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Investor Presentation January 2021 Advisory 2

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Investor Presentation January 2021 Advisory 2 Investor Presentation January 2021 Advisory 2 The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual reports and other disclosure documents and communications. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian economy in general and the strength of the local economies within Canada in which the Bank conducts operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada; global commodity prices; the effects of competition in the markets in which the Bank operates; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations regulating financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; the impact of the COVID-19 pandemic and the Bank’s anticipation of and success in managing the risks implicated by the foregoing. When relying on forward-looking statements to make decisions, investors and others should carefully consider these factors and other uncertainties or potential events. For a detailed discussion of certain key factors that may affect our future results, please see our annual MD&A for the year ended October 31, 2019.The Bank makes no undertaking to update any forward-looking statement that is made from time to time by the Bank. Proprietary Software & Technological Capabilities 3 for Two High-Growth Opportunities State-of-the art software platform for banking operations and IT security Expert team of ~65 1 2 software developers Canada’s A North American (>50% of workforce) Leading Leader in Track record of rapid Digital Bank Cybersecurity development of Solutions innovative solutions Banking operations have delivered 31% CAGR in core cash earnings over last six years 4 The bank of the future… …today… …and for the last The World’s First Digital Bank three decades Using proprietary state-of-the art financial technology to profitably address underserved segments of the Canadian banking market since 1993 There Has Never Been a Better Time 5 to be a Fully Digital Schedule 1 Bank “Over the next decade we will see more changes in the banking industry than we have witnessed in the past 100 years. This isn’t solely due to advancing technologies, but a confluence of inter-related, structural factors – demographic, socio-economic, regulatory and environmental changes.” KPMG, Future of Digital Banking (2019) Adding Value for Depositors and Lenders Drives Industry 6 Leading Net Interest Margins Proprietary 2020 technology to provide Loans @ 4.6% Deposits @ 1.7% innovative deposit and lending solutions for financial Industry Leading Net Interest Margin: 2.9% intermediaries that allow them Net Interest Income: $54M to excel in their core businesses Core Cash Earnings: $27M (healthy return of 1.4% of assets) Significant operating leverage derived from the scalability of the technology platform: Cost to earn $1 of revenue has decreased >30% over last 6 years Software Platform Enables a Highly Efficient, 7 Low-Risk Branchless Partnership Model Deposits Loans ~27,200 Depositors Through ~128,000 Borrowers Through >220 Partners >275 Partners Insolvency Professionals (>100 Offices) Point-of-Sale Financing (Loans and Leases) Wealth Management (>120 Partners) Commercial Mortgages Access to inexpensive CDIC-insured deposits as a Schedule 1 bank $1.6B in deposits1 $1.7B in loans1 1. At October 31, 2020. Proven History of Successfully & Profitably Identifying 8 Underserved Banking Opportunities – Insolvency Professional Business Market Need: Canada’s insolvency professionals were • Proprietary software solution developed being underserved by entirely in-house to seamlessly generic “big bank” integrate with industry’s most offerings that did not commonly used administrative software integrate with their own • Worked internally with the two largest systems, resulting in insolvency firms to build and test inefficiency and higher • Concept to commercialization in less costs than 12 months • High value-add for insolvency firms results in very low cost of funding for VersaBank Grown from zero to >100 partners and $508M1 in deposits in ~7 years 1. At October 31, 2020. Low-Cost Deposit Model Contributes to Industry Leading 9 Net Interest Margins Wealth Management-Facilitated • Schedule I Bank License provides access GIC Deposits to low-cost CDIC-insured deposits • Insolvency professional deposits provided at very low cost (currently 0%) $1,098M $1,203M $1,150M • Strategic shift of the deposit mix to lower $1,052M $1,041M $960M $1,059M cost deposits • Reducing higher cost personal deposits 2014 2015 2016 2017 2018 2019 20202020 • Increasing lower cost commercial Insolvency and Other Deposits deposits $96M Extensive partner network provides $97M $96M access to vast supply of inexpensive $89M $83M $508M $396M $440M deposits $61M $324M $37M $220M $96M $123M 2014 2015 2016 2017 2018 2019 20202020 Insolvency Deposits Point of Sale Holdbacks Proven Track Record of Profitably Addressing Underserved Banking 10 Opportunities – Deposits Market Need: Point-of-Sale Loans & Leases In the wake of the • Proprietary software 2007/2008 financial solution developed entirely crisis, Canada’s “big in-house in under a year ticket” point of sale lenders required • Provides immediate credit access to inexpensive adjudication and “on-the- capital and fast, spot” credit approvals, convenient, automated facilitating sales process financing solutions to • Very low-risk: Structured drive growth in their such that default risk resides own businesses with the financing partner Grown from zero to 19 partners with ~$1B in assets in ~7 years Beta-testing new application of Point-of-Sale software for home/condo developers Growing Higher Margin, Lower Risk-Weighted 11 Point of Sale Loans and Leases Rapid Growth in Point-of-Sale Financing Loan Portfolio Breakdown (at Oct. 31/20) Commercial Lending – Public Sector & Other $1,944M $1,809M $1,785M $1,704M $1,725M $1,625M $304M $1,534M Liquid Securities $1,445M 16% $1,404M $963M $918M $790M $920M $918M $258M $1,017M Point of Sale 14% $1,053M Loans/Leases $1,425M $1,217M $981M Commercial $995M $981M $891M $365M Lending - $784M $807M 51% $608M 19% Commercial $392M $109M $187M Mortgages 2012 2013 2014 2015 2016 2017 2018 2019 2020 Point of Sale Loans Other Loans & Liquid Securities & Other Assets Point of Sale loans/leases have increased as a proportion of total assets to 51% at end of 2020 from 27% at end of 2014 Leading the Canadian Banking Industry in 12 Risk Mitigation and Management Low Credit Risk 1.42% • Low-cost funding enables higher net interest margins with lower risk loans • Point-of-Sale loans structured such that risk resides with partner lender 0.79% 0.35% • No loan losses throughout its history 0.40% 0.35% 0.32% 0.29% 0.30% 0.32% Low Liquidity Risk • High liquidity ratio 0.12% 0.08% 0.12% 0.06% (0.14%) • Access to a vast supply of (0.01%) 0.02% (0.02%) (0.01%) low-cost funds PCL as % a of Average Loans 2014 2015 2016 2017 2018 2019 Q2'20 Q3'20 Q4'20 Low Operational Risk • Branchless, digital model • Industry leading security VB PCLs CDN Big Bank Average PCLs Industry Leading Provision for Credit Losses (PCLs) Conservative leverage ratio of 12.19%1: Highest among peers and multiples of that of the public Schedule 1 banks Momentum in Profitability and Long-Term Earnings Capacity 13 Core Cash Earnings: Net Income: Growth since 2014 driven 31% 23% mainly by: 6-year CAGR 6-year CAGR • Lower COF attributable largely to the introduction of $27.8M $26.8M Insolvency Professional $25.4M $19.5M $20.2M $19.4M deposits $18.2M $18.1M $12.9M • Launch of $9.M $8.2M $8.5M Point of Sale financing $5.4M $5.7M solutions 2014 2015 2016 2017 2018 2019 2020 Core Cash Earnings = pre-tax earnings adjusted for non-core operating income/expenses 2020 profitability dampened by higher than normal cash balances out of an abundance of caution at the beginning of the COVID-19 pandemic Digital Bank Growth Strategy: Momentum for the Future 14 1 2 3 Further Reduce Grow Loan Portfolio Pursue Accretive Acquisitions Cost of Funding via New Near-Term Opportunities to Leverage Scalability of to Expand Net Interest Margin and Existing Offerings Technology Platform Expand insolvency deposits: higher Near term: Capitalize on renewed Generate capital-efficient, step volumes with existing partners and consumer spending in Point-of-Sale function growth in loan portfolio adding new partners Mid-Term: Expand Point-of-Sale Current environment expected to Expand wealth management Financing loan portfolio through the create new opportunities deposits by adding new partners addition of new partners and higher volumes from existing partners Introduce commercial deposit offerings to new markets Launch Instant Mortgage: Application of Point-of-Sale Financing
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