#1Investor Presentation December 2020 Scotiabank®#2Pending#3TABLE OF CONTENTS Scotiabank Overview Business Line Overview: Canadian Banking Business Line Overview: International Banking Business Line Overview: Global Wealth Management Business Line Overview: Global Banking and Markets Risk Overview Treasury and Funding Appendix 1: Core Markets: Economic Profiles Appendix 2: Canadian Economic Fundamentals Appendix 3: Bail-in and TLAC Appendix 4: Covered Bonds Appendix 5: Additional Information Contact Information + 2 21 26 34 37 40 48 48 55 63 67 71 75 78 3#4• Scotiabank Leading Bank in the Americas Business Lines² Core Markets¹ #3 in Canada #3 in P&C Banking #3 in Peru #4 in Chile #2 in Capital Markets #5 in Mexico #6 in Colombia 1 Core Markets rankings based on latest available market share data on loans for publicly traded banks as of November 30, 2020 2 Business Line rankings based on Total Net Income for publicly traded banks in Canada as of July 31, 2020 #3 in Wealth 4#5Leading Bank in the Americas¹ Core markets: Canada, US, Mexico, Peru, Chile and Colombia 7th largest bank by assets¹ in the Americas Change Full-Service, Universal Bank Canada Scotiabank2 Revenue Net Income FY2020 FY/FY $31,139MM $6,961MM (26%) Return on Equity 10.4% (350 bps) Mexico Peru Chile Colombia Operating Leverage +1.0% n.a. Productivity Ratio 53.0% +30 bps Total Assets Caribbean Uruguay $1.1T +5% CET1 Ratio 11.8% +70 bps Ranking by Market Share³ Wholesale Operations Canada #3 USMCA USA Top 15 FBO USA UK Mexico #5 Singapore Australia Ireland PAC Peru Chile Colombia #3 #4 #6 Hong Kong SAR China Brazil Malaysia Earnings by Market2,4 India Japan Other- C&CA 3% 6% PAC 16% 1 Ranking by asset as at November 27, 2020, Bloomberg; 2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLS, Derivative Valuation Adjustment, and impairment charge on software asset. Operating Leverage excludes divested operations; 3 Ranking based on market share in loans as of September 2020 in Mexico, Peru and Chile, as of August 2020 in Colombia, as of July 2020 in Canada for publically traded banks; 4 Adjusted net income attributable to equity holders of the Bank for the 12 months ended October 31, 2020 U.S.A 64% Canada 11% 5#6Well-Diversified Business with Strong Returns Earnings by Business Line 1,2 Wealth Management 18% Global Wealth Management Earnings by Market1,2,4 Caribbean and Central America Other C&CA 6% Europe, Asia, Brazil, Australia Wholesale Banking 29% 18% Global Banking and Markets 29% FY2020 EARNINGS MIX $7.1B³ Canadian Chile 5% 3% Banking P&C Personal & Commercial Peru 6% 37% Banking Mexico 53% 5% U.S. 11% International Banking P&C 16% FY2020 EARNINGS MIX $7.1B3 Canada 64% Adjusted Return on Equity 1,2 by Business Line 3-year average ROE 21.6% 15.0% 14.9% 13.1% 11.6% 15.5% 14.0% 15.4% 10.4% 5.8% International Banking Global Wealth Management Global Banking and Markets All Bank Canadian Banking 1 Net income attributable to equity holders for the 12 months ended October 31, 2020; 2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and impairment charge on software asset; 3 Excludes Other segment; 4 Excludes Colombia (loss) 6#7Business Lines Activity Business Line Products Personal & Commercial Banking Canadian Banking Mortgages Auto Loans Commercial Loans • Personal Loans • Credit Cards International Banking • Mortgages Auto Loans Commercial Loans • Personal Loans • Credit Cards Wealth Management Global Wealth Management Asset Management • Private Banking • Private Investment Counsel Brokerage ⚫ Trust Capital Markets Global Banking and Markets Corporate Banking • Advisory Equities Fixed Income Foreign Exchange Commodities $2,034 NIAEH¹ ($MM) $2,604 $1,148 $1,297 % All-Bank¹ 37% 16% 18% 29% % Target 35-40% 25-30% ~15% 15-20% Productivity 46.5% 53.1% 61.5% 45.1% Ratio¹ ROE1 15.5% 5.8% 14.0% 15.4% Total Assets² ($B) $358.8 $206.4 $26.0 $412.1 Employees³ 18,085 47,296 7,121 2,403 1 Adjusted figures for the 12 months ended October 31, 2020 2 Average balance for fiscal year 2020 3 As at October 31, 2020 7#8Why Invest in Scotiabank? Leading bank in the Americas • • Six core markets: Canada, US, Mexico, Chile, Peru and Colombia ~90% of earnings from the Americas Diversified exposure to high quality growth markets , Increasing scale and market share in core markets • $ Strong risk culture: solid credit quality, well provisioned ☑ Acceleration in Digital Banking in 2020 • • Only universal bank with full presence in all Pacific Alliance countries Unique Americas footprint provides diversified exposure to higher growth, high ROE banking markets 229 million people in the Pacific Alliance countries comprise the 6th largest economy in the world • Competitive scale and increasing market share in core markets Competitive advantages in technology, risk management, and funding versus competitors • Increased scale in Wealth Management and P&C businesses via M&A • Strong Canadian risk management culture with strong capabilities in AML and cybersecurity Focus on secured and investment-grade lending $7.8 billion in allowances as of Q4/20 • Increased Digital Adoption to 48% Surpassed target for In-Branch Financial Transactions of <10% Named "Best Bank in North America for Innovation in Digital Banking #1 ranking for "Online Banking Satisfaction" - J.D. Power 8#9Focused on Higher Return Markets More Attractive Banking ROEs in Canada and Latam (Latest Reporting Period) 20% 15.3% 14.3% 15% 11.0% 12.4% 10.0% 10% 11.2% 3-year average ROE 9.6% 7.4% 5.6% 5% 0% Canada Latam Asia >75% of All-Bank earnings Return on equity in latest reporting period as of November 30, 2020 Canada and US figures are average for five largest and 10 largest market share banks in each country, respectively Sources: Bloomberg LLP, Company Financial Reports 2.2% S US Europe 9#10Increasing Banking Penetration Banking Penetration (%)¹ 150 Growth Markets 100 Brazil Chile Colombia C&CA 50 PAC Peru ⚫ Cambodia Mexico Czech Republic Mature Markets Canada U.K. Spain U.S. Bubble size represents nominal GDP Scotia P&C Markets Scotia Americas Wholesale Markets Other Markets (Included for comparison purposes) $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 GDP per Capita (US$)² 1 Source: World Bank Open Data 2018. Banking Penetration is defined as account ownership at a financial institution or with a mobile-money-service provider (% of population ages 15+) 2 Source: World Bank Open Data 2018. GDP per capita is nominal gross domestic product divided by mid year population 10 10#11Economic Outlook in Core Markets Real GDP Growth Forecast (2019-2021) Real GDP (Annual % Change) Forecast 1,2 2010-19 Country 2020 2021 Average Q1 Q2 Q3E Q4F FY Q1F Q2F Q3F Q4F FY Canada 2.2 -0.3 -12.5 -5.2 -4.9 -5.7 -2.4 11.5 3.7 4.1 4.2 U.S. 2.3 0.3 -9.0 -2.9 -2.7 -3.6 -1.2 10.1 3.9 3.9 4.2 Mexico 2.7 -1.3 -18.7 -8.6 -7.6 -9.1 -5.0 15.1 21 2.1 3.0 3.8 Peru 4.8 -3.5 -29.8 -9.4 -3.3 -11.5 -0.8 30.1 4.4 6.3 10.0 Chile 3.6 0.2 -14.5 -9.1 2.6 -5.2 1.5 15.3 7.5 -2.1 5.6 Colombia 3.8 1.4 -15.7 -9.3 -6.2 -7.5 -3.2 14.1 5.8 3.4 5.0 PAC Average 3.7 -0.5 -16.7 -7.4 -3.7 -7.1 -1.9 16.0 4.6 =1 3.1 5.5 Source: Scotiabank Economics. 1 Forecasts for Canada and U.S. as of the December 4, 2020 Scotiabank Global Forecast Tables. 2 Forecasts for PAC countries as of the November 28, 2020 Latam Weekly publication. 11#12Customer Assistance Programs (As of October 31, 2020) Retail Product Types¹ Canada Mortgages Number of customer accounts¹ Amount outstanding¹ % Current following Deferral Expiry 1,2 #('000s) % ($B) % Credit Cards Personal Loans³ Total/Average 6363 16 45.7% $4.26 87.1% 98.0% 8.6% $0.02 0.4% 85.3% 16 45.7% $0.61 12.5% 92.8% 35 100% $4.89 100.0% 97.2% Change from September 30, 2020 -$11.5 Change from July 31, 2020 -$36.6 International Mortgages 36 7.3% $3.70 61.6% 90.5% Credit Cards 299 61.4% $0.96 16.0% 81.6% Personal Loans³ 152 31.2% $1.34 22.4% 87.0% Total/Average 486 100.0% $6.00 100.0% 87.8% Change from September 30, 2020 -$2.5 Change from July 31, 2020 -$12.1 Canada Commercial & Small Business ($B) International Total Deferral Balance ($B)5 Significant Decrease in Deferral Exposure Active Deferral Customers Active Total Exposures4 ($B) 74.3 69.6 -96% #('000s) 10.6 10.0 0.7 0.2 0.7 4.6 63.7 59.6 1.4 4.8 1 As at October 31st 2020 2 Canadian payments % includes accounts that have not yet completed first billing cycle since expiring Q2/20 Q3/20 ■Retail 393% of active deferred Personal Loans in Canada are Auto Loans, 16% of active deferred Personal Loans in International are Auto Loans 4 Figures relate to active deferral exposures and exclude amounts related to covenant relief requests 5 Prior period amounts have been restated to conform to current period presentation 6 Of the $3.0 billion of deferral balance expected as at Q1/21, $1.1 billion relates to retail loans and $1.9 billion relates to commercial loans 15.7 4.8 10.9 Q4/20 Commercial & Small Business 3.06 Q1/21E 12 13#13Fiscal 2020 Financial Performance $MM, except EPS Reported 2020 Y/Y Net Income $6,853 (22%) Pre-Tax, Pre Provision Profit $14,480 +1% • Diluted EPS $5.30 (21%) Revenue $31,336 +1% Expenses $16,856 +1% Productivity Ratio 53.8% (10 bps) • Core Banking Margin 2.27% (17 bps) PCL Ratio¹ 98 bps +47 bps • PCL Ratio on Impaired Loans¹ 56 bps +7 bps Adjusted² Net Income $6,961 (26%) Pre-Tax, Pre Provision Profit $14,625 (1%) Diluted EPS $5.36 (25%) Revenue $31,139 Expenses $16,514 Productivity Ratio 53.0% PCL Ratio1 95 bps +1% +30 bps +46 bps • ADJUSTED NET INCOME² YEAR-OVER-YEAR ($MM) HIGHLIGHTS Adjusted EPS² down 25%, largely impacted by PCLs related to the COVID-19 pandemic Adjusted pre-tax, pre-provision profit² down 1%, or up 5% excluding impact of divestitures Adjusted revenue² was flat, or up 4% excluding impact of divestitures Core banking margin decreased 17 bps o Lower margins due to changes in business mix and the declining interest rate environment, as well as higher liquidity levels Adjusted expenses² increased 1%, or 3% excluding impact of divestitures Adjusted operating leverage² of negative 0.6%, or positive 1.0% excluding impact of divestitures ADJUSTED NET INCOME 2,3 BY BUSINESS SEGMENT ($MM) 143 -26% 9,409 -165 -60%4 -3,053 719 +33% -92 6,961 +7% 3,504 2,604 2,953 1,148 1,215 1,297 1,534 2,034 2019 NII Non interest PCLS income Non-interest Taxes 2020 Canadian Banking expenses 1 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Refer to Non-GAAP Measures on slide 40 for adjusted results International Banking Global Wealth Management Global Banking and Markets 3 Attributable to equity holders of the Bank 4Y/Y growth rate is on a constant dollars basis 2019 ■2020 13#14Q4 2020 Financial Performance $MM, except EPS Q4/20 Y/Y Q/Q Reported • Net Income $1,899 (18%) +46% • Pre-Tax, Pre Provision Profit $3,448 (6%) (7%) Diluted EPS $1.42 (18%) +37% Revenue $7,505 (6%) (3%) • Expenses $4,057 (6%) +1% Productivity Ratio 54.1% +210 bps Core Banking Margin 2.22% (18 bps) +12 bps PCL Ratio1 0.73% +23 bps (63 bps) PCL Ratio on Impaired Loans¹ 0.54% +5 bps (4 bps) Adjusted² Net Income $1,938 (19%) +48% Pre-Tax, Pre Provision Profit $3,502 (7%) (6%) Diluted EPS $1.45 (20%) +39% Revenue $7,505 (6%) (2%) Expenses $4,003 (5%) +1% • Productivity Ratio 53.3% +60 bps +190 bps ADJUSTED NET INCOME² YEAR-OVER-YEAR ($MM) • YEAR-OVER-YEAR HIGHLIGHTS Adjusted EPS² down 20%; up 39% Q/Q Adjusted pre-tax, pre-provision profit² down 7%, or down 1% excluding impact of divestitures Adjusted revenue² down 6%, or down 2% excluding impact of divestitures 。 Net interest income up 1%, excluding divestiture o Non-interest income down 5%, excluding divestitures Core banking margin down 18 bps; up 12 bps Q/Q o Lower margins due to changes in business mix and the declining interest rate environment, as well as higher liquidity levels o Core Banking Margin improved sequentially driven by lower levels of liquidity Adjusted expenses² down 5%, or down 3% excluding impact of divestitures ADJUSTED NET INCOME 2,3 BY BUSINESS SEGMENT ($MM) 2,400 -78 179 194 -13% -379 -60%4 -378 1,938 +6% +14% 902 782 725 283 314 405 460 333 Q4/19 NII Non interest income PCLs Non-interest expenses Taxes Q4/20 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 40 for adjusted results 3 Attributable to equity holders of the Bank 4Y/Y growth rate is on a constant dollars basis ■Q4/19 Q4/20 14#15Pending#16Pending#17Digital Banking Strength Surpassed medium-term goal of <10% In-Branch Financial Transactions at All-Bank level. Delivered >50% in Digital Sales in the Pacific Alliance region New Canadian mobile app with simplified layouts, improved discoverability, and enhanced analytics to drive user experience Improving Customer Pulse scores in our digital channels. Peru reached record levels in digital with 70%+ in October Launched new digital account opening solutions across all markets integrating Digital and Physical experiences, greatly reducing processing time Tangerine, Canada's leading digital bank, continues to see momentum as it evolves from being a Savings Bank to an Everyday Bank The Banker INNOVATION IN DIGITAL BANKING AWARDS 2020 Winner North America σ #1 Ranked #1 in Customer Satisfaction with Online Banking by J.D. Power Digital Retail Sales¹ +2,500 bps 36 28 22 15 11 2016 2017 2018 2019 2020 Goal >50% Digital Adoption² In-Branch Financial Transactions³ +2,200 bps -1,800 bps 48 26 23 39 20 33 29 16 26 8 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Goal >70% Goal <10% 1 Canada: F2017 22%, F2018 26%, F2019 26%, F2020 16% PACS: F2017 13%, F2018 19%, F2019 29%, F2020 51% 2 Canada: F2017 36%, F2018 38%, F2019 42%, F2020 50% PACS: F2017 20%, F2018 26%, F2019 35%, F2020 46% 3 Canada: F2017 17%, F2018 15%, F2019 12%, F2020 7% PACS: F2017 29%, F2018 24%, F2019 19%, F2020 9% 17 15#18Pending#19Fintech Partnerships QED INVESTORS Georgian Partners Scale UP VENTURES V VIOLA VENTURES TEAM8 Rethinking Cyber 1 Selected proof of concepts with fintech partners • • • • • Focus Areas Proof of Concepts¹ • Credit adjudication Accessibility Natural language processing Personal financial management Customer experience and self-service Machine-learning modelling IT Modernization Fraud Anti-Money Laundering konfio Cerebri≥ Fable Tech Labs Eigen Technologies personetics wysdom H₂O Rapid API BIOCATCH Less Friction. Less Fraud. Tookitaki • 19 19#20Environment, Social & Governance (ESG) Highlights from 2020 Environment Over $28 billion mobilized to reduce the impacts of climate change out of $100 billion target by 20251 Established a dedicated ESG Equity Research Team and launched a Sustainable Finance Group within Global Banking and Markets Published inaugural Green Bond Report outlining the impact and use of proceeds from Scotiabank's US $500 million 3.5 year Green Bond issued in 2019 Implemented a Climate Change Risk Rating tool for all business banking loans as a mandatory part of credit due diligence Established multi-year partnership with the Institute for Sustainable Finance at Queen's University as part of Climate Change Centre of Excellence Social Invested almost $85 million in communities in which we operate, through donations, community sponsorships, employee volunteering, and other types of community investment Contributed over $16 million to support people and communities most at risk during the pandemic, including direct contributions for COVID-19 relief, as well as support of hospitals and healthcare professionals Advanced commitment to UN LGBTI Standards of Conduct for Business as a founding member of the Partnership for Global LGBTI Equality (PGLE) Opened our third Gord Downie & Chanie Wenjack Fund (DWF) Legacy Space, demonstrating our commitment to promoting education and discussion around indigenous reconciliation Governance Ranked in the top 1% of global financial institutions for Corporate Governance by the Dow Jones Sustainability Index Strengthened approach to responsible procurement and supplier diversity by joining Canadian Aboriginal and Minority Supplier Council 46% of Board Directors are women². We first established a Board Diversity Policy in 2013 In collaboration with Smith School of Business at Queen's University, and the IEEE, Scotiabank launched the first Trusted Data & Al for Canadian Business certification in Canada, designed for employees to develop foundational knowledge of ethical principles in business decision making, Al applications and processes Member of REFINITIV Dow Jones TOP 100 COMPANY 2020 Diversity and Inclusion Index Sustainability Indices Powered by the S&P Global CSA 1 Since November 1, 2018; 2 As of October 31, 2020 T APACT United Nations OUNTH Global Compact WOMEN CDP TCFD DRIVING SUSTAINABLE ECONOMIES TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES EQUATOR PRINCIPLES PRI 20#21Business Line Overview Canadian Banking 21 24#22Canadian Banking Top 3 bank in personal & commercial banking in Canada Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to over 11 million Retail, Small Business and Commercial Banking customers. Through Tangerine, Canadian Banking also provides digital banking solutions to over 2 million customers. Business Mix Retail 67% Residential Mortgages 63% Financial Results $MM FY/20 FY/FY Revenue Mix 1,2 $2.6B 33% Average Loan Mix¹ $360B 12% 14% Auto Business and 2% 9% Reported Business Banking Government Loans Credit Other Personal Cards Adjusted Net Income³ ($MM) and NIM4 (%) Loans Net Income³ $2,536 (27%) Pre-Tax, Pre Provision Profit $5,488 (4%) Revenue $10,299 (2%) Expenses $4,811 +1% PCLs $2,073 +113% Productivity Ratio 46.7% +110 bps 2.41% 2.36% 2.33% 2.26% 2.26% Net Interest Margin4 2.30% (11 bps) PCL Ratio5 0.59% +30 bps 902 908 782 481 433 PCL Ratio Impaired Loans5 0.32% +3 bps Adjusted³ Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Net Income $2,604 (26%) Medium-Term Financial Objectives NIAT Growth³ Target6 5%+ Pre-Tax, Pre Provision Profit $5,510 Expenses $4,789 PCLS $2,002 (4%) +1% +106% Productivity Ratio Productivity Ratio 46.5% +110 bps Operating Leverage <44% Positive 1 For the three months ended October 31, 2020; 2 Reflects the adoption new leases accounting standards, IFRS16; 3 Adjusted Net income attributed to equity shareholders; 4 Net Interest Margin is on a reported basis; 5 Provision for credit losses on certain assets – loans, acceptances and off-balance sheet exposures; 63-5 year target from 2020 Investor Day 22 22#23Canadian Banking: Loan Portfolio High quality retail loan portfolio: ~94% secured 82% Real Estate Secured Lending High Quality Residential Mortgage Portfolio 。 38% insured; remaining 62% uninsured has an LTV of 52%¹ 。 Mortgage business model is "originate to hold" 。 New originations² in 2020 had average LTV of 64.6% 。 Majority is freehold properties; condominiums represent approximately 15% of the portfolio • Market Leader in Auto Loans o $39.1 billion retail auto loan portfolio with 8 OEM relationships (4 exclusive) o Prime Auto and Leases (~92%) o Stable lending tenor with contractual terms for new originations averaging 78 months (6.5 years) with projected effective terms of 54 months (4.5 years) • Prudent Growth in Credit Cards o $6.4 billion credit card portfolio represents ~2% of domestic retail loan book and ~1% of the Bank's total loan book o Organic growth strategy focused on payments and deepening relationships with existing customers 4% Unsecured DOMESTIC RETAIL LOAN BOOK³ $325B 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases refinances with a request for additional funds and transfer from other financial institutions 3 Spot Balance as of October 31, 2020; Percentages may not add to 100% due to rounding. 2% Credit Cards 12% Automotive 23#24Canadian Banking: Residential Mortgages High quality, diversified portfolio; Credit fundamentals remain strong ⚫ Four Distinct Distribution Channels: All adjudicated under the same standards o 1. Broker (~58%); 2. Branch (~20%); 3. Mobile Salesforce (~21%) and 4. eHOME (~1%) FICO® Distribution - Canadian Uninsured Portfolio 1,2 Q4/19 Q3/20 Q4/20 Average FICO® Score Canada 791 GTA 794 GVA 792 15% 9% 10% 3% < 635 636-706 707-747 748-788 63% Canada Total Originations ($B) Uninsured LTV 13.3 13.0 16.6 65% 64% 64% Greater Toronto Area Total Originations ($B) Uninsured LTV Greater Vancouver Area Total Originations ($B) Uninsured LTV 4.2 3.7 5.0 64% 62% 63% 1.6 1.5 15 1.9 64% 63% 63% > 788 Canadian Mortgage Portfolio³: $245B (Spot balances as at Q4/20, $B) $129.1 $16.6 Freehold $209B (85%) Condos - $36B (15%) 38% Insured $112.5 $46.8 $12.2 Total Portfolio³: $34.6 $31.4 $27.6 $245 billion Ontario BC & Territories Alberta $3.8 $16.9 $14.8 Quebec $2.1 $11.1 $10.9 $0.2 $9.8 $0.7 $9.1 Atlantic Provinces % of portfolio 52.7% 19.1% 12.8% 6.9% 4.5% 4.0% Manitoba & Saskatchewan 62% 1 FICO® distribution for Canadian uninsured portfolio based on score ranges at origination. FICO is a registered trademark of Fair Isaac Corporation 2LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 3 Includes Wealth Management Uninsured 24#25Automotive Finance Canada's leader in automotive finance Provide personal and commercial dealer financing solutions, in partnership with seven leading global automotive manufacturers in Canada • Portfolio increased 1.9% year-over-year¹ Personal up 2.7%, Commercial down 3.7% Commercial 14% AVERAGE ASSET MIX 7% Near-Prime Retail $44.4B1 79% 100% Secured Prime Retail Exclusive Relationships MAZDA VOLVO POLESTAR JAGUAR/LAND ROVER Semi-Exclusive Relationships* HYUNDAI CHRYSLER * 1 to 2 other financial institutions comprise Semi-Exclusive relationships GM TESLA Market Share Asset Growth Prime Retail Market Share² Near-Prime Retail Market Share³ Commercial Floorplan Market Share4 36 % 23 % 64 % 77 % 200 27 % 73 % $43.5B $44.4B $42.3B $39.7B $37.1B Till 2016 2017 2018 2019 2020 1 For the twelve months ended October 31, 2020; 2 CBA data as of July 2020, includes RBC, CIBC, Canadian Western Bank, National Bank, TD, Scotiabank, Laurentian Bank; 3 Dealer Track Portal data, includes all Near-Prime Retail providers on Dealer Track Portal, data for October 2020 originations; 4 Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of June 2020 25#26Business Line Overview International Banking 26#27International Banking International Banking has a strong and diverse franchise with more than 10 million Retail, Corporate, and Commercial customers. International Banking continues to offer significant potential for the Bank, with a geographical footprint encompassing the Pacific Alliance countries of Mexico, Colombia, Peru and Chile as well as Central America and the Caribbean. Business Mix Financial Results Business Loans 55% $MM² FY/20 FY/FY Asia 1% Revenue Mix¹, $2.5B 78% Latin America Credit Cards Reported 6% Loan Mix¹ $146B Net Income³ $980 (64%) 21% 14% Pre-Tax, Pre Provision Profit $4,867 (17%) C&CA Personal Loans 25% Residential Mortgages Revenue $10,810 (10%) Expenses $5,943 (4%) PCLS $3,613 87% Adjusted Net Income 3,6 ($MM) and NIM* (%) Productivity Ratio 55.0% 310 bps 4.51% 4.51% 4.28% 3.99% 3.97% Net Interest Margin4 4.18% (36 bps) 725 PCL Ratio5 2.45% 105 bps 615 158 59 197 238 PCL Ratio Impaired Loans5 1.49% 19 bps 567 556 53 197 1 238 Adjusted5 52 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Net Income³ $1,148 (61%) Ex. Divested Ops Medium-Term Financial Objectives NIAT Growth6 Divested Ops Net Income - Ex Divested Ops.³ Pre-Tax, Pre Provision Profit $1,088 (51%) $5,068 (16%) Target? 9%+ Expenses Productivity Ratio $5,742 (5%) 53.1% 290 bps Productivity Ratio Operating Leverage <50% Positive 1 For the 3 months ended October 31, 2020; 2Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis; 3 Attributable to equity holders of the Bank; 4 Net 27 Interest Margin is on a reported basis; 5 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures; 6 Excluding divestiture impact; 73-5 year target from 2020 Investor Day#28PAC Fundamentals Driving Growth Strong Governance Democratic countries with open economies Independent central banks with inflation targets Free trade agreements and free-floating currencies ⚫ Business-friendly environments Sound Macro Environment • Diversified economies with strong GDP growth Resilience to economic and political cycles Investment Grade- rated Low Debt/GDP ratios with lower fiscal deficits compared to G7 • Increasing adoption of banking services Favourable Demographics • 229 million people with median age of 30 years Strong domestic consumption • Much lower banking penetration compared to Canada Among the fastest growing smartphone markets in the world • Considerable growth in middle class 28#29Scotiabank in Mexico Business Overview Market Position by Loans4 14.6% 13.4% 11.7% 7.7% 7.2% 4.2% 3.5% 2.0% Customers ~3.8MM Corporate/ 23.2% Commercial Employees ~10,700 60% Branches1 531 Loans $30.9B Average Loans $31B 28% Average $28B Deposits 2% 5% 6% Residential Mortg. Total NIAT 2,5 $345MM Credit Cards Auto Personal Loans ROE³ 10.2% Retail 83% 17% BBVA B BANORTE Loans Productivity³ 54.4% Secured Unsecured PTPP 924 738 2017 2018 +14% CAGR citibanamex 8 banregio BBVA Banorte Santander Banamex Scotiabank HSBC Inbursa Bajio Regio Productivity Ratio 58.6% 978 1,087 2019 2020 Constant currency All figures in CAD$ including Wealth Management 1 Includes bank and wealth branches; does not include 177 Credito Familiar branches 2,3 WY'2020 Adjusted as Reported 4 Source: CNBV as of September 2020 5 Adjusted after NCI 55.4% 55.0% 54.4% Operating Leverage 7.5% 6.9% 1.9% -0.9% 2017 2018 2019 2020 2017 2018 2019 2020 29 29#30Scotiabank in Peru Business Overview Market Position by Loans4 Customers¹ ~4.5MM Corporate/ Commercial 33.1% Employees¹ ~11,100 57% Branches1 311 12% Residential Mortg. Loans $22.4B Average Loans $22B 20.5% 16.5% 12.3% 19% Average 0% $19B 2% 9% Deposits Auto Personal Loans Other Credit Total NIAT 2,5 $391MM Cards ROE³ 11.4% Retail 36% 64% BCP BCP BBVA BBVA Scotia Interbank Loans Productivity³ 35.1% Secured Unsecured PTPP Productivity Ratio Operating Leverage +9% CAGR 39.3% 1,508 1,498 1,279 1,157 2017 2018 2019 2020 Constant currency All figures in CAD$ including Wealth Management 1 Including subsidiaries 2,3 WY'2020 Adjusted as Reported 4 Market share as of September 2020. Scotiabank includes SBP, CSF and Caja CAT 5 Adjusted after NCI 37.5% 35.1% 1.8% 35.2% 6.8% 5.0% 0.3% 2017 2018 2019 2020 2017 2018 2019 2020 30#31Pending#32Pending#33Other Regions Leading Caribbean & Central American franchise Caribbean & Central America Asia Leading bank serving retail, commercial, and corporate customers Major markets include the Dominican Republic, Jamaica, Trinidad & Tobago, Costa Rica, Panama and The Bahamas Sharpened geographic footprint by exiting higher risk, low growth jurisdictions including Haiti, El Salvador, Puerto Rico, US Virgin Islands, British Virgin Islands, Belize and 8 of the Leeward Islands • Dominican Republic: #4 bank Acquired Banco Dominicano del Progreso in 2019 Thailand: 5% interest in TMB Bank • Reduced investment in Thailand in Q1/20 China: ~18% interest in Bank of Xi'an • CAD $926MM carrying value as of September 30, 2020 CAD $511MM of net income for twelve months ended October 31, 2020 33#34Pending#35Global Wealth Management Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank's footprint. Business Overview¹ Financial Results 12% Revenue 13% AUM $1.2B 88% $292B 87% 21% AUA $502B $MM, except AUM/AUA Reported FY/20 FY/FY 79% Net Income³ $1,262 +7% Pre-Tax, Pre Provision Profit $1,706 +7% International Canada Revenue $4,584 +2% Expenses $2,878 (1%) Adjusted Net income ²,³ ($MM) and ROE² (%) 2,3 PCLS $7 N/A 13.6% 13.7% 13.8% 14.3% 14.3% Productivity Ratio 62.8% (170bps) 332 333 314 318 314 Adjusted² 332 333 312 318 314 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Net Income $1,297 Pre-Tax, Pre Provision Profit +7% $1,766 +6% Ex. Divested Ops ■Divested Ops Medium-Term Financial Objectives Earnings Growth Target4 8%+ Expenses Productivity Ratio $2,818 (1%) 61.5% (160bps) Productivity Ratio Operating Leverage <65% Positive 1 Figures as of October 31, 2020 or for the 3 months ended October 31, 2020; 2 Adjusted for Acquisition-related costs and impact of additional pessimistic scenario; 3 Attributable to equity holders of the Bank 43-5 year target from 2020 Investor Day 35#36Global Wealth Management Strong investment performance, increasing scale Award-Winning Investment Management • • • Dynamic Funds MD MD Financial JARISLOWSKY FRASER Invest with advice. Management . GLOBAL INVESTMENT MANAGEMENT #2 in Retail Mutual Fund Net Sales Won 20 Lipper Fund Awards - more than any other firm in 2020 (1832 Asset Management) Named Fund Provider of the Year by Wealth Professional (Dynamic Funds) Top 3 Greenwich Leader in Canadian Institutional Investment Management Service (Jarislowsky Fraser) Straight A's in the 2020 Principles for Responsible Investment report (Jarislowsky Fraser) Investment Performance Highlights 76% of assets in the top two quartiles over five- year period - 1832 ASSET MANAGEMENT . • • Award-Winning Advisory #2 in 2020 Best Online Brokers (MoneySense Magazine) #2 bank-owned brokerage firm in the 2020 Investment Executive Brokerage Report Card Largest PIC business in Canada #1 in Y/Y estate, trust and foundation revenue growth (Investor Economics) 2021 World's Best Private Banks awards in Peru and Bahamas (Global Finance) AUM +11% CAGR AUA +6% CAGR 292 502 404 75% of core funds in the top two quartiles over five- year period JARISLOWSKY FRASER 193 GLOBAL INVESTMENT MANAGEMENT 2016 2020 2016 2020 36#37Business Line Global Banking Overview and Markets 37 37#38Pending#39Pending#40Risk Overview 40 40#41Risk Snapshot RWA Breakdown¹ Credit Exposure by Country 2,3 ■ Canada ■ Chile ■ Credit Risk 66% ■ U.S. 2% 2% 4% 11% $417B 87% ■ Operational Risk $611B1 4% ■ Other International ■Mexico 5% ■ C&CA ■Market Risk 5% 7% 7% ■ Peru ■ Colombia Credit Exposure by Sector 1,2 Real Estate and Construction 6.0% Financial Services Wholesale and Retail 4.8% 4.2% Other 2.8% Technology and Media 2.7% Energy 2.6% Agriculture 2.3% Utilities 2.0% Automotive 2.0% Transportation 1.6% Food and Beverage 1.4% Health Care 1.0% Mining 1.0% Sovereign 0.8% Hospitality and Leisure 0.8% ■ Unsecured Forest Products 0.4% Personal & Commercial Lending Canadian Banking 1,2 International Banking1,2 ■ Secured 69% ■ Secured 6% $325B $67B 94% ■ Unsecured 31% 1 As at October 31, 2020 2% of total loans and acceptances 3 As at October 31, 2020 Metals 0.4% Chemicals 0.3% 41#42Well Provisioned TOTAL ACLs ($MM) 7,820 7,403 -182 181 6,079 -74 1,776 1,957 +53% 5,145 5,095 -68 1,643 1,595 74 1,533 • 5,445 5,682 • 4,362 3,482 3,488 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Performing Loan ACLs Impaired Loan ACLS Other TOTAL PCLs ($MM)1,2,3 AND PCL RATIO² 119 bps 136 bps 2,181 1,846 149 -2 73 bps 50 bps 51 bps 2 155 752 1,131 670 3 753 771 4 -18 330 62 247 250 1,278 1,019 736 502 503 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 International Banking HIGHLIGHTS $7.8 billion in total ACLs, up $2.7 billion or 53% since Q1/20 Performing loan ACLs increased 63% since Q1/20, or $2.2 billion Total ACLS represents ~3 years worth of net write-off-coverage Estimated to cover 2021 pandemic-driven elevated write-offs · HIGHLIGHTS Total PCL ratio² of 73 bps increased 23 bps Y/Y; decreased 63 bps Q/Q The sequential improvement was driven by lower PCL on performing loans due to improving macroeconomic outlook and stabilizing credit quality Canadian Banking Global Banking and Markets Other³ 1 Includes provision for credit losses on debt securities and deposit with banks of $nil in Canadian Banking, -$1 million in International Banking (Q4/19: -$3 million, Q1/20: -$1 million, Q2/20: $1 million), -$1 million in Global Banking and Markets (Q4/19: -$1 million, Q3/20: $1 million), $nil in Global Wealth Management (Q3/20: -$1 million) and $2 million in Other (Q4/19: $1 million, Q1/20: $1 million, Q2/20: -$2 million) 2 Refer to Non-GAAP Measures on slide 40 for adjusted results 3 Other includes provisions for credit losses in Global Wealth Management of $3 million (Q3/19: -$1 million, Q1/20: $1 million, Q2/20: $2 million, Q3/20: $1 million) 42#431.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.25% 0.00% 2007 2008 2009 0.44% 2010 0.00% 0.50% 0.40% 0.30% 0.19% 0.20% 0.10% 2007 2008 2009 0.90% 1.00% 0.75% Average (2007-2020) 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2011 2012 2012 2013 2013 2010 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 0.12% 0.24% 2007 2011 2008 2012 2009 2013 2010 2011 211 0.59% Historical PCL Ratios on Impaired Loans 2012 2013 2013 CANADIAN BANKING¹ ALL BANK 1 0.56% 0.50% 0.47% 0.49% 0.45% 0.32% 0.40% 0.42% 0.43% 0.34% 0.36% 2014 2015 0.23% 0.37% 0.35% 0.28% 0.23% 0.18% 0.23% 0.23% 0.28% 0.29% 0.24% 0.29% 0.32% Avg: 27 bps INTERNATIONAL BANKING 2014 2015 1.27% 1.24% 1.26% 1.21% 0.86% 0.75% 2014 2015 2016 2017 2018 2019 2020 1.29% 1.30% 1.49% H Avg: 100 bps 43 2018 2018 2019 2020 Avg: 41 bps#44Pending#45Pending#46Sectors Most Impacted by COVID-19¹ Most Impacted Sectors as a % of Total Loans Trending Lower Canada Real Estate: Office and Retail C&CA $B %IG 4.70% 11% 4.10% Mexico 56% Office REIT $1.0 69% 4.00% 3% $8.6B Office Real Estate $3.3 48% 9% U.S. (1.4% of total loans) Retail REIT $1.3 97% Q2/20 Q3/20 Q4/20 7% Other Retail Real Estate $2.9 52% 1% 13% Europe Total² $8.5 58% Latin America Canada Other 25% Hospitality & Leisure 9% Total Loans $625.1B Energy E&P and Oilfield Services: 1.4% Real Estate Office = and Retail: 1.4% Transportation - Air 36% Travel: 0.5% U.S. Hospitality & Leisure: 0.8% $B %IG C&CA Hotels $4.0 24% $5.1B 17% (0.8% of total loans) Cruise Lines $0.3 0% 4% Latin America Gaming $0.8 1% 9% Total² $5.1 20% Mexico Transportation: Mexico Canada Latin America 12% 7% Air Travel 4% $B %IG C&CA 7% Total COVID-19 High Impact: 4.0% $3.0B Aircraft Finance $1.4 99% Other (0.5% of total loans) Airlines $0.3 4% 16% 54% Airports $1.3 75% Europe Total $3.0 81% 46 1 Sectors which have experienced the greatest disruption in normal business activities and impact to revenue due to the COVID-19 pandemic (including, but not limited to, government-mandated closures) relative to other sectors 2 May not add due to rounding#47Energy - E&P and OFS Exposure¹ Total Exploration & Production (E&P) Canadian E&P U.S. E&P Oilfield Services (OFS) Total E&P and Oilfield Services Exposure Loans and Acceptances Outstanding ($B) % of Total E&P and OFS % of Total Loans and Acceptances % Investment Grade Outstanding 7.2 85% 1.2% 52% 3.3 39% 0.5% 62% 0.9 10% 0.1% 14% 1.3 15% 0.2% 6% 8.5 100% 1.4% 45% Total Loans and Acceptances Outstanding reduced by $1.3Bn (13%) vs. Q3 · 45% is rated investment grade. 51% of Total Energy (including Midstream and Downstream) exposure is investment grade. • • Outlook has improved due to the recent increase in oil prices. Exploration & Production Canada (49%) 4.3 C&CA (0%) Majority of non-investment grade exposure is to secured reserve- based loans or sovereign owned/controlled entities. 0.2 Europe E&P and OFS 0.4 (62%) Exposure by • Oilfield Services Geography · Majority of non-investment grade exposure is secured. Focused on companies with stronger liquidity and balance sheets. $8.5B 0.6 • ACL coverage in E&P and OFS beyond Stage 3 Asia (94%) (%IG) 2.0 Latin America (40%) Maintained substantial Stage 1&2 ECL built in Q2 and Q3 through expert credit judgement. 1.0 U.S. (12%) 1 As of October 31, 2020. Excludes Midstream and Downstream 47#48Treasury and Funding 48#49COVID-19 Response Maintained elevated liquidity and access to funding markets ⚫ Continued elevated levels of liquidity, well in excess of regulatory requirements o LCR of 138%, -3% Q/Q and +13% Y/Y o Pacific Alliance countries ended Q4 with LCRs of 140-200% o HQLA of $210B, -$18B Q/Q and +$45B Y/Y, is substantially comprised of Level 1 assets • Reduction in wholesale funding to absorb excess system liquidity . o Deposit growth moderated requirement for wholesale funding 。 $21B of short term funding maturities allowed to roll off Funding metrics continue to benefit from reduced wholesale funding usage 。 WSF below $200B, down $21.6B Q/Q and $91B since March o WSF/TA improved Q/Q from 18.9% to 17.6% • Q4 term issuance activity augmented TLAC o Issued $4.3B of term senior funding versus term maturities of $3.2B 。 TLAC ratio at 23%, above minimum requirement of 22.5% 49 49#50Funding Strategy Diversified funding sources • Increase contribution from customer deposits Continue to reduce wholesale funding utilization while building TLAC Maintain balance between efficiency, stability of funding and pricing relative to peers Diversify funding by type, currency, program, tenor and source/market Utilize a centralized (head office managed) funding and associated risk management approach 1 In addition to the programs listed, there are also CD programs in the following currencies: Yankee/USD, EUR, GBP, AUD, HKD Funding Programs¹ US Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit USD 40 billion Global Registered Covered Bond Program (uninsured Canadian mortgages) Limit CAD 100 billion EMTN Shelf Limit USD 20 billion CAD Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit CAD 15 billion START ABS program (indirect auto loans) Limit CAD 15 billion Australian MTN program Limit AUD 8 billion Singapore MTN program Limit - USD 7.5 billion Halifax ABS shelf (unsecured lines of credit) Limit - CAD 7 billion Principal at Risk (PAR) Note shelf Limit CAD 6 billion Trillium ABS shelf (credit cards) Limit - CAD 5 billion USD Bank CP Program Limit USD 35 billion 50 50#51Wholesale Funding Wholesale funding diversity by instrument and maturity1,6,7 16% 26%- Senior Notes Bail-inable Notes 2% Asset-Backed Securities 15% Asset-Backed Commercial Paper³ 2% 19% Bearer Deposit Notes, Commercial Paper & Short-Term Certificate of Deposits $200B 1%- Deposits from Banks² TERM FUNDING MATURITY TABLE (EXCLUDING SUB DEBT AND MORTGAGE SECURITIZATION) (CANADIAN DOLLAR EQUIVALENT, $B) $28 9 Covered Bonds $20 2 4 14% Mortgage Securitization4 17 15 $29 8 $24 4 20 20 $10 $9 2 3 20 20 -5% Subordinated Debt5 8 6 < 1 Year 2 Years 3 Years 4 Years 5 Years 5 Years > Senior Debt ABS Covered Bonds 1 Excludes repo transactions and bankers acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity. 2 Only includes commercial bank deposits raised by Group Treasury. 3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes. 4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name. 5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures. 6 As per Wholesale Funding Sources Table in MD&A, as of Q4/20. 7 May not add to 100% due to rounding. 51#52Q4/17 Q1/18 Q2/18 Q3/18 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 BUSINESS & GOVERNMENT DEPOSITS1 (SPOT, CANADIAN DOLLAR EQUIVALENT, $B) Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 $274 $263 $211 $223 $270 $197 $174 $168 $221 $227 $197 $170 $179 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Deposit Overview Strong growth in personal & business and government deposits PERSONAL DEPOSITS (SPOT, CANADIAN DOLLAR EQUIVALENT, $B) • $200 $204 $215 $225 $225 $235 $246 $244 $222 $223 $224 $201 $211 3Y CAGR-7.2% • PERSONAL DEPOSITS All Q/Q growth from Canada Continued impact of system liquidity from central banks and government relief programs Important for both relationship purposes and regulatory value 1 Calculated as business & government deposits less wholesale funding as per Wholesale Funding Sources table in the MD&A, adjusted for Sub Debt 3Y CAGR 16.3% Q3/20 Q4/20 • BUSINESS & GOVERNMENT Continuing to leverage relationships to grow deposits Focusing on operational, regulatory friendly deposits 52 52#53Pending#54Pending#55Appendix 1 Core Markets: Economic Profiles#56COVID-19: Government Responses Policy Action Canada United States Mexico Peru Chile Colombia Policy Rate Cuts 150 bps 150 bps 275 bps 200 bps 125 bps 250 bps (Since March 1, 2020) Fiscal & Financial Measures (% of GDP) Liquidity program 17.5% 13.5% 0.7% 20.0%¹ 17.5%¹ 2.8% Wage and payroll support programs Key Measures Payment deferral programs Small business and sectoral programs Loan guarantees Household income supplementary funds Retirement savings withdrawals Tax holidays Source: Scotiabank Economics. As of November 14, 2020. 1 Includes pension withdrawals and deposit relief 56#57Pending#58% OF GDP Canadian Economy Diverse sources of growth with a strong balance sheet 20.9% Finance, Insurance, & Real Estate 15.1% Other 3.7% Transportation & Warehousing 6.1% Professional, Scientific, & Technical Services 7.1% CANADIAN GDP BY INDUSTRY (Aug 2020) Public Administration GDP Forecast 2020: -5.7% General Government Net Debt in 2020 12.4% Real GDP Growth Health & Education 7.5% 10.9% Wholesale & Retail Trade - 10.0% Manufacturing 6.4% Mining and Oil & Gas Extraction Construction GDP Forecast 2021: +4.1% 3 N ANNUAL % CHANGE C U.S. Canada Eurozone U.K. Japan 2010-2018 2019-2021f Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Oct 14, 2020. Government Financial Deficits in 2020 0 -5 (8.2) (10.8) -10 (13.0) 177.1 (14.2) (14.4) 148.8 -15 (16.5) (18.7) (18.7) 106.8 110.0 96.1 98.1 -20 49.0 54.1 % OF GDP -25 GE FR IT JN Canada Germany OECD U.K. U.S. France Italy Japan Adv. Econ. CA* UK US * Canadian government net debt obtained from Scotiabank Economics' Federal Economic and Fiscal Snapshot (July 8, 2020). * Canadian federal deficit reflects Scotiabank Economics' forecast as of Oct. 14, 2020. Sources: Scotiabank Economics, IMF Fiscal Monitor (October 2020 estimates), CBO. 58 Sources: Scotiabank Economics, IMF Fiscal Monitor (October 2020).#59Pending#60Peruvian Economy Resilient economic fundamentals Peru's important resource sectors are increasingly balanced by stronger service-sector activity and solid economic fundamentals Peru has 16 free-trade agreements with 49 countries that account for 66% of global GDP Investment is making a consistently strong contribution to GDP, which should make solid growth rates more sustainable in the future 12.3% Manufacturing 11.4% Wholesale and Retail Trade PERUVIAN GDP BY INDUSTRY (Q3 2020) GDP Forecast 2020: -11.5% GDP Forecast 2021: +10.0% Contributions to Peruvian GDP Growth 10 y/y % change 0 -5 -10 -15 -20 -25 -30 -35 -40 17 18 Net Exports Investment Consumption Sources: Scotiabank Economics, Haver Analytics. 19 Inventories Government Real GDP 20 20 49.7%- Other 13.0% Mining, Oil, & Gas 6.0% Construction 2.0% Electricity & Water 5.7% Top 5 Trading Partners* China Others 47% 25% Natural Resources United States 16% Canada 4% Japan South Korea 4% 4% * Trade data updated as of Q2-2020 60 60#61Chilean Economy Advanced economy with wide-ranging trade links • • Chile's mix of economic activities reflects its status as an advanced market economy Chile's diversified trading relationships are supported by 23 free-trade agreements with 60 countries that account for 73% of global GDP Investment has been a strong contributor to growth in Chile, which should underpin future productivity gains as the economy rebounds from recent social difficulties GDP Forecast 2020: -5.2% 16.1% Finance, Insurance, & Real Estate 8.5% Other 1.2% Restaurants & Hotels 7.7% Transportation & Warehousing GDP Forecast 2021: +5.6% Contributions to Chilean GDP Growth 10 y/y % change 5 3.5% Natural Resources CHILEAN GDP BY INDUSTRY (Q3 2020) 17.8% Housing & Personal Services 10.1% Wholesale & Retail Trade 10.9% Manufacturing 14.0% Mining and Oil & Gas Extraction 5.0% Construction 5.2% Public Administration Top 5 Trading Partners* 0 -5 -10 Net Exports -15 -20 Investment Consumption Inventories Government Real GDP -25 17 18 Sources: Scotiabank Economics, Haver Analytics. 19 20 20 China Others 36% 34% South Korea 3% United States Brazil 5% Japan 7% 15% 61 * Trade data updated as of Q2-2020#62Pending#63Pending#64Pending#65Pending#66Pending#67Appendix 3 Bail-in and TLAC#68Canadian Bail-in Regulations: Key Features Best in class approach Post September 23, 2018, senior unsecured debt issued by Canadian DSIBS that is subject to bail-in is the only format of issuance available¹ and is a single class of debt2 that is not subordinated to another class of wholesale senior debt Canadian bank term senior unsecured debt is not structurally, statutorily or contractually subordinated to another class of senior liabilities and therefore ranks equally to deposits and other senior liabilities in liquidation Canada utilizes a statutory bail-in regime where, unlike the contractual regime of Canadian NVCC capital instruments, bail-in conversion terms are not prescribed. CDIC retains flexibility to exercise the bail-in power in a manner that is appropriate given the circumstances at the time and subject to certain parameters. In the remote event of non-viability, the no creditor worse off principle ensures that bailed-in senior creditors do not incur greater losses through resolution than liquidation. The CDIC compensation regime floors recovery at the liquidation value. • The bail-in regime provides for a relative hierarchy of claims. Creditors receive common shares in accordance with their relative rankings. 1 Excludes structured notes as defined in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 2 Ranks pari passu with other forms of senior debt, except as otherwise prescribed by law and subject to the exercise of bank resolution powers 68 880#69Canadian Bail-in Regulations: Jurisdictional Comparison Best in class approach Instrument type Opco senior Holdco senior Holdco senior¹ Holdco senior Opco non- preferred senior Ranking in Liquidation Pari passu with deposits and other senior liabilities Structural subordination² Structural subordination² Structural subordination² Contractual subordination² Deposits Deposits Other senior liabilities Senior debt subject to Opco senior/senior preferred / other senior liabilities Subordination schematic bail-in Capital Holdco senior / senior non-preferred Capital Depositor preference No Yes Yes Yes Yes Participation in equity post resolution Conversion to equity of the bank or an affiliate allows participation in the upside, if any³ N/A4 Uncertain given possibility of writedown Uncertain given possibility of writedown Uncertain given possibility of writedown Acceleration rights upon failure to pay Yes principal and interest 1Applicable in practice for G-SIBS' issuance of non-capital bail-in debt Yes Yes Yes No5 2 Approach applicable to G-SIBS in relevant jurisdictions. Additionally, Switzerland uses structural subordination, Germany uses statutory subordination, Spain uses contractual subordination 3 Assuming only bail-in is triggered. If other resolution powers are exercised, debt holders could be exposed to losses in a manner similar to a write-down of their claims 4 No bail-in power. In resolution, debtholders could potentially receive partial recoveries (analogous to a write-down) or have their claims satisfied through the issuance of new securities (analogous to a bail-in conversion) 5 The terms of senior non-preferred do not include acceleration rights upon failure to pay principal and interest; however, there is no statutory restriction in this regard. Once resolution proceedings are underway, holders may declare an event of default for failure to meet payment obligations 69#70Summary of Bail-in / TLAC Regime Best in class approach . • Scope Scope of bail-in instruments Liabilities excluded from bail-in TLAC compliance date TLAC requirement TLAC eligibility Grandfathering Sequencing and preconditions Form of bail-in DSIB disclosure requirements OSFI designated DSIBS Senior unsecured debt that is tradeable and transferable, original term >400 days, unsecured and issued, originated or renegotiated after September 23, 2018 Insured deposits, uninsured deposits, debt with original term < 400 days, ABS / covered bonds, structured notes², derivative liabilities, other liabilities November 1, 2021 22.5% minimum risk-based TLAC ratio (21.5% plus a 1.0% Domestic Stability Buffer) 6.75% minimum TLAC leverage ratio Regulatory capital³ + bail-in debt with remaining term to maturity > 1 year4 Yes - all senior instruments issued prior to September 23, 2018 1. Federal authorities bring bank into resolution 2. Full conversion of bank's NVCC instruments must occur prior to or concurrently with bail-in Equity conversion - Include disclosure related to the conversion power in any agreement governing an eligible liability as well as any accompanying offering document - Include a clause in the contractual provisions governing any eligible liability through which investors provide express submission to the Canadian bail-in regime - Provide disclosure of TLAC ratios beginning Q1 2019 Bail-in is not the only path in Canada to resolve a failing bank. Canadian authorities retain full discretion to use other powers including "vesting order", "receivership order", "bridge bank resolution order", etc. Equity conversion under the Canadian bail-in regime has the potential to result in realizable value in excess of principal amount 1Yankee CD's with original term > 400 days are in-scope of bail-in 2 As per definition of structured notes in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 3 Adjusted to fully include subordinated debentures with a remaining term of one to five years 4 Provided such bail-in debt meets certain other requirements 70 10#71Appendix 4 Covered Bonds#72Global Registered Covered Bond Program Global Covered Bond Program: CAD$100 billion • Able to issue across multiple currencies such as USD, EUR, GBP, AUD and CHF ⚫ CAD$59.6 billion outstanding (of which $30 billion is self-issued) vs. $100 billion program size Extensive regulatory oversight and pool audit requirements ⚫ Mandatory property value indexation ⚫ CMHC prescribed disclosure requirements • Program carries the ECBC Covered Bond Label Issuer The Bank of Nova Scotia Guarantor Guarantee Status Program Size Ratings Cover Pool Asset Percentage Law Issuance Format Scotiabank Covered Bond Guarantor Limited Partnership Payments of interest and principal in respect of the covered bonds are irrevocably guaranteed by the Guarantor. The obligations under the Covered Bond Guarantee constitute direct obligations of the Issuer and are secured by the assets of the Guarantor, including the Portfolio. The covered bonds will constitute legal, valid and binding direct, unconditional, unsubordinated and unsecured obligations of the Bank and will rank pari passu with all deposit liabilities of the Bank without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Bank, present and future. CAD $100 billion Aaa / AAA / AAA (Moody's / Fitch / DBRS) First lien uninsured Canadian residential mortgage loans with LTV limit of 80% 94.8% Ontario, Canada 144A/Reg S (UKLA Listed) 72 12#73Global Registered Covered Bond Program¹ Global Covered Bond Program: CAD$100 billion program size, $60 billion outstanding ($30B self-issued) LOAN-TO-VALUE RATIOS² 38% 40% CREDIT SCORES³ 61% 17% 3% 6% 2% 1% 2% 11% 18% 0-20% 20-40% 40-60% 60-80% 80+% <599 600-650 651-700 701-750 751-800 800+ REMAINING TERM DISTRIBUTION (MONTHS) 24% 25% 13% 9.3% Alberta 0.2% Territories 2.0% Saskatchewan 20% 0.9% 10% 8% Quebec <12 12-23.99 24-35.99 36-41.99 42-47.99 48+ 0.2% P.E.I. PROVINCIAL DISTRIBUTION 1.2% 22.3% British Columbia 60.2% Ontario Manitoba 1.7% 0.9% New Brunswick 1.2% Newfoundland Nova Scotia 1 As at October 31, 2020. Charts may not add to 100% due to rounding 2 Uses indexation methodology as outlined in Footnote 1 on page 3 of the Scotiabank Global Registered Covered Bond Monthly Investor Report 3 Excludes unavailable credit scores 73#74Canadian Legislative Covered Bonds (CMHC Registered) • Canadian Registered Covered Bond Programs' Legal Framework (Canadian National Housing Act) Issuance Framework • Canadian Registered Covered Bond Programs Guide issued by Canada Mortgage and Housing Corporation (CMHC) Eligible Assets Mortgage LTV Limits • Uninsured loans secured by residential property in Canada • LTV limit of 80% Basis for Valuation of Mortgage Collateral Issuers are required to index the value of the property underlying mortgage loans in the covered pool while performing various tests Securities issued by the Government of Canada Repos of Government of Canada securities having terms acceptable to CMHC 10% of the aggregate value of (a) the loans (b) any Substitute Assets and (c) all cash held by the Guarantor The cash assets of the Guarantor cannot exceed the Guarantor's payment obligations for the immediately succeeding six months • Substitute Assets • Substitute Assets Limitation . • Cash Restriction • Coverage Test Asset coverage Test • Amortization Test Overcollateralization Credit Enhancement • Reserve Fund Covered bond swap, forward starting Swaps • Interest rate swap, forward starting Valuation calculation Market Risk Reporting • Mandatory property value indexation Covered Bond Supervisory Body • CMHC Requirement to Register Issuer and Program • Yes; prior to first issuance of the covered bond program Registry • Yes Disclosure Requirements • Monthly investor report with prescribed disclosure requirements set out by CMHC Investor reports must be posted on the program website 74#75Pending#76Pending#77Pending#78Pending