#1INVESTOR PRESENTATION First Quarter 2022 February 25, 2022 NATIONAL BANK OF CANADA#2FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Caution Regarding Forward-Looking Statements From time to time, the Bank makes written forward-looking statements such as those contained in this document, in other filings with Canadian securities regulators, and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are made in accordance with applicable securities legislation in Canada and the United States. Forward-looking statements in this document may include, but are not limited to, statements with respect to the economy-particularly the Canadian and U.S. economies-market changes, the Bank's objectives, outlook and priorities for fiscal year 2022 and beyond, the strategies or actions that will be taken to achieve them, expectations for the Bank's financial condition, the regulatory environment in which it operates, the potential impacts of-and the Bank's response to the COVID-19 pandemic, and certain risks it faces. These forward-looking statements are typically identified by verbs or words such as "outlook", "believe", "foresee", "forecast", "anticipate", "estimate", "project", "expect", "intend" and "plan", in their future or conditional forms, notably verbs such as "will", "may", "should", "could" or "would" as well as similar terms and expressions. Such forward-looking statements are made for the purpose of assisting the holders of the Bank's securities in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's vision, strategic objectives, and financial performance targets, and may not be appropriate for other purposes. By their very nature, these forward-looking statements require assumptions to be made and involve inherent risks and uncertainties, both general and specific. Assumptions about the performance of the Canadian and U.S. economies in 2022, including in the context of the COVID-19 pandemic, and how that will affect the Bank's business are among the main factors considered in setting the Bank's strategic priorities and objectives including provisions for credit losses. In determining its expectations for economic conditions, both broadly and in the financial services sector in particular, the Bank primarily considers historical economic data provided by the governments of Canada, the United States, and certain other countries in which the Bank conducts business, as well as their agencies. There is a strong possibility that the Bank's express or implied predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that its assumptions may not be confirmed and that its vision, strategic objectives and financial performance targets will not be achieved. The Bank recommends that readers not place undue reliance on forward-looking statements, as a number of factors, many of which are beyond the Bank's control, including the impacts of the COVID-19 pandemic, could cause actual results to differ significantly from the expectations, estimates or intentions expressed in these forward-looking statements. These risk factors include credit risk, market risk, liquidity and funding risk, operational risk, regulatory compliance risk, reputation risk, strategic risk, environmental and social risk, and certain emerging risks or risks deemed significant, all of which are described in greater detail in the Risk Management section beginning on page 69 of the 2021 Annual Report. These risk factors also include, among others, the general economic environment and financial market conditions in Canada, the United States, and other countries where the Bank operates; exchange rate and interest rate fluctuations; higher funding costs and greater market volatility; changes made to fiscal, monetary, and other public policies; changes made to regulations that affect the Bank's business; geopolitical and sociopolitical uncertainty; the transition to a low-carbon economy and the Bank's ability to satisfy stakeholder expectations on environmental and social issues; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank's ability to achieve its long-term strategies and key short-term priorities; the timely development and launch of new products and services; the Bank's ability to recruit and retain key personnel; technological innovation and heightened competition from established companies and from competitors offering non-traditional services; changes in the performance and creditworthiness of the Bank's clients and counterparties; the Bank's exposure to significant regulatory matters or litigation; changes made to the accounting policies used by the Bank to report financial information, including the uncertainty inherent to assumptions and critical accounting estimates; changes to tax legislation in the countries where the Bank operates, i.e., primarily Canada and the United States; changes made to capital and liquidity guidelines as well as to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank; potential disruption to key suppliers of goods and services to the Bank; potential disruptions to the Bank's information technology systems, including evolving cyberattack risk as well as identity theft and theft of personal information; and possible impacts of major events affecting the local and global economies, including international conflicts, natural disasters, and public health crises such as the COVID-19 pandemic. The foregoing list of risk factors is not exhaustive. Additional information about these risk factors is provided in the Risk Management section and in the COVID-19 Pandemic section of the 2021 Annual Report and of the Report to Shareholders for the First Quarter of 2022. Investors and others who rely on the Bank's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. Non-GAAP and Other Financial Measures The quantitative information in this document has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated, and should be read in conjunction with the Bank's 2021 Annual Report and the Bank's Report to Shareholders for the First Quarter of 2022. The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP, which are based on IFRS. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank's operations. The Bank cautions readers that it uses non-GAAP and other financial measures that do not have standardized meanings under GAAP and therefore may not be comparable to similar measures used by other financial institutions. Refer to pages 18-21 of the Management's Discussion & Analysis in the Bank's 2021 Annual Report and to pages 6-8 of the Bank's Report to Shareholders for the First Quarter of 2022 which are available at nbc.ca/investorrelations or at sedar.com, for additional information relating to the non-GAAP and other financial measures presented in this document. Refer to pages 123-126 of the Management's Discussion & Analysis in the Bank's 2021 Annual Report and to pages 43-45 of the Bank's Report to Shareholders for the First Quarter of 2022 which are available at nbc.ca/investorrelations or at sedar.com, for an explanation of the composition of the non-GAAP and other financial measures presented in this document. Such explanation is incorporated by reference hereto. Note: National Bank fiscal year ends October 31. 2#3OVERVIEW Laurent Ferreira President & Chief Executive Officer#4Q1 2022 STRONG START TO THE YEAR - Revenues ($MM; YoY) Reported: $2,466 ; +11% Adjusted (1): $2,530; +11% PTPP (2) ($MM; YoY) Reported: Adjusted (1): $1,189; +14% $1,253; +14% PCL ($MM) Reported: ($2) Adjusted: ($2) Diluted EPS Reported: $2.65 Adjusted: $2.65 ROE (3) Reported: Adjusted (5): 21.7% 21.7% Strong start to the year across all segments Revenues up 11% YoY - PTPP up 14% YoY(2) - Positive operating leverage Industry-leading ROE of 21.7% (3) ■ Solid CET1 ratio of 12.7% (4) while generating strong organic growth ▪ PCL recovery reflecting continued strong portfolio performance (1) On a taxable equivalent basis, which is a non-GAAP financial measure. See slide 2. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a supplementary financial measure. See slide 2. (4) Common Equity Tier 1 (CET1) capital ratio represents a capital management measure. See slide 2. (5) Expressed as a percentage of net income and excluding specified items when applicable. 4#5Q1 2022 SOLID ORGANIC GROWTH ACROSS THE BANK P&C Banking Revenues: PTPP(1): ☐ Strong quarter across the franchise, with PTPP up 11% YoY +9% YoY ■ Continued momentum in commercial lending, with loans up 3% QoQ(3) +11% YoY ☐ Housing market remains robust, with retail mortgage loans up 2% QoQ (3) Wealth Management Revenues: +14% YoY PTPP(1): +13% YoY ☐ Strong business performance, with PTPP up 13% ■ Continued momentum in full-service brokerage and mutual fund sales ■ AUA up 17% and AUM up 22% YoY Financial Markets Revenues(2); +11% YoY PTPP(1)(2): ■ Record quarter for Financial Markets ■ +10% YoY Global Markets revenues up 22% YoY amid pick-up in volatility and client activity ■ Resilient performance from C&IB USS F&I ■ ABA: Continued growth with revenues up 33% YoY Credigy: Strong portfolio performance in the quarter; prior year results included a gain following the opportunistic sale of a portfolio(4) Revenues: PTPP(1): +4% YoY +7% YoY ◉ (1) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (2) On a taxable equivalent basis (TEB), which is a non-GAAP financial measure. See slide 2. (3) Represents quarter on quarter growth in Q1-22 average loans and acceptances. (4) Gain on sale of portfolio of $26MM accounted for in Q1-21. 5#6FINANCIAL REVIEW Ghislain Parent Chief Financial Officer and Executive Vice-President, Finance#7Q1 2022 BALANCED APPROACH TO INVESTMENT AND COST MANAGEMENT - Revenue ($MM; YoY) Reported: $2,466 ; +11% Adjusted (1): $2,530, +11% Expense ($MM; YOY) $1,277; +8% Strong performance across the Bank with PTPP(2) up 14% PTPP up 12% excluding a ~$20MM reversal of provision for provincial compensatory tax on salaries Reported: Adjusted: $1,277; +8% PTPP (2) ($MM; YoY) Reported: Adjusted (1): $1,189; +14% $1,253; +14% ☐ Operating Leverage (3) Reported: 2.7% Adjusted (1): 2.7% Efficiency Ratio (3) Reported: 51.8% (130 bps) Adjusted (1): 50.5% (120 bps) ■ - Positive operating leverage of 2.7% (3) and continued discipline in cost management Operating leverage of 1.0% excluding the compensatory tax reversal Expense growth driven by higher variable compensation related to our strong performance and continued investments in talent and technology to support growth Targeting positive operating leverage for F2022 (1) On a taxable equivalent basis, which is a non-GAAP financial measure. See slide 2. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a supplementary financial measure. See slide 2. 7#8EXPENSE MANAGEMENT CONTINUED FOCUS ACROSS THE BANK Adjusted Revenue (1) - ($MM; YoY) $2,281 Q1 21 Adj. Rev. +11% +11% +4% $11 $23 $2,530 +14% $64 +9% $74 $77 P&C Wealth Financial Banking Management Markets Non-Interest Expenses ($MM; YoY) USSF&I Other Q1 22 Adj. Rev. +13% +8% +15% ($3) $29 ($12) (4%) $1,277 +7% $47 $36 $1,180 Eff. Ratio 51.7% 55.5% 59.5% 39.3% 28.1% Q1 21 Non-int. Exp. P&C Banking Wealth Management Financial Markets USSF&I Other 50.5% Q1 22 Non-int. Exp. (1) On a taxable equivalent basis. This is a non-GAAP financial measure. See slide 2. ■ P&C: Expense growth driven by salaries and continued IT investments to support our transformation ■ Wealth: Expense growth mostly related to variable comp. Shift in revenue growth mix (from higher transaction to higher fee-based) increases variable costs Additional FTE to support growth Q1 efficiency ratio <60% ■ FM: Expense growth mostly related to variable comp. Targeted IT investments to support future growth and further diversify our revenue streams Q1 efficiency ratio <40% ■ USSF&I: Low efficiency ratio ■ Other: ~$20MM reversal of provision for provincial compensatory tax on salaries Partly offset by higher IT investments and timing of employer's contributions to payroll taxes 8#9STRONG CAPITAL POSITION CET1 Ratio (1) 0.58% 12.43% (0.14%) (0.05%) (0.06%) (0.03%) 12.73% Q4 21 Net Income (Net of Div.) RWA (Ex. FX) Common ECL shares Transitional Repurchase Add-Back Other Q1 22 Risk-Weighted Assets (1) ($MM) $104,358 $406 $1,676 ($272) $106,168 Q4 21 Credit Risk Operational Risk Market Risk Q1 22 ☐ Strong CET1 ratio of 12.7% (2) ■ Robust net income generation RWA growth primarily driven by loan growth ■ NCIB: 500k common shares repurchased in Q1 (1) Represents a capital management measure. See slide 2. (2) Ratio takes into account the transitional relief measures granted by OSFI in the context of COVID-19 (12.7% excluding ECL transitional relief measures). For additional details regarding relief measures introduced by the regulatory authorities, see page 17 of the Bank's 2021 Annual Report to Shareholders. 9 |#10STRONG CAPITAL AND LIQUIDITY POSITIONS Capital and Capital Ratios (1) (SMM) Q1 22 Q4 21 Q3 21 Capital CET1 $13,515 $12,973 $12,574 Our capital levels remain strong Total capital ratio of 16.1% Tier 1 $16,164 $15,622 $15,221 Total $17,123 $16,643 $16,303 Strong liquidity ratios TLAC (2) $29,462 $27,492 $26,748 Capital ratios CET1 12.7% 12.4% 12.2% Tier 1 15.2% 15.0% 14.8% Total 16.1% 15.9% 15.8% Leverage 4.4% 4.4% 4.4% TLAC(2) TLAC (2) Leverage Liquidity Coverage Ratio (1) 149% 154% 154% Net Stable Funding Ratio (1) 117% 117% 123% 27.8% 26.3% 25.9% 8.0% 7.8% 7.8% (1) Represents a capital management measure. See slide 2. (2) Total Loss Absorbing Capacity (TLAC). Since November 1, 2021, OSFI is requiring D-SIBS to maintain a minimum risk-based TLAC ratio of 24% (including the domestic stability buffer) of risk-weighted assets and a minimum TLAC leverage ratio of 6.75%. 10 |#11RISK MANAGEMENT William Bonnell Executive Vice-President Risk Management#12PROVISIONS FOR CREDIT LOSSES PCL Q1 2022 ($MM) 19 0 -10 -9 $81 $5 $10 $6 $2 ($43) ($2) $65 $65 ($41) $8 $34 $19 $24 ■ ($41) ($34) ($62) ($58) ($36) ($2) (SMM) Q1 21 Q2 21 Q3 21 Q4 21 POCI Performing Impaired Total (bps) Q1 22 FNIEO Total PCL ▪ PCL recovery of $2M (0 bp), reflecting continued strong portfolio performance PCL on Impaired Loans ■ $24M (5bps) ■ Continued low impaired PCLs in both retail and non-retail portfolios PCL on Performing Loans Release of $34M (-7bps) ■ Retail: -$5M, reflects overall continued strong performance ■ Non-retail: -$33M, reflecting primarily updates in portfolio quality and economic scenarios, and portfolio growth ■ USSF&I: $4M, driven by portfolio growth in both Credigy and ABA FY 2022 Target Range Personal 18 17 Commercial 19 Wealth Management (2) 16 722 15 15 17 Financial Market 26 39 11 ENC (1) 2 1 2 (1) " USSF&I 4 5 2 2 6 Impaired PCLs: 10 to 20 bps PCL on impaired 65 65 34 19 24 POCI (1) 10 2 (36) (2) 8 PCL on performing 6 (62) (41) (58) (34) Total PCL 81 5 (43) (41) (2) (1) Purchased or Originated Credit Impaired 12 |#13ALLOWANCE FOR CREDIT LOSSES ACL Q1 22 ($MM) $769 Impaired $241 + 76% $1,354 - 7% $1,169 Impaired $357 $1,086 Impaired $379 Impaired $321 Performing $1,051 Performing $879 Performing $847 Performing $586 POCI ($58) POCI ($54) POCI ($89) POCI ($82) ACL Q1 20 ACL Q1 21 ACL Q4 21 ACL Q1 22 (1) Performing ACL includes allowances on drawn ($689M), undrawn ($130M) and other assets ($28M) Total Allowances ■ Declined by 7% ($83M) QoQ ■ Remain ~41% above pre-pandemic level Maintaining prudent level of allowances in light of continued uncertainty Performing Allowances ■ Decline of 4% ($32M) QoQ ■ At $847M, remains just 20% below peak level Strong coverage of 6.0X LTM impaired PCLS and 2.7X 2019 impaired PCLS ■ Cumulative release of 45% from the pandemic build Impaired Allowances ■ Decrease of $58M QoQ (53% coverage) primarily due to non-retail write-offs 13#14GROSS IMPAIRED LOANS AND FORMATIONS Gross Impaired Loans (1) (GIL) ($MM) 45 42 39 36 32 $757 $731 $699 $662 $608 $463 $470 $450 $406 $339 $242 $208 $193 $192 $188 $52 $53 $56 $64 $81 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 USSF&I Retail Non-Retail GIL ratio (bps) Net Formations (2) by Business Segment ($MM) Q1 22 Q4 21 Q3 21 Q2 21 Q1 21 Personal 20 14 10 (8) (20) Commercial Financial Markets 10 (2) 7 (37) (18) (10) (31) (17) 54 41 Wealth Management - 10 6 (1) Credigy ABA Bank 5 2 4 6 6 Total GIL Net Formations 15 40 8 3 1 (1) 1 7 22 22 7 ■ Gross impaired loans of 32bps ($608M), a decline of 4bps QoQ and 13bps YoY ■ Net formations of $40 million Slow normalization of formations in Personal New formations in Commercial related mainly to one account; offset by repayments in Financial Markets Increase in ABA's new formations following the end of moratoriums (1) Under IFRS 9, impaired loans are all loans classified in stage 3 of the expected credit loss model. Impaired loans presented in this table do not take into account purchased or originated credit-impaired loans. (2) Formations include new accounts, disbursements, principal repayments, and exchange rate fluctuation; net of write-offs. 14#15RETAIL MORTGAGE AND HELOC PORTFOLIO Canadian Distribution by Province (As at January 31, 2022) 54% 73% 28% Uninsured & HELOC ■Insured 73% 7% 27% 6% 32% 27% 68% 68% 32% QC ON AB BC Other Provinces 5% 44% 56% ☐ ■ Insured mortgages account for 32% of the total RESL portfolio Distribution across product and geography remained stable Uninsured mortgages and HELOC in GTA and GVA represent 12% and 2% of the total portfolio and have an average LTV(1) of 48% and 47% respectively for each segment Uninsured mortgages and HELOC for condos represents 8.5% of the total portfolio and have an average LTV(1) of 56% Canadian Distribution by Mortgage Type 52% 48% 66% 47% Average LTV - Uninsured and HELOC(1) Canadian Uninsured and HELOC Portfolio Average LTV(1) Average Credit Bureau Score 90+ Days Past Due (bps) 52% HELOC 49% Uninsured 54% 791 781 5 12 (1) LTV are based on authorized limit for HELOCS and outstanding amount for Uninsured Mortgages. They are updated using Teranet-National Bank sub-indices by area and property type (2) Of which $18.3B are amortizing HELOC HELOC $27.1B(2) / 32% $84.9B Uninsured $30.9B / 36% Insured $26.9B / 32% 15#16APPENDICES#17APPENDIX 1 | TOTAL BANK - Q1 22 RESULTS Total Bank Summary Results - Q1 2022 - Revenues up 11% YoY(1) and PTPP up 14% YoY(1)(2) Average loans up 12% YoY Average deposits up 12% YoY Positive operating leverage Expenses up 8% YoY (see slides 7 and 8) PCL recovery of $2M reflecting continued strong performance ■ Diluted EPS of $2.65 ($MM, TEB) Adjusted Results (1) Q1 22 Q4 21 Q1 21 QoQ YoY ☐ Revenues 2,530 2,252 2,281 12% 11% Non-Interest Expenses 1,277 1,249 1,180 2% 8% Pre-Tax/Pre-Provisions (2) 1,253 1,003 1,101 25% 14% PCL (2) (41) 81 (95%) (102%) Net Income 932 783 761 19% 22% Diluted EPS $2.65 $2.21 $2.15 20% 23% ☐ Operating Leverage (3) 3% Efficiency Ratio (3) 50.5% 55.5% 51.7% -500 bps -120 bps Return on Equity (3) 21.7% 18.9% 21.2% " Reported Results Q1 22 Q4 21 Q1 21 QoQ YoY Revenues 2,466 2,211 2,224 12% 11% Non-Interest Expenses 1,277 1,258 1,180 2% 8% Pre-Tax/Pre-Provisions (2) 1,189 953 1,044 25% 14% PCL (2) (41) 81 Net Income 932 776 761 20% 22% Diluted EPS $2.65 $2.19 $2.15 21% 23% Return on Equity (3) 21.7% 18.7% 21.2% Key Metrics (3) Q1 22 Q4 21 Q1 21 QoQ YOY Avg Loans & BAs - Total 185,757 Avg Deposits Total - 254,818 CET1 Ratio 12.7% 180,631 246,206 12.4% 165,588 227,641 11.9% 3% 12% 3% 12% (1) On a taxable equivalent basis and excluding specified items in Q4-21 comparable period, which are non-GAAP financial measures. See slides 2 and 31. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 17#18APPENDIX 2 | PERSONAL AND COMMERCIAL BANKING P&C Summary Results - Q1 2022 ($MM) - Q1 22 Q4 21 Q1 21 QoQ YOY Revenues Personal 958 930 881 3% 9% 588 570 556 3% 6% Commercial 370 360 325 3% 14% Non-Interest Expenses 532 509 496 5% 7% Pre-Tax / Pre-Provisions 426 421 385 1% 11% PCL (5) (5) 45 Net Income 317 313 250 1% 27% ■ Revenues up 9% YoY Strong growth on both sides of the balance sheet, partly offset by lower margin Other income up 15% YoY on strong client activity and favorable insurance actuarial reserve adjustment Expenses up 7% YoY driven by salaries and continued IT investments to support our transformation NIM stable QoQ Key Metrics Q1 22 Q4 21 Q1 21 QoQ YOY Avg Loans & Bas 135,371 132,319 120,240 2% 13% Personal Commercial Avg Deposits Personal Commercial 90,176 88,649 82,866 45,195 43,670 37,374 2% 9% 3% 21% 80,066 79,826 73,774 9% NIM (%) Efficiency Ratio (%) PCL Ratio 37,308 37,100 36,102 42,758 42,726 37,672 2.05% 2.05% 2.16% 55.5% 54.7% 56.3% (0.01%) (0.01%) 0.15% 1% 3% P&C Net Interest Margin (1) 14% +80 bps (0.11%) -80 bps 2.16% 2.14% 2.09% 2.05% 2.05% (1) NIM is on Earning Assets. Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 18 |#19APPENDIX 3 | WEALTH MANAGEMENT Wealth Management Summary Results - Q1 2022 ($MM) Q1 22 Q4 21 Q1 21 QoQ YOY Revenues 592 561 518 6% 14% Fee-Based 372 357 304 4% 22% Transaction & Others 101 90 105 12% (4%) Net Interest Income 119 114 109 4% 9% Non-Interest Expenses 352 338 305 4% 15% Pre-Tax / Pre-Provisions PCL 240 223 213 8% 13% 1 (2) Net Income 176 163 158 8% 11% Key Metrics ($B) Q1 22 Q4 21 Q1 21 QoQ YOY Avg Loans & BAS 7.0 6.6 5.4 6% 29% Avg Deposits 34.0 33.7 34.9 1% (2%) Assets Under Administration 654.5 651.5 559.2 0.5% 17% Assets Under Management 118.2 117.2 Efficiency Ratio (%) 59.5% 60.2% 97.1 58.9% 0.9% 22% -70 bps +60 bps Assets Under Administration (1) ($B) 559 ■ Net income up 11% YoY and 8% QoQ from strong business performance Strong growth in fee-based revenues driven by full-service brokerage and mutual fund sales - Resilient transaction revenues Expenses up 15% YoY, mostly related to higher variable comp - Shift in revenue growth mix (from higher transaction to higher fee-based) increases variable costs - Additional FTE to support growth - Q1 efficiency ratio <60% Assets Under Management (1) ($B) + 17% YoY + 0.5% QoQ + 22% YoY + 0.9% QoQ 62 5 10 2 11 34 (2) 655 652 655 118 (1) 117 118 97 Q1 21 Net Sales Market Q1 22 Q4 21 Net Sales Market Q1 22 Q1 21 Net Sales Market Q1 22 Q4 21 Net Sales Market Q1 22 (1) This is a non-GAAP measure. See slide 2. 19 |#20APPENDIX 4 | FINANCIAL MARKETS Financial Markets Summary Results - Q1 2022 ($MM) Q1 22 Q4 21 Q1 21 QoQ YOY Revenues 662 496 598 33% 11% Global Markets 433 267 355 62% 22% - C&IB 229 229 243 (6%) Non-Interest Expenses 260 209 231 24% 13% Pre-Tax/Pre-Provisions 402 287 367 40% 10% PCL (16) (40) 20 Net Income 307 240 255 28% 20% - Other Metrics Q1 22 Q4 21 Q1 21 QoQ YOY Avg Loans & BAS (1) 20,219 19,825 19,769 2% 2% Efficiency Ratio (%) 39.3% 42.1% 38.6% -280 bps +70 bps Financial Markets Revenues ■ Record revenues of $662M, up 11% YoY - Global Markets: Record performance in Equity amid pick-up in volatility and client activity; continued momentum in Structured Products C&IB: solid performance against strong Q1/21 Expenses up 13% YoY, mostly related to variable compensation Targeted IT investments to support future growth and further diversify our revenue streams Q1 efficiency ratio <40% Global Markets Revenues ($MM) 662 (SMM) 433 611 598 587 396 40 519 515 537 474 496 229 355 64 215 302 38 110 243 289 281 279 318 217 185 234 258 30 105 19 269 267 19 229 116 24 32 34 85 55 126 114 84 58 99 433 283 396 355 227 289 302 281 269 279 267 201 174 157 148 171 175 138 Q1 20 Q2 20 Q3 20 Q4 20 ■Global Markets (1) Corporate Banking only. Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 20 ■C&IB Q2 20 ■ Equity Q3 20 Q4 20 Q1 21 ■Fixed income Q2 21 Q3 21 Q4 21 Q1 22 ■Commodity and Foreign exchange 20 |#21APPENDIX 5 | US SPECIALTY FINANCE & INTERNATIONAL ■ Continued growth with revenues up 33% YoY, loans up 38% and deposits up 28% USSF&I Summary Results Q1 2022 ($MM) ABA Bank Summary Results Revenues - ABA Bank Q1 22 Q4 21 Q1 21 QoQ YoY 158 139 119 14% 33% Non-Interest Expenses 47 45 44 4% 7% Pre-Tax / Pre-Provisions 111 94 75 18% 48% PCL 4 3 2 Net Income 85 72 57 18% 49% Credigy Avg Loans & Receivables 6,516 5,890 4,713 11% 38% Avg Deposits 7,896 7,351 6,175 7% 28% Efficiency Ratio (%) 29.7% 32.4% 37.0% Number of clients ('000) 1,469 1,360 1,050 Credigy Summary Results Q1 22 Q4 21 Q1 21 QoQ YOY Revenues 126 100 155 26% (19%) Non-Interest Expenses 33 30 39 10% (15%) Pre-Tax / Pre-Provisions 93 70 116 33% (20%) PCL 14 16 Net Income 62 55 79 13% (22%) Avg Assets C$ 8,025 7,829 7,448 3% 8% Avg Assets US$ 6,313 6,238 5,810 1% 9% Efficiency Ratio (%) 26.2% 30.0% 25.2% Revenues up 26% QoQ: Strong portfolio performance in the quarter Q4/21 reflected performance fees to partners on overperforming portfolios ■ Revenues down YoY; prior year results included a $26MM gain following the opportunistic sale of a portfolio 21#22APPENDIX 6 | OTHER Other Segment Summary Results - Q1 2022 ($MM) Adjusted Results (1) Q1 22 Q4 21 Q1 21 Revenues 33 23 10 Non-Interest Expenses 53 117 65 Pre-Tax / Pre-Provisions (2) (20) (94) (55) PCL 1 Pre-Tax Income (21) (94) (55) Net Income (16) (62) (38) Reported Results Q1 22 Q4 21 Q1 21 Revenues (31) (18) (47) Non-Interest Expenses 53 126 65 Pre-Tax/ Pre-Provisions (2) (84) (144) (112) PCL 1 Pre-Tax Income (85) Net Income (16) (144) (69) (112) (38) Higher revenues YoY from gains on investments reflecting favorable markets ■ Lower non-interest expenses YoY resulting from a $20MM reversal of provision for - provincial compensatory tax on salaries Partly offset by higher IT investments and timing of employer's contributions to payroll taxes (1) On a taxable equivalent basis and excluding specified item in Q4-21 comparable period, which are non-GAAP measures. See slides 2 and 31. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. 22 | 22#23APPENDIX 7 | BALANCE SHEET GROWTH - TOTAL BANK Average Loans and BA's Average Deposits ($B) ($B) 2-Yr CAGR: 9.6% 2-Yr CAGR: +13.2% 185.8 180.6 254.8 246.2 165.6 8.8 8.5 227.6 154.6 14.4 13.5 8.3 199.0 7.4 11.9 20.2 19.8 9.9 19.8 7.0 6.6 18.7 5.4 4.8 176.9 184.7 43.7 45.2 160.3 37.4 35.8 137.1 88.6 90.2 77.9 82.9 61.8 67.3 69.3 70.2 Q4 21 Q1 22 Q1 20 Q1 21 Q4 21 Q1 22 ■Retail Non-Retail ■Commercial Banking Wealth Management ■USSF&I (2) ■Other Q1 20 Q1 21 ■Personal Banking (1) ■Financial Markets CAGR CAGR QoQ YOY (2-Yr) QoQ YOY (2-Yr) Avg Loan Growth 2.8% 12.2% 9.6% Avg Deposit Growth 3.5% 11.9% 13.2% Personal Banking 1.7% 8.8% 7.6% Commercial Banking 3.5% 20.9% 12.3% Retail Non-Retail 1.2% 4.2% 6.5% 4.4% 15.2% 16.0% Wealth Management 6.1% 29.1% 20.8% Financial Markets 2.0% 2.3% 3.9% USSF&I 6.7% 20.4% 20.7% Corporate banking only. (2) Average loans and receivables. 23 23#24APPENDIX 8 BALANCE SHEET GROWTH - P&C Average Loans and BA's ($B) 2-Yr CAGR: +9.1% 135.4 132.3 Average Deposits ($B) 2-Yr CAGR: +11.9% 79.8 80.1 120.2 113.7 73.8 43.7 45.2 63.9 37.4 35.8 42.7 42.8 2.0 2.1 37.7 1.8 2.2 10.4 10.5 32.0 10.3 10.5 76.3 77.6 70.7 65.2 36.1 37.1 37.3 31.9 Q1 20 Q1 21 Q4 21 Q1 22 Q1 20 Q1 21 Q4 21 Q1 22 ■Mortgage loans ■Personal loans Credit cards ■Commercial ■ Personal ■Commercial CAGR CAGR QoQ YOY QoQ YoY (2-Yr) (2-Yr) Average Loan Growth 2.3% 12.6% 9.1% Average Deposit Growth 0.3% 8.5% 11.9% Mortgage loans 1.8% 9.8% 9.1% Personal 0.6% 3.3% 8.1% Commercial 0.1% 13.5% 15.6% Personal loans 0.5% 1.6% 0.1% Credit cards Commercial 5.0% 11.5% (4.1%) 3.5% 20.9% 12.3% 24#25APPENDIX 9 | TOTAL LOAN PORTFOLIO OVERVIEW Loan Distribution by Borrower Category ($B) Retail Secured - Mortgage & HELOC Secured Other (1) Unsecured Credit Cards Total Retail As at January 31, 2022 % of Total 90.5 48% 11.4 6% 3.7 2% 1.8 1% 107.4 57% Non-Retail Real Estate and Construction RE 19.0 10% Agriculture 7.6 4% Other Services 6.1 3% Retail & Wholesale trade 5.7 3% Manufacturing 5.7 3% Utilities 5.6 3% Finance and Insurance 5.1 3% Oil & Gas and Pipeline 4.2 2% Oil & Gas 1.8 1% Pipeline & Other 2.4 1% Other(2) 22.2 12% Total Non-Retail 81.2 43% Purchased or Originated Credit-Impaired Total Gross Loans and Acceptances 0.4 189.0 0.2% 100% ■ Secured lending accounts for 95% of Retail loans ☐ Indirect auto loans represent 1.6% of total loans ($3.1B) ■ Limited exposure to unsecured retail and cards (3% of total loans) Non-Retail portfolio is well-diversified (1) Includes indirect lending and other lending secured by assets other than real estate. (2) Includes Mining, Transportation, Professional Services, Construction Non-Real Estate, Communication, Government and Education & Health Care. 25 25#26APPENDIX 10 | REGIONAL DISTRIBUTION OF CANADIAN LOANS Prudent Positioning (As at January 31, 2022) Oil and Quebec Ontario Regions(1) BC/MB Territories Total Retail Secured 27.1% 14.0% 4.3% 3.4% 1.0% 49.8% Mortgage & HELOC Secured 2.6% 1.4% 0.5% 0.6% 0.3% 5.4% Other Unsecured 2.4% 0.3% 0.1% 0.1% 0.1% 3.0% and Credit Cards Total Retail 32.1% 15.7% 4.9% 4.1% 1.4% 58.2% Within the Canadian loan portfolio: ■ Limited exposure to unsecured consumer loans (3.0%) ■ Modest exposure to unsecured consumer loans outside Quebec (0.6%) ■ RESL exposure predominantly in Quebec Non-Retail Commercial 19.1% 4.9% 1.8% 2.1% 0.7% 28.6% Corporate Banking 3.8% 5.3% 2.6% 1.1% 0.4% 13.2% and Other (3) Total Non-Retail 22.9% 10.2% 4.4% 3.2% 1.1% 41.8% Total 55.0% 25.9% 9.3% 7.3% 2.5% 100.0% (1) Oil regions include Alberta, Saskatchewan and Newfoundland. (2) Maritimes include New Brunswick, Nova Scotia and P.E.I. (3) Includes Corporate, Other FM and Government portfolios. 26|#27APPENDIX 11 | PRUDENT PROVISIONING IN UNCERTAIN ECONOMIC ENVIRONMENT Strong Performing ACL Coverage Performing ACL/LTM PCL on Impaired Loans 6.0x 4.8x 3.8x 3.3x 2.8x 2.8x 2.8x 3.0x 1.8x Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Total Bank Performing ACL movement +80% Total Allowances Cover 6.1X NCOs Total ACL/LTM Net Charge-Offs 2.6x 7.9x 6.4x 6.6x 5.9x 5.4x 4.7x 4.1x 6.1x Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Total Bank Strong Total ACL Coverage Total ACL/Total Loans (excl. POCI and FVTPL) Peak Build Q1 22 Q4 21 Q1 21 Q1 20 -25% -38% -45% Mortgages 0.21% 0.20% 0.20% 0.15% Cumulative Release Credit Cards 7.75% 7.35% 11.16% 7.14% Total Retail 0.49% 0.49% 0.62% 0.53% Total Non-Retail 0.86% 1.04% 1.24% 0.58% Total Bank 0.63% 0.72% 0.88% 0.56% 27 Q1 20 Q2 20 Q3 20 Q1 21 Q4 20 Q2 21 Q3 21 Q4 21 Q1 22 Note: Performing ACL includes allowances on drawn ($689M), undrawn ($130M) and other assets ($28M)#28APPENDIX 12 | OIL & GAS AND PIPELINES SECTOR O&G Producers and Services Exposure Gross Loans in $MM and % of Total Loans $3,956 3.7% 55% reduction in outstanding loans Q1 15 O&G and Pipeline sector Total Gross Loans of $4.2B as at January 31, 2022 4% 5% 9% 82% Producers share declined to 37% $1,761 1.0% Q1 22 ■ ☐ O&G producers and services exposure significantly reduced - 55% reduction in outstanding loans: down from $4B in Q1/15 to $1.8B in Q1/22 (stable QoQ) Reduction as a % of total loans: down from 3.7% in Q1/15 to 1.0% in Q1/22 Canadian focused strategy, minimal direct US exposure Overall O&G and Pipeline portfolio refocused from mid-cap to large cap - Producers share declined from 82% in Q1/15 to 37% in Q1/22 53% of the portfolio is Investment Grade (as of Q1/22) Very modest indirect exposure to unsecured retail loans in the oil regions (~0.1% of total loans) 7% 5% IG: 100% IG: 10% ■ IG: 63% 51% IG: 37% 37% Q1 15 Q1 22 ■ Producers ■Midstream ■Services ■Refinery & Integrated 28 28#29APPENDIX 13 | COMMERCIAL REAL ESTATE PORTFOLIO (As at January 31, 2022) Total CRE Portfolio $15.1B (8.0% of total loans) Commercial Banking share $13.4B (7.1% of total loans) ☐ Corporate Banking 11% Commercial Banking 89% Industrial 6% Office 11% Other 20% Retail 14% Residential 49% Total CRE Portfolio of $15.1B ☐ Corporate Banking accounts for 11% of portfolio, primarily public REITs, well diversified across sectors Commercial Banking accounts for 89% of portfolio Drill down on Commercial Banking CRE: Residential (3.5% of total loans - up $0.6B) ◉ Insured loans accounted for 2/3 of the growth QoQ - Insured portfolio now represents 52% LTV on uninsured ~60% Retail (1.0% of total loans – stable) Geographic Distribution (Commercial Banking CRE) ■ 63% 15% 7% 9% 6% QC ON BC Other Provinces AB Share of portfolio reduced by 5% YoY ■ Portfolio LTV -56% ☐ ~50% of leases with essential services tenants Office (0.8% of total loans - down $0.1B) " ☐ Share of portfolio reduced by 3% YoY Portfolio LTV -58% Long term leases (over 6 years) 29 29#30APPENDIX 14 | DAILY TRADING AND UNDERWRITING REVENUES VS. VAR (SMM) 25 25 20 20 15 10 5 0 November, 2021 December, 2021 January, 2022 (5) (10) (15) Trading P&L Trading VaR 30 30 |#31APPENDIX 15 | RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (SMM, except EPS) Q1 22 Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS Adjusted Results (1) 2,530 1,277 1,255 932 2.65 $ Taxable equivalent (64) (64) Total impact (64) (64) Reported Results 2,466 1,277 1,191 932 2.65 $ Adjusted Results (1) Taxable equivalent Impairment losses on intangible assets Total impact Reported Results Q1 21 (2) Q4 21 Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS Total Revenues Non- Income Interest Before Expenses Taxes Net Income Non- controlling interest Diluted EPS 2,281 1,180 1,020 761 2.15 $ 2,252 1,249 1,044 783 2.21 $ (57) (57) (41) (41) - 9 (9) (7) (0.02 $) (57) (57) 59 (41) 9 (50) (7) (0.02 $) 2,224 1,180 963 761 2.15 $ 2,211 1,258 994 776 2.19 $ (1) On a taxable equivalent basis and excluding specified items, which are non-GAAP financial measures. See slide 2. (2) During the fourth quarter of 2021, the Bank recorded a $9 million ($7 million after-tax) in impairment losses on intangible assets related to technology developments. The charge is reflected in "Non-interest expenses" and accounted for under the "Other" heading of segment results. Please refer to pages 20 and 21 of the Bank's 2021 Annual Report for additional information. 31#32Investor Relations Contact Information W: www.nbc.ca/investorrelations A [email protected] 1-866-517-5455 NATIONAL BANK OF CANADA