Caution Regarding Forward-Looking Statements

From time to time, our public communications often include oral or written forward-looking statements. communications systems or services; increased competition in the geographic and in business areas in Statements of this type are included in this document, and may be included in other filings with which we operate, including through internet and mobile banking and non-traditional competitors; Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other exposure related to significant litigation and regulatory matters; the occurrence of natural and communications. In addition, representatives of the Bank may include forward-looking statements unnatural catastrophic events and claims resulting from such events; and the Bank’s anticipation of and orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe success in managing the risks implied by the foregoing. A substantial amount of the Bank’s business harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable involves making loans or otherwise committing resources to specific companies, industries or countries. Canadian securities legislation. Forward-looking statements may include, but are not limited to, Unforeseen events affecting such borrowers, industries or countries could have a material adverse statements made in this document, the Management’s Discussion and Analysis in the Bank’s 2019 effect on the Bank’s financial results, businesses, financial condition or liquidity. These and other factors Annual Report under the headings “Outlook” and in other statements regarding the Bank’s objectives, may cause the Bank’s actual performance to differ materially from that contemplated by forward- strategies to achieve those objectives, the regulatory environment in which the Bank operates, looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk anticipated financial results, and the outlook for the Bank’s businesses and for the Canadian, U.S. and factors and other factors could also adversely affect the Bank’s results, for more information, please see global economies. Such statements are typically identified by words or phrases such as “believe,” the “Risk Management” section of the Bank’s 2019 Annual Report, as may be updated by quarterly “expect,” “foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “plan,” “goal,” “project,” and similar reports. expressions of future or conditional verbs, such as “will,” “may,” “should,” “would” and “could.” Material economic assumptions underlying the forward-looking statements contained in this document By their very nature, forward-looking statements require us to make assumptions and are subject to are set out in the 2019 Annual Report under the headings “Outlook”, as updated by quarterly reports. inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, The “Outlook” sections are based on the Bank’s views and the actual outcome is uncertain. Readers projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be should consider the above-noted factors when reviewing these sections. When relying on forward- correct and that our financial performance objectives, vision and strategic goals will not be achieved. looking statements to make decisions with respect to the Bank and its securities, investors and others We caution readers not to place undue reliance on these statements as a number of risk factors, many should carefully consider the preceding factors, other uncertainties and potential events. of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such Any forward-looking statements contained in this document represent the views of management only forward looking statements. as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated The future outcomes that relate to forward-looking statements may be influenced by many factors, financial performance as at and for the periods ended on the dates presented, and may not be including but not limited to: general economic and market conditions in the countries in which we appropriate for other purposes. Except as required by law, the Bank does not undertake to update any operate; changes in currency and interest rates; increased funding costs and market volatility due to forward-looking statements, whether written or oral, that may be made from time to time by or on its market illiquidity and competition for funding; the failure of third parties to comply with their behalf. obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or Additional information relating to the Bank, including the Bank’s Annual Information Form, can be requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC’s website at such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; www.sec.gov. reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank’s ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber- attacks) on the Bank's information technology, internet, network access, or other voice or data 1 Leading Bank in the Americas

Brian J. Porter President & CEO FOCUSED COMMITMENT ON THE TO WINNING TEAM AMERICAS CUSTOMERS

2 FOCUSED ON THE AMERICAS

3 Banking ROE by Market

Banking: Average ROE by Market (Latest Reporting Period) 25.0%

20.0% 19.1%

15.3% 15.0% 12.1% 11.0% 10.0% 6.7% 5.0%

0.0% Pacific Alliance Canada US Asia Europe

Return on equity in latest reporting period for the leading bank by market share for loans in each country. Canada and US figures are average for five largest and 10 largest market share banks in each country, respectively Sources: Bloomberg LLP, Company Financial Reports. 4 Strong Consumption in Pacific Alliance

Growth in Household Consumption (Annual Change 2009-2019YTD) 6.00%

4.87% 5.00% 4.18% 4.00% 3.78% 3.65%

3.00% 2.26% 2.08% 2.00% 1.79% 0.96% 1.00%

0.00% PAC Average

Sources: Scotiabank Economics, Statistics Canada, BEA, Eurostat, INEGI, BCRP, BCC, DANE.

5 Increasing Banking Penetration

150 Mature Markets

1 U.S. Growth Markets U.K. Canada Spain Scotia P&C 100 Markets Czech Republic Brazil Chile Scotia Americas Wholesale Markets

Colombia C&CA Other Markets 50 PACPAC4 Bubble size Peru represents

Banking Penetration (%) Penetration Banking Mexico nominal GDP Cambodia

0 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2 GDP per Capita (US$) 1 Source: World Bank Open Data 2018. Banking Penetration is defined as account ownership at a financial institution or with a mobile-money-service provider (% of population ages 15+). 2 Source: World Bank Open Data 2018. GDP per capita is nominal gross domestic product divided by mid year population. 6 FOCUSED ON THE AMERICAS

7 COMMITMENT TO CUSTOMERS

8 WINNING TEAM

9 Leading Bank in the Americas

Brian J. Porter President & CEO Economic Outlook and Implications for Banking

Jean-Francois Perrault SVP and Chief Economist Jorge Selaive Chief Economist, Chile Topics of 1 Canada & US Outlook Discussion

2 Fundamentals of the Pacific Alliance

3 Resilience

4 Opportunities

2 Canada & US Are We Headed for a Recession?

News-Based Economic Policy Uncertainty Index

index of uncertainty, index of uncertainty, 1985-09 = 100 (US); mean = 100 (global) Chinese real estate mean = 100 350 US imposes steel and 1000 US invasion market slowdown aluminum tariffs of Iraq 900 300 Obama re-elected; US Fiscal clifff Trump's presidency 9/11 terrorist attacks 800 begins 250 Lehman Brothers bankruptcy 700 600 200 United China, States, RHS 500 150 LHS 400

100 300 200 50 100 Global, LHS 0 0 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Sources: Haver Analytics, Scotiabank Economics

3 Canada & US A Recession is Unlikely

US: Treasury Spread-Based Canada: Probability of a Recession

Recession Probability 12-months Ahead 100 % 100 Ahead 90 Model % predicted 80 probability forecast 80 70

60 60 50 recession 40 40 30

20 20 10

0 0 61 70 80 90 00 10 20 68 72 76 80 84 88 92 96 00 04 08 12 16 20

Sources: FRBNY, Haver Analytics, Scotiabank Economics Shaded areas represent recessionary periods 4 Canada & US Fed and BoC Policy: Negative Rates Not in Sight

9 % 8

6 Fed Funds Target Rate (Upper Limit) 5

4 forecast 3

2 BoC Overnight Target Rate 1

0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

Sources: Haver Analytics, Scotiabank Economics

5 Canada Population Growth: A Canadian Differentiator

G7 Population Growth p 1.6 Canada Japan 1.4 United Kingdom United States Euro Area 1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2 annual % change -0.4 08 09 10 11 12 13 14 15 16 17 18

Sources: IMF, Scotiabank Economics

6 Canada Immigration Needed to Help Fill Job Vacancies

Canadian Job Gains Still Outpacing 2018 Canadian Wage Growth is Rebounding Is Rebounding 500 6 000s y/y % change 450 5 Average hourly wage rate, permanent 400 employees, 24-month rolling average 350 4 300 2010–2019ytd 250 average 3

200 2 150

100 1 50

0 0 10 13 16 19ytd 09 10 11 12 13 14 15 16 17 18 19

Sources: Statistics Canada, Scotiabank Economics

7 Canada Housing Undersupplied, Prospects are Solid

Housing Supply Situation 240 completed & unabsorbed units per population aged 15 and over, index, 2010 = 100 200

160

120

0 10 11 12 13 14 15 16 17 18 19

Vancouver Toronto Calgary Montreal

Sources: Statistics Canada, Scotiabank Economics

8 Canada Households are in Better Shape Than Reported

Household Net Worth vs Debt Default Rates Continue to Remain Low

1000 1.4 Remain Low 0.5 % of 4Q-moving-sum % % 900 disposable Income 1.3

800 1.2 Percent of mortgage arrears, 0.4 700 1.1 RHS

600 1.0

500 Household net worth as 0.9 0.3 % of disposable income 400 0.8

0.7 Credit card 300 Household debt to delinquency rate 0.2 disposable income 200 0.6 (90+ days), LHS 100 0.5

0 0.4 0.1 90 93 96 99 02 05 08 11 14 17 04 06 08 10 12 14 16 18

Sources: Statistics Canada, CBA, Scotiabank Economics

9 PAC Fundamentals Large and Rapidly Growing Economies

GDP per capita GDP Population CAGR billions, USD1 millions 2008 2018 %

United States 20,494 327 50,247 56,567 1.2 Solid framework

● Inflation targeting regimes Pacific Alliance 4,250 225 13,846 16,833 2.0 ● Floating exchange regimes Mexico 2,570 128 16,639 18,312 1.0 ● Financial openness Canada 1,837 36 41,662 44,135 0.6 ● Fiscal responsibility

Colombia 745 48 10,555 13,283 2.3 ● Consolidated democracies

Chile 482 18 18,987 23,092 2.0

Peru 457 32 9,203 12,644 3.2

Sources: IMF, Scotiabank Economics 1 Purchasing Power Parity 10 PAC Fundamentals Proactive Governments Implement Reforms

Chile Peru Colombia Mexico

● Pension reform ● Limit in re-election of ● Improvement of tax ● Increase in minimum ● Increase in minimum congressmen reform wage wage ● Universal access to the ● Labor reform in 2020 ● Labor reform ● Reduction in meds prices national health system ● Pension reform in 2020 ● Anti-corruption agenda ● Freezing of some tariffs ● Generic meds availability ● Educational reform in private drug stores ● Increase in personal ● Prohibition of remission income taxes ● National plan of of taxes to wealthy infrastructure and taxpayers ● Congress reform competitiveness ● Referendum for a new Constitution

Source: Scotiabank Economics

11 PAC Fundamentals Greater Income Distribution Fuels Growth

Inequality (Gini) and GDP per capita Growth in Per capita GDP and USD avg. 2013-2017 change in Inequality (Gini) Avg. annual rate, 2013-2017 vs 2001-2005

80,000 275 250 70,000 225 GDPpc = -1.6∙GINI + c 60,000 USA 200 175 50,000 150 CAN 40,000 125 PER 100 COL

GDP per GDP capita (USD) 30,000 CHL CHL 75 20,000 50 USA MEX 69% MEX Growthper inGDP capita (%) 31% PER 25 CAN 10,000 COL 0 0 -25 20 30 40 50 60 70 -15 -10 -5 0 5 10 Gini index Change in Gini index Sources: IMF, World Bank, Scotiabank Economics

12 PAC Fundamentals PAC to Grow Faster Than Advanced Economies

10 Largest Economies in the World Projected GDP Growth 2019-2024 USD$ B1, 2018 Annual Rate, Percentage

China 25,270 1. China 5.8 United 2. 20,494 States Colombia 3.7 3. India 10,505 Peru 3.6 4. Japan 5,594 Chile 3.1 5. Germany 4,356 Pacific Pacific 4,254 Alliance 3.0 6. Alliance United 7. Russia 4,213 States 1.8 8. Indonesia 3,495 Mexico 1.7

9. Brazil 3,365 Canada 1.7 United 3,038 10. Kingdom Adv. Economies 1.7

Sources: IMF, World Bank, Scotiabank Economics 1 Purchasing Power Parity 13 PAC Fundamentals Low Household and Government Debt

Household Debt and GDP Per Capita Gross Public Debt1 Percentage of GDP, 2018 105.8 125 90.6 NORWAY 80.9 100 CANADA

USA 75 THAILAND 53.6 50.6 50.5 39.1 50 26.8 25.6 CHILE COLOMBIA

Household debt (% of of (% GDP) debt Household 25 MEXICO

PERU 0 ARGENTINA OECD United States Chile Emerging Markets Emerging Peru Canada Mexico Colombia 0 20,000 40,000 60,000 80,000 Pacific Alliance GDP per capita (USD, 2018)

Sources: OECD, IMF, Scotiabank Economics 1 IMF classification for Emerging Markets, excluding Pacific Alliance countries 14 PAC Fundamentals Consistent Improvement in Credit Ratings

S&P Rating Scale AAA Chile Colombia Mexico Peru Avg. PAC AA A Pacific Alliance BBB BB B 2000 2010 2019

2 AAA 9 AA Other Large 6 A

Developing Markets3 BBB BB 0 B 7 2000 2010 2019 Argentina South Africa Tu rkey Thailand Avg. Other Economies

Sources: IMF, S&P, Scotiabank Economics PAC: Pacific Alliance 15 PAC Fundamentals Diversified Economies

Economic Structure Percentage of GDP, 2018 United States Pacific Alliance1 Canada

1 10 21 28 12 2

10 4 58 67 77 10

Natural Resources Manufacturing Construction & Others Services

Sources: IMF, Scotiabank Economics 1 Pacific Alliance calculated as a weighted average by sectorial GDP 16 PAC Fundamentals Diversified Exports

Main Export Products Percentage of GDP, 2018 United States Pacific Alliance1 Canada

22 24 24 Machinery 31 Oil Others Copper & Oil 47 49 Others Vehicles Food & Wine Others 15 6 Vehicles 19 Chemical Machinery & 10 Products Vehicles 14 Machinery 39

Sources: IMF, Scotiabank Economics 1 Pacific Alliance calculated as a weighted average of total exports 17 PAC Fundamentals Diverse Sources of Foreign Direct Investment (FDI)

PAC - FDI Inflow by Country of Origin PAC - FDI Inflow by Sector Percentage, 2018 Percentage of Total FDI

2 2008-2013 13 2014-2017 48.2 43.1

31.9 29.2 24.9 46 22.6

US+Canada Europe Latam Asia-Pacific Natural Manufacturing Services Resources

Sources: IMF, Scotiabank Economics Sum of all inflows to the Pacific Alliance countries 18 Resilience Sustainable Current Accounts Aided by FDI

Foreign Direct Investment and Current Account Deficits Percentage of GDP, avg. 2009-2018

8 7 6 5 4 3 2 1 0 Colombia Peru Chile Mexico Emerging Markets FDI Current Account Deficit

Source: World Bank, Scotiabank Economics

19 Resilience Diversified Trading Partners

Exports by Destination Free Trade Agreements Percentage of Total Exports, 2018 80 PERU CHILE 31 37 CHILE 42 2008 37 26 MEXICO 60 2008 MEXICO COLOMBIA 27 26 17 40 COLOMBIA Chile Peru 2008

20 PERU 20

% of global GDP (FTA signed) (FTA GDP global of % 2008 48 57 URU 15 47 PAR ARG VEN 65 0 BRA US & EU 5 0 20 40 60 CHINA # of countries (FTA signed) OTHERS Mexico Colombia Pacific Alliance

Sources: World Bank, Scotiabank Economics

20 Resilience Economic and Financial Reforms Have Paid Off

Change in Country Risk CDS Correlation with Other CDS Change 2010-2019, Basis Points Emerging Economies 2Y Rolling

11 1 0.9 0.8 0.7 Peru Chile 0.6 Pacific Mexico Canada Pacific Alliance Alliance 0.5 Colombia 2012 2013 2014 2015 2016 2017 2018 2019 -32 1 -35 -40 0.8 -44 0.6 0.4 0.2 -69

Peru 2012 2013 2014 2015 2016 2017 2018 2019 Chile Colombia Mexico Peru Sources: Bloomberg, World Bank, Scotiabank Economics

21 Opportunities An Expanding Middle Class

Income Share Held by Middle Class1 Middle Class Income1 Percentage of National Income USD Per Capita

53 2008 2018 55,351 43,602 2018 (level)

16,721 48 13,691 46 44 United States Canada Pacific Alliance Emerging Markets

Markets CAGR % ('08-'18)

Alliance 1.2 States 1.0 0.8 0.6 Canada Emerging United Pacific

Canada United Emerging Pacific States Markets Alliance Sources: World Bank, Scotiabank Economics 1 Middle class represents the 2nd, 3rd and 4th quintile of income distribution. Emerging Markets excluding China 22 Opportunities Digital Adoption Has Improved

Internet Usage Digital Payment1 Percentage of adult population Percentage of adult population

93 97 89 82 2006 2018 2014 2017 75

64 64 62 60 56 49 42 33 29 25 23 Markets Markets Canada Emerging Chile United States Chile Colombia Peru Peru Pacific Alliance United States Mexico Canada Pacific Alliance Colombia Emerging Mexico

Sources: World Bank, Scotiabank Economics 1 Percentage of population (15+) that made digital payments in the past year (Global Financial Inclusion Database) 23 Opportunities Growing and Young Population

Demographic Structure Population Growth Median Age, 2018 Percentage, 2014-2018

42 40 38 5.3

33 4.6 30 3.6

2.8 2.5 Markets Markets States Pacific Alliance Pacific Alliance Canada Emerging UnitedStates OECD Canada Emerging United United OECD

Sources: World Bank, Scotiabank Economics

24 Opportunities Upside for Growth in Banking Services

Banking Penetration Credit Card Holders Percentage of Adult Population Percentage of Adult Population

100 93 83 2011 2017 2011 2017 74 66 64

50 46 43 30 37 16 16 14 12 10 Chile United States United United States United Peru Mexico Chile Pacific Alliance Canada Colombia Mexico Colombia Canada Peru Emerging Markets Pacific Alliance Emerging Markets

Sources: IMF, World Bank, Scotiabank Economics

25 Opportunities Upside for Growth in Banking Services

Bank Credit to the Non-Financial Sector Long-Term Growth (or Potential GDP) Percentage of GDP, 2018 Percentage

7.2 Canada 114

Chile 83 Emerging Markets 78 4.5 United States 51 3.3 3.2 3.1 Colombia 47 2.8 2.4 2.2 Pacific Alliance 47 2.0 1.9 1.8 1.6 Latam/Caribbean1 46

Peru 37 South Africa South OECD UnitedStates Chile Brazil Latam/Caribbean PacificAlliance Peru China Colombia Canada Mexico 20 Mexico

Sources: BIS, IMF, World Bank, Scotiabank Economics 1 Latam corresponds to Brazil, Argentina, Ecuador and Uruguay. Caribbean countries are those where Scotiabank is present. For Caribbean countries, data correspond to total domestic credit 26 1 Attractive long-term prospects Key Takeaways 2 Strong long-run economic performance

3 Consistent improvement in standard of living

Better performance and more stability than 4 other growth markets

5 Strong macroeconomic frameworks

6 Under-penetration of banking services

27 Appendix

28 PAC Fundamentals Stable Employment and Low Inflation

GDP Growth Inflation Percentage Percentage 5 6 4 4 3 2 2 1 0 0 10 11 12 13 14 15 16 17 18 19f 20f 21f 10 11 12 13 14 15 16 17 18 19f 20f 21f

Unemployment Rate 10 Percentage 9 8 7 Canada 6 Pacific Alliance 5 4 United States 3 10 11 12 13 14 15 16 17 18 19f 20f 21f Sources: IMF, S&P, Scotiabank Economics

29 PAC Fundamentals Resilient Investment and Strong Consumption

Investment Private Consumption Annual Percentage Growth Annual Percentage Growth 15 8

10 6

5 4

0 2

-5 0

-10 -2 09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18

Canada Pacific Alliance United States

Sources: World Bank, Bloomberg, Scotiabank Economics

30 Economic Outlook and Implications for Banking

Jean-Francois Perrault SVP and Chief Economist Jorge Selaive Chief Economist, Chile Financial Update

Raj Viswanathan Group Head and Chief Financial Officer “ Delivering high quality and consistent earnings to achieve our medium-term objectives

2 Did You ● Scotiabank is a Top 101 Bank in the Americas Know? ● 20-Year Total Annualized Shareholder Return of 12%

1 Bloomberg as measured by assets as of December 31, 2019

3 Higher Contribution from P&C Businesses

Wealth Wealth Management Management 12% 13% Target Business Line Mix Business Line ~Target Mix %

Global Wealth Wholesale Global Wealth Management Banking Management Wholesale 12% 13% Canadian Banking ~40% 17% Banking Canadian Global Canadian Banking Global Banking and Banking 25% P&C International Banking ~30% Banking and 2013 Markets 2019 P&C 37% Markets EARNINGS 17% EARNINGS 38% 25% $6.5B1,3 $9.2B1,2,3 Total P&C Banking ~70%

International International Global Wealth Management ~15% Banking P&C Banking P&C 26% 32% Personal & Personal & Global Banking and Markets ~15% Commercial Commercial Banking Banking 63% 70%

Earnings mix from P&C banking increased from 63% to 70%

1 Net income attributable to equity holders 2 Figures adjusted for Acquisition and divestiture-related amounts, including Day 1 PCL on acquired performing loans, integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and losses/(gains) on divestitures and related costs 3 Excluding Other segment 4 Focused on the Americas

Other Other 13% 23%

20131 23% 20191,2 52% 55% 17% PAC Canada PAC Canada 8% 9%

U.S.A U.S.A Six Core Markets (~75%)3 Six Core Markets (~85%)3 Americas (~80%) Americas (~95%)

Metrics Objectives 3-Year Performance (2016-2019) All-Bank

EPS Growth 7%+ +6%1

ROE 14%+ 14.5%2

Operating Positive Positive1, 3 Leverage

Capital Strong Levels 11.55%4

1 Reflects 3-year CAGR 2 Reflects 3-year simple average 3 Excluding the pension revaluation benefit gain in 2018 of $203 million pre-tax 4 As of October 31, 2019 and pro-forma the announced divestitures 6

Repositioning is Substantially Complete

Simplified the Bank Increased Earnings Quality De-Risking the Bank ● Exited over 20 non-core ● Focused on six core markets ● Improving credit quality countries since 2013 that have high growth metrics and generating potential and which account higher mix of earnings from for ~85% of earnings investment grade countries (eg. Reducing GILs by ~10%)

7 Corporate Actions (2018-Present)

Closed Acquisitions Significant Divestitures

International Banking International Banking Closing ● Banco del Progresso (Dominican Republic) ● Pensions (Dominican Republic) Closed – Q2/19 ● BBVA Chile (Chile) ● Caribbean Islands Closed – Q4/19 ● Cencosud Peru (Peru) ● Pensions (Colombia ) Closed – Q1/20 ● Citibank Colombia (Colombia) ● Puerto Rico & USVI Closed – Q1/20 ● Thanachart Bank (Thailand) Closed – Q1/20 Global Wealth Management ● El Salvador Q1 2020 (est.) ● Jarislowsky Fraser (Canada)

● MD Financial (Canada)

Estimated to contribute ~$380 million to 2020 NIAT

8 Closing Divestiture Earnings Gap

Contributions from Organic Earnings Ongoing Share Acquisitions Growth Buybacks

9 Estimated Impact of M&A in 2020

Earnings ($MM) Acquisitions Divestitures GAP 2019 2020 2020 2020 EPS 2020 International ~$140 ~$220 ~$(500) ~$(420) Banking vs 2019 ~$(0.30) Global Wealth 2019 ~$115 ~$160 NM ~$45 Management Buybacks ~$ 0.10 Total ~$255 ~$380 ~$(500) ~$(375) Net ~$(0.20) Net ~$125 ~$(500) ~$(375)

All figures are approximate

10 Strong Internal Capital Generation

Maintain Strong Capital Ratios Capital (2017-2019)

● Provides optionality Q4/17 11.52% ● Continued share buybacks Net earnings 230 bps Organic RWA growth (110) bps 50% ● Focusing on core markets Net M&A (85) bps 35% Net Earnings Net share buybacks (40) bps 20% Usage Other (including IFRS 9) 8 bps (5%)

Q4/19, Proforma 11.55%

11 All-Bank Objectives

2020 Objectives 2020 vs 2019 EPS Growth

● Mid single digit organic EPS growth ● Continued share buybacks Organic Growth ~4%-5% ● Deliver positive operating leverage Net impact of M&A ~(3)% ● Maintain stable credit ratios Growth net of M&A ~2% ● Maintain strong capital ratios

Figures adjusted for Acquisition and divestiture-related amounts, including Day 1 PCL on acquired performing loans, integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and losses/(gains) on divestitures and related costs

12 All-Bank Medium-Term Objectives

EPS Growth ROE Positive Strong 7%+ 14%+ Operating Capital Leverage Levels

13 Financial Update

Raj Viswanathan Group Head and Chief Financial Officer Canadian Banking: High Quality, Stable Earnings Dan Rees Group Head, Canadian Banking “ Our Top 3 position in Canada gives Scotiabank a foundation for stable revenue and earnings growth

2 Canada: Growing our Strength at Home

One in three #1 in Retail #1 Mobile App #1 Digital Bank Canadians banks with Advice1 Satisfaction1 in Canada us

1 J.D. Power 2019

3 Current Snapshot of our Business

Customers Employees Branches

11 18,000 ~950 million

Total NIAT1 Average Loans Average Deposits

$3.5 $337 $242 billion billion billion

1 Adjusted; FY 2019 4 Solid Balance Sheet Growth

Loans Deposits

+5% +6% CAGR 337 CAGR 242 295 204

2016 2019 2016 2019

5 Stable Credit Quality & Track Record

Provision for Credit Losses1 Gross Impaired Loans2

IAS 39 IFRS 9 IAS 39 IFRS 9

30bps 29bps 41bps 28bps 24bps 36bps 24bps 33bps 30bps 31bps

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Total PCL Ratio Total GIL Ratio

1 Provision for credit losses on certain assets – loans, acceptances and off-balance sheet exposures 2 As a percentage of period end loans and acceptances 6 Focused on Growing Net Income

Net Income

+6% CAGR

3.6 3.5 3.3 3.0

2016 2017 2018 2019

Adjusted 7 Lower Productivity Ratio

Productivity Ratio Operating Leverage Medium-Term Target: < 45% Medium-Term Target: Positive

3.5% 3.3%

48.2% 1.9% 1.3% 46.8% Peer 45.9% 46.0% Average 45.4% (0.2%) 0%

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Adjusted 8 Opportunity to Deepen in Retail, Grow Business Banking Market Share Market Share 3-Year Change Ranking

Real Estate & Secured Lending1 17% -21 bps 3

Unsecured Loans1 19% +15 bps 2

Credit Cards2 9% +46bps 5 Loans Business Loans3 15% +33 bps 5

Automotive1 37% -91 bps 1

Retail Deposits1 18% +1 bps 3

Business Deposits3 16% +73 bps 4 Deposits

1 Canadian Bankers Association 2 The Nilson Report – March 2019; includes 20% share of Canadian Tire Financial Service outstanding balances 3 As disclosed externally by Big Five Banks – Q4 2019 9 Three Focus Areas for Growth

Invest to Grow Priority Deepen Relationships and Generate Growth through Businesses Improve Customer Unique Partnerships Assets Experience and Initiatives

● Focus on high ROE businesses ● Shift focus to now also include ● Increased brand awareness, full household relationships ● Invest in people, process and creating greater propensity to technology ● Excel in service and advice to purchase. retain and deepen relationships ● Retain our best customers and gain access to new customers

10 Grow High ROE Segments in Business Banking

Business Banking Keys to Success Lending Market Share by Loan Size1 • Expand our salesforce to close gap to peers in key, high-value markets. • Focus more on deepening relationships via tailored and specialized advice • Invest to further digitize and simplify sales, 16% 14% processes and platforms 12% 10%

< $100M $100M to $1MM to $5MM to $1MM $5MM $60MM

1 Canadian Bankers Association Business Credit Report – June 2019

11 Deepen Relationships with Top Households

Our Deepest Relationships are Keys to Success

• Shift from opening bank accounts… to advising customers… to now winning the full banking needs of the entire household.

• Service a larger share of their entire 9x banking needs

• Earn this business through trusted advice, great digital experience & consistent, More Profitable faster, differentiated service

12 Generate Growth through Partnerships

Unique Assets with Extensive Reach Keys to Success

14 million hockey fans in Canada • Increased brand awareness is channeling our assets to reach new markets • Retain and grow with our best customers 11 million Raptors fans in Canada through a differentiated loyalty program

10 million members1 • Strong, long-term partnerships with deep and aligned business relationships

~72,000 physicians in the Canadian • Access valuable customer segments Medical Association through diverse assets and converting into revenue-earning balances and fees Over 300,000 women-led businesses in Canada2

1 Cineplex Q2 2019 Quarterly Report 2 Statistics Canada 13 Canada’s Leading Digital Bank

• Over 2 million customers • Top credit card1 • #1 in customer satisfaction2 • Ambition to double earnings and already ahead of schedule

Medium-Term 15%+ 6%+ 10%+ Financial Objectives Earnings CAGR Deposits CAGR Assets CAGR

1 J.D. Power 2019 Canada Credit Card Satisfaction Study 2 J.D. Power 2019 Canada Retail Banking Satisfaction Study – Mid Size Banks 14 Digital Generating Impact

Progress in our Core Metrics Digital Making an Impact

2016 2019 • Growing our digital capabilities to reflect changing customer behaviours and preferences Digital Sales1 13% 26% • Mobile represents our largest channel for Digital Adoption 33% 42% financial transactions, surpassing online banking, which is also growing strongly Branch Transactions 19% 12% • Steady improvement in digital adoption and digital sales. Basic branch transactions are in decline, as planned, while branch advice activities continue strong growth

1 Based on units sold

15 Medium-Term Objectives

Medium-Term Objectives

NIAT Growth1 5%+

Productivity Ratio <44%

Operating Leverage Positive

1 Adjusted Net income attributed to equity shareholders

16 Confident in the stability of the Canadian Key 1 Takeaways market and economy

2 Multiple revenue and expense opportunities to drive organic earnings growth

3 Thoughtfully shift customer strategies - especially for higher ROE businesses and deepening relationships across households

17 Canadian Banking: High Quality, Stable Earnings Dan Rees Group Head, Canadian Banking