#1Investor Presentation Second Quarter 2021 June 1, 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 Steady improvement in financial performance Improving economic conditions and a more positive outlook Brian Porter President & CEO Recognition for customer service and commitment to ESG 3#4Q2/21 Financial Results Raj Viswanathan Group Head & CFO 4#5Q2 2021 Financial Performance $MM, except EPS Q2/21 Y/Y Q/Q Reported Net Income $2,456 85% Pre-Tax, Pre-Provision Profit $3,694 3% 2% (4%) Diluted EPS $1.88 88% 1% Revenue $7,736 (3%) (4%) Expenses $4,042 (7%) (4%) Productivity Ratio 52.2% (260 bps) 10 bps Core Banking Margin 2.26% (9 bps) (1 bp) PCL Ratio¹ 33 bps (86 bps) PCL Ratio on Impaired Loans¹ 80 bps 24 bps (16 bps) 31 bps Adjusted² Net Income $2,475 81% Pre-Tax, Pre-Provision Profit $3,720 2% 2% (4%) Diluted EPS $1.90 83% 1% Revenue $7,736 (3%) (4%) Expenses $4,016 (7%) (4%) Productivity Ratio 51.9% (210 bps) 10 bps ADJUSTED NET INCOME² YEAR-OVER-YEAR ($MM) • YEAR-OVER-YEAR HIGHLIGHTS Adjusted EPS² +83% Adjusted pre-tax, pre-provision profit² +2% Adjusted revenue² -3% 。 Net interest income down 5% driven by lower margins o Non-interest income up 1% Core banking margin -9 bps (-1 bp Q/Q) o Decline primarily driven by central bank rate cuts, business mix changes and lower margin liquid assets Adjusted expenses² -7% YTD adjusted operating leverage² of +3.4% Strong ROE² of 14.9%, up 670 bps (+50 bps Q/Q) ADJUSTED NET INCOME 2,3 BY BUSINESS SEGMENT ($MM) 279 (305) +94% 1,350 (241) +165%4 21 +21% --1%->> 2,475 931 1,371 197 481 429 314 378 523 517 Q2/20 Net interest Income Non interest income PCLs Non-interest expenses Taxes Q2/21 Canadian Banking International Banking Global Wealth Management Global Banking and Markets Q2/20 Q2/21 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 3 Attributable to equity holders of the Bank 4Y/Y growth rate is on a constant dollar basis 5#6Strong Capital Position CET1 ratio of 12.3% +29 bps -20 bps +15 bps -8 bps 1 -6 bps 12.3% 12.2% Q1 2021 Reported Earnings Less Dividends Organic RWA (ex. FX) Pension Remeasurement ECL Transitional Capital Relief Foreign Exchange Translation Q2 2021 Reported Internal capital generation CET1 ratio +140 bps Y/Y, +10 bps Q/Q Strong internal capital generation partly offset by solid growth in RWA (+$6 billion) from business lending and retail mortgages, excluding the negative impact from foreign currency translation • Pension remeasurement benefit - increased discount rate • Q3/21 impact of ~25 bps - increase in SVaR multiplier and increased ownership in Scotiabank Chile 1 Includes 14 bps benefit from OSFI's partial inclusion of stage 1 and 2 allowances 6#7Canadian Banking $MM Q2/21 Y/Y Q/Q Reported Net Income¹ $927 95% 2% Pre-Tax, Pre-Provision Profit $1,395 7% (3%) Revenue $2,624 4% (1%) Expenses $1,229 1% 2% PCLs $145 (78%) (32%) Productivity Ratio 46.8% (150 bps) 130 bps Net Interest Margin 2.26% (7 bps) PCL Ratio² 16 bps (61 bps) (7 bps) PCL Ratio on Impaired Loans² 27 bps (9 bps) 4 bps • Adjusted³ • Net Income¹ $931 94% 2% • Pre-Tax, Pre-Provision Profit $1,400 7% (3%) Expenses Productivity Ratio $1,224 1% 2% 46.6% (150 bps) 130 bps • . YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income 1,3 +94% (+2% Q/Q) o Pre-Tax, Pre-Provision profit +7% o PCLs down 78% from improving credit quality and macroeconomic outlook Revenue +4% (-1% Q/Q) 。 Non-interest income up 20% as fee income rebounded alongside an improving economy and transaction volumes 。 Net interest income down 1% due to lower margins Adjusted expenses³ +1% YTD adjusted operating leverage³ +1.6% Loan growth of +4% o Residential mortgages +8% o Business loans +4% Deposit growth of +17% o Personal +11%, Non-personal +31% • NIM -7 bps (flat Q/Q) o Changes in business mix and Bank of Canada rate cuts .1,3 ADJUSTED NET INCOME ¹³ ($MM) AND NIM (%) 2.33% 2.26% 2.26% 2.26% 2.26% 915 931 782 481 433 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 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 7#8Global Wealth Management $MM, except AUM/AUA Q2/21 Y/Y Q/Q Reported • Net Income¹ $372 23% (11%) Pre-Tax, Pre-Provision Profit $506 23% (12%) Revenue $1,308 16% (6%) Expenses $802 12% (2%) PCLS ($2) nmf nmf Productivity Ratio 61.3% (210 bps) 250 bps AUM ($B) $332 19% 6% • AUA ($B) $571 20% 4% Adjusted² Net Income¹ $378 21% (11%) Pre-Tax, Pre-Provision Profit $516 20% (11%) . Expenses $792 14% (2%) . Productivity Ratio 60.6% (130 bps) 250 bps YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income² +21% o Canadian wealth management +25% Revenue +16% driven by: o Higher brokerage fees from elevated iTRADE volumes o Higher mutual fund fees o Strong volume growth in Private Banking Adjusted expenses² +14% (volume driven) Adjusted YTD operating leverage² +5.4% 。 Six consecutive quarters of positive operating leverage Adjusted productivity ratio² improved 130 bps AUM +19% and AUA +20% 。 Strong net sales and market appreciation AUM AUA +20% +19% ADJUSTED NET INCOME¹² ($MM) AND ROE² (%) Y/Y Y/Y 571 332 546 17.9% 16.7% 314 +0% 37 -3% 477 106 278 38 109 Y/Y Y/Y 13.8% 14.3% 14.3% 105 38 425 62 +25% 295 +23% 276 437 465 240 Y/Y 372 Y/Y 314 332 333 363 378 Q2/20 Q1/21 Q2/21 Canada 1 Attributable to equity holders of the Bank 2 Refer to Non-GAAP Measures on slide 37 for adjusted results Q2/20 Q1/21 Q2/21 International Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 ■ Performance Fees 8#9Global Banking and Markets $MM Q2/21 Y/Y Q/Q Reported • Net income -1% Net Income¹ $517 (1%) (5%) Pre-Tax, Pre-Provision Profit $624 (26%) (14%) Revenue $1,257 (14%) (6%) Expenses $633 3% 3% • PCLS ($43) nmf nmf Productivity Ratio 50.3% 810 bps 430 bps YEAR-OVER-YEAR HIGHLIGHTS o Lower net income in Capital Markets following the wind- down of the metals business, largely offset by a release in provisions for credit losses. Revenue -14% 。 Net interest income -9% PCL Ratio² (18 bps) (72 bps) (26 bps) o Non-interest income³ -16% PCL Ratio Impaired Loans² 5 bps (4 bps) (1 bp) 1 Attributable to equity holders of the Bank 2 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on slide 37 for adjusted results • Loan growth, excluding foreign exchange, +1% Q/Q Deposits +28% • Expenses +3% • • Productivity ratio in line with investor day guidance PCL ratio² of -18 bps 1,3 ADJUSTED NET INCOME ¹³ ($MM) AND ROE³ (%) 15.4% 17.5% 17.3% 14.6% 17.4% 600 523 543 517 460 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 9#10International Banking $MM Q2/21 Y/Y1 Q/Q¹ Reported Net Income² $420 203% 12% Pre-Tax, Pre-Provision Profit $1,084 (5%) (4%) Revenue $2,378 (6%) (5%) Expenses $1,294 (6%) (5%) PCLS $396 (59%) (22%) Productivity Ratio 54.4% 30 bps (34 bps) Net Interest Margin 3.95% (33 bps) (8 bps) PCL Ratio³ 118 bps (160 bps) (31 bps) PCL Ratio Impaired Loans³ 281 bps 136 bps 131 bps Adjusted4 Net Income² $429 165% 11% Pre-Tax, Pre-Provision Profit $1,095 (8%) (4%) Expenses $1,283 (4%) (5%) PCLs $396 (59%) (22%) Productivity Ratio 53.9% 146 bps (30 bps) • 1Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics and change in bps are on a reported basis 2 Attributable to equity holders of the Bank 3 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 4 Refer to Non-GAAP Measures on slide 37 for adjusted results • • YEAR-OVER-YEAR HIGHLIGHTS1 Adjusted net income 2,4 +165% (+11% Q/Q) 。 PCLs down 59% supported by improved credit quality Revenues down 6% (-5% Q/Q) o Lower non-interest income and margin compression NIM down 33 bps (-8 bps Q/Q) o Business mix changes, impact of liquidity and rate cuts Loans down 2% (up 1% Q/Q driven by commercial and mortgages) o Pacific Alliance Loan Growth 。 Mortgages +8% (+2% Q/Q) o Credit cards and personal loans -10% (-3% Q/Q) o Commercial loans -1% (+1% Q/Q) Adjusted expenses4 down 4% YTD adjusted operative leverage4 of -2.3% • Q2/21 adjusted PTPP4 down 8% (-4% Q/Q) ADJUSTED NET INCOME 24 ($MM) AND NIM (%) 4.28% 3.99% 3.97% 4.03% 3.95% 398 429 283 197 53 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 10#11Other ADJUSTED NET INCOME (64) (166) 8 1, 2, 3 ($MM) 47 47 130 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 1 Represents smaller operating segments including Group Treasury and corporate adjustments 2 Attributable to equity holders of the Bank 3 Refer to Non-GAAP Measures on slide 37 for adjusted results • YEAR-OVER-YEAR HIGHLIGHTS Increase was driven by: о Lower expenses, mainly related to the metals business charge in the prior year о Higher contribution from asset/liability management activities • QUARTER-OVER-QUARTER HIGHLIGHTS Increase was driven by: о Lower expenses as a result of the investment in the SCENE loyalty program in the prior quarter о Higher investment gains 11#12Risk Review Daniel Moore Group Head & CRO 12 12#13Credit Quality GILs1 ($MM) AND GIL RATIO1 81 bps 81 bps 84 bps 81 bps 78 bps 5,120 31 -285 1,222 5,148 26 209 1,209 5,053 26 302 1,049 5,279 39 33 5,116 224 286 1,067 1,040 3,582 3,704 3,676 3,949 3,757 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 NET WRITE-OFFS ($MM)² AND NET WRITE-OFFS RATIO 2,3 HIGHLIGHTS GIL ratio improved 3 bps Q/Q driven by the impact of foreign currency translation and higher write-offs in International Retail Banking GILs in Business Banking were stable, with new formations driven mainly by two accounts HIGHLIGHTS 76 bps 47 bps 47 bps 41 bps 43 bps Increased write-offs driven by International Retail Banking 1,141 13 219 732 750 1 13 33 632 674 25 265 266 26 201 227 910 • Business Banking write-offs were stable and trending towards pre-pandemic levels Peak quarter for write-offs 454 450 379 Q2/20 International Banking 448 Q3/20 Q4/20 Q1/21 Q2/21 (1) Canadian Banking Global Banking and Markets 1 As a percentage of period end loans and acceptances 2 Net write-offs are net of recoveries 3 As a percentage of average net loans and acceptances Global Wealth Management 13#14Credit Performance TOTAL ACLs ($MM) AND ACL COVERAGE RATIO1 125 bps 125 bps 116 bps 109 bps 95 bps 7,820 7,810 7,403 181 - 220 -182 6,893 6,079 1,643 1,957 - 74 1,776 1,994 -177 1,938 5,445 5,682 5,596 4,362 4,778 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Performing Loan ACLS Impaired Loan ACLS Other² TOTAL PCLs ($MM) 3,4 AND PCL RATIO 119 bps 136 bps 73 bps 1,846 2,181 149 2 49 bps 155 2 33 bps 752 670 1,131 3 330 62 764 4 496 1,019 1,278 215 20 736 525 145 396 (2) (43) Q2/20 Q3/20 Q4/20 Q1/21 Canadian Banking Q2/21 • • • • HIGHLIGHTS $6.9 billion in total ACLS (35% above pre-pandemic levels) Performing loan ACLs decreased 15% from the prior quarter Total ACLS represents ~10 quarters of net write- offs Total ACL coverage ratio of 109 bps HIGHLIGHTS Total PCL ratio of 33 bps decreased 86 bps Y/Y and 16 bps Q/Q The Q/Q improvement was driven mainly by performing ACL releases due to a more favourable credit quality and macroeconomic outlook and migration to Stage 3 PCL International Banking 1 ACL coverage ratio defined as period end ACLs divided by gross loans Global Banking and Markets 2 Includes ACLs on off-balance sheet exposures and ACLS on acceptances, debt securities and deposits with financial institutions 3 Includes provision for credit losses on debt securities and deposit with banks in International Banking (Q1/20: -$1 million, Q2/20: $1 million, Q4/20: -$1 million), in Global Banking and Markets (Q3/20: $1 million, Q4/20: $1 million), in Global Wealth Management (Q3/20: -$1 million) and in Other (Q1/20: $1 million, Q2/20: -$2 million, Q4/20: $2 million) 4 Other includes provisions for credit losses in Global Wealth Management of -$2 million (Q2/20: $2 million, Q3/20: $1 million, Q4/20: $3 million, Q1/21: $4 million) 14#15PCLs - Impaired and Performing YEAR-OVER-YEAR HIGHLIGHTS Lower PCLs driven mainly by lower performing PCLs. Total PCLs of $496 million was down 73% and 35% Q/Q O Performing PCLs net reversal of $696 million Release driven by a more favourable credit quality and macroeconomic outlook and migration Impaired PCLs of $1,192 million was driven largely by International Retail Banking due to expiring deferrals QUARTER-OVER-QUARTER • . Impaired PCLs increased $430 million, driven largely by International Retail Banking Performing PCLs declined $698 million due to the more favourable credit quality and macroeconomic outlook and migration to stage 3 PCL to support higher write-offs PCLs ($MM) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 All-Bank Impaired 870 Performing 9761 Total 1,8461 928 835 1,2531 2961 2,1811 1,1311 764 762 2 1,192 • (696) 496 Canadian Banking Impaired 313 317 238 214 242 Performing 357 435 92 1 (97) Total 670 752 330 215 145 International Banking Impaired 531 573 561 528 941 Performing 4881 705 1751 (3) (545) Total 1,0191 1,278 7361 525 396 Global Wealth Management Impaired 1 1 5 (3) Performing 1 11 Total 2 11 23 (1) 1 (2) Global Banking and Markets Impaired Performing 130 Total 155 25 38 38 34 15 12 1111 281 5 (55) 1491 621 20 (43) Other _1 1 _1 1 Includes provision for credit losses on debt securities and deposit with banks in International Banking (Q1/20: -$1 million, Q2/20: $1 million, Q4/20: -$1 million), in Global Banking and Markets (Q3/20: $1 million, Q4/20: -$1 million), in Global Wealth Management (Q3/20: -$1 million) and in Other (Q1/20: $1 million, Q2/20: -$2 million, Q4/20: $2 million) 15 15#16Closing Remarks Brian Porter President & CEO Improving economic outlook Similar trends across core markets Strong gains in digital banking Positive factors support growth in Pacific Alliance: - - - 6.5% GDP growth in 2021 Strong balance sheets Rising commodity prices 116 16#17Appendix 17#18Digital Progress: All-Bank • Canada: Continued growth in self-serve transactions driven by higher mobile and online usage • Pacific Alliance: Significant mobile user growth across all geographies, particularly in Peru and Mexico Digital Adoption (%)¹ 50% 47% 43% 36% +8% 7,524 6,316 7,099 7,676 +700 bps Active Digital Users (#'000) 5,276 +45% 54% +1,800 bps 2018 2019 2020 Q2/20 Q2/21 +17% 2018 2019 2020 Q2/20 Q2/21 Active Mobile Users (#'000)² 5,903 6,221 4,513 5,306 3,559 Digital Sales (%) 36% 34% 28% 22% 2018 2019 2020 Q2/20 +75% 2018 2019 2020 Q2/20 Q2/21 +800 bps +500 bps 42% Self-Serve Transactions 89% 76% 80% 84% 89% +2,000 bps (%)³ +1,300 bps Q2/21 1CB Digital Adoption definition was updated in Q1/21 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 3 Prior periods from 2018 to 2020 have been restated in Q2/21 to align with current methodology 2018 2019 2020 Q2/20 Q2/21 18#19Digital Progress: Canada Digital Adoption (%)¹ 55% 55% 46% 50% +4% +300 bps Active Digital 3,329 3,599 3,847 3,791 3,960 Users (#'000) +19% 58% +1,200 bps 2018 2019 2020 Q2/20 Q2/21 +13% 2018 2019 2020 Q2/20 Q2/21 Active Mobile Users (#'000) 3,073 3,242 2,396 2,666 2,872 Digital Sales (%) +35% +100 bps 26% 26% 25% 26% +66 bps 16% 2018 2019 2020 Q2/20 Q2/21 Definitions 2018 2019 2020 Q2/20 Q2/21 +400 bps Self-Serve Transactions 84% 87% 92% 89% 93% +900 bps (%) 2018 2019 2020 Q2/20 Q2/21 Digital Sales (% of retail unit sales using Digital platforms, excluding auto, broker originated mortgages and mutual funds) Digital Adoption (% 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 was updated in Q1/21 to reflect addressable customer base, excluding indirect-channel acquisitions 19 19#20Digital Progress: Pacific Alliance Digital Adoption (%) +12% Active Digital 3,677 3,716 3,307 +900 bps Users (#'000) 2,717 1,947 49% 46% 40% 35% 26% +2,300 bps +91% 2018 2019 2020 Q2/20 Q2/21 +22% 2018 2019 2020 Q2/20 Q2/21 Active Mobile Users (#'000)1 2,830 2,978 2,434 Digital Sales (%) 1,847 1,163 +156% 51% 39% 29% +3,500 bps 19% +1,500 bps 54% 2018 2019 2020 Q2/20 Q2/21 +600 bps Self-Serve Transactions 86% 69% 73% 80% 86% (%)² +1,700 bps 2018 2019 2020 Q2/20 Q2/21 2018 2019 2020 Q2/20 Q2/21 Definitions Digital Sales (% of retail unit sales using Digital platforms) Digital Adoption (% 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 12018 and 2019 use historical estimation based on available mobile user data for Colombia and Chile 2 Prior periods from 2018 to 2020 have been restated in Q2/21 to align with current methodology 20 20#21Economic Outlook in Core Markets Real GDP Growth Forecast (2021-2022) Real GDP (Annual % Change) Forecast 1,2 Country 2010-19 Average 2020 2021 2022 Q1E Q2F Q3F Q4F Year Q1F Q2F Q3F Q4F Year Canada 2.2 -5.4 0.2 14.0 6.8 5.6 6.4 5.0 5.0 3.5 3.1 4.1 U.S. 2.3 -3.5 0.3 12.3 7.0 7.5 6.6 6.8 5.3 3.3 2.1 4.3 Mexico 2.7 -8.2 -3.8 15.9 4.7 2.9 4.9 2.7 3.3 1.4 1.2 2.2 Peru 4.5 -11.1 3.2 30.1 5.3 2.2 8.7 1.4 5.9 5.0 3.7 4.0 Chile 3.3 -5.8 0.3 17.1 10.8 4.0 7.5 3.8 3.2 3.1 4.0 3.5 Colombia 3.7 -6.8 1.1 12.1 5.7 1.1 5.0 4.2 3.9 3.8 4.2 4.0 PAC Average³ 3.6 -8.0 0.2 18.8 6.6 2.6 6.5 3.0 44 4.1 3.3 3.3 3.4 Source: Scotiabank Economics 1 Forecasts for Canada and U.S. as of the April 22, 2021 - Scotiabank Global Forecast Tables 2 Forecasts for PAC countries as of the May 21, 2021 - Scotiabank Latam Weekly 3 Simple average 21 21#22Macroeconomic Scenarios Select Macroeconomic Variables used to estimate Expected Credit Losses Base Case Scenario Alternative Scenario - Alternative Scenario - Optimistic Pessimistic Alternative Scenario - Pessimistic Front Loaded Next 12 months Canada Real GDP growth, Y/Y % change As at April 30, 2021 As at January 31, 2021 As at April 30, 2021 As at January 31, 2021 As at April 30, 2021 As at January 31, 2021 As at April 30, 2021 As at January 31, 2021 Unemployment rate, average % 280 7.8 4.6 9.9 6.5 2.8 -0.6 -3.5 -6.8 6.7 7.9 6.1 7.4 9.3 10.1 12.2 13.0 US Real GDP growth, Y/Y % change Unemployment rate, average % 8.2 4.3 10.3 5.7 4.8 0.9 0.9 -2.9 5.0 6.2 4.5 5.8 6.7 7.4 8.0 8.7 Global WTI oil price, average USD/bbl Next 12 months 62 48 70 54 54 41 50 38 Quarterly breakdown of the projections for the above macroeconomic variables: Calendar Quarters Q2 2021 Q3 Q4 Q1 2021 2021 2022 Base Case Scenario Average April 30 2021 Calendar Quarters Q1 Q2 Q3 Q4 2021 2021 2021 2021 Average January 31 2021 Canada Real GDP growth, Y/Y % change 14.1 6.6 5.3 5.2 7.8 -2.2 11.8 4.2 4.6 4.6 Unemployment rate, average % 7.7 7.0 6.4 5.9 49 6.7 8.4 8.2 7.7 7.3 7.9 US Real GDP growth, Y/Y % change 11.8 6.6 7.3 7.0 8.2 Unemployment rate, average % 5.8 5.3 4.8 4.2 5.0 ི༦ -1.2 10.1 3.8 4.3 4.3 6.1 6.1 6.2 6.3 6.2 Global WTI oil price, average USD/bbl 60 99 61 65 61 662 44 Source: Scotiabank Economics, forecasts as of March 10, 2021 44 47 49 52 48 22 22#23Revenue Growth Canadian Banking +4% International Banking 1, 2, 3 -6% Y/Y Y/Y 2,648 2,624 2,707 -4% 2,526 2,561 2,378 46 46 Y/Y +8% 864 807 868 608 44 508 Y/Y 491 -10% Y/Y -5% 2,052 1,719 1,784 1,756 2,007 +2% Y/Y 1,843 Y/Y Q2/20 Q1/21 Q2/21 Q2/20 Q1/21 Q2/21 Business Banking Latin America C&CA Asia Retail Banking Global Wealth Management +16% Global Banking and Markets4 -14% Y/Y Y/Y 1,390 1,460 1,336 149 1,308 151 -3% 1,257 -48% Y/Y 708 469 1,127 371 Y/Y 156 43 240 266 +519% 1,241 1,157 +19% Y/Y 971 Y/Y 709 627 620 -13% Y/Y Q2/20 Q1/21 Q2/21 Canada International Q2/20 Business Banking Q1/21 Q2/21 Global Equities FICC 1 May not add due to rounding 2 Y/Y growth rates are on a constant dollar basis 3 Excluding impact of divestitures and on a constant dollar basis, revenue growth in international banking was -5% Y/Y (Latin America -5%, C&CA -8%, Asia -4%) 4 GBM LatAm revenue contribution and assets are reported in International Banking's results 23#24Deposit Growth 1 May not add due to rounding Canadian Banking +17% International Banking 1,2,3 Y/Y -2% Y/Y4 289 293 111 106 250 103 +31% 100 104 79 19 Y/Y 74 69 67 -6% Y/Y5 +11% 189 189 171 Y/Y 36 37 36 +6% Y/Y5 Q2/20 Q1/21 Q2/21 Q2/20 Q1/21 Q2/21 Global Banking and Markets³ +28% Y/Y Global Wealth Management +13% Y/Y 37 35 33 +8% 17 14 17 18 Y/Y 160 150 125 16 18 19 +18% Y/Y Q2/20 Q1/21 Q2/21 Q2/20 Q1/21 Q2/21 Personal Non-Personal 2 Y/Y growth rates are on a constant dollar 3 Includes deposits from banks 5 Average deposits declined 7% Y/Y on a reported basis. Excluding impact of divestitures and on a constant dollar basis, deposits declined 1% Y/Y Excluding impact of divestitures and on a constant currency basis, non-personal deposits declined 5% Y/Y and personal deposits increased 7% Y/Y 24 24#252007 2008 2009 2010 0.50% 0.40% 0.30% 0.19% 0.20% 0.10% 0.00% 2007 2008 2009 2010 0.80% 0.60% 0.40% 0.20% 0.12% 0.00% 2007 2008 2009 0.24% 2010 0.23% 0.37% 0.35% 0.28% 0.23% 2011 2012 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.25% 0.00% 0.44% 0.90% 1.00% 0.75% 0.75% 0.86% 1.27% 1.24% 1.26% Average (2007 - Q2/21) 1 Provision for credit losses on certain assets-loans, acceptances and off-balance sheet exposures 2011 2012 2013 2014 2015 2016 2017 2011 2012 0.59% Historical PCL Ratios on Impaired Loans CANADIAN BANKING' 2015 ALL BANK¹ 0.56% 0.50% 0.49% 0.47% 0.49% 0.45% 0.34% 0.36% 0.40% 0.42% 0.43% Avg: 44 bps 0.32% 0.28% 0.29% 0.23% 0.23% 0.18% INTERNATIONAL BANKING¹ 2018 2019 1.21% 2020 2017 2018 2019 1.29% 1.30% 1.49% 1.50% Avg: 115 bps 25 25 2016 2017 2018 0.24% 0.29% 0.32% 0.23% 0.27% Avg: 26 bps 2020 2.81% Q1/21 Q2/21 Q1/21 Q2/21 0.80%#26Canadian Retail: Loans and Provisions' MORTGAGES AUTO LOANS 224 216 4 2 1 2 1 1 106 91 99 1 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 99 105 89 78 81 LINES OF CREDIT² Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 CREDIT CARDS 164 169 1,002 896 79 62 70 410 400 322 87 74 65 60 57 445 401 312 321 310 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 PCL as a % of avg. net loans (bps) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 PCLs on Impaired Loans as a % of avg. net loans (bps) Loan Balances Q2/21 Mortgages Auto Loans Lines of Credit² Credit Cards Total Spot ($B) $257 % Secured 100% $39 100% $32 $6 $3353 64% 2% 94%4 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 $6 billion and other smaller portfolios 4 82% secured by real estate; 12% secured by automotive 26#27International Retail: Loans and Provisions Markets with Greater Weighting to Secured MEXICO 1.1x 3031 323 CHILE 0.7x 1911 139 CARIBBEAN & CA 1.1x 2781,2 3062 550 591 556 428 279 321 457 280 191 246 228 208 248 Impaired Avg. 155 181 Impaired Avg. 153 bps Impaired Avg. 213 bps 326 261 221 160 187 261 bps 238 67 178 267 150 250 251 253 243 154 175 190 141 81 203 205 87 163 70 138 170 165 231 221 204 216 195 Markets with Greater Weighting to Unsecured Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 PERU 1.9x 592¹ 1,116 2,436 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 COLOMBIA 1.5x 5371 785 1,552 1,338 Q3/19 Q4/19 Q1/20' Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 939 1,290 1,322 1,152 738 970 Impaired Avg. 825 bps 531 471 439 361 Impaired Avg. 532 bps 545 473 471 579 1,065 542 143 764 726 491 361 377 420 406 245 385 470 395 424 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 PCL as a % of avg. net loans (bps) Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 PCLs on Impaired Loans as a % of avg. net loans (bps) Higher impaired PCLs in Peru and Colombia are driven by the expiry of deferral programs and the higher unsecured balances. This has been appropriately provided for in prior quarters. Average Impaired PCL % (Q3/19-02/21) Loan Balances Q2/21 Mexico Peru Chile Colombia Caribbean & CA Total³ Secured ($B) $10 $3 $21 $2 $8 $45 Unsecured ($B) $2 $5 $5 $4 $3 $19 Spot Total ($B) $12 $8 $26 $6 $11 $64 1 PCL excludes impact of additional pessimistic scenario 2 Excludes impact of divested operations 3 Total includes other smaller portfolios 27 27#28International Banking: Pacific Alliance 1,2,3 FINANCIAL PERFORMANCE AND METRICS ($MM) Q2/21 Q1/21 Q2/20 Q/Q Y/Y Revenue ($MM) 1,709 1,882 1,899 (7%) (5%) Expenses ($MM) 807 861 880 (4%) (5%) PTPP ($MM) 902 1,020 1,019 (9%) (6%) Net Income ($MM) 358 358 170 2% 146% NIM 4.04% 4.17% 4.32% (13 bps) (29 bps) Productivity Ratio 47.2% 45.8% 46.3% 144 bps 88 bps 16% Colombia 31% Chile REVENUE $1.71B GEOGRAPHIC DISTRIBUTION 4,5 31% 6% 33% 9% Mexico Mexico Colombia Colombia 22% 41% Chile Peru NET INCOME1,3 $358MM 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 April 30, 2021 5 May not add due to rounding 40% 20% Chile Peru AVG EARNING ASSETS $133B 30% Mexico 20% Peru 28#29Retail 90+ Days Past Due Loans CANADA1 Q2/202 Q3/202 Q4/202 Q1/212 Q2/212 Mortgages 0.21% 0.19% 0.15% 0.17% 0.16% Personal Loans 0.72% 0.63% 0.51% 0.54% 0.51% Credit Cards 1.12% 0.81% 0.70% 0.98% 0.75% Secured and Unsecured Lines of Credit 0.26% 0.23% 0.19% 0.22% 0.18% Total 0.30% 0.26% 0.21% 0.23% 0.21% INTERNATIONAL Q2/202 Q3/202 Q4/202 Q1/212 Q2/212 Mortgages 3.05% 2.94% 2.70% 2.76% 2.67% Personal Loans 4.04% 4.02% 4.19% 5.79% 5.29% Credit Cards 3.35% 2.72% 2.61% 7.08% 5.83% Total 3.36% 3.18% 3.05% 4.05% 3.69% 1 Includes Wealth Management 2 Does not reflect impact of payment deferral programs 29 29#30Sectors Most Impacted by COVID-191 Most Impacted Sectors as a % of Total Loans Canada C&CA 9% Real Estate: Office and Retail Mexico 3% 4.7% 4.1% 57% $B %IG 4.0% 4.0% 3.6% U.S. 7% $8.8B Office REIT 1.1 70% Other 11% (1.4% of total loans) Office Real Estate 3.7 52% Retail REIT 1.0 100% 1% Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Europe 13% Retail Real Estate 2.9 43% Latin America Europe Canada Total² 8.8 57% Other 1% 30% 9% Hospitality and Leisure Total Loans $630.5B Energy - E&P and Oilfield Services: 1.1% Real Estate Office $B %IG $4.6B Hotels 3.6 17% = (0.7% of total loans) 18% C&CA Cruise Lines 0.3 0% and Retail: 1.4% 29% Transportation - Air U.S. 4% Gaming 0.7 0% Travel: 0.4% 9% Latin America Total² 4.6 13% Hospitality and Mexico Leisure: 0.7% Mexico Canada Transportation: 16% Latin America 8% Air Travel 6% $B %IG Total COVID-19 High Impact: 3.6% C&CA 8% $2.2B Aircraft Finance 0.7 98% (0.4% of total loans) Airlines 0.3 4% 47% 15% Other Airports 1.2 48% Europe Total² $2.2 59% 30 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#31COVID-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% 22.3% 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 794% 416% 123% 173% 253% 60% (% of possible population covered) Vaccine Deployment4 44.79 79.14 17.05 6.86 84.99 13.46 (Vaccine doses administered per 100 people) COVID-19 Incidence Rate4 (Cumulative confirmed cases per 100k people) 3,483 9,914 1,839 5,658 6,594 5,992 Sources: Scotiabank Economics, Duke University, Johns Hopkins University, Our World in Data and national reports as of May 12, 2021, unless otherwise indicated 1 As of May 12, 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 May 12, 2021. Source: Our World in Data 31#32(# of days in quarter) Trading Results ZERO TRADING LOSS DAYS (Q2/21) 20 18 16 14 12 10 00 8 Millions 100 80 60 40 20 -20 2 0 -40 <3 4 5 7 8 9 10 15 20 25 30 >30 02/21 Daily Trading Revenues (SMM) 0 T TRADING REVENUE AND ONE-DAY TOTAL VAR (Q2/21) 8/Feb/21 1/Feb/21 15/Feb/21 22/Feb/21 1/Mar/21 1-day total VaR 8/Mar/21 15/Mar/21 22/Mar/21 29/Mar/21 Average 1-Day Total VaR Q2/21: $ 16.7 MM Q1/21: $ 17.6 MM Q2/20: $ 34.2 MM 5/Apr/21 12/Apr/21 19/Apr/21 26/Apr/21 Actual Daily Revenue 32 32#33Net Income and Adjusted Diluted EPS Net Income ($MM) and Q2/20 Q1/21 Q2/21 EPS ($ per share) Net Income attributable to common shareholders $1,243 $2,265 $2,289 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: ($22) $41 $13 - Colpatria Net Income attributable to common shareholders (diluted) $1,221 $2,306 $2,302 - BBVA Chile Canadian Tire Financial Services Weighted average number of common shares 1,212 1,212 1,213 outstanding (1) Dilutive impact of share-based payment options 10 25 10 and others Weighted average number of diluted common 1,222 1,237 1,223 shares outstanding Reported Basic EPS $1.03 $1.87 $1.89 Dilutive impact of share-based payment options and others $0.03) ($0.01) ($0.01) Reported Diluted EPS $1.00 $1.86 $1.88 Impact of adjustments on diluted earnings per share¹ $0.04 $0.02 $0.02 Adjusted Diluted EPS $1.04 $1.88 $1.90 Refer to Non-GAAP Measures on Slide 37 for adjusted results 33#34Adjusting Items - Pre-Tax Adjusting Items (Pre-Tax) ($MM) Acquisition-Related Costs Integration Costs International Banking Global Wealth Management Q2/20 Q1/21 Q2/21 41 - 33 Amortization of Intangibles Canadian Banking International Banking Global Wealth Management Total (Pre-Tax) 86228 27 28 12 9 9 28 63000 13 25722 26 11 10 26 1 Excludes amortization of intangibles related to software (pre-tax) 34 =4#35Adjusting Items - After-Tax and NCI Q2/21 After-Tax Adjusting Items (After-Tax and NCI) ($MM) Q2/20 Q1/21 Tax NCI and NCI Acquisition-Related Costs Integration Costs International Banking Global Wealth Management Amortization of Intangibles Canadian Banking International Banking Global Wealth Management Total (After-Tax and NCI) 1 Excludes amortization of intangibles related to software (after-tax) 20 15 I 20 20 7 19 24969 1 77247 9 7 40 20 7 19 124272 255242ng 35#36Other Items Impacting Financial Results (Pre-Tax) ($MM) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 International Banking Impact of closed divestitures (1) 1 3 4 Total (1) 1 3 4 Global Wealth Management Performance fees 84 Total 84 Other Metals business charges (217) SCENE loyalty program (66) Total (217) (66) Total (Pre-Tax) (217) 1 3 18 (After-Tax and NCI) ($MM)¹ Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 International Banking Impact of closed divestitures (3) 2 3 Total (3) 2 3 (1) Global Wealth Management Performance fees Total 33 62 62 I Other Metals business charges (212) SCENE loyalty program Total (212) (49) (49) Total (After-Tax and NCI) (215) 2 12 (1) Impact on diluted earnings per share ($0.18) $0.01 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 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: Adjustments impacting current and prior periods: • Amortization of acquisition-related intangible assets, excluding software Acquisition and divestiture-related costs - Include costs related to integrating acquired operations and net (gain)/loss on divestitures Adjustments impacting prior periods only: • • Valuation-related adjustments, recorded in Q1 2020 - Relate to the inclusion of an additional scenario in the measurement of allowance for credit losses, fair value methodology change relating to uncollateralized OTC derivatives, and a software-related impairment loss 37 37#38Investor Relations Contact Information Sophia Saeed, Vice-President 416-933-8869 [email protected] Mark Michalski, Director 416-866-6905 [email protected] Rene Lo, Director 416-866-6124 [email protected] 38