Trading Results & Economic Outlook

Canadian Banking $MM Q4/20 Y/Y Q/Q Reported Net Income¹ $778 (13%) +81% Pre-Tax, Pre Provision Profit $1,380 (6%) +4% Revenue $2,566 (4%) +3% Expenses $1,186 (3%) +1% PCLS $330 +34% (56%) Productivity Ratio 46.2% +80 bps (70 bps) Net Interest Margin 2.26% (15 bps) PCL Ratio² 0.37% +9 bps (48 bps) PCL Ratio Impaired Loans² 0.27% (2 bps) (9 bps) Adjusted³ Net Income¹ $782 (13%) +81% Pre-Tax, Pre Provision Profit $1,386 (6%) +4% • Expenses $1,180 (3%) Productivity Ratio 46.0% +80 bps +1% (70 bps) PCL Ratio² 0.37% +9 bps (48 bps) • • · YEAR-OVER-YEAR HIGHLIGHTS Adjusted net income 1,3 down 13%; up 81% Q/Q o PCLs up 34% driven by higher performing provisions, partly offset by lower impaired provisions • Solid volume growth and lower expenses, offset by lower net interest income and non-interest income Revenue down 4%; up 3% Q/Q 。 Net interest income down 4% due to lower margins 。 Non-interest income down 7% as a result of reduced economic activity and transaction volumes Adjusted expenses³ down 3%; FY20 adjusted operating leverage³ was negative 2.4% Loan growth of 4% o Residential mortgages up 6%; credit card loans down 16% o Business loans up 6% Deposit growth of 12% • NIM down 15 bps; flat Q/Q o Central Bank rate cuts and business mix changes ADJUSTED NET INCOME ¹³ ($MM) AND NIM (%) 1,3 2.41% 2.36% 2.33% 2.26% 2.26% 902 908 782 481 433 1 Attributable to equity holders of the Bank Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 9 2 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Refer to Non-GAAP Measures on slide 40 for adjusted results

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