 724 761 725 615 141 PCL Ratio4 2.78% +147 bps +142 bps 156 154 55 PCL Ratio Impaired Loans4 1.45% +15 bps +8 bps 568 620 197 571 560 197 1 Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 2 Attributable to equity holders of the Bank 3 Net Interest Margin is on a reported basis 4 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 5 Refer to Non-GAAP Measures on Slide 44 for adjusted results Ex. Divested Ops Divested Ops 32#33The Bank of the Pacific Alliance (PAC) Only universal bank with full presence in all Pacific Alliance countries Well-established bank with 30+ years of experience in the region Competitive scale in each market 8 million 1 Retail and ~30,000 Corporate & Commercial customers >100 multi-national corporate customers within the Pacific Alliance 110 million customers in PAC including affiliates 33#34PAC Fundamentals Driving Growth Strong Governance Democratic countries with open economies Independent central banks with inflation targets Free trade agreements and free-floating currencies • Business-friendly environments Sound Macro Environment • Diversified economies with strong GDP growth Resilience to economic and political cycles Investment Grade- rated Low Debt/GDP ratios with lower fiscal deficits compared to G7 • Increasing adoption of banking services Favourable Demographics • 225 million people with median age of 30 years Strong domestic consumption • Much lower banking penetration compared to Canada Among the fastest growing smartphone markets in the world • Considerable growth in middle class 34 =4#35Resilience of the Pacific Alliance Average Annual GDP Growth +2.9% +3.0% +3.1% +2.7% +1.8% +1.6% Notable Events H H (by country) Election Low Oil Prices Election & Odebrecht Election & Trade Dispute No events Social Unrest Approximate GDP -2.2%¹ -2.6%² -1.5%³ -1.5%4 Impact on country -1.8%5 +13% CAGR International $2.8 $3.2 Banking Earnings (C$B) $1.7 $1.9 $2.1 $2.4 2014 2015 2016 2017 2018 2019 NOTE: Pacific Alliance GDP growth calculated based on mean average of the four PAC countries 1 2013 GDP growth rate vs. 2014 - 2017 average; 2 2014 vs. 2015-2017 average; 3 2016 vs. 2017; 4 2016 vs. 2017-2019 average; 5 Estimated impact in 2020F due to social unrest; Source: Past GDP data from IMF; forecast from Scotiabank Economics 35#36Scotiabank in Mexico Including all Business Segments Footprint Customers Employees Branches1 Market Position by Loans4 23.2% ~3.5 million ~12,900 ~592 Balance and Market Position Loan Market Average Average Loans Share4 Deposits 7.7% $33 $26 billion billion Financial Total NIAT 2,5 ROE³ Performance Productivity³ BBVA B BANORTE $476 14.9% 54.0% million NIAT5 13.5% 13.5% 12.5% 7.7% 7.5% 4.6% 3.3% 2.0% citibanamex 8 banregio BBVA Banorte Santander Banamex Scotiabank HSBC Inbursa Bajio Regio Productivity Ratio Operating Leverage +20% 63.0% CAGR 666 579 465 337 58.6% 55.4% 55.0% 1.5% 7.5% 6.9% -0.9% 2016 2017 2018 2019 All figures in CAD$ Constant currency 2016 2017 2018 2019 2016 2017 2018 2019 1 Includes bank and wealth branches; does not include 177 Credito Familiar branches 2 Adjusted; for the LTM ended March 31, 2020 not adjusted for currency 3 Adjusted; for the LTM ended March 31, 2020 4 Source: CNBV as of March 2020 5 After NCI on an adjusted basis 36#37Scotiabank in Peru Including all Business Segments Footprint Customers¹ Employees¹ Branches1 32.2% 4.0 million 12,000 314 Balance and Market Position Loan Market Share4 Average Average Loans Deposits 17.9% $22 $19 billion billion Market Position by Loans4 19.6% 17.9% 11.7% Financial Total NIAT 2,5 ROE3 Productivity³ BCP Performance BCP BBVA BBVA Scotia Interbank $706 million 21.1% 35.7% NIAT5 Productivity Ratio Operating Leverage +12% CAGR 40.0% 810 7.9% 39.3% 688 572 604 6.8% 5.0% 37.5% 2016 2017 2018 2019 All figures in CAD$ Constant currency 1 Including subsidiaries 2 Adjusted; for the LTM ended March 31, 2020 not adjusted for currency 3 Adjusted; for the LTM ended March 31, 2020 4 Market share as of March 2020. Scotiabank includes SBP, CSF and Caja CAT 5 After NCI on an adjusted basis 35.2% 1.8% 2016 2017 2018 2019 2016 2017 2018 2019 37 37#38Scotiabank in Chile Including all Business Segments Market Position by Loans4 Footprint Customers¹ Employees Branches1 >3 million ~9,000 162 18.4% 16.5% 14.2% 14.0% 13.8% Balance and Market Position Loan Market Average Loans Average 9.8% Share4 Deposits 14.2% $44 $23 billion billion Financial Total NIAT 2,5 ROE 3 Productivity³ Performance TR & Itaú $451 7.7% 43.1% Santander Chile Scotiabank BCI Estado Itaú million NIAT5 Productivity Ratio Operating Leverage 381 339 +28% 53.6% CAGR 718 515 2016 2017 2018 2019 All figures in CAD$ Constant currency 1 Includes affiliates & consumer microfinance 2 Adjusted; for the LTM ended March 31, 2020 not adjusted for currency 3 Adjusted; for the LTM ended March 31, 2020 4 Market share as of March 2020. Local view, exclude offshore loans. Source: CMF 5 NIAT Before NCI 49.5% 44.7% 43.4% -2.3% 13.3% 8.5% 4.3% 2016 2017 2018 2019 2016 2017 2018 2019 38#39Scotiabank in Colombia Including all Business Segments Footprint Customers¹ Employees¹ Branches1 26.0% 3.1 million ~9,000 188 Balance and Market Position Loan Market Share4 Average Loans Average Deposits 5.9% $12 $10 billion billion Market Position by Loans4 16.1% 12.4% 10.3% 6.0% 5.9% 4.2% Financial Total NIAT 2,6 ROE 3 Performance Productivity³ BBVA 1 $78 Bancolombia Davivienda Bogotá 5 BBVA 5.4% 58.2% Occidente5 Scotiabank Colpatria Popular million NIAT6 73 38 Productivity Ratio +53% CAGR 139 54.5% 53.4% 52.6% 85 50.3% 2016 2017 2018 2019 All figures in CAD$ Constant currency 1 As of November 2019 2 Adjusted; for the LTM ended February 29, 2020 not adjusted for currency Operating Leverage 1.6% -1.8% -2.4% -6.4% 2016 2017 2018 2019 2016 2017 2018 2019 3 Adjusted; for the LTM ended February 29, 2020 4 Market share as of February 2020 5 Members of AVAL Group: Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas. AVAL is 2nd in market share in terms of Loans (25%) and 1st in Deposits (27%) 6 After NCI on an adjusted basis 39#40Other Regions Leading Caribbean & Central American franchise Caribbean & Central America Asia Leading bank serving retail, commercial, and corporate customers Major markets include the Dominican Republic, Jamaica, Trinidad & Tobago, Costa Rica, Panama and The Bahamas • Sharpened geographic footprint by exiting higher risk, low growth jurisdictions including Haiti, El Salvador, Puerto Rico, US Virgin Islands, British Virgin Islands and 7 of the Leeward Islands • Dominican Republic: #4 bank Acquired Banco Dominicano del Progreso in 2019 Thailand: 6% interest in TMB Bank • Reduced investment in Thailand in Q1/20 resulting ~6% minority interest in TMB Bank China: ~18% interest in Bank of Xi'an • CAD $907MM carrying value as of March 31, 2020 • CAD $496MM of net income for twelve months ended October 31, 2019 40 40#41Business Global Wealth Line Overview Management 41#42Global Wealth Management Profitable, High Growth, Strong Momentum • Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank's footprint Employees¹ ~7,200 Countries¹ 14 MEDIUM-TERM FINANCIAL OBJECTIVES Target³ Assets Under Administration¹ Assets Under Management¹ Earnings Growth 8%+ $477 $278 billion billion Productivity Ratio <65% Return on Equity 1,2 Productivity Ratio 1,2 Operating Leverage 1,2 Operating Leverage Positive 13.8% 61.9% Positive Competitive Advantages Asset Management: Proprietary and 3rd Party Fund Distribution Advisory: Fully-integrated advice model, including Private Banking 1 Figures as of April 30, 2020 or for the 3 months ended April 30, 2020 2Adjusted for Acquisition-related costs and impact of additional pessimistic scenario 33-5 year target from 2020 Investor Day 42#43Global Wealth Management $MM, except AUM/AUA Q2/20 Y/Y Q/Q Reported • Net Income¹ $302 +3% (1%) Pre-Tax, Pre Provision Profit $412 +3% (2%) • Revenue $1,127 +1% (3%) Expenses $715 (3%) PCLS $2 N/A +100% Productivity Ratio 63.4% (80 bps) (30 bps) • AUM ($B) $278 (6%) (6%) • AUA($B) $477 (3%) (4%) Adjusted² • Net Income¹ $314 +3% (1%) • Pre-Tax, Pre Provision Profit $429 +3% (1%) Expenses $698 (1%) (3%) PCLS $2 N/A N/A Productivity Ratio 61.9% (90 bps) (50 bps) YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income up 3%² o Up 7% excluding impact of divestitures Revenue up 1%, up 4% excluding divestitures o Record iTRADE brokerage fee growth o Strong retail mutual fund net sales Adjusted Expenses down 1%² Adjusted YTD operating leverage of +2.6%², excluding divestitures Adjusted productivity ratio² improved 90bps Excluding impact of divestitures, AUM down 1% and AUA flat with prior year o Market depreciation offset by strong net sales ADJUSTED NET INCOME ¹² ($MM) AND ROE² (%) 13.8% 13.5% 13.5% 13.6% 13.7% 318 312 314 314 303 1 2 10 318 311 312 314 293 Q2/19 Q3/19 1 Attributable to equity holders of the Bank Q4/19 Ex. Divested Ops Q1/20 Q2/20 Divested Ops 2 Refer to Non-GAAP Measures on Slide 44 for adjusted results 43#44Global Wealth Management Profitable, High Growth, Strong Momentum Canada Advisory International Asset Management Private Investment Counsel Private Banking Trust Full Service Brokerage Discount Brokerage Retail Mutual Funds Institutional Funds Mexico AUM Chile AUM Peru AUM Sources: IFIC, Strategic Insight Reports 1st 2nd 3rd 4th 5th 6th 6+ (6) О a 00 OOOO 00 OO a О a OOOO BBVA Blackrock Banco de Chile B Actinver XBci BancoEstado Larrain Vital BANCO SECURITY Credifondo Continental O Interfondos Fondos Sura 44 a#45Business Line Global Banking Overview and Markets 45 45#46Global Banking and Markets Second-largest Canadian wholesale banking and capital markets business Full-service wholesale bank the Americas, with operations in 21 countries, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific MEDIUM-TERM FINANCIAL OBJECTIVES Canada Asia 5% Europe 11% GEOGRAPHIC REVENUE1 Global Equities Business Target² 40% 3% Banking 49% REVENUE BY NIAT Growth ~5% BUSINESS LINE1 $1.5B $1.5B Productivity Ratio ~50% 48% 44% FICC US Operating Leverage Positive STRATEGIC OUTLOOK Client Focus: Increase our relevance to our corporate clients and drive alignment of resources with the most significant revenue opportunities, to capture more of the non-lending wallet Strengthen our capital markets offering: Enhance distribution and product capabilities and deepen institutional relationships Build on our presence in the Americas: Enhance our franchise in Canada, continue to pursue targeted, phased growth in the U.S., create a top-tier local and cross-border Pacific Alliance business, and leverage Europe and Asia for distribution of our Americas product in support of our corporate clients 1 For the 3 months ended April 30, 2020; 23-5 year target from 2020 Investor Day 46#47Global Banking and Markets $MM Q2/20 Y/Y Q/Q Reported . Net Income¹ $523 +25% +41% Pre-Tax, Pre Provision Profit $844 +52% +65% Revenue $1,460 +27% +25% ○ Expenses $616 +4% (6%) PCLS $155 N/A +546% Productivity Ratio 42.2% (940 bps) (1,380 bps) PCL Ratio² 0.54% +56 bps +45 bps • PCL Ratio Impaired Loans² 0.09% +11 bps (5 bps) • Adjusted³ Improved productivity ratio by 940 bps Net Income¹ $523 +25% +16% Pre-Tax, Pre Provision Profit $844 +52% +37% . Revenue $1,460 +27% +15% YEAR-OVER-YEAR HIGHLIGHTS Net Income up 25% Y/Y o Strong growth in FICC trading revenue Revenue up 27% Non-interest income up 34% Net Interest income up 10% Loans grew 20% Deposits up a strong 33% Expenses up 4% Positive YTD operating leverage of 20% PCL ratio² of 54 bps ADJUSTED NET INCOME¹³ ($MM) AND ROE³ (%) PCLs $155 N/A Productivity Ratio 42.2% (940 bps) PCL Ratio² 0.54% +56 bps +761% (930 bps) +47 bps 15.4% 15.2% 12.8% 13.8% 14.0% 1 Attributable to equity holders of the Bank 2 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on Slide 44 for adjusted results 523 420 451 374 405 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 47#48Scotiabank in the U.S. ⚫ Wholesale bank in the US: Corporate & Investment Banking, Capital Markets, Cash Management and Trade Finance ⚫ Top 15 foreign bank organization (FBO) in the US Clients¹ >4,000 Employees¹ ~700 Offices¹ 5 $1,896 million Revenue¹ Average Loans¹ Average Deposits¹ $43 billion $57 billion ROE1 18.7% Productivity1 46.2% Total NIAT¹ $777 million • Client focus is on S&P 500, investment grade corporates Current sectors of strength include: Power & Utilities and Energy. Focus areas for growth include Real ● Estate, Technology, and Healthcare 1 As presented in the 2020 Investor Day; figures for fiscal 2019 48#49Risk Overview 49 49#50Risk Snapshot RWA Breakdown¹ ■ Credit Risk Credit Exposure by Country 2,3 64% ■ Canada ■Chile ■ U.S. Credit Exposure by Sector 1,2 Real Estate and Construction 5.8% 2% Financial Services Wholesale and Retail 5.0% 4.8% C&CA 4% 11% $446B 87% ■Operational Risk $611B1 Energy 3.3% 5% Other International 5% Technology and Media 3.0% Mexico ■Market Risk 5% Other 2.8% 7% 8% Peru Automotive 2.7% Colombia Utilities 2.5% Canadian Banking 1,2 Personal & Commercial Lending International Banking1,2 Agriculture 2.2% Food and Beverage 1.6% Transportation 1.6% Mining 1.4% Health Care 1.2% 66% ■ Secured ■ Secured Hospitality and Leisure 1.0% 7% $315B 93% ■ Unsecured 34% $68B ■ Unsecured Sovereign 0.9% Forest Products 0.5% Chemicals 0.5% Metals 0.4% 1 As at April 30, 2020 2% of total loans and acceptances 3 As at October 31, 2019 50 50#51Risk Density 40% 38% 36% 34% 32% 30% Risk density has declined over the past 5 years Major acquisitions have been successfully integrated with no adverse impact on risk density Credit RWA Density (Credit Risk-Weighted Assets/Credit Exposure at Default) 35.3% 32.2% Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 51#521.75% 1.41% 1.50% 1.25% 1.00% 0.77% 0.75% 0.50% 0.25% 0.00% 2005 2001 1.75% 0.00% 1.75% 1.50% 1.25% 1.27% 0.92% 1.00% 0.75% 0.50% 0.25% 2001 2004 2005 2006 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% 0.31% 0.30% 0.27% 0.28% 0.22% 0.20% 0.19% 0.23% 0.37% 0.35% 2005 2006 2007 2008 2009 1.00% 0.90% 0.86% 0.75% 0.75% 0.44% 0.23% 0.23% 0.23% 0.18% 0.25% 2010 INTERNATIONAL BANKING 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 22002: Included $454 million related to the Bank's exposure to Argentina; 2009: Higher PCLs driven by economic conditions, event distributed across business lines. Higher general allowance and sectoral allowance (automotive related) 2011 2007 2008 Historical PCL Ratios on Impaired Loans 0.57% 0.59% 0.47% 0.34% 0.36% 0.32% 0.40% 0.42% 0.25% 0.24% 0.14% 0.11% 0.12% 2012 CANADIAN BANKING 2013 2014 2011 2014 ALL BANK 2015 0.28% 0.23% 0.18% 0.23% 0.23% 0.28% 0.29% 0.24% 0.28% 0.33% 2015 2016 2017 1.27% 1.24% 1.26% 1.21% 1.29% 1.29% 1.41% 52 62 2018 2019 Q220 YTD 2016 2017 1,2 0.50% 0.45% 0.43% 0.49% 0.54% 2018 2019 Q220 YTD#53Canadian Retail: Loans and Provisions' MORTGAGES 21 11 1 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 LINES OF CREDIT² AUTO LOANS 216 97 94 85 85 99 89 78 84 96 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 CREDIT CARDS 896 164 87 458 402 381 385 445 86 96 72 80 415 70 70 73 339 379 377 73 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 PCL as a % of avg. net loans (bps) Loan Balances Q2/20 Spot ($B) % Secured Mortgages $234 100% 1Includes Wealth Management. PCL excludes impact of additional pessimistic scenario 2 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 3 Includes Tangerine balances of $6 billion and other smaller portfolios 4 80% secured by real estate; 13% secured by automotive Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 PCLs on Impaired Loans as a % of avg. net loans (bps) Auto Loans Lines of Credit² Credit Cards Total $39 100% $34 $7 $3153 61% 3% 93%4 53#54International Retail: Loans and Provisions MEXICO PERU CHILE 279 550 970 191 190 160 159 155 545 231 208 246 251 250 402 473 471 395 175 148 150 154 228 218 491 424 470 203 163 372 Q2/19 Q3/19 Q4/19 Q1/20² Q2/20 Q2/191 Q3/19 Q4/19 Q1/20² Q2/20 Q2/19 Q3/19 Q4/19 Q1/20² Q2/20 COLOMBIA CARIBBEAN & 939 CENTRAL AMERICA 457 549 531 579 471 439 231 187 178 157 141 455 420 406 377 156 165 170 138 Q2/19 Q3/19 Q4/19 Q1/202 Q2/20 -PCL as a % of avg. net loans (bps) Loan Balances Q2/20 Spot ($B) Mexico $12 Peru $10 1 Adjusted for acquisition-related costs, including Day 1 PCL impact on acquired performing loans 2 PCL excludes impact of additional pessimistic scenario 3 Total includes other smaller portfolios Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 -PCLs on Impaired Loans as a % of avg. net loans (bps) Chile Colombia C&CA Total³ $24 $7 $14 $68 54 54#55Sectors Most Impacted by COVID-191 C&CA Canada Real Estate: Office and Retail $B %IG Total Loans ($B) 10% 48% Mexico Office REIT $1.3 75% 3% $10.0B Office Real Estate $3.0 38% U.S. 16% (1.5%) Retail REIT $2.4 100% $653.9B Energy - E&P and Oilfield Services: 1.7% Real Estate - Office and Retail: 1.5% Transportation - Air Travel: 0.5% O Hospitality & Leisure: 1.0% Retail Real Estate $3.2 59% 10% 12% Other 1% Europe Latin America Total² $10.0 65% Canada Other Hospitality & Leisure 21% 8% 46% U.S. $B %IG C&CA Hotels $4.9 36% 14% $6.5B (1.0%) Cruise Lines $0.4 4% Latin America Gaming $1.3 7% Mexico Total² $6.5 26% Transportation: Mexico Canada Total COVID-19 High Impact: 4.7% Latin America 19% 6% U.S. 4% 1% C&CA 6% $3.1B Other 12% (0.5%) 1 Sectors which have experienced the greatest disruption in normal business activities and impact to revenue due to the COVID-19 pandemic (including, but not limited to, government-mandated closures) relative to other sectors. 2 May not add due to rounding Air Travel $B %IG Aircraft Finance $1.4 98% Airlines $0.5 2% Airports $1.2 76% 52% Europe Total $3.1 75% 55#56Energy - E&P and OFS Exposure¹ Loans and Acceptances Outstanding ($B) % of Total E&P and OFS % of Total Loans and Acceptances % Investment Grade Outstanding Total Exploration & Production (E&P) Canadian E&P U.S. E&P* Oilfield Services (OFS) 9.3 85% 1.4% 47% 3.7 34% 0.6% 73% 1.4 13% 0.2% 17% 1.7 15% 0.3% 14% Total E&P and Oilfield Services Exposure² 11.02 100% 1.7% 42% *Decline in U.S. E&P Investment Grade vs. Q1/20 related to downward rating migration of the portfolio 42% is rated Investment Grade (IG) 54% of Total Energy (including Midstream and Downstream) exposure is Investment Grade Canada (59%) 5.0 C&CA (0%) Exploration & Production Majority of non-investment grade exposure is to secured reserve-based loans or sovereign owned/controlled entities Oilfield Services Majority of non-investment grade exposure is secured. Focused on companies with stronger liquidity and balance sheets ACL coverage in E&P and OFS beyond Stage 3 Added substantially to Stage 1&2 ECL through expert credit judgement. US exposure has material subordinated debt as a first loss tranche and is largely secured 1As of April 30, 2020. Excludes Midstream and Downstream. 2 May not add due to rounding 0.2 E&P and OFS 0.4 Europe (0%) Exposure by Geography2 $11.0B 0.7 Asia (93%) (%IG) 3.2 Latin America (26%) 1.5 U.S. (16%) 56 56#57Treasury and Funding 57 57#58Pandemic Response Increased liquidity and maintained access to funding markets . • Liquidity remains well positioned and in excess of regulatory requirements as loan draws / outflows and HQLA were prudently managed · o Instituted enhanced liquidity monitoring and reporting in response to COVID-19 o LCR of 132%, +5% Q/Q and +7% Y/Y o Operate with LCRs of 150-200% in Pacific Alliance countries 。 HQLA of $188B, +$20B Q/Q and +$29B Y/Y, is substantially comprised of Level 1 assets Accessed government and central bank liquidity programs globally to support lending to the real economy and promote stability of financial markets o Participated in Bank of Canada Term Repo, Standing Term Liquidity Facility (STLF) and Banker's Acceptance Purchase Facility o Central bank funding reduced requirement primarily for money market wholesale funding • Q2 term funding activity included TLAC and covered bond issuance, despite market volatility o Issued $3.5B of bail-inable senior and $2.8B of bail-inable structured notes support TLAC build o Issued $5.9B of covered bonds in public markets 。 Self-issued $22.5B of covered bonds to be available to pledge to the Bank of Canada term repo facility 58#59Funding Strategy Flexible, well-balanced and diversified funding sources • Increase contribution from customer deposits Continue to reduce wholesale funding utilization while building TLAC Maintain balance between efficiency, stability of funding and pricing relative to peers Diversify funding by type, currency, program, tenor and source/market Utilize a centralized (head office managed) funding and associated risk management approach 1 In addition to the programs listed, there are also CD programs in the following currencies: Yankee/USD, EUR, GBP, AUD, HKD Funding Programs¹ US Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit USD 40 billion Global Registered Covered Bond Program (uninsured Canadian mortgages) Limit CAD 100 billion EMTN Shelf Limit USD 20 billion CAD Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit CAD 15 billion START ABS program (indirect auto loans) Limit CAD 15 billion Australian MTN program Limit AUD 8 billion Singapore MTN program Limit - USD 7.5 billion Halifax ABS shelf (unsecured lines of credit) Limit - CAD 7 billion Principal at Risk (PAR) Note shelf Limit CAD 6 billion Trillium ABS shelf (credit cards) Limit CAD 5 billion USD Bank CP Program Limit USD 35 billion 59#60TERM FUNDING MATURITY TABLE (EXCLUDING SUB DEBT AND MORTGAGE SECURITIZATION) (CANADIAN DOLLAR EQUIVALENT, $B) Wholesale Funding Wholesale funding diversity by instrument and maturity1,6,7 24% Senior Notes 10% Bail-inable Notes 2% Asset-Backed Securities $30 5 Asset-Backed Commercial Paper³ 2% 35% Bearer Deposit Notes, Commercial Paper & Short-Term Certificate of Deposits $261B 1% -12% Covered Bonds -10% Mortgage Securitization4 -4% Subordinated Debt5 Deposits from Banks² 3 $23 $22 22 22 $22 4 7 8 $17 15 13 5 $11 3 17 12 12 7 < 1 Year 2 Years 3 Years 4 Years 5 Years 5 Years > Senior Debt ABS Covered Bonds 1 Excludes repo transactions and bankers acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity. 2 Only includes commercial bank deposits raised by Group Treasury. 3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes. 4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name. 5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures. 6 As per Wholesale Funding Sources Table in MD&A, as of Q2/20. 7 May not add to 100% due to rounding. 60 60#61Q2/17 Q3/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 BUSINESS & GOVERNMENT DEPOSITS1 (SPOT, CANADIAN DOLLAR EQUIVALENT, $B) Q4/18 Q1/19 Q2/19 Deposit Overview Stable trend in personal & business and government deposits PERSONAL DEPOSITS (SPOT, CANADIAN DOLLAR EQUIVALENT, $B) $235 $225 $225 $215 $202 $204 $222 $223 $224 $200 $211 $198 $... 3Y CAGR 5.1% PERSONAL DEPOSITS • $10B of growth from Canada • Important for both relationship purposes and regulatory value Q3/19 $263 $223 $197 $211 $169 $174 $168 $221 $227 • $197 $172 $... $179 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 1 Calculated as business & government deposits less wholesale funding as per Wholesale Funding Sources table in the MD&A, adjusted for Sub Debt 3Y CAGR 16.0% Q2/20 • Q4/19 Q1/20 Q2/20 BUSINESS & GOVERNMENT Growth reflects portion of corporate drawdowns put back on deposit Continuing to leverage relationships to grow deposits Focusing on operational, regulatory friendly deposits 19 61#62Q2/17 Q3/17 Q4/17 Q1/18 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 MONEY MARKET WHOLESALE FUNDING / TOTAL WHOLESALE FUNDING 38.3% 37.5% 36.6% 38.7% Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q1/19 Q2/19 Q3/19 Wholesale Funding Utilization Managing reliance on wholesale funding and growing deposits WHOLESALE FUNDING / TOTAL ASSETS 25.1% 23.8% 22.9% 20.9% REDUCTION IN WHOLESALE FUNDING DRIVEN BY FUNDING THROUGH CENTRAL BANK PROGRAMS Accessed central bank liquidity programs to support lending to the real economy and promote stability of financial markets o Accessed term wholesale funding markets in both secured and senior form Q4/19 Q1/20 Q2/20 FOCUS ON TERM FUNDING Prudently using money market funding to absorb short term funding requirements o Primarily driven by increases in certificate of deposits, commercial paper and bearer notes 62 62#63Liquidity Metrics Well funded Bank with strong liquidity • ⚫ Liquidity Coverage Ratio (LCR) 。 Liquidity remains well positioned and in excess of regulatory requirements o Prudently managed loan draws and other outflows o Bolstered by central bank actions to support the Canadian economy and financial system o LCR of 150-200% in Pacific Alliance countries 132% 128% 127% 128% 127% 125% 124% 125% 125% 123% Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 • High Quality Liquid Assets (HQLA) 。 Substantially comprised of Level 1 assets o Strong growth: +$20B Q/Q and +$29B Y/Y $188 $165 $168 $158 $158 $160 $144 $140 $138 $132 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 63 63#64Appendix 1 Core Markets: Economic Profiles#65% OF GDP Canadian Economy Diverse sources of growth with a strong balance sheet 19.7% Finance, Insurance, & Real Estate 15.7% Other 4.4% Transportation & Warehousing 6.1% Professional, Scientific, & Technical Services 6.8% CANADIAN GDP BY INDUSTRY (Feb 2020) Public Administration 12.3% Health & Education 7.2% 10.4% Wholesale & Retail Trade -10.0% Manufacturing 7.4% Mining and Oil & Gas Extraction Construction REAL GDP GROWTH 3 ~ ANNUAL % CHANGE C LLLLL U.S. Canada 2010-2018 Eurozone U.K. Japan 2019e-2021f Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of April 17, 2020. GENERAL GOVERNMENT NET FINANCIAL LIABILITIES GOVERNMENT FINANCIAL DEFICITS 122.5 125.7 -10 88.0 78.2 80.9 66.6 -15 (5.5) -5 (7.1) (8.3) (8.3) (9.2) (10.6) (12.7) (17.9) % OF GDP 22.8 29.0 -20 GE JN UK IT FR Adv. CA US Canada Germany OECD France U.K. U.S. Italy Japan Econ. Sources: Scotiabank Economics, OECD (2020 estimates). As of April 2020. Sources: Scotiabank Economics, IMF (2020 estimates), CBO. As of April 2020. 65#66Mexican Economy Diverse economy with a strong balance sheet • The Mexican economy reflects a solid mix of commodities, goods production, and services Trade remains dominated by the U.S., but Mexico's diversification agenda is underpinned by 13 free-trade agreements with 47 countries that account for 40% of global GDP and include all G7 countries 15.9% Finance, Insurance, & Real Estate 16.8% Other 3.3% Natural Resources 6.5% Transportation & Warehousing 5.8% Health & Education MEXICAN GDP BY INDUSTRY* (Q4 2019) 2.0% Professional, Scientific, & Technical Services 3.9% Public Administration 17.5% Wholesale & Retail Trade 15.7% Manufacturing 6.3% Mining and Oil & Gas Extraction 6.4% Construction * Q1-2020 real GDP growth -1.6% y/y. Industry GDP breakdown not yet available for Q1 2020. Top 5 Trading Partners Contributions to Mexican GDP Growth 5 y/y % change 4 3 2 1 0 -1 -2 -3 Other* Inventories -4 -5 Government Real GDP 18 19 17 16 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. Net Exports Investment Consumption Others 20% Germany 3% Japan 3% United States Canada 4% 59% China 11% 66 660#67Peruvian Economy Resilient economic fundamentals Peru's important resource sectors are increasingly balanced by stronger service-sector activity and solid economic fundamentals Peru has 16 free-trade agreements with 49 countries that account for 66% of global GDP Investment is making a consistently strong contribution to GDP, which should make solid growth rates more sustainable in the future 12.3% Manufacturing 10.7% Wholesale and Retail Trade PERUVIAN GDP BY INDUSTRY* (Q4 2019) 13.0% Mining, Oil, & Gas 6.7% Construction 1.8% Electricity & Water 10 y/y % change 8 6 4 20 -2 -4 -6 16 Contributions to Peruvian GDP Growth 17 50.3%- Other 5.3% Natural Resources * Q1-2020 real GDP growth -3.4% y/y. Industry GDP breakdown not yet available for Q1 2020. Top 5 Trading Partners Others 43% China 27% Net Exports Investment Inventories Government Real GDP Consumption 18 19 South Korea 4% Spain Brazil 4% 5% Sources: Scotiabank Economics, Haver Analytics. United States 18% 67 62#68• Chilean Economy Advanced economy with wide-ranging trade links Chile's mix of economic activities reflects its status as an advanced market economy Chile's diversified trading relationships are supported by 23 free-trade agreements with 60 countries that account for 73% of global GDP Investment has been a strong contributor to growth in Chile, which should underpin future productivity gains as the economy rebounds from recent social difficulties 16.4% Finance, Insurance, & Real Estate 8.2% Other 1.5% Restaurants & Hotels 8.0% Transportation & Warehousing 3.4% Natural Resources CHILEAN GDP BY INDUSTRY (Q12020) 18.6% Housing & Personal Services 8.6% Wholesale & Retail Trade 10.4% Manufacturing 13.2% Mining and Oil & Gas Extraction 6.9% Construction 4.9% Public Administration 8 y/y % change 60 4 2 Contributions to Chilean GDP Growth Top 5 Trading Partners Others 38% China 29% Net Exports -4 Investment Consumption Inventories Government Real GDP South Korea -6 United States 17 18 Sources: Scotiabank Economics, Haver Analytics. 19 20 20 4% Japan Brazil 6% 7% 16% 0 -2 68 880#69Colombian Economy Gaining momentum Services account for a rising share of Colombian GDP compared with traditional strengths in extractive industries Colombia continues to build on its 11 free-trade agreements with 46 countries that account for 41% of global GDP Rising consumption, supported by public spending, reflects an expanding middle class as growth gains momentum and converges toward the economy's underlying potential 13.9% Finance, Insurance, & Real Estate 9.1% Other 6.6% Natural Resources 2.9% Information & Communication 2.4% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q1 2020) 7.1% Professional, Scientific, & Technical Services 17.2% Wholesale, Retail Trade, Accommodation & Food Services 15.2% 11.6% Manufacturing 8.0% Mining and Oil & Gas Extraction 6.0% Construction Public Administration Top 5 Trading Partners 8 y/y % change 6 4 2 NO -2 Contributions to Colombian GDP Growth Other* Investment Consumption Net Exports Government Real GDP -4 -6 17 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 18 19 United States Others 28% 42% 3% Brazil Mexico 20 20 Ecuador 5% 6% China 17% 69#70Appendix 2 Canadian Housing Market#71Canada: COVID-19 Major Drag on Growth Substantial policy support should enable a rebound post-virus Fiscal Response Across Major Economies Loan, equity and guarantee measures* 35 Rev. & exp. measures 30 40 INN W w A 25 20 15 10 10 G7 avg., total G7 avg., direct 5 KP * Tax deferrals not included. ES Sources: Scotiabank Economics, IMF. As of mid-April 4,000 CAD monthly 3,000 2,000 1,000 US AU AU Core Expenses Across Households JP IT DE . COVID-19 leading to sharp drop in economic activity in 1H20 • Massive government support is setting the stage for a sharp rebound in the economy in 2H20 if the virus remains contained. Population growth remains a key differentiator in Canada relative to other countries The Lasting Impact of COVID-19 on Canadian GDP 110 total core expenses Index, 2019Q4 = 100 core expenses with mortgage deferral 105 100 unemployment benefit 95 95 90 90 85 January 13 forecast Current forecast 80 80 0 Bottom Middle Top Bottom Middle Top 75 Mortgage holder Renter 70 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 Sources: Scotiabank Economics, Bank of Canada. Source: Scotiabank Economics. 71#72Population Growth: A Canadian Differentiator G7 Population Growth 1.8 Canada Japan United Kingdom 2020Q1 1.6 United States ⚫ Euro Area 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 annual % change -0.4 08 09 10 11 12 13 14 15 16 17 18 19 20 20 Sources: IMF, Scotiabank Economics 72 22#73Canadian Housing Market on Pause Significant undersupply should lead to a recovery as economy re-opens 0.9 0.8 Housing Market is Historically Undersupplied Ratio of total home completions on 18-month rolling basis relative to population change 90 80 Sales and Listings Falling Concurrently sa sales-to-new listings ratio, % 0.7 0.6 0.5 0.4 1982-pres. avg. 70 что 60 50 40 40 Sellers' Market Buyers' Market 0.3 30 82 85 88 91 94 97 00 03 06 09 12 15 18 01 03 05 07 09 11 13 15 17 19 Sources: Scotiabank Economics, Statistics Canada. Canada's Five Largest Metropolitan Areas* 13 MLS Home Price Index Benchmark 11 Price Y/Y Percentage Change 9 10.22 11.29 7 Average 5 4.05 3 2.55 1 -1 -3 -5 GTA GVA Montreal** Sources: Scotiabank Economics, CREA. Policy Support Providing Large Assistance to Households 2.5 % 2.0 1.5 1.0 -1.49 2.34 0.5 Calgary Edmonton 0.0 20 Sources: Scotiabank Economics, CREA. Data reflects April 2020 *Actual - not seasonally adjusted; **Data reflects March 2020 Hypothetical arrears rate on mortgages simulated by BoC for 19% fall in GDP in 2020 Arrears without existing household support measures Arrears with existing support measures 21 22 Sources: Scotiabank Economics, Bank of Canada Financial System Review. 73#74Canadian Consumer Indebtedness Total household credit grew at 4.6% in annual nominal terms in March 2020 vs the 2008 peak of 12.2% annually • Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.) grew at 2.7% annually in Q1/20 vs > 5% in late 2017 Mortgage credit grew at 5.3% annually in Q1/20 vs 2008 peak of 13%. Lower five-year rates are driving a rebound in the pace of growth, as is strength of underlying demand HOUSEHOLD CREDIT GROWTH CONSUMER LOAN GROWTH RESIDENTIAL MORTGAGE GROWTH 25 25 20 20 %, 3-month moving average 15 y/y % change 10 25 25 %, 3-month moving average 20 15 15 10 25 25 %, 3-month moving average 20 y/y % change 15 5 m/m% change, SA 0 15 y/y % change 10 10 5 m/m% change, SA -5 -5 -5 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Bank of Canada. 5 m/m% change, SA 74#75Housing Market Differences vs U.S. Canada's housing market features distinct practices and policies Regulation and Taxation Product Underwriting Canada Mortgage interest not tax-deductible Full recourse against borrowers in most provinces Foreclosure on non-performing mortgages, no stay periods Insurance • Mandatory default insurance mortgages with LTV > 80% 。 CMHC backed by Government of Canada (AAA). Private insurers are 90% government backed ○ Insurance available for homes up to CAD 1MM o Premium is payable upfront Covers full amount for life of mortgage Homebuyers must qualify for mortgage insurance at interest rate equal to greater of five-year average posted mortgage rate or actual mortgage rate plus 200 bps Re-financing cap of 80% LTV on non-insured mortgages Amortization Maximum 25-year amortization on mortgages with LTV > 80% Maximum 30-year amortization on conventional mortgages Down payment of > 20% required for non-owner occupied properties Conservative product offerings, fixed or variable rate options Much less reliance upon securitization and wholesale funding Asset-backed securities not subjected to US-style off-balance sheet leverage via special purpose vehicles • Terms usually three or five years, renewable at maturity Extensive documentation and strong standards U.S. • Tax-deductible mortgage interest creates incentive to borrow and delay repayment Lenders have limited recourse in most states • 90-day to 1-year stay period to foreclose on non-performing mortgages • No regulatory LTV limit Private insurers are not government backed Can include exotic products (e.g. adjustable rate mortgages, interest only) 30-year term most common Wide range of documentation and underwriting requirements 75#76Housing Policy Developments in Canada Consistent policy initiatives to maintain a balanced and sustainable market 2016 2017 2018 2019 Canada: Qualifying stress rate for all new mortgage insurance must be the greater of the contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate • Low-ratio mortgage insurance eligibility requirements updated for lenders wishing to use portfolio insurance: • o Maximum amortization 25 years o C$1MM max. purchase price Minimum credit score of 600 o Owner-occupied property Elimination of primary residence tax exemption for foreign buyers • Min. down payment on insured increased from 5% to 10% (for homes C$0.5-$1.0MM) British Columbia: 15% land transfer tax on non-resident purchases in Metro Vancouver introduced Ontario: 16 measures aimed to slow rate of house price appreciation Key aspects include: o 15% non-resident speculation tax o Expanded rent control to all private rental units in Ontario 。 Vacant home tax C$125MM five-year program to encourage construction of new rental apartment buildings . Canada: OSFI imposes more stringent stress tests for uninsured mortgages, including a minimum qualifying rate at the greater of the five-year fixed posted rate or the contractual rate plus 200 bps, effective January 1, 2018 Ontario: Elimination of rent control on new rental units first occupied on or before November 1, 2018 British Columbia: Extension of the Property Transfer Tax on non-resident buyers. Investment of more than C$1.6B through FY2021 toward the goal of building 114,000 affordable housing units in the next 10 years • British Columbia: Increase in speculation tax on foreign and domestic home owners who do not pay income tax in BC from 0.5% of a property's assessed value to 2%; additional school tax levied on portion of a property's value that exceeds C$3MM Ontario: Measures to increase supply of available housing Key aspects include: 。 Greater authority over land use planning decisions for the province's independent municipal dispute resolution body Reduced red tape on new residential developments Updated zoning regulations to facilitate building of affordable homes near transit 76#77Appendix 3 Additional Information#78Acquisition & Divestiture Activity (2018-2020) Increasing Scale in Core P&C Markets and Wealth Management Citi Colombia Banco Dominicano del Progreso BBVA Chile 39% 6% 5% Cencosud Peru 2% Wealth Management 48% MD Financial ACQUISITIONS: $7.5B 35% International P&C 52% Jarislowsky Fraser 13% Caribbean (Leeward Islands) Pension & Benefits Administration 1% El Salvador 9% Puerto Rico & 10% DIVESTITURES: $5.8B Thanachart Bank Thailand 56% USVI 24% 78#79Medium-Term Financial Objectives All-Bank Objectives¹ EPS Growth 7%+ ROE 14%+ Operating Leverage 13-5 year targets from 2020 Investor Day Capital Positive Strong Levels 79#80Additional Information Scotiabank Listings: Toronto Stock Exchange (TSX: BNS) New York Stock Exchange (NYSE: BNS) Scotiabank Common Share Issue Information: • CUSIP: 064149107 CA0641491075 • . ISIN: FIGI: NAICS: BBGOOOBXSXH3 522110 Scotiabank Credit Ratings Moody's Investors Standard & Poor's Fitch Ratings Services Dominion Bond Rating Service Ltd. Aa2 A+ AA Legacy Senior Debt¹ Senior Debt² Subordinated Debt (NVCC) Baa1 BBB+ Short Term Deposits/Commercial Paper P-1 Covered Bond Program Aaa Not Rated AA A2 A- AA- AA (low) A (low) A-1 F1+ R-1 (high) AAA AAA Outlook Stable Stable Negative Stable 1Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime 2 Subject to conversion under the bank recapitalization "bail-in" regime 80 60#81Contact Information Investor Relations Philip Smith Senior Vice President 416-863-2866 [email protected] Lemar Persaud Director 416-866-6124 [email protected] Tiffany Sun Manager 416-866-2870 [email protected] Steven Hung Vice President 416-933-8774 [email protected] Judy Lai Director 416-775-0485 [email protected] Funding Christy Bunker SVP, CB Treasury, Term Funding and Capital management 416-933-7974 [email protected] Mark Michalski Director, Strategy & Market Development, Funding 416-866-6905 [email protected] 81