Economic Backdrop and Financial Performance Objectives

Planned acquisition of HSBC Canada: Updated transaction expectations Transaction Assumptions at Announcement Updated Expectations Expense Synergies $740MM of estimated expense synergies - 20% realized in Year 1 (2024) >95% realized in Year 2 (2025) Revenue Synergies Cross-sell opportunities identified Integration Costs ■ Pre-tax acquisition and integration costs of -$1.0BN Expected to incur 25% by close; remaining 75% in Year 1 Capital Impact ■ Pro forma CET1 ratio expected to exceed 11.5% at close Approvals & Timing ■ Anticipated closing by late-2023 subject to customary closing conditions including regulatory approvals 16 BUSINESS SEGMENTS Fiscal Year F2024 Oct-24 F2025 Oct-25 $740MM Realized Synergies 25% 60% 80% 100% Deal Year Year 1 Mar-25 Year 2 Mar-26 ■ Given the close-and-convert nature of the acquisition, shared services, functions and IT costs drive ~60% of the realized synergies in F2024, and are largely realized in Year 1 Synergies related to distribution, product support and other direct costs are largely realized in F2025 Cross-sell opportunities identified Pre-tax acquisition and integration costs of ~$1.5BN - Have incurred - $650MM of pre-tax acquisition and integration costs to-date (~40%) Expected to incur ~65% by close and ~90% by the end of 2024 ■ Pro forma CET1 ratio expected to be ~12.5% at close ▪ Received regulatory approvals, including by the Competition Bureau and the Finance Minister Targeted close date of March 28, 2024 RBC

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