Investor Presentaiton

Q4 2019 Financial Performance Strong revenue growth and positive operating leverage $MM, except EPS Q4/19 Reported Y/Y Q/Q • Net Income $2,308 +2% +16% Pre-Tax, Pre Provision Profit $3,657 +8% +6% Diluted EPS $1.73 +1% +15% . Revenue $7,968 +7% +4% Expenses $4,311 +6% +2% • Productivity Ratio 54.1% (50 bps) (90 bps) • Core Banking Margin 2.40% (7 bps) (5 bps) . PCL Ratio¹ 50 bps +11 bps +2 bps PCL Ratio on Impaired 49 bps +7 bps (3 bps) Loans¹ Adjusted² YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income up 2%² ○ Other items reduced net income growth by 2%³ ○ Pre-tax, pre-provision profit (PTPP) up 8%² Revenue up 7%² О Net interest income up 3% О Non-interest income up 12%2 Expense growth of 6%2 Operating leverage of +1.0%2 Higher PCL ratio on impaired loans¹. Y/Y increase driven by hurricane-related recoveries in Q4/18 ADJUSTED NET INCOME4, 5 BY BUSINESS SEGMENT ($MM) Net Income $2,400 +2% (2%) +1% Y/Y Pre-Tax, Pre Provision Profit $3,765 +8% (2%) +4% Y/Y4 Diluted EPS $1.82 +3% (3%) 1,146 1,160 Revenue $7,962 +7% 746 Expenses $4,197 +6% +2% Productivity Ratio 52.7% (50 bps) +100 bps -3% Y/Y 416 405 Canadian Banking International Banking Global Banking and Markets ■ Q4/18 ■ Q4/19 781 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Adjusted for Acquisition and divestiture-related amounts, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and losses on divestitures and related costs 3 See Slide 20 for Other Items Impacting Financial Results 4Y/Y growth rate is on a constant dollars basis 5 After non-controlling interest 11

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