Financial Performance and Digital Progress Update

Adjusted Non-Interest Expense¹ HIGHLIGHTS Non-interest expenses in Q4 were impacted by pre-tax adjusting items of $806MM. The following commentary excludes those items Y/Y Q/Q • Expenses up 10%, including ~3% due to negative impact of FX Higher staffing-related costs, technology costs, performance- and share based compensation, and advertising & business development Expenses up 4%, including <1% due to negative impact of FX Higher technology costs, performance-based compensation, professional fees, advertising & business development WY/WY • Expenses up 9%, including ~3% due to negative impact of FX in MMs ADJUSTED NON-INTEREST EXPENSE BY BUSINESS LINE ADJUSTED NON-INTEREST EXPENSE Q4/23 Q3/23 Q4/22 Q/Q Y/Y Salaries and Benefits Performance & Share-Based Compensation 1,804 1,801 1,640 10% 610 578 547 6% 11% Technology 563 524 505 8% 12% Depreciation and Amortization 392 392 370 6% Premises 138 137 131 5% Communications 99 101 90 -2% 10% Advertising & Business 159 142 140 12% 14% Development Professional 219 199 239 10% -8% Business and Capital Taxes 161 154 134 5% 20% Other 579 514 491 13% 18% Total 4,723 4,542 4,287 4% 10% ADJUSTED PRODUCTIVITY RATIO 65.9% in MMs Q4/23 Q3/23 Q4/22 Q/Q Y/Y 62.3% 62.4% Canadian Banking International Banking 61.2% 1,513 1,447 1,391 4% 9% 59.9% 1,512 1,481 1,355 2% 12% 59.5% 57.5% Global Wealth Management Global Banking and Markets 878 834 789 5% 11% 56.5% 55.7% 57.5% 779 758 696 3% 12% 54.1% 55.6% Other 41 22 56 86% (27%) 52.8% 53.3% 56.1% 54.0 53,7% Total 4,723 4,542 4,287 4% 10% % 52.0% 51.4% 51.4% Constant FX International Banking 1,512 1,477 1,462 2% 3% 45.8% 46.4% 45.0% 45.4% 44.4% All Bank Canadian Banking Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 International Banking Global Banking and Markets Global Wealth Management 26 1 Refer to non-GAAP measures on page 20 of the Management's Discussion & Analysis in the Bank's 2023 Annual Report, available on http://www.sedarplus.ca

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