#1INVESTOR PRESENTATION Fourth Quarter 2021 December 1, 2021 ' NATIONAL BANK OF CANADA#2FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Caution Regarding Forward-Looking Statements From time to time, the Bank makes written forward-looking statements such as those contained in this document, in other filings with Canadian securities regulators, and in other communications. 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 2022 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. By their very nature, these forward-looking statements require assumptions to be made and involve inherent risks and uncertainties, both general and specific. Assumptions about the performance of the Canadian and U.S. economies in 2022, including in the context of the COVID-19 pandemic, 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 provisions 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. 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, many of which are beyond the Bank's control, including the impacts of the COVID-19 pandemic, 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 69 of the 2021 Annual Report. These risk factors also include, 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; 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; 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 foregoing list of risk factors is not exhaustive. Additional information about these risk factors is provided in the Risk Management section and in the COVID-19 Pandemic section of the 2021 Annual Report and may be updated in the quarterly shareholders' report subsequently published. 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. 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 2021 Annual Report and the Bank's Press release for the Fourth Quarter of 2021. 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 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. Refer to pages 18-21 of the Management's Discussion & Analysis in the Bank's 2021 Annual Report which is available at nbc.ca/investorrelations or at sedar.com, for additional information relating to the non-GAAP and other financial measures presented in this document. Refer to pages 123-126 of the Management's Discussion & Analysis in the Bank's 2021 Annual Report which is available at nbc.ca/investorrelations or at sedar.com, for an explanation of the composition of the non-GAAP and other financial measures presented in this document. Such explanation is incorporated by reference hereto. Note: National Bank fiscal year ends October 31. 2#3OVERVIEW Laurent Ferreira President & Chief Executive Officer#4FY 2021 STRONG PERFORMANCE ACROSS THE BANK - Revenues Reported: $8,927 MM; +13% Adjusted (1): $9,116 MM; +11% PTPP(2) Reported: $4,074 MM; +20% Adjusted (1): $4,272 MM; +12% PCL Reported: $2MM Adjusted: $2MM Diluted EPS Reported: $8.96 Adjusted (3): $8.98 ROE(4) Reported: 20.7% Adjusted (5): 20.8% Strong performance in F2021 Revenues up 11%(1) - PTPP up 12%(1)(2) Positive operating leverage Industry-leading ROE of 20.8% (5) ■ Solid CET1 ratio of 12.4% (6) while generating strong organic growth Strong credit quality and prudent reserves ■ Dividend increase and NCIB program following OSFI's announcement on Nov. 4 - Dividend: up 23% to reset towards lower end of dividend payout ratio mid-term objective of 40-50% (7) - NCIB: up to 2% of shares outstanding to provide additional flexibility (1) On a taxable equivalent basis and excluding specified items, which are non-GAAP financial measures. See slides 2 and 35. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Excluding specified items. Represents a non-GAAP measure. See slides 2 and 35. (4) Represents a supplementary financial measure. See slide 2. (5) Represents a non-GAAP ratio. See slide 2. (6) Common Equity Tier 1 (CET1) capital ratio represents a capital management measure. See slide 2. (7) Expressed as a percentage of net income and excluding specified items when applicable. 4#5FY 2021 SOLID ORGANIC GROWTH IN ALL SEGMENTS - P&C Banking Revenues: +7% YoY PTPP(1): +10% YoY Strong growth on both sides of the balance sheet ■ Commercial loans up 18% (3) and retail mortgage loans up 11%(3) ■ Continued momentum in client activity Wealth Management Revenues: +17% YoY PTPP(1): +22% YoY Outstanding year for Wealth Management, with PTPP up 22% ■ AUA at record level of -$650 billion, up 28%, and AUM up 34% ■ Growth level significantly exceeding market impact, bolstered by record net sales Financial Markets Revenues(2): +4% YoY PTPP(1): +2% YoY ■ Solid performance for Financial Markets after record revenues in previous year ■ Record year for C&IB with revenues up 24% ■ Resilient performance from Global Markets USSF&I Revenues: +22% YoY PTPP(1): +37% YoY " ■ ABA: Continued growth with revenues up 24% Credigy: Record results supported by strong portfolio performance and opportunistic sale of a portfolio (4); strong momentum in asset growth since Q3 to continue through F22 (1) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (2) Revenues presented on a taxable equivalent basis (TEB). This is a non-GAAP financial measure. See slide 2. (3) Represents year on year growth in Q4-21 of average loans and acceptances. (4) Gain on sale of portfolio of $26MM accounted for in Q1-21. LO 5#6STRONG PERFORMANCE AGAINST OUR MEDIUM-TERM OBJECTIVES National Bank's Medium-Term Objectives Growth in Diluted EPS excluding specified items(1) FY 2021 Results Medium-Term Objectives 48.2% √ 5-10% Return on Equity excluding specified items(2) 20.8% √ 15-20% Dividend Payout Ratio excluding specified items(2) 31.3 % 40-50% CET1 Capital Ratio(3) 12.4 % √ > 11.00 % Leverage Ratio(3) 4.4 % √ > 3.75 % (1) Represents a non-GAAP financial measure. See slide 2. (2) Represents a non-GAAP ratio. See slide 2. (3) Represents a capital management measure. See slide 2. 6#7FINANCIAL REVIEW Ghislain Parent Chief Financial Officer and Executive Vice-President, Finance#8FY 2021 BALANCED APPROACH BETWEEN INVESTMENT AND COST MANAGEMENT - Revenue Reported: Adjusted(1): $8,927 MM; +13% $9,116 MM; +11% ☐ Strong performance across the Bank Expense Reported: Adjusted(2): $4,853 MM; +7% $4,844 MM; +10% PTPP(3) Reported: $4,074 MM; +20% Adjusted(4): $4,272 MM; +12% Efficiency Ratio(4) Reported: 54.4% Adjusted (5): 53.1% Positive operating leverage and continued discipline in cost management Expense growth reflecting: - Higher variable compensation related to our strong performance - Expenses other than variable compensation up 4% with continued investments in: Talent Technology Brand PTPP growth of 12% Operating leverage of 1.2% (5) (1) Total revenues presented on a taxable equivalent basis and excluding specified items in Q4-20. This is a non-GAAP financial measure. See slides 2 and 35. (2) Excluding specified items in Q4-21 and the Q1-20 & Q4-20 comparable periods, which are non-GAAP financial measures. See slides 2 and 35. (3) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (4) On a taxable equivalent basis and excluding specified items in Q4-21 and the Q1-20 & Q4-20 comparable periods, which are non-GAAP financial measures. See slides 2 and 35. (5) On a taxable equivalent basis and excluding specified items. This is a non-GAAP ratio. See slide 2. 8 |#9STRONG CAPITAL POSITION CET1 Ratio (1) 0.46% 12.19% 0.06% (0.17%) (0.11%) 12.43% Strong CET1 ratio of 12.4% (2) while generating robust organic growth throughout the year RWA (Ex. FX) Acquisition of Flinks Other Q4 21 Q3 21 Net Income Ex. Flinks (Net of Div.) Risk-Weighted Assets (1) ($MM) $103,139 $222 $1,299 ($302) $104,358 ■ RWA growth in Q4 primarily driven by loan growth across all segments ■ Positive impact from rating migration (5 bps) Q3 21 Credit Risk Operational Risk Market Risk Q4 21 (1) Represents a capital management measure. See slide 2. (2) Ratio takes into account the transitional relief measures granted by OSFI in the context of COVID-19 (12.3% excluding ECL transitional relief measures). For additional details regarding relief measures introduced by the regulatory authorities, see page 17 of the Bank's 2021 Annual Report to Shareholders. 9 |#10STRONG CAPITAL AND LIQUIDITY POSITIONS Capital and Capital Ratios (1) ($MM) Capital ☐ Our capital levels remain strong Q4 21 Q3 21 Q2 21 ☐ Total capital ratio of 15.9% CET1 $12,973 $12,574 $11,997 ■ Tier 1 $15,622 $15,221 $15,042 Total $16,643 $16,303 $16,153 TLAC (2) $27,492 $26,748 $25,576 Capital ratios CET1 12.4% 12.2% 12.2% Tier 1 15.0% 14.8% 15.2% Total 15.9% 15.8% 16.4% Leverage 4.4% 4.4% 4.4% TLAC(2) 26.3% 25.9% 25.9% TLAC (2) Leverage 7.8% 7.8% 7.5% Liquidity Coverage Ratio (1) 154% 154% 150% Net Stable Funding Ratio (1) 117% 123% 125% Strong liquidity ratios (1) Represents a capital management measure. See slide 2. (2) Total Loss Absorbing Capacity (TLAC). OSFI is requiring D-SIBS to maintain a minimum risk-based TLAC ratio of 24% (including the domestic stability buffer) of risk-weighted assets and a minimum TLAC leverage ratio of 6.75% by November 1, 2021. 10 |#11RISK MANAGEMENT William Bonnell Executive Vice-President Risk Management#12PROVISIONS FOR CREDIT LOSSES PCL Q4 2021 ($MM) 27 $110 19 19 1 -10 -9 $8 $20 $81 $100 $5 $2 52 $82 ($43) $65 $65 ($41) $34 $19 ($41) ($62) ($58) ($36) ($2) I POCI Performing Impaired Total (bps) Q4 Total PCL ■ PCL recovery of $41M (-9bps), reflecting continued strong portfolio performance Q4 PCL on Impaired Loans ■ $19M (4bps), new cyclical low ■ Recoveries in Commercial offset by provisions in FM related to one account. Continued low impaired PCLs in retail portfolios and USSF&I Q4 PCL on Performing Loans ■ Release of $58M (-13bps) driven by updates in portfolio quality and economic scenarios ■ Retail: $24M, reflects overall continued strong performance ■ Non-retail: -$37M, reflecting primarily updates in portfolio quality and economic scenarios ■ USSF&I: $3M, driven by portfolio growth in both Credigy and ABA FY 2021 Full Year PCL Impaired: 11 bps Performing: -9 bps FY 2022 Target range for impaired PCLs: 15 to 25 bps ($MM) Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Personal Commercial Wealth Management Financial Market 325 30 18 17 15 15 38 39 8 26 (2) 2 33 USSF&I 7 4 5 PCL on impaired 82 65 65 POCI (1) 8 10 2 ºེ་སྐུསཙྪ་ྒུ (3) (12) - 1 20 13 2 2 34 19 (36) (2) ☐ PCL on performing 20 6 (62) (41) (58) Total PCL 110 81 5 (43) (41) (1) Purchased or Originated Credit Impaired. 12#13ALLOWANCE FOR CREDIT LOSSES ACL Q4 21 ($MM) $769 Impaired $241 Performing $586 + 76% -6% $1,354 $1,309 $1,239 $1,169 Impaired $357 Impaired $382 Impaired $388 Impaired $379 Performing $1,051 Performing $977 Performing $938 Performing $879 POCI ($58) POCI ($54) POCI ($50) POCI ($87) POCI ($89) ACL Q1 20 ACL Q1 21 ACL Q2 21 ACL Q3 21 ACL Q4 21 (1) (1) Performing ACL includes allowances on drawn ($708M), undrawn ($143M) and other assets ($28M). Total Allowances ■ Declined by 6% ($70M) QoQ ▪ Remain ~52% above pre-pandemic level Maintaining prudent level of allowances in light of continued uncertainty Performing Allowances ■ Decline of 6% ($59M) QoQ ■ At $879M, remains just 16% below peak level Strong coverage of 4.8X LTM impaired PCLS and 2.8X 2019 impaired PCLS ■ Future level of performing allowances will be driven by the path of economic recovery, credit quality and volume growth ■ Cumulative release of 38% of pandemic build Impaired Allowances ■ Decrease $9M QoQ Coverage improved to 57% of Gross Impaired Loans (+1% QoQ) 13#14PRUDENT PROVISIONING IN UNCERTAIN ECONOMIC ENVIRONMENT Strong Performing ACL Coverage Performing ACL/LTM PCL on Impaired Loans 1.8x 3.8x 3.3x 2.8x 2.8x 2.8x 3.0x 4.8x Total Allowances Cover 7.9X NCOs Total ACL/LTM Net Charge-Offs 7.9x 6.4x 6.6x 5.9x 5.4x 4.7x 4.1x 2.6x Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Total Bank Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Total Bank Prudent Reserve Build Total PCL Less Net Charge-Offs ($MM) F2021 F2020 F2019 F2018 Strong Total ACL Coverage Total ACL/Total Loans (excl. POCI and FVTPL) Q4 21 Q3 21 Q4 20 Q1 20 Total Bank Reserve Build (Release) ($146) $596 $48 $5 Mortgages 0.20% 0.20% 0.21% 0.15% Credit Cards 7.35% 8.55% 10.06% 7.14% Total Retail 0.49% 0.52% 0.66% 0.53% Total Non-Retail 1.04% 1.13% 1.22% 0.58% Total Bank 0.72% 0.77% 0.90% 0.56% Note: Performing ACL includes allowances on drawn ($708M), undrawn ($143M) and other assets ($28M). 14#15GROSS IMPAIRED LOANS AND FORMATIONS Gross Impaired Loans (1) (GIL) ($MM) 49 45 42 39 36 $817 $757 $731 $699 $662 $467 $463 $470 $450 $406 $295 $242 $208 $193 $192 $55 $52 $53 $56 $64 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 USSF&I Retail Non-Retail GIL ratio (bps) Net Formations (2) by Business Segment ($MM) Q4 21 Q3 21 Q2 21 Q1 21 Q4 20 Personal 14 10 (8) (20) 35 Commercial (22) (22) (46) 27 67 Financial Markets (11) 12 63 (4) (10) Wealth Management 10 6 (1) (4) Credigy 2 4 6 6 13 ABA Bank 8 3 1 (1) 2 Total GIL Net Formations 1 7 22 7 103 ■ Gross impaired loans of 36bps ($662M), a decline of 3bps QoQ and 13bps YoY Continued low net formations (1) Under IFRS 9, impaired loans are all loans classified in stage 3 of the expected credit loss model. Those loans do not take into account purchased or originated credit-impaired loans. (2) Formations include new accounts, disbursements, principal repayments, and exchange rate fluctuation; net of write-offs. 15#16RETAIL MORTGAGE AND HELOC PORTFOLIO Canadian Distribution by Province (As at October 31, 2021) 54% 72% 28% Uninsured & HELOC ■Insured 5% ☐ ■ Insured mortgages account for 33% of the total RESL portfolio Distribution across product and geography remained stable Uninsured mortgages and HELOC in GTA and GVA represent 12% and 3% of the total portfolio and have an average LTV(1) of 49% and 47% respectively for each segment Uninsured mortgages and HELOC for condos represents 8% of the total portfolio and have an average LTV(1) of 56% Canadian Distribution by Mortgage Type 71% 7% 28% 6% 31% 29% 66% 43% 69% 34% 57% QC ON AB BC Other Provinces 52% 49% 66% 47% 52% Average LTV - Uninsured and HELOC(1) Canadian Uninsured and HELOC Portfolio Average LTV(1) Average Credit Bureau Score 90+ Days Past Due (bps) HELOC $26.6B(2) / 32% HELOC 49% Uninsured 54% $83.8B 792 781 6 14 (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 $17.8B are amortizing HELOC. Uninsured $29.8B / 35% Insured $27.4B / 33% 16 |#17APPENDICES#18APPENDIX 1 | FY 2021 TOTAL BANK RESULTS Total Bank Summary Results - FY 2021 ($MM, TEB) Adjusted Results (1) FY 21 FY 20 YoY Revenues 9,116 8,216 11% Non-Interest Expenses 4,844 4,413 10% Pre-Tax/ Pre-Provisions (2) 4,272 3,803 12% PCL 2 846 Net Income 3,184 2,216 44% Diluted EPS $8.98 $6.06 48% Reported Results FY 21 FY 20 YoY Revenues 8,927 7,927 13% Non-Interest Expenses 4,853 4,545 7% Pre-Tax/Pre-Provisions (2) 4,074 3,382 20% PCL 2 846 Net Income 3,177 2,083 53% Diluted EPS $8.96 $5.70 57% Key Metrics (3) FY 21 FY 20 YOY Avg Loans & BAs - Total 172,323 159,275 8% Avg Deposits - Total 236,229 207,381 14% Adjusted Efficiency Ratio 53.1% 53.7% -60 bps Return on Equity 20.8% CET1 Ratio 12.4% 15.8% 11.8% Strong business performance with revenues up 11%(1) and PTPP up 12% (1)(2) ■ Positive operating leverage ■ PCL recovery on continued strong portfolio performance - Maintaining prudent reserves (1.5x pre-pandemic levels) Industry-leading ROE (1) On a taxable equivalent basis and excluding specified items in Q4-21 and the Q1-20 & Q4-20 comparable periods, which are non-GAAP measures. See slides 2 and 35. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 18 |#19APPENDIX 2 | FY 2021 SEGMENT RESULTS P&C Banking ($MM) Wealth Management ($MM) FY 21 FY 20 YoY FY 21 FY 20 YOY Revenues 3,686 3,457 7% Revenues 2,169 1,859 17% Personal 2,228 2,148 4% Fee-Based 1,316 1,087 21% Transaction & Others Commercial 1,458 1,309 11% 405 330 23% Non-Interest Expenses 1,958 1,892 3% Net Interest Income Non-Interest Expenses 448 442 1% 1,277 1,125 14% Pre-Tax/Pre-Provisions 1,728 1,565 10% Pre-Tax/Pre-Provisions 892 734 22% PCL 6 517 PCL 1 7 Net Income 1,266 770 64% Net Income 655 535 22% 60.5% -160 bps Efficiency Ratio (%) 53.1% 54.7% -160 bps Efficiency Ratio (%) 58.9% Financial Markets USSF&I - ABA Bank and Credigy ($MM, TEB) ($MM) FY 21 FY 20 YoY FY 21 FY 20 YoY ABA Bank Revenues 2,146 2,054 4% Revenues 510 410 24% Global Markets 1,170 1,268 (8%) Non-Interest Expenses 173 171 1% C&IB 976 786 24% Pre-Tax/ Pre-Provisions 337 239 41% Non-Interest Expenses 880 812 8% PCL 26 21 Pre-Tax/Pre-Provisions 1,266 1,242 2% Net Income 251 192 31% PCL 10 239 Credigy Net Income 923 738 25% Revenues 486 406 20% Non-Interest Expenses 139 144 (3%) Efficiency Ratio (%) 41.0% 39.5% +150 bps Pre-Tax / Pre-Provisions 347 262 32% PCL (41) 59 Net Income 302 160 89% 19 |#20APPENDIX 3 | TOTAL BANK - Q4 21 RESULTS Total Bank Summary Results - Q4 2021 ($MM, TEB) Adjusted Results (1) Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 2,252 2,301 2,073 (2%) 9% Non-Interest Expenses 1,249 1,216 1,140 3% 10% ■ Revenues up 9% YoY(1) and PTPP up 8% YoY(1)(2) - Average loans up 11% YoY Pre-Tax / Pre-Provisions (2) 1,003 1,085 933 (8%) 8% - Average deposits up 13% YoY PCL (41) (43) 110 (5%) (137%) ■ Net Income 783 839 615 (7%) 27% Diluted EPS $2.21 $2.36 $1.69 (6%) 31% Efficiency Ratio (3) 55.5% 52.8% Return on Equity (3) 18.9% 21.3% 17.1% 55.0% +270 bps +50 bps Expenses up 10% YoY reflecting continued investments in talent and technology ▪ PCL recovery reflecting continued strong portfolio performance Reported Results Q4 21 Q3 21 Q4 20 QoQ YoY ◉ Revenues 2,211 2,254 2,000 (2%) 11% Diluted EPS of $2.21(1) Non-Interest Expenses 1,258 1,216 1,259 3% (0%) Pre-Tax/ Pre-Provisions (2) 953 1,038 741 (8%) 29% PCL (41) (43) 110 Net Income 776 839 492 (8%) 58% Diluted EPS $2.19 $2.36 $1.36 (7%) 61% Return on Equity (3) 18.7% 21.3% 13.7% Key Metrics (3) Q4 21 Avg Loans & BAS - Total Avg Deposits - Total CET1 Ratio Q3 21 180,631 174,252 162,092 246,206 237,162 217,953 12.4% 12.2% 11.8% Q4 20 QoQ YoY 4% 11% 4% 13% (1) On a taxable equivalent basis and excluding specified items in Q4-21 and the Q4-20 comparable period, which are non-GAAP financial measures. See slides 2 and 35. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 20#21APPENDIX 4 | PERSONAL AND COMMERCIAL BANKING P&C Summary Results - Q4 2021 ($MM) Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 945 937 881 1% 7% Personal 569 563 545 1% 4% Commercial 376 374 336 1% 12% Non-Interest Expenses 503 486 476 3% 6% Pre-Tax / Pre-Provisions 442 451 405 (2%) 9% PCL (38) 2 67 Net Income 353 330 249 7% 42% ☐ FY 2021 ☐ Strong growth on both sides of the balance sheet Q4 2021 Strong growth on both sides of the balance sheet, partly offset by margin pressure ■ Continued momentum in client activity across the franchise with other income up 12% YoY Expenses up 6% YoY - Salaries and commissions Brand and technology investments NIM down 5 bps QoQ Lower pre-payment fees due to seasonality and loan mix (strong growth in mortgages and insured CRE) P&C Net Interest Margin (1) Key Metrics Q4 21 Q3 21 Q4 20 QoQ YOY Avg Loans & Bas 133,294 128,996 118,994 3% 12% Personal 88,633 86,497 81,000 2% 9% ☐ Commercial Avg Deposits Personal 44,661 42,499 37,994 5% 18% - 80,639 78,052 72,208 37,100 37,012 35,441 3% 12% 5% Commercial NIM (%) Efficiency Ratio (%) PCL Ratio 43,539 41,040 36,767 2.06% 2.11% 2.19% (0.05%) 53.2% 51.9% 54.0% +130 bps (0.11%) 0.01% 0.22% 6% 18% (0.13%) -80 bps (1) NIM is on Earning Assets. 2.19% 2.18% 2.16% 2.11% 2.06% Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 21#22APPENDIX 5 | WEALTH MANAGEMENT Wealth Management Summary Results - Q4 2021 ($MM) Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 562 547 467 3% 20% ■ Fee-Based 357 339 281 5% 27% Transaction & Others 90 96 79 (6%) 14% Net Interest Income 115 112 107 3% 7% Non-Interest Expenses 337 322 284 5% 19% Pre-Tax/Pre-Provisions 225 225 183 23% PCL 1 1 Net Income 165 165 134 23% Key Metrics ($B) Q4 21 Q3 21 Q4 20 QoQ YOY Avg Loans & BAs 6.6 6.2 4.9 5% 34% Avg Deposits 33.7 33.2 35.8 1% (6%) Assets Under Administration 651.5 630.0 509.1 3% 28% FY 2021 Outstanding year for Wealth, with PTPP up 22% Q4 2021 Strong revenue growth of 20% YoY and 3% QoQ - Transaction revenues down 6% QoQ due to lower insurance and securities lending activities; limited impact from $0 commission launch ■ AUA up 28% and AUM up 34% YoY - Growth level significantly exceeding market appreciation; record net sales from the branch network, full-service brokerage and private banking Expenses up 19% YoY: - Higher variable compensation from revenue growth, including end-of-year adjustment Assets Under Management 117.2 112.9 87.6 4% 34% Efficiency Ratio (%) 60.0% 58.9% 60.8% +110 bps -80 bps - Continued investments in talent and technology - FY 2021 record-low efficiency ratio of 58.9% Assets Under Administration (1) ($MM) 509 Assets Under Management(1) ($MM) + 28% YoY 101 + 3% QoQ 15 + 34% YoY + 4% QoQ 1 7 17 3 12 652 117 113 117 652 630 42 88 Q4 20 Net Sales Market Q4 21 Q3 21 Net Sales Market Q4 21 Q4 20 Net Sales Market Q4 21 Q3 21 Net Sales Market Q4 21 22 (1) This is a non-GAAP measure. See slide 2.#23APPENDIX 6 | FINANCIAL MARKETS Financial Markets Summary Results - Q4 2021 ($MM, TEB) Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 482 520 495 (7%) (3%) Global Markets 267 279 281 (4%) (5%) C&IB 215 241 214 (11%) Non-Interest Expenses 206 221 185 (7%) 11% Pre-Tax/Pre-Provisions 276 299 310 (8%) (11%) PCL (7) (10) 27 Net Income 208 227 208 (8%) FY 2021 Solid performance for FM after record revenues in previous year Q4 2021 ■ Revenues down 3% YoY Global Markets: Strong activity in Structured Products offset by lower client activity in fixed income (against strong Q4/20) C&IB: Solid performance capping off a record year Expenses up 11% YoY Lower non-interest expenses in Q4/20 from compensation adjustment Continued investments in IT and talent Expense level remains low, with an industry-leading efficiency ratio Global Markets Revenues Other Metrics Q4 21 Q3 21 Q4 20 QoQ YOY - Avg Loans & BAS (1) 18,834 18,334 18,589 3% 1% Efficiency Ratio (%) 42.7% 42.5% 37.4% +20 bps +530 bps Financial Markets Revenues ($MM) ($MM) 396 598 577 567 355 64 520 495 503 495 299 302 38 482 289 281 458 202 222 24 19 269 279 267 30 105 298 196 201 214 241 78 169 215 59 85 126 114 179 116 32 24 34 84 58 99 396 227 355 197 201 299 289 302 281 269 279 267 174 157 171 175 148 138 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Global Markets C&IB ■ Equity Fixed income ■Commodity and Foreign exchange Q2 21 Q3 21 Q4 21 23 (1) Corporate Banking only.#24APPENDIX 7 | US SPECIALTY FINANCE & INTERNATIONAL USSF&I Summary Results - Q4 2021 ABA Bank FY 2021 ■ Continued growth with revenues up 24% Q4 2021 Continued growth with revenues up 25% YoY, loans up 34% and deposits up 27% ■ Solid credit position: well-diversified portfolio, 98% secured ($MM) ABA Bank Summary Results Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 139 131 111 6% 25% Non-Interest Expenses 45 42 41 7% 10% Pre-Tax/Pre-Provisions 94 89 70 6% 34% " PCL 3 10 5 Net Income 72 62 51 16% 41% Avg Loans & Receivables 5,890 5,340 4,395 10% 34% Avg Deposits 7,351 6,773 5,791 9% 27% Efficiency Ratio (%) 32.4% 32.1% 36.9% Number of clients ('000) 1,360 1,237 967 Credigy Summary Results Q4 21 Q3 21 Q4 20 QoQ YOY Revenues 100 116 122 (14%) (18%) Non-Interest Expenses 30 36 38 (17%) (21%) Pre-Tax / Pre-Provisions 70 80 84 (13%) (17%) PCL - (45) 12 Net Income 55 99 57 (44%) (4%) Q4 2021 Avg Assets C$ 7,829 7,381 7,602 6% 3% Avg Assets US$ 6,238 5,992 5,748 4% 9% Efficiency Ratio (%) 30.0% 31.0% 31.1% (1) Gain on sale of portfolio of $26MM accounted for in Q1-21. Credigy FY 2021 ■ Record results supported by strong portfolio performance and opportunistic sale of a portfolio(1) ■ Asset growth picking up: 4% QoQ; 9% YoY Momentum to continue through FY 2022 ■ PTPP down YoY: Performance fees to partners on over performing portfolios Unfavourable FX 24#25APPENDIX 8 | OTHER Other Segment Summary Results - Q4 2021 ($MM, TEB) Adjusted Results (1) Q4 21 Q3 21 Q4 20 Revenues 21 49 (2) Non-Interest Expenses 127 108 115 Pre-Tax/Pre-Provisions (2 (106) (59) (117) PCL (2) Pre-Tax Income (106) (59) (115) Net Income (72) (44) (82) - Higher revenues YoY: Gain on remeasurement of Flinks and gains on investments reflecting favorable markets; partly offset by FV measurement of interest in AfrAsia ■ Non-interest expenses up YoY: Higher compensation and benefits Reported Results Q4 21 Q3 21 Q4 20 Revenues 21 49 (26) Non-Interest Expenses 136 108 234 Pre-Tax/ Pre-Provisions (2) (115) (59) (260) PCL (2) Pre-Tax Income Net Income (115) (79) (59) (258) (44) (205) (1) Excluding specified items in Q4-21 and the Q4-20 comparable period, which are non-GAAP measures. See slides 2 and 35. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. 25 25#26APPENDIX 9 | ROBUST VOLUME GROWTH ACROSS THE BANK Average Loans and BA's ($B) 2-Yr CAGR: 8.9% Average Deposits ($B) 2-Yr CAGR: 12.5% 180.6 174.3 246.2 237.2 162.1 8.5 8.2 218.0 152.4 13.5 7.8 12.5 194.5 6.8 11.8 18.8 9.3 18.3 6.6 18.6 6.2 17.0 4.9 4.8 168.7 176.9 42.5 44.7 151.5 38.0 37.5 132.4 77.0 81.0 86.5 88.6 62.1 66.5 68.5 69.3 Q4 19 ■ Personal Banking Q4 20 (1) ■Financial Markets Q3 21 Q4 21 Q4 19 Q4 20 Q3 21 Q4 21 ■Retail Non-Retail ■Commercial Banking Wealth Management ■USSF&I (2) ■ Other CAGR QoQ YOY (2-Yr) QoQ YOY Avg Loan Growth 3.7% 11.4% 8.9% Avg Deposit Growth 3.8% 13.0% CAGR (2-Yr) 12.5% Personal Banking 2.5% 9.4% 7.3% Retail 1.2% 4.2% 5.6% Commercial Banking 5.1% 17.5% 9.2% Non-Retail 4.9% 16.8% 15.6% Wealth Management 5.2% 34.1% 16.6% Financial Markets 2.7% 1.3% 5.4% USSF&I 7.5% 14.0% 20.2% (1) Corporate banking only. (2) Average loans and receivables. 26|#27APPENDIX 10| STRONG GROWTH ON BOTH SIDES OF THE BALANCE SHEET IN P&C Average Loans and BA's ($B) 2-Yr CAGR: 7.9% Average Deposits ($B) 2-Yr CAGR: 11.8% 133.3 129.0 119.0 114.5 80.6 78.1 72.2 44.7 64.5 42.5 38.0 37.5 1.9 2.0 1.9 2.2 10.3 10.4 22 41.0 43.5 36.8 33.3 10.4 10.5 74.3 76.3 64.3 68.7 35.4 37.0 37.1 31.2 Q4 19 Q4 20 Q3 21 Q4 21 Q4 19 Q4 20 Q3 21 Q4 21 ■Mortgage loans Personal loans Credit cards ■Commercial Personal Commercial CAGR CAGR QoQ YOY QoQ YOY (2-Yr) (2-Yr) Average Loan Growth 3.3% 12.0% 7.9% Average Deposit Growth 3.3% 11.7% 11.8% Mortgage loans 2.6% 10.9% 8.9% Personal 0.2% 4.7% 9.1% Commercial 6.1% 18.4% 14.4% Personal loans 1.4% 0.2% (0.4%) Credit cards 4.4% 4.9% (6.1%) Commercial 5.1% 17.5% 9.2% 27|#28APPENDIX 11 | TOTAL LOAN PORTFOLIO OVERVIEW Loan Distribution by Borrower Category ($B) Retail Secured - Mortgage & HELOC Secured Other (1) Unsecured Credit Cards Total Retail As at October 31, 2021 % of Total ■ Secured lending accounts for 95% of Retail loans ☐ Indirect auto loans represent 1.7% of total loans ($3.1B) ■ Limited exposure to unsecured retail and cards (3% of total loans) Non-Retail portfolio is well-diversified 89.0 49% 10.9 6% 3.7 2% 1.9 1% 105.5 58% ☐ Non-Retail Real Estate and Construction RE 18.2 10% Agriculture 7.4 4% Other Services 5.9 3% Retail & Wholesale trade 5.6 3% Manufacturing 5.5 3% Utilities 5.4 3% Finance and Insurance 5.0 3% Oil & Gas and Pipeline 4.3 2% Oil & Gas 1.8 1% Pipeline & Other 2.5 1% Other(2) 20.4 11% Total Non-Retail 77.7 42% Purchased or Originated Credit-Impaired Total Gross Loans and Acceptances 0.5 0.3% 183.7 100% (1) Includes indirect lending and other lending secured by assets other than real estate. (2) Includes Mining, Transportation, Professional Services, Construction Non-Real Estate, Communication, Government and Education & Health Care. 28 28#29APPENDIX 12 | REGIONAL DISTRIBUTION OF CANADIAN LOANS Prudent Positioning (As at October 31, 2021) Oil Quebec Ontario Regions (1) Maritimes (2) and BC/MB Territories Total Within the Canadian loan portfolio: ■ Limited exposure to unsecured consumer loans (3.1%) ■ Modest exposure to unsecured consumer loans outside Quebec (0.6%) ■ RESL exposure predominantly in Quebec Retail Secured 27.4% 14.0% 4.5% 3.4% 1.1% 50.4% Mortgage & HELOC Secured 2.7% 1.4% 0.5% 0.6% 0.3% 5.5% Other Unsecured 2.5% 0.3% 0.1% 0.1% 0.1% 3.1% and Credit Cards Total Retail 32.6% 15.7% 5.1% 4.1% 1.5% 59.0% Non-Retail Commercial 18.9% 4.7% 1.7% 2.0% 0.7% 28.0% Corporate Banking and Other (3) 3.6% 5.2% Total Non-Retail 22.5% 9.9% 4.3% 3.2% 2.6% 1.2% 0.4% 13.0% 1.1% 41.0% Total 55.1% 25.6% 9.4% 7.3% 2.6% 100.0% (1) Oil regions include Alberta, Saskatchewan and Newfoundland. (2) Maritimes include New Brunswick, Nova Scotia and P.E.I. (3) Includes Corporate, Other FM and Government portfolios. 29 29#30APPENDIX 13 | LIMITED EXPOSURE TO COVID-19 MOST IMPACTED INDUSTRIES ■ Exposure to COVID-19 key impacted sectors remains modest at 3.1% of total gross loans Gross Loans ($MM) % of Book Non-Food / Non-Pharmacy Retailers Car Dealerships $551 0.3% Other Retailers $476 0.3% Essential Services Retailers $454 0.2% ■Increase of 4% QoQ / Typically secured by real estate / Strong recovery in car sales ■Decrease of 6% QoQ / Diversified customer base / Around 20% in apparel ■Decrease of 2% QoQ / Majority of exposure is secured / No loan under moratorium Hospitality and Entertainment Entertainment $440 0.2% ■Decrease of 11% QoQ / 55% in professional sports teams which are 66% IG Hotels $380 0.2% ■Increase of 7% QoQ / Remained disciplined in sector / Secured portfolio with conservative LTV and branded assets Restaurants $173 0.1% ■Decrease of 8% QoQ / Maintained a low risk appetite for the sector throughout the years / 60% IG Air Transportation and Aeronautics Aviation $472 0.3% ■Increase of 2% QoQ / 17% related to airports and airport operations Aeronautics $23 0.0% Auto and Auto Parts Manufacturing $196 0.1% Retail Real Estate Diversified REITS $606 0.3% Commercial Retail $1,940 1.1% ■Constrained portfolio growth in recent years ■ Primarily IG REITs with good liquidity and continued access to capital markets ■More than 90% with street access / about 50% of leases with essential services tenants 30 30 |#31APPENDIX 14 | OIL & GAS AND PIPELINES SECTOR O&G Producers and Services Exposure Gross Loans in $MM and % of Total Loans $3,956 3.7% 54% reduction in outstanding loans Q1 15 O&G and Pipeline sector Total Gross Loans of $4.3B as at October 31, 2021 $1,807 1.0% Q4 21 ■ ☐ O&G producers and services exposure significantly reduced - 54% reduction in outstanding loans: down from $4B in Q1/15 to $1.8B in Q4/21 (vs $1.9B in Q3/21) Reduction as a % of total loans: down from 3.7% in Q1/15 to 1.0% in Q4/21 Canadian focused strategy, minimal direct US exposure Overall O&G and Pipeline portfolio refocused from mid-cap to large cap - Producers share declined from 82% in Q1/15 to 37% in Q4/21 53% of the portfolio is Investment Grade (as of Q4/21) Very modest indirect exposure to unsecured retail loans in the oil regions (~0.1% of total loans) 4% 5% 5% 5% IG: 100% IG: 17% ■ 9% IG: 67% 53% 82% Producers share declined to 37% IG: 31% 37% Q1 15 Q4 21 ■ Producers ■Midstream Services ■Refinery & Integrated 31#32APPENDIX 15 | COMMERCIAL REAL ESTATE PORTFOLIO (As at October 31, 2021) Total CRE Portfolio $14.4B (7.8% of total loans) Commercial Banking share $12.8B (7.0% of total loans) Corporate Banking 11% Commercial Banking Industrial 89% 5% Office 12% Other 21% Retail 15% Total CRE Portfolio of $14.4B ☐ Corporate Banking accounts for 11% of portfolio, primarily public REITs, well diversified across sectors Commercial Banking accounts for 89% of portfolio Drill down on Commercial Banking CRE: Residential 47% Geographic Distribution (Commercial Banking CRE) 64% 15% 8% 8% 5% QC ON BC Other Provinces AB Residential (3.3% of total loans – up $0.3B) ◉ - Insured loans accounted for all growth QoQ Insured portfolio now represents 50% - ◉ LTV on uninsured ~61% Retail (1.1% of total loans – down $0.2B) ■ - Share of portfolio reduced by 6% YoY ☐ Portfolio LTV -59% ☐ ~50% of leases with essential services tenants Office (0.8% of total loans – stable) ☐ Share of portfolio reduced by 2% YoY Portfolio LTV -59% Long term leases (over 6 years) 32#33APPENDIX 16 | DAILY TRADING AND UNDERWRITING REVENUES VS. VAR ($MM) 25 25 20 20 15 15 10 150 0 August/2021 September/2021 October/2021 (5) (10) (15) Trading P&L Trading VaR 33#34APPENDIX 17 | RANGE OF MACROECONOMIC SCENARIOS - IFRS9 Canada Real GDP ($ Trillions) 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 Canada Unemployment Rate (%) 5432- 15 14 13 12 11 10 098765 Q2 20 Baseline (Oct. '21) Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Baseline (Jul. '21) Q3 24 Q4 24 Q3 24 Q4 24 NBC Macroeconomic Forecast: Q4/21 vs. Q3/21 (Full Calendar Years) Base Scenario C2021 C2022 C2023 Real GDP (Annual Average % Change) As at Jul. 31, 2021 6.0% 4.0% 2.2% As at Oct. 31, 2021 5.0% 4.0% 2.3% Unemployment Rate (Average %) As at Jul. 31, 2021 7.7% 6.3% 6.1% As at Oct. 31, 2021 7.7% 6.4% 6.2% Housing Price Index (Q4/Q4 % Change) As at Jul. 31, 2021 10.8% (1.5%) (0.9%) As at Oct. 31, 2021 16.0% 0.0% (1.2%) WTI (Average US$ per Barrel) As at Jul. 31, 2021 66 68 As at Oct. 31, 2021 67 68 88 65 88 65 S&P/TSX (Q4/Q4 % Change) As at Jul. 31, 2021 21.7% 3.0% 2.0% As at Oct. 31, 2021 24.0% 3.0% 2.0% BBB Spread (Average Spread %) As at Jul. 31, 2021 1.5% 1.6% 1.7% As at Oct. 31, 2021 1.5% 1.7% 1.8% Range of Alternative Scenarios (Oct. '21) Source: NBF Economics and Strategy. Macroeconomic assumptions are for calendar years. See pages 26, 182 and 183 of the Bank's 2021 Annual Report for additional information. 4 34 |#35APPENDIX 18 | RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($MM, except EPS) (2) (2) Q4 21 FY 2021 Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS Total Revenues Adjusted Results (1) 2,252 1,249 1,044 783 2.21 $ 9,116 Non- Income Interest Before Expenses Taxes 4,844 4,270 3,184 Net Income Non- controlling interest Diluted EPS 8.98 $ Taxable equivalent (41) (41) - (189) (189) Impairment losses on intangible assets 9 (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 1,258 994 776 2.19 $ 8,927 4,853 4,072 3,177 8.96 $ (3) (3)(4) Q4 20 FY 2020 Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS Adjusted Results (1) 2,073 1,140 823 615 12 1.69 $ Taxable equivalent (49) (49) 8,216 (265) 4,413 2,957 2,216 52 6.06 $ (265) Charge related to Maple 13 (13) (10) (0.03 $) Impairment losses on premises and 71 (71) (52) (0.15 $) 71 (71) (52) (0.15 $) equipment and on intangible assets Severance pay 48 (48) (35) (0.10 $) 48 (48) (35) (0.10 $) Foreign currency translation loss on disposal of subsidiaries (24) (24) (36) (10) (0.08 $) (24) (24) (36) (10) (0.08 $) Total impact (73) 119 (192) (123) (10) (0.33 $) (289) 132 (421) (133) (10) (0.36 $) Reported Results 2,000 1,259 631 492 2 1.36 $ 7,927 4,545 2,536 2,083 42 5.70 $ (1) On a taxable equivalent basis and excluding specified items, which are non-GAAP financial measures. See slide 2. (2) During the fourth quarter of 2021, the Bank recorded a $9 million ($7 million after-tax) in impairment losses on intangible assets related to technology developments. The charge is reflected in "Non-interest expenses" and accounted for under the "Other" heading of segment results. Please refer to pages 20 and 21 of the Bank's 2021 Annual Report for additional information. (3) All specified items recorded during the fourth quarter of 2020 are accounted for under the "Other" heading of segment results. The currency translation loss on disposal of subsidiaries is reflected in "Non-interest income". The impairment loss and severance pay are reflected in "Non-interest expenses". Please refer to pages 20 and 21 of the Bank's 2021 Annual Report for additional information. (4) During the first quarter of 2020, the Bank recorded charges of $13 million ($10 million after-tax) related to the company Maple Financial Group. The charges are reflected in "Non-interest expenses" and accounted for under the "Other" heading of segment results. Please refer to pages 20 and 21 of the Bank's 2021 Annual Report for additional information. 35 55#36Investor Relations Contact Information W: www.nbc.ca/investorrelations A [email protected] 1-866-517-5455 NATIONAL BANK OF CANADA