Investor Presentaiton

Canadian Banking Margin expansion, strong deposit growth, positive operating leverage YEAR-OVER-YEAR HIGHLIGHTS $MM, except EPS Q4/19 Y/Y Q/Q Reported Net Income¹ $1,143 +3% (1%) Pre-Tax, Pre Provision Profit $1,787 +5% (1%) Revenue $3,566 +4% +1% Expenses $1,779 +2% +3% PCLS $247 +25% +3% • Productivity Ratio 49.9% (80 bps) Net Interest Margin 2.47% +2 bps +110 bps (2 bps) PCL Ratio² 0.27% +4 bps • PCL Ratio Impaired Loans² 0.28% +6 bps (1 bp) Adjusted³ Net Income¹ $1,160 +1% (1%) Pre-Tax, Pre Provision Profit $1,811 +4% (1%) • Expenses $1,755 +3% +3% Productivity Ratio 49.2% (30 bps) +90 bps • 1,3 ADJUSTED NET INCOME ¹³ ($MM) AND NIM (%) 2.45% 2.44% 2.46% 2.49% 2.47% 1,146 1,089 1,062 1,174 1,160 • Adjusted Net Income up 1%³ o Lower real estate gains reduced net income growth by 2% o Margin expansion. Higher PCLS o Wealth Management earnings up 15% Revenue up 4% o Net interest income up 5% o Excluding M&A and IFRS 15, revenue was up 3% Loan growth of 5% o Residential mortgages up 5%; credit cards up 6% o Business loans up 11% Deposit growth of 9% o Personal up 6%; Non-Personal up 16% NIM up 2 bps o Primarily driven by the impact of prior rate increases Expenses up 3%³ o Technology and regulatory initiatives o Excluding M&A and IFRS15, expenses were up 2% Quarterly operating leverage of +0.6%³ ; full-year operating leverage flat³ Q2/19 Q3/19 Q4/19 • PCL ratio² up 4 bps to 27 bps 2 Provision for credit losses on certain assets-loans, acceptances and off-balance sheet exposures 3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions Q4/18 Q1/19 1 Attributable to equity holders of the Bank 22 22

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