#1Investor Presentation Second Quarter 2020 May 26, 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#3Key Messages Brian Porter President & CEO Supporting our customers and • communities during COVID-19 • Provided over $100 billion in lending support to customers Helped customers raise over $250 billion in capital markets financing Strong capital and liquidity ratios Asset quality remains high with appropriate reserves Acceleration in digital adoption 3#4COVID-19 Response Our Customers Supporting our individual customers in-branch, by phone, and on-line. • Lower interest rates and fee waivers provided on many products • ~90% of branches open globally • • Processed >600,000 CERB and >55,000 CEBA requests Launched priority services for front-line healthcare workers and seniors Residential Mortgages Financial Relief Measures for Customers Canada # Customer Amount Accounts ('000s) Outstanding ($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 4#5COVID-19 Business Impact Capital & Liquidity Credit Revenue Expenses Digital CET1 ratio of 10.9%, LCR of 132% (150%-200% in PAC countries) Strong growth in deposits Maintained robust funding program in Q2 Significant increase in provisions on performing loans reflecting weaker economic outlook High credit quality: loans are largely investment grade or secured Volumes slowed by lower retail customer activity due to shutdowns Strong GBM growth and stable Wealth results provide partial offset Higher expenses to support frontline employees and branch operations related to COVID-19 Digital is preferred channel for customer relief programs Strong growth in Tangerine and iTrade Continued improvement in all digital metrics in Q2 5#6COVID-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 6#7Digital 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 7#8Q2/20 Overview Raj Viswanathan Group Head & CFO 8#9Q2 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 9#10Strong Capital & Liquidity +30 bps -27 bps -47 bps 11.4% -10 bps -4 bps +10 bps 10.9% Q1/20 Reported Earnings 1 Dividends RWA Impact (ex. FX) CCR/ Other CVA² (Incl. Share Buybacks) 3,4 ECL transitional add-back Q2/20 Reported Internal capital generation CET1 ratio 190 bps above OSFI minimum capital standard (versus 115 bps in Q1 2020) . -20 bps Y/Y, -50 bps Q/Q LCR of 132%. Maintain LCR of 150%-200% in Pacific Alliance countries $188B of HQLA, +19% Y/Y and +12% Q/Q • Robust funding program in Q2 - strong growth in deposits supporting liquidity position 1 Net Income Available to Equity Holders 2 Counterparty Credit Risk and Credit Valuation Adjustment impact on RWA 3 Repurchased 2 million common shares in Q2 2020 4 'Other' includes impacts from regulatory capital deductions, foreign exchange translation, FVTOCI securities, etc. 10 10#11Canadian Banking YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income down 42%3 o Higher performing loan PCLs o Strong volume growth and higher net interest income offset by lower non-interest income Revenue flat 。 Net interest income up 4% o Non-interest income down 11% Loan growth of 7% o Residential mortgages up 6%; credit cards flat o Business loans up 14% Deposit growth of 4% o Personal up 3%; Non-Personal up 6% NIM down 7 bps Adjusted YTD operating leverage of -1.7%³ 1,3 ADJUSTED NET INCOME ¹³ ($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 11#12International 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 12#13Global 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 13#14Global 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 14#15Other -122 ADJUSTED NET INCOME 1, 2, 3 ($MM) -33 -35 -48 -166 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 1 Represents smaller operating segments including Group Treasury and corporate adjustments 2 Attributable to equity holders of the Bank 3 Refer to Non-GAAP Measures on Slide 44 for adjusted results • HIGHLIGHTS Higher costs due to the metals business charges Higher contributions from asset/liability management activities and securities gains 15 15#16Risk Review Daniel Moore Group Head & CRO 16#17PCLs by Business Line Higher PCL ratio driven by impact of COVID-19 and weakness in Energy TOTAL PCLs ($MM)1, 2, 3 AND PCL RATIO² 119 bps 1,846 2 155 • 51 bps 48 bps 50 bps 51 bps 670 722 713 753 771 4 18 253 241 247 250 1,019 477 476 502 503 -6 -4 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 International Banking Canadian Banking Global Banking and Markets Other YEAR-OVER-YEAR HIGHLIGHTS Total PCL ratio² of 119 bps, up 68 bps Q/Q, and up 68 bps Y/Y Higher PCL rates primarily due to higher performing loan PCL related to the impact of COVID-19 related events and unfavourable market conditions in Energy PCL Ratio by Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Business Line (bps) Canadian Banking International Banking 314 284 28 282 77 1312,4 1254 1354 1362,4 2784 Global Wealth Management 6 Global Banking and Markets All Bank -2 512 -1 48 24 50 72 512 54 119 1 Includes provision for credit losses on debt securities and deposit with banks of $nil million in Canadian Banking (Q2/19: -$1 million, Q3/19: -$1 million), $1 million in International Banking (Q2/19: -$1 million, Q3/19: $1 million, Q4/19: -$3 million, Q1/20: -$1 million), $nil million in Global Banking and Markets (Q4/19: -$1 million) and -$2 million in Other (Q2/19: $1 million, Q4/19: $1 million, Q1/20: $1 million) 2 Refer to Non-GAAP Measures on Slide 44 for adjusted results 3 Other includes provisions for credit losses in Global Wealth Management of $2 million (Q2/19: -$1 million, Q3/19: -$1 million) 4 Excludes provision for credit losses on debt securities and deposit with banks 17#18PCLs - Impaired and Performing PCLs ($MM) Q2/19 Q3/19 Q4/19 Q1/20² Q2/20 All-Bank Impaired 700 Performing 221,2 776 744 802 870 • (63)1 91 (31)1 9761 Total 7222 713 753 771 1,846 Canadian Banking Impaired 233 257 255 258 313 Performing 201 (16)1 (8) (8) 357 Total 2531 2411 247 250 670 International Banking Impaired 472 522 477 508 531 Performing 51,2 (46)1 251 (5)1 4881 Total 4771,2 4761 5021 5031 1,019 Global Wealth Management Impaired (1) Performing (1) - Total (1) (1) 1 2 Global Banking and Markets Impaired (5) (2) 12 36 25 Performing (1) (2) (8)1 (18) 130 Total (6) (4) 41 18 155 Other (Performing) (1)1 11 _1 _1 1 YEAR-OVER-YEAR HIGHLIGHTS Higher PCLs driven mainly by higher performing PCL. Total PCLs1 of $1,846 million were up 156% Y/Y and up 139% Q/Q Impaired PCL of $870 million up 24% Y/Y reflecting higher impaired PCL in Canadian Banking, International Banking and Global Banking and Markets • Performing PCL of $976 million versus $22 million last year driven by unfavourable macroeconomic outlook due to COVID-19 related events and market conditions in oil & gas 1Includes provision for credit losses on debt securities and deposit with banks of $nil million in Canadian Banking (Q2/19: -$1 million, Q3/19: -$1 million), $1 million in International Banking (Q2/19: -$1 million, Q3/19: $1 million, Q4/19: -$3 million, Q1/20: -$1 million), $nil million in Global Banking and Markets (Q4/19: -$1 million) and -$2 million in Other (Q2/19: $1 million, Q4/19: $1 million, Q1/20: $1 million) 2 Refer to Non-GAAP Measures on Slide 44 for adjusted results 18#19Sectors 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% Retail Real Estate $3.2 59% 10% 12% 1% Latin America Other Total² $10.0 65% $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% Total COVID-19 High Impact: 4.7% 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 Canada Other 21% 8% 46% U.S. Hospitality & Leisure $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% Mexico Canada Latin America 19% 6% U.S. 4% 1% C&CA 6% $3.1B Other 12% (0.5%) Transportation: Air Travel $B %IG Aircraft Finance $1.4 98% Airlines $0.5 2% Airports $1.2 76% 52% Europe Total $3.1 75% 19#20Energy - E&P and OFS Exposure¹ Loans and Acceptances Outstanding ($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%) 0.2 Europe E&P and OFS 0.4 (0%) Exposure by Geography2 $11.0B 0.7 Asia (93%) (%IG) 3.2 Latin America (26%) 1.5 U.S. (16%) Exploration & Production Majority of non-investment grade exposure is to secured reserve-based loans or sovereign owned/controlled entities Oilfield Services Majority of non-investment grade exposure is secured. Focused on companies with stronger liquidity and balance sheets ACL coverage in E&P and OFS beyond Stage 3 Added substantially to Stage 1&2 ECL through expert credit judgement. US exposure has material subordinated debt as a first loss tranche and is largely secured 1As of April 30, 2020. Excludes Midstream and Downstream. 2 May not add due to rounding 20 20#21GILs and GIL Formations by Business Line 86 bps 5,229 89 bps 5,364 GILS² ($MM) AND GILS RATIO1, 2 84 bps 77 bps 78 bps 289 10 5,135 202- 14 237 10 4,770 1,069 218-27 1,069 1,087 5,120 285 1,222 31 1,106 3,996 3,944 3,801 3,419 3,582 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 YEAR-OVER-YEAR HIGHLIGHTS GILs increased 7% Q/Q but declined 5% Y/Y GILs ratio up 1 bp Q/Q and down 11 bps Y/Y primarily due to the impact of divestitures in International Banking Net formations increased 26% Q/Q and were up 42% Y/Y NET FORMATIONS² ($MM) AND NET FORMATIONS RATIO 1,2 GILs Ratio (bps)1,2 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 19 bps 16 bps 14 bps 14 bps 16 bps 1,220 76 -3 978 968 2 861 861 41 7 3 420 306 315 337 295 Canadian Banking International 32 31 31 31 34 257 258 253 230 229 Banking Global Banking 28 19 23 23 20 721 and Markets Global Wealth 20 22 22 589 633 622 622 8 8 8 21 23 23 Management All Bank 89 86 84 77 78 Q2/19 -81 Q3/19 Q4/19 Q1/20 Q2/20 Canadian Banking Global Banking and Markets Global Wealth Management International Banking 1 As a percentage of period end loans and acceptances 2 Prior to Q1/20, amounts for Global Wealth Management Retail were included in Canadian Banking Retail 21#22Net Write-Offs by Business Line NET WRITE-OFFS ($MM)1,2 AND NET WRITE-OFFS RATIO 1, 2, 3 50 bps 50 bps 49 bps 54 bps 47 bps 827 745 749 27 732 • 716 4 8 13 21 256 257 260 265 233 544 462 484 481 454 YEAR-OVER-YEAR HIGHLIGHTS Net write-offs¹ were down 11% Q/Q and up 2% Y/Y Higher write-offs in Canadian Banking mostly offset by lower write-offs in International Banking and Global Banking and Markets Net write-offs ratio declined 7 bps Q/Q and 3 bps Y/Y Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 International Banking Canadian Banking Global Banking and Markets Net Write-Off Ratio by Business Line (bps) 1, 2, 3 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Canadian Banking International Banking 29 30 30 29 31 127 127 128 147 124 Global Banking and Markets Global Wealth Management 9 1 3 11 All Bank 50 50 50 49 49 54 54 47 2 Prior to Q1/20, amounts for Global Wealth Management Retail were included in Canadian Banking Retail 3 As a percentage of average net loans and acceptances 1 Net write-offs are net of recoveries 22 22#23Appendix 23 23#24Economic 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 24 24#25Macroeconomic Scenarios Select Macroeconomic Variables that Impact Expected Credit Loss Calculations Alternative Scenario - Alternative Scenario - Alternative Scenario - Base Case Scenario Optimistic Pessimistic Severe Pessimistic As at April 30, 2020 As at April 30, 2020 As at October 31, 2019 As at April 30, 2020 As at October 31, 2019 As at April 30, 2020 As at October 31, 2019 As at April 30, 2020 As at October 31, 2019 Canada Real GDP growth, y/y % change Unemployment rate, average % -9.5 1.9 11.7 5.8 189 -7.9 2.4 -14.1 11.2 5.6 14.3 26 1.3 -19.1 n/a 6.1 16.6 n/a US Real GDP growth, y/y % change Unemployment rate, average % -6.3 1.8 -4.6 2.3 -9.9 1.4 -14.9 n/a 11.1 3.9 10.7 3.7 13.1 4.0 15.1 n/a Global WTI oil price, average USD/bbl 27 54 28 56 99 23 53 20 n/a Source: Scotiabank Economics. 25#26NIAT Excluding Divestitures 4,554 -3342 YTD-OVER-YTD1 All-Bank -13.3% YTD/YTD 4,220 3,715 -562 3,659 Q2/19 YTD Adj. NIAT Divestitures Related NIAT Q2/19 YTD Adj. NIAT ex. Divestitures Q2/20 YTD Adj. NIAT Divestitures Related NIAT Q2/20 YTD Adj. NIAT ex. Divestitures 1 Refer to Non-GAAP Measures on Slide 44 for adjusted results 2 Includes divestiture related NIAT of Q2/20 YTD of $55 million in International Banking (Q2/19 YTD: $315 million); Q2/20 YTD of $nil in Global Wealth Management (Q2/19 YTD: $14 million) and Q2/20 YTD of $1 million in non-controlling interest (Q2/19 YTD: $5 million) 26#27Net Income and Adjusted Diluted EPS Quarterly diluted common shares outstanding may be impacted by dilutive effect of put options sold by the bank relating to minority interests the bank holds in the following legal entities: - Colpatria - BBVA Chile - Canadian Tire Financial Services (2) Impact on diluted EPS remains relatively stable Net Income ($MM) and EPS ($ per Q2/19 Q1/20 Q2/20 share) Net Income attributable to common $2,125 $2,262 $1,243 shareholders 1 Dilutive impact of share-based $37 $27 ($22) payment options and others Net Income attributable to common $2,162 $2,289 $1,221 shareholders (diluted) Weighted average number of 1,224 1,214 1,212 common shares outstanding Dilutive impact of share-based payment options and others 1 28 33 10 Weighted average number of diluted 1,252 1,247 1,222 common shares outstanding Reported Basic EPS $1.74 $1.86 $1.03 Dilutive impact of share-based (2) payment options and others ($0.01) ($0.02) ($0.03) Reported Diluted EPS Impact of adjustments on diluted earnings per share¹ $1.73 ($0.03) ($0.01) $0.04 $1.84 $1.00 Adjusted Diluted EPS $1.70 $1.83 $1.04 1 Refer to Non-GAAP Measures on Slide 44 for adjusted results 27 27#28Adjusting Items - Pre-Tax Adjusting Items (Pre-Tax) ($MM) Acquisition-Related Costs Day 1 PCL on acquired performing financial instruments · International Banking Integration Costs Canadian Banking International Banking Global Wealth Management Amortization of Intangibles Canadian Banking International Banking Global Wealth Management Other Allowance for Credit Losses - Additional Scenario Canadian Banking International Banking Global Wealth Management Global Banking and Markets Derivative Valuation Adjustment Global Banking and Markets Other Impairment Charge on Software Asset Other Net Loss/(Gain) on Divestitures Other Total (Pre-Tax) 1 Excludes amortization of intangibles related to software (pre-tax) Q2/19 Q1/20 Q2/20 52268622 151 76 76 41 - 19 71 33 5 8 27 27 5 12 12 10 10 2620 12 9 155 71 77 1 6 116 102 14 44 44 (173) (262) (173) (262) 31 156 68 28#29Adjusting Items - After-Tax and NCI Adjusting items increased reported diluted EPS by $0.04 in Q2/20 Adjusting Items (After-Tax and NCI) ($MM) Acquisition-Related Costs Q2/19 Q1/20 Q2/20 Tax NCI After-Tax and NCI Day 1 PCL on acquired performing financial instruments 66 41 - - International Banking Integration Costs 15 41 Canadian Banking International Banking Global Wealth Management Amortization of Intangibles 11 20 Canadian Banking International Banking 342407 9 148497 71737232 14 7 11 7 VODYGGN 20 15 20 Global Wealth Management Other Allowance for Credit Losses - Additional Scenario Canadian Banking International Banking Global Wealth Management Global Banking and Markets Derivative Valuation Adjustment Global Banking and Markets Other Impairment Charge on Software Asset Other Net Loss/(Gain) on Divestitures Other Total (After-Tax and NCI) 1 Excludes amortization of intangibles related to software (after-tax) 108 55 52 51 1 4 85 75 10 32 32 (142) (316) (142) (316) (41) (30) 21 7 40 29 29#30Other Items Impacting Financial Results (Pre-Tax) ($MM) Canadian Banking Branch real estate gains Total Q2/20 vs YTD20 vs Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q2/19 YTD19 8 8 77 (7) (15) (7) (15) International Banking One month reporting lag elimination 58 51 (7) Impact of closed divestitures 206 211 184 208 70 (211) (347) Total Global Wealth Management One month reporting lag elimination Impact of closed divestitures Total 264 211 184 208 121 (211) (354) - - 7 7 220 3 5 3 5 10 Other Metals business charges Total Total (Pre-Tax) 279 238 187 213 912225 9 (20) (26) (20) (17) 20 217 217 237 20 217 217 237 151 217 (21) (149) (After-Tax and NCI) ($MM)¹ Q2/20 vs YTD20 vs Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q2/19 YTD19 Canadian Banking Branch real estate gains Total 6 6 6 6 (6) (12) (6) (12) International Banking One month reporting lag elimination 41 Impact of closed divestitures 159 156 141 154 55 Total 200 156 141 154 352 37 (4) (156) (260) 92 (156) (264) Global Wealth Management One month reporting lag elimination Impact of closed divestitures 4 10 2 Total 4 10 1 2 60 16 6 (10) (14) (10) (8) Other Metals business charges Total Total (After-Tax and NCI) Impact on diluted earnings per share 20 210 $0.17 172 $0.14 142 $0.11 156 $0.12 118 2229 212 212 232 20 212 212 232 212 40 (52) $0.09 $0.17 $0.03 ($0.05) 1 Items on this page have not been formally adjusted for determining the bank's Adjusted Net Income and Adjusted Diluted EPS 2 Pension and related insurance business in the Dominican Republic, sale of seven non-core markets in the Caribbean, Thanachart Bank in Thailand, pension fund operations in Colombia, operations in Puerto Rico and the U.S. Virgin Islands, and insurance and banking operations in El Salvador 30#31Revenue Growth: P&C Banking Canadian Banking1 International Banking 1, 2 (9%) Flat Y/Y³ Y/Y 3,159 2,707 186 2,533 2,526 2,985 +4% 68 2,707 646 (75%) 589 613 Y/Y 763 46 Y/Y 699 608 (21%) Y/Y -2% Y/Y 2,061 1,945 1,913 2,207 2,219 2,052 +3% Y/Y Q2/19 Q1/20 Q2/20 Q2/19 Q1/20 Q2/20 Retail Commercial Latin America C&CA Asia Strong volume growth and higher net interest income offset by lower fee income Impacted by divested operations in CCA and Asia, partially offset by growth in Latin America. Revenue excluding divestitures are up 2%. 1 May not add due to rounding 2 Y/Y growth rates are on a constant dollar basis 3 Revenue growth of -14% Y/Y on a reported basis. International Banking constant currency revenue growth up 2% excluding the impact of divestitures 31#32Revenue Growth: GWM and GBM Global Wealth Management Global Banking and Markets 2,3 +1% Y/Y1 +27% Y/Y 1,460 1,157 1,118 1,127 1,269 178 -21% 1,151 +106% 156 198 Y/Y1 708 Y/Y 405 344 -77% Y/Y 204 43 185 +6% 979 920 971 Y/Y Q2/19 Canada Q1/20 Q2/20 International Growth in Canada partially offset by divestitures in International Wealth 622 660 709 +14% Y/Y Q2/19 Q1/20 Q2/20 Business banking Global Equities FICC Another strong quarter for fixed income 1 Global Wealth Management revenue up 4% and International Wealth Management revenue down 3% excluding the impact of divestitures 2 GBM LatAm revenue contribution and assets are reported in International Banking's results 3 Adjusting for the derivative valuation adjustment and the additional forward-looking economic scenario 32 32#33Loan Growth by Business Line Canadian Banking International Banking1 Global Banking and Markets +6% +7% Y/Y Y/Y² +20% Y/Y 351 355 +14% 333 Y/Y 153 57 151 152 57 59 52 00 Flat 7 Y/Y +11% Y/Y 69 71 71 77 69 78 83 +3% +4% 111 Y/Y Y/Y 97 93 +6% 18 10 10 10 205 215 218 24 23 Y/Y 22 22 +1% Y/Y 42 40 32 37 (2%) Y/Y Q2/19 Q1/20 Q2/20 Q2/19 Q1/20 Q2/20 Q2/19 Q1/20 Q2/20 Residential mortgages Personal loans Credit cards Business Strong loan growth mainly driven by residential mortgages and business lending Strong loan growth driven by Commercial Banking in Latin America 1 Y/Y growth rates are on a constant dollar basis 2 Average loans & acceptances flat Y/Y on a reported basis. International Banking constant currency loans up 11% excluding the impact of divestitures Continued strong loan growth focused in North America 33#34Deposit Growth by Business Line Canadian Banking +4% Y/Y 248 250 241 79 79 75 70 International Banking 1,2,3 Global Banking and Markets +3% Y/Y4 114 111 111 +6% Y/Y 73 +9% 22 72 Y/Y 74 166 169 171 +3% Y/Y 41 39 36 (8%) Y/Y Q2/19 Q1/20 Q2/20 Q2/19 Q1/20 Q2/20 Personal Non-Personal 94 94 +33% Y/Y 125 113 Q2/19 Q1/20 Q2/20 Continued growth driven by both Strong deposit growth driven by Non-Personal deposits Continued focus on deposit generation Personal & Non-Personal deposits 1 May not add due to rounding 2 Y/Y growth rates are on a constant dollar basis 3 Includes deposits from banks 4 Average deposits declined -3% Y/Y on a reported basis. International Banking constant currency deposits up 11% excluding divestitures 34#35Global Wealth AUM/AUA Growth Assets Under Management Assets Under Administration -6% Y/Y1 -3% Y/Y² 493 497 477 297 298 278 43 -35% 98 112 -6% 58 105 38 Y/Y1 Y/Y2 254 239 240 Flat Y/Y 399 -3% 381 372 Y/Y Q2/19 Q1/20 Q2/20 Canada Q2/19 Q1/20 Q2/20 International Negative asset growth due to divestitures in International Wealth and market conditions, partially offset by net sales 1 Global Wealth Management AUM down -1% and International Wealth Management AUM down -11% excluding the impact of divestitures 2 Global Wealth Management AUA flat and International Wealth Management AUA up +10% excluding the impact of divestitures 35#361.75% 1.41% 1.50% 1.25% 1.00% 0.77% 0.75% 0.50% 0.25% 0.00% 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 2016 0.28% 0.23% 0.18% 0.23% 0.23% 0.28% 0.29% 0.24% 0.28% 0.33% 2015 2016 2017 2018 1.27% 1.24% 1.26% 1.21% 1.29% 1.29% III 1.41% 36 2019 Q220 YTD 1,2 2017 0.50% 0.45% 0.43% 0.49% 0.54% 2018 2019 Q220 YTD#37Canadian 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) 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 $3153 61% 3% 93%4 Loan Balances Q2/20 Spot ($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 $6 billion and other smaller portfolios 4 80% secured by real estate; 13% secured by automotive 37 32#38International Retail: Loans and Provisions MEXICO PERU CHILE 279 550 970 191 190 160 159 155 545 231 208 246 251 250 402 473 471 395 175 148 150 154 228 218 491 424 470 203 163 372 Q2/19 Q3/19 Q4/19 Q1/20² Q2/20 Q2/191 Q3/19 Q4/19 Q1/20² Q2/20 Q2/19 Q3/19 Q4/19 Q1/20² Q2/20 COLOMBIA CARIBBEAN & 939 CENTRAL AMERICA 457 549 531 579 471 439 231 187 178 157 141 455 420 406 377 156 165 170 138 Q2/19 Q3/19 Q4/19 Q1/202 Q2/20 -PCL as a % of avg. net loans (bps) Loan Balances Q2/20 Spot ($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 $68 38#39International Banking: Pacific Alliance 1, 2, 3 FINANCIAL PERFORMANCE AND METRICS ($MM) Q2/20 Q1/20 Q2/19 Q/Q Y/Y Revenue ($MM) 1,899 2,069 2,050 (5%) 3% Expenses ($MM) 880 971 947 (5%) 4% PTPP ($MM) 1,019 1,097 1,103 (5%) 2% Net Income ($MM) 170 465 454 (63%) (59%) NIM 4.32% 4.56% 4.75% (24 bps) (43 bps) Productivity Ratio 46.3% 46.9% 46.2% (61 bps) 13 bps 17% Colombia 27% Chile REVENUE $1.90B 28% Mexico GEOGRAPHIC DISTRIBUTION4 44% 28% Chile Peru NET INCOME1,3,5 $170MM 15% 10% Mexico Colombia 1 Attributable to equity holders of the Bank 2 Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis 3 Refer to Non-GAAP Measures on Slide 44 for adjusted results 4 For the 3 months ended April 30, 2020 5 Percentage mix excludes Colombia which reported an adjusted loss for the 3 months ended April 30, 2020 41% 38% Chile Peru AVG EARNING ASSETS4 $135B 30% Mexico 22% Peru 39#40GBM: Revenue and Average Assets REVENUE BY GEOGRAPHY1,2 5% Asia 11% Europe REVENUE (TEB) $1.5B ASSETS BY GEOGRAPHY1,2 40% 7% Canada Asia 44% US 14% Europe AVG ASSETS $434B 1 For the 3 months ended April 30, 2020 2 GBM LatAm revenue contribution and assets are not included above as they are reported in International Banking's results 43% Canada 36% US 40 40#41(# of days in quarter) 14 12 10 Trading Results TRADING LOSS DAYS (Q2/20) TRADING REVENUE & ONE-DAY TOTAL VAR (Q2/20) 6 4 2 .... 0 Millions 60 40 20 20 -20 -40 -60 0 Average 1-Day Total VaR Q2/20: $34.2 MM Q1/20: $14.0 MM Q2/19: $11.3 MM T T T T T T T T T 7 <0 3 4 5 78 9 10 15 20 25 30 >30 -80 1-day total VaR Actual Daily Revenue Q2/20 Daily Trading Revenues ($MM) 41#42Retail 90+ Days Past Due Loans CANADA1 Q2/19 Q3/19 Q4/19 Q1/20 Q2/204 Mortgages 0.21% 0.21% 0.20% 0.21% 0.21% Personal Loans 0.56% 0.54% 0.58% 0.63% 0.72% Credit Cards 0.92% 0.83% 0.98% 1.02% 1.12% Secured and Unsecured Lines of Credit 0.30% 0.26% 0.26% 0.25% 0.26% Total 0.28% 0.27% 0.28% 0.29% 0.30% INTERNATIONAL Q2/192,3 Q3/192,3 Q4/192,3 Q1/202,3 Q2/202,3,4 Mortgages 3.16% 3.23% 3.10% 2.65% 3.05% Personal Loans 3.52% 3.55% 3.59% 3.89% 4.04% Credit Cards 3.01% 3.19% 3.26% 3.26% 3.35% TOTAL 3.23% 3.31% 3.26% 3.22% 3.36% 1 Includes Wealth Management 2 Includes acquisitions in Chile, Colombia 3 Includes acquisitions in Peru and Dominican Republic 4 Does not reflect impact of payment deferral programs 42 42#43Scotiabank in the Pacific Alliance Pacific Alliance Trade Bloc Highlights ~225 million people¹, median age of 302 6th largest economy in the world1 Banking penetration ~50%1 • Sovereign ratings all "Investment Grade"3 63% of exports related to manufacturing4 Largest trading partner is the United States4 Mexico Peru Chile Colombia Scotiabank Market Share5 Market Share Ranking5 7.7% 5th 17.9% 3rd 14.2% 3rd 5.9% Strengths Auto and Mortgages All Products All Products 6th Credit Cards, Personal Average Total Loans (C$B) $32.7 $22.8 $45.3 $11.9 Revenue (C$B) $2.2 $2.2 $2.2 $1.4 Net Income after NCI 7,8 (C$MM) $408 $624 $441 $73 ROE 6,8 3.0% 9.5% 5.4% (3.8%) # of Employees 9,10 12,299 11,591 8,427 7,150 1Source: World Bank, IMF 2 Source: The World Factbook, CIA 2018 3 Sovereign ratings from Moody's, S&P, and Fitch; Source: rating agency websites 6 For the three months ended April 30, 2020 7 For the trailing 12 months ended April 30, 2020, not adjusted for currency 8 Refer to Non-GAAP Measures on Slide 41 for adjusted results 4 Source: United Nation Conference on Trade and Development (UNCTAD) 2018; International Monetary 9 Employees are reported on a full-time equivalent basis Fund (IMF) 2019 5 Ranking based on publicly traded banks by total loans market share as of March, 2020, inc. M&A 10 As of April 30, 2020 43#44Non-GAAP Measures The Bank uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS), are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability among companies using these or similar measures. The Bank believes that certain non-GAAP measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-GAAP measures are used throughout this report and defined below. The slide presentation presents reconciliations of GAAP Reported financial results to non-GAAP Adjusted financial results. The financial results have been adjusted for the following: 1) Acquisition and divestiture-related amounts - Acquisition and divestiture-related amounts are defined as: A) Acquisition-related costs • 1. Integration costs - Includes costs that are incurred and relate to integrating the acquired operations and are recorded in the Global Wealth Management and International Banking operating segments. These costs will cease once integration is complete. The costs relate to the following acquisitions: Banco Dominicano del Progreso, Dominican Republic (closed Q2, 2019) Banco Cencosud, Peru (closed Q2, 2019) • • MD Financial Management, Canada (closed Q4, 2018) . • Jarislowsky, Fraser Limited, Canada (closed Q3, 2018) Citibank consumer and small and medium enterprise operations, Colombia (closed Q3, 2018) BBVA, Chile (closed Q3, 2018) 2. Amortization of Acquisition-related intangible assets, excluding software. These costs relate to the six acquisitions above, as well as prior acquisitions and are recorded in the Canadian Banking, Global Wealth Management and International Banking operating segments. 3. Day 1 provision for credit losses on acquired performing financial instruments, as required by IFRS 9 and are recorded in the Canadian and International Banking operating segments. The standard does not differentiate between originated and purchased performing loans and as such, requires the same accounting treatment for both. These credit losses are considered Acquisition-related costs in periods where applicable. The costs for Q2, 2019 relate to Banco Cencosud, Peru and Banco Dominicano del Progreso, Dominican Republic. The costs for Q3, 2018 relate to BBVA, Chile and Citibank, Colombia. B) Net (gain)/loss on divestitures - The Bank announced a number of divestitures in 2019 in accordance with its strategy to reposition the Bank. The gain/loss on the divestitures is recorded in the Other segment, and relates to the following divestitures (refer to Note 21 for further details): Equity-accounted investment in Thanachart Bank, Thailand (closed Q1, 2020) Colfondos AFP, Colombia (closed Q1, 2020) Operations in Puerto Rico and USVI (closed Q1, 2020) Insurance and banking operations in El Salvador (closed Q1, 2020) Banking operations in the Caribbean (closed Q4, 2019) 2) Allowance for credit losses (ACL) - Additional Scenario - The Bank modified its ACL measurement methodology in Q1, 2020 by adding an additional, more severe pessimistic scenario, consistent with developing practice among major international banks in applying IFRS 9, and the Bank's prudent approach to expected credit loss provisioning. The modification resulted in a pre-tax increase in provision for credit losses of $155 million, which was recorded in Canadian Banking, Global Wealth Management, International Banking and Global Banking and Markets operating segments. 3) Derivative Valuation Adjustment - The Bank enhanced its fair value methodology primarily relating to uncollateralized OTC derivatives which resulted in a pre-tax charge of $116 million in Q1, 2020. This charge was recorded in the Global Banking and Markets and Other operating segments. 4) Impairment charge on software asset -The Bank recorded an impairment loss in the Other operating segment of $44 million pre-tax in Q1, 2020, related to one software asset. 44#45Investor Relations Contact Information Philip Smith, Senior Vice-President 416-863-2866 [email protected] Steven Hung, Vice-President 416-933-8774 [email protected] Lemar Persaud, Director 416-866-6124 [email protected] Judy Lai, Director 416-775-0485 [email protected] 45 45