Economic Forecasts and Performance Review

Canadian Banking Top 3 bank in personal & commercial banking, wealth and insurance in Canada Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to Retail, Small Business, Commercial Banking, and Wealth Management customers. Canadian Banking also provides an alternative self-directed banking solution to over 2 million Tangerine Bank customers. Retail Commercial 55% REVENUE MIX1 $3.6B 18% Residential Mortgages 60% AVERAGE LOAN MIX1 $358B MEDIUM-TERM FINANCIAL OBJECTIVES Target² NIAT Growth³ 5%+ Productivity Ratio <44% 2% 27% Credit Cards 21% Wealth 17% Business and Government Loans Personal Loans Operating Leverage Positive STRATEGIC OUTLOOK Improve Sustained Business Performance: Invest to grow our higher ROE businesses, including Business Banking, to deliver consistent and stable long-term earnings growth ⚫ Instill a Winning team Culture: Engage employees through a RESULTS (Revenue, Earnings, Simplify, Urgency, Listen, Trust, Support) focused culture Superior Customer Experience: Develop deeper household relationships for our customers across Canada by providing differentiated focus and service to those who are most loyal and engaged Scale our unique partnerships and assets: Leverage our long-term partnerships and assets like MLSE, Scene and Wealth businesses to generate growth across our division For the three months ended October 31, 2019; 23-5 year target from 2020 Investor Day; 3 Adjusted Net income attributed to equity shareholders 21

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