Q1 2023 Financial Results

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January 31, 2023

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#1Investor Presentation February 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#3TABLE OF CONTENTS Scotiabank Overview Business Line Overview: Canadian Banking Business Line Overview: International Banking 20 20 26 Business Line Overview: Global Wealth Management Business Line Overview: Global Banking and Markets Risk Overview Treasury and Funding Appendix 1: Core Markets: Economic Profiles Appendix 2: Canadian Economic Fundamentals Appendix 3: Bail-in and TLAC Appendix 4: Covered Bonds Appendix 5: Reconciliation for non-GAAP Financial Measures Appendix 6: Additional Information Contact Information 34 39 42 49 49 56 40 67 73 77 30. 81 90 92 92 3#4Leading Bank in the Americas Core markets: Canada, US, Mexico, Peru, Chile and Colombia 7th largest bank by assets¹ in the Americas Scotiabank Q1/23 Change Y/Y Reported Adjusted 4 Reported Adjusted Medium Term Financial Objectives Net Income ($Bn) $1.8 $2.4 (35%) (14%) EPS $1.36 $1.85 (36%) (14%) All-Bank Objectives Revenue ($Bn) $8.0 (1%) (1%) EPS 7%+ Return on Equity² 9.9% 13.4% (590 bps) (250 bps) Growth Operating (6.6%) (6.7%) ROE² 14%+ n.a. Leverage² Productivity Ratio² 55.9% 55.7% 340 bps 350 bps Operating Positive Leverage Total Assets ($T) $1.37 10% Capital³ Strong Levels CET1 Ratio³ 11.5% (50 bps) Ranking by Market Share5 Earnings by C&CA Market7 Canada #3 USMCA USA6 Top 10 FBO Mexico #5 Pacific Peru #3 Alliance Countries Chile #3 (PAC) Colombia #6 U.S.A 12% Other 9% 33% PAC 4% 42% Canada 1 Ranking by asset as at February 17, 2023, Bloomberg; 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 This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018); 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; 5 Ranking based on market share in loans as of December 2022; except Colombia and Canada as of October 2022 and Mexico as of November 2022; 6 Ranking by asset as of Sept 2022; 7Net income attributable to equity holders of the Bank for the 3 months ended January 31, 2023#5Well Diversified Business with Strong Returns Global Wealth Management 15% Caribbean and Central America (C&CA) 9% Other 4% Peru 8% Global Q1/23 Banking and Markets Canadian REPORTED EARNINGS 1,2,3 Banking 20% 41% Chile 11% Q1/23 REPORTED EARNINGS¹ Canada 42% International Banking 25% Reported Return on Equity by Business Line4,5 U.S. 12% Mexico 14% 3-Year Q1/23 22.2% 23.0% 15.5% 13.4% 14.8% 13.2% 13.3% 9.4% 9.9% Canadian Banking International Banking Global Wealth Management Global Banking and Markets All Bank 1Net income attributable to equity holders for the 3 months ended January 31, 2023; 2 Excludes Other segment (Q1/23: -$913MM in net income attributable to equity holders for the 3 months ended January 31, 2023); 3 May not add due to rounding; 43-Year ROE calculated as average of full year 2020-2022 ROES; 5 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com 5#6Business Lines (Q1/23 Reported Results) Business Line Canadian Banking International Banking Global Wealth Management Global Banking and Markets • Mortgages Mortgages Auto Loans • Auto Loans Products • Business Loans • Corporate and Personal Loans Credit Cards Commercial Banking • Asset Management • Private Banking • Private Investment Personal Loans Credit Cards Counsel Brokerage · Capital Markets • Trust Advisory and Products • Corporate Lending • Advisory Equities Fixed Income • Foreign Exchange • Payments & Transaction Banking NIAEH¹ ($MM) $1,087 $654 $385 $519 % All-Bank¹ 41% 25% 15% 20% % Target 35-40% 25-30% ~15% 15-20% Productivity 45.8% 53.2% 60.6% 51.4% Ratio² ROE³ 23.0% 13.4% 15.5% 13.2% Total Assets ($B) $450.0 $228.4 $33.9 $480.5 Employees 5,6 19,831 41,481 7,731 2,211 1 May not add due to rounding; 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 Average balance for the 3 months ended January 31, 2023; 5 As of January 31, 2023; 6 Employees are reported on a full-time equivalent basis 6#7Why Invest in Scotiabank? Leading bank in the Americas • Six core markets: Canada, US, Mexico, Chile, Peru and Colombia ~96% of Q1/23 earnings from the Americas Only universal bank with full presence in all Pacific Alliance countries Diversified exposure to high quality growth markets Unique Americas footprint provides diversified exposure to higher growth, high ROE banking markets 231 million people in the Pacific Alliance countries comprise the 6th largest economy in the world , Increasing scale and market share in core markets • Strong risk culture: solid credit quality, well provisioned * Acceleration in Digital Banking • Competitive scale and increasing market share in core markets Competitive advantages in technology, risk management and funding versus competitors Strong Canadian risk management culture with strong capabilities in AML and cybersecurity • Focus on secured and investment-grade lending • • • • • $5.7 billion in allowances for credit losses as of Q1/23 Increased Digital Adoption to 59% in Q1/23 (up 300 bps Y/Y) Named "Digital Bank of the Year for Latin America and the Caribbean" by Latin Finance's 2022 Banks of the Year Awards Launched Scotia TranXact, a new digital payments platform to provide business banking clients with real-time payment services and cash management APIs in August Won "Best Use of Technology for Customer Experience - Overall" by The Digital Banker's Global Digital CX Banking Awards 2022 7#8Focused on Higher Return Markets 35% 30% 25% Scotiabank P&C Banking Focused On Higher ROE Markets 20% 31.7% 15% 10% 5% 0% Canada1 15.9% 2 15.2% Pacific Alliance Average FY22 ROE of Canadian banks in each market FY22 ROE of BNS in Pacific Alliance market 1 Average FY22 ROE of RY, TD, BMO, CM, and BNS 2 Average 10-year ROE of Banorte, Banbajio, Santander Mexico, Credicorp, Bancolombia, Santander Chile and Banco de Chile 3 Average 10-year ROE of JP Morgan, BofA, Citi, Wells Fargo, Truist, US Bancorp, PNC, Fifth Third, M&T and Comerica 4 Banks include TD, BMO and CM's US Banking segment Sources: Company Financial Reports 3 10.6% 4 13.0% US Average 10-Year ROE of largest banks in each market 8#9Q1 2023 Financial Performance 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) $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 $4,443 6% 4% Productivity Ratio 55.7% 350 bps Return on Equity 13.4% (250 bps) 200 bps (160 bps) . REPORTED NET INCOME YEAR-OVER-YEAR ($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 expenses Taxes Q1/23 Canadian Banking Global Wealth Management Global Banking and Markets 1 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 41 International Banking (Constant FX) 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 6#10Earnings and Dividend Growth Diluted earnings per share¹ Reported +4% $5.18 $8.02 CAGR Adjusted +5% CAGR $8.50 $5.22 Hill $1.36 2012 2014 2016 2018 2020 2022 Dividends Paid per share $2.19 +6% CAGR T 2012 2014 2016 2018 2020 2022 $4.06 $1.85 $1.03 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1/23 1 Excludes notable items for years prior to 2016 10 10#11Strong Capital Position Q/Q CHANGE IN CET1 RATIO (%)¹ 21 bps 9 bps 11.5% (16 bps) (12 bps) (2 bps) 11.5% Q4 2022 Reported Earnings less RWA Growth dividends (ex. FX) Canada FVOCI Recovery securities Dividend Other (net) Q1 2023 Reported Internal capital generation 462.4 Q/Q CHANGE IN RISK WEIGHTED ASSETS ($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) . • . 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 • Q/Q growth in RWA of $9.1 billion was primarily from continued strong business line growth Foreign currency also contributed to higher RWA this quarter 11#12Scotiabank in the Pacific Alliance¹ Q1/232 Chile Mexico Peru Colombia Pacific Alliance Total/Average Scotiabank Market Share3,4 14.9% 7.9% 16.2% 5.2% n.a. Market Share Ranking³,4 3rd 5th 3rd 6th n.a. Average Total Loans ($Bn) $54.1 $41.5 $22.7 $11.7 $129.9 Revenue ($Bn) $0.6 $0.7 $0.4 $0.2 $1.9 Net Income after NCI ($MM) $177 $221 $126 ($0) $523 ROE2,5 11.1% 23.8% 18.3% nmf 14.9% # of Employees 7,490 8,701 8,853 5,620 30,664 Total Deposit Growth²,7 Total Loan Growth 2,7 12% Productivity Ratio 2,5 Total PTPP Growth 2,7,8,9 12% 74% Y/Y 5% Y/Y 130 126 66% 86 88 79 9 89 68% Y/Y 12 116 11 1,016 10 965 951 72 8 78 57 24 24 24 53 +4 54 21 47 49% 49% 342 49% 321 334 16 16 16 22 22 23 23 23 42% 41% 262 41% 251 218 38 39 33 37 39 41 37% 40% 38% 315 327 340 Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Mexico Peru Chile Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Colombia 1Figures excluding Wealth Management; 2 Growth rates (%) are on a constant dollar basis, while metrics are on a reported basis; 3 Ranking based on publicly traded banks by total loans market share; 4 As of December 2022; except Colombia as of October 2022 and Mexico as of November 2022; 5 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; 6 Employees are reported on a full-time equivalent basis; 7 May not add due to rounding; 8 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 9Pacific Alliance Total Includes Other PAC in Q4/22 12#13Digital 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 8,733 8,073 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 6,873 7,661 4,513 Digital Sales (%) 70% 2019 2020 2021 2022 Q1/22 Q1/23 +500 bps +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 13#14Digital 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 3,415 3,800 2,666 Digital Sales (%) +43% +100 bps 2019 2020 2021 2022 Q1/22 Q1/23 28% 28% +0 bps 27% 26% 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 14#15Digital Progress: Pacific Alliance Digital Adoption (%) +8% +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 15 15#16Technology Strategy $ • Develop uniform, • secure, and differentiated customer and HID Invest in leading technology products to achieve business goals, drive employee experiences 11.6% innovation, and enable business transformation Investments in Technology 11.8% • Drive efficiencies and accelerate revenue growth by streamlining, automating, and digitizing how we deliver at scale Further enhance cybersecurity and stability resiliency capabilities to continually earn our customers' trust • Modernize core platforms to enhance quality, reduce time to market and lower delivery cost 13.2% Tech expense as % of revenue • $3,348 $3,708 $4,146 • Tech expense (in $millions) • 2018 2020 2022 Modern, reusable products, services and platforms Modern ways of working - agile and cloud first • Advanced analytics to power customer insights End-to-end digitization and intelligent operations Security and stability by design 16#17Fintech Strategy Embracing Fintech • • Scotiabank has embraced fintech and technology start- ups, acting as an advisor, partner, investor and customer The key objectives of Scotiabank's fintech strategy are: o Identify innovative companies, trends and business models early o Test, learn and implement fintech innovations o Drive an innovation culture at the Bank • Partnership Approach Scotiabank partners with VCs to amplify our relevance and reach in the global ecosystem, enabling earlier and faster access to innovative companies Canada High-growth enterprise software firms in analytics, machine learning and enterprise software Israel High growth tech companies in fintech and cybersecurity Latam Early-stage start-ups in digital banking and fintech Sample Focus Areas • Channel Engagement Advanced Robotic Process Automation • Accessibility Natural language A platform utilized to processing Personal financial management Customer experience and self-service • . Machine-learning modelling IT Modernization Fraud Anti-Money Laundering Sample Partnerships accelerate identification, classification and management of data on our systems gog A digital engagement platform to interact remotely with clients through multi- functionality A platform that enables complex automation, allowing for digitization and categorization of data elements requiring judgements 17#18• ESG Highlights • • . • Environment Mobilized $96 billion since November 1, 2018, towards our target of $350 billion in climate- related finance by 2030. Outlined the efforts undertaken in addressing our net-zero objectives and the Bank's net-zero transition plan activities. Achieved 29% reduction of Scope 1 and 2 greenhouse gas (GHG) emissions in our own operations (from 2016 levels) against our target of 35% reduction by 2030. $35.3 billion of sustainable finance activity, including green, social, sustainability and sustainability-linked bonds, loans and M&A advisory services. Invested $73.5 million since 2018 in initiatives to reduce energy consumption and improve energy efficiency across the Bank's footprint. • • Social Contributed $91 million to communities through donations, community sponsorships, employee volunteering and other community investments. $60 million of our community spend was distributed through Scotia RISE in the first two years across 200 organizations globally to support economic resilience, progressing towards our goal of $500 million over 10 years. Scotiabank ranked one of the top 25 World's Best Workplaces by Great Place to Work® - the only Bank and the only Canadian headquartered company to make the list. Introduced a new goal to increase representation in Canada of employees who identify as lesbian, gay, bisexual or another diverse sexual orientation to 7% or greater by 2025. Deployed $5.6 billion in capital through The Scotiabank Women InitiativeⓇ in Canada and expanded the program to Jamaica, Costa Rica and Chile. Governance Employee engagement continues to be strong at 87%, ahead of financial sector industry averages. Ninety-two percent of employees report they take pride in working for Scotiabank. Enhanced our enterprise-wide Risk Management Framework, expanding our principal risk definition from environmental risk to ESG risk and established an ESG performance metric as a risk appetite metric. Linked ESG performance, including progress on our climate commitments, to all Bank performance pay. Recognized for Outstanding Global Leadership in Sustainability Transparency by Global Finance for the second year in a row. Launched our Ethics Assistant - Trusted Al tool to enhance the Bank's investments in data and analytics related to new Al and machine learning projects, and published our Data Ethics Principles. Q1 2023 Scotiabank hosted the second annual Affordable Housing Summit to bring together leading experts in the fields of public sector, builders, corporations, and other key stakeholders, to share ideas on how to solve the housing affordability crisis in Canada The Banker magazine names Scotiabank Canada's Bank of the Year and gives global recognition to Scotia RISE with the 2022 Banking in the Community Award Scotiabank included in 2023 Bloomberg Gender-Equality Index for sixth consecutive year 20 $2 NET-ZERO 2022 ESG Report, including Net-Zero Pathways (to be released March 2023) 2021 Inaugural Net-Zero Pathways Report MSCI ESG RATINGS AAA II Bloomberg Gender-Equality Index CCC B BB BBB A AA AAA 2022 CDP DRIVING SUSTAINABLE ECONOMIES B Rating Bombank Sustainability Yearbook Member S&P Global ESG Score 2022 76/100 Pan stad w STATE S&P Global Sustainable 1 Corporate ESG Performance Prime RATED BY ISS ESG▷ 18#19ESG Spotlight - Retail Banking Housing 1 Green Vehicles ESG Investing Focus Areas Leadership in ESG Education Leadership in ESG Funds Leadership in EV Incentives Leadership in EV Financing Leadership in Indigenous Financial Services Leadership in Newcomers Banking • . Recent Achievements Introduced Canada's first sustainable investing tools through Scotiabank's iTrade in 2017. Over 20,000 users interacted with the sustainable investing tool in 2020 Published Scotia Global Asset Management's inaugural Stewardship and Responsible Investment Report on February 23, 2022 Introduced the Dynamic Active Sustainable Solutions, including the newly launched Dynamic Sustainable Equity Fund and re-branded Dynamic Sustainable Credit Fund Launched Scotia SRI ETFs in January with Tangerine as the key initial distribution partner (suite of 4 ETFs) FYTD as of January 2023, EV loans represented 13.2% of our total Auto bookings and were 16.4% of the total amount financed; in comparison, EV represented 7.7% of our total Auto bookings and 9.1% of the total amount financed throughout all FY2022 Scotiabank's booking growth for electric vehicles (units) was 102% Y/Y FYTD as of January 2023, compared to the Y/Y growth of 32% in the same period in FY2022 We have an exclusive relationship with Polestar and Rivian as well as a semi-exclusive relationship with Tesla All our automotive manufacturer partners have and will continue to be introducing EV vehicles in the months and years ahead Scotiabank's Indigenous Financial Services team is Indigenous-led and comprised of experts in land development both on and off reserve, with vast experience in residential developments and conveyancing The First Nations Leasehold Financing program provides financing options for leasehold interests on First Nations land being developed with residential housing Scotiabank's StartRight® program addresses the unique banking needs of newcomers in Canada The Scotiabank Start RightⓇ permanent resident mortgage program and the Scotiabank StartRightⓇ temporary resident mortgage program help facilitate newcomers' financing of home purchases 19#20Business Line Overview Canadian Banking 20#21Canadian Banking Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to over 10 million Retail, Small Business and Commercial Banking customers. It serves these customers through its network of 941 branches and 3,697 automated banking machines (ABMs), as well as online, mobile and telephone banking, and specialized sales teams. Canadian Banking also provides an alternative self-directed banking solution to over 2 million Tangerine Bank customers. Business Mix Retail 72% Q1/23 Revenue $3.2Bn Residential Mortgages 63% Q1/23 Average Strategic Focus Growing Commercial Banking in select industries (agriculture, healthcare & professionals, real estate and technology) Growing in under-represented provinces (BC and Quebec) Loans $446Bn Financial Results ($MM) 28% Credit Cards 2% Other Personal 8% 16% Business Q1/23 Y/Y Q/Q 11% Reported Business Banking Auto Net Income¹ Pre-Tax, Pre-Provision Profit² $1,087 (9%) (7%) $1,715 8% (1%) Reported Net Income¹ ($MM) and NIM4 (%) Revenue $3,164 10% 1% 2.19% 2.22% 2.29% 2.26% 2.26% Expenses $1,449 13% 4% PCLS $218 nmf 34% 1,201 1,179 1,213 1,170 1,087 Productivity Ratio³ 45.8% 120 bps 120 bps Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Net Interest Margin 4 PCL Ratio³ 2.26% 7 bps 19 bps 22 bps 4 bps Medium-Term Financial Objectives Net Income Growth 1,3 PCL Ratio on Impaired Loans³ 17 bps 5 bps 3 bps Target5 5%+ Adjusted 4 Productivity Ratio³ Operating Leverage³ <44% Positive Net Income¹ Pre-Tax, Pre-Provision Profit $1,088 (10%) (7%) $1,717 7% (2%) Expenses Productivity Ratio $1,447 13% 45.8% 140 bps 4% 140 bps 1 Net income attributed to equity shareholders; 2 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 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; 53-5 year target from 2020 Investor Day 21 221#22Canadian Loan Portfolio • • High Quality Residential Mortgage Portfolio 。 27% insured; remaining 73% uninsured has an LTV of 49%1 。 Mortgage business model is "originate to hold" o New originations² in Q1/23 had average uninsured LTV of 63% 。 Majority is freehold properties; condominiums represent approximately 16% of the portfolio Market Leader in Auto Loans o $40.7 billion 4 retail auto loan portfolio with 10 OEM relationships (6 exclusive) o Prime Auto and Leases (~93%) o Stable lending tenor with contractual terms for new originations averaging 79 months (~6.5 years) with projected effective terms of 54 months (4.5 years) Prudent Growth in Credit Cards o $7 billion³ credit card portfolio represents ~2% of domestic retail loan book and ~1% of the Bank's total loan book o Organic growth strategy focused on payments and deepening relationships with existing customers 4% Unsecured 84% Real Estate Secured Lending DOMESTIC RETAIL LOAN BOOK 3,5 $387Bn 2% Credit Cards 11% Automotive 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 New originations defined as newly originated uninsured residential mortgages and equity lines of credit, which include mortgages for purchases, refinances with a request for additional funds and transfer from other financial institutions 3 Spot Balance as of January 31, 2023 4 Net of allowance for credit losses 5 May not add due to rounding 22 22#23Canadian Residential Mortgages 73% Uninsured Total Portfolio 1,2 $302Bn 27% Insured Total Portfolio 1,2: $302Bn 63% Fixed 37% Variable FICO® Distribution - Canadian Uninsured Portfolio4 Canadian Mortgage Portfolio Mortgage Portfolio Variable Mortgages Total Outstanding Balance ($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 23 23#24Canadian Residential Mortgages Canadian Mortgage Portfolio 12: $302Bn % of portfolio 167.1 22.8 84% Freehold Freehold $255Bn - (84%) Condos $47Bn (16%) 60.2 144.3 32.6 16.8 20.3 11.7 3.8 10.3 43.4 2.9 0.3 0.7 28.8 17.4 11.4 9.6 Ontario BC & Territories Alberta Quebec Atlantic Provinces Manitoba & Saskatchewan 55.3% 20.0% 10.8% 6.6% 3.9% 3.4% Maturity Schedule - Total Canadian Mortgages ($Bn) 91.1 ■Fixed Variable 72.1 64.4 40.2 7.3 Total Portfolio 1,2 $302Bn New GTA/GVA Mortgage Originations 16% Condos Q1/22 Q4/22 Q1/23 Greater Toronto Area 49.3 32.6 23.2 2.4 57.1 3.7 50.9 18.9 Total Originations ($Bn) Uninsured LTV3 Greater Vancouver Area 6.0 3.5 2.5 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 224 24#25Automotive Finance • Canada's leader in automotive finance • Provide personal and commercial dealer financing solutions, in partnership with ten leading global automotive manufacturers in Canada ⚫ Portfolio increased 8% year-over-year¹. Personal up 4%, Commercial up 55% Exclusive Relationships Commercial 13% Near-Prime Retail 6% AVERAGE ASSET MIX $46.9Bn1,2,3 81% Prime 100% Secured Retail MAZDA VOLVO POLESTAR RIVIAN JAGUAR/LAND ROVER MITSUBISHI Semi-Exclusive Relationships* HYUNDAI TESLA CHRYSLER/STELLANTIS * 1 to 2 other financial institutions comprise Semi-Exclusive relationships Market Share Prime Retail Market Share4 Near-Prime Retail Market Share 5 Commercial Floorplan Market Share6 36% 64% 78% 22% 78% 22% GENERAL MOTORS Asset Growth ($Bn) $44.4Bn $37.1Bn 2016 2017 2018 2019 2020 2021 2022 1 For the three months ended January 31, 2023; 2 May not add due to rounding; 3 Net of allowance for credit losses; 4 CBA data as of July 2022, includes RBC, BMO, TD, Scotiabank, CIBC, National Bank, Laurentian Bank, Canadian Western Bank, HSBC Canada; 5 Dealer Track Portal data, includes all Near-Prime Retail providers on Dealer Track Portal, data for January 2023 originations; 6 Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of June 2022 25#26Business Line Overview International Banking 26#27International Banking International Banking is a strong and diverse franchise with over 11 million Retail, Corporate, and Commercial customers. The geographical footprint encompasses the Pacific Alliance countries of Mexico, Chile, Peru, and Colombia, as well as Central America, the Caribbean, and Uruguay. Business Mix Business Loans • 56% Asia Q1/23 1% Revenue 77% Latin Mix America 22% $2.7B Auto 1% Credit Cards Q1/23 Loan 5% Mix 10% $170.6B C&CA Personal Loans Strategic Focus Deepening relationships with the Affluent Retail segment Continue driving efficiencies and customer experience by leveraging Digital 28% Financial Results $MM Constant dollar basis 1,5 Q1/23 Q1/22 Y/Y1 Q4/22 Q/Q¹ Residential Mortgages Reported 2 Reported Net Income² ($MM) and NIM³° (%) 5,6 4.08% Net Income² Pre-Tax, Pre Provision $654 $555 18% $655 $1,265 $1,141 11% $1,164 9% Profit³ 3.87% 3.96% 3.95% 4.00% 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) 608 644 655 654 555 Net Interest Margin 5,6 4.00% 3.87% 13 bps 4.08% (8 bps) PCL Ratio4,7 96 bps 77 bps 19 bps 89 bps 7 bps PCL Ratio Impaired Loans 4,7 89 bps 81 bps 8 bps 81 bps 8 bps Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Adjusted5 Target³ 9%+ <50% Medium-Term Financial Objectives Net Income Growth²,4 Productivity Ratio4 Operating Leverage4 Positive 1Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis; 2 Net income attributed to equity shareholders, on a constant dollar basis; 3 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 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 Repo27 to Shareholders, available on http://www.sedar.com; 6 Prior period has been restated to include as a deduction non-interest bearing deposits with banks, to align with the Bank's definition; 7 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures; 8 3-5 year target from 2020 Investor Day Net Income² Pre-Tax, Pre Provision $661 $562 18% $662 $1,275 $1,151 11% $1,174 9% Profit Expenses Productivity Ratio $1,426 $1,340 6% $1,388 3% 52.8% 53.2% (40 bps) 54.1% (130 bps)#28PAC Fundamentals Driving Growth • Strong Governance Democratic countries with open economies Independent central banks with inflation- targeting regimes • Free trade agreements • and free-floating currencies Business-friendly environments Sound Macro Environment • Diversified economies with solid underlying · • economic fundamentals Resilience to economic and political cycles Relatively low debt/GDP ratios compared with OECD and emerging-market economies Increasing adoption of banking services Favourable Demographics 231 million people with a median age of 30 years • Resilient domestic consumption in the post- pandemic period • Important exposure to growing Asian markets while maintaining close links to US economy • Among the fastest growing smartphone markets in the world Considerable growth in the middle class 28#29Scotiabank in Mexico' Business Overview² Operating since 2003 offering Retail, Small Business, Commercial, GBM, Wealth and Treasury solutions Performance Evolution ($MM) 2,6 Q1/23 Customers³ ~3.1MM 1,281 1,219 1,043 PTPP NIAT 822 656 315 340 255 184 221 Employees³ ~8,700 2020 2021 2022 Q1/22 Q1/23 Branches³ 453 WY/WY Y/Y Loans $41Bn PTPP Growth 6% 17% 5% 2% 8% NIAT Growth (52%) 157% 25% 28% 20% Deposits $39Bn Loan Growth 14% (2%) 12% 9% 13% ROE4 23.8% NIM4 4.35% 4.40% 4.14% 4.22% 4.14% Digital Adoption (%) 51% Productivity Ratio 55.0% 50.0% 49.0% 48.9% 48.7% Digital Sales (%) 70% Operating Leverage 1.3% 8.9% 2.2% 3.5% 0.6% Economic Outlook5 Loan Portfolio Market Share and Positions? 2023E 2024E GDP Growth (%) 0.8% 1.9% Population Growth (%) 0.85% 0.82% CPI (y/y % eop) 5.1% 3.8% Residential Mortgages 31% Total Loans 5th 8% Mortgage 4th 16% $41.5Bn Non-mortgage 6th 3% Unsecured 6% Corporate/ Commercial 60% Auto 3% Commercial 5th 7% Total Deposits 6th 7% 1All figures excluding Wealth Management; 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics are on a reported basis; 3 Including subsidiaries; 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com; 5 Source: Scotiabank Economics. GDP and CPI as at February 10, 2023 forecast; Population Growth: World Economic Outlook Database, October 2022; 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses; See non- GAAP reconciliations beginning on slide 81; 7Key Competitors: BBVA, Banamex Citigroup, Santander, Banorte, HSBC; Source: CNBV/Banxico 29 29#30Scotiabank in Peru¹ Business Overview² Began presence in Peru in 1997, but officially started operations in 2006. Offers Retail, Small Business, Commercial, GBM, Wealth and Treasury solutions Performance Evolution ($MM)2,6 Q1/23 Customers³ ~3.4MM 1,265 1,028 PTPP NIAT 920 402 286 329 251 262 120 126 Employees³ ~8,900 2020 Branches³ 256 2021 WY/WY 2022 Q1/22 Q1/23 Y/Y Loans $23Bn PTPP Growth (1%) (19%) (10%) (17%) 4% NIAT Growth (54%) 15% 22% 70% 5% Deposits $16Bn Loan Growth 9% 1% 6% 2% 5% ROE4 18.3% NIM4 5.93% 4.79% 4.41% 4.47% 4.90% Digital Adoption (%) 50% Productivity Ratio 35.3% 38.3% 39.4% 37.0% 38.3% Digital Sales (%) 53% Operating Leverage 0.5% (6.4%) (2.5%) (4.9%) (4.0%) Economic Outlook5 Loan Portfolio Market Share and Positions? GDP Growth (%) 2023E 2.1% 2024E 2.4% Population Growth (%) 1.00% CPI (y/y % eop) 5.0% 2.5% Residential Mortgages 16% Total Loans 3rd 16% Mortgage 3rd 18% $22.7Bn Non-mortgage 3rd 17% Unsecured 28% Commercial 3rd 15% Corporate/ Commercial 56% Total Deposits 4th 13% 1All figures excluding Wealth Management, 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics are on a reported basis; 3 Including subsidiaries, 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com; 5 Source: Scotiabank Economics. GDP and CPI as at February 10, 2023 forecast; Population Growth: World Economic Outlook Database, October 2022; 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 7Key Competitors: BCP, BBVA, Interbank; Source: ASBANC 30#31Scotiabank in Chile' Business Overview² Operating since 1999, after taking an initial stake in 1990, offering Retail, Small Business, Commercial, GBM, Wealth and Treasury solutions Performance Evolution ($MM) 2,6 Q1/23 1,297 1,050 1,120 PTPP NIAT 871 570 287 Customers³ ~2.8MM 321 342 179 177 Employees³ ~7,500 2020 Branches³ 109 2021 WY/WY 2022 Q1/22 Q1/23 Y/Y Loans $54Bn PTPP Growth 6% 7% 16% 18% 6% NIAT Growth (19%) 98% 53% 56% (1%) Deposits $24Bn Loan Growth 9% 2% 14% 10% 15% ROE4 11.1% NIM4 2.81% 2.93% 3.20% 3.16% 2.96% Digital Adoption (%) 71% Productivity Ratio 46.6% 43.5% 40.4% 41.0% 40.9% Digital Sales (%) 82% Operating Leverage 3.0% 7.0% 7.0% 9.0% 0.3% Economic Outlook5 Loan Portfolio Market Share and Positions? 2023E 2024E GDP Growth (%) (1.7%) 2.8% Residential Mortgages 39% Total Loans 3rd 15% Population Growth (%) 0.95% 0.91% $54.1Bn CPI (y/y % eop) 3.7% 3.0% Mortgage 2nd Non-mortgage 3rd 18% 14% Corporate/ Commercial 45% Unsecured 16% Commercial 4th 13% Total Deposits 4th 12% 1All figures excluding Wealth Management; 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics are on a reported basis; 3 Including subsidiaries; 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com; 5 Source: Scotiabank Economics. GDP and CPI as at February 10, 2023 forecast; Population Growth: World Economic Outlook Database, October 2022; 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 7Key Competitors: DeChile, Santander, BCI, Itau; Source: Comisión para el Mercado Financiero (CMF) 31#32Scotiabank in Colombia¹ Business Overview² Operating since 2011 offering Retail, Small Business, Commercial, GBM, Wealth and Treasury solutions Q1/23 Customers³ ~2.8MM Performance Evolution ($MM) 2,6 350 PTPP NIAT 324 LL 295 78 56 72 39 13 -39 Employees³ ~5,600 2020 Branches³ 126 2021 WY/WY 2022 Q1/22 Q1/23 Y/Y Loans $12Bn PTPP Growth (25%) (8%) (9%) (17%) (8%) NIAT Growth (147%) (245%) (30%) (26%) (102%) Deposits $9Bn Loan Growth 10% 1% 13% 12% 13% ROE4 (0.1%) NIM4 6.32% 5.62% 4.87% 5.22% 4.07% Digital Adoption (%) 73% Productivity Ratio 64.0% 62.9% 66.8% 66.1% 67.9% Digital Sales (%) 56% Operating Leverage (13.5%) 1.4% (5.8%) (11.5%) (2.4%) Economic Outlook5 Loan Portfolio Market Share and Positions? 2023E 2024E GDP Growth (%) 1.5% 2.5% Population Growth (%) 1.06% 1.03% CPI (y/y % eop) 9.2% 4.9% Residential Mortgages 16% Total Loans 6th 5% $11.7Bn Mortgage 5th Non-mortgage 5th 7% 6% Unsecured 31% Commercial 6th 4% Corporate/ Commercial 53% Total Deposits 6th 5% 1All figures excluding Wealth Management; 2 Current and prior period dollars, Y/Y and Q/Q growth rates (%) are on a constant dollar basis, while metrics are on a reported basis; 3 Including subsidiaries; 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; 5 Source: Scotiabank Economics. GDP and CPI as at February 10, 2023 forecast; Population Growth: World Economic Outlook Database, October 2022; 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81; 7Key Competitors: Banco de Bogota, Bancolombia, Davivienda, BBVA, Occidente, Banco Corpbanca; Source: Superfinanciera/Asobancaria 32#33Other Regions Leading Caribbean & Central American franchise Caribbean & Central America Asia • • • • Leading international bank in the region The franchise offers services and products to support over 1.8MM retail, corporate, commercial, wealth and insurance customers Major markets include the Dominican Republic, Jamaica, Trinidad & Tobago, Costa Rica, Panama and The Bahamas Strong and stable deposit base Leaders in digital banking through innovative use of technology and commitment to continued improvement China: ~18% interest in Bank of Xi'an • CAD $1,077MM carrying value as of January 31, 2023 Bank of Xi'an reported $497MM of net income for the 12 months ended September 30, 20221, of which Scotiabank's share is 18% Based on the most recent available financial statements 33#34Business Line Overview Global Wealth Management 34#35Global Wealth Management 3rd Largest Wealth Management Business in Canada¹ Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank's footprint. Global Wealth Management serves over 2.5 million investment fund and advisory clients across 13 countries - administering approximately $600 billion in assets. Business Overview 13% Q1/23 Revenue 10% Q1/23 AUM² Mix $322Bn $1.3Bn 87% 90% 21% Q1/23 AUA² $607Bn 79% Strategic Focus • Canada: Maintain momentum leveraging our unique operating model and market leading capabilities International: Follow Scotia's footprint, building out Advisory and Asset Management businesses in PAC markets Financial Results International 3 Canada Reported Net Income ($MM) and ROE4 (%) $MM, except AUM/AUA Reported Q1/23 Y/Y Q/Q 17.2% 17.5% 15.5% 412 -7 405 407 376 361 385 14.8% 15.5% Net Income³ $385 (7%) 6% Pre-Tax, Pre Provision Profit 5 $521 (7%) 6% Revenue $1,323 (7%) 3% Expenses $802 (7%) 1% PCLs $1 nmf nmf Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 ■Ex. Performance Fees Performance Fees Productivity Ratio² 60.6% (130 bps) AUM ($B)² $322 (7%) 4% AUA ($B)² $607 1% 5% Medium-Term Financial Objectives Net Income Growth 2,3 Productivity Ratio² Operating Leverage² Target 8%+ <65% Positive Adjusted4 Net Income³ $392 (6%) 6% Pre-Tax, Pre Provision Profit 5 $530 (7%) 6% Expenses Productivity Ratio² $793 59.9% (7%) 1% (10 bps) (130 bps) 1 Based on Total Net Income for publicly traded banks in Canada for the 3 months ended October 31, 2022; 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 Attributable to equity holders of the bank; 4Refer 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; 5 Pre-Tax, Pre- Provision Profit defined as revenues less expenses. See non-GAAP reconciliations beginning on slide 81 35#36Global Wealth Management #1 in Loan growth1 | #2 in Retail Mutual Fund Assets in Canada² • • Continue product innovation: 2023 Priorities Drive innovation in products to deliver industry- leading investment capabilities and performance through purpose-built solutions for customers across Global Wealth Management's brands and channels Plan-based, holistic advice: Deliver the entire bank to ⚫ new and existing clients with complex needs through our Total Wealth strategy • Invest in digital: Digitally enable sales and advice to support all our distribution channels, including proprietary and 3rd party sales Reported Productivity Ratio AUM • Focus on international: Maximize our international footprint by growing the product shelf, and by enhancing internal capabilities in sales and distributions. Invest and grow the International Wealth business by following our retail footprint Enhance our winning team culture: Cultivate a talented, diverse workforce, and foster an environment to keep our customers and employees safe, while delivering outstanding results and client experiences AUA 62.8% 60.6% +8% CAGR +8% CAGR 311 322 580 607 207 403 2020 2021 2022 Q1/23 2017 2022 Q1/23 2017 2022 Q1/23 Figures for the 12 months ended October 31, 2022 2 Ranking as at December 31, 2022 36#37Global Wealth Management #1 in Loan growth1 | #2 in Retail Mutual Fund Assets in Canada² 3rd Largest Wealth Management Business in Canada 1,2 Asset Management A broad selection of actively managed investment solutions from our innovative platform. Mutual Funds ETFs Pooled Funds Liquid Alternatives Hedge Funds Private Asset Funds Segregated Portfolios Institutional Asset Management Wealth Distribution Channels A powerful advisory and distribution network across Canada and Latin America. Private Investment Counsel Full-Service Brokerage Private Banking Trust and Philanthropic Services Online Brokerage Retail Bank Branch Network Mobile Advice Team 3rd Party Distributors ASSET 1832 MANAGEMENT L.P. ScotiaFunds. Dynamic Funds JARISLOWSKY FRASER Figures for the 12 months ended October 31, 2022 2 Ranking as at December 31, 2022 MD MD Financial Management: Scotia Wealth Management. MD MD Financial Management Scotia iTRADE. Scotiabank Branch mobile advice team 37 37#38Global Wealth Management Strong investment performance, increasing scale • • • Market-Leading Capabilities Award-Winning Investment Management Scotia Global Asset Management wins prestigious awards including 25 FundGrade A+ Awards and 8 individual Lipper Awards across its Scotia Funds and Dynamic Funds brands for consistent, outstanding, risk- adjusted performance Jarislowsky Fraser won a new ESG focused mandate in The Great Canadian ESG Championship Scotia Global Asset Management ETF suite expanded to 26 solutions across Scotia and Dynamic brands with launch of two new ETFs Scotia Asset Management Chile ranked 1st in the annual ranking by El Mercurio Investments in the balanced mutual fund category advancing from the 4th position in 2021 Scotia Asset Management Mexico launched a new offering of Strategic Portfolios (three new funds) for Retail in the Branch channel ⚫ Scotiabank Colombia Trust received the AAA rating from Value and Risk Rating S.A (Colombia Risk Rating Agency) Tailored Advice Scotia Wealth Management 2023 Global Finance Awards: Best Private Bank for Net Worth between $1MM and $24.9MM and Best Private Bank for women clients Scotia iTRADEⓇ provides the best desktop-based online brokerage experience amongst Canadian self-directed online brokerage firms according to Surviscor's 2022 Online Brokerage Desktop Experience Review Scotiabank is the largest Private Investment Counsel Business in Canada on a combined basis with JFL PIC, Scotia PIC and MD PIC with assets over $69Bn (Investor Economics Summer 2022) Medicus Pension Plan, a multi-employer pension plan designed specifically for Canadian incorporated physicians, has received the required regulatory approvals and is set to launch in Spring 2023 Investment Performance Highlights (1) of 1832 Asset Management assets in the % top two quartiles over a five-year period 69% of Dynamic Funds assets in the top two 79%) quartiles over a five-year period 1 As of January 31, 2023 38#39Business Line Global Banking Overview and Markets 39#40Global Banking and Markets Global Banking and Markets (GBM) provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. GBM is a full-service wholesale bank in the Americas, with operations in 21 countries, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific. Business Overview Asia Canada Europe 6% 51% Global Equities 15% Business Banking 53% Q1/23 Revenue¹ Q1/23 Revenue $1.5Bn $1.5Bn 40% 32% US FICC Strategic Focus . . Executing a consistent strategy to be a top wholesale Bank in the Americas, that is focused on Geography, Client and Product Leverage strong balance sheet to support corporate lending and asset growth across the America's footprint to win increased financing business Well positioned to leverage the Bank's unique geographic footprint across the Americas to serve it's cross-border clients in Canada, US and LatAm Net Income² ($MM) and ROE4 (%) Financial Results Q1/23 Y/Y Q/Q 17.4% Reported 15.6% 13.2% 13.4% 11.1% Net Income² $519 (7%) 7% Pre-Tax, Pre Provision Profit³ $730 (1%) 11% 561 488 484 519 Revenue $1,503 7% 11% 378 Expenses $773 15% 11% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 PCLs Medium-Term Financial Objectives Net Income Growth 2,4 Target ~5% Productivity Ratio4 PCL Ratio4 $15 51.4% 4 bps nmf nmf 370 bps 10 bps 1 bp PCL Ratio Impaired Loans4 3 bps (6 bps) Productivity Ratio4 Operating Leverage4 ~50% Positive ¹May not add due to rounding 2 Attributable to equity holders of the Bank; 3 Pre-Tax, Pre-Provision Profit defined as revenues less expenses; See non-GAAP reconciliations beginning on slide 81; 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; 40#41GBM in US and Latam Delivering the full bank to meet our Americas clients' needs Wholesale bank in the US: Corporate & Investment Banking, Capital Markets, Revenue US1 Latam¹ Cash Management and Trade Finance $609 million $599 million Top 10 Foreign Bank $65 billion Organization (FBO) in the US Average Loans $59 billion Client list focused on S&P $105 billion Average Deposits $28 billion • $211 million Total NIAT $301 million . 500, investment grade corporates Clients across multiple sectors with focus areas for growth include Consumer/ Industrial/Retail (CIR), Technology, and Healthcare 51.4% Productivity 23.0% 5 Offices 9 Wholesale bank in Latam: Advisory, Financing and Risk Management Solutions, and access to Capital Markets Only full-service Corporate / Commercial Bank with local presence in all Pacific Alliance countries Enhanced connectivity to rest of Americas, Europe and Asia Top tier lending relationships with local and multi-national corporate clients • Focused on Pacific Alliance expansion and modernization of technology platforms Mexico PEMEX® Colombia US epm® HealthpeakⓇ PROPERTIES US VICI $2,000,000,000 10.000% Senior Unsecured Notes due 2033 Joint Bookrunners January 2023 $700,000,000 Sustainability Linked Loan - Strategic Investment Plan Joint Lead Arranger, Joint Bookrunner & Co-Sustainability Structuring Agent December 2022 1 For the 3 months ended, January 31, 2023 $400,000,000 Senior Notes US LIVE NATION $999,982,500 30,302,500 Common Shares $1,000,000,000 3.125% Convertible Senior Notes Due 2029 Joint Bookrunner Joint Bookrunner January 2023 January 2023 Joint Bookrunner January 2023 41#42Risk Overview 42 42#43Risk Snapshot RWA Breakdown¹ Credit Exposure by Country 2,3 ■Canada ■ U.S. Credit Exposure by Sector 1,2,4 Real Estate and Construction 8.1% ■Credit Risk 67% 2% ■ Chile 3% 11% $472Bn 87% ■ Operational Risk 3% $770Bn³ Other International Financial Services Wholesale and Retail Utilities 4.8% 4.4% 3.8% 5% ■ Mexico Technology and Media 3.3% 5% ■ Market Risk ■ C&CA 7% Other 2.9% 9% ■ Peru Agriculture 2.4% ■ Colombia Automotive 2.0% Canadian Banking1,2 Personal & Commercial Lending International Banking1,2 Food and Beverage 1.6% Transportation 1.3% Energy 1.2% Health Care 1.0% Sovereign 0.9% ■ Secured 73% ■ Secured Mining 0.8% 5% $387Bn $79Bn Hospitality and Leisure 0.5% 95% Metals 0.3% ■ Unsecured 27% ■ Unsecured 1 As at January 31, 2023 2% of total loans and acceptances 3 As at October 31, 2022 4 Business and government loans as a percentage of total loans and acceptances. See page 18 of the Q1 2023 Financial Supplementary Package Forest Products 0.3% Chemicals 0.3% 43#44Real Estate and Construction Loans 2% Engineering & Project Management 38% Residential / Multi-Family Residential 6% Commercial Construction 6% Retail 2% Engineering & Project Management 38% Residential / Multi-Family Residential Q1/22 $49.0 billion 22% Industrial/ Commercial 5% Commercial Construction Q1/23 $63.3 billion¹ 24% Industrial/ Commercial 5% Retail 7% 8% Office 18% REITS Office 18% REITS Growth in Real Estate and Construction loans has been broad based across subsectors Limited exposure to construction subsector Long standing relationships in top tier names, with strong balance sheets and experience managing through cycles, and with deep relationships with trades and suppliers May not add due to rounding 44#45Strong Credit Quality GILS ($MM) AND GIL RATIO1 81 bps 73 bps 67 bps 65 bps 64 bps 62 bps 60 bps 58 bps 5,116,33 4,735 -28 -235 -219 -231 1,040 921 941 904 3,757 -286 4,456,26 4,435,32 4,264 32 4,252,27 824 4,786 18 156 -168 -130 917 771 TITITI 3,551 3,270 3,268 Q2/21 Q3/21 Q4/21 Q1/22 3,695 3,240 3,324 5,104 18 141 1,079 3,866 Q2/22 Q3/22 Q4/22 Q1/23 HIGHLIGHTS Excluding the impact of foreign exchange, GILS increased $199 million Q/Q driven by new formations in Retail Banking and Commercial International Banking GILs were higher Q/Q driven by impact of foreign exchange and new retail formations in Chile Canadian Banking GILs were higher Q/Q driven by new retail formations mainly in Mortgages and Auto, due to normalizing trend, and new Commercial formations NET WRITE-OFFS ($MM) AND NET WRITE-OFFS RATIO¹ 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 -1 123 457 3 910 4 801 139 422 144 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 45 45#46Prudent Allowances TOTAL ACLs1 ($MM) AND ACL RATIO² 109 bps 96 bps 86 bps 80 bps 75 bps 72 bps 71 bps 72 bps 6,893 23 6,232 22 5,731 1,691 5,583 23 20 5,375 5,295 5,499 1,529 20 28 28 1,368 1,326 1,255 1,276 1,368 5,668 1,409 31 2,056 2,009 1,863 1,723 1,595 1,532 1,528 1,547 3,123 2,672 2,477 2,514 2,505 2,459 2,575 2,681 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 3 ■International Retail Canadian Retail ■Business Banking GWM/Other TOTAL PCLs ($MM) AND PCL RATIO4 33 bps 28 bps 22 bps 33 bps 24 bps 13 bps 13 bps 10 bps 496 145 529 11 380 69 412 9 638 218 1 15 163 396 339 168 1 314 222 219 1 93 274 (43) `(2) (27) (1) (35) 276 325 355 404 (96) (16) (1) (46) (15) 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 О (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: $1 million) 46#47Canadian Retail: Loans and Provisions' MORTGAGES 1100 101 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 LINES OF CREDIT³ 70 33 41 48 51 48 36 48 60 57 45 56 32 28 (8) (6) 10 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 PCL as a % of average net loans (bps)² Loan Balances Q1/23 Spot ($Bn) % Secured 1 Includes Wealth Management Mortgages $302 100% התות AUTO LOANS 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 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 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 $387 95%4 2 Refer to page 50 of the Management's Discussion & Analysis in the Bank's First Quarter 2023 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 3 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 4 84% secured by real estate; 11% secured by automotive 5 Excluding one-time impact of fully provisioned write-offs, Q3/22 PCL ratio on impaired loans is 280 bps 47#48International Retail: Loans and Provisions MEXICO CHILE CARIBBEAN AND CENTRAL AMERICA 428 Markets with 329 133 Greater 326 300 173 106 129 Weighting to 138 111 103 102 70 62 62 99 212 237 64 51 67 65 139 154 133 119 205 124 Secured 179 120 122 102 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 216 72 98 67 93 195 91 58 45 31 39 46 170 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 115 95 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 133 124 108 Markets with Greater Weighting to Unsecured 2,436 PERU COLOMBIA 1,588 1,338 1,194 492 502 760 389 352 309 329 726 636 534 364 353 318 307 302 211 274 203 264 273 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 451 385 287 256 289 304 317 346 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 PCL as a % of average net loans (bps)1 PCLs on Impaired Loans as a % of average net loans (bps)1 Loan Balances Q1/23 Mexico Peru Chile Colombia Caribbean & CA Total² Spot ($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 48#49Treasury and Funding 49 49#50Highlights Strong liquidity, stable funding • Strong liquidity well in excess of regulatory requirements o LCR1 of 122%, up 3% Q/Q and down 1% Y/Y o HQLA of $230Bn, up $17Bn Q/Q and up $25Bn Y/Y, is substantially comprised of Level 1 assets o Pacific Alliance countries LCRs of 129% - 176% Stability of funding reflected in NSFR² of 109% • 27.9% TLAC³ is above 24.5% regulatory minimum • Stable wholesale funding utilization o Wholesale funding of $314Bn, up $22B Q/Q (+$15Bn money market funding and +$7Bn term funding) and up $48Bn Y/Y 。 Wholesale funding / total assets increased 120 bps Q/Q to 22.8%, from 21.6% 。 Wholesale funding / total assets remain below pre-pandemic levels 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015) 2 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Net Stable Funding Ratio Disclosure Requirements (January 2021). 3 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Total Loss Absorbing Capacity (TLAC) (September 2018). 50 50#51Funding Strategy Diversified funding sources • Increase contribution from customer deposits • Manage prudent level of wholesale funding utilization and TLAC² • Maintain balance between efficiency, stability of funding and pricing relative to peers • Diversify funding by type, currency, program, tenor and source/market Utilize a centralized (head office managed) funding and associated risk management approach 1 In addition to the programs listed, there are also USD senior private placements and CD programs in the following currencies: Yankee/USD, EUR, GBP, AUD, HKD 2 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Total Loss Absorbing Capacity (TLAC) Requirements (September 2018). Funding Programs¹ Global Registered Covered Bond Program (uninsured Canadian mortgages) Limit CAD 100 billion US Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit USD 50 billion EMTN Shelf Limit USD 30 billion CAD Debt & Equity Shelf (senior subordinated debt, preferred and common shares) Limit CAD 15 billion START ABS program (indirect auto loans) Limit CAD 15 billion Australian MTN program Limit AUD 8 billion Singapore MTN program Limit USD 12 billion Halifax ABS program (unsecured lines of credit) Limit - CAD 7 billion Principal at Risk (PAR) Note shelf Limit - CAD 15 billion Trillium ABS program (credit cards) Limit CAD 5 billion USD Bank CP Program Limit USD 35 billion 51#52Wholesale Funding Wholesale funding diversity by instrument and maturity 1,6,7 23% Bail-inable Notes TERM FUNDING MATURITY TABLE (EXCLUDING SUB DEBT AND MORTGAGE SECURITIZATION) (CANADIAN DOLLAR EQUIVALENT, $Bn) 0% Asset-Backed Securities $41 13% Senior Notes Asset-Backed Commercial Paper³ 3% 31% Bearer Deposit Notes, Commercial Paper & Short-Term Certificate $314Bn 2% -16% Covered Bonds 7% Mortgage Securitization4 of Deposits Deposits from Banks² 8 1 $26 4 $21 21 $31 $28 5 12 $18 3% Subordinated Debt5 32 232 8 26 11 22 22 15 10 9 < 1 Year 2 Years 3 Years 4 Years 5 Years >5 Years Senior Debt ABS Covered Bonds 1 Excludes repo transactions and bankers' acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity.. 2 Only includes commercial bank deposits raised by Group Treasury. 3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes. 4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name. 5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures. 6 As per Wholesale Funding Sources Table in MD&A, Q1/23 Report to Shareholders. 7 May not add due to rounding. 52 62#53Deposit Overview Continued growth both personal and non-personal deposits PERSONAL DEPOSITS1 (AVERAGE BALANCES, $Bn) $247 $245 $237 $225 $244 $244 $241 $226 Q1/20 Q2/20 Q3/20 Q4/20 $244 HIGHLIGHTS Important for both relationship purposes and regulatory value $270 $248 $254 $261 3Y CAGR: 6.3% Initiatives are in place to drive deposit growth and retention Strong Q/Q growth in Canadian Banking and International Banking deposits Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 NON-PERSONAL DEPOSITS1 (AVERAGE BALANCES, $Bn) $327 $338 $280 $350 $331 $296 $351 $397 $360 $376 $387 $354 $363 3Y CAGR: 12.4% Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1 Calculated as the sum of the average balances of the four business-line personal and non-personal deposits. HIGHLIGHTS Leveraging relationships to grow deposits with favourable regulatory value Strong Q/Q growth in International Banking deposits 53#54Q1/20 Q2/20 23.5% Wholesale Funding Utilization WHOLESALE FUNDING / TOTAL ASSETS Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 26.1% 16.9% Q2/21 Q3/21 Q4/21 Q1/22 22.8% 21.3% Q2/22 Q3/22 Q4/22 Q1/23 HIGHLIGHTS Wholesale funding utilization well managed Wholesale funding / total assets remain below pre- pandemic levels MONEY MARKET WHOLESALE FUNDING / TOTAL WHOLESALE FUNDING 44.7% HIGHLIGHTS Suitable concentration of money market funding Prudent utilization of short-term funding 36.4% 35.5% Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 54 54#55Key Metrics Well-funded with strong liquidity and stable funding • Liquidity Coverage Ratio (LCR)1 o Liquidity well in excess of regulatory requirements o LCR of 129-176% in Pacific Alliance countries High Quality Liquid Assets (HQLA)² 。 Substantially comprised of Level 1 assets o +$17Bn Q/Q and +$25Bn Y/Y • Net Stable Funding Ratio (NSFR)³ 。NSFR is well in excess of 100% regulatory requirement 129% 129% 124% 125% 123% 123% 122% 122% 119% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 $230 $213 $214 $211 $213 $201 $205 $195 $198 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 115% 112% 112% 111% 110% 108% 109% 109% 109% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015) 2 In billions 3 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Net Stable Funding Ratio Disclosure Requirements (January 2021) 55#56Appendix 1 Core Markets: Economic Profiles#57Economic Outlook in Core Markets REAL GDP (ANNUAL % CHANGE) Forecast 1, 2 Country 2010-20 Average 2021 2022E3 2023 2024 Full Full Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F Year 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 57 57#58Pacific Alliance: Economic Outlook and Election Calendar MOST PACIFIC ALLIANCE ECONOMIES ARE RECOVERING 120 115 Real GDP, index Q4-2019-100, 4-qtr. rolling sum 110 105 100 95 90 85 2020 2021 Chile 2022 Colombia 2023 2024 -Mexico Peru Sources: Scotiabank Economics, Haver Analytics. Forecasts for PAC countries as of the February 10, 2023 Scotiabank Economics Latam Weekly. ELECTIONS IN THE REGION Gubernatorial (2 States) June 2023 Constitutional Referendum December 2023 Mayors and Regional Governors October 2024 Possible Early Elections December 2023 Regional & Municipal October 29, 2023 Possible Early Elections April 2024 General Elections (President, 9 States, Congress) June 2024 Jan.-Apr. 2023 May-Aug. 2023 Sep.-Dec. 2023 2024 58#59Interest 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 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 +75 +150 +125 +75 - Current Policy Rate 4.50% Forecast Policy Rate for Dec 31/233 4.25% Above estimates assume a static balance sheet and no management actions¹ . Balance sheet positioned to benefit from declining rates Chile US +25 +200 +75 +125 +25 Mexico +75 +100 +125 +150 +125 +50 Colombia +150 +200 +300 +200 +175 Peru +150 +150 +150 +100 +75 +275 +150 +275 +150 4.75% 11.00% 12.00% 12.75% 12.00% 5.25% 7.75% 11.25% 4.50% 7.25% HISTORICAL INTEREST RATE ENVIRONMENT AND OUTLOOK² % 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Oct-21 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 Oct-23 BOC Overnight Rate CAD 5-Yr Swap Rate USD 5-Yr Swap Rate Fed Funds Rate Bank of Mexico Overnight Rate Bank of Chile Monetary Policy Rate MXN 5-Yr Swap Rate CLP 5-Yr Swap Rate 1 Additional 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 3 Source: Scotia Economics. US and Canada as at February 6, 2023 forecast, Pacific Alliance countries as at February 10, 2023 forecast 2 As of February 27, 2023 59 59#60Slowing Growth, Nearing End of Policy Tightening Cycle With inflation at multi-decade highs in several economies, central banks have significantly increased their policy rate over last year to re-align demand with supply and reduce inflation. There are increasing signs that inflation is now trending down in several economies with improved supply chain conditions, lower commodity prices and transportation costs, and healthier inventory levels. These disinflationary pressures were partly offset by robust wage growth, consistent with currently tight labour market conditions. Canada and other economies have been surprisingly resilient to the sharp rise in policy rates. Recent indicators suggest growth is slowing but less than suggested by previous rate hike episodes. We still expect the global economy to slow in 2023—with a mild recession in Canada and the United States-as policy rates reach their cyclical peak by mid-2023 in several economies and stabilize near these levels until about early 2024. A soft-landing is now more likely than we previously expected. The Bank of Canada and the U.S. Federal Reserve both raised their policy rate to 4.50% (the upper bound of the U.S. Fed Funds target) by the end of January 2023. We now predict that the policy rate has reached its cyclical peak in Canada but will increase further in the U.S. to a terminal rate of 5.25% by the end of the second quarter of 2023. These peak levels will be maintained for 3 quarters in each country and start declining thereafter. Central banks in the Pacific Alliance Countries have also been raising policy rates aggressively to counter inflationary pressures. This process is also nearing its end as the pace of economic expansion moderates. Canada: Bank of Canada Policy Rate vs Headline Inflation 98765 % Canada Unemployment Rate 25 PAC Unemployment Rates %, SA PAC Inflation 16 16 % 14 forecast Chile 14 20 12 12 Colombia Mexico Peru 10 15 10 8 10 60 5 620 864 201 Y/Y % change 4 -2 -1 Policy rate Chile Mexico Colombia Peru 2 0 2018 2019 2020 2021 2022 2023 2024 2015 2017 2019 2021 2023 2010 2012 2014 2016 2018 2020 2022 2006 2010 2014 2018 2022 60 Sources: Scotiabank Economics, Bank of Canada, Statistics Canada, Haver Analytics. st 4 1 32-0 Headline inflation#61% OF GDP Real GDP Growth Canadian Economy Diverse sources of growth with a strong balance sheet 20.2% Finance, Insurance, & Real Estate 14.8% Other 4.1% Transportation & Warehousing 6.6% Professional, Scientific, & Technical Services 7.0% CANADIAN GDP BY INDUSTRY (Nov. 2022) Public Administration GDP 2022E: 3.6% 12.5% Health & Education 7.3% 10.4% Wholesale & Retail Trade 9.3% Manufacturing 7.7% Mining and Oil & Gas Extraction Construction GDP 2023F: 1.1% GDP 2024F: 1.6% General Government Net Debt 2021 2022E ANNUAL % CHANGE N 3 U.S. 2010-2019 Canada Eurozone U.K. Japan 2022E-2024F Avg. Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Feb 6, 2023. Government Financial Deficits 0 N (5.0) (2.2) (3.7) (3.3) (7.2) (3.6) (10.9) (4.0) (8.0) (4.3) (6.4) (5.1) (7.2) -4 -6 168 173 138 135 -8 100 95 101 100 84 86 83 -10 75 % OF GDP 47 48 32 31 -12 CA GE Adv. CA GE U.K. Adv. Econ. U.S. FR IT JN Econ. Sources: IMF Oct 2022 Fiscal Monitor. Calendar years shown. 2021 2022E (5.4) (6.7) (7.9) U.S. U.K. FR IT JN Scotiabank Economics, IMF Oct 2022 Fiscal Monitor, CBO. Calendar years shown. 61#62Public Debt Ratios in G7 Markets 300 % of GDP 250 200 150 100 50 G7 General Government Gross Debt 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Canada (AAA) Italy (BBB) -U.S. (AA+) France (AA) Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. G7 General Government Net Debt 200 % of GDP 150 100 50 Germany (AAA) UK (AA) 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Canada (AAA) Italy (BBB) U.S. (AA+) France (AA) Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. Germany (AAA) UK (AA) 62 62#63Mexican Economy • Solid mix of sectors Services and consumption are increasingly contributing to the domestic economy's recovery Trade with the U.S. is leading growth, but Mexico's diversification agenda is also underpinned by 13 free-trade agreements with 50 countries that account for 43% of global GDP and include all G7 countries The authorities' fiscal and debt indicators remain reasonable; efforts to boost tax collection could continue to be implemented GDP 2022: 3.0% GDP 2023F: 0.8% Sources: Scotiabank Economics, Bloomberg, as of Feb 10, 2023. Contributions to Mexican GDP Growth GDP 2024F: 1.9% Other MEXICAN GDP 16.3% Finance, Insurance, & Real Estate 14.3% 6.0% Health & Education 18.8% Wholesale & Retail Trade 16.8% Manufacturing 5.8% Mining and Oil & Gas Extraction 5.8% Construction 3.4% Natural Resources 6.8% Transportation & Warehousing 2.1% BY INDUSTRY* (Q3-2022) Professional, Scientific, & Technical Services 3.8% Public Administration * Q4-2022 real GDP growth 3.5 y/y. Industry GDP breakdown is not yet available for Q4-2022. Top Trading Partners* -20 -16 -12 ≈ 1½ ½ 1 O DONN -8 24 y/y % change Other* Inventories 12 Government Real GDP 4 0 -4 18 19 Net Exports Investment Consumption 20 21 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 222 22 * Q4-2022 real GDP growth 3.5% y/y. National accounts breakdown not yet available for Q4-2022. Others 21% Germany 2% South Korea 3% United States Canada 4% 59% China 12% * Trade data updated as of Q3-2022. 63 63#64Chilean Economy Advanced economy with wide-ranging trade links Chile's mix of economic activities reflects its status as an advanced OECD economy Chile's diversified trading relationships are supported by 30 free-trade agreements with 70 countries that account for 88% of global GDP Consumption has reduced its contribution to GDP growth in the absence of new pension fund withdrawals and universal fiscal transfers GDP 2022E: 2.7% GDP 2023F: 14.6% Finance, Insurance, & Real Estate 10.2% Other 2.0% Restaurants & Hotels 9.3% Transportation & Warehousing -1.7% GDP 2024F: 2.8% Sources: Scotiabank Economics, Bloomberg, as of Feb 10, 2023. Contributions to Chilean GDP Growth 3.5% Natural Resources CHILEAN GDP BY INDUSTRY (Q3-2022) 20.0% Housing & Personal Services 9.6% Wholesale & Retail Trade Top Trading Partners* 9.0% Manufacturing 10.6% Mining and Oil & Gas Extraction 6.3% Construction 4.8% Public Administration 40 y/y % change 30 Net Exports 20 Investment Inventories Government 10 10 Consumption Real GDP 0 -10 -20 -30 18 19 20 Sources: Scotiabank Economics, Haver Analytics. 21 21 22 22 South Korea 4% Others 33% China 33% Japan 5% United States Brazil 7% 18% * Trade data updated as of Q3-2022. 64#65Peruvian Economy • Resilient economic fundamentals Peru's growth would continue to be driven by the primary sectors and by a good performance of consumption. Economic fundamentals remain strong Peru has 18 free-trade agreements with 52 countries that account for 66% of global GDP Impact of social unrest biases economic growth downward 12.2% Manufacturing 11.2% Wholesale & Retail Trade Other 50.9% PERUVIAN GDP BY INDUSTRY (Q3-2022) GDP 2022E: 2.6% GDP 2023F: 2.1% GDP 2024F: 2.4% Sources: Scotiabank Economics, Bloomberg, as of Feb 10, 2023. Contributions to Peruvian GDP Growth 50 y/y % change 40 Net Exports Inventories 30 20 Investment Consumption Government Real GDP 10 0 -10 -20 -30 -40 20 21 19 18 Sources: Scotiabank Economics, Haver Analytics. 22 22 11.1% Mining, Oil, & Gas 6.9% Construction 1.9% Electricity & Water 5.9% Natural Resources Top Trading Partners* China 26% Others 46% India 3% United States 17% Japan 4% Brazil 4% * Trade data updated as of Q3-2022. 65#66Colombian Economy Strong underlying momentum Economic activity is resilient: Services sector is leading the growth. Soft landing deceleration is the most likely scenario. GDP is expected to grow 8.1% in 2022 and 1.5% in 2023 The Government acts under the institutional framework, and the Tax Reform process shows institutions' works. Congress show that check and balances is still working. The Government will comply with the fiscal rule, which is also an independent institution aiming to guarantee fiscal sustainability, and the fiscal rule is a priority for the Government Banrep pointed out that the end of the hiking cycle is closer. Inflation is increasing at a slower pace and going through the peak. The next discussion will be how long the rates will stay in high levels GDP 2022E: 8.1% GDP 2023F: 1.5% GDP 2024F: 2.5% 13.4% Finance, Insurance, & Real Estate 9.8% Other 5.7% Natural Resources 3.2% Information & Communication 4.0% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q3-2022) 7.0% Professional, Scientific, & Technical Services 18.0% Wholesale, Retail Trade, Accommodation & Food Services 15.2% 12.3% Manufacturing 6.7% Mining and Oil & Gas Extraction 4.8% Construction Public Administration Sources: Scotiabank Economics, Bloomberg, as of Feb 10, 2023. Contributions to Colombian GDP Growth 20 y/y % change -20 ཐྭ༅n༠ཐྭཔྟཱཿཋ༞{ 15 10 5 0 -5 -10 -15 -25 Other* Investment Consumption Net Exports Government Real GDP 20 21 19 18 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 22 22 Top Trading Partners* United Others States 43% 30% Brazil 5% China 9% India 7% Netherlands 5% * Trade data updated as of Q3-2022. 66 99#67Appendix 2 Canadian Economic Fundamentals#68Canada: Consumer and Business Activity GDP Trending Upward Despite Stalling in 2023 Business Confidence - CFIB Business Barometer 110 Index, 2019Q4 = 100 105 Jan 13, 2020 forecast 100 95 90 90 85 80 S19Q4 2001 2002 tia 2003 160 140 120 100 80 60 40 20 2004 21Q1 21Q2 21Q3 21Q4 ti 22Q1 22Q2 22Q3 80 70 60 60 Feb 06, 2023 forecast 50 00 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 Key Economic Indicators index, Feb 2020 levels 100 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Auto Sales Mfg Shipments Exports Sources: Scotiabank Economics, Bloomberg. Housing Starts Retail Sales Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Employment 40 30 20 20 index, > 50 = stronger 3-month moving average 6-month moving average Avg. 2011-present 11 12 13 14 15 Sources: Scotiabank Economics, CFIB. 16 17 18 19 20 20 110 Feb. 2020=100 105 100 95 90 85 80 Manufacturing PMI Labour Market Recovery Canada Jobs Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Sources: Scotiabank Economics, Statistics Canada. Dec-20 SFeb-21 Apr-21 Jun-21 Aug-21 Headline index 21 22 23 +150K Jobs in Jan. 2023 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 68#69Canada: Demographics and Housing Market Population Growth Rebounding Immigration Pushing to Record Levels 500 Proposed Immigration 000s 2.5 annual % change Canada Euro Area United States United Kingdom 450 2.0 Japan France Italy 400 350 1.5 Annual Average Immigration 300 1.0 250 0.5 200 0.0 150 100 -0.5 50 -1.0 0 -1.5 08 09 10 11 12 13 14 15 16 17 18 19 19 20 20 21 21 22 222 Sources: Scotiabank Economics. 70s 80s 90s 00s 17 18 19 20 23 Sources: Scotiabank Economics, Statistics Canada, Ministry of Immigration, Refugees & Citizenship Canada. 21 22 24 Canadian Residential Housing Inventory Rising 12 months of inventory, SA 10 8 6. 4 2 Housing Supply Still Tight in Key Markets Toronto Vancouver 18 8 units per 10,000 pop., end of period units per 10,000 pop., end of period Multi-Unit 16 Multi-Unit 14 Single-Detached 6 Single-Detached 12 2002-20 10 average 1992-2020 average 2 864 2 0 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0 0 92 96 00 04 08 12 16 20 Sources: Scotiabank Economics, Statistics Canada. 02 04 06 08 10 12 14 16 18 20 69#70Canada: Growth in Household Credit • Household credit growth picked up rapidly throughout 2021 and into 2022, peaking at 9.2% y/y in spring 2022 (but lower than its previous 2007 peak of 13.4%). It has since declined with recent figures at 7.7% y/y for the rolling quarter ending in Nov. 2022. • Consumer loans excluding mortgages (i.e., cards, HELOCs, unsecured lines, auto loans, etc.) grew by 5.1% y/y for the rolling quarter ending Nov. 2022. Consumer loan growth, unlike household credit and • residential mortgage growth, has not shown any sign of slowing yet. Mortgage credit grew at 8.3% y/y in the rolling quarter ending Nov. 2022 (vs the 2007 peak of 14.0% y/y). Mortgage growth is slowing amidst higher rates. Household Credit Growth Consumer Loan Growth Residential Mortgage Growth 20 %, 3-month moving average y/y% 15 change %, 3-month moving average 25 20 y/y % change 15 20 %, 3-month moving average y/y % change 15 10 5 10 0 10 -5 -10 5 m/m% change, SA -15 m/m% change, SA 5 m/m% change, SA -20 -25 0 0 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. Canada. 70 0#71Canada: Housing Finances More than Half of Canadian Households Don't Have a Mortgage or HELOC % of households (2020 est.) 5-Year Mortgage Rates Resetting Higher 4433225050 250 5-year difference, basis points 200 with HELOC 150 11.5 100 50 1.9 0 -50 32.8 15 -100 29.1 24.3 -150 10 -200 15 16 17 18 Owned dwelling w/ mortgage Owned dwelling w/o mortgage Sources: Scotiabank Economics, Mortgage Professionals Canada. Higher Home Equity in Canada 80 equity as % of real estate assets 75 70 65 60 Rented 19 20 21 forecast* 22 23 24 *Based on Scotiabank Economics forecast of 5-year government of Canada bond yields and historical spreads between the conventional 5-year mortgage rate and the GoC 5-year bond yield. Sources: Scotiabank Economics, Bank of Canada. Canadian Mortgage Delinquencies Declining 10 Official (excl. HELOCs) % of total loans past due three or more months 8 Cda estimate incl. HELOCS U.S. estimate with NFPS 6 excl. HELOCs 55 Official FRB with NFP (incl. HELOCs) 50 45 4 2 U.S. + foreclosures U.S. Canada 40 0 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 Sources: Scotiabank Economics, OSFI, FCAC, Statistics Canada, Federal Reserve Board. 92 94 96 98 00 02 04 06 08 10 Sources: Scotiabank Economics, MBA, CBA. 12 14 16 18 20 20 22 22 71#72Canada: Household Finances 30 25 20 22 Household Savings Ratio Converging to Pre-Pandemic Average % of disposable income, SAAR Household Credit-Market Debt Above Pre-Pandemic 200 % of disposable income, SAAR 180 160 15 15 10 5 0 чили -5 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, Statistics Canada. 140 120 100 80 Adjusted Canadian Official U.S. -----Official Canadian 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 Sources: Scotiabank Economics, Statistics Canada, BEA, Federal Reserve Board. 60 22 22 Ratio of Household Assets to Liabilities Falling 750 % 700 650 600 550 116 14 Canada 12 Household Debt-Service Ratios Tempered % of disposable income, SAAR 10 8 6 Debt service ratio (interest only) Debt service ratio (principal and interest) 500 U.S. 4 450 Debt service ratio (principal only) 2 400 350 92 94 96 98 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 22 00 02 04 Sources: Scotiabank Economics, Statistics Canada. 06 08 10 12 14 16 18 20 22 Sources: Statistics Canada, Federal Reserve Board. 72 22#73Appendix 3 Bail-in and TLAC#74Canadian Bail-in Regulations: Key Features Best in class approach . • Post September 23, 2018, senior unsecured debt issued by Canadian DSIBS that is subject to bail-in is the only format of issuance available¹ and is a single class of debt2 that is not subordinated to another class of wholesale senior debt Canadian bank term senior unsecured debt is not structurally, statutorily or contractually subordinated to another class of senior liabilities and therefore ranks equally to deposits and other senior liabilities in liquidation Canada utilizes a statutory bail-in regime where, unlike the contractual regime of Canadian NVCC capital instruments, bail-in conversion terms are not prescribed. CDIC retains flexibility to exercise the bail-in power in a manner that is appropriate given the circumstances at the time and subject to certain parameters • In the remote event of non-viability, the no creditor worse off principle ensures that bailed-in senior creditors do not incur greater losses through resolution than liquidation. The CDIC compensation regime floors recovery at the liquidation value • The bail-in regime provides for a relative hierarchy of claims. Creditors receive common shares in accordance with their relative rankings 1 Excludes structured notes as defined in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 2 Ranks pari passu with other forms of senior debt, except as otherwise prescribed by law and subject to the exercise of bank resolution powers 74#75Canadian Bail-in Regulations: Jurisdictional Comparison Best in class approach K Instrument type Opco senior Holdco senior Holdco senior¹ Holdco senior Opco non- preferred senior Ranking in Liquidation Pari passu with deposits and other senior liabilities Structural subordination² Structural subordination² Structural subordination² Contractual subordination² Senior Deposits Other senior liabilities debt subject to Subordination schematic bail-in Depositor preference Participation in equity post resolution Acceleration rights upon failure to pay principal and interest Capital Deposits Opco senior / senior preferred / other senior liabilities Holdco senior / senior non-preferred Capital No Yes Yes Yes Yes Conversion to equity of the bank or an affiliate allows participation in the upside, if any³ N/A4 Uncertain given possibility of writedown Uncertain given possibility of writedown Uncertain given possibility of writedown Yes 1Applicable in practice for G-SIBS' issuance of non-capital bail-in debt Yes Yes Yes No5 2 Approach applicable to G-SIBS in relevant jurisdictions. Additionally, Switzerland uses structural subordination, Germany uses statutory subordination, Spain uses contractual subordination 3 Assuming only bail-in is triggered. If other resolution powers are exercised, debt holders could be exposed to losses in a manner similar to a write-down of their claims 4 No bail-in power. In resolution, debtholders could potentially receive partial recoveries (analogous to a write-down) or have their claims satisfied through the issuance of new securities (analogous to a bail-in conversion) 5 The terms of senior non-preferred do not include acceleration rights upon failure to pay principal and interest; however, there is no statutory restriction in this regard. Once resolution proceedings are underway, holders may declare an event of default for failure to meet payment obligations 75#76Summary of Bail-in / TLAC Regime Best in class approach Scope Scope of bail-in instruments Liabilities excluded from bail-in TLAC compliance date TLAC requirement TLAC eligibility Grandfathering Sequencing and preconditions Form of bail-in OSFI designated DSIBS Senior unsecured debt that is tradeable and transferable, original term >400 days, unsecured and issued, originated or renegotiated after September 23, 2018 Insured deposits, uninsured deposits, debt with original term < 400 days, ABS / covered bonds, structured notes², derivative liabilities, other liabilities November 1, 2021 24.5% minimum risk-based TLAC ratio as of February 1, 2023 (21.5% plus a 3% Domestic Stability Buffer) 7.25% minimum TLAC leverage ratio Regulatory capital³ + bail-in debt with remaining term to maturity > 1 year4 All senior instruments issued prior to September 23, 2018, are to subject to bail-in unless renegotiated 1. Federal authorities bring bank into resolution 2. Full conversion of bank's NVCC instruments must occur prior to or concurrently with bail-in Equity conversion • DSIB disclosure requirements • . . Include disclosure related to the conversion power in any agreement governing an eligible liability as well as any accompanying offering document Include a clause in the contractual provisions governing any eligible liability through which investors provide express submission to the Canadian bail-in regime TLAC and TLAC leverage ratios are disclosed in the Bank's Quarterly Report and Supplementary Regulatory Capital Disclosures Bail-in is not the only path in Canada to resolve a failing bank. Canadian authorities retain full discretion to use other powers including "vesting order", "receivership order”, “bridge bank resolution order", etc. Equity conversion under the Canadian bail-in regime has the potential to result in realizable value in excess of principal amount 1 Yankee CD's with original term > 400 days are in-scope of bail-in 2 As per definition of structured notes in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 3 Adjusted to fully include subordinated debentures with a remaining term of one to five years 4 Provided such bail-in debt meets certain other requirements 76#77Appendix 4 Covered Bonds#78Global Registered Covered Bond Program Highlights • Able to issue across multiple currencies such as CAD, USD, EUR, GBP, AUD, CHF and NOK • CAD$49.7 billion outstanding1 vs. $100 billion program size² • Extensive regulatory oversight and pool audit requirements • Mandatory property value indexation • CMHC prescribed disclosure requirements • Program carries the ECBC Covered Bond Label Issuer Guarantor Guarantee Status Program Size Ratings Cover Pool Asset Percentage The Bank of Nova Scotia Scotiabank Covered Bond Guarantor Limited Partnership Payments of interest and principal in respect of the covered bonds are irrevocably guaranteed by the Guarantor. The obligations under the Covered Bond Guarantee constitute direct obligations of the Issuer and are secured by the assets of the Guarantor, including the Portfolio. The covered bonds will constitute legal, valid and binding direct, unconditional, unsubordinated and unsecured obligations of the Bank and will rank pari passu with all deposit liabilities of the Bank without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Bank, present and future. CAD $100 billion² Aaa/ AAA / AAA (Moody's / Fitch / DBRS) First lien uninsured Canadian residential mortgage loans with LTV limit of 80% 94.8% Law Ontario, Canada Issuance Format 144A/Reg S (UKLA Listed) 1 As at January 31, 2023. 2 Effective April 6, 2021, OSFI limit for issuance is 5.5% of Total Assets. 78#79Global Registered Covered Bond Program¹ Portfolio Summary Statistics LOAN-TO-VALUE RATIOS² CREDIT SCORES³ 41% 32% 19% 75% 14% 6% <2% 7% <1% 1% 3% 0-20% 20-40% 40-60% 60-80% 80+% <599 600-650 651-700 701-750 751-800 800+ REMAINING TERM DISTRIBUTION (MONTHS) 7.6% Alberta 0.1% Territories 1.6% Saskatchewan PROVINCIAL DISTRIBUTION 23% 18% 16% 16% 14% 12% 4.8% Quebec <12 12-23.99 24-35.99 36-41.99 42-47.99 48+ 0.2% P.E.I. 59.3% Ontario 1 As at January 31, 2023. Charts may not add due to rounding 2 Uses indexation methodology as outlined in Footnote 1 on page 3 of the Scotiabank Global Registered Covered Bond Monthly Investor Report 3 Excludes unavailable credit scores 0.9% Manitoba 22.4% British Columbia 1.5% 0.7% New Brunswick 0.9% Newfoundland Nova Scotia 79#80Canadian Legislative Covered Bonds CMHC Registered Issuance Framework . Canadian Registered Covered Bond Programs' Legal Framework (Canadian National Housing Act) Canadian Registered Covered Bond Programs Guide issued by Canada Mortgage and Housing Corporation (CMHC) Eligible Assets Mortgage LTV Limits • Uninsured loans secured by residential property in Canada LTV limit of 80% Basis for Valuation of Mortgage Collateral . Substitute Assets • Substitute Assets Limitation Cash Restriction Issuers are required to index the value of the property underlying mortgage loans in the covered pool while performing various tests Securities issued by the Government of Canada Repos of Government of Canada securities having terms acceptable to CMHC 10% of the aggregate value of (a) the loans (b) any Substitute Assets and (c) all cash held by the Guarantor The cash assets of the Guarantor cannot exceed the Guarantor's payment obligations for the immediately succeeding six months Asset coverage Test Amortization Test Overcollateralization Coverage Test • Credit Enhancement • Reserve Fund . Swaps Covered bond swap, forward starting Interest rate swap, forward starting Valuation calculation Market Risk Reporting Covered Bond Supervisory Body Requirement to Register Issuer and Program Registry Disclosure Requirements • Mandatory property value indexation • CMHC • Yes; prior to first issuance of the covered bond program Yes Monthly investor report with prescribed disclosure requirements set out by CMHC Investor reports must be posted on the program website 80#81Appendix 5 Reconciliation for non-GAAP Financial Measures#82Reconciliation for non-GAAP Financial Measures ($ 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 Expenses Pre-tax, pre-provision profit 2,397 2,504 2,701 2,397 2,504 2,701 1,285 1,364 1,436 1,275 1,355 1,426 1,112 1,140 1,265 1,122 1,149 1,275 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 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 82 62#83Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Adjusted Basis¹ Q1/23 Q1/22 Q4/22 Q1/23 Pre-tax, pre-provision profit Q1/22 Q4/22 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 883 83#84Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Reported Basis (Constant FX)1 Pre-tax, pre-provision profit Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Pacific Alliance Revenue Expenses Pre-tax, pre-provision profit 1,702 1,742 1,889 1,788 1,813 1,889 791 835 873 823 862 873 911 907 1,016 965 951 1,016 ($ millions) Reported Q1/23 Mexico Peru Chile Colombia Pacific Alliance² Net Income Attributable to Common Shareholders Total average common equity 220 126 176 522 3,680 2,717 6,329 1,209 13,934 Return on Equity³ 23.8% 18.3% 11.1% nmf 14.9% 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 Countries may not add up due to rounding 3 Ratios calculated based on unrounded numbers 84 -#85Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Reported Basis (Constant FX)1 Mexico 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 Revenue 2,179 2,196 2,193 2,279 575 543 663 2,218 2,369 2,441 2,507 627 618 663 Expenses 1,213 1,207 1,097 1,117 292 266 323 1,235 1,326 1,223 1,226 317 303 323 Pre-tax, pre-provision profit 965 989 1,096 1,162 283 277 340 983 1,043 1,219 1,281 310 315 340 Net income attributable to equity holders (NIAEH) NIAEH NIM Calculation¹ ($ millions) Average total assets² Less: Non-earning assets Average total earning assets² Less: 522 271 590 746 130 162 221 530 255 656 822 143 184 221 Mexico³ 2020 2021 2022 Q1/22 Q1/23 42,324 44,321 47,831 44,461 55,694 1,840 3,426 2,300 1,633 2,446 40,484 40,895 45,531 42,828 53,248 Trading Assets 3,232 4,133 4,101 3,983 4,217 Securities purchased under resale agreements and securities borrowed 54 225 Other deductions 70 87 214 249 148 Average core earning assets² 37,182 36,675 41,162 38,596 48,658 Net Interest Income 1,643 1,650 1,707 415 501 Less: Non-core net interest income 24 38 3 5 (6) Net interest income on core earning assets 1,619 1,613 1,705 411 507 Net interest margin 4.35% 4.40% 4.14% 4.22% 4.14% 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 3 May not add due to rounding 85#86Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Reported Basis (Constant FX)1 Peru 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 Revenue 2,170 2,145 1,572 1,444 467 364 425 1,957 1,953 1,667 1,517 463 399 425 Expenses 769 757 603 569 163 135 163 685 688 639 597 161 148 163 Pre-tax, pre-provision profit 1,401 1,388 969 875 304 229 262 1,272 1,265 1,028 920 302 251 262 Net income attributable to equity holders (NIAEH) NIAEH NIM Calculation¹ ($ millions) Average total assets² Less: Non-earning assets Average total earning assets² Less: 676 314 304 383 70 110 126 622 286 329 402 71 120 126 Peru 2020 2021 2022 Q1/22 Q1/23 32,474 2,205 30,269 28,070 28,053 26,654 29,344 1,903 26,167 1,800 26,253 1,831 24,823 1,828 27,516 Trading Assets 320 868 74 62 52 Securities purchased under resale agreements and securities borrowed Other deductions 1,248 692 372 229 1,102 Average core earning assets² 28,701 24,607 25,807 24,532 26,362 Net Interest Income 1,696 1,179 1,152 277 326 Less: Non-core net interest income (1) 1 13 0 0 Net interest income on core earning assets 1,696 1,178 1,139 276 325 Net interest margin 5.91% 4.79% 4.41% 4.47% 4.90% 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 86 98#87Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Reported Basis (Constant FX)1 Chile 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 Revenue 2,385 2,066 2,147 2,112 549 536 578 1,922 1,935 1,983 2,181 492 544 578 Expenses 1,151 963 933 853 247 220 236 929 885 863 883 221 223 236 Pre-tax, pre-provision profit 1,235 1,104 1,214 1,259 301 317 342 993 1,050 1,120 1,297 271 321 342 Net income attributable to equity holders (NIAEH) NIAEH NIM Calculation¹ ($ millions) Average total assets² Less: Non-earning assets Average total earning assets² Less: 443 302 612 843 128 177 177 358 287 570 871 115 179 177 Chile 2020 2021 2022 Q1/22 Q1/23 64,640 63,103 64,297 61,376 71,003 13,119 10,486 11,638 9,886 12,127 51,521 52,617 52,659 51,490 58,876 Trading Assets 847 811 592 873 651 Securities purchased under resale agreements and securities borrowed 134 228 Other deductions 869 761 824 769 1,240 Average core earning assets² 49,805 51,045 51,109 49,848 56,757 Net Interest Income 1,415 1,507 1,596 403 376 Less: Non-core net interest income 16 12 (37) 7 (47) Net interest income on core earning assets 1,399 1,496 1,633 397 423 Net interest margin 2.81% 2.93% 3.20% 3.16% 2.96% 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 Average balances represents the average of daily balance for the period 80 87#88Reconciliation for non-GAAP Financial Measures ($ millions) Reported Basis Reported Basis (Constant FX)1 Colombia 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 Revenue 1,502 1,234 1,055 993 291 258 224 1,035 947 866 887 226 227 224 Expenses 826 790 664 663 170 170 152 566 597 543 591 132 149 152 Pre-tax, pre-provision profit 676 444 391 330 121 88 72 469 350 324 295 94 78 72 Net income attributable to equity holders (NIAEH) NIAEH NIM Calculation¹ ($ millions) Average total assets² Less: Non-earning assets Average total earning assets² Less: Trading Assets 117 (58) 69 69 44 22 14. 0 83 (39) 56 39 17 13 Colombia 2020 2021 2022 Q1/22 Q1/23 15,398 14,537 15,117 15,059 14,799 1,906 1,668 1,688 1,650 1,669 13,492 12,869 13,429 13,409 13,130 181 369 142 Securities purchased under resale agreements and securities borrowed 128 200 152 Other deductions Average core earning assets² 708 650 631 802 378 12,784 12,219 12,489 12,038 12,459 Net Interest Income Less: Non-core net interest income Net interest income on core earning assets Net interest margin 808 687 619 159 131 11 1 3 808 687 608 158 128 6.32% 5.62% 4.87% 5.22% 4.07% 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 Average balances represents the average of daily balance for the period 0 88#89Reconciliation for non-GAAP Financial Measures Average Loans ($ Billions) Reported Basis Reported Basis (Constant FX)1 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 2019 2020 2021 2022 Q1/21 Q1/22 Q1/23 Mexico Peru Chile Colombia 30 32 31 35 31 33 41 30 35 34 38 34 37 41 21 23 20 21 21 20 23 19 21 21 23 21 22 23 47 46 46 48 47 46 54 39 43 44 50 43 47 54 12 12 11 12 11 11 12 9 10 10 11 9 10 12 Pacific Alliance² ($ Billions) Q1/22 Q4/22 Q1/23 Q1/22 Q4/22 Q1/23 Average Loans 110 122 130 116 126 130 Average Deposits 75 83 88 79 86 88 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 Countries may not add up due to rounding 89#90Appendix 6 Additional Information#91Additional Information • • Scotiabank Listings: Toronto Stock Exchange (TSX: BNS) New York Stock Exchange (NYSE: BNS) Scotiabank Credit Ratings Scotiabank Common Share Issue Information: 064149107 CA0641491075 • CUSIP: • ISIN: • FIGI: BBGOOOBXSXH3 • NAICS: 522110 Moody's Investors Standard & Poor's Fitch Ratings Services Dominion Bond Rating Service Ltd. Legacy Senior Debt¹ Aa2 A+ AA AA Senior Debt² A2 A- AA- AA (low) Subordinated Debt (NVCC) Baa1 (hyb) BBB+ A A (low) Subordinated Additional Tier 1 Capital Baa3 (hyb) BBB- BBB+ BBB (high) Notes (NVCC) Limited Recourse Capital Notes (NVCC) Baa3 (hyb) BBB- BBB+ BBB (high) Short Term Deposits/Commercial Paper P-1 A-1 F1+ R-1 (high) Covered Bond Program Aaa Not Rated AAA AAA Outlook Stable Stable Stable Stable Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime 2 Subject to conversion under the bank recapitalization "bail-in" regime 91#92Contact Information Investor Relations 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] Funding Martin Weeks EVP and Group Treasurer 416-933-3728 [email protected] Darren Potter Managing Director 416-860-1784 [email protected] 42 92

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