#1Investor Presentation First Quarter 2021 February 23, 2021 ⚫ Scotiabank#2Caution Regarding Forward-Looking Statements From time to time, our public communications often include oral or written forward- looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2020 Annual Report under the headings "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "foresee," "forecast," "anticipate," "intend," "estimate," "plan," "goal," "project," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would" and "could." By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward- looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2020 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 2020 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. 2#3Opening Remarks Very strong results across all business lines Growth in digital banking Brian Porter President & CEO Expense management discipline Strong capital position 3#4Q1/21 Financial Results Raj Viswanathan Group Head & CFO 4#5Q1 2021 Financial Performance $MM, except EPS Q1/21 Y/Y Q/Q Reported Net Income $2,398 3% 26% Pre-Tax, Pre Provision Profit $3,864 4% 12% • Diluted EPS $1.86 1% 31% Revenue $8,072 (1%) 8% • Expenses $4,208 (5%) 4% Productivity Ratio 52.1% (220 bps) (200 bps) Core Banking Margin 2.27% (18 bps) 5 bps PCL Ratio¹ 49 bps (12 bps) (24 bps) PCL Ratio on Impaired Loans¹ 49 bps (6 bps) (5 bps) Adjusted² Net Income $2,418 3% 25% Pre-Tax, Pre Provision Profit $3,892 5% 11% Diluted EPS $1.88 3% 30% Revenue $8,072 1% 8% Expenses $4,180 (2%) 4% • Productivity Ratio 51.8% (160 bps) PCL Ratio1 49 bps (2 bps) (150 bps) (24 bps) • PCL Ratio on Impaired Loans¹ 49 bps (4 bps) (5 bps) ADJUSTED NET INCOME² YEAR-OVER-YEAR ($MM) YEAR-OVER-YEAR HIGHLIGHTS Adjusted EPS² +3% (+30% Q/Q) Adjusted pre-tax, pre-provision profit² +5% (+11% Q/Q) Adjusted revenue² +1% (+8% Q/Q) o Net interest income² down 1%, or up 1% ex. divestitures o Non-interest income² up 3%, or 5% ex. divestitures Core banking margin -18 bps (+5 bps Q/Q) o Driven by higher liquid assets, lower margins in both International Banking and Canadian Banking and changes in business mix o Q/Q improvement driven by higher contribution from asset/liability management activities and higher margins in Global Banking and Markets and International Banking Adjusted expenses² -2%; Operating leverage of +3.0% Strong ROE of 14.4% ADJUSTED NET INCOME 2,3 BY BUSINESS SEGMENT ($MM) 85 124 7 +1% (101) (41) -32%4 +34% +20% 2,344 2,418 908 915 615 398 318 425 451 543 Q1/20 Net interest Non interest Income income PCLs Non-interest expenses Taxes Q1/21 Canadian Banking International Banking Global Wealth Management Global Banking and Markets 1 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Refer to Non-GAAP Measures on slide 37 for adjusted results Q1/20 Q1/21 5 3 Attributable to equity holders of the Bank 4Y/Y growth rate is on a constant dollar basis#6Strong Capital & Liquidity . . CET1 Ratio 12.2% +6 bps +10 bps -4 bps +27 bps 11.8% Q4 2020 Reported Earnings less dividends Organic RWA (ex. FX) Pension remeasurement Other (including FX) Q1 2021 Reported Internal capital generation Strong internal capital generation, net of organic growth in RWA Additional benefits from pension remeasurement and book quality improvements primarily in retail, partly offset by the impact of foreign currency translation Strong Liquidity Coverage Ratio (LCR) of 129% and Net Stable Funding Ratio (NSFR) of 115% 1 Includes ~22 bps benefit from OSFI's partial inclusion of stage 1 and 2 ECL 6#7Canadian Banking $MM Q1/21 Y/Y Q/Q Reported • Net Income¹ $911 7% 17% Pre-Tax, Pre Provision Profit $1,444 (2%) 5% Revenue $2,648 (2%) 3% Expenses $1,204 (2%) 2% PCLS $215 (33%) Productivity Ratio 45.5% (10 bps) (35%) (70 bps) • Net Interest Margin 2.26% (10 bps) PCL Ratio² 0.23% (13 bps) (14 bps) PCL Ratio on Impaired Loans² 0.23% (7 bps) (4 bps) . Adjusted³ • Net Income¹ $915 1% 17% Pre-Tax, Pre Provision Profit $1,450 (2%) 5% Expenses $1,198 (2%) 2% PCLS $215 (14%) (35%) Productivity Ratio 45.3% (10 bps) (70 bps) PCL Ratio² 0.23% (5 bps) (14 bps) PCL Ratio on Impaired Loans² 0.23% (6 bps) (4 bps) • YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income 1,3 +1% (+17% Q/Q) o Adjusted PCLs down 14% driven by lower retail delinquencies o Solid volume growth and lower expenses, offset by lower net interest income and non-interest income Revenue -2% (+3% Q/Q) 。 Net interest income +1% Q/Q o Non-interest income +9% Q/Q Adjusted expenses -2%; adjusted operating leverage +0.1% Loan growth of +4% o Residential mortgages +7% o Business loans +5% Deposit growth of +16% o Personal +12%, Non-personal +27% NIM-10 bps (flat Q/Q) o Driven by changes in business mix and Bank of Canada rate cuts 1,3 ADJUSTED NET INCOME ¹³ ($MM) AND NIM (%) 2.36% 2.33% 2.26% 2.26% 2.26% 908 915 782 481 433 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 1 Attributable to equity holders of the Bank 7 2 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on slide 37 for adjusted results#8Global Wealth Management $MM, except AUM/AUA Q1/21 Y/Y Q/Q Reported • Net Income¹ $418 37% 29% Pre-Tax, Pre Provision Profit $573 36% 31% Revenue $1,390 20% 19% Expenses $817 11% 13% PCLS $4 nmf nmf Productivity Ratio 58.8% (490 bps) (350 bps) AUM ($B) $314 5% 8% AUA ($B) $546 10% 9% Adjusted² Net Income¹ $425 34% 28% Pre-Tax, Pre Provision Profit • $582 34% 29% Expenses $808 12% 13% PCLS $4 nmf nmf • Productivity Ratio 58.1% (430 bps) (300 bps) AUM AUA +5% +10% YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income² +34% o Adjusted net income +14% excluding Q1/21 performance fees o Canadian wealth management +49% Revenue +20% driven by: o Performance fees³ o Higher brokerage fees from elevated iTRADE volumes o Higher mutual fund fees o Solid volume growth in Private Banking Adjusted expenses² +12% Adjusted operating leverage² was +8.2% Adjusted productivity ratio² improved 430 bps AUM +5% and AUA +10% o Driven by strong net sales and market appreciation ADJUSTED NET INCOME¹² ($MM) AND ROE² (%) Y/Y Y/Y 298 314 546 17.9% 292 -12% 497 502 38 109 43 38 Y/Y 98 107 +12% Y/Y 13.7% 13.8% 14.3% 14.3% 425 62 255 254 276 +8% 399 437 395 Y/Y +10% Y/Y 318 314 332 333 363 Q1/20 Q4/20 Q1/21 Canada Q1/20 Q4/20 International Q1/21 Q1/20 Q2/20 Q3/20 ■ Performance Fees Q4/20 Q1/21 1 Attributable to equity holders of the Bank 2 Refer to Non-GAAP Measures on slide 37 for adjusted results 3 The increase in performance fees was derived from substantial benchmark outperformance by certain investment funds. Less than 3% of total GWM Assets Under Management are eligible for performance fees 8#9Global Banking and Markets $MM Q1/21 Y/Y Q/Q Reported • Net Income¹ $543 46% 18% Pre-Tax, Pre Provision Profit $722 41% 15% Revenue $1,336 15% 10% • Expenses $614 (6%) 5% PCLS $20 (17%) (68%) Productivity Ratio 46.0% (1,000 bps) (220 bps) PCL Ratio² 0.08% (1 bp) (16 bps) • PCL Ratio Impaired Loans² 0.06% (8 bps) (7 bps) Adjusted³ • Net Income¹ $543 20% 18% • Pre-Tax, Pre Provision Profit $722 17% 15% • Revenue $1,336 5% 10% PCLS $20 11% (68%) • Productivity Ratio 46.0% PCL Ratio² 0.08% (550 bps) 1 bp (220 bps) (16 bps) 1 Attributable to equity holders of the Bank 2 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on slide 37 for adjusted results YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income³ +20% o Strong fixed income trading, M&A and equity underwriting Adjusted revenue³ +5% o Net interest income +10% o Non-interest income³ +4% Deposits +33% Expenses -6% Adjusted productivity ratio³ improved by 550 bps Adjusted operating leverage³ +11% PCL ratio² of 8 bps ADJUSTED NET INCOME ¹³ ($MM) AND ROE³ (%) 14.0% 15.4% 17.5% 14.6% 17.3% 600 523 543 451 460 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 9#10International Banking $MM Q1/21 Y/Y1 Q/Q¹ Reported Net Income² $389 (21%) 54% Pre-Tax, Pre Provision Profit $1,159 (7%) 4% Revenue $2,561 (10%) 1% Expenses $1,402 (11%) PCLS $525 (5%) (2%) (29%) Productivity Ratio 54.7% (100 bps) (120 bps) Net Interest Margin 4.03% (48 bps) PCL Ratio³ 149 bps (8 bps) 6 bps (58 bps) PCL Ratio Impaired Loans³ 150 bps 5 bps (8 bps) Adjusted 4 Net Income² $398 (32%) 47% Net Income - Ex Divested Ops.² $398 (24%) 47% Pre-Tax, Pre Provision Profit $1,172 (12%) 3% Expenses $1,389 (7%) (2%) PCLS $525 10% (29%) Productivity Ratio 54.2% 130 bps (60 bps) PCL Ratio4 149 bps 13 bps PCL Ratio Impaired Loans4 150 bps 13 bps (58 bps) (8 bps) 1Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics and change in bps are on a reported basis 2 Attributable to equity holders of the Bank 3 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 4 Refer to Non-GAAP Measures on slide 37 for adjusted results YEAR-OVER-YEAR HIGHLIGHTS1 Adjusted net income 2,4 excluding impact of divestitures -24% (+47% Q/Q) 。 PCLs up 11%, mainly from non-performing loan PCLs o Loan growth of 2% and deposit growth of 4% Q1/21 PTPP ex. divestitures down 7%; Pacific Alliance down 2%, or up 3% excluding impact of alignment of reporting period in Mexico in prior year (OML) Revenues ex. divestitures down 5% (+1% Q/Q) o Margin compression and lower non-interest income PAC revenues down 2% ex. Mexico OML (+1% Q/Q) NIM down 48 bps (+6 bps Q/Q) o Mainly driven by business mix changes, impact of liquidity and low interest rate environment Adjusted expenses ex. divestitures down 4%; adjusted Q1/21 operative leverage4 ex. divestitures of -1.2% o Up 0.4% ex. Mexico OML (+1% Q/Q) ADJUSTED NET INCOME 24 ($MM) AND NIM (%) 4.51% 615 59 4.28% 3.99% 3.97% 4.03% 398 283 556 197 53 398 1 283 197 52 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Ex. Divested Ops Divested Ops 10#11Other ADJUSTED NET INCOME (35) (64) (166) 1, 2, 3 ($MM) 8 47 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 • 1 Represents smaller operating segments including Group Treasury and corporate adjustments 2 Attributable to equity holders of the Bank 3 Refer to Non-GAAP Measures on slide 37 for adjusted results YEAR-OVER-YEAR HIGHLIGHTS Higher contributions from asset/liability management activities and higher investment gains QUARTER-OVER-QUARTER HIGHLIGHTS Higher contributions from asset/liability management activities 11#12Risk Review Daniel Moore Group Head & CRO 12 12#13Well Provisioned TOTAL ACLs ($MM) 7,820 7,810 7,403 -181 _182 220 6,079 1,957 1,994 5,095 -74 1,776 +53% 1,643 1,533 74 • 5,445 5,682 5,596 • 4,362 3,488 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Performing Loan ACLs Impaired Loan ACLS Other4 TOTAL PCLs ($MM) 1,2,3 AND PCL RATIO² 119 bps 136 bps 2,181 73 bps 51 bps 1,846 -2 149 2 49 bps 155 752 670 1,131 3 771 764 330 62 4 -18 250 1,278 215 20 1,019 736 503 525 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 International Banking Canadian Banking HIGHLIGHTS $7.8 billion in total ACLs, up $2.7 billion, or 53% since Q1/20 Performing loan ACLs increased 60% since Q1/20, or $2.1 billion Total ACLS represents ~12 quarters of net write- offs • · HIGHLIGHTS Total PCL ratio² of 49 bps decreased 2 bps Y/Y and 24 bps Q/Q The Q/Q improvement was driven by lower PCL on performing loans, mainly related to retail in International Banking driven by the more favourable macroeconomic outlook Global Banking and Markets Other³ 1 Includes provision for credit losses on debt securities and deposit with banks of $nil in Canadian Banking, $nil in International Banking (Q1/20: -$1 million, Q2/20: $1 million, Q4/20: -$1 million), $nil in Global Banking and Markets (Q3/20: $1 million, Q4/20: -$1 million), $nil in Global Wealth Management (Q3/20: -$1 million) and $nil in Other (Q1/20: $1 million, Q2/20: -$2 million, Q4/20: $2 million) 2 Refer to Non-GAAP Measures on slide 37 for adjusted results 3 Other includes provisions for credit losses in Global Wealth Management of $4 million (Q2/20: $2 million, Q3/20: $1 million, Q4/20: $3 million) 4 Includes ACLs on off-balance sheet exposures and ACLs on acceptances, debt securities and deposits with financial institutions 13 33#14PCLs - Impaired and Performing HIGHLIGHTS PCLs ($MM) Q1/20² Q2/20 Q3/20 Q4/20 | Q1/21 Total All-Bank Impaired 802 870 928 Performing (31)1 9761 1,2531 7711 1,8461 2,1811 1,1311 YEAR-OVER-YEAR 835 762 . 2961 21 7641 Canadian Banking O Impaired 258 313 317 238 214 Performing (8) 357 435 92 Total 250 670 752 330 215 International Banking Impaired Performing 508 531 573 561 528 (5)1 4881 705 1751 (3)1 Total 5031 1,0191 1,278 7361 5251 Lower PCLs driven mainly by lower performing PCLs. Total PCLs of $764 million was down 1% and 32% Q/Q Performing PCLs of $2 million increased from ($31) million last year, as COVID-19 pandemic impact on portfolio credit quality was mostly offset by the more favourable macroeconomic outlook Impaired PCLs of $762 million decreased 5%, reflecting lower retail provisions in Canadian Banking driven by lower delinquencies QUARTER-OVER-QUARTER • Impaired PCLs declined $73 million driven by lower commercial provisions across Canadian and International Banking and Global Banking and Markets Performing PCLs declined $294 million due to the more favourable macroeconomic outlook and stable credit quality Global Wealth Management Impaired Performing Total 1 1 1 11 2 2 11 3 €4 (1) 4 Global Banking and Markets Impaired 36 25 38 88 . 34 15 Performing (18) 130 1111 281 51 Total 18 155 1491 621 201 Other _1 _1 _1 _1 1 Includes provision for credit losses on debt securities and deposit with banks of $nil in Canadian Banking, $nil in International Banking (Q1/20: -$1 million, Q2/20: $1 million, Q4/20: -$1 million), $nil in Global Banking and Markets (Q3/20: $1 million, Q4/20: -$1 million), $nil in Global Wealth Management (Q3/20: -$1 million) and $nil in Other (Q1/20: $1 million, Q2/20: -$2 million, Q4/20: $2 million) 2 Refer to Non-GAAP Measures on slide 37 for adjusted results 14 14#15GILs and Net Write-Offs GILs1 ($MM) AND GILS RATIO1 81 bps 81 bps 84 bps 77 bps 78 bps 4,770 27 5,120 31 -285 5,148 26 5,053 5,279 26 39 -224 209 -302 218 1,106 1,222 1,209 1,067 1,049 3,419 3,582 3,704 3,676 3,949 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 HIGHLIGHTS GILs increased 11% Y/Y, primarily driven by higher formations in International Retail, partially offset by lower formations in Global Banking and Markets Improvement in Global Banking and Markets was driven by lower formations in Energy and in Real Estate and Construction sectors NET WRITE-OFFS ($MM)² AND NET WRITE-OFFS RATIO2,3 54 bps 47 bps 47 bps 41 bps 43 bps 827 27 732 750 1 13 33 674 632 256 25 26 265 266 201 227 HIGHLIGHTS Net write-offs³ decreased 19% Y/Y and decreased across all business lines Q/Q increase was driven by International Retail, partially offset by improvements in Canadian and International Commercial Banking 544 454 450 448 379 Q1/20 International Banking Q2/20 Q3/20 Q4/20 Q1/21 Canadian Banking Global Banking and Markets Global Wealth Management 1 As a percentage of period end loans and acceptances 2 Net write-offs are net of recoveries 3 As a percentage of average net loans and acceptances 15 15#16Closing Remarks Brian Porter President & CEO Very strong results across all business lines Growth in digital banking Expense management discipline Strong capital position 116 16#17Digital Progress: All-Bank • Enhanced All-Bank Digital metrics to include Active Digital Users, Active Mobile Users and Self-Serve Transactions • Canada: Growth in digital adoption as customers use self-service channels for daily financial transactions • Pacific Alliance: Strong increase in digital sales with improvement in digital account opening process in Mexico and Chile Digital Adoption (%)¹ +43.9% 7,524 7,591 +43.1% Active Digital Users (#'000)³ 6,316 6,728 5,276 50% 51% 43% 44% 36% 2018 2019 Q1/20 Digital Sales (%) 2018 2019 Q1/20 Q4/20 Q1/21 +70.1% Q4/20 Q1/21 5,903 6,052 Active Mobile 4,513 4,965 3,559 Users (#000) 2,3 2018 +93.0% 2019 Q1/20 Q4/20 Q1/21 42% +17.8% 36% 28% 30% 22% Self-Serve Transactions 74% 78% 80% 87% 87% (%)³ 2018 2019 Q1/20 Q4/20 Q1/21 2018 2019 Q1/20 Q4/20 Q1/21 1CB Digital Adoption definition updated to reflect new addressable customer base, excluding indirect-channel acquisitions 22018 and 2019 use historical estimation based on available mobile user data for Colombia and Chile 17 3 New Digital metric introduced Q1/21. Please see Appendix for additional definitions#18Appendix 18#19Net Income and Adjusted Diluted EPS Net Income ($MM) and Q1/20 Q4/20 Q1/21 EPS ($ per share) Net Income attributable to common shareholders $2,262 $1,745 $2,265 Dilutive impact of share-based payment options and others Quarterly diluted common shares outstanding may be impacted by dilutive effect of put options sold by the bank in the following legal entities: $27 $19 $41 - Colpatria Net Income attributable to common shareholders (diluted) $2,289 $1,764 $2,306 - BBVA Chile Canadian Tire Financial Services Weighted average number of common shares outstanding 1,214 1,211 1,212 (1) Dilutive impact of share-based payment options 33 35 25 and others Weighted average number of diluted common shares outstanding 1,247 1,246 1,237 Reported Basic EPS $1.86 $1.44 $1.87 Dilutive impact of share-based payment options and others $0.02) ($0.02) ($0.01) Reported Diluted EPS $1.84 $1.42 $1.86 Impact of adjustments on diluted earnings per share¹ ($0.01) $0.03 $0.02 Adjusted Diluted EPS $1.83 $1.45 $1.88 Refer to Non-GAAP Measures on Slide 37 for adjusted results 19#20Adjusting Items - Pre-Tax Adjusting Items (Pre-Tax) ($MM) Acquisition-Related Costs Day 1 PCL on acquired performing financial instruments Integration Costs Canadian Banking International Banking Global Wealth Management Amortization of Intangibles' Q1/20 Q4/20 Q1/21 - Canadian Banking International Banking Global Wealth Management 76 20 252520 71 27 26 12 10 9 64667 OF 16 28 11 8639 13 Other Allowance for Credit Losses - Additional Scenario 155 Canadian Banking 71 International Banking Global Wealth Management Global Banking and Markets Derivative valuation adjustments Global Banking and Markets Other Net Loss/(Gain) on Divestitures Impairment charge of software assets Total (Pre-Tax) 77 1 6 116 102 14 (262) 8 44 156 54 28 1 Excludes amortization of intangibles related to software (pre-tax) 20 20#21Adjusting Items - After-Tax and NCI Q1/21 After-Tax and NCI Q1/20 Q4/20 Tax NCI Adjusting Items (After-Tax and NCI) ($MM) Acquisition-Related Costs Day 1 PCL on acquired performing financial instruments Integration Costs Canadian Banking International Banking Global Wealth Management Amortization of Intangibles Canadian Banking International Banking Global Wealth Management Other Allowance for Credit Losses - Additional Scenario Canadian Banking International Banking - 20 2497 8242 7 2 41 15 37 12 4 20 19 4 9 7 108 52 51 1 4 85 75 10 23248 N | | | | 5 Global Wealth Management Global Banking and Markets Derivative valuation adjustments Global Banking and Markets Other Net Loss/(Gain) on Divestitures Impairment charge of software assets Total (After-Tax and NCI) (316) 32 1 Excludes amortization of intangibles related to software (after-tax) - (30) 39 8 20 21 21#22Other Items Impacting Financial Results (Pre-Tax) ($MM) Canadian Banking Branch real estate gains Total Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 International Banking One month reporting lag elimination 51 Impact of closed divestitures 74 1 Total 125 1 Global Wealth Management One month reporting lag elimination Impact of closed divestitures Performance fees 9133 Total Other Metals business charges (20) (217) SCENE loyalty program Total (20) (217) Total (Pre-Tax) 118 (217) 1 84 84 (66) (66) 18 (After-Tax and NCI) ($MM) Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Canadian Banking Branch real estate gains Total International Banking One month reporting lag elimination 37 Impact of closed divestitures 59 1 Total 96 1 Global Wealth Management One month reporting lag elimination Impact of closed divestitures Performance fees Total Other Metals business charges SCENE loyalty program 628 62 62 (20) (212) (49) (20) (212) (49) 84 (212) 1 12 $0.07 ($0.17) $0.01 Total Total (After-Tax and NCI) Impact on diluted earnings per share Prior periods have been restated to conform with current presentation 1 Items on this page have not been formally adjusted for determining the Bank's Adjusted Net Income and Adjusted Diluted EPS 22 22#23Economic Outlook in Core Markets Real GDP Growth Forecast (2021-2022) Real GDP (Annual % Change) Forecast1,2 Country 2010-19 Average 2020E 2021 2022 Q1F Q2F Q3F Q4F Year Q1F Q2F Q3F Q4F Year Canada 2.2 -5.4 -1.5 12.7 5.5 5.1 5.3 6.0 5.2 3.6 2.5 4.3 U.S. 2.3 -3.5 -0.8 11.4 6.3 6.9 5.8 7.3 5.3 3.0 1.7 4.3 Mexico 2.7 -8.3 -5.0 15.1 2.1 3.0 3.3 1.0 1.6 23 2.3 3.6 2.1 Peru 4.5 -11.4 -0.8 30.1 4.4 6.3 8.7 4.5 6.2 3.4 3.4 4.0 Chile 3.3 -6.0 0.3 15.6 7.8 1.8 6.0 0.8 3.3 4.6 5.3 3.5 Colombia 3.7 -7.5 -3.2 14.1 5.8 3.4 5.0 4.2 4.1 3.6 4.2 4.0 PAC Average 3.6 -8.3 -2.2 18.7 5.0 3.6 5.8 2.6 3.8 3.5 4.1 3.4 Source: Scotiabank Economics 1 Forecasts for Canada and U.S. as of the February 4, 2021 Scotiabank Global Forecast Tables 2 Forecasts for PAC countries as of the February 8, 2021 Latam Weekly 23 223#24Macroeconomic Scenarios Select Macroeconomic Variables used to estimate Expected Credit Losses Next 12 months Canada Base Case Scenario As at As at Alternative Scenario - Alternative Scenario - Optimistic Pessimistic Alternative Scenario - Pessimistic Front Loaded As at As at As at As at As at As at January 31, 2021 October 31, 2020 January 31, 2021 October 31, 2020 January 31, 2021 October 31, 2020 January 31, 2021 October 31, 2020 Real GDP growth, Y/Y % change 4.6 3.1 6.5 Unemployment rate, average % 7.9 7.3 7.4 ཐབ 4.7 -0.6 -2.0 -6.8 -10.8 6.7 10.1 9.9 13.0 14.1 US Real GDP growth, Y/Y % change 4.3 2.5 5.7 3.6 0.9 -0.5 -2.9 -7.4 Unemployment rate, average % 6.2 6.3 5.8 6.1 7.4 8.1 8.7 10.5 Global WTI oil price, average USD/bbl 48 48 54 52 41 42 38 37 Next 12 months Canada Quarterly breakdown of the projections for the above macroeconomic variables: Base Case Scenario Calendar Quarters Calendar Quarters Q1 2021 Q2 Q3 Q4 Average January 31 Q4 Q1 Q2 Q3 2021 2021 2021 2021 2020 2021 2021 2021 Average October 31 2020 Real GDP growth, Y/Y % change -2.2 11.8 4.2 4.6 4.6 -3.9 -0.4 12.9 3.7 3.1 Unemployment rate, average % 8.4 8.2 7.7 7.3 7.9 8.1 7.1 6.9 6.9 7.3 US Real GDP growth, Y/Y % change Unemployment rate, average % -1.2 10.1 3.8 4.3 4.3 -3.7 6.1 19 6.1 6.2 6.3 6.2 37 -1.1 9.9 7.7 6.6 5.8 449 4.8 2.5 5.4 6.3 Global WTI oil price, average USD/bbl 44 47 47 49 62 999 52 48 45 45 48 50 51 48 24 Source: Scotiabank Economics, forecasts as of December 21, 2020#25COVID-19 Response in Core Markets United Canada Mexico Peru Chile Colombia Policy Action States Policy Rate Cuts¹ 150 bps 150 bps 300 bps 200 bps 125 bps 250 bps (Since March 1, 2020) Fiscal & Financial Measures 17.5% 13.5% 0.7% 20.0%² 17.5%² 2.8% (% of GDP) Liquidity program Wage and payroll Selected support programs Key Payment deferral Measures programs Small business and sectoral programs Vaccine Coverage³ (% of possible population covered) Vaccine Deployment4 580% 413% 148% 147% 244% 50% 3.72 18.86 1.31 0.50 15.12 (Vaccine doses administered per 100 people) COVID-19 Incidence Rate5 (Cumulative confirmed cases per 100k people) 2,234 8,467 1,589 3,827 4,143 Sources: Scotiabank Economics, Duke University, Johns Hopkins University, Our World in Data and national reports as of February 22, 2021, unless otherwise indicated 1 As of February 22, 2021 2 Includes pension withdrawals and deposit relief 3 Internationally comparable Duke University data adjusted for national reports; excludes doses via COVAX 4 As of February 21, 2021; Canada as of February 19, 2021. Source: Our World in Data 5 As of February 19, 2021. Source: Johns Hopkins University 0.08 (Rollout started on Feb 18, 2021) 4,357 25 25#26Revenue Growth Canadian Banking1 International Banking 1, 2, 3 -10% -2% Y/Y Y/Y 2,707 2,648 2,566 2,985 68 -32% 859 +1% 2,548 2,561 834 864 699 35 46 Y/Y Y/Y 539 508 -24% Y/Y 1,848 1,732 1,784 2,219 -3% 1,974 2,007 -4% Y/Y Y/Y Q1/20 Q4/20 Q1/21 Q1/20 Q4/20 Q1/21 Business Banking Latin America C&CA Asia Retail Banking Global Wealth Management Global Banking and Markets5 +20% +5% Y/Y4 Y/Y 1,390 -16% 1,2696 1,336 149 1,210 1,157 1,165 Y/Y4 +16% 405 469 405 Y/Y 178 145 204 199 240 +18% 1,241 +27% Y/Y 979 1,020 Y/Y 660 606 627 -5% Y/Y Q1/20 Q4/20 Q1/21 Canada International 1 May not add due to rounding 2 Y/Y growth rates are on a constant dollar basis Q1/20 Q4/20 Q1/21 Business Banking Global Equities FICC 3 Excluding impact of divestitures and on a constant dollar basis, revenue growth in international banking was -5% Y/Y (Latin America -4%, C&CA -12%, Asia +45%) 4 Excluding impact of divestitures, Global Wealth Management revenue up 21% Y/Y and International Wealth Management revenue down 12% Y/Y 5 GBM LatAm revenue contribution and assets are reported in International Banking's results Adjusted for Q1/20 derivative valuation adjustment of $102mm pre-tax 26#27Deposit Growth by Business Line Canadian Banking1 +16% Y/Y International Banking1,2,3 Global Banking and Markets³ 289 279 -1% Y/Y4 248 111 107 106 100 93 +27% 19 79 Y/Y 72 71 69 69 Flat Y/Y5 186 189 169 +12% Y/Y -2% 39 36 37 Y/Y5 Q1/20 Q4/20 Q1/21 Q1/20 Personal Q4/20 Q1/21 Non-Personal +33% Y/Y 149 150 113 Q1/20 Q4/20 Q1/21 Strong double-digit deposit growth Deposits excluding impact of divested operations up 4% Y/Y and core deposits up 19% Y/Y Continued focus on deposit generation, accelerated by customer liquidity requirements 1 May not add due to rounding 2 Y/Y growth rates are on a constant dollar 3 Includes deposits from banks Average deposits declined 5% Y/Y on a reported basis. Excluding impact of divestitures and on a constant dollar basis, deposits grew 4% Y/Y 5 Excluding impact of divestitures and on a constant currency basis, non-personal deposits grew 3% Y/Y and personal deposits grew 8% Y/Y 27 22#28Sectors Most Impacted by COVID-191 Most Impacted Sectors as a % of Total Loans Canada Real Estate: Office and Retail C&CA 9% $B %IG 4.7% Mexico 3% 4.1% 4.0% 4.0% 56% Office REIT 1.1 73% $9.1B Office Real Estate 3.7 50% 11% U.S. (1.5% of total loans) Retail REIT 1.3 95% Q2/20 Q3/20 Q4/20 Q1/21 7% Retail Real Estate 3.1 54% Other 1% 13% Europe Total² 9.1 61% Latin America Canada Other 27% Hospitality & Leisure 9% Total Loans $626.0B Energy E&P and $B %IG C&CA Oilfield Services: 1.2% Hotels 3.8 22% Real Estate Office $4.9B = Cruise Lines 0.3 and Retail: 1.5% (0.8% of total loans) 0% 17% Transportation - Air 33% Latin Gaming 0.7 0% Travel: 0.4% 4% America U.S. Total² 4.9 18% Hospitality & 10% Mexico Leisure: 0.8% Transportation: Mexico Canada Latin America 14% 7% Air Travel 5% $B %IG C&CA 8% Total COVID-19 High Impact: 4.0% $2.6B Aircraft Finance 1.1 99% Other (0.4% of total Airlines 0.3 4% loans) 14% 52% Airports 1.1 57% Europe Total² $2.6 69% 28 1 Sectors which have experienced the greatest disruption in normal business activities and impact to revenue due to the COVID-19 pandemic (including, but not limited to, government-mandated closures) relative to other sectors 2 May not add due to rounding#291.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.25% 0.00% 2007 2008 2009 0.44% 2010 0.50% 0.40% 0.30% 0.19% 0.20% 0.10% 0.00% 2007 0.90% 1.00% -Average (2007 - Q1/21) 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2011 2012 2013 2013 2008 2009 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.12% 0.10% 0.00% 2007 2008 2009 0.24% 2010 2011 211 0.23% 0.37% 0.35% 0.28% 0.23% 0.18% 2010 2011 2011 2012 2013 2013 2014 INTERNATIONAL BANKING¹ 2015 1.27% 1.24% 1.26% 1.29% 1.21% 0.86% 0.75% 0.75% 2014 2314 2015 0.59% Historical PCL Ratios on Impaired Loans CANADIAN BANKING 2016 ALL BANK 0.56% 0.50% 0.49% 0.49% 0.47% 0.45% 0.34% 0.36% 0.42% 0.40% 0.43% Avg: 0.32% 41 bps 0.23% 0.23% 2017 1 2016 2017 2018 2019 0.28% 0.29% 0.24% 0.29% 0.32% 0.23% Avg: 26 bps 2018 2019 2020 1.30% 1.49% 1.50% H Avg: 103 bps 2020 Q1/21 29 29 Q1/21 2020 Q1/21#30Canadian Retail: Loans and Provisions' MORTGAGES AUTO LOANS 224 216 96 106 91 1 4 4 2 1 89 2 1 1 94 99 105 81 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 LINES OF CREDIT² Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 CREDIT CARDS 164 169 1,002 896 80 79 62 385 400 322 60 73 87 74 321 65 377 445 401 312 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 PCL as a % of avg. net loans (bps) Loan Balances Q1/21 Spot ($B) % Secured Mortgages $250 100% 1 Includes Wealth Management. PCL excludes impact of additional pessimistic scenario 2 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 3 Includes Tangerine balances of $6 billion and other smaller portfolios 4 82% secured by real estate; 12% secured by automotive Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 PCLs on Impaired Loans as a % of avg. net loans (bps) Auto Loans Lines of Credit² Credit Cards Total $39 100% $32 $6 $3283 63% 2% 94%4 30#31International Retail: Loans and Provisions MEXICO CHILE CARIBBEAN & CA 1.8x 1.2x 1 1.7x Markets with Greater 2271 409 1621 191 2141,2,3 3683 550 591 Weighting to 279 321 556 457 Secured 231 208 246 228 280 191 181 248 159 155 261 160 221 238 187 81 157 178 250 267 243 218 203 251 253 150 148 154 175 190 141 163 87 54 156 138 165 170 231 221 195 204 Q2/19 Q3/19 Q4/19 Q1/20'Q2/20 Q3/20 Q4/20 Q1/21 Q2/19 Q3/19 Q4/19 Q1/20'Q2/20 Q3/20 Q4/20 Q1/21 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 PERU 2.6x 4471,2 1,161 Markets with Greater Weighting to Unsecured COLOMBIA 2.2x 4221 913 1,322 1,552 1,152 1,290 939 970 764 1,065 738 545 473 471 549 531 402 395 471 439 361 361 491 470 579 542 143 372 424 455 377 420 406 245 Q2/19 Q3/19 Q4/19 Q1/20'Q2/20 Q3/20 Q4/20 Q1/21 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 PCL as a % of avg. net loans (bps) PCLs on Impaired Loans as a % of avg. net loans (bps) Loan Balances Q1/21 Mexico Peru Chile Colombia Caribbean & CA Total 4 Secured ($B) $11 $3 $21 $2 $9 $46 Unsecured ($B) $2 $6 $5 $4 $3 $20 Spot Total ($B) $13 $9 $26 $6 $12 $66 1 PCL excludes impact of additional pessimistic scenario 2 Adjusted for acquisition-related costs, including Day 1 PCL impact on acquired performing loans 3 Excludes impact of divested operations 4 Total includes other smaller portfolios 31#32International Banking: Pacific Alliance 1,2,3,5 FINANCIAL PERFORMANCE AND METRICS ($MM) Q1/21 Q4/20 Q1/20 Q/Q Y/Y Revenue ($MM) 1,882 1,842 2,069 1% (4%) Expenses ($MM) 861 883 971 (5%) (6%) PTPP ($MM) Net Income ($MM) 1,020 959 1,097 6% (2%) 358 216 465 65% (19%) NIM 4.17% 4.08% 4.56% 9 bps (39 bps) Productivity Ratio 45.8% 48.0% 46.9% (220 bps) (120 bps) 15% Colombia 29% Chile REVENUE 5 $1.88B GEOGRAPHIC DISTRIBUTION4 6%- 31% Colombia Mexico 36% 10% Mexico Colombia 39% 20% Chile Peru AVG EARNING ASSETS4 $135B 30% Mexico 21% Peru 37% NET INCOME 1,3,5 $358MM 25% Chile Peru 1 Attributable to equity holders of the Bank 2 Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics and change in bps are on a reported basis 3 Refer to Non-GAAP Measures on slide 37 for adjusted results 4 For the 3 months ended January 31, 2021 5 May not add due to rounding 32 32#33Trading Results ZERO TRADING LOSS DAYS (Q1/21) 35 30 25 25 20 20 15 Millions 60 60 50 50 40 40 30 20 10 0 TRADING REVENUE & ONE-DAY TOTAL VAR (Q1/21) Wh Average 1-Day Total VaR Q1/21: $17.6 MM Q4/20: $16.7 MM Q1/20: $14.0 MM (# of days in quarter) 0 10 5 -10 -20 -30 -40 <3 4578910 15 20 25 30 >30 Q1/21 Daily Trading Revenues ($MM) 2-Nov-20 9-Nov-20 16-Nov-20 23-Nov-20 30-Nov-20 7-Dec-20 1-day total VaR 14-Dec-20 21-Dec-20 28-Dec-20 4-Jan-21 11-Jan-21 18-Jan-21 25-Jan-21 Actual Daily Revenue 33#34Retail 90+ Days Past Due Loans CANADA1 Q1/20 Q2/202 Q3/202 Q4/202 Q1/212 Mortgages 0.21% 0.21% 0.19% 0.15% 0.17% Personal Loans 0.63% 0.72% 0.63% 0.51% 0.54% Credit Cards 1.02% 1.12% 0.81% 0.70% 0.98% Secured and Unsecured Lines of Credit 0.25% 0.26% 0.23% 0.19% 0.22% Total 0.29% 0.30% 0.26% 0.21% 0.23% INTERNATIONAL Q1/20 Q2/202 Q3/202 Q4/202 Q1/212 Mortgages 2.65% 3.05% 2.94% 2.70% 2.76% Personal Loans 3.89% 4.04% 4.02% 4.19% 5.79% Credit Cards 3.26% 3.35% 2.72% 2.61% 7.08% TOTAL 3.22% 3.36% 3.18% 3.05% 4.05% 1 Includes Wealth Management 2 Does not reflect impact of payment deferral programs 34 =4#35Digital Progress: Canada Digital Adoption (%)¹ +17.5% Active Digital 3,329 3,520 3,691 3,847 3,910 +20.7% Users (#'000) 55% 56% 50% 51% 46% 2018 2019 Q1/20 Digital Sales (%) 2018 2019 Q1/20 Q4/20 Q1/21 +33.6% Q4/20 Q1/21 Active Mobile Users (#'000) 2,396 2,666 2,781 3,073 3,201 2018 2019 Q1/20 Q4/20 Q1/21 +4.3% 26% 26% 27% +9.7% 25% Self-Serve 16% 84% 87% 88% 92% 92% Transactions (%) 2018 2019 Q1/20 Q4/20 Q1/21 2018 2019 Q1/20 Q4/20 Q1/21 Definitions Digital Sales (% of retail unit sales using Digital platforms, excluding auto, broker originated mortgages and mutual funds) Digital Adoption targets (% of customers with Digital login (90 days) / Total addressable Customer Base) Digital Users: # of customers who logged into website and/or mobile in the last 90 days Mobile Users: # of customers who logged into mobile in the last 90 days Self-serve Transactions: % of Financial transactions through Digital, ABM, IVR 1CB Digital Adoption definition updated to reflect addressable customer base, excluding indirect-channel acquisitions 35#36Digital Progress: Pacific Alliance Digital Adoption (%) +89.0% 3,677 3,681 +82.4% Active Digital Users (#'000) 2,717 3,038 1,947 46% 47% 35% 37% 2018 2019 Q1/20 Q4/20 Q1/21 26% 2018 2019 Q1/20 Digital Sales (%) +148.6% Q4/20 Q1/21 2,830 2,891 Active Mobile 2,183 1,847 Users (#'000)¹ 1,163 2018 2019 Q1/20 Q4/20 Q1/21 +178.6% 51% 53% +26.7% 34% 29% Self-Serve Transactions 65% 70% 76% 83% 83% 19% (%) 2019 Q1/20 Q4/20 Q1/21 2018 2019 Q1/20 Q4/20 Q1/21 2018 Definitions Digital Sales (% of retail unit sales using Digital platforms) Digital Adoption targets (% of customers with Digital login (90 days) / Total addressable Customer Base) Digital Users: # of customers who logged into website and/or mobile in the last 90 days Mobile Users: # of customers who logged into mobile in the last 90 days Self-serve Transactions: % of Financial transactions through Digital, ABM, IVR, POS Note: Q1/21 reported using one month lag 12018 and 2019 use historical estimation based on available mobile user data for Colombia and Chile 36#37Non-GAAP Measures The Bank uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Bank believes that certain non-GAAP measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-GAAP measures are used throughout this report and defined below. Adjusted results and diluted earnings per share The following table presents reconciliations of GAAP Reported financial results to non-GAAP Adjusted financial results. The adjustments summarized below are consistent with those described in the Bank's 2020 Annual Report. For a complete description of the adjustments, refer to the Non-GAAP Measures section in the Bank's 2020 Annual Report: 1) Adjustments impacting current and prior periods: Acquisition-related costs Amortization of Acquisition-related intangible assets, excluding software - Includes amortization of intangible assets relating to prior period acquisitions. 2) Adjustments impacting prior periods: Acquisition and divestiture-related amounts Acquisition-related costs Integration costs - Includes costs that are incurred and relate to integrating acquired operations. Net (gain)/loss on divestitures - Includes net (gain)/loss on divestitures undertaken in accordance with the repositioning strategy of the Bank. (refer to Note 20 in the Q1/21 Shareholder's Report for further details). Valuation-related adjustments Includes: (i) increase in allowance for credit losses (ACL) associated with the addition of an additional, more severe pessimistic scenario to the ACL measurement methodology; (ii) Charge related to the enhancement of fair value methodology relating to uncollateralized OTC derivatives; and (iii) impairment loss related to a software asset. These adjustments were recorded in Q1, 2020. 37#38Investor Relations Contact Information Philip Smith, Senior Vice-President 416-863-2866 [email protected] Sophia Saeed, Vice-President 416-933-8869 [email protected] Rene Lo, Director 416-866-6124 [email protected] 38