Economic Forecasts and Performance Review

Global Banking and Markets Second-largest Canadian wholesale banking and capital markets business Full-service wholesale bank the Americas, with operations in 21 countries, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific Asia 5% Europe 9% Canada Global Equities 43% GEOGRAPHIC REVENUE1 $1.2B 43% US MEDIUM-TERM FINANCIAL OBJECTIVES Business Target² Banking 54% 17% REVENUE BY NIAT Growth ~5% BUSINESS LINE1 FICC $1.2B 29% Productivity Ratio ~50% Operating Leverage Positive STRATEGIC OUTLOOK Client Focus: Increase our relevance to our corporate clients and drive alignment of resources with the most significant revenue opportunities, to capture more of the non-lending wallet Strengthen our capital markets offering: Enhance distribution and product capabilities and deepen institutional relationships Build on our presence in the Americas: Enhance our franchise in Canada, continue to pursue targeted, phased growth in the U.S., create a top-tier local and cross-border Pacific Alliance business, and leverage Europe and Asia for distribution of our Americas product in support of our corporate clients For the 3 months ended October 31, 2019; 23-5 year target from 2020 Investor Day 44

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