Economic Forecasts and Performance Review

Fiscal 2019 Financial Performance Stronger second half performance to finish 2019 $MM, except EPS 2019 Y/Y Reported YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income up 3%² . ○ Other items reduced net income growth by 4%³ О Pre-tax, pre-provision profit (PTPP) up 6%² Revenue up 8%2 О Net interest income up 6% 。 Non-interest income up 11%2 Net Income $8,798 +1% Pre-Tax, Pre Provision Profit $14,297 +4% Diluted EPS $6.68 (2%) • Revenue $31,034 +8% Expenses $16,737 +11% • Productivity Ratio 53.9% +160 bps Expense growth of 10%², or 9% 2,4 excluding 2018 pension revaluation benefit gain Core Banking Margin 2.44% (2 bps) Operating leverage of -2.1%² or -0.6% 2, 4 PCL Ratio¹ 51 bps +3 bps • Higher PCL ratio on impaired loans¹ PCL Ratio on Impaired Loans¹ 49 bps +6 bps Adjusted² ADJUSTED NET INCOME², 5 BY BUSINESS SEGMENT ($MM) Net Income $9,409 +3% Pre-Tax, Pre Provision Profit $14,739 +6% +2% Y/Y Diluted EPS $7.14 +13% Y/Y -13% Y/Y Revenue $31,161 +8% 4,416 4,485 Expenses $16,422 +10% 2,819 3,188 1,758 1,534 Productivity Ratio 52.7% PCL Ratio 1, 2 49 bps +100 bps +8 bps Canadian Banking International Banking Global Banking and Markets ■ 2018 ■ 2019 1 Provision for credit losses on certain assets-loans, acceptances and off-balance sheet exposures 2 Adjusted for Acquisition and divestiture-related amounts, including Day 1 PCL on acquired performing loans, integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and losses/(gains) on divestitures and related costs 3 See Slide 20 for Other Items Impacting Financial Results 4 Excluding the pension revaluation benefit gain in 2018 of $203 million pre-tax 5 After non-controlling interest 12

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