Medium-Term Financial Objectives

Medium-Term Financial Objectives1 METRICS ALL BANK EPS Growth OBJECTIVES Q3/19 RESULTS 2 (YTD/YTD Change) 7% + ROE 14% + Flat 13.9% Operating Leverage³ Positive (1.2%) Capital Strong Levels 11.2% (11.7% pro-forma announced divestitures) Dividend Payout Ratio 40%-50% 48.5% BUSINESS LINE CANADIAN BANKING Net Income Growth Productivity Ratio 7%+ +1.7% <49% 49.4% INTERNATIONAL BANKING Net Income Growth 4 Productivity Ratio 9% + <51% +15.0% 50.5% 13-5 year objectives. 2 Figures adjusted for Acquisition and divestiture-related amounts, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and net loss on divestitures and related costs; 3 Excludes employee benefits re-measurement credit of $203MM pre-tax, $150MM after-tax in Q1/18; 4On a constant dollar basis Scotiabank® 7

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