Economic Forecasts and Performance Review

Canadian Residential Mortgages: LTVs Credit fundamentals remain strong NEW ORIGINATIONS UNINSURED LTV* DISTRIBUTION GVA 64% Q4/18 Q3/19 Q4/19 Canada Total Originations ($B) 10.5 14.0 13.3 Uninsured LTV 63% 64% 65% GTA 64% GTA BC & Territories Total Originations ($B) Uninsured LTV 3.2 4.5 4.2 62% 63% 64% 65% GVA Atlantic Prairies 69% ON QC Provinces 65% 68% 67% Total Originations ($B) Uninsured LTV 1.1 1.6 59% 61% 1.6 64% *Average LTV ratios for our uninsured residential mortgages originated during the quarter FICO® DISTRIBUTION - CANADIAN UNINSURED PORTFOLIO¹ Ⓡ Average FICO® Score 58% Canada 788 GTA 790 GVA 794 15% 11% 12% 4% < 635 636-706 707-747 FICO is a registered trademark of Fair Isaac Corporation 1 FICO distribution for Canadian uninsured portfolio based on score ranges at origination 2 Percentage is based on Total Mortgages 748-788 > 788 Only <0.77% of uninsured portfolio² has a FICO® score of <620 and an LTV >65% Canadian uninsured mortgage portfolio is $139 billion as at Q4/2019 25

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