#1Canadian Banking Aris Bogdaneris Group Head, Canadian Banking ID23 The New Way Forward O#2Forward-looking statements From time to time, our public communications 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 (SEC), 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 2023 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," "aim," "achieve," "foresee," "forecast," "anticipate,” “intend," "estimate," "plan," "goal," "strive," "target," "project," "commit," "objective," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would," "might," "can" and "could" and positive and negative variations thereof. 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 and globally; 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; geopolitical risk; changes to our credit ratings; the possible effects on our business of war or terrorist actions and unforeseen consequences arising from such actions; technological changes and technology resiliency; 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, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; 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; anti-money laundering; disruptions or attacks (including cyberattacks) on the Bank's information technology, internet connectivity, network accessibility, or other voice or data communications systems or services; which may result in data breaches, unauthorized access to sensitive information, and potential incidents of identity theft; 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; climate change and other environmental and social risks, including sustainability that may arise, including from the Bank's business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; inflationary pressures; Canadian housing and household indebtedness; the emergence or continuation of widespread health emergencies or pandemics, including their impact on the global economy, 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 2023 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 2023 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2024 Priorities" 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.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov. 2#3KEY MESSAGES > > > We aim to be Canada's most trusted and data-driven bank with market-leading client advocacy, and sustainable growth in earnings¹ and return on equity² Doubling down on Canadian Banking, increasing our annual investment to drive ~50% of all-bank earnings¹ growth Focused on increasing primary clients across all business lines while gaining share in key product areas (e.g., deposits, payments, investments, insurance) and lowering our overall cost of funds Increase salesforce effectiveness among our Branch Advisors and Relationship Managers with a renewed focus on core foundational capabilities including sales specialization, pricing discipline, and performance management Continue digitizing key client journeys and processes and harnessing data to deliver more seamless and engaging experiences for our clients - with an emphasis on mobile Improve execution by accelerating agile delivery with cross-functional teams and horizontal end-to-end single point accountability Note: For footnoted information refer to slides 39 to 43 3#4Canadian Banking Today | Canadian Banking drives more than 40% of all-Bank earnings¹ and is our highest return business line with 21% return on equity 3.6 3.5 EARNINGS¹ $ Bn 2.5 4.2 4.8 ~11MM CLIENTS 2 4.0 +1.5 MM SINCE F18 F18 F19 F20 F21 F22 F23 Note: For footnoted information refer to slides 39 to 43 F23 SNAPSHOT $12.8Bn REVENUE ~40% OF ALL-BANK 4% CAGR (F18F23) $446Bn LOANS 3 ~57% OF ALL-BANK 7% CAGR (F18 F23) $340Bn DEPOSITS4 ~ 36% OF ALL-BANK 9% CAGR (F18F23) 46% PRODUCTIVITY RATIO5 50BPS IMPROVEMENT SINCE F18 21% RETURN ON EQUITY 6 450BPS LOWER SINCE F18 4#5Canadian Banking Today | Meaningful size & scale with solid growth momentum ~19,000 TOTAL FTE OUR SIZE & SCALE F23 BUSINESS MIX LOANS 3 DEPOSITS4 ~950 2% 14% BRANCHES 18% ~3,800 BRANCH SALES STAFF ~3,700 ABMS $446Bn ~600 COMMERCIAL SALES STAFF1 4MM+ ACTIVE MOBILE USERS REVENUE GROWTH RETAIL ~950 SME SALES STAFF Note: For footnoted information refer to slides 39 to 43 ~16MM CONTACT CENTRE INTERACTIONS2 $340Bn 52% 34% 80% (F18F23) (F23 Y/Y) 2% 6% BUSINESS BANKING 10% 9% TANGERINE 15% 38% 5#6Canadian Banking Today | Clear gaps, with a big opportunity to grow primacy, accelerate digital, and improve sales productivity MARKET SHARE RANKING OUR STARTING POINT IN F23 Retail Business 5th 4th 3rd 2nd 1st Mortgages 1,2 ด 28% Retail client primacy 10 ~30% vs. 40%+ global best-in class 11 Financial advisors to total retail staff 10,12 Auto Finance³ Retail Deposits 1,2 Credit Cards 1,2 Branch Distribution of Mutual funds4 Insurance5 Personal Loans 1,2,6 SME7,8 Commercial7,9 169 ด ด ด טט 5 ด Opportunity to accelerate high RoE businesses with a focus on value Note: For footnoted information refer to slides 39 to 43 Core digital 23% sales units 10,13 ~30 vs. ~28% Canadian avg. and 60%+ global digital leaders 25% Communications personalized 10 vs. 70%+ global digital leaders Contact centre service FTE per 100k clients 10 vs. ~10 global digital leaders Branch FTE per ~120 100k clients 10 vs. ~120 Canadian avg. and 12% Share of non-deposit revenue14 at Tangerine ~20% ~60 global digital leaders Agile adoption 10,15 vs. 100% global digital leaders 6#7Canadian Banking Today | Recent successes to build upon¹ > > $ Deposits & Primacy +$34Bn in Retail deposits over the past 24 months supported by an improved everyday banking engine More than 4MM new Scene+ members since Empire launch, and 38% of Scene+ members have a Scotiabank product² 200,000+ net new primary clients per year since F21, including more than 40% of clients who are New to Canada > ☆ Deepening Relationships 70% of originations through the broker channel include additional products following the launch of our Mortgage+ bundle in September Record card acquisition and 12% increase in credit card transactions over the last 12 months Strong momentum in Business Banking; ~$5Bn in referrals with Wealth in F23 > Digital & Client Satisfaction 17% increase in digital adoption since F20 from investments in personalization, digital, and client-centric digital experience design Tangerine won #1 Midsized bank in the 2023 J.D. Power Personal Banking Satisfaction Study for a 12th year in a row while delivering strong earnings³ Note: For footnoted information refer to slides 39 to 43 7#8Our New Way Forward 8#9Our Differentiators | Unique strengths that will increasingly support our new strategy UNLOCKING THE FULL VALUE OF TANGERINE HARNESSING THE POTENTIAL OF SCENE+ Tongerine Tangerine Scene LEVERAGING OUR INTERNATIONAL FOOTPRINT Tangerine's strong brand & market-leading NPS¹ can capture primacy, sticky deposits, & higher lending balances Growing value in the Scene+ ecosystem to be converted into higher loyalty and cross-sell for our clients Scalable multi-function campuses and opportunity to leverage best practices on digital delivery from outside Canada Note: For footnoted information refer to slides 39 to 43 6#10Our Strategy | We have defined clear strategic priorities enabled by core foundational capabilities CORE FOUNDATIONAL CAPABILITIES STRATEGIC PRIORITIES {2} Win as one team • Continue leveraging cloud, Al, and 3rd party partnerships Integrate data, analytics, marketing, and sales Deliver the Whole Bank Data deployment & analytics Sales & channel effectiveness Pricing excellence E2E digitization Culture & agile way of working Grow and scale in priority businesses Deepen digital capabilities to grow deposits, funds, cards, and insurance Increase sales competencies and capacity Realize the full value of Tangerine Earn primary client relationships Make it easy to do business with us Increase personalized value propositions Harness the full potential of Scene+ • Deliver a seamless client experience across channels • Simplify and digitize . client journeys • Expand cash mgmt. and payroll capabilities . Increase straight • through processing 110 10#11Execution | We are materially increasing our investment budget across six key business priorities WE ARE FOCUSING OUR INVESTMENT... ... TO ACCELERATE EXECUTION AGAINST OUR KEY PRIORITIES +50% More investment in Canadian Banking through F281 Total investment exceeding $500MM over the next 12-18 months & Personalization (e.g., Client Personalization Platform, Salesforce) Mobile Capabilities (e.g., streamlined multi-product onboarding) End-to-End Digitization (e.g., nCino, onboarding, Smart Investor, Al-enabled Chatbot) >60% Of total investment focused on our key strategic priorities Data Platforms & Analytical Models (e.g., leads/front line insights, digital risk engine) Salesforce Effectiveness & Footprint (e.g., virtual advice capabilities, branch footprint optimization) Cards & Payments (e.g., payment modernization, issuing cards to digital wallet) Note: For footnoted information refer to slides 39 to 43 Leveraging these investments across our footprint, to develop global platforms where appropriate 11#12Risk | Continue to enhance focus on balanced risk-return HISTORICAL FOCUS ON VOLUME • Heavy reliance on monoline indirect relationships driving revenue at lower margins STRATEGIC METRICS • Focus on driving volume through secured lending products • • Foundational investments in AML and Compliance capabilities GO-FORWARD FOCUS ON BALANCED RISK-RETURN Driving growth in higher risk-adjusted margin portfolios • Focus on capturing client primacy driving higher margin and deposit growth • Continued focus on investments in AML/Compliance, with new investments in collections, data, fraud, and cyber prevention Note: For footnoted information refer to slides 39 to 43 2.4% risk-adjusted margin¹ ~40 bps increase over F23 12#13Our Ambition | Canada's data-driven bank with market-leading client advocacy, driving sustainable earnings growth EARNINGS GROWTH2, $Bn CAGR REVENUE LOANS AND ACCEPTANCES DEPOSITS Note: For footnoted information refer to slides 39 to 43 4.0 9%+ CAGR F23 F28 F23-F28 8%+ 5%+ 8%+ MEDIUM-TERM FINANCIAL OBJECTIVES1 9%+ EARNINGS GROWTH2 5-YEAR CAGR ~24% RETURN ON EQUITY vs 21% in F23 2.4% RISK ADJUSTED MARGIN vs 2.0% in F23 ~44% PRODUCTIVITY RATIO vs 46% in F23 13#14Our New Way Forward Retail Banking 14#15Our Ambition | Increase primary clients and accelerate earnings growth by additional investment in analytics, mobile and digitization RETAIL GROWTH OBJECTIVE (REVENUE, $Bn) ~8.7 F23 7%+ CAGR Note: For footnoted information refer to slides 39 to 43 F28 MEDIUM-TERM STRATEGIC METRICS +1MM Primary Clients 35% of total clients vs. 28% today +$85Bn Retail Deposits & Investments vs. +$60 Bn from F18 - F23 30%+ Revenue from Digital & Virtual Sales¹ From ~10% today ~10% Fee Growth CAGR from Cards, Funds and Insurance 15#16Earn Primary Clients | Adding IMM new primary clients' by F28 to reach 35% primacy 5-year primary client objective... FROM ~28% ΤΟ 35% SOURCES OF PRIMARY GROWTH ... by personalizing value propositions and rewarding loyalty at key stages of the client lifecycle }}} ACQUIRE Penetrating ~40% Existing Client Base Grow key primary New to Canada ~40% Scene ~20% ENGAGE RETAIN segments: New-to-Canada, Students, Early Career Nudge near-primary² into primary and convert non-primary relationships Offer service excellence, and reward long-term, profitable clients for their loyalty 200,000+ new primary clients per year in F22 & F23 Primary clients generate ~2x more revenue, have ~2x more products, interact ~2x more and are ~5x more loyal Note: For footnoted information refer to slides 39 to 43 16#17Earn Primary Clients | Our New-to-Canada and Scene+ ecosystems are growing and creating more value for our clients and more primary relationships for the Bank NEW-TO-CANADA HIGHLIGHTS ~80% of Canadian population growth is driven by immigration, presenting an opportunity to earn primacy among New-to-Canada clients 3x growth in New-to-Canada clients as a proportion of New-to-Bank acquisition (since F21) +4MM increase in pre-arrival reach through our Moving2Canada partnership 2x higher initial credit limits through our Nova Credit partnership +30% New-to-Canada clients outpacing immigration growth (since F21) Scene HIGHLIGHTS Scene+ membership and engagement has grown rapidly driving higher engagement and deeper relationships with clients 14MM+ Scene+ members +44% growth in membership since Empire launch¹ 85%+ new enrollments via partner locations² +1.2MM new Scotiabank Scene+ payment products since Empire launch Become Canada's Bank for New-to- Canada clients F28 OBJECTIVES 25%+ Acquisition share of New-to-Canada clients 50%+ Growth in the New- to-Canada client base by F28 2x Scene+ Payment Cards F28 OBJECTIVES $15Bn+ in New Balances Fully Harnessing our Rich Scene+ Data Note: For footnoted information refer to slides 39 to 43 17#18Make it Easy | Delivering a more seamless experience for our clients on mobile THE MOBILE FLYWHEEL Purchases Engagement Traffic ① Data Scotia. Smart Investor What are you saving for? Retirement Home Ownership Education Major Purchase Insights Emergency Fund A Custom Goal Note: For footnoted information refer to slides 39 to 43 Create Goal Scotia. Smart Investor Cecilia Waters Get investment products that work for you Before we open your account, we're going to ask a few questions about your financial needs to make the best recommendations for you. F28 OBJECTIVES 25%+ Mobile Unit Sales From ~11% today Determine your investor profile Select your investment plan Purchase investment products 30%+ Digital & Virtual Sales by Revenue¹ From ~10% today Start- 18#19Make it Easy | Providing convenient support and advice across channels HIGH ASSIST (Contact Centre) Convenient support and advice, accessible anywhere, also catering to more complex needs F28 OBJECTIVES Scotiabank Global Business Services Colombia HIGH TOUCH (Branch) Personalized, high-quality, in-person advice for more complex client needs; diminishing transactions Scotiabank F28 OBJECTIVES ~15MM+ # of Al Assisted Interactions¹ From ~1MM today ~20 Contact Centre Service FTE per 100k Clients From ~30 today +25-30% Sales Volume Per Advisor Note: For footnoted information refer to slides 39 to 43 3446 Yonge St Toronto 60%+ Sales FTE / Total Branch FTE From ~50% today 19 11:#20age and ir Make it Easy | Expanding sales coverage and improving salesforce effectiveness KEY LEVERS TO ACHIEVE F28 OBJECTIVE SALESFORCE EFFECTIVENESS & PRICING Leverage analytics to optimize pricing, provide higher quality sales leads, and improve overall sales performance +25-30% Sales Volume per Advisor VIRTUAL & MOBILE EXPANSION Expand sales coverage by scaling our Virtual and Mobile capabilities especially client onboarding 30%+ Revenue from Digital & Virtual Sales¹ NETWORK OPTIMIZATION Optimize physical footprint and increase the number of "branch-based specialists" 10-15% Reduction in Real Estate Note: For footnoted information refer to slides 39 to 43 SALESFORCE EFFECTIVENESS OBJECTIVE Retail Banking Revenue² / FTE³ 30-40%+ F23 F28 20 20#21Our New Way Forward Commercial Banking 21#22Our Progress | We have made solid progress against commitments to grow Commercial Banking IN 2020, WE COMMITTED TO... SINCE 2020, WE HAVE... Expand our salesforce to close the gap with peers, with emphasis on high-value markets › Added over 200 sales FTE to outgrow our competitors, particularly in Quebec & BC Deepen client relationships through tailored, specialized advice > Developed several industry specializations, outgrowing competitors in our focus areas > More than doubled our referrals with Wealth since F19 Invest in core platforms to digitize and simplify sales processes › Developed a fully integrated Commercial banking platform system with plans to digitize onboarding 22#23Our Ambition | Earnings growth driven by higher salesforce productivity, increasing penetration in underserved markets BUSINESS BANKING GROWTH OBJECTIVE1 (REVENUE, $Bn) ~3.3 F23 8%+ CAGR Note: For footnoted information refer to slides 39 to 43 F28 MEDIUM-TERM STRATEGIC METRICS 2x Commercial Salesforce Effectiveness Double the time that RMs are spending with clients 10%+ Commercial Banking Non-Interest Revenue Growth (ex. Bankers' Acceptances and Private Equity Gains) 100% of Commercial RMs having closed referrals² From ~40% today 30% Commercial Banking Client Primacy From 22% today 23#24Grow & Scale | Improving front-line sales effectiveness and increasing capacity in underserved areas will help us further scale We have invested in our core platforms... ... and intend to increase RM capacity in key focus areas salesforce Salesforce Best-in-class CRM serving as the foundation of our integrated platform nCino 3 Fully digitized commercial credit origination process PrecisionLender A Real-time pricing recommendations powered by machine learning 2 4 5 Priority Segments Technology Healthcare Logistics & Transport We will focus on sales effectiveness and increase resources in under-represented geographies and segments Public Sector¹ Our investments over the past three years will improve sales capacity and effectiveness 1 Quebec 2 Ontario 3 British Columbia Roynat Capital 4 Mid-Market 5 Payments & Cash Management 24#25Earn Primary Clients | Our approach to growing primary clients is multi-faceted GROW COMMERCIAL BANKING CLIENT PRIMACY IMPROVE SALESFORCE EFFECTIVENESS & PRICING Relationship focus & time spent with clients 2 Performance management, training, and incentives N Insight-driven analytics 22% Today 30% By F28 EXPAND COVERAGE & INDUSTRY SPECIALIZATIONS Payments, cash management & payroll banking Expand salesforce in underserved markets Multinational banking platform Primary clients have ~3x higher revenue, ~3x higher deposits, and ~5x higher non-lending revenue 25#26Our New Way Forward SME Banking 26#27Grow & Scale | Enhancing digital onboarding and lending capabilities driving growth in this highly profitable business COUR STARTING POINT ~450,000 CLIENTS Meaningful opportunity to build primacy and capture share with SME clients Lending (<$5MM) Market Share¹ 27% 11% Deposits (<$5MM) Market Share² 27% Best-in-Class Scotiabank Best-in-Class SCOTIABANK RANKED 5TH AMONG PEERS ~$11Bn LOANS ~$38Bn DEPOSITS 11% Scotiabank SCOTIABANK RANKED 4TH AMONG PEERS Note: For footnoted information refer to slides 39 to 43 Improving our margin as we capture share with a focus on value 27 27#28Make it Easy | Intensify focus on our foundation and digital to increase the overall contribution of the SME segment to our Canadian franchise F28 OBJECTIVES 30% SME Banking Client Primacy From 22% today 9%+ Loans 5-Year CAGR 6%+ Deposits 5-Year CAGR GROWTH LEVERS $ Salesforce Effectiveness Improved performance management, training, and incentives to help our advisors spend more time with and deliver more value to our clients Digital First Onboard and engage clients with simple, user-friendly digital channels integrated with partner ecosystems Expand Virtual Salesforce Grow our virtual salesforce to serve smaller clients more conveniently and at lower cost, and expand our reach across Canada to serve more remote clients Digitize Front-to-Back Processes Digitize processes and channels to improve productivity and straight through processing while streamlining client onboarding to improve client experience 28#29Our New Way Forward Tangerine 29#30Tangerine Today | With over 2MM clients, Tangerine has shown strong growth on the back of a strong digital foundation F18 Tangerine success to date... REVENUE GROWTH (F18-F23) 15% CAGR F23 Note: For footnoted information refer to slides 39 to 43 CLIENT & PRODUCT GROWTH (CAGR F18-F23) 13% Primary client growth 20% Credit cards growth ... made possible by its LEADING DIGITAL CAPABILITIES 96% Digital sales mix¹ 57% Mobile onboarding 4X peer avg. Mobile sales 6% Deposits growth (up to ~$47 Bn F23) 11% Investment AUM growth 2x peer avg. Client NPS 30 30#31The Differentiators | Highly differentiated business model primed to disrupt the competition and gain more clients and market share HIGHLY TRUSTED BRAND DIGITAL STRENGTH WITH MOBILE LEADERSHIP ATISFACT J.D.POWER TANGERINE BANK #1 Midsized bank in J.D. Power Personal Banking Satisfaction Study RELEVANT WITH GREAT VALUE SUPERB CLIENT EXPERIENCE LEADING PARTNERSHIPS Tangerine 0 G ~4x industry average for mobile sales Award-winning no-fee cash-back card ~5 minutes to complete client on-boarding High-profile partnerships driving acquisition 31 က#32Earn Primary Clients | Opportunity to increase engagement of our client base and diversify our revenue streams PRODUCT PENETRATION F18 F23 MARKET PENETRATION PENETRATION PENETRATION1 PRIORITY INITIATIVES Tangerine Chequing Accounts 36% vs. 52% vs. 94% VS. vs. 22% vs. 84% Credit Cards 10% VS. Investment Products 6% VS. 6% vs. 30% CLIENT ACQUISITION Leveraging our advanced digital marketing engine to attract substantially more clients Enhancing our product offerings and offer personalization to diversify our revenue base RELATIONSHIP DEEPENING Innovative investment solutions and digital advice to capture primacy and grow fees Provide tools and education to engage clients and help them make sound decisions MOBILE-FIRST APPROACH Lead with mobile as the primary channel to drive superior client experience for all sales & service Invest in technology and tools to leverage client data, remove pain points and advise clients 32#33Our Ambition | To continue to be Canada's leading digital bank with industry- leading client satisfaction TANGERINE GROWTH OBJECTIVE (REVENUE, $Bn) ~1.0 F23 Note: For footnoted information refer to slides 39 to 43 11%+ CAGR MEDIUM-TERM STRATEGIC METRICS 2x Client Acquisition vs. Big Five average¹ 75% Mobile Unit Sales From ~45% today ~35% Tangerine Client Primacy +500,000 and up from ~20% today +$30Bn Retail Deposits & Investments vs. +$14 Bn from F18 - F23 50%+ F28 Clients with 3+ Products From ~35% today 2x Non-Interest Revenue Growth ~20% CAGR 333 33#34Win as One Team 34 =4#35Deliver the Whole Bank | We intend to leverage all our "assets" to deliver the entire Bank to our clients Commercial Corporate SME $15-20Bn+ in annual referrals¹ by F28 International { Retail Wealth کام В KEY OPPORTUNITIES Promoting more referrals between Retail Banking, SME Banking, Commercial Banking, and Wealth Capturing share in Retail Mutual Funds and ETFs through an enhanced product shelf and digital advice Acquiring and deepening relationships with Professionals supported by our all-Bank offering including MD Financial Earning the retail primacy of our Commercial clients' employees supported by value-added offers Enhancing our shared Payments and Cash Mgmt. infrastructure to benefit the Whole Bank 35#36Execution | Leverage our experience in the Digital Factory to drive agile best practices across Canadian Banking and change how we execute WE HAVE FULLY INTEGRATED OUR DIGITAL FACTORY INTO THE BUSINESS... ... TO ACCELERATE AGILE DELIVERY ACROSS KEY CLIENT JOURNEYS... FUNCTIONAL DOMAINS Scotiabank DIGITAL FACTORY Note: For footnoted information refer to slides 39 to 43 322 CROSS-FUNCTIONAL SQUADS TO IMPROVE EXECUTION BUSINESS TECH RISK ETC.1 K DIGITAL ONBOARDING ~ PERSONALIZATION E2E CREDIT DIGITIZATION ETC.1 Cross Functional Teams Continuous Improvement Single Point Accountability Performance & Client Obsession 36#37Our Ambition | Medium-term objectives for Canadian Banking MEDIUM-TERM FINANCIAL OBJECTIVES1 Earnings growth 2, 5-Year CAGR Return on equity Risk-adjusted margin Productivity ratio Note: For footnoted information refer to slides 39 to 43 MEDIUM-TERM STRATEGIC METRICS 9%+ Canadian Banking primary client growth 1MM+ ~24% Deposit & retail investment growth, 5-Year CAGR 7%+ 2.4% Share of revenue from Digital & Virtual ~44% Closed referrals annually across Canadian Retail, Commercial, Wealth 30%+ $15-20Bn Retail competitive NPS Top NPS 37 2#38KEY TAKEAWAYS > > > We aim to be Canada's most trusted and data-driven bank with market-leading client advocacy, and sustainable growth in earnings¹ and return on equity Doubling down on Canadian Banking, increasing our annual investment to drive ~50% of all-bank earnings¹ growth Focused on increasing primary clients across all business lines while gaining share in key product areas (e.g., deposits, payments, investments, insurance) and lowering our overall cost of funds Increase salesforce effectiveness among our Branch Advisors and Relationship Managers with a renewed focus on core foundational capabilities including sales specialization, pricing discipline, and performance management Continue digitizing key client journeys and processes and harnessing data to deliver more seamless and engaging experiences for our clients - with an emphasis on mobile Improve execution by accelerating agile delivery with cross-functional teams and horizontal end-to-end single point accountability Note: For footnoted information refer to slides 39 to 43 38 88#39End Notes The Bank prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which form the Generally Accepted Accounting Principles (GAAP). In addition, the Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of these financial measures and ratios are presented on a Non-GAAP basis, meaning they are not calculated in accordance with GAAP, not defined by GAAP, do not have standardized meanings and therefore might not be comparable to similar financial measures and ratios disclosed by other issuers. The Bank believes that Non-GAAP measures and ratios are useful as they provide readers with a better understanding of how management assesses performance Across the Presentation • • Financials are on a full year reported basis unless indicated otherwise For further information on Interest Rate assumptions, see page 19 of Investor Day Financial Overview presentation Slide 3 1. Net income attributable to equity holders 2. Please refer to Non-GAAP Measures on pages 20-26 of Management's Discussion & Analysis in the Bank's 2023 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure and a quantitative reconciliation. Such explanation and reconciliation are incorporated by reference hereto Slide 4 1. Net income attributable to equity holders 2. Clients across Retail, Commercial, SME and Tangerine 3. Average Total Loans and Acceptances 4. Average Total Deposits 5. Please refer to pages 136-138 of Management's Discussion & Analysis in the Bank's 2023 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure 6. Please refer to Non-GAAP Measures on pages 20-26 of Management's Discussion & Analysis in the Bank's 2023 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure and a quantitative reconciliation. Such explanation and reconciliation are incorporated by reference hereto. Please refer to Non-GAAP Measures reconciliations starting on page 44 of this presentation. Slide 5 1. Includes Sales Staff & Sales Leaders 2. All assisted interactions including inbound calls, outbound calls, chat, etc. 3. Average Total Loans and Acceptances 4. Average Total Deposits 39#40End Notes Slide 6 1. Includes Tangerine 2. Based on quarterly financial disclosure of Big Five banks composed of Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC) 3. Auto finance market share ranking based on CBA data 4. Estimated ranking of mutual fund AuM in branch channel based on IFIC data, competitor disclosures, and internal financial information and analysis 5. Insurance market share based on all-bank insurance revenue sourced from 2023 annual reports of Big Five banks 6. In quarterly financial disclosures personal loans include auto lending 7. Based on quarterly financial disclosure of non-personal lending of Big Five banks 8. Based on deposit balances <$5MM, CBA data 9. Based on deposit balances $5-100MM, CBA data 10. Excludes Tangerine 11. BCG Retail and Wholesale Banking Excellence Benchmark 12. Total staff in Retail banking including branch, head office, operations, contact centre and SME teams 13. Core products include chequing, savings, credit cards, mortgage, personal loans, SLOC, and auto 14. As a % of Tangerine's F23 revenue 15. % of delivery work in agile as measured by spend Slide 7 1. All numbers stated on this page exclude Tangerine 2. 38% of all ~14MM Scene+ members have a Scotiabank product 3. Net income attributable to equity holders Slide 9 1. Net Promotor Score Slide 11 1. As compared to Investment from F18-F23 40 40#41End Notes Slide 12 1. The Bank believes that this measure is useful for readers as it measures the return the loan portfolio net of the provision for credit losses. Please refer to Non-GAAP Measures reconciliations starting on page 44 of this presentation. Refers to F28 objective for risk-adjusted margin. Slide 13 1. Medium-term means F28 for ROE, risk adjusted margin, and productivity 2. Net income attributable to equity holders Slide 15 1. In-year sales revenue generated through digital, self-serve (e.g., mobile, web) and virtual channels (e.g., virtual advisors) Slide 16 1. Primary clients are defined as clients for whom we meet their core banking needs, with ongoing usage of our products and services, and are engaged digitally 2. Near primary clients represent 30% of our client base that have a D2D account but do not meet the other criteria Slide 17 1. Empire Launch occurred Q4 F22 2. Includes enrollments through Scene+ Slide 18 1. In-year sales revenue generated through digital, self-serve (e.g., mobile, web) and virtual channels (e.g., virtual advisors) Slide 19 1. Examples of Al assisted interactions include: Chatbot (in place), virtual voice assistant, advisor knowledge assist, call summarization / insights, Al driven retention modelling, etc. 41#42End Notes Slide 20 1. In-year sales revenue generated through digital / self-serve (e.g., mobile, web) and virtual channels (e.g., meeting with an advisor remotely through video chat) 2. Includes total Retail Banking revenue generated through all channels, as a measure of overall retail sales effectiveness 3. FTE supporting Retail Banking Slide 23 1. Includes Commercial and SME 2. Completed referrals with other areas of the bank including Retail, Wealth, GBM, International, etc. Slide 24 1. Including municipalities, universities, schools and hospitals Slide 27 1. Based on lending balances <$5MM, CBA data 2. Based on deposit balances <$5MM, CBA data Slide 30 1. Core product sold digitally / total core product sold, Core sales are given as sales of chequing accounts, savings accounts, credit cards, mortgages, home equity loans, auto loans and unsecured personal loans Slide 32 1. Proportion of Canadian households with product (Environics) Slide 33 1. Big Five banks composed of Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC) 22 42#43End Notes Slide 35 1. Between Canadian Retail, SME, Commercial, Wealth and other business lines Slide 36 1. Includes Commercial and SME Slide 37 1. Medium-term means F28 for ROE, productivity, and risk adjusted margin 2. Net income attributable to equity holders Slide 38 1. Net income attributable to equity holders 43#44Reconciliation for Non-GAAP Financial Measures $MM (unless indicated otherwise) Reported average total assets¹ Less: Non-earning assets Average total earning assets¹ Less: Deductions Average core earning assets¹ Reported net interest income Less: Non-core net interest income Core net interest income F23 $MM (unless indicated otherwise) 449,555 Net Income Attributable to Common Shareholders 4,035 Average Common Equity 445,520 Return on Equity 29,273 416,247 9,756 9,756 Less: Provision for credit losses 1,443 Risk adjusted net interest income on core earning assets 8,313 Risk Adjusted Margin 2.00% 1. Average balances represent the average of daily balances for the period F18 3,527 13,681 25.8% 44