Increasing Scale, Improving Focus

Increasing Scale, Improving Focus, Lowering Risk¹ Gaining scale in key markets to drive earnings growth, improve earnings quality and reduce risk Increasing Scale with Strategic Acquisitions (2017-2019) MD Canada Chile MD Financial Management CMA Companies JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT BBVA Adds wealth management assets of $96B. Adds 110,000 potential primary customers. Expands wealth management offering. Doubles market share. Creates 3rd largest bank. Further diversifies business. Peru banco cencosud Creates 2nd largest bank in credit cards. Further diversifies business. Colombia Citibank Creates market leader in credit cards. Dominican Republic 15-year period 2014-2019 PROGRESO Doubles customer base. Creates 4th largest bank. INCREASING SCALE, IMPROVING FOCUS Scotiabank. 10

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