#1Investor Presentation First Quarter 2023 February 28, 2023 Scotiabank®#2Caution Regarding Forward-Looking Statements From time to time, our public communications include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission ("SEC"), or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2022 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," "target," "project," "commit," "objective," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would," "might," "can" and "could" and positive and negative variations thereof. By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; 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; the possible effects on our business of war or terrorist actions and unforeseen consequences arising from such actions; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; 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 business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; climate change and other environmental and social risks, including sustainability that may arise, including from the Bank's business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; inflationary pressures; Canadian housing and household indebtedness; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2022 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 2022 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2023 Priorities" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf. Additional information relating to the Bank 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 Transparency and Partnership Disciplined Capital Allocation Scott Thomson President & CEO Optimize Funding Mix Improve Business Mix 3#4Q1/23 Overview Raj Viswanathan Group Head & CFO 4#5Q1 2023 Financial Performance $MM, except EPS Q1/23 Y/Y Q/Q Reported Net Income $1,772 (35%) (15%) Pre-Tax, Pre-Provision Profit¹ $3,516 (8%) 14% Diluted EPS $1.36 (36%) (17%) Revenue $7,980 (1%) 5% Expenses $4,464 6% (1%) Productivity Ratio² 55.9% 340 bps Net Interest Margin³ 2.11% (5 bps) (350 bps) (7 bps) PCL Ratio² 33 bps 20 bps 5 bps PCL Ratio on Impaired Loans² 29 bps 5 bps Return on Equity² 9.9% (590 bps) 3 bps (200 bps) Adjusted³ Net Income $2,366 (14%) (10%) Pre-Tax, Pre-Provision Profit $3,537 (8%) (4%) • Diluted EPS $1.85 (14%) (10%) Revenue $7,980 (1%) Expenses $4,443 6% Productivity Ratio 55.7% 350 bps Return on Equity 13.4% (250 bps) 4% 200 bps (160 bps) . REPORTED NET INCOME YEAR-OVER-YEAR ($MM) YEAR-OVER-YEAR HIGHLIGHTS Adjusted EPS down 14% (reported down 36%) o Reported earnings includes the impact of the Canada Recovery Dividend Adjusted pre-tax, pre-provision profit down 8% Revenue down 1% 。 Net interest income up 5%, due primarily to strong asset growth across all business lines 。 Non-interest income down 8% mainly due to lower wealth management revenues and underwriting and advisory fees NIM down 5 bps (down 7 bps Q/Q) o Higher funding costs offset by higher margins in Canadian Banking and International Banking Expenses up 6% o Unfavourable FX translation combined with higher personnel costs driven by inflation, and technology costs to support business growth PCL ratio is in line with outlook REPORTED NET INCOME4 BY BUSINESS SEGMENT ($MM) 225 -9% (294) (416) ■■Q1/22 Q1/23 +18% (241) - -7% (242) - -7% -> 2,740 1,201 1,087 1,772 412 561 519 555 654 385 Q1/22 Net interest Non-interest Income PCLS income Non-interest Taxes expenses Q1/23 Canadian Banking Global Wealth Management Global Banking and Markets International Banking (Constant FX) 1 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 2 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 4 Attributable to equity holders of the Bank 5#6Strong Capital Position Q/Q CHANGE IN CET1 RATIO (%)¹ 21 bps 9 bps 11.5% (16 bps) (12 bps) (2 bps) 11.5% . . Internal capital generation supported organic growth across all business lines and contributed an additional 5 basis points to the CET1 ratio The revaluation of FVOCI securities mitigated much of the one-time impact of the Canada Recovery Dividend Adoption of Basel III reforms in Q2 2023 is estimated to benefit capital by approximately 20 to 30 bps Q4 2022 Reported Earnings less RWA Growth dividends (ex. FX) Canada Recovery Dividend FVOCI securities Other (net) Q1 2023 Reported Internal capital generation 462.4 Q/Q CHANGE IN RISK WEIGHTED ASSETS ($Bn) 2.7 6.7 (0.7) 0.2 0.2 471.5 Q4 2022 Business Growth Book Quality FX & Other Market Risk Operational Q1 2023 Risk 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018) • Q/Q growth in RWA of $9.1 billion was primarily from continued strong business line growth Foreign currency also contributed to higher RWA this quarter 6#7Canadian Banking $MM Q1/23 Y/Y Q/Q Reported Net Income¹ $1,087 (9%) (7%) Pre-Tax, Pre-Provision Profit² $1,715 8% (1%) Revenue $3,164 10% 1% • Expenses $1,449 13% 4% PCLS $218 nmf 34% Productivity Ratio³ 45.8% 120 bps 120 bps Net Interest Margin4 2.26% 7 bps PCL Ratio³ 19 bps 22 bps 4 bps PCL Ratio on Impaired Loans³ 17 bps 5 bps 3 bps • NIM up 7 bps (flat Q/Q) Adjusted4 Net Income¹ $1,088 (10%) (7%) Pre-Tax, Pre-Provision Profit $1,717 7% (2%) Expenses $1,447 13% 4% Productivity Ratio 45.8% 140 bps 140 bps REPORTED NET INCOME ($MM) AND NIM (%) • 2.19% 2.22% 2.29% 2.26% • 2.26% • 1,201 1,179 1,213 1,170 1,087 YEAR-OVER-YEAR HIGHLIGHTS Net income down 9% (adjusted -10%) o Pre-tax, pre-provision profit up 8% (adjusted +7%) o Higher PCLS reflect normalization of provisions Revenue up 10% 。 Net interest income up 12% o Strong loan and deposit growth 。 Margin expansion o Non-interest revenue up 5% o Bank of Canada rate increases o In line with the prior quarter as higher loan spreads were offset by lower deposit spreads Expenses up 13% o Higher personnel costs driven by staffing and inflation, and technology costs Operating leverage³ of -2.9% (adjusted4 -3.3%) Loan growth of 9% o Business loans up 22% o Residential mortgages up 7% Deposit growth of 10% o Personal deposits up 13% o Non-personal deposits up 4% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1 Attributable to equity holders of the Bank 2 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 3 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 7#8Global Wealth Management $MM, except AUM/AUA Q1/23 Y/Y Q/Q Reported Net Income¹ $385 (7%) 6% Pre-Tax, Pre-Provision Profit² • $521 (7%) 6% Revenue $1,323 (7%) 3% Expenses $802 (7%) 1% PCLs $1 nmf nmf Productivity Ratio³ 60.6% (130 bps) AUM ($Bn)³ $322 (7%) 4% AUA ($Bn)³ $607 1% 5% Adjusted 4 Net Income¹ $392 (6%) 6% Pre-Tax, Pre-Provision Profit $530 (7%) 6% Expenses $793 (7%) 1% • YEAR-OVER-YEAR HIGHLIGHTS Net income down 7% (adjusted -6%) Revenue down 7% o Lower fee income from a decline in trading volumes and lower AUM 。 Higher net interest income from strong Private Banking loan growth and margin expansion Expenses down 7%; adjusted operating leverage³,4 +0.1% (reported flat) o Prudent expense management AUM down 7% and AUA up 1% o Impacted by market depreciation Productivity Ratio 59.9% (10 bps) (130 bps) 4 AUM AUA REPORTED NET INCOME ($MM) AND ROE +1% -7% Y/Y Y/Y 345 601 580 607 311 322 32 111 129 125 31 +16% 31 -5% 17.2% 17.5% 15.5% 15.5% 14.8% Y/Y 412 Y/Y -7 313 280 291 -7% 490 455 478 -2% 405 407 376 Y/Y 361 385 Y/Y Q1/22 Q4/22 Q1/23 Canada 1 Attributable to equity holders of the Bank Q1/22 Q4/22 International Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 ■ Performance Fees 2 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 3 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 8#9Global Banking and Markets $MM Q1/23 Y/Y Q/Q Reported • Net Income¹ $519 (7%) 7% Pre-Tax, Pre-Provision Profit² $730 (1%) 11% Revenue $1,503 7% 11% • Expenses $773 15% 11% PCLs $15 nmf nmf Productivity Ratio³ 51.4% 370 bps PCL Ratio³ 4 bps 10 bps 1 bp PCL Ratio Impaired Loans³ 3 bps (6 bps) REVENUE BY BUSINESS ($MM) YEAR-OVER-YEAR HIGHLIGHTS Net income down 7% (up 7% Q/Q) o Higher expenses and PCLs, offset by higher revenue Revenue up 7% o Net interest income up 22% driven by strong average loan and deposit growth and improved deposit margins 。 Non-interest income up 2% Expenses up 15% o Driven by higher personnel and technology costs to support business growth Operating leverage of -8.2%³ Higher charge on provision for credit losses o Compared to a net reversal in prior year Loans up 33% (up 7% Q/Q) Deposits up 12% NET INCOME ($MM) AND ROE* (%) 17.4% 1,404 1,503 1,354 15.6% 13.4% 13.2% 11.1% 1,262 1,152 504 701 736 554 423 561 488 484 519 850 668 708 729 802 378 Q1/22 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/22 Q3/22 Business Banking Q4/22 Capital Markets Q1/23 1 Attributable to equity holders of the Bank 2 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 3 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 6#10International Banking Constant dollar basis 1,5 $MM Q1/23 Q1/22 Y/Y1 Q4/22 Q/Q1 Reported Net Income² $654 $555 18% $655 • Pre-Tax, Pre-Provision Profit³ $1,265 $1,141 11% $1,164 9% Revenue $2,701 $2,491 8% $2,562 5% Expenses $1,436 $1,350 6% $1,398 3% PCLS $404 $291 39% $366 10% Productivity Ratio4 53.2% 53.6% (40 bps) 54.5% (130 bps) Net Interest Margin 5 4.00% 3.87% 13 bps 4.08% (8 bps) PCL Ratio4 96 bps 77 bps 19 bps 89 bps 7 bps PCL Ratio Impaired Loans4 89 bps 81 bps 8 bps 81 bps 8 bps Adjusted5 Net Income² $661 $562 18% $662 Pre-Tax, Pre-Provision Profit $1,275 $1,151 11% $1,174 9% Expenses $1,426 Productivity Ratio 52.8% $1,340 6% $1,388 3% 53.2% (40 bps) 54.1% (130 bps) REPORTED NET INCOME² ($MM) AND NIM 3.87% 3.96% 3.95% 4.08% 4.00% 555 608 644 655 654 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 • . YEAR-OVER-YEAR HIGHLIGHTS Net income² up 18% Pre-tax, pre-provision profit up 11% Revenue up 8% 。 Net interest income up 8%, driven by loan growth, as well as margin expansion o Non-interest income up 9%, mainly driven by higher net fees and commissions, capital market revenues and gains on investment securities Expenses up 6%; adjusted operating leverage 4,5 of +0.8% (reported +0.9%) NIM up 13 bps (down 8 bps Q/Q) o Margin expansion due to changes in asset mix, and higher spreads, partly offset by lower inflationary adjustments mainly in Chile Loans up 13% (up 3% Q/Q) 。 Retail up 12% Y/Y and commercial up 13% Y/Y o Retails loans up 2% Q/Q and commercial up 3% Q/Q PCL ratio of 96 bps; in line with outlook 1 Current and prior period dollars, Y/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, on a constant dollar basis 3 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 4 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 5 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 10 10#11Other 1,2 REPORTED NET INCOME ¹² ($MM) (10) (67) (52) (603) (913) HIGHLIGHTS Reported net income attributable to equity holders impacted by $579 million attributable to the Canada Recovery Dividend Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1, 2, 3 ADJUSTED NET INCOME ($MM) (67) (10) (52) (100) HIGHLIGHTS Higher funding costs net of asset repricing Lower hedging benefits (334) Lower investment gains and lower income from associate corporations Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1 Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income, non-interest income and provision for income taxes and differences in the actual amount of costs incurred and charged to the operating segments. 2 Attributable to equity holders of the Bank 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 11#12Risk Review Phil Thomas Chief Risk Officer Strong secured retail and corporate portfolio Credit performance in line with expectations Credit trends remained resilient 12 12#13Strong Credit Quality GILS ($MM) AND GIL RATIO1 81 bps 73 bps 67 bps 64 bps 60 bps 62 bps 65 bps 58 bps 5,116 33 4,735 -286 -28 -235 1,040 4,456,26 4,435,32 4,264 32 4,252,27 -219 -231 4,786 18 156 5,104 18 =141 1,079 168| -130 917 921 941 904 824 771 3,757 3,551 3,695 3,866 3,270 3,268 3,240 3,324 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 NET WRITE-OFFS ($MM) AND NET WRITE-OFFS RATIO1 HIGHLIGHTS Excluding the impact of foreign exchange, GILS increased $199 million Q/Q driven by new formations in Retail Banking and Commercial International Banking GILs were higher Q/Q driven by impact of foreign exchange and new retail formations in Chile Canadian Banking GILs were higher Q/Q driven by new retail formations mainly in Mortgages and Auto, due to normalizing trend, and new Commercial formations HIGHLIGHTS Net write-offs increased 22% Q/Q, but remained below historically low levels in both Canada and International International Banking net write-offs were higher Q/Q driven by higher retail write offs in Chile and Central America. Commercial write-offs related to one account Q/Q Canadian Banking net write-offs continued to normalize 76 bps 62 bps 1,141 219 -13 983 34 bps 27 bps 25 bps 21 bps 24 bps 29 bps 173 560 1 123 910 801 457 3 139 4 422 144 4 385 462 .5 3 563 184 ✓ 8 155 132 435 371 311 274 283 302 (1) Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 (33) Q4/22 Q1/23 International Banking Canadian Banking Global Banking and Markets Global Wealth Management 1 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 13 33#14Strong Credit Quality • • • HIGHLIGHTS Total PCLs increased $109 million Q/Q driven by less favourable macroeconomic outlook, continued portfolio growth and higher retail write-offs in both Canada and International Canadian Banking PCLs increased Q/Q due primarily to retail provisions driven by higher formations Provision for performing loans was driven primarily by commercial provisions due to less favourable macroeconomic outlook, and retail provisions driven primarily by increases in mortgages and auto portfolio International Banking PCLs were higher Q/Q due primarily to higher retail provisions, primarily in Chile and Colombia Global Banking & Markets PCLs were higher Q/Q due primarily to less favourable macroeconomic outlook. Provision for impaired loans was lower Q/Q due primarily to lower formations this quarter PCLs ($MM) Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 All-Bank Impaired 405 Performing 406 389 494 562 (183) (187) 23 35 76 Total 222 219 412 529 638 Canadian Banking Impaired Performing (160) 125 131 143 153 187 (143) (50) 10 31 Total (35) (12) 93 163 218 International Banking о Impaired 286 278 262 320 375 Performing (12) (2) 63 35 29 Total 274 276 325 355 404 Global Wealth Management Impaired Performing Total NE 1 (3) 23 (1) (2) - 2 3 (1) 1 5 1 1 Global Banking and Markets Impaired (8) (4) (18) 22 Performing (8) (42) 3 (11) 13 Total (16) (46) (15) 11 15 231 Other 4 (1) I 14#15Prudent Allowances TOTAL ACLs1 ($MM) AND ACL RATIO² 109 bps 96 bps 86 bps 80 bps 75 bps 72 bps 71 bps 72 bps 6,893 23 6,232 22 5,731 1,691 5,583 23 20 5,375 5,295 5,499 1,529 20 28 28 1,368 1,326 1,255 1,276 1,368 5,668 1,409 31 2,056 2,009 1,863 1,723 1,595 1,532 1,528 1,547 3,123 2,672 2,477 2,514 2,505 2,459 2,575 2,681 Q2/21 Q3/21 International Retail Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 3 Canadian Retail Business Banking GWM/Other TOTAL PCLs ($MM) AND PCL RATIO4 33 bps 28 bps 22 bps 33 bps 24 bps 10 bps 13 bps 13 bps 638 1 529 11 15 496 145 380 412 9 218 69 163 396 339 168 1 314 222 219 1 93 274 (35) 276 325 355 404 (43) (27) `(2) (1) ( (16) (15) (1) Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 ■Canadian Banking ■Global Banking and Markets ■GWM/Other о HIGHLIGHTS Allowances increased to $5.7 billion Prudent performing allowance of $4.0 billion to account for growth and uncertainty in economic outlook Total ACL ratio up 1 bp Q/Q to 72 bps Secured Retail portfolio (Canada - 95%; International - 73%) Quality of the business banking portfolio remained strong and continued to focus on investment grade clients Total PCL ratio of 33 bps, up 5 bps Q/Q Higher performing PCLs driven by less favourable macroeconomic forecast and strong portfolio growth Impaired PCLs driven by higher formations in Canadian and International Retail ■International Banking 1 Includes ACLs on off-balance sheet exposures and ACLs on acceptances and other financial assets 2 ACL ratio defined as period end total ACLs (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances 3 Includes Allowance for credit losses in Other of $6 million (Q4/22: $4 million) 4 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 5 Includes provisions for credit losses in Global Wealth Management of $1 million (Q2/21: -$2 million, Q3/21: -$1 million, Q4/21: $1 million, Q1/22: -$1 million, Q2/22: $1 million, Q3/22: $5 million, Q4/22: $1 million) 15#16Closing Remarks Scott Thomson President & CEO Commitment to strong CET1 ratio Profitable and sustainable growth Improve shareholder return 116 16#17Appendix 17#18Net Income and Adjusted Diluted EPS Net Income ($MM) and Q1/22 Q4/22 Q1/23 EPS ($ per share) Net Income attributable to common shareholders $2,608 $1,949 $1,631 Dilutive impact of share-based payment options and others $24 $4 ($4) 1 Quarterly diluted common shares outstanding may be impacted by dilutive effect of put options sold by the bank in the following legal entities: • Net Income attributable to common shareholders (diluted) Colpatria $2,632 $1,953 $1,627 • Canadian Tire Financial Services Weighted average number of common shares outstanding 1,211 1,192 1,192 Dilutive impact of share-based payment options (1 19 7 7 and others Weighted average number of diluted common 1,230 1,199 1,199 shares outstanding Reported Basic EPS $2.15 $1.64 $1.37 Dilutive impact of share-based payment options and others ($0.01) ($0.01) ($0.01) Reported Diluted EPS $2.14 $1.63 $1.36 Impact of adjustments on diluted earnings per share¹ $0.01 $0.43 $0.49 Adjusted Diluted EPS1 $2.15 $2.06 $1.85 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 18#19Adjusting Items¹ Adjusting Items (Pre-Tax) ($MM) Acquisition-Related Costs Amortization of Intangibles² Canadian Banking International Banking Q1/22 Q4/22 25 24 Global Wealth Management Other Net Loss/(Gain) on Divestitures and Wind Down of Operations Expansion of the Scene+ Loyalty Program Restructuring and Other Provisions Canada Recovery Dividend 10 2629 Q1/23 21 10 2229 669 361 133 85 25 603 Total (Pre-Tax) Adjusting Items (After-Tax and NCI) ($MM) Acquisition-Related Costs 3 Amortization of Intangibles Canadian Banking International Banking Other Global Wealth Management Net Loss/(Gain) on Divestitures and Wind Down of Operations Expansion of the Scene+ Loyalty Program Restructuring and Other Provisions Canada Recovery Dividend Total (After-Tax and NCI) 21 Q1/23 After-Tax Q1/22 Q4/22 Tax NCI and NCI 8477 8477 18 18 6 1 15 18 340 98 65 521 3 2 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 2 Excludes amortization of intangibles related to software (pre-tax) 3 Excludes amortization of intangibles related to software (after-tax) 1 5777 TI 579 594 19#20Risk Adjusted Margin¹ and NIM² RISK ADJUSTED MARGIN 3.31% 3.31% 3.22% 3.22% 3.18% ALL-BANK NIM (7 bps) O bps 2.22% 2.23% 2.20% 2.10% 2.05% 218 bps 2.05% 2.12% 2.02% 1.94% 1.83% Q1/22 All-Bank 226 bps Q2/22 Q3/22 Q4/22 Canadian Banking 211 bps Q1/23 Q4/22 Spreads Business Mix Q1/23 International Banking CANADIAN BANKING NIM 1 bp (1 bp) 226 bps 408 bps INTERNATIONAL BANKING NIM 0 bps (0 bps) (8 bps) 400 bps Q4/22 Spreads Business Mix Q1/23 Q4/22 Spreads Inflation Business Mix Q1/23 1 Risk-Adjusted Margin calculated as (Net Interest Income less Provision for Credit Losses) / Average Core Earning Assets. See non-GAAP reconciliations beginning on slide 41 2 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 20 20#21All-Bank NIM¹ Calculation All-Bank ($ millions) Average total assets² Less: Non-earning assets Average total earning assets² Q1/22 Q4/22 Q1/23 1,238,616 1,332,897 1,380,008 94,165 126,213 118,465 1,144,451 1,206,684 1,261,543 Less: Trading Assets 162,885 117,807 119,974 Securities purchased under resale agreements and securities borrowed 131,102 157,438 174,942 Other deductions 58,030 69,343 70,779 Average core earning assets² 792,434 862,096 895,848 Net Interest Income 4,344 4,622 4,569 Less: Non-core net interest income 23 (122) (205) Net interest income on core earning assets 4,321 4,744 4,774 Net interest margin 2.16% 2.18% 2.11% 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 2 Average balances represents the average of daily balance for the period 21 21#22Interest Rate Sensitivity . NET INTEREST INCOME SENSITIVITY Impact of an immediate and sustained 100 bps parallel shift on net interest income over a 12-month period о 100 bps increase: $304 million decrease in net interest income 100 bps decrease: $233 million increase in net interest income POLICY RATE CHANGE AND OUTLOOK Rate Change by BNS Fiscal Quarters (bps)² QTD Country Canada Above estimates assume a static balance sheet and no management actions¹ US Mexico Colombia Peru . Balance sheet positioned to benefit from declining rates Chile Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 +75 +150 +125 +75 +25 +200 +75 +125 +25 +75 +100 +125 +150 +125 +50 +150 +200 +300 +200 +175 +150 +150 +150 +100 +75 +275 +150 +275 +150 - Current Policy Rate 4.50% Forecast Policy Rate for Dec 31/233 4.25% 4.75% 11.00% 12.00% 12.75% 12.00% 5.25% 7.75% 7.25% 11.25% 4.50% % 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Oct-21 HISTORICAL INTEREST RATE ENVIRONMENT AND OUTLOOK² Canada & US % Mexico & Chile 12.0 10.0 " "1 8.0 6.0 4.0 2.0 0.0 Apr-22 Oct-22 Apr-23 Oct-23 Oct-21 Apr-22 Oct-22 Apr-23 BOC Overnight Rate CAD 5-Yr Swap Rate USD 5-Yr Swap Rate Oct-23 Fed Funds Rate Bank of Mexico Overnight Rate Bank of Chile Monetary Policy Rate MXN 5-Yr Swap Rate CLP 5-Yr Swap Rate 1Additional detail regarding non-trading interest rate sensitivity can be found on page 33 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 2 As of February 27, 2023 3 Source: Scotia Economics. US and Canada as at February 6, 2023 forecast, Pacific Alliance countries as at February 10, 2023 forecast 22 22#23Economic Outlook in Core Markets REAL GDP (ANNUAL % CHANGE) Forecast 1,2 Country 2010-20 Average 2021 2022E³ 2023 2024 Q1F Q2F Q3F Q4F Full Year Full Q1F Q2F Q3F Q4F Year Canada 1.6 5.0 3.6 2.2 1.3 0.5 0.4 1.1 0.7 1.4 2.0 2.3 1.6 U.S. 1.8 5.9 2.1 1.7 17 1.7 0.9 0.5 1.2 0.5 1.0 1.4 1.6 1.1 Mexico 1.7 4.7 3.0 1.0 0.6 0.9 0.7 0.8 2.5 1.4 2.2 1.6 1.9 Chile 2.5 11.7 2.7 0.0 (3.0) (2.5) (1.3) (1.7) 100 0.1 3.5 3.2 4.4 2.8 Peru 3.1 13.3 2.7 1.1 2.8 1.7 2.6 2.1 2.9 2.4 2.4 2.0 2.4 Colombia 2.7 11.0 7.5 1.7 1.7 17 1.7 13 1.1 1.5 2.6 2.7 2.4 2.4 2.5 PAC Average 2.5 10.2 4.0 1.0 0.5 0.4 0.8 0.7 2.0 2.5 2.5 2.6 2.4 1 Forecasts for Canada and U.S. as of the February 6, 2023 Scotiabank Economics Global Forecast Tables 2 Forecasts for PAC countries as of the February 10, 2023 Scotiabank Economics Latam Weekly 3 The annual GDP 2022 data for Colombia and Peru are actuals as of February 15, 2023; the remaining countries are estimates 23 223#24Digital Progress: All-Bank • Canada: Progress across all key metrics as customer adoption of Digital continues. • Pacific Alliance: Continued digital progress with steady increase in digital and mobile customers across all countries. Digital Adoption (%) +300 bps 56% 59% 56% 59% 50% 43% +1,600 bps +8% Active Digital Users (#000) 7,524 8,073 8,733 8,193 8,812 6,316 40% 2019 2020 2021 2022 Q1/22 Q1/23 +11% 2019 2020 2021 2022 Q1/22 Q1/23 Active Mobile Users (#'000)1 5,903 6,727 7,496 7,661 6,873 4,513 Digital Sales (%) +500 bps 70% 2019 2020 2021 2022 Q1/22 Q1/23 +100 bps 50% 50% 45% 42% 36% 28% Self-Serve Transactions 89% 92% 92% 92% 93% 81% +2,200 bps +1,200 bps (%)² 2019 2020 2021 2022 Q1/22 Q1/23 2019 2020 2021 2022 Q1/22 Q1/23 12019 uses historical estimation based on available mobile user data for Colombia and Chile 2 Self-serve transactions for prior periods have been restated to conform to the current presentation 24#25Digital Progress: Canada Digital Adoption (%) +7% +200 bps Active Digital Users (#'000) 3,599 3,847 4,071 4,368 4,149 4,455 +24% 55% 59% 61% 59% 61% 50% 2019 2020 2021 2022 Q1/22 Q1/23 +1,100 bps +11% 2019 2020 2021 2022 Q1/22 Q1/23 Active Mobile Users (#'000) 3,073 3,393 3,704 3,800 3,415 2,666 +43% Digital Sales (%) 2019 2020 2021 2022 Q1/22 Q1/23 +100 bps 28% 28% +0 bps 26% 27% 23% +200 bps 16% Self-Serve Transactions (%) 87% 92% 93% 93% 93% 93% +600 bps 2019 2020 2021 2022 Q1/22 Q1/23 2019 2020 2021 2022 Q1/22 Q1/23 Definitions 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 25 25#26Digital Progress: Pacific Alliance +8% Digital Adoption (%) +600 bps Active Digital Users (#'000) 3,677 4,002 4,365 4,044 4,357 2,717 58% 58% 53% 52% 46% +60% 2019 2020 2021 2022 Q1/22 Q1/23 35% +2,300 bps +12% 2019 2020 2021 2022 Q1/22 Q1/23 Active Mobile Users (#'000)1 3,334 3,793 3,861 3,458 2,830 1,847 +109% Digital Sales (%) +800 bps 2019 2020 2021 2022 Q1/22 Q1/23 +100 bps 68% 67% 59% 55% 51% +3,800 bps 29% Self-Serve Transactions 87% 90% 91% 91% 92% 75% +1,700 bps (%)² 2019 2020 2021 2022 Q1/22 Q1/23 2019 2020 2021 2022 Q1/22 Q1/23 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 12019 use historical estimation based on available mobile user data for Colombia and Chile; 2 Self-serve transactions for prior periods have been restated to conform to the current presentation 26#27Revenue Growth Canadian Banking1 +10% International Banking1 (Constant Dollar Basis)² +8% 3,134 3,164 2,874 838 877 2,701 +29% 679 2,491 43 525 2,562 551 31 -28% 30 597 +14% 2,195 2,296 2,287 +4% 1,923 1,982 2,073 +8% Q1/22 Q4/22 Q1/23 Business Banking Retail Banking Global Wealth Management¹ Q1/22 Q4/22 Q1/23 Latin America C&CA Asia Global Banking and Markets 1,3 -7% +7% 1,503 1,422 153 1,404 1,354 1,289 1,323 475 425 311 +12% 163 173 +14% 193 226 -27% 311 1,269 1,126 1,150 -9% 850 802 +20% 668 Q1/22 Q4/22 Q1/23 Canada International Q1/22 Business Banking Q4/22 Q1/23 Global Equities FICC 1 May not add due to rounding 2 Figures are on a constant dollar basis. Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 3 GBM LatAm revenue contribution and assets are reported in International Banking's results 27 27#28Loan Growth by Business Line Canadian Banking1 International Banking1 Global Banking and Markets +9% (Constant Dollar Basis)² +13% 442 446 408 171 166 81 84 +22% 88 151 68 -7 -7 +12% 69 69 72 72 +5% 22 95 92 +13% 84 +33% 132 123 -8 +21% 7 99 282 283 265 +7% 19 19 19 +5% Q1/22 Q4/22 Q1/23 42 46 48 +14% Q1/22 Q4/22 Q1/23 Mortgages Personal loans Credit cards Business 1 All figures in billions. All percentage changes are Y/Y. May not add due to rounding Q1/22 Q4/22 Q1/23 2 Figures are on a constant dollar basis. Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 28#29High Quality Loan Growth Canadian Banking Commercial¹ International Banking Commercial & Corporate¹,2 68 73 50 50 18 47 25 25 +22% +13% 84 81 91 92 95 78 87 84 49 49 50 50 62 52 +4% 29 29 31 32 +72% 52 52 52 2 54 54 555 Global Banking and Markets¹ +33% 132 123 18 +17% 112 17 102 99 16 56 +7% 16 6 16 96 96 83 86 22 32 35 37 38 39 +22% 113 +37% 105 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Investment Grade³ 27% 35% 37% 38% 38% 38% 40% 41% 41% 41% 84% 84% 86% 86% 86% Non- Investment Grade³ 73% 65% 63% 62% 62% 62% 60% 59% 59% 59% 16% 16% 14% 14% 14% Investment Grade Non-Investment Grade4 1 All figures in billions. All percentage changes are Y/Y. Represents Average Loans Outstanding (Business and government loans and acceptances) 2 Figures are on a constant dollar basis. Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 3 Refer to T31 in the Bank's 2022 Annual Report (Page 63) for mapping internal ratings scale to external rating agencies 4 Non-Investment grade includes non-investment grade, watch-list and default exposure 29 29#30Deposit Growth Canadian Banking1 +10% International Banking 1,2 (Constant Dollar Basis)³ +11% 299 320 328 116 119 107 116 116 +4% 111 +14% 69 77 79 187 204 212 +13% 38 39 40 +4% Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Global Banking and Markets 1,2 +12% Global Wealth Management¹ -12% 39 37 34 165 179 185 18 17 16 -12% 21 20 18 -11% Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Personal Non-Personal 1 All figures in billions. All percentages are Y/Y. May not add due to rounding 2 Includes deposits from banks 3 Figures are on a constant dollar basis. Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 30 30#31Macroeconomic Scenarios Optimistic SELECT MACROECONOMIC VARIABLES USED TO ESTIMATE EXPECTED CREDIT LOSSES Base Case Scenario Alternative Scenario - Alternative Scenario - Very Pessimistic Alternative Scenario - Pessimistic Next 12 months As at January 31, 2023 As at October 31, 2022 As at January 31, 2023 As at October 31, 2022 As at January 31, 2023 As at October 31, 2022 As at January 31, 2023 As at October 31, 2022 Canada Real GDP growth, Y/Y % change 0.8 1.2 1.7 Consumer price index, Y/Y % change 4.1 4.9 Bank of Canada overnight rate target, average 4.2 3.8 4.5 % Unemployment rate, average % ㄓˊˊˊ 2.4 (2.2) (4.8) (3.2) (5.9) 4.3 5.2 6.3 9.3 7.0 12.5 4.2 4.8 5.1 5.1 5.1 5.8 5.7 5.4 5.1 7.8 9.7 8.6 10.2 US Real GDP growth, Y/Y % change 0.6 0.6 1.3 Consumer price index, Y/Y % change 5.0 5.4 32 1.3 (2.3) (5.1) (3.2) (6.5) 5.2 5.8 7.3 10.0 8.1 13.2 Target federal funds rate, upper limit, average 4.9 3.5 5.2 4.7 5.6 4.8 5.8 4.8 % Unemployment rate, average % 4.2 4.3 4.0 4.2 6.0 7.9 6.7 8.3 Global WTI oil price, average USD/bbl 94 89 99 95 108 116 80 125 QUARTERLY BREAKDOWN OF THE PROJECTIONS FOR THE ABOVE MACROECONOMIC VARIABLES Calendar Quarters Q1 Q2 Q3 Q4 Base Case Scenario Average January 31 Calendar Quarters Q4 Q1 Next 12 months 2023 2023 2023 2023 2023 2022 2023 Q2 2023 Q3 2023 Average October 31 2022 Canada Real GDP growth, Y/Y % change 1.7 0.9 0.2 0.3 0.8 1.9 1.2 0.6 1.0 1.2 Consumer price index, Y/Y % change 5.9 4.2 3.6 2.9 4.1 6.9 5.1 4.0 3.6 4.9 Bank of Canada overnight rate target, average % 4.3 4.3 4.3 4.0 4.2 3.8 3.8 3.8 3.8 3.8 Unemployment rate, average % 5.4 5.7 6.0 6.1 5.8 5.4 5.6 5.8 5.9 5.7 US Real GDP growth, Y/Y % change 0.8 0.8 0.4 0.4 0.6 0.1 0.6 1.0 0.8 Consumer price index, Y/Y % change 6.5 5.3 4.5 3.8 5.0 7.2 5.8 4.6 4.0 Target federal funds rate, upper limit, average % 5.0 5.0 5.0 4.8 4.9 3.5 3.5 3.5 3.5 Unemployment rate, average % 3.9 4.1 4.3 4.5 4.2 3.8 4.1 4.4 4.8 805 8 0.6 5.4 3.5 4.3 Global WTI oil price, average USD/bbl 93 97 96 90 94 90 90 89 89 88 89 Source: Scotiabank Economics, forecasts as of December 8, 2022 31#32Canadian Retail: Loans and Provisions' MORTGAGES AUTO LOANS 1100 101 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 99 78 39 37 41 39 50 78 4 63 35 45 31 (6) (4) (5) Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 LINES OF CREDIT³ 70 33 41 48 51 48 36 48 60 57 45 56 32 28 (8) (6) 10 ת CREDIT CARDS5 410 380 288 312 244 267 268 234 310 204 241 240 116 (84) (55) (59) Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 PCL as a % of average net loans (bps)² Loan Balances Q1/23 Spot ($Bn) % Secured Mortgages $302 100% PCLs on Impaired Loans as a % of average net loans (bps)² Auto Loans Lines of Credit³ $41 100% $34 64% Credit Cards $7 2% Total $387 95%4 2 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 1 Includes Wealth Management 3 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 4 84% secured by real estate; 11% secured by automotive 5 Excluding one-time impact of fully provisioned write-offs, Q3/22 PCL ratio on impaired loans is 280 bps 32 2#33Canadian Residential Mortgages 73% Uninsured Total Portfolio 1,2 $302Bn 27% Insured 63% Fixed Total Portfolio 1,2: $302Bn 37% Variable FICO® Distribution - Canadian Uninsured Portfolio4 Canadian Mortgage Portfolio Mortgage Portfolio Variable Mortgages Total Outstanding Balance ($Bn) $302 $111 Uninsured Outstanding Balance ($Bn) Average LTV³ $221 $96 52% 60% Canadian Uninsured Mortgage Portfolio Average FICO® 86% Score % of Portfolio Uninsured Canada 800 73% GTA 802 84% GVA 805 84% 1% 5% 8% <620 620-680 681-720 >720 1 Includes Wealth Management 2 Spot Balances at Q1/23 3 Weighted by mortgage balances and adjusted for property values based on the Teranet - National Bank National Composite House Price Index 4 FICO is a registered trademark of Fair Isaac Corporation 33#34Canadian Residential Mortgages Canadian Mortgage Portfolio 12: $302Bn % of portfolio 84% Freehold Freehold $255Bn = 167.1 22.8 (84%) Condos $47Bn (16%) 60.2 144.3 16.8 32.6 20.3 Total Portfolio 1,2 $302Bn 11.7 3.8 10.3 43.4 2.9 0.3 0.7 28.8 17.4 11.4 9.6 Ontario BC & Territories Alberta Quebec Atlantic Provinces Manitoba & Saskatchewan 55.3% 20.0% 10.8% 6.6% 3.9% 3.4% Maturity Schedule - Total Canadian Mortgages ($Bn) 91.1 ■Fixed Variable 72.1 64.4 7.3 40.2 New GTA/GVA Mortgage Originations 16% Condos Q1/22 Q4/22 Q1/23 Greater Toronto Area 49.3 Total Originations ($Bn) 6.0 3.5 2.5 32.6 23.2 2.4 57.1 3.7 50.9 18.9 Uninsured LTV3 Greater Vancouver Area 63% 63% 63% 30.2 8.5 19.5 22.8 10.4 Total Originations ($Bn) 2.5 1.3 1.0 Uninsured LTV3 64% 62% 62% FY23 FY24 FY25 FY26 FY27 FY28+ Asset yields on variable rate mortgages reprice with each change to Scotiabank's prime rate 1Includes Wealth Management 2 Spot Balances at Q1/23, may not add due to rounding 3 Average LTV ratios for our uninsured residential mortgages originated during the quarter 34#35International Retail: Loans and Provisions MEXICO CHILE CARIBBEAN AND CENTRAL AMERICA 428 Markets with 329 133 Greater 326 300 173 106 129 Weighting to 138 111 103 102 70 62 62 99 237 212 64 51 67 65 139 154 133 119 205 124 Secured 179 120 122 102 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 216 72 98 67 93 195 58 91 45 31 39 46 170 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 115 95 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 133 124 108 Markets with Greater Weighting to Unsecured 2,436 PERU COLOMBIA 1,588 1,338 1,194 492 502 760 389 352 309 329 364 353 318 307 302 451 726 385 636 534 287 211 274 203 264 273 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 256 289 304 317 346 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 PCL as a % of average net loans (bps)1 PCLs on Impaired Loans as a % of average net loans (bps)1 Loan Balances Q1/23 Mexico Peru Chile Colombia Caribbean & CA Total² Spot ($Bn) % Secured $17 89% $10 42% $32 79% $6 $13 $78 37% 76% 73% 1 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 2 Total includes other smaller portfolios 35#36Retail 90+ Days Past Due Loans¹,2 CANADA³ Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Mortgages 0.16% 0.13% 0.12% 0.12% 0.10% 0.09% 0.09% 0.11% Personal Loans 0.51% 0.41% 0.39% 0.44% 0.40% 0.42% 0.49% 0.56% Credit Cards 0.75% 0.57% 0.63% 0.69% 0.69% 0.65% 0.72% 0.70% Secured and 0.18% 0.15% 0.16% 0.17% 0.18% 0.16% 0.17% 0.20% Unsecured Lines of Credit Total 0.21% 0.18% 0.17% 0.17% 0.15% 0.15% 0.15% 0.18% INTERNATIONAL Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Mortgages 2.67% 2.60% 2.36% 2.20% 2.14% 2.16% 2.21% 2.20% Personal Loans 5.29% 4.42% 3.73% 3.33% 3.05% 3.03% 3.14% 3.41% Credit Cards 5.83% 3.14% 2.20% 1.88% 1.73% 1.99% 2.32% 2.37% Total 3.69% 3.09% 2.66% 2.42% 2.30% 2.34% 2.42% 2.47% 1 Defined as: loan balance that is 90+ days past due, divided by the total loan balance, on a spot basis 2 Does not reflect impact of payment deferral programs 3 Includes Wealth Management 36#37Trading Results (# of days in quarter) 20 18 16 14 12 10 8 00 60 4 2 NO TRADING LOSS DAYS (Q1/23) 0 <0 5 6 7 8 9 10 15 20 25 >25 Q1/23 Daily Trading Revenues ($MM) Millions 10 40 30 20 TRADING REVENUE¹ AND ONE-DAY TOTAL VAR (Q1/23) 10 0 -10 -20 -30 1-Nov-22 Average 1-Day Total VaR Q1/23: $ 15.1 MM Q4/22: $ 14.2 MM Q1/22: $ 12.3 MM m 3-Jan-23 10-Jan-23 17-Jan-23 24-Jan-23 31-Jan-23 8-Nov-22 15-Nov-22 22-Nov-22 6-Dec-22 13-Dec-22 29-Nov-22 1-day total VaR 20-Dec-22 27-Dec-22 1 Refer to non-GAAP measures on page 17 of the Management's Discussion & Analysis in the Bank's 2022 Annual Report, available on http://www.sedar.com Actual Daily Revenue 37 37#38International Banking: Pacific Alliance¹ FINANCIAL PERFORMANCE AND METRICS ($MM) GEOGRAPHIC DISTRIBUTION 8,9 Reported (Constant FX)2,3 Q1/23 Q4/22 Q1/22 Q/Q² Y/Y² 12% 35% Colombia Mexico Revenue ($MM) $1,889 $1,813 $1,788 4% 6% Expenses ($MM) $873 $862 $823 1% 6% PTPP4 ($MM) $1,016 $951 $965 7% 5% Net Income 5 ($MM) $523 $558 $496 (6%) 5% Net Interest Margin³ 3.81% 3.85% 3.94% (4 bps) (13 bps) Chile Return on Equity³ 14.9% 15.1% 14.6% (20 bps) 30 bps 0% Productivity Ratio6 46.2% 47.9% 46.5% (170 bps) (30 bps) Colombia Risk Adjusted Margin 2.84% 2.97% 3.24% (13 bps) (40 bps) Effective Tax Rate 19.6% 11.3% 23.5% 830 bps (390 bps) 31%/ REVENUE $1.9Bn NET INCOME3,5 $523MM 23% Peru 42% Mexico RETURN ON EQUITY (%) 34% 18.9% 11.3% 11.3% 5.3% 23.8% 22.0% 18.3% 14.4% 13.8% 11.1% Chile 9% Colombia 24% Peru -35% Mexico 1 Figures excluding wealth management 2021 3.3% 2022 Mexico ― Peru Chile -0.1% Q1/23 Colombia 39% Chile AVERAGE EARNING ASSETS $153Bn 18% 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics and change in bps are on a reported basis 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 4 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 5 Attributable to equity holders of the Bank 6 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 7 Risk-Adjusted Margin calculated as (Net Interest Income less Provision for Credit Losses) / Average Core Earning Assets. See non-GAAP reconciliations beginning on slide 41 8 For the 3 months ended January 31, 2023 9 O May not add due to rounding Peru 38#39International Banking: CCA¹ FINANCIAL PERFORMANCE AND METRICS ($MM) Reported (Constant FX)2,3 Q1/23 Q4/22 Q1/22 Q/Q² Y/Y2 19% Revenue ($MM) $597 $551 $525 8% 14% Central America Expenses ($MM) $346 $339 $340 2% 2% PTPP4 ($MM) $252 $212 $185 18% 36% GEOGRAPHIC DISTRIBUTION8,9 REVENUE $597MM 66% English Caribbean Net Income 5 ($MM) $142 $108 $86 31% 65% 15% Net Interest Margin³ 5.68% 5.63% 4.88% 5 bps 80 bps Dominican Republic Return on Equity³ 16.5% 12.8% 9.2% 370 bps 730 bps Productivity Ratio6 57.8% 61.5% 65.2% (370 bps) (740 bps) 10% Risk Adjusted Margin 5.19% 5.02% 4.27% 17 bps 92 bps Central America Effective Tax Rate 22.3% 19.9% 25.2% 240 bps (290 bps) RETURN ON EQUITY (%) 42.8% NET INCOME 3,5 12% $142MM Dominican Republic 78% English Caribbean 26.1% 17.6% 10.9% 7.9% 8.5% 32% Central America 4.9% 2021 English Caribbean 1 Figures excluding wealth management 6.0% 2022 Dominican Republic 5.0% Q1/23 - Central America 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics and change in bps are on a reported basis 14% Dominican Republic 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 4 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 5 Attributable to equity holders of the Bank AVERAGE EARNING ASSETS $32Bn 6 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 7 Risk-Adjusted Margin calculated as (Net Interest Income less Provision for Credit Losses) / Average Core Earning Assets. See non-GAAP reconciliations beginning on slide 41 8 For the 3 months ended January 31, 2023 9 May not add due to rounding 54% English Caribbean 39#40Non-GAAP Reconciliations 40 40#41Reconciliation for non-GAAP Financial Measures Impact of Foreign Currency Translation Average Exchange Rate Q1/23 Q/Q Y/Y US Dollar/Canadian Dollar Mexican Peso/Canadian Dollar Peruvian Sol/Canadian Dollar Colombian Peso/Canadian Dollar Chilean Peso/Canadian Dollar 0.742 (1.3%) (6.0%) 14.342 (4.8%) (12.5%) 2.853 (3.0%) (9.2%) 3,567.606 5.5% 14.0% 646.312 (7.2%) (1.2%) Impact on Net Income¹ ($MM except EPS) Net Interest Income Non-Interest Income² Total Revenue Q/Q Y/Y 66 132 (123) (83) (57) 49 Non-Interest Expenses (46) (97) Other Items (Net of Tax) 33 7 Net Income (70) (41) Earnings Per Share (diluted) (0.06) (0.03) Impact by business line ($MM) Canadian Banking International Banking2 2 (41) (25) Global Wealth Management Global Banking and Markets 4 7 5 24 Other² (38) (49) Net Income (70) (41) 1 Includes the impact of all currencies 2 Includes the impact of foreign currency hedges 41#42Reconciliation for non-GAAP Financial Measures All Bank: Risk Adjusted Margin ($ millions) Average total assets¹ Less: Non-earning assets Average total earning assets¹ Less: All-Bank Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1,238,616 1,264,193 1,295,165 1,332,897 1,380,008 94,165 102,901 111,324 126,213 118,465 1,144,451 1,161,292 1,183,841 1,206,684 1,261,543 Trading Assets Securities purchased under resale agreements and securities borrowed Other deductions Average core earning assets¹ Net Interest Income 4,344 4,676 162,885 144,501 128,890 117,807 119,974 131,102 127,255 146,002 157,438 174,942 58,030 59,618 62,710 69,343 70,779 792,434 829,918 846,239 862,096 895,848 4,473 4,622 4,569 Less: Non-core net interest income 23 (33) (53) (122) (205) Provision for credit losses 222 219 412 529 638 Risk Adjusted Net interest income on core earning assets 4,099 4,287 4,317 4,215 4,136 Risk Adjusted Margin 2.05% 2.12% 2.02% 1.94% 1.83% 1 Average balances represents the average of daily balance for the period 42#43Reconciliation for non-GAAP Financial Measures Canadian Banking: Risk Adjusted Margin Canadian Banking ($ millions) Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Average total assets¹ 411,748 423,218 437,269 445,670 450,040 Less: Non-earning assets 4,129 4,035 4,089 4,112 4,035 Average total earning assets¹ 407,619 419,183 433,180 441,558 446,005 Less: Other deductions 20,580 22,478 24,646 26,191 27,284 Average core earning assets¹ 387,039 396,705 408,534 415,367 418,721 Net Interest Income 2,133 2,144 2,361 2,363 2,386 Less: Non-core net interest income Provision for credit losses (35) (12) 93 163 218 Risk Adjusted Net interest income on core earning assets 2,168 2,156 2,268 2,200 2,168 Risk Adjusted Margin 2.22% 2.23% 2.20% 2.10% 2.05% 1 Average balances represents the average of daily balance for the period 13 43#44Reconciliation for non-GAAP Financial Measures International Banking: Risk Adjusted Margin International Banking ($ millions) Average total assets¹ Less: Non-earning assets Average total earning assets¹ Q1/22 196,100 16,039 180,061 186,504 Q2/22 Q3/22 Q4/22 Q1/23 203,875 209,076 217,061 228,374 17,371 18,448 19,358 19,103 190,628 197,703 209,271 Less: Trading assets 5,287 4,376 4,860 5,369 5,132 Securities purchased under resale agreements and securities borrowed 200 145 2,245 2,433 3,033 Other deductions² 6,718 6,713 6,616 7,087 7,565 Average core earning assets¹ 167,856 175,270 176,907 182,814 193,541 Net Interest Income 1,648 1,687 1,759 1,806 1,899 Less: Non-core net interest income 12 (4) (1) (73) (54) Provision for credit losses 274 276 325 355 404 Risk Adjusted Net interest income on core earning assets 1,362 1,415 1,435 1,524 1,549 Risk Adjusted Margin 3.22% 3.31% 3.22% 3.31% 3.18% Average balances represents the average of daily balance for the period 2 Prior period has been restated to include as a deduction non-interest bearing deposits with banks, to align with the Bank's definition. The net interest margin has also been restated to reflect these changes 44#45Reconciliation for non-GAAP Financial Measures Pacific Alliance: NIM and Risk Adjusted Margin ($ millions) Average total assets¹ Pacific Alliance Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Less: Non-earning assets Average total earning assets¹ 147,550 14,998 154,649 157,441 161,526 170,840 17,638 18,427 132,552 137,011 139,014 18,640 18,071 142,886 152,769 Less: Trading Assets 5,287 4,376 4,795 5,314 5,061 Securities purchased under resale agreements and securities borrowed 200 145 470 444 605 Other deductions 2,052 2,027 1,796 2,295 2,867 (A) Average core earning assets¹ 125,013 130,463 131,953 134,833 144,236 Net Interest Income 1,254 1,277 1,281 1,278 1,334 Less: Non-core net interest income 12 (4) 12 (30) (50) (B) Core Net Interest Income 1,242 1,281 1,269 1,308 1,384 Less: Provision for credit losses 220 230 261 298 350 (C) Risk Adjusted Net interest income on core earning assets 1,021 1,051 1,009 1,010 1,034 Net Interest Margin (B/A) 3.94% 4.03% 3.82% 3.85% 3.81% Risk Adjusted Margin (C/A) 3.24% 3.30% 3.03% 2.97% 2.84% 1 Average balances represents the average of daily balance for the period 45#46Reconciliation for non-GAAP Financial Measures Caribbean and Central America: NIM and Risk Adjusted Margin ($ millions) Average total assets¹ Less: Non-earning assets Average total earning assets¹ Less: Trading Assets Caribbean and Central America Q1/22 | Q2/22 Q3/22 Q4/22 Q1/23 32,177 32,409 33,219 34,522 35,124 2,720 2,718 2,656 2,611 2,662 29,457 29,691 30,563 31,911 32,462 Securities purchased under resale agreements and securities borrowed Other deductions (A) Average core earning assets¹ Net Interest Income 12 14 16 70 81 109 3,394 3,369 3,534 3,550 3,566 26,063 26,322 26,947 28,266 28,771 321 322 357 401 412 Less: Non-core net interest income (B) Core Net Interest Income 321 322 357 401 412 Less: Provision for credit losses 40 39 51 43 35 (C) Risk Adjusted Net interest income on core earning assets 280 283 305 358 376 Net Interest Margin (B/A) 4.88% 5.02% 5.25% 5.63% 5.68% Risk Adjusted Margin (C/A) 4.27% 4.41% 4.50% 5.02% 5.19% 1 Average balances represents the average of daily balance for the period 46#47Reconciliation for non-GAAP Financial Measures Pre-Tax, Pre-Provision Profit ($ millions) Reported Basis Adjusted Basis¹ Pre-tax, pre-provision profit Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 All-Bank Revenue 8,049 7,626 7,980 8,049 7,987 7,980 Expenses 4,223 4,529 4,464 4,198 4,287 4,443 Pre-tax, pre-provision profit 3,826 3,097 3,516 3,851 3,700 3,537 Canadian Banking Revenue 2,874 3,134 3,164 2,874 3,134 3,164 Expenses 1,282 1,397 1,449 1,276 1,391 1,447 Pre-tax, pre-provision profit 1,592 1,737 1,715 1,598 1,743 1,717 International Banking Revenue 2,397 2,504 2,701 2,397 2,504 2,701 Expenses 1,285 1,364 1,436 1,275 1,355 1,426 Pre-tax, pre-provision profit 1,112 1,140 1,265 1,122 1,149 1,275 Pacific Alliance Revenue 1,702 1,742 1,889 1,702 1,742 1,889 Expenses 791 835 873 782 827 865 Pre-tax, pre-provision profit 911 907 1,016 920 915 1,024 Caribbean and Central America Revenue 489 546 597 489 546 597 Expenses 319 336 346 318 335 344 Pre-tax, pre-provision profit 170 210 251 171 212 253 47 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com#48Reconciliation for non-GAAP Financial Measures Pre-Tax, Pre-Provision Profit (Constant Currency) ($ millions) Reported Basis Adjusted Basis¹ Pre-tax, pre-provision profit Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 International Banking (Constant FX) Revenue 2,491 2,562 2,701 2,491 2,562 2,701 Expenses 1,350 1,398 1,436 1,340 1,388 1,426 Pre-tax, pre-provision profit 1,141 1,164 1,265 1,151 1,174 1,275 Pacific Alliance (Constant FX) Revenue 1,788 1,813 1,889 1,788 1,813 1,889 Expenses 823 862 873 814 853 865 Pre-tax, pre-provision profit 965 951 1,016 974 960 1,024 Caribbean and Central America (Constant FX) Revenue 525 551 597 525 551 597 Expenses 340 339 346 339 338 344 Pre-tax, pre-provision profit 185 212 251 187 213 253 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 48#49Reconciliation for non-GAAP Financial Measures Pre-Tax, Pre-Provision Profit: Reported and Adjusted ($ millions) Reported Basis Pre-tax, pre-provision profit Q1/22 Q4/22 Adjusted Basis¹ Q1/23 Q1/22 Q4/22 Q1/23 Global Wealth Management Revenue 1,422 1,289 1,323 1,422 1,289 1,323 Expenses 862 798 802 853 789 793 Pre-tax, pre-provision profit 560 491 521 569 500 530 Global Banking and Markets Revenue 1,404 1,354 1,503 Expenses 670 696 773 Pre-tax, pre-provision profit 734 658 730 1 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 49#50Reconciliation for non-GAAP Financial Measures Mexico, Chile, Peru, Colombia: Return on Equity ($ millions) Reported Basis Return on Equity FY21 FY22 Q1/23 ($ millions) Return on Equity Reported Basis FY21 FY22 Q1/23 Mexico Chile Net Income Attributable to 586 745 220 Common Shareholders Net Income Attributable to Common Shareholders 605 841 176 Total average common 3,093 3,393 3,680 equity Total average common equity 5,365 5,844 6,329 Return on Equity 18.9% 22.0% 23.8% Return on Equity 11.3% 14.4% 11.1% ($ millions) Reported Basis ($ millions) Reported Basis Return on Equity FY21 FY22 Q1/23 Return on Equity FY21 FY22 Q1/23 Peru Colombia Net Income Attributable to 301 382 126 Common Shareholders Net Income Attributable to Common Shareholders 68 44 (0) Total average common 2,655 2,772 2,717 equity Total average common equity 1,263 1,333 1,209 Return on Equity 11.3% 13.8% 18.3% Return on Equity 5.3% 3.3% (0.1%) 50 50#51Reconciliation for non-GAAP Financial Measures Return on Equity ($ millions) Reported Basis ($ millions) Reported Basis Return on Equity FY21 FY22 Q1/23 English Caribbean Return on Equity Dominican Republic FY21 FY22 Q1/23 Net Income Attributable to 204 298 123 Common Shareholders Net Income Attributable to Common Shareholders 50 57 19 Total average common 1,158 1,141 1,144 equity Total average common equity 628 671 678 Return on Equity 17.6% 26.1% 42.8% Return on Equity 7.9% 8.5% 10.9% ($ millions) Reported Basis Return on Equity FY21 FY22 Q1/23 Central America Net Income Attributable to 67 83 18 Common Shareholders Total average common 1,368 1,379 1,447 equity Return on Equity 4.9% 6.0% 5.0% 51#52Reconciliation for non-GAAP Financial Measures Pacific Alliance and Central America: Return on Equity ($ millions) Reported Basis Q1/22 Q4/22 Q1/23 Pacific Alliance Net Income Attributable to Common Shareholders 461 527 522 Total average common equity 12,522 13,880 13,934 Return on Equity 14.6% 15.1% 14.9% ($ millions) Caribbean and Central America Reported Basis Q1/22 Q4/22 Q1/23 Net Income Attributable to Common Shareholders 76 110 141 Total average common equity 3,258 3,405 3,395 Return on Equity 9.2% 12.8% 16.5% 52 52#53Investor Relations Contact Information John McCartney, Senior Vice-President 416-863-7579 [email protected] Sophia Saeed, Vice-President 416-933-8869 [email protected] Rebecca Hoang, Director 416-933-0129 [email protected] 53