#1INVESTOR PRESENTATION First Quarter 2024 February 28, 2024 NATIONAL BANK OF CANADA#2FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Caution Regarding Forward-Looking Statements Certain statements in this document are forward-looking statements. All such statements are made in accordance with applicable securities legislation in Canada and the United States. The forward-looking statements in this document may include, but are not limited to, statements about the economy, market changes, the Bank's objectives, outlook, and priorities for fiscal year 2024 and beyond, the strategies or actions that will be taken to achieve them, expectations for the Bank's financial condition, its activities, the regulatory environment in which it operates, its environmental, social, and governance targets and commitments, and certain risks to which the Bank is exposed. These forward-looking statements are typically identified by verbs or words such as "outlook", "believe", "foresee", "forecast", "anticipate", "estimate", "project", "expect", "intend" and "plan", in their future or conditional forms, notably verbs such as "will", "may", "should", "could" or "would" as well as similar terms and expressions. Such forward-looking statements are made for the purpose of assisting the holders of the Bank's securities in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's vision, strategic objectives, and performance targets, and may not be appropriate for other purposes. These forward-looking statements are based on current expectations, estimates, assumptions and intentions and are subject to uncertainty and inherent risks, many of which are beyond the Bank's control. There is a strong possibility that the Bank's express or implied predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that its assumptions may not be confirmed and that its vision, strategic objectives, and performance targets will not be achieved. The Bank cautions investors that these forward-looking statements are not guarantees of future performance and that actual events or results may differ significantly from these statements due to a number of factors. Thus, the Bank recommends that readers not place undue reliance on these forward-looking statements, as a number of factors could cause actual results to differ significantly from the expectations, estimates, or intentions expressed in these forward-looking statements. Investors and others who rely on the Bank's forward-looking statements should carefully consider the factors listed below as well as the uncertainties they represent and the risk they entail. 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 it or on its behalf. Assumptions about the performance of the Canadian and U.S. economies in 2024 and how that performance will affect the Bank's business are among the factors considered in setting the Bank's strategic priorities and objectives, including provisions for credit losses. These assumptions appear in the Economic Review and Outlook sections of the Bank's 2023 Annual Report and of the Report to Shareholders for the First Quarter of 2024 and, for each business segment, in the Economic and Market Review sections of the Bank's 2023 Annual Report. The forward-looking statements made in this document are based on a number of assumptions and are subject to risk factors, many of which are beyond the Bank's control and the impacts of which are difficult to predict. These risk factors include, among others, the general economic environment and financial market conditions in Canada, the United States, and the other countries where the Bank operates; the impact of upheavals in the U.S. banking industry; exchange rate and interest rate fluctuations; inflation; global supply chain disruptions; higher funding costs and greater market volatility; changes made to fiscal, monetary, and other public policies; changes made to regulations that affect the Bank's business; geopolitical and sociopolitical uncertainty; climate change, including physical risks and those related to the transition to a low-carbon economy, and the Bank's ability to satisfy stakeholder expectations on environmental and social issues; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank's ability to achieve its key short-term priorities and long-term strategies; the timely development and launch of new products and services; the Bank's ability to recruit and retain key personnel; technological innovation, including advances in artificial intelligence and the open banking system, and heightened competition from established companies and from competitors offering non-traditional services; changes in the performance and creditworthiness of the Bank's clients and counterparties; the Bank's exposure to significant regulatory matters or litigation; changes made to the accounting policies used by the Bank to report financial information, including the uncertainty inherent to assumptions and critical accounting estimates; changes to tax legislation in the countries where the Bank operates; changes made to capital and liquidity guidelines as well as to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank by financial and extra-financial rating agencies; potential disruptions to key suppliers of goods and services to the Bank; the potential impacts of disruptions to the Bank's information technology systems, including cyberattacks as well as identity theft and theft of personal information; the risk of fraudulent activity; and possible impacts of major events affecting the economy, market conditions, or the Bank's outlook, including international conflicts, natural disasters, public health crises, and the measures taken in response to these events. The foregoing list of risk factors is not exhaustive, and the forward-looking statements made in this document are also subject to credit risk, market risk, liquidity and funding risk, operational risk, regulatory compliance risk, reputation risk, strategic risk, and social and environmental risk as well as certain emerging risks or risks deemed significant. Additional information about these risk factors is provided in the Risk Management sections beginning on p. 62 of the 2023 Annual Report and on p. 26 of the Report to Shareholders for the First Quarter of 2024. Non-GAAP and Other Financial Measures The quantitative information in this document has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated, and should be read in conjunction with the Bank's 2023 Annual Report. The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP, which are based on IFRS. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank's operations. The Bank cautions readers that it uses non-GAAP and other financial measures that do not have standardized meanings under GAAP and therefore may not be comparable to similar measures used by other financial institutions. For additional information relating to the non-GAAP and other financial measures presented in this document and an explanation of their composition, refer to pages 14-19 and 124-127 of the Bank's 2023 Annual Report and to pages 4-8 and 43-46 of the Report to Shareholders for the First Quarter of 2024 which are available at nbc.ca/investorrelations or at sedarplus.ca. Such explanation is incorporated by reference hereto. Note: National Bank fiscal year ends October 31. 2 |#3OVERVIEW Laurent Ferreira President & Chief Executive Officer#4Q1 2024-STRONG START TO THE YEAR Revenues ($MM; YoY) Reported: $2,710; 6% Adjusted(1): $2,820; 5% - Organic growth and disciplined execution generating strong returns EPS of $2.59 ROE of 17.1% PTPP(2) ($MM; YoY) Reported: $1,261; 8% Adjusted(1): $1,371; ៖៖ 5% ■ Positive operating leverage PCL ($MM) Total: $120; 21 bps Impaired (3): $99; 17 bps ■ Prudent credit positioning Diluted EPS Reported: $2.59 ■ CET1 ratio of 13.1% (5) Adjusted: $2.59 ROE(4) Reported: Adjusted: 17.1% 17.1% ■ Sound liquidity metrics with an LCR of 145%(5) (1) On a taxable equivalent basis, which is a non-GAAP financial measure. In light of the proposed legislation with respect to Canadian dividends, the Bank did not either recognize an income tax deduction or use the taxable equivalent basis method to adjust revenues related to affected dividends received after January 1, 2024. See slides 2 and 32. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Provisions for credit losses on impaired loans excluding POCI loans. (4) Represents a supplementary financial measure. See slide 2. (5) Common Equity Tier 1 (CET1) capital ratio and Liquidity coverage ratio (LCR) represent capital management measures. See slide 2. 4#5Q1 2024 SOLID BUSINESS PERFORMANCE - Revenues up 5% YoY, mainly from balance sheet growth P&C Banking (YoY) ☐ Revenues: PTPP(1): 5% 5% ☐ NIM up 1 bp YoY and stable QoQ at 2.36% ■ Wealth Management (YoY) Revenues: 4% PTPP(1): (1)% Financial Markets (YoY) Revenues (3): 10% PTPP(1)(3): 10% ◉ ☐ Personal: Loans up 2% YoY and stable QoQ(2) Commercial: Loans up 11% YoY and 4% QoQ (2) Record revenues underlying strong deposit base and asset growth Fee-based revenues up 8% YoY ■ AUA up 9% and AUM up 11% YoY, mainly from market appreciation - ◉ ☐ NII up 5% QoQ Record net income of $308MM(3), up 3% YoY, reflecting well-diversified business mix Global Markets: Revenues up 14% YoY(3), with solid performance across the franchise ■ C&IB: Strong Q1 with revenues of $304MM, up 4% YoY USSF&I (YoY) Revenues: PTPP(1): 2% 2% Credigy: Assets up 6% QoQ (4) with strong momentum in investments; revenue growth impacted YoY and QoQ by significant prepayment revenue in prior periods; NII up 6% (5) QoQ excluding favourable items recorded in Q4 2023 ■ ABA: Solid growth in loans and deposits with continued momentum in client acquisition; revenues up 4% QoQ; improving deposit margin (1) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (2) Represents growth in Q1 2024 average loans and acceptances. (3) On a taxable equivalent basis (TEB). In light of the proposed legislation with respect to Canadian dividends, the Bank did not either recognize an income tax deduction or use the taxable equivalent basis method to adjust revenues related to affected dividends received after January 1, 2024. See slide 2. (4) Average assets, on a constant currency basis. (5) Represents NII growth excluding favourable items. See slide 23. 5#6FINANCIAL REVIEW Marie Chantal Gingras Chief Financial Officer and Executive Vice-President, Finance#7Q1 2024-STRONG RESULTS AND CONTINUED COST DISCIPLINE Q1 2024 Performance (YoY) Reported Adjusted(1) Revenue growth 5.8% 4.8% Expense growth 4.2% 4.2% PTPP growth (2) 7.6% 5.3% Operating leverage (3)(4) 1.6% 0.6% Efficiency ratio (3)(4) 53.5% 51.4% Number of Employees – Canada (Full-Time Equivalent, Excluding Summer Students) -2% YoY 19,048 18,934 18,821 18,735 18,667 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 ■ Positive operating leverage in Q1/24 ☐ Strong revenue growth YoY in Financial Markets (+10%), P&C Banking (+5%) and Wealth Management fee-based (+8%) Continued expense discipline across the Bank, with strong efficiency ratios in our business segments Lower expense growth of 4.2% YoY Variable compensation up 5.7%, in line with strong asset growth in Wealth Management and strong performance in Financial Markets Moderating growth in salaries and benefits, up 3.2% YoY (Canadian FTE count down 2.0% YoY and 0.4% QoQ) Technology up 3.6% YoY, from technology investments and shift in portfolio mix, partly offset by lower amortization expense (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a supplementary financial measure. See slide 2. (4) The adjusted measures represent non-GAAP ratios. See slide 2. 7#8MAINTAINING STRONG NII AND NIM(1) NII and NIM, non-trading - Adjusted(2)(3) ($MM) 2.19% 2.09% 2.18% 2.14% 2.21% 1,437 1,373 1,388 1,372 1,280 Q3 23 (4) Q4 23 ■NIM - non-trading Q1 24 Q1 23 Q2 23 ■NII - non-trading NIM, non-trading - Adjusted(3) (NIM on Average Interest-Bearing Assets) 0.02% 0.03% 0.01% 0.00% 0.01% 2.21% 2.14% Q4 23 P&C WM FM USSF&I Other Q1 24 Adjusted non-trading NII (2) up 4.7% QoQ ■ P&C: up $13M QoQ on balance sheet growth ■ WM: up $10M QoQ from strong deposit base ■ FM (non-trading): up $20M QoQ on balance sheet growth and higher margin ■ USSF&I: up $10M QoQ Credigy: down $9M QoQ, as Q4 2023 benefitted from pre-payment revenue and favourable impact of over performance on fair value portfolios totaling $14MM ABA: up $6M QoQ on balance sheet growth; improving deposit mix with strong growth in demand deposits Other Intl: up $13M QoQ, mainly from annual dividends ■ Other segment: up $12M QoQ, mainly from asset and liability management activities Adjusted non-trading NIM(3) up 7 bps QoQ to 2.21% ■ Stable P&C NIM, reflecting higher asset and deposit spreads, mainly offset by balance sheet mix (1) Non-trading - Adjusted. Represents a non-GAAP financial measure and ratio. See slide 2. (2) Adjusted non-trading NII represents a non-GAAP financial measure. See slide 2. (3) Adjusted NIM, non-trading represents a non-GAAP ratio. See slide 2. (4) Reclassifications of Non-interest income to NII in Q3 2023 (no impact to total revenues); non-trading NII and non-trading NIM in prior quarters may not be presented on a comparable basis. 8#9STRONG LOAN-TO-DEPOSIT RATIO(1) OF 98% Loans and BA's (2) ($B) 210.4 215.8 219.4 225.4 230.2 ◉ Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Deposits (Ex. Wholesale Funding)(3) ($B) 227.8 231.1 233.6 233.2 235.9 144.2 145.5 147.0 145.3 144.8 Total loans of $230B(2), up 9% YoY and 2% QoQ Personal banking: +2% YoY; flat QoQ ■ Commercial banking: +13% YoY; +4% QoQ ☐ Corporate banking: +16% YoY; +3% QoQ ☐ Credigy ($US): +14% YoY; +13% QoQ ■ ABA ($US): +19% YoY; +3% QoQ Total deposits of $236B (3), up 4% YoY and 1% QoQ ☐ Personal deposits up 9% YoY and 4% QoQ Continued growth in term deposits Demand deposits up $1B QoQ ■ Non-retail deposits relatively stable YoY and QoQ - Deposits from Cash ETFs of $13.8B in Financial Markets as at Jan. 31, 2024; up 1.5% QoQ 42.6 45.0 46.9 48.3 50.5 41.0 40.6 39.7 39.6 40.6 Q1 23 Q2 23 Q3 23 ■Personal Term ■Personal Demand Q4 23 Q1 24 Non-retail deposits (1) As at Jan. 31, 2024. Calculated at quarter end as loans and BAs divided by deposits (excluding wholesale funding). This ratio compares the size of the Bank's loan book to its deposits (excl. wholesale funding) to analyse the Bank's funding strategy. Represents a non-GAAP ratio. See slide 2. (2) End-of-period balances. (3) Total deposits exclude deposits from deposit-taking institutions (Q1/24 $5B, Q4/23 $3B, Q3/23 $3B, Q2/23 $4B and Q1/23 $4B) and wholesale funding (Q1/24 $60B, Q4/23 $52B, Q3/23 $46B, Q2/23 $46B and Q1/23 $51B). 9#10DIVERSIFIED FUNDING PROFILE & SOUND LIQUIDITY METRICS Balance Sheet Overview ($B, as at January 31, 2024) Cash and Securities 41% $434 Other Assets 23 Cash & Reverse Repos 50 Securities 130 $434 Other Liabilities 24 Unsecured Funding 54 (2) Wholesale Funding 26% - Secured Funding 53 Banker's Acceptances 6 Loans 53% Business & Government Loans 94 Business & Government Deposits 145 Personal Loans & Cards 19 Residential Mortgages (1) & HELOC 118 Assets Liquidity Ratios(³) (As at January 31, 2024) 149% 145% 148% 140% 117% 119% 114% 117% Personal Deposits 91 Securitization & Covered Bonds 36 Capital 25 Liabilities & Equity 155% 155% 151% 146% 145% 121% 118% 118% 118% Deposits, Securitization & Capital 68% 117% 100% Q1 22 Q2 22 Q3 22 LCR Q4 22 Q1 23 NSFR Q2 23 Q3 23 Q4 23 Regulatory minimum Q1 24 (1) Securitized agency MBS are on balance sheet as per IFRS. (2) Includes obligations related to securities sold short. (3) Represent capital management measures. See slide 2. Balance sheet reflects our diversified business model ☐ Core banking activities well-funded through diversified and resilient sources - Diversified deposit base across segments and products Stable securitization funding Unsecured wholesale funding diversified across currencies, products, tenors and geographies Sound liquidity profile Consistently operating at liquidity levels well above regulatory minimum requirements ■ LCR ratio of 145% and NSFR of 117% as at Jan. 31, 2024 Reflects implementation of OSFI's new regulatory liquidity treatment of cash ETFs 10 |#11STRONG CAPITAL POSITION WHILE GENERATING ROBUST RWA GROWTH CET1 Ratio(1) 0.69% 13.47% (0.28%) 0.15% 0.04% (0.58%) 13.11% (0.38%) Q4 23 Net Dividends (2) RWA income (2) Other Other Q1 24 FRTB ex. FX and CVA methodology updates Risk-Weighted Assets (1) ($MM) $125,592 Strong CET1 ratio of 13.1% Strong organic capital generation (+41 bps) and robust organic RWA growth (-58 bps) - Methodology updates (-23 bps) Adoption of FRTB and CVA reforms (-38 bps, in line with expectations) Partly offset by continuous refinements (+15 bps) IFRS 17 adoption (-5 bps) $2,209 $599 $5,424 ($1,102) $132,370 ($352) ☐ Q4 23 Credit Risk ex. CVA and Market Risk ex. FRTB Operational Risk (3) Methodology updates (4) (5) FX Q1 24 other metho. Robust organic RWA growth of 58 bps Credit risk RWA up $5,424MM (ex. CVA and other methodology updates) Strong asset growth (-51 bps), primarily driven by Credigy, Commercial and Corporate Banking Credit migration in retail and non-retail books (-5 bps) (1) Represents a capital management measure. See slide 2. (2) Net income attributable to common shareholders; Dividends on common shares. (3) Primarily reflecting litigation expenses recorded in Q4 2023 (+4 bps). (4) Adoption of FRTB (-50 bps); adoption of CVA (+12 bps); continuous refinements (+15 bps). (5) Variation in RWA from foreign exchange translation has a negligible impact on the CET1 ratio, as the movement is offset by the gain/loss on net foreign currency translation adjustments accounted for in other comprehensive income. 11#12RISK MANAGEMENT William Bonnell Executive Vice-President Risk Management#13PROVISIONS FOR CREDIT LOSSES (PCL) PCL ($MM) Q1 Total PCL POCI (1) Performing ◉ Impaired (excl. POCI) Total (bps) $120M (21 bps), reflecting resilient portfolio mix and prudent provisioning 160 20 16 20 21 21 $115 $120 $111 $52 $30 $38 $86 $85 $8 $6 $27 $58 $99 $85 $88 $52 $20 ($12) ($9) ($25) ($MM) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Personal Commercial 13 26 24 26 34 35 42 31 8 28 Wealth Management (1) Financial Markets (18) 9 (5) 17 (2) USSF&I 9 14 25 28 31 PCL on impaired 20 52 85 88 99 Q1 PCL on Impaired Loans (excl. POCI) ■ Provision of $99M (17 bps) ■ Retail: continued normalization ■ Non-retail: primarily 3 files ■ USSF&I: Credigy - normal seasoning of portfolios, ABA - higher stage 3 migration Q1 PCL on Performing Loans ■ Provision of $30M (5 bps) driven by portfolio growth and increased management overlay, partially offset by more favorable macro and model calibration ■ Retail: $10M ■ Non-retail: $17M ■ USSF&I: $3M FY 2024 Outlook for Impaired PCL (excl. POCI) POCI (1) 8 6 (12) (25) (9) ■ Return to pre-pandemic range of 15 - 25 bps PCL on performing 58 27 38 52 30 Total PCL 86 85 111 115 120 (1) Purchased or Originated Credit Impaired. (2) Represents Provisions for credit losses on impaired loans excluding POCI loans ratio, which is a supplementary financial measure. See slide 2. 13 |#14ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) $1,377 + 3% $1,297 $1,235 $1,182 Impaired (1) $318 Impaired (1) $337 Impaired (1) $375 Impaired (1) $418 Impaired (1) $426 $1,416 Total Allowances ■ 1.8x pre-pandemic level Strong coverage of 6.6x LTM Net Charge-Offs Maintaining a prudent level of allowances in light of continued uncertainties Performing Allowances ■ Increase of 2% ($24M) QoQ ■ 7 consecutive quarters of build Strong coverage of 3.4x LTM impaired PCL Impaired Allowances (excluding POCI)(1) Increase of $8M QoQ to $426M Coverage of 39% of gross impaired loans Performing $946 Performing $975 Performing $1,009 Performing $1,069 Performing (2) $1,093 POCI ($82) POCI ($77) POCI ($87) POCI ($110) POCI ($103) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 (1) Represents Allowances on impaired loans (excluding POCI loans). (2) Performing ACL includes allowances on drawn ($888M), undrawn ($166M) and other assets ($39M). 14#15GROSS IMPAIRED LOANS AND FORMATIONS (excluding POCI) Gross Impaired Loans (GIL) Excluding POCI Loans (1) ($MM) $1,103 $1,024 $912 $793 $814 $397 $347 $282 $221 $231 $38 $27 $51 $14 $15 $110 $118 $138 $143 $314 $269 $296 $213 $217 $207 $208 $216 $233 $266 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 ■Personal and WM ■Commercial ■Financial Markets ■Credigy ■ABA Bank ■ Gross impaired loans (excl. POCI) of $1,103M, increase of 3 bps QoQ at 48 bps ☐ GIL excl. USSF&I (2): 31 bps (stable QoQ) ■ Net formations of $173M, increase of $1M QoQ ■ Retail: continued normalization ■ Non-retail: A few commercial files primarily in Education & health care sector Credigy: Normal seasoning of portfolios. Performance matching expectations ■ ABA: Softer external demand and a slower recovery in tourism GIL Excluding POCI Loans (1) Net Formations (3) Excl. POCI Loans by Business Segment ($MM) (bps) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 48 45 Personal 44 33 45 60 73 41 Commercial 12 6 56 28 40 38 38 Financial Markets (29) 5 (25) (8) (13) Wealth Management (8) (3) 1 3 (3) 31 31 30 29 29 Credigy 15 14 25 24 26 ABA Bank (13) 10 51 65 50 Total GIL Net Formations 21 65 153 172 173 Q1 23 Q2 23 Total Bank Q3 23 Q4 23 Q1 24 Total Bank (x-USSF&I) (1) Represents a supplementary financial measure - see slide 2. (2) Represents GIL excluding POCI loans and excluding GIL from our USSF&I segment. 15 | (3) Formations include new accounts, disbursements, principal repayments, and exchange rate fluctuation; net of write-offs.#16RETAIL MORTGAGE AND HELOC PORTFOLIO (As at January 31, 2024) Canadian Distribution by Province 54% 77% 29% Uninsured & HELOC ■Insured ☐ ◉ 74% 7% ■ 6% 4% 23% 29% 26% 71% 69% 31% QC ON AB BC Other Provinces 53% 54% 58% 48% 52% 45% 55% Uninsured mortgages and HELOC in GTA and GVA represent 12% and 2% of the total RESL portfolio and have an average LTV(1) of 52% Uninsured mortgages and HELOC for condos represent 9% of the total RESL portfolio and have an average LTV(1) of 58% Investor mortgages (3) account for 11% of the total RESL portfolio High risk (4) uninsured borrowers represent less than 50 bps of total RESL portfolio Approx 1% of mortgage portfolio has a remaining amortization of 30 years or more Canadian Distribution by Mortgage Type Average LTV - Uninsured and HELOC(1) Canadian Uninsured and HELOC Portfolio Average LTV(1) Average Credit Bureau Score 90+ Days Past Due (bps) HELOC Uninsured 51% 57% 793 781 8 9 (1) LTV is based on authorized limit for HELOCs and outstanding amount for Uninsured Mortgages. They are updated using Teranet-National Bank sub-indices by area and property type. (2) Of which $20.6B are amortizing HELOC. (3) Properties used for rental purposes and not owner-occupied. (4) Bureau score < 650 / LTV > 75% HELOC $29.4B(2) / 32% Insured $26.1B V 29% $91.3B Uninsured $35.8B / 39% 16 |#17RETAIL MORTGAGES RATE TYPE AND MATURITY PROFILE (As at January 31, 2024) Canadian Mortgages Distribution by Rate Type Fixed Rate 72% $61.9B (1) Variable Rate 28% ■ More than half of our Canadian Mortgage portfolio has been repriced, absorbing the impact of rate increases ■ 28% of mortgage portfolio is variable rate and the monthly payments are adjusted ■ 34% of FRM have already renewed or were originated over the last 15 months ■ While variable rate mortgage delinquency is normalizing, clients continue to demonstrate resilience despite absorbing a significant increase in rates Average payment shock of ~65% for VRM loans (QC: $670/ ROC: $1,150) (3) Maturity Profile of Fixed Rate Mortgages Renewing F2024 F2025 F2026 As % of Total Fixed Rate 12% 27% 38% % Insured 42% 46% 42% % Quebec 57% 56% 56% Average LTV for Uninsured 46% 48% 57% Average Bureau Score for Uninsured 786 789 783 Average Payment Shock (QC/ROC) (2) <$200/<$300 <$250/<$400 <$250/<$400 ■ 12% of the fixed rate mortgages are due for renewal in 2024 and will absorb an average monthly payment increase of ~15% (2) vs. ~22% in 2025 and ~18% in 2026. ■ Risk profile is similar across all cohorts renewing in the next 3 years ■ 79% of Uninsured renewing in the next 3 years have an LTV below 70% (1) Total RESL excluding HELOCS (2) Based on Jan 31st, 2024 client offered 5-years fixed rate. Impact on loan payments. (3) Payment shock based on the rate variation since beginning of Q2 2022. Impact on loan payments. 17#18APPENDICES#19APPENDIX 1 | Q1 2024 - TOTAL BANK RESULTS Total Bank Summary Results - Q1 2024 ($MM) Adjusted Results (1) Q1 24 Q4 23 Q1 23 QoQ YoY Revenues 2,820 2,725 ■ Diluted EPS of $2.59 2,692 3% 5% Non-Interest Expenses 1,449 1,461 1,390 (1%) 4% Pre-Tax / Pre-Provisions (2) 1,371 1,264 1,302 8% 5% ■ Positive operating leverage PCL 120 115 86 Net Income 922 850 900 8% CET1 ratio of 13.1% 2% Diluted EPS $2.59 $2.39 $2.54 8% 2% Operating Leverage (3) 0.6% - ROE of 17.1% Efficiency Ratio (3) 51.4% 53.6% 51.6% (220bps) (20bps) Return on Equity (3) 17.1% 16.0% 18.4% Reported Results Q1 24 Q4 23 Q1 23 QoQ YoY Revenues 2,710 2,560 2,562 6% 6% Non-Interest Expenses 1,449 1,597 1,390 (9%) 4% Pre-Tax/Pre-Provisions (2) 1,261 963 1,172 31% 8% PCL 120 115 86 Net Income 922 751 876 23% 5% Diluted EPS $2.59 $2.09 $2.47 24% 5% Operating Leverage (3) 1.6% Return on Equity (3) 17.1% 14.1% 17.9% Key Metrics Q1 24 Q4 23 Q1 23 QoQ YOY Avg Loans & BAs - Total 228,161 222,366 209,699 3% 9% CET1 Ratio (3) 13.1% 13.5% 12.6% (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 19#20APPENDIX 2 | PERSONAL AND COMMERCIAL BANKING P&C Summary Results - Q1 2024 ($MM) Adjusted Results (1) Q1 24 Q4 23 Q1 23 QoQ YOY Revenues 1,154 1,118 1,104 3% 5% Personal 640 611 603 5% 6% Commercial 514 507 501 1% 3% Non-Interest Expenses 615 612 593 4% " Pre-Tax / Pre-Provisions 539 506 511 7% 5% PCL 71 65 61 Net Income 339 320 326 - 6% 4% Efficiency Ratio (2) (%) 53.3% 54.7% 53.7% (140bps) (40bps) Reported Results Q1 24 Q4 23 Q1 23 QoQ YoY ■ Revenues up 5% YoY, mainly from balance sheet growth ■ Expenses up 4% YoY, with continued technology investments, partly offset by lower amortization Average deposits up 1% QoQ and average loans up 2% QoQ Broad-based growth in commercial lending NIM stable QoQ, reflecting higher asset and deposit spreads, mainly offset by balance sheet Revenues 1,154 1,118 1,104 3% 5% mix Non-Interest Expenses 615 680 593 (10%) 4% Pre-Tax / Pre-Provisions 539 438 511 23% 5% PCL 71 65 61 Net Income 339 271 326 Efficiency Ratio) (%) 53.3% 60.8% 53.7% 25% (750bps) (40bps) 4% P&C Net Interest Margin (NIM on Average Interest-Bearing Assets) Key Metrics Q1 24 Avg Loans & Bas 153,291 Q4 23 150,847 Q1 23 145,347 QoQ YOY 2% 5% 2.36 % 2.36 % 2.35% 2.34 % 2.34 % Personal Commercial 96,701 96,282 94,511 56,590 54,565 50,836 0.4% 2% 4% 11% Avg Deposits 88,949 87,873 85,051 1% 5% Personal Commercial PCL Ratio 40,845 40,357 39,591 1% 3% 48,104 47,516 45,460 0.18% 0.17% 0.17% 1% 6% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 (1) Excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (2) Represents a supplementary financial measure. See slide 2. 20|#21APPENDIX 3 | WEALTH MANAGEMENT Wealth Management Summary Results - Q1 2024 ($MM) Adjusted Results (1) Q1 24 Q4 23 Q1 23 QoQ YOY Revenues 660 638 637 3% 4% Fee-Based 375 371 347 1% 8% Transaction & Others 87 79 82 10% 6% Net Interest Income 198 188 208 5% (5%) Non-Interest Expenses 390 380 364 3% 7% Pre-Tax / Pre-Provisions 270 258 273 5% (1%) Net Income 196 187 198 5% (1%) Efficiency Ratio (3) 59.1% 59.6% 57.1% (50bps) 200bps Reported Results Q1 24 Q4 23 Q1 23 QoQ YoY Revenues 660 638 637 3% 4% Non-Interest Expenses 390 423 364 (8%) 7% Pre-Tax/Pre-Provisions 270 215 273 26% (1%) Net Income 196 155 198 26% (1%) Efficiency Ratio 59.1% 66.3% 57.1% (720bps) 200bps Key Metrics ($B) Q1 24 Q4 23 Q1 23 QoQ YoY Avg Loans & BAS 7.7 7.5 7.5 3% 2% Avg Deposits 41.2 40.3 40.2 2% 2% Assets Under Administration (2) ($B) 653 +9% YoY 52 712 7 653 Q1 23 Net Sales Market Q1 24 ■ Record revenues of $660MM, up 4% YoY - Continued momentum in fee-based revenues, driven by strong asset growth, primarily from strong market performance NII of $198MM, up 5% QoQ, benefiting from strong deposit base ■ Q1 efficiency ratio < 60% Expense growth mainly driven by higher variable compensation (in line with strong fee- based revenue growth) and technology investments Assets Under Management (2) +9% QoQ 59 ($B) 5 +11% YoY 8 +10% QoQ 9 3 133 712 133 120 121 Q4 23 Net Sales Market Q1 24 Q1 23 Net sales Market Q1 24 Q4 23 Net Sales Market Q1 24 21 (1) Excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (2) This is a non-GAAP measure. See slide 2. (3) Represents a supplementary financial measure. See slide 2.#22APPENDIX 4 | FINANCIAL MARKETS (1) Financial Markets Summary Results – Q1 2024 (TEB, $MM) Adjusted Results (2) Q1 24 Q4 23 Q1 23 QoQ YoY Revenues 755 735 689 3% 10% Global Markets 451 435 397 4% 14% C&IB 304 300 292 1% 4% Non-Interest Expenses 313 312 287 9% Pre-Tax / Pre-Provisions 442 423 402 4% 10% PCL 17 24 (9) Net Income 308 289 298 7% 3% Efficiency Ratio (3) 41.5% 42.4% 41.7% (90bps) (20bps) Reported Results Q1 24 Q4 23 Q1 23 QoQ YoY Revenues (4) 755 735 689 3% 10% Non-Interest Expenses 313 319 287 (2%) 9% Pre-Tax / Pre-Provisions 442 416 402 6% 10% PCL 17 24 (9) Net Income 308 284 298 8% 3% Efficiency Ratio (3) 41.5% 43.4% 41.7% (190bps) (20bps) Other Metrics Avg Loans & BAs (5) Q1 24 31,659 Q4 23 30,254 Q1 23 27,066 QoQ 5% YOY 17% Financial Markets Revenues ☐ Record net income of $308MM, up 3% YoY, reflecting well-diversified business mix In light of the proposed legislation with respect to Canadian dividends, the Bank did not either recognize an income tax deduction or use the taxable equivalent basis method to adjust revenues related to affected dividends received after January 1, 2024 Global Markets revenues of $451MM, up 14% YoY, with solid performance across the franchise - C&IB revenues of $304MM, up 4% YoY Led by NII growth, partly offset by slower M&A activity Efficiency ratio of 41.5% Expenses up 9% YoY, mainly from higher variable compensation, in line with strong Q1, and technology investments Global Markets Revenues (TEB, $MM) 735 755 (TEB, $MM) 662 689 672 433 435 451 632 611 396 397 563 560 369 385 40 300 304 40 304 54 229 292 236 287 110 50 66 277 24 38 32 71 84 242 69 26 158 259 283 117 151 97 21 71 85 319 433 396 369 397 385 435 451 283 287 202 207 192 222 222 304 171 277 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 ■Global Markets Q2 23 Q3 23 Q4 23 Q1 24 ■C&IB Q1 22 Q2 22 ■Equities Q3 22 Q4 22 Q1 23 Interest rate and credit Q2 23 Q3 23 Q4 23 Q1 24 Commodities and foreign exchange (1) In light of the proposed legislation with respect to Canadian dividends, the Bank did not either recognize an income tax deduction or use the taxable equivalent basis method to adjust revenues related to affected dividends received after January 1, 2024. (2) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (3) Represents a supplementary financial measure. See slide 2. (4) On a taxable equivalent basis (TEB). See slide 2. (5) Corporate Banking only. 22 ☑#23APPENDIX 5 | USSF&I - CREDIGY Credigy Summary Results - Q1 2024 ($MM) Q1 24 Q4 23 Q1 23 QoQ YOY Revenues 125 126 137 (1%) (9%) Net Interest Income 117 126 136 (7%) (14%) Non-Interest Income 8 1 Non-Interest Expenses 35 38 36 (8%) (3%) Pre-Tax/Pre-Provisions 90 88 101 2% (11%) PCL 25 10 31 Net Income 51 61 55 (16%) (7%) Avg Assets C$ 10,762 10,067 9,597 7% 12% Avg Assets US$ 7,925 7,469 7,068 6% 12% Efficiency Ratio (2) (%) 28.0% 30.2% 26.3% Credigy Revenues ($MM) (2) (3) (4) 1 8 136(3) 126(4) 110 112 117 (2) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 ■Net interest income Non-interest income Average assets. On a constant currency basis. Average assets up 6% QoQ (1) and 12% YoY, with strong momentum in investment volumes US$1.3B deployed in Q1, mainly in mortgage and consumer secured space Revenues down YoY and QoQ as reference periods benefitted from pre-payment revenue and portfolio over-performance(3)(4) NII up 6% QoQ on a constant currency basis, excluding favourable items recorded in Q4 2023 Non-interest income mainly reflecting favourable mark-to-market adjustments on assets at fair value PCL of $25M, driven by performing provisions on new investments and impaired provisions from the seasoning of loan portfolios Lower PCL in Q4 2023 reflected write-ups of overperforming POCI portfolios ■ Portfolio defensively positioned with continued strong underlying performance - - Most assets secured (93% as of Q1 vs. 77% pre-pandemic) and well-diversified Maintaining disciplined investment approach in current environment Represents a supplementary financial measure. See slide 2. Q1 2023 includes $20M of net interest income from the acceleration of interest due to a loan pre-payment. Q4 2023 includes $14M of net interest income from pre-payment revenue and favourable impact of over-performance on fair value portfolio. 23#24APPENDIX 6 | USSF&I - ABA ABA Summary Results - Q1 2024 ($MM) Q1 24 Q4 23 Q1 23 QoQ YOY Revenues 194 187 180 4% 8% Non-Interest Expenses 65 68 61 (4%) 7% Pre-Tax / Pre-Provisions 129 119 119 8% 8% PCL 11 13 4 Net Income 93 84 91 11% 2% Avg Loans 10,345 9,918 8,559 4% 21% Avg Deposits 12,174 11,399 9,813 7% 24% Efficiency Ratio(1) (%) 33.5% 36.4% 33.9% Number of clients ('000) 2,630 2,471 2,049 6% 28% ABA Loan and Deposit Growth ($US MM) 8,985 8,482 8,153 7,842 7,252 7,045 6,819 6,607 7,634 7,381 7,032 6,696 6,325 5,924 6,061 5,572 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 -Average Loans Average Deposits (1) Represents a supplementary financial measure. See slide 2. Solid growth in loans and deposits with client base up 28% YoY Leading digital capabilities and continued investments Revenues up 8% YoY and 4% QoQ Improving deposit margin, with strong growth in demand deposits Maintaining a low efficiency ratio of 34% Disciplined expense management while supporting business growth and network expansion ■ Solid credit position - Portfolio: 98% secured with an average LTV in the 40s Clients: diversified SMEs with an average loan size of <US$65k 24#25APPENDIX 7 | OTHER Other Segment Summary Results - Q1 2024 ($MM) Adjusted Results (1) Q1 24 Q4 23 Q1 23 TEB Revenues (75) (79) (57) Non-Interest Expenses 31 51 48 Pre-Tax / Pre-Provisions (2) (106) (130) (105) PCL (4) 2 (1) Pre-Tax Income (102) (132) (104) Net Income (71) (91) (69) Reported Results Q1 24 Revenues (185) Q4 23 (244) Q1 23 (187) Non-Interest Expenses 31 69 48 Pre-Tax/ Pre-Provisions (2) (216) (313) (235) PCL (4) 2 (1) Pre-Tax Income (212) Net Income (71) (315) (104) (234) (93) Reported net income in prior year included $24MM of income taxes related to the Canadian government's 2022 tax measures Adjusted net income of $(71) MM in Q1/24, relatively in line vs. last year (1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slides 2 and 32. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. 25 25#26APPENDIX 8 | TOTAL LOAN PORTFOLIO OVERVIEW (As at January 31, 2024) Loan Distribution by Borrower Category (1) $B % of Total Retail Secured - Mortgage & HELOC 100.3 43% Secured - Other (2) 15.1 6% Unsecured 3.6 2% Credit Cards 2.2 1% Total Retail 121.2 52% Non-Retail Real Estate and Construction RE 27.4 12% Financial Services 13.0 6% Utilities 12.4 5% Utilities excluding Pipeline 8.8 4% Pipeline 3.6 1% Agriculture 8.7 4% Manufacturing 7.3 3% Retail & Wholesale Trade 7.2 3% Other Services 6.8 3% Other (3) 26.9 12% Total Non-Retail 109.7 48% Purchased or Originated Credit-Impaired Total Gross Loans and Acceptances 0.5 0% 231.4 100% (1) Totals may not add due to rounding. (2) Includes indirect lending and other lending secured by assets other than real estate. (3) Refer to SFI page 22 for remaining borrower categories. ■ Secured lending accounts for 95% of Retail loans ■ Indirect auto loans represent 2.4% of total loans ($5.5B) ■ Limited exposure to unsecured retail and cards (2.5% of total loans) ■ Non-Retail portfolio is well-diversified 26|#27APPENDIX 9 | CANADIAN LOAN PORTFOLIOS Geographic distribution (As at January 31, 2024) Maritimes (2) Oil Quebec Ontario Regions (1) BC/MB and Territories Total Within the Canadian loan portfolio: Limited exposure to unsecured consumer loans (2.7%) Modest exposure to unsecured consumer loans outside Quebec (0.6%) RESL exposure predominantly in Quebec Retail Secured Mortgage & HELOC 24.7% 13.3% Secured Other 2.1% 1.7% Unsecured and Credit Cards 2.1% 0.3% 3.7% 2.8% 0.5% 0.8% 0.1% 0.1% 0.9% 45.4% 0.2% 5.3% 0.1% 2.7% Total Retail 28.9% 15.3% 4.3% 3.7% 1.2% 53.4% ◉ Non-Retail Commercial Corporate Banking and Other (3) Total Non-Retail 19.6% 5.3% 1.3% 2.4% 4.5% 6.6% 3.9% 24.1% 11.9% 5.2% 0.9% 29.5% 1.7% 0.4% 17.1% 4.1% 1.3% 46.6% Total 53.0% 27.2% 9.5% 7.8% 2.5% 100.0% Canadian Retail Portfolio 90+ Delinquency Rate (in bps) Q1 20 Q1 21 Q1 22 Q1 23 Q4 23 Q1 24 Mortgages VRM FRM Personal Lending (4) Credit Cards Total 228 2 25 22 11 8 11 13 21 I 26 23 I 31 80 25 19 7 7 14 21 13 8 26 20 75 65 29 25 16 ∞ 27 10 10 25 26 31 79 79 92 17 19 22 (1) Oil regions include Alberta, Saskatchewan and Newfoundland. Maritimes include New Brunswick, Nova Scotia and P.E.I. (2) (3) Includes Corporate, Other FM and Government portfolios. (4) Personal Lending Direct Loans, Indirect Loans, LOCS, Investment Loans and HELOCS Q1 2024 90+ delinquency rate: ■ Insured VRM: 32 bps Uninsured VRM: 17 bps 27|#28APPENDIX 10 | PRUDENT PROVISIONING IN UNCERTAIN ECONOMIC ENVIRONMENT Strong Performing ACL Coverage Performing ACL/LTM PCL on Impaired Loans 7.1x 6.2x 6.0x Total Allowances Cover 6.6x NCOs Total ACL/LTM Net Charge-Offs (Excluding POCI) 6.1x 8.4x 8.6x 8.7x 7.8x 6.6x 4.5x 4.4x 3.4x 1.8x 2.6x Q1 20 Q1 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 20 Q1 22 Q1 23 -Total Bank Q2 23 Total Bank Q3 23 Q4 23 Q1 24 ABA: Historical PCL and NCOs (Bps) Strong Total ACL Coverage Total ACL/Total Loans (excluding POCI and FVTPL) 2019 2020 2021 2022 2023 Q1 24 Q1 20 Q3 23 Q4 23 Q1 24 + Performing PCL 26 40 44 (3) Impaired PCL 18 13 6 45 Total PCL 44 53 49 43 NCO 3 2 <1 1 1810- 6 (15) Mortgages 0.15% 0.31% 0.33% 0.34% 28 58 Credit Cards 7.14% 7.27% 7.15% 7.48% 35 42 1 Total Retail 0.53% I 0.57% 0.59% 0.61% Total Non-Retail 0.58% 0.76% 0.80% 0.78% Total Bank 0.56% 0.67% 0.70% 0.70% 28 Note: Performing ACL includes allowances on drawn ($888M), undrawn ($166M) and other assets ($39M)#29APPENDIX 11 | REAL ESTATE AND CONSTRUCTION REAL ESTATE Total Portfolio by Sector ($27.4B) Corporate Banking (10%) (As at January 31, 2024) Primarily diversified Canadian REIT Corporate Banking 10% Commercial Banking CRE (1) 70% Short Term Construction 20% Short Term Construction (20%) Mainly residential construction No US exposure Commercial Banking CRE (70%) 59% of 5-year growth coming from Residential Insured 55% residential (75% insured) Office: No US exposure; 54% of exposure in QC Commercial Banking CRE(1) 5-year growth Commercial Banking CRE(1) by Geography ($19.1B) (As at January 31, 2024) $19.1B ■Industrial $1.3 (7%) Ontario 15% ■Other (2) $4.0 (21%) British Columbia 8% Office $7.5B $0.4 (5%) $1.7 (9%) $1.6 (8%) ■ Retail Prairies $0.8 (11%) 7% $2.6 (14%) $1.2 (16%) ■Residential Uninsured ■Residential Insured Quebec 64% Atlantic 6% $1.8 (24%) $7.9 (41%) $2.3 (31%) $1.0 (13%) Q1 2019 Q1 2024 (1) Commercial Real Estate. (2) Mainly construction phase of long-term financing; primarily residential (-2/3 insured). 29 29#30APPENDIX 12 | DAILY TRADING AND UNDERWRITING REVENUES VS. VAR ($MM) 30 30 25 20 20 15 10 10 0 November, 2023 December, 2023 January, 2024 5 (5) (10) (15) - Trading P&L Trading VaR 30 30 |#315 6 7 8 Canada Real GDP ($ Trillions) 2.50 2.40 2.30 2.20 2.10 APPENDIX 13 | RANGE OF MACROECONOMIC SCENARIOS - IFRS 9 Q3 24 Canada Unemployment Rate (%) 9 4 23 23 24 24 24 24 Q1 25 Q2 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 NBC Macroeconomic Forecast: Q1/24 vs. Q4/23 (Full Calendar Years) Base Scenario C2024 C2025 Real GDP (Annual Average % Change) As at October 31, 2023 (0.0) % 1.7 % As at January 31, 2024 (0.2) % 1.4 % Unemployment Rate (Average %) As at October 31, 2023 6.4 % 6.5 % As at January 31, 2024 6.7 % 6.9 % Housing Price Index (Q4/Q4 % Change) As at October 31, 2023 (0.9) % 1.0 % As at January 31, 2024 0.8 % 3.2 % WTI (Average US$ per Barrel) As at October 31, 2023 As at January 31, 2024 7R 75 80 70 78 S&P/TSX (Q4/Q4 % Change) As at October 31, 2023 (3.6) % 5.7 % As at January 31, 2024 (7.0) % 5.7 % BBB Spread (Average Spread %) As at October 31, 2023 As at January 31, 2024 2.4 % 2.1 % 2.4 % 2.2 % Baseline (Jan. '24) Range of Alternative Scenarios (Jan. '24) Source: NBF Economics and Strategy. Macroeconomic assumptions are for calendar years. See pages 70 and 71 of the Bank's Report to Shareholders for the First Quarter of 2024 for additional information 31 ☑#32APPENDIX 14 | RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($MM, except EPS) Q1 24 Q1 23 Non- Non- Total Revenues Segment Interest PTPP(6) PCL Expenses Income Net taxes Income Diluted EPS Total Revenues Interest PTPP(6) PCL Expenses Income taxes. Income Net Diluted EPS Adjusted Results (1) 2,820 1,449 1,371 120 329 922 $2.59 2,692 1,390 1,302 86 316 900 $2.54 Financial Markets Taxable equivalent (108) (108) (108) (129) (129) (129) Other Taxable equivalent (2) (2) (2) (1) (1) (1) Other Income taxes related to the Canadian government's 2022 tax measure (2) 24 (24) (0.07) Total impact (110) (110) (110) $0.00 (130) (130) (106) (24) ($0.07) Reported Results 2,710 1,449 1,261 120 219 922 $2.59 2,562 1,390 1,172 86 210 876 $2.47 Q4 23 Non- Total Revenues Segment Interest PTPP(6) Expenses PCL Income Net taxes Income Diluted EPS Adjusted Results (1) 2,725 1,461 1,264 115 299 850 $2.39 Financial Markets Taxable equivalent (162) (162) (162) Other Taxable equivalent (3) (3) (3) P&C Banking Impairment losses on intangible assets and premises and equipment (3) 59 (59) (17) (42) (0.12) Impairment losses on intangible assets and Wealth Management 8 premises and equipment (3) (8) (2) (6) (0.02) Impairment losses on intangible assets and Financial Markets 7 (7) premises and equipment (3) (2) (5) (0.02) Other Impairment losses on intangible assets and premises and equipment (3) 12 13 (12) (3) (9) (0.03) Wealth Management Litigation expenses(4) 35 (35) (9) (26) (0.08) P&C Banking Provisions for contracts (5) 9 (9) . (2) (7) (0.02) Other Provisions for contracts (5) 6 (6) (2) (4) (0.01) Total impact (165) 136 (301) (202) (99) ($0.30) Reported Results 2,560 1,597 963 115 97 751 $2.09 (1) (2) (3) On a taxable equivalent basis and excluding specified items, which are non-GAAP financial measures. See slide 2. During the first quarter of 2023, the Bank recorded a $24 million tax expense related to the Canadian government's 2022 tax measures. Please refer to pages 4 to 8 of the Bank's Report to Shareholders for the First Quarter of 2024 for additional information. During the fourth quarter of 2023, the Bank recorded $75 million in intangible asset impairment losses ($54 million net of income taxes) on technology development for which the Bank has decided to cease its use or development, and it recorded $11 million in premises and equipment impairment losses ($8 million net of income taxes) related to right-of-use assets. Please refer to pages 4 to 8 of the Bank's Report to Shareholders for the First Quarter of 2024 for additional information. During the fourth quarter of 2023, the Bank recorded $35 million in litigation expenses ($26 million net of income taxes) to resolve litigations and other disputes arising from ongoing or potential claims against the Bank. Please refer to pages 4 to 8 of the Bank's Report to Shareholders for the First Quarter of 2024 for additional information. (4) (5) (6) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. During the fourth quarter of 2023, the Bank recorded $15 million in charges ($11 million net of income taxes) for contract termination penalties and for provisions for onerous contracts. Please refer to pages 4 to 8 of the Bank's Report to Shareholders for the First Quarter of 2024 for additional information. 32 |#33Investor Relations Contact Information W: www.nbc.ca/investorrelations A [email protected] 1-866-517-5455 NATIONAL BANK OF CANADA