#1INVESTOR PRESENTATION Fourth Quarter 2022 November 30, 2022 NATIONAL BANK OF CANADA#2FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Caution Regarding Forward-Looking Statements Certain statements made in this document are forward-looking statements. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made in accordance with applicable securities legislation in Canada and the United States. Forward-looking statements in this document may include, but are not limited to, statements with respect to the economy-particularly the Canadian and U.S. economies-market changes, the Bank's objectives, outlook and priorities for fiscal year 2023 and beyond, the strategies or actions that will be taken to achieve them, expectations for the Bank's financial condition, the regulatory environment in which it operates, the potential impacts of-and the Bank's response to the COVID-19 pandemic, and certain risks it faces. These forward-looking statements are typically identified by verbs or words such as "outlook", "believe", "foresee", "forecast", "anticipate", "estimate", "project", "expect", "intend" and "plan", in their future or conditional forms, notably verbs such as "will", "may", "should", "could" or "would" as well as similar terms and expressions. Such forward-looking statements are made for the purpose of assisting the holders of the Bank's securities in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's vision, strategic objectives, and financial performance targets, and may not be appropriate for other purposes. These forward- looking statements are based on our current expectations, estimates, and intentions and are subject to inherent risks and uncertainties, many of which are beyond the Bank's control. Assumptions about the performance of the Canadian and U.S. economies in 2023 and how that will affect the Bank's business are among the main factors considered in setting the Bank's strategic priorities and objectives including allowances for credit losses. In determining its expectations for economic conditions, both broadly and in the financial services sector in particular, the Bank primarily considers historical economic data provided by the governments of Canada, the United States and certain other countries in which the Bank conducts business, as well as their agencies. Our statements with respect to the economy, market changes, the Bank's objectives, outlook and priorities for fiscal year 2023 and beyond, are based on a number of assumptions and are subject to a number of factors—many of which are beyond the Bank's control and the effects of which can be difficult to predict-including, among others, the general economic environment and financial market conditions in Canada, the United States, and other countries where the Bank operates; exchange rate and interest rate fluctuations; inflation; disruptions in global supply chains; higher funding costs and greater market volatility; changes made to fiscal, monetary and other public policies; changes made to regulations that affect the Bank's business; geopolitical and sociopolitical uncertainty; the transition to a low-carbon economy and the Bank's ability to satisfy stakeholder expectations on environmental and social issues; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank's ability to achieve its long-term strategies and key short-term priorities; the timely development and launch of new products and services; the Bank's ability to recruit and retain key personnel; technological innovation and heightened competition from established companies and from competitors offering non-traditional services; changes in the performance and creditworthiness of the Bank's clients and counterparties; the Bank's exposure to significant regulatory matters or litigation; changes made to the accounting policies used by the Bank to report financial information, including the uncertainty inherent to assumptions and critical accounting estimates; changes to tax legislation in the countries where the Bank operates, i.e., primarily Canada and the United States; changes made to capital and liquidity guidelines as well as to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank; potential disruption to key suppliers of goods and services to the Bank; potential disruptions to the Bank's information technology systems, including evolving cyberattack risk as well as identity theft and theft of personal information; the risk of fraudulent activities; and possible impacts of major events affecting the local and global economies, including international conflicts, natural disasters, and public health crises such as the COVID-19 pandemic, the evolution of which is difficult to predict and could continue to have repercussions on the Bank. There is a strong possibility that the Bank's express or implied predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that its assumptions may not be confirmed and that its vision, strategic objectives and financial performance targets will not be achieved. The Bank recommends that readers not place undue reliance on forward-looking statements, as a number of factors, could cause actual results to differ significantly from the expectations, estimates or intentions expressed in these forward-looking statements. These risk factors include credit risk, market risk, liquidity and funding risk, operational risk, regulatory compliance risk, reputation risk, strategic risk, environmental and social risk, and certain emerging risks or risks deemed significant, all of which are described in greater detail in the Risk Management section beginning on page 65 of the 2022 Annual Report. The foregoing list of risk factors is not exhaustive. Additional information about these risk factors is provided in the Risk Management section of the 2022 Annual Report. Investors and others who rely on the Bank's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. 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 it or on its behalf. We caution investors that such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from these statements due to a number of factors. Non-GAAP and Other Financial Measures The quantitative information in this document has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated, and should be read in conjunction with the Bank's 2022 Annual Report. The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP, which are based on IFRS. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to better assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank's operations. The Bank cautions readers that it uses non-GAAP and other financial measures that do not have standardized meanings under GAAP and therefore may not be comparable to similar measures used by other financial institutions. For additional information relating to the non-GAAP and other financial measures presented in this document and an explanation of their composition, refer to pages 16-21 and 122-125 of the Management's Discussion & Analysis in the Bank's 2022 Annual Report, which is available at nbc.ca/investorrelations or at sedar.com. Such explanation is incorporated by reference hereto. Note: National Bank fiscal year ends October 31. 2#3OVERVIEW Laurent Ferreira President & Chief Executive Officer#4FY 2022 SOLID FOUNDATIONS DRIVING RESULTS - PTPP(1): Double-digit growth across business segments +10% (reported) ; +11% (adjusted(2)) Disciplined cost management Strong capital levels Operating leverage (3): +1.4% (reported); +2.1% (adjusted (4)) CET1 ratio(5): 12.7% Prudent credit positioning Total allowances: ~47% above pre-pandemic level Industry-leading ROE ROE(3): 18.8% (1) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (2) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slide 2. (3) Represents a supplementary financial measure. See slide 2. (4) Represents a non-GAAP ratio. See slide 2. (5) Common Equity Tier 1 (CET1) capital ratio represents a capital management measure. See slide 2. 4#5Q4 2022 - STRONG BUSINESS PERFORMANCE Revenues ($MM; YoY) ■ Reported: $2,334 ; +6% Strong performance across our business segments - Adjusted PTPP up 9% YoY(2) Adjusted (1): $2,429; +8% Positive operating leverage PTPP (2) ($MM; YoY) Reported: $988; +5% Adjusted (1): $1,083; +9% PCL ($MM) ■ Defensive credit positioning with prudent reserve levels ■ Robust CET1 ratio of 12.7% (4) while generating strong organic growth Reported: Adjusted: $87 $87 Diluted EPS Reported: Adjusted: $2.08 $2.08 ROE (3) Reported: Adjusted (5): 15.3% 15.3% ■ Quarterly dividend increased by ~5% to $0.97 per share for Q1 2023 ■ Renewal of NCIB program to provide flexibility (1) On a taxable equivalent basis, which is a non-GAAP financial measure. See slide 2. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a supplementary financial measure. See slide 2. (4) Common Equity Tier 1 (CET1) capital ratio represents a capital management measure. See slide 2. (5) Expressed as a percentage of net income and excluding specified items when applicable. 5#6Q4 2022 SOLID ORGANIC GROWTH IN ALL SEGMENTS - P&C Banking Revenues: PTPP(1): ■ Revenues up 15% YoY on solid balance sheet growth and margin expansion ■ NIM up 20 bps YoY and 8 bps QoQ +15% YoY +24% YoY ■ Personal: Mortgage loans up 7% YoY (2) and 1% QoQ(2) ■ Commercial: Continued growth on both sides of the balance sheet Wealth Management Revenues: +9% YoY PTPP(1): +23% YoY ■ PTPP up 23% YoY on strong business performance and diversified revenue mix ■ NII up 64% YoY driven by a favourable rate environment and a strong deposit base ■ FY 2022 double-digit net income growth of 12% Financial Markets Revenues(3) +14% YoY PTPP(1)(3): +10% YoY ■ Solid performance capping off a record year, with FY 2022 revenues close to $2.5B ■ C&IB: Revenues up 13% YoY driven by M&A and lending activity ■ Global Markets: Resilient performance across the franchise with revenues up 14% YoY USS F&I Revenues: PTPP(1): ■ ABA: Continued growth with net income up 19% YoY +10% YoY +7% YoY " Credigy: Assets growth momentum picking up; strong underlying portfolio performance; unfavourable MtM on assets at fair value (1) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (2) Represents growth in Q4 2022 average loans. (3) On a taxable equivalent basis (TEB). See slide 2. 6#7FINANCIAL REVIEW Marie Chantal Gingras Chief Financial Officer and Executive Vice-President, Finance#8FY 2022 BALANCED APPROACH DRIVING STRONG PTPP GROWTH - FY 2022 Performance (YoY) Reported Adjusted(1) ☐ Strong execution throughout the year Revenue growth Expense growth 8.1% 9.0% 6.7% 6.9% Variable compensation 1.4% 1.4% Operational costs (2) 4.0% 4.2% Investment spend (3) 1.3% 1.3% PTPP growth (4) 9.9% 11.4% Operating leverage (5) 1.4% 2.1% ■ Efficiency ratio(5) 54.2% 52.6% Strong Execution Throughout FY 2022 Adjusted PTPP up 11.4% on strong business performance ■ Positive operating leverage target achieved Disciplined cost management Expense growth in line with strong business performance and investments in technology to grow and protect the Bank (YoY) 10.9% 9.2% 8.0% 9.0% 7.9% 7.2% 6.9% 6.9% 6.7% 6.6% Q1 22 Q2 22 Q3 22 (1) Q4 22 F22 (1) Adjusted Revenue growth -- Adjusted Expense growth (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slide 2. (2) Includes salaries and employee benefits, technology and amortization expenses, occupancy costs as well as other expenses related to the Bank's normal course of business. (3) Includes technology expenses, salaries and employee benefits, and professional fees related to the Bank's strategic technology investments, as well as expenses related to our new subsidiary Flinks acquired in Q4 2021. (4) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (5) Represents a supplementary financial measure. See slide 2. 8#9Q4 2022 SOLID RESULTS AND POSITIVE OPERATING LEVERAGE Q4 2022 Performance (YoY) Reported Adjusted(1) Revenue growth 5.6% 7.9% Expense growth 6.2% 6.9% Variable compensation 1.5% 1.5% Operational costs (2) 3.7% 4.4% Investment spend (3) 1.0% 1.0% - PTPP growth (4) 4.8% 9.1% Operating leverage (5) (0.6%) 1.0% ☐ Adjusted revenues up 7.9% YoY and adjusted PTPP up 9.1% YoY Strong organic growth across business segments; partly offset by the Other segment Adjusted expenses up 6.9% YoY - Retaining and attracting talent to support growth and technology investments Higher variable compensation Efficiency ratio(5) 57.7% 55.4% ■ Positive adjusted operating leverage (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slide 2. (2) Includes salaries and employee benefits, technology and amortization expenses, occupancy costs as well as other expenses related to the Bank's normal course of business. (3) Includes technology expenses, salaries and employee benefits, and professional fees related to the Bank's strategic technology investments, as well as expenses related to our new subsidiary Flinks acquired in Q4 2021. (4) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (5) Represents a supplementary financial measure. See slide 2. 9|#10STRONG PERFORMANCE AND COST DISCIPLINE ACROSS THE BANK Segment Performance - FY 2022 (YoY) Revenue Growth (1) Growth Expense (1) PTPP Efficiency (1)(2) Growth Ratio (1)(3) P&C Banking 12% 7% 17% 53.3% - Wealth Mgmt 10% 8% 13% 58.6% Retaining and attracting talent Strong revenue growth and cost discipline across our segments ■ P&C: Expense growth primarily driven by salaries and continued technology investments Enhancing online offering and client experience Financial Markets 11% 13% 10% 41.4% USSF&I 11% 9% 12% 31.0% ■ Wealth: FY 2022 efficiency ratio of 59% Total Bank 9% 7% 11% 52.6% Segment Performance - Q4 2022 (YoY) Revenue Growth (1) Expense Growth (1) PTPP Efficiency Growth (1)(2) Ratio (1)(3) P&C Banking 15% 8% 24% 51.4% Wealth Mgmt 9% 0% 23% 56.0% Financial Markets 14% 18% 10% 44.8% USSF&I 10% 18% 7% 33.7% Total Bank 8% 7% 9% 55.4% Record-low efficiency ratio of 56% in Q4; favourable impact from robust NII growth ■ FM: FY 2022 efficiency ratio of 41% - Q4 expense growth reflects a favourable compensation adjustment in prior year ■ USSF&I: Highly efficient businesses Credigy's revenues impacted by unfavourable MtM (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slide 2. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a non-GAAP ratio. See slide 2. 10 |#11STRONG NII GROWTH AND NIM EXPANSION Net interest income, non-trading - Adjusted (1) (SMM) +24% YoY 1,256 1,186 1,068 1,084 989 1,014 1,014 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Adjusted Non-trading NII of $1,256 MM, up 24% YoY - P&C: up 20% YoY on balance sheet growth and NIM expansion WM: up 64% YoY, continuing to benefit from higher interest rates and a strong deposit base USSF&I: up 15% on balance sheet growth Net Interest Margin, non-trading - Adjusted (2) (NIM on Average Interest-Bearing Assets) 2.04% 1.99% 1.93% 1.93% 1.90% 1.85% 1.86% ■ Adjusted Non-trading NIM of 2.04%, up 19 bps YoY Continuing to benefit from higher interest rates with all-bank NIM up 5bps QoQ NIM expansion primarily driven by higher deposit spreads across our core businesses Partly offset by pressure on loan spreads Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 (1) On a taxable equivalent basis, which is a non-GAAP financial measure. See slide 2. (2) Represents a non-GAAP ratio. See slide 2. 11#12STRONG CAPITAL POSITION CET1 Ratio (1) 12.81% 0.62% (0.28%) (0.41%) (0.06%) 12.68% (2) (2) Q3 22 Net Income Dividends RWA (Ex. FX) Other Q4 22 Risk-Weighted Assets (1) ($MM) $111,377 $1,775 $329 $116,840 $3,137 $222 Q3 22 Credit Risk Operational Market Risk Risk (4) FX Q4 22 ◉ Maintaining a strong CET1 ratio of 12.7% (3) ■ Solid net income generation ■ Solid organic RWA growth primarily driven by business growth Models and methodology updates representing 7bps of RWA increase, of which 4bps relates to early adoption of selected Basel III reform requirements (1) Represents a capital management measure. See slide 2. (2) Net income attributable to common shareholders; Dividends on common shares. (3) Ratio takes into account the transitional relief measures granted by OSFI in the context of COVID-19 (12.6% excluding ECL transitional relief measures). (4) Increase in RWA from foreign exchange translation has a negligible impact on the CET1 ratio, as the increase is offset by the gain on net foreign currency translation adjustments accounted for in other comprehensive income. 12 |#13RISK MANAGEMENT William Bonnell Executive Vice-President Risk Management#14PROVISIONS FOR CREDIT LOSSES PCL Q4 2022 ($MM) POCI Performing I Impaired (excl. POCI) Total (bps) 17 11 1 -9 $87 $29 $57 $7 ($2) ($41) $2 $33 $69 $8 $19 $24 $28 $17 ($11) ($34) ($27) ($58) ($2) (SMM) Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 2-226 FY 2022 Full Year PCL Impaired (excl. POCI): 7 bps; Performing: 0 bps Impaired PCLs (excl. POCI) continue to be below pre-pandemic levels in both retail and non-retail portfolios Q4 Total PCL ■ PCL of $87M (17 bps), reflecting continued strong performance and portfolio mix Q4 PCL on Impaired Loans (excl. POCI) ■ $69M (13 bps) ■ Financial Markets: driven by 2 files ■ ABA: deferrals expiry Q4 PCL on Performing Loans ☐ PCL build of $29M (6 bps) driven by scenario updates, portfolio growth and migration ■ Retail: $11M ■ Non-retail: $17M Personal 15 17 Commercial (1) Wealth Management 1 Financial Market 2 (1) 53=1 72 17 19 24 11 (3) (1) 1 1 (25) 27 USSF&I 2 6 11 11 20 PCL on impaired 19 24 28 17 69 (excl. POCI) POCI (1) (2) 8 2 7 (11) PCL on performing (58) (34) (27) 33 29 FY 2023 Outlook for Impaired PCLs Total PCL (41) (2) 3 57 87 Return to pre-pandemic 15 - 25 bps range 14 | ■ USSF&I: $1M (1) Purchased or Originated Credit Impaired.#15ALLOWANCE FOR CREDIT LOSSES ACL Q4 22 ($MM) $1169 + 3% $1,131 $1,086 $1,058 $1,093 Impaired (1) $379 Impaired (1) $321 Impaired (1) $318 Impaired (1) $314 Impaired (1) $333 Performing $879 Performing $847 Performing $821 Performing $854 Performing (2) $890 POCI ($89) POCI ($82) POCI ($81) POCI ($75) POCI ($92) ACL Q4 21 ACL Q1 22 ACL Q2 22 ACL Q3 22 ACL Q4 22 (1) Represents Allowances on impaired loans (excluding POCI loans). (2) Performing ACL includes allowances on drawn ($714M), undrawn ($143M) and other assets ($33M). (3) Represents a supplementary financial measures. See slide 2. Total Allowances ■ Increased by 3% ($38M) QoQ ■ Remain ~47% above pre-pandemic level Maintaining prudent level of allowances in light of continued uncertainties Performing Allowances ■ Increase of 4% ($36M) QoQ ■ At $890M, remains just 16% below peak level Strong coverage of 6.4X LTM impaired PCLS and 2.8X 2019 impaired PCLS ■ Cumulative release of 35% from the pandemic build Impaired Allowances (excluding POCI) (3) ■ Increase of $19M QoQ to $333M Coverage of 41% of gross impaired loans 15#16GROSS IMPAIRED LOANS AND FORMATIONS (excluding POCI) Gross Impaired Loans (GIL) Excluding POCI Loans (1) ($MM) 39 36 32 31 30 $812 $662 $608 $611 $615 $373 $406 $339 $314 $273 $197 $176 $179 $192 $188 $242 $64 $81 $118 $166 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Retail Non-Retail GIL ratio (bps) USSF&I Net Formations (2) Excl. POCI Loans by Business Segment ■ Gross impaired loans (excl. POCI) of 39bps ($812M), increase of 9bps QoQ and 3bps YoY ■ Net formations of $264M, increase of $230M QoQ ■ While starting to normalize, Retail formations remain below pre-pandemic level ■ Financial Markets had 2 new formations (health care, mining sectors) ■ Increase in ABA driven by exchange rate fluctuations (stable QoQ excluding FX); these loans remain well collateralized and prudently provisioned ($MM) Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Personal 14 20 12 26 44 Commercial (2) 10 (10) (13) 13 Financial Markets (31) (10) (1) (27) 119 Wealth Management 10 2 (6) 4 Credigy 2 ABA Bank 8 Total GIL Net Formations 1 40 554 5 (3) 10 15 37 57 74 45 34 264 (1) Represents a supplementary financial measures - see slide 2 (2) Formations include new accounts, disbursements, principal repayments, and exchange rate fluctuation; net of write-offs. 16 |#17RETAIL MORTGAGE AND HELOC PORTFOLIO Canadian Distribution by Province (As at October 31, 2022) 54% 76% 29% 75% Uninsured & HELOC ■Insured 4% 43% Other Provinces 50% ■ ☐ ☐ Uninsured mortgages and HELOC in GTA and GVA represent 12% and 2% of the total portfolio and have an average LTV(1) of 49% Uninsured mortgages and HELOC for condos represents 9% of the total portfolio and have an average LTV(1) of 55% 33% of mortgage portfolio is variable rate Investor mortgages (3) account for 11% of the total RESL portfolio Uninsured mortgages 90+ days past due at 8 bps (from 7 bps trough in Q3-2022) remains well below pre-pandemic level of about 20 bps Less than 1% of mortgage portfolio has a remaining amortization of 30 years or more Canadian Distribution by Mortgage Type 7% 6% 24% 31% 25% 70% 69% 30% QC ON AB BC 50% 50% 61% 47% Average LTV - Uninsured and HELOC(1) Canadian Uninsured and HELOC Portfolio Average LTV(1) Average Credit Bureau Score 90+ Days Past Due (bps) HELOC $29.5B(2) HELOC Uninsured / 33% 48% 53% $88.8B 790 781 6 8 (1) LTV are based on authorized limit for HELOCS and outstanding amount for Uninsured Mortgages. They are updated using Teranet-National Bank sub-indices by area and property type. (2) Of which $20.3B are amortizing HELOC. (3) Properties used for rental purposes and not owner-occupied. Uninsured $33.4B / 38% Insured $25.9B / 29% 17#18RETAIL MORTGAGES RATE TYPE AND MATURITY PROFILE (As at October 31, 2022) Canadian Mortgages Distribution by Rate Type Fixed Rate 67% Variable Rate 33% $59.3B (1) Maturity Profile of Fixed Rate Mortgages ■ For variable rates, the monthly payments are adjusted to reflect rate increases, allowing borrowers to progressively adapt their budget and avoid a higher payment shock at renewal ■ Clients with variable rates show a better risk profile (higher income / net value and lower historical delinquency) and can fix their rate at any time ■ Share of clients opting for variable rate at origination decreased significantly since rates started to increase Renewing Next 12 months ■ 11% of the fixed rate mortgages are due for renewal in the next 12 months ■ 73% of Uninsured renewing in the next 12 months have a remaining amortization of less than 25 years ■ 93% of Uninsured renewing next 12 months have an LTV below 70% High risk (2) uninsured borrowers with remaining amortization of over 25 years represent less than 0.1% of fixed rate mortgage portfolio As % of Total Fixed Rate 11% % Insured 43% % Quebec 60% Average LTV for Uninsured 40% Average Bureau Score for Uninsured 787 (1) Total RESL excluding HELOCs (2) Bureau score < 640 / LTV >75% 18 |#19APPENDICES#20APPENDIX 1 | FY 2022 TOTAL BANK RESULTS Total Bank Summary Results – FY 2022 - ($MM, TEB) Adjusted Results (1) FY 22 FY 21 YOY Revenues 9,934 9,116 9% Non-Interest Expenses 5,230 4,894 7% Pre-Tax/ Pre-Provisions (2) 4,704 4,222 11% Adjusted revenues up 9% YoY(1) and adjusted PTPP up 11% YoY(1)(2) Positive operating leverage PCL 145 2 Net Income 3,383 3,147 7% Strong credit quality and prudent reserves Diluted EPS $9.61 $8.87 8% Diluted EPS of $9.61 Reported Results FY 22 FY 21 YOY Revenues 9,652 8,927 8% ■ CET1 ratio of 12.7% Non-Interest Expenses 5,230 4,903 7% Pre-Tax/ Pre-Provisions (2) 4,422 4,024 10% PCL 145 2 Net Income 3,383 3,140 8% Diluted EPS $9.61 $8.85 9% Key Metrics (3) FY 22 FY 21 YOY Avg Loans & BAS - Total 194,340 172,323 13% Avg Deposits - Total 258,929 236,229 10% Adjusted Efficiency Ratio (3) 52.6% 53.7% Adjusted Return on Equity (3) 18.8% 20.7% CET1 Ratio (3) 12.7% 12.4% (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 39. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 20 | 20#21APPENDIX 2 | FY 2022 SEGMENT RESULTS P&C Banking ($MM) Wealth Management ($MM) FY 22 FY 21 YOY FY 22 FY 21 YOY Revenues 4,034 3,615 12% Revenues 2,375 2,166 10% Personal 2,359 2,234 6% Fee-Based 1,429 1,322 8% Commercial 1,675 1,381 21% Transaction & Others 352 398 (12%) Non-Interest Expenses 2,149 2,008 7% Pre-Tax/ Pre-Provisions 1,885 1,607 17% Net Interest Income Non-Interest Expenses 594 446 33% 1,391 1,293 8% PCL 97 40 143% Pre-Tax/Pre-Provisions 984 873 13% PCL 3 1 Net Income 1,314 1,151 14% Net Income 721 641 12% (1) Efficiency Ratio") (%) Financial Markets 53.3% 55.5% Efficiency Ratio (1) (%) 58.6% USSF&I ABA Bank and Credigy - 59.7% ($MM, TEB) ($MM) FY 22 FY 21 YOY FY 22 FY 21 YOY Revenues 2,468 2,218 11% ABA Bank Global Markets 1,502 1,170 28% Revenues 669 510 31% C&IB 966 1,048 (8%) Non-Interest Expenses 212 173 23% Pre-Tax/Pre-Provisions 457 337 36% Non-Interest Expenses 1,022 906 13% PCL 31 26 19% Pre-Tax/Pre-Provisions 1,446 1,312 10% Net Income 340 251 35% PCL (23) (24) Credigy Net Income 1,080 983 10% Revenues 439 486 (10%) Non-Interest Expenses 131 139 (6%) Efficiency Ratio (1) (%) 41.4% 40.8% Pre-Tax / Pre-Provisions 308 347 (11%) PCL 35 (41) Net Income 216 302 (28%) 21 (1) Represents a supplementary financial measure. See slide 2.#22APPENDIX 3 | TOTAL BANK - Q4 22 RESULTS Total Bank Summary Results - Q4 2022 ($MM, TEB) Adjusted Results (1) Q4 22 Q3 22 Q4 21 QoQ YOY ☐ Revenues 2,429 2,484 2,252 (2%) 8% Adjusted revenues up 8% YoY(1) and adjusted PTPP up 9% YoY(1)(2) Non-Interest Expenses 1,346 1,305 1,259 3% 7% Pre-Tax / Pre-Provisions (2) 1,083 1,179 993 (8%) 9% Positive operating leverage PCL 87 57 (41) Net Income 738 826 776 (11%) (5%) Diluted EPS of $2.08 Diluted EPS $2.08 $2.35 $2.19 (11%) (5%) Operating Leverage (3) Efficiency Ratio (3) 55.4% 52.5% 55.9% +290 bps 1% -50 bps CET1 ratio of 12.7% Return on Equity (3) 15.3% 17.9% 18.9% Reported Results Q4 22 Q3 22 Q4 21 QoQ YOY Revenues 2,334 2,413 2,211 (3%) 6% Non-Interest Expenses 1,346 1,305 1,268 3% 6% Pre-Tax / Pre-Provisions (2) 988 1,108 943 (11%) 5% PCL 87 57 (41) Net Income 738 826 769 (11%) (4%) Diluted EPS $2.08 $2.35 $2.17 (11%) (5%) Return on Equity (3) 15.3% 17.9% 18.7% Key Metrics Q4 22 Q3 22 Q4 21 QoQ YoY Avg Loans & BAs - Total Avg Deposits - Total CET1 Ratio (3) 203,973 197,650 269,034 260,355 246,206 12.7% 12.8% 12.4% 180,631 3% 13% 3% 9% (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 39. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 22 | 22#23APPENDIX 4 | PERSONAL AND COMMERCIAL BANKING P&C Summary Results - Q4 2022 ($MM) Q4 22 Q3 22 Q4 21 QoQ YoY Revenues 1,071 1,043 930 3% 15% Personal 595 605 570 (2%)(2) 4% Commercial 476 438 360 9% 32% Non-Interest Expenses 551 537 511 3% 8% Pre-Tax/Pre-Provisions 520 506 419 3% 24% PCL 42 49 (5) Net Income 351 336 311 4% 13% Revenues up 15% YoY on solid balance sheet growth and margin expansion Average loans up 9% YoY and average deposits up 8% YoY NIM up 20 bps YoY and 8 bps QoQ on higher deposit margins partly offset by lower loan spreads Key Metrics Q4 22 Q4 22 Q4 21 QoQ YOY Expenses up 8% YoY Avg Loans & Bas 144,532 141,736 132,319 2% 9% Salaries and continued technology investments Personal Commercial Avg Deposits Personal 94,526 50,006 48,322 43,670 93,414 88,649 1% 7% 3% 15% 85,911 83,023 79,826 3% 8% P&C Net Interest Margin 38,835 38,416 37,100 1% 5% Commercial 47,076 44,607 42,726 6% (NIM on Earning Assets) 10% NIM (¹) (%) Efficiency Ratio (¹) (%) 2.25% 2.17% 2.05% 0.08% 0.20% 2.25% 51.4% 51.5% 54.9% -10 bps -350 bps 2.17% PCL Ratio 0.12% 0.14% (0.01%) 2.09% 2.05% 2.05% (1) Represents a supplementary financial measure. See slide 2. (2) Revenues in Q3 2022 reflected a favourable insurance actuarial reserve adjustment. Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 23#24APPENDIX 5 | WEALTH MANAGEMENT Wealth Management Summary Results - Q4 2022 (SMM) Q4 22 Q3 22 Q4 21 QoQ YoY Revenues 613 591 561 4% 9% Fee-Based 347 351 359 (1%) (3%) Transaction & Others 79 79 88 (10%) Net Interest Income 187 161 114 16% 64% Non-Interest Expenses 343 344 342 Pre-Tax/Pre-Provisions 270 247 219 9% 23% 2 1 1 198 180 160 10% 24% PCL Net Income Key Metrics ($B) Q4 22 Q3 22 Q4 21 QoQ YOY Avg Loans & BAS 7.3 7.2 6.6 1% 11% Avg Deposits 37.6 34.9 33.7 8% 12% Assets Under Administration (1) 616.2 621.1 651.5 (1%) (5%) Assets Under Management (1) 112.3 113.9 117.2 (1%) (4%) Efficiency Ratio (2) (%) 56.0% 58.2% 61.0% -220 bps -500 bps Assets Under Administration (1) ($B) (5%) YoY 10 (1%) QoQ 4 (46) 652 621 616 Net income up 24% YoY and 10% QoQ - FY 2022 double-digit net income growth of 12% ■ NII up 64% YoY driven by a favourable rate environment and a strong deposit base Record-low efficiency ratio of 56% Favorable impact from robust NII growth - FY 2022 efficiency ratio of 59% ■ AUA / AUM down YoY reflecting market performance - Partly offset by net sales and favourable FX translation Assets Under Management (1) ($B) (4%) YoY 5 (1%) QoQ 1 (10) 117 112 114 616 112 Q4 21 Net Sales Market Q4 22 Q3 22 Net Sales Market Q4 22 Q4 21 Net sales Market Q4 22 Q3 22 Net Sales Market Q4 22 (1) This is a non-GAAP measure. See slide 2. 24 | (2) Represents a supplementary financial measure. See slide 2.#25APPENDIX 6 | FINANCIAL MARKETS Financial Markets Summary Results - Q4 2022 ($MM) Q4 22 Q3 22 Q4 21 QoQ YoY Revenues 563 611 496 (8%) 14% Global Markets 304 369 267 (18%) 14% C&IB 259 242 229 7% 13% Non-Interest Expenses 252 253 213 18% Pre-Tax/Pre-Provisions 311 358 283 (13%) 10% PCL 32 (23) (40) Net Income 205 280 238 (27%) (14%) Other Metrics Q4 22 Q3 22 Q4 21 QoQ YOY Avg Loans & BAS (1) 24,576 22,991 19,825 7% 24% Efficiency Ratio (2) (%) 44.8% 41.4% 42.9% +340 bps +190 bps Financial Markets Revenues ■ Revenues up 14% YoY - Global Markets up 14%: Resilient performance across the franchise and continued opportunities in Securities Finance C&IB up 13%: Strong quarter driven by M&A and lending activity FY 2022 industry-leading efficiency ratio of 41% Q4 expense growth reflects a favourable compensation adjustment in prior year Global Markets Revenues ($MM) 662 632 (SMM) 433 598 587 611 563 40 396 369 537 515 355 40 496 229 236 242 38 110 50 304 243 281 269 279 69 318 259 267 234 258 19 229 116 24 32 117 2 26 34 71 114 84 58 99 433 396 283 287 369 355 304 281 269 279 201 202 207 267 171 175 148 138 Q1 22 Q2 22 Q3 22 Commodity and Foreign exchange Q4 22 25 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 20 Q1 21 ■Global Markets C&IB ■ Equity Q2 21 Q3 21 ■Fixed income Q4 21 (1) Corporate Banking only. Represents a supplementary financial measure. See slide 2.#26APPENDIX 7 | USSF&I - ABA ABA Summary Results - Q4 2022 (SMM) Q4 22 Q3 22 Q4 21 QoQ YOY Revenues 179 168 139 7% 29% Non-Interest Expenses 58 55 45 5% 29% Pre-Tax/Pre-Provisions 121 113 94 7% 29% PCL 12 10 3 Net Income 86 81 72 6% 19% Avg Loans & Receivables 8,040 7,577 5,890 6% 37% Avg Deposits 9,343 8,722 7,351 7% 27% Efficiency Ratio (¹) (%) 32.4% 32.7% 32.4% Number of clients ('000) 1,888 1,713 1,360 10% 39% ABA Loans and Deposits Growth (US $MM) 7,045 6,819 6,607 6,213 5,857 5,499 5,185 4,813 5,924 6,061 5,572 5,127 4,693 4,335 4,049 3,674 ■ Revenues of $179M reflecting balance sheet growth and favourable FX Revenues up 29% YoY (19% in US$) Loans up 37% YoY (29% in US$) Continued investment in the franchise while maintaining a low efficiency ratio ■ Solid credit position ■ Well diversified portfolio; Avg. loan US $61k Portfolio 99% secured; Low average LTVs: ~40% Deferrals: represent <1% of portfolio Impaired PCL of $12M, driven by the end of deferral programs Strong brand recognition ABA BANK CAMBODIA Q1 21 Q2 21 Q3 21 Q4 21 Average loans Q1 22 Q2 22 Average deposits Q3 22 Q4 22 Brim Caplen (1) Represents a supplementary financial measure. See slide 2. The Banker Awards 2021 л EUROMONEY Advanced Bank of Ind has won the award for Cambodia's best bank ABB was amanded Global F Workt Best Bank Awan 3000 BANK AWARD BEST FINANCE 26 202#27APPENDIX 8 | USSF&I - CREDIGY Credigy Summary Results - Q4 2022 ($MM) Q4 22 Q3 22 Q4 21 QoQ YoY Revenues 88 105 100 (16%) (12%) Net Interest Income 116 113 114 3% 2% Non-Interest Income (28) (8) (14) Non-Interest Expenses 32 31 30 3% 7% Pre-Tax/Pre-Provisions 56 74 70 (24%) (20%) PCL (2) 19 Net Income 46 44 55 5% (16%) Avg Assets C$ 8,968 8,122 7,829 10% 15% Avg Assets US$ 6,731 6,326 6,238 6% 8% Efficiency Ratio (%) (1) 36.4% 29.5% 30.0% Credigy Revenues (SMM) 43 8 129 131 112 116 107 114 113 116 (14) (11) (28) Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 ■Net interest income Non-interest income (1) Represents a supplementary financial measure. See slide 2. (2) POCI: Purchased or originated credit impaired. Momentum picking-up with assets up 6% QoQ, driven by a combination of new deals and extensions Lower revenue primarily reflecting significant increase in discount rates in Q4-22: NII up 3% QoQ, driven by asset growth momentum and FX Non-interest income of -$28M in Q4 and -$50M in F2022, primarily due to unfavorable mark-to- market adjustments on assets at fair value ■ Continued strong underlying portfolio - performance across asset classes 89% of assets are secured; well diversified and resilient portfolio Favorable PCL impact from POCI (2) portfolios, reflecting better than expected performance Maintaining a disciplined investment approach in the current environment 27|#28APPENDIX 9 | OTHER Other Segment Summary Results - Q4 2022 Q4 21 23 ■ Revenues for the Other segment averaged $(60)MM per quarter in the second half of 2022 reflecting lower investment gains and treasury revenues Top-line will remain challenged in FY 2023; Q4/22 expected to be the trough Higher non-interest expenses QoQ on higher variable compensation ($MM) Adjusted Results (1) Revenues Q4 22 Q3 22 (85) (34) Non-Interest Expenses 110 85 117 - Pre-Tax / Pre-Provisions (2) (195) (119) (94) PCL Pre-Tax Income 1 1 (196) (120) Net Income (148) (95) (94) (62) Reported Results Q4 22 Q3 22 Q4 21 Revenues (180) (105) (18) Non-Interest Expenses 110 85 126 Pre-Tax / Pre-Provisions (2) (290) (190) (144) PCL Pre-Tax Income 1 1 (291) Net Income (148) (191) (95) (144) (69) (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 39. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. 28 28#29APPENDIX 10 | BALANCE SHEET GROWTH - TOTAL BANK Average Loans and BA's ($B) Average Deposits ($B) 204.0 197.7 269.0 260.4 246.2 180.6 10.9 10.4 16.6 8.5 15.4 13.5 23.0 24.6 19.8 7.2 7.3 192.5 6.6 188.0 48.3 50.0 176.9 43.7 88.6 93.4 94.5 69.3 72.3 76.5 Q4 21 ■Personal Banking Q3 22 ■Commercial Banking (1) (2) Financial Markets USSF&I Q4 22 Q4 21 Q3 22 Q4 22 Wealth Management ■ Retail Non-Retail ■ Other QoQ YoY Avg Loan Growth 3% 13% Personal Banking 1% 7% Commercial Banking 3% 15% Wealth Management 1% 11% Financial Markets 7% 24% USSF&I 8% 23% Other 5% 29% Note: Total may not add up due to rounding. (1) Corporate banking only. (2) Average loans and receivables. QoQ YOY Avg Deposit Growth Retail Non-Retail 3% 9% 6% 10% 2% 9% 29 29#30APPENDIX 11 | BALANCE SHEET GROWTH - P&C Average Loans and BA's ($B) 144.5 141.7 132.3 Average Deposits ($B) 85.9 83.0 79.8 48.3 50.0 43.7 44.6 47.1 2.2 2.2 42.7 2.0 10.8 11.0 10.4 76.3 80.4 81.2 37.1 38.4 38.8 Q4 21 ■Mortgage loans Q3 22 ■Personal loans ■Credit cards Average Loan Growth Mortgage loans Personal loans Credit cards Commercial Note: Total may not add up due to rounding. Q4 22 Q4 21 Q3 22 Q4 22 ■Commercial ■ Personal ■Commercial QoQ YOY 2% 9% 1% 7% 2% 6% 1% 14% 3% 15% Average Deposit Growth Personal Commercial QoQ YOY 3% 8% 1% 5% 6% 10% 30 30 |#31APPENDIX 12 | TOTAL LOAN PORTFOLIO OVERVIEW Loan Distribution by Borrower Category ($B) Retail Secured - Mortgage & HELOC Secured Other - Unsecured (1) As at October 31, 2022 % of Total 95.6 46% 12.7 6% 3.9 2% 2.1 1% ■ Secured lending accounts for 95% of Retail loans ☐ Indirect auto loans represent 1.8% of total loans ($3.7B) ■ Limited exposure to unsecured retail and cards (2.9% of total loans) 114.3 55% ☐ Non-Retail portfolio is well-diversified Credit Cards Total Retail Non-Retail Real Estate and Construction RE 22.4 11% Finance Services 10.8 5% Utilities 9.7 5% Utilities excluding Pipeline 6.9 4% Pipeline 2.8 1% Agriculture 8.1 4% Manufacturing 7.4 4% Retail & Wholesale Trade 6.7 3% Other Services 6.2 3% Other(2) 21.6 10% Total Non-Retail 92.9 45% Purchased or Originated Credit-Impaired 0.5 0% Total Gross Loans and Acceptances 207.7 100% (1) Includes indirect lending and other lending secured by assets other than real estate. (2) Refer to SFI page 19 for remaining borrower categories. 31#32APPENDIX 13 | REGIONAL DISTRIBUTION OF CANADIAN LOANS Prudent Positioning (As at October 31, 2022) Oil Quebec Ontario Regions (1) BC/MB Maritimes (2) and Territories Total Retail Secured 26.3% 13.8% 4.0% 3.2% 1.0% 48.3% Mortgage & HELOC Secured 2.3% 1.4% 0.5% 0.7% 0.3% 5.2% Other Unsecured 2.3% 0.3% 0.1% 0.1% 0.1% 2.9% and Credit Cards Total Retail 30.9% 15.5% 4.6% 4.0% 1.4% 56.4% Non-Retail Commercial 19.1% 5.0% 1.8% 2.2% 0.7% 28.8% Corporate Banking 4.1% 6.0% and Other (3) 2.8% 1.5% 0.4% 14.8% Total Non-Retail 23.2% 11.0% 4.6% 3.7% 1.1% 43.6% Total 54.1% 26.5% 9.2% 7.7% 2.5% 100.0% (1) Oil regions include Alberta, Saskatchewan and Newfoundland. (2) Maritimes include New Brunswick, Nova Scotia and P.E.I. (3) Includes Corporate, Other FM and Government portfolios. Within the Canadian loan portfolio: ■ Limited exposure to unsecured consumer loans (2.9%) ■ Modest exposure to unsecured consumer loans outside Quebec (0.6%) ■ RESL exposure predominantly in Quebec 32#33APPENDIX 14 | PRUDENT PROVISIONING IN UNCERTAIN ECONOMIC ENVIRONMENT Strong Performing ACL Coverage Performing ACL / LTM PCL on Impaired Loans 1.8x 2.8x 6.0x 4.8x 7.8x 9.7x Total Allowances Cover 5.9X NCOs Total ACL/LTM Net Charge-Offs 7.9x 6.7x 6.1x 6.2x 5.9x 6.4x 5.4x 2.6x Q1 20 Q4 20 Q4 21 Q1 22 Total Bank Q2 22 Q3 22 Q4 22 Q1 20 Q4 20 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Total Bank Performing ACL movement Strong Total ACL Coverage Peak Build Total ACL/Total Loans (excl. POCI and FVTPL) Q1 20 Q4 21 Q3 22 Q4 22 Cumulative Release --- - -38% -35% Mortgages 0.15% 0.20% 0.22% 0.28% -45% -43% -50% Credit Cards 7.14% 7.35% 6.90% 6.91% Total Retail 0.53% 0.49% 0.49% 0.53% Total Non-Retail 0.58% 1.04% 0.76% 0.72% Total Bank 0.56% 0.72% 0.61% 0.62% Q1 20 Q4 20 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 33| Note: Performing ACL includes allowances on drawn ($714M), undrawn ($143M) and other assets ($33M)#34APPENDIX 15 | OIL & GAS AND UTILITIES-PIPELINES SECTORS O&G Producers and Services Exposure Gross Loans in $MM and % of Total Loans $3,956 3.7% 64% reduction in outstanding loans ■ $1,435 0.7% ■ Q1 15 O&G and Utilities-Pipelines sectors Total Gross Loans of $4.4B as at October 31, 2022 Q4 22 4% 5% 9% 82% Q1 15 Producers Producers share declined to 28% Midstream Services 10% 4% IG: 100% IG: 31% IG: 91% 58% 28% Q4 22 IG: 63% Refinery & Integrated O&G producers and services exposure significantly reduced 64% reduction in outstanding loans: down from $4B in Q1/15 to $1.4B in Q4/22 ■ Reduction as a % of total loans: down from 3.7% in Q1/15 to 0.7% in Q4/22 Canadian focused strategy, minimal direct US exposure Overall O&G and Utilities-Pipelines sectors refocused from mid-cap to large cap ■ Producers share declined from 82% in Q1/15 to 28% in Q4/22 ■ 82% of the portfolio is Investment Grade Very modest indirect exposure to unsecured retail loans in the oil regions (~0.1% of total loans) 34 | =4#35APPENDIX 16 | COMMERCIAL BANKING CRE (1) PORTFOLIO Commercial Banking CRE 5-year growth ($B) Industrial Other $0 4 $15.1 $1.0 Office Retail Residential Uninsured ■Residential Insured $2.4 $7.5 $0.3 $0.1 $0.2 $0.7 $0.6 $1.2 $1.7 $2.6 $1.1 Q4 17 Retail $3.8 $3.0 $1.4 $1.8 ☐ $3.0 $4.9 Office Industrial Other Residential Q4 22 Portfolio mix evolution ■ Office ■ Retail ■ Residential Uninsured ■ Residential Insured 35% 20% Commercial Banking portfolio of $15.1B accounts for 86% of total CRE portfolio ☐ 50% of 5-year growth coming from Residential Insured Residential (53% of Commercial Banking CRE) Insured loans accounted for all of the growth QoQ Insured portfolio now represents 62% LTV on uninsured ~62% Insured loans accounted for 90% of 5-year growth Retail (12% of Commercial Banking CRE) ☐ ■ Share of portfolio reduced by half over 5 years Portfolio LTV -60% ☐ ~50% of leases with essential services tenants Office (9% of Commercial Banking CRE) ☐ Share of portfolio reduced by ~41% over 5 years ◉ Portfolio LTV ~62% 33% Long term leases (over 6 years) 23% 16% 15% 12% 9% Other (20% of Commercial Banking CRE) Q4 17 Q4 22 Office Q4 17 Q4 22 Retail Q4 17 Residential Q4 22 Mainly construction phase of long-term financing, primarily residential (about 50% is insured) (1) Commercial Real Estate. 35#36APPENDIX 17 | DAILY TRADING AND UNDERWRITING REVENUES VS. VAR (SMM) 25 20 20 15 10 5 0 August, 2022 September, 2022 October, 2022 (5) (10) (15) (20) (25) (30) 301 Trading P&L Trading VaR 36 |#37APPENDIX 18 | STRONG CAPITAL AND LIQUIDITY POSITIONS Regulatory Capital, Leverage, TLAC and Liquidity Ratios (SMM) Capital (1) Q4 22 Q3 22 Q4 21 Our capital levels remain strong Total capital ratio of 16.9% CET1 $14,818 $14,270 $12,973 Tier 1 Total $17,961 $16,918 $15,622 $19,727 $18,734 $16,643 Strong liquidity ratio Capital ratios (1) CET 1 12.7% 12.8% 12.4% Tier 1 15.4% 15.2% 15.0% Total 16.9% 16.8% 15.9% Leverage ratio 4.5% 4.4% 4.4% TLAC ratios (1)(2) TLAC TLAC ratio TLAC leverage ratio $32,351 $31,549 $27,492 27.7% 28.3% 26.3% 8.1% 8.2% 7.8% Liquidity Coverage Ratio (1) 140% 148% 154% Net Stable Funding Ratio (1) 117% 119% 117% (1) Represent capital management measures. See slide 2. (2) Total Loss Absorbing Capacity (TLAC). Since November 1, 2021, OSFI is requiring D-SIBS to maintain a minimum risk-based TLAC ratio of 24% (including the domestic stability buffer) of risk-weighted assets and a minimum TLAC leverage ratio of 6.75%. 37#38st 4 50 00 6 7 2.00 2.10 Q4 21 2.20 Canada Real GDP ($ Trillions) 2.30 Q1 22 Q2 22 APPENDIX 19 | RANGE OF MACROECONOMIC SCENARIOS - IFRS 9 Q3 22 Q4 22 Q1 23 Q2 23 Canada Unemployment Rate (%) 9 8 Q3 23 Q4 23 23 Q4 23 Q1 24 Q1 24 Q2 24 Q2 24 Q3 24 Q3 24 Q4 24 NBC Macroeconomic Forecast: Q4/22 vs. Q3/22 (Full Calendar Years) Base Scenario C2023 C2024 Real GDP (Annual Average % Change) As at Jul. 31, 2022 1.5 % 1.3 % As at Oct. 31, 2022 0.7 % 1.6 % Unemployment Rate (Average %) As at Jul. 31, 2022 5.5 % 5.7 % As at Oct. 31, 2022 6.1 % 6.2 % Housing Price Index (Q4/Q4 % Change) As at Jul. 31, 2022 (7.0) % 0.2 % As at Oct. 31, 2022 (9.6)% 0.2 % WTI (Average US$ per Barrel) As at Jul. 31, 2022 94 As at Oct. 31, 2022 200 89 85 78 80 S&P/TSX (Q4/Q4 % Change) As at Jul. 31, 2022 2.7 % 2.0 % As at Oct. 31, 2022 3.0 % 2.0 % Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 22 Q1 23 Q2 23 Q3 23 Baseline (Oct. 22) 83 Baseline (Jul. '22) Range of Alternative Scenarios (Oct. '22) Q4 24 Source: NBF Economics and Strategy. Macroeconomic assumptions are for calendar years. See pages 181 and 182 of the Bank's 2022 Annual Report for additional information. 38 | BBB Spread (Average Spread %) As at Jul. 31, 2022 2.1 % 2.2 % As at Oct. 31, 2022 2.3 % 2.2 %#39APPENDIX 20 | RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($MM, except EPS) Q4 22 FY 2022 Total Revenues Non- Interest Expenses PTPP (2) Net Income Non- controlling interest Diluted EPS Total Revenues Non- Interest Expenses PTPP (2) Net Income Non- controlling interest Diluted EPS Adjusted Results (1) 2,429 1,346 1,083 738 $2.08 9,934 5,230 4,704 3,383 (1) $9.61 Taxable equivalent (95) (95) (282) (282) Total impact (95) (95) (282) (282) Reported Results 2,334 1,346 988 738 $2.08 9,652 5,230 4,422 3,383 (1) $9.61 Q3 22 Total Revenues Non- Interest Expenses PTPP (2) Net Income Non- controlling interest Diluted EPS Adjusted Results (1) 2,484 1,305 1,179 826 $2.35 Taxable equivalent (71) (71) Total impact (71) (71) Reported Results 2,413 1,305 1,108 826 $2.35 Q4 21 FY 2021 Total Revenues Non- Interest Expenses PTPP (2) Net Income Non- controlling interest Diluted EPS Total Revenues Non- Interest Expenses PTPP (2) Net Income Non- controlling interest Diluted EPS Adjusted Results 2,252 1,259 993 776 $2.19 9,116 4,894 4,222 3,147 $8.87 Taxable equivalent (41) (41) (189) (189) Impairment losses on intangible assets (9) (7) ($0.02) 9 (9) (7) ($0.02) Total impact (41) 9 (50) (7) ($0.02) (189) 9 (198) (7) ($0.02) Reported Results 2,211 1,268 943 769 $2.17 8,927 4,903 4,024 3,140 $8.85 (1) On a taxable equivalent basis and excluding specified items, which are non-GAAP financial measures. See slide 2. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. 39 |#40Investor Relations Contact Information W: www.nbc.ca/investorrelations A [email protected] 1-866-517-5455 NATIONAL BANK OF CANADA