#1Investor Presentation March 2022 Scotiabank®#2Caution Regarding Forward-Looking Statements Forward-looking statements From time to time, our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2021 Annual Report under the headings "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "foresee," "forecast," "anticipate," "intend," "estimate," "plan," "goal," "project," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would" and "could." " By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors, many 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 forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their 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 requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; 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, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; 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 communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; climate change and other environmental and social risks, including sustainability that may arise, including from the Bank's business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2021 Annual Report, as may be updated by quarterly reports. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2021 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking statements contained in this document represent the views of management only 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 financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. 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 or on its behalf. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. 2#3TABLE OF CONTENTS Scotiabank Overview Business Line Overview: Canadian Banking Business Line Overview: International Banking Business Line Overview: Global Wealth Management Business Line Overview: Global Banking and Markets Risk Overview Treasury and Funding Appendix 1: Core Markets: Economic Profiles Appendix 2: Canadian Economic Fundamentals Appendix 3: Bail-in and TLAC Appendix 4: Covered Bonds Appendix 5: Additional Information Contact Information + 2 21 26 34 38 888 11 41 47 54 65 71 75 79 82 3#4Scotiabank Leading Bank in the Americas Business Lines2,3 Core Markets¹ #3 in Canada #3 in P&C Banking #3 in Peru #3 in Chile #3 in Capital Markets #5 in Mexico #6 in Colombia #3 in Wealth 1 Core Markets rankings based on latest available market share data on loans for publicly traded banks as of October 2021 in Canada, December 2021 in Mexico, Peru and Chile, November 2021 in Colombia 2 Business Line rankings based on Total Revenue or Total Net Income for publicly traded banks in Canada for the 12 months ended October 31, 2021 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on 4#5Leading Bank in the Americas¹ Core markets: Canada, US, Mexico, Peru, Chile and Colombia 7th largest bank by assets¹ in the Americas Full-Service, Universal Bank Canada Mexico Peru Chile Colombia Caribbean Uruguay Wholesale Operations USA UK Singapore Scotiabank (Reported) Revenue Change Q1/22 Y/Y $8,049MM Net Income $2,740MM +14% Return on Equity 15.8% +160 bps Operating Leverage² -0.6% n.a. Productivity Ratio² 52.5% +40 bps Total Assets $1.2T +7% 12.0% (20 bps) CET1 Ratio³ Ranking by Market Share4 USMCA Canada USA5 #3 Top 10 FBO Mexico #5 Pacific Alliance Peru #3 Countries Chile #3 Colombia #6 36 Australia Ireland Hong Kong SAR China Brazil India Japan (PAC) Earnings by Market6,7 1 Ranking by asset as at February 23, 2022, Bloomberg; 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 3 This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018); 4Ranking based on market share in loans as of December 2021 in Mexico, Peru and Chile, November 2021 in Colombia, as of October 2021 in Canada for publicly traded banks; 5 Ranking by asset as of September 2021; 6Net income attributable to equity holders of the Bank for the 3 months ended January 31, 2022; 7 May not add due to rounding C&CA -Other- PAC 3% 6% U.S.A 20% 65% Canada 6% 5#6Well-Diversified Business with Strong Returns Earnings by Business Line 1,2 Wealth Management 15% Earnings by Market¹,2 Colombia Asia 1% 1% Caribbean and Central America (C&CA) 3% Wholesale Banking 21% Global Wealth Management 15% Peru Brazil and Other 5% 5% Personal & Canadian Commercial Chile 7% Global Banking and Markets Q1/22 EARNINGS MIX Banking Banking 44% 64% $2.7Bn4 Mexico 7% 21% U.S. Q1/22 EARNINGS MIX $2.7Bn4 6% International Banking 20% Reported Return 27.4% on Equity¹ by 17.2% 17.4% 15.8% Business Line 21.2% 12.2% 14.3% 14.9% 12.7% 9.5% 3-year average ROE Global Wealth Management 1 Net income attributable to equity holders for the 3 months ended January 31, 2022; 2 May not add due to rounding; 4 Excludes Other segment Canadian Banking International Banking Global Banking and Markets All Bank Canada 65% 6#7Business Lines (Q1/22 Reported Results) Activity Business Line Products NIAEH¹ ($MM) Personal & Commercial Banking Canadian Banking • Mortgages Auto Loans Commercial Loans • Personal Loans Credit Cards International Banking • Mortgages Auto Loans Commercial Loans • Personal Loans • Credit Cards Wealth Management Global Wealth Management • Asset Management • Private Banking • Private Investment Counsel Brokerage ⚫ Trust Capital Markets Global Banking and Markets • Corporate Banking Advisory • Equities Fixed Income Foreign Exchange Commodities $561 $1,201 $545 $412 % All-Bank¹ 44% 20% 15% 21% % Target 35-40% 25-30% ~15% 15-20% Productivity 44.6% 53.6% 60.6% 47.7% Ratio 1,2 ROE 1,2 27.4% 12.2% 17.2% 17.4% Total Assets³ ($B) $411.7 $196.1 $31.5 $444.2 Employees4 18,259 42,580 7,612 2,107 1For the 3 months ended January 31, 2022; 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; ³Average balance for the 3 months ended January 31, 2022; 4 As of January 31, 2022 7#8Why Invest in Scotiabank? , $ Leading bank in the Americas . Six core markets: Canada, US, Mexico, Chile, Peru and Colombia ~95% of earnings from the Americas • Only universal bank with full presence in all Pacific Alliance countries Diversified exposure to high quality growth markets Unique Americas footprint provides diversified exposure to higher growth, high ROE banking markets • 232 million people in the Pacific Alliance countries comprise the 6th largest economy in the world Increasing scale and market share in core markets • Competitive scale and increasing market share in core markets Competitive advantages in technology, risk management and funding versus competitors Strong risk culture: solid credit quality, well provisioned Acceleration in Digital Banking Strong Canadian risk management culture with strong capabilities in AML and cybersecurity • Focus on secured and investment-grade lending • $5.6 billion in allowances for credit losses as of Q1/22 • Increased Digital Adoption to 56% in Q1/22 (up 500 bps Y/Y) Named "Best Digital Bank - Mexico" by The Digital Banker's Global Retail Banking Innovation Awards 2021 Recognized for "Best Al Initiative" by The Digital Banker's Global Retail Banking Innovation Awards 2021 • Recognized as "Most Innovative in Data" by The Banker's Global Innovation in Digital Banking Awards 2021 . Won "Technology Innovation of the Year" by Risk.net (2021) 8#9Focused on Higher Return Markets 35% 30% 25% Scotiabank P&C Banking Focused On Higher ROE Markets 20% 33.2% 2 15.7% 15% 10% 5% 0% Canada1 12.9%4 3 5 14.6% 13.1% Pacific Alliance Average FY21 ROE of Canadian banks in each market 1 Average FY21 ROE of RY, TD, BMO, CM, and Q1/22 ROE of BNS 2 Average FY21 ROE of Banorte, Banbajio, Santander Mexico, Credicorp, Bancolombia, Santander Chile and Banco de Chile 3 Q1/22 ROE of BNS' PAC segment 4 Average FY21 ROE of JP Morgan, BofA, Citi, Wells Fargo, Truist, US Bancorp, PNC, Fifth Third, M&T and Comerica 5 Average FY21 ROE of TD, BMO and CM's US Banking segment Sources: Bloomberg LLP, Company Financial Reports Average FY21 ROE of largest banks in each market US 9#10Q1 2022 Financial Performance $MM, except EPS Q1/22 Y/Y Q/Q Reported Net Income $2,740 14% 7% Pre-Tax, Pre-Provision Profit¹ $3,826 (1%) 12% • Diluted EPS $2.14 15% 9% Revenue $8,049 5% · Expenses $4,223 (1%) Productivity Ratio² 52.5% 40 bps (310 bps) Net Interest Margin³ 2.16% (11 bps) (1 bp) PCL Ratio² 13 bps (36 bps) 3 bps PCL Ratio on Impaired Loans² 24 bps (25 bps) (7 bps) Adjusted³ Net Income $2,758 14% 2% Pre-Tax, Pre-Provision Profit $3,851 (1%) 6% Diluted EPS $2.15 14% 2% Expenses $4,198 3% Productivity Ratio 52.2% 40 bps (60 bps) REPORTED NET INCOME YEAR-OVER-YEAR ($MM) . HIGHLIGHTS EPS up a strong 14% Y/Y Reported pre-tax, pre-provision profit up 12% Q/Q (adjusted up 6%) Revenue flat Y/Y (up 5% Q/Q) o FX translation reduced revenue growth by 3% o Net interest income flat Y/Y. FX translation reduced growth by 3% o Non-interest income flat Y/Y. FX translation reduced growth by 2% Net interest margin down 11 bps Y/Y (down 1 bp Q/Q) Expenses flat Y/Y o FX translation reduced expense growth by 2% Strong reported ROE of 15.8% (adjusted ROE³ of 15.9%) REPORTED NET INCOME4 BY BUSINESS SEGMENT ($MM) +32% Q1/21 Q1/22 542 (15) (162) (7) (16) +51%5 -1% +3% 2,740 2,398 1,201 911 418 412 543 561 389 545 Q1/21 Net interest Non-interest Income income PCLS Non-interest Taxes expenses Q1/22 Canadian Banking Global Wealth Management Global Banking and Markets International 1 Pre-Tax, Pre-Provision Profit defined as revenues less expenses Banking 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 3 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com 4 Attributable to equity holders of the Bank 6 Y/Y growth rate is on a constant dollar basis 10#11Earnings and Dividend Growth Reported diluted earnings per share (C$)1,2 $4.53 +5% CAGR 2016 2017 2018 2019 Dividend per share (C$) $2.05 $7.70 $2.14 2020 2021 Q1/22 +6% CAGR Total shareholder return³ ■Scotiabank ■Big 5 Peers (ex. Scotiabank) 8.5% 13.2% 13.6% 12.3% 10.9% 11.4% 5 Year 10 Year 20 Year $3.60 $1.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1/22 1 Reflects adoption of IFRS in Fiscal 2011; 2 Excludes notable items for years prior to 2016; 3 As of January 31, 2022 11#12Strong Capital Position CET1 ratio of 12.0%¹ CET1 Ratio +32 bps -29 bps 12.3% 4 bps -3 bps -23 bps -5 bps 12.0% 11.9% 2 Q4 2021 Reported Dividends Earnings less RWA Growth (ex. Foreign Exchange ECL Transitional FX) Translation Capital Relief Share buybacks (net of issuances) Other (net) Q1 2022 Reported Proforma Internal capital generation Strong Capital Levels 15.7% 2.1% 1.4% 15.7% 15.7% 15.9% 15.1% 2.1% 2.0% 2.0% 1.7% 1.3% 1.5% 1.6% 1.4% 12.2% 12.3% Q1/21 12.2% 12.3% 12.0% Q2/21 Q3/21 Q4/21 Q1/22 CET1 Tier 1 Tier 2 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018) 2 Proforma impact from the increased stake in Chile of 10 bps 12#13Scotiabank in the Pacific Alliance Q1/22 Scotiabank Market Share¹ Chile Mexico Peru Colombia Market Share Ranking¹ 14.3% 3rd 7.7% 5th 16.3% 3rd 5.4% 6th Pacific Alliance Total/Average 10.9% n.a. Strengths All Products Auto and Mortgages All Products Credit Cards, Personal All Products Average Total Loans 2,8 (C$B) $46.1 $32.7 $19.8 $11.4 $110.0 Revenue 3,8 (C$B) $0.5 $0.5 $0.4 $0.3 $1.7 Net Income after NCI³,8 (C$MM) $177 $162 $110 $14 $463 ROE 3,9 13.1% 20.2% 16.4% 4.1% 14.6% # of Employees 4,5 7,654 9,528 8,743 5,795 31,720 Total Deposit Growth 6,7,8 Total Loan Growth 6,7,8 Productivity Ratio⁹ Total PTPP Growth 6,7,10 9% -1% 3% Y/Y 78 9 24 8ང F༅ ླ 70% Y/Y Y/Y 66% 110 108 110 58% 1009 75 75 11 12 11 51% 50% 121 911 847 10 9 49% 88 45% 42% 41% 73 22 21 22 301 47 45 46 42% 37% 317 309 35% 17 15 15 21 19 20 20 304 196 229 29 29 29 29 30 31 32 33 283 269 277 Q1/21 Q4/21 Q1/22 Q1/21 Q4/21 Q1/22 Q1/21 Q4/21 Q1/22 Q1/21 Q4/21 Q1/22 Mexico Peru Chile Colombia 1 Ranking based on publicly traded banks by total loans market share, as of December, 2021; except Colombia as of November 2021; 2 For the three months ended January 31, 2022; 3 For the three months ended January 31, 2022, not adjusted for currency; 4 Employees are reported on a full-time equivalent basis; 5 As of January 31, 2022; 6 Y/Y and Q/Q growth rates (%) are on a constant dollar basis; 7 May not add due to rounding; 8 Figures excluding Wealth Management; Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 10 Pre-Tax, Pre-Provision Profit defined as revenues less expenses 13#14Digital Progress: All-Bank • Canada: Continued digital progress, with an increase in Active Digital Users and rising Self-Serve Transactions • Pacific Alliance: Strong momentum in Digital Sales, driven by solid growth in Chile and Mexico Digital Adoption (%)¹ +8% +500 bps Active Digital Users (#'000) 8,073 7,524 7,580 8,193 6,316 5,276 +55% 56% 56% 50% 51% 43% 2018 2019 2020 2021 Q1/21 Q1/22 36% +2,000 bps +13% 2018 2019 2020 2021 Q1/21 Q1/22 Active Mobile Users (#000)² 5,903 6,727 6,873 6,098 4,513 3,559 Digital Sales (%) +300 bps +93% 2018 2019 2020 2021 Q1/21 Q1/22 +200 bps 42% 43% 46% 36% 28% +2,400 bps 22% Self-Serve Transactions 89% 90% 89% 91% 76% 80% +1,500 bps (%) 2018 2019 2020 2021 Q1/21 Q1/22 2018 2019 2020 2021 Q1/21 Q1/22 1 Digital Adoption definition for Canada was updated in Q1/21 to reflect new addressable customer base, excluding indirect-channel acquisitions 22018 and 2019 use historical estimation based on available mobile user data for Colombia and Chile 14#15Digital Progress: Canada Digital Adoption (%) ¹ 1 +6% +300 bps Active Digital Users (#'000) 3,329 3,599 3,847 4,071 3,910 4,149 +25% 55% 59% 56% 59% 50% 46% 2018 2019 2020 2021 Q1/21 Q1/22 +1,300 bps +43% +7% 2018 2019 2020 2021 Q1/21 Q1/22 Active Mobile Users (#'000) 3,073 3,393 3,201 3,415 2,396 2,666 Digital Sales (%) 2018 2019 2020 2021 Q1/21 Q1/22 +0 bps 27% 27% +100 bps 26% 26% 23% +100 bps 16% Self-Serve Transactions (%) 84% 87% 92% 93% 92% 93% +900 bps 2018 2019 2020 2021 Q1/21 Q1/22 2018 2019 2020 2021 Q1/21 Q1/22 Definitions Digital Sales (% of retail unit sales using Digital platforms, excluding auto, broker originated mortgages and mutual funds) Digital Adoption (% of customers with Digital login (90 days) / Total addressable Customer Base) Digital Users: # of customers who logged into website and/or mobile in the last 90 days Mobile Users: # of customers who logged into mobile in the last 90 days Self-serve Transactions: % of Financial transactions through Digital, ABM, IVR 1 Digital Adoption definition for Canada was updated in Q1/21 to reflect new addressable customer base, excluding indirect-channel acquisitions 15 15#16Digital Progress: Pacific Alliance Digital Adoption (%) +500 bps +10% Active Digital Users (#'000) 3,677 4,002 3,670 4,044 2,717 1,947 53% 52% 46% 47% 35% +108% 2018 2019 2020 2021 Q1/21 Q1/22 +2,600 bps 26% +19% 2018 2019 2020 2021 Q1/21 Q1/22 3,334 3,458 Active Mobile Users (#'000)1 2,830 2,897 1,847 1,163 +197% Digital Sales (%) +500 bps 59% 55% 54% 51% 2018 2019 2020 2021 Q1/21 Q1/22 +300 bps 29% 19% +4,000 bps Self-Serve Transactions 86% 88% 86% 89% 69% 73% (%) +2,000 bps 2018 2019 2020 2021 Q1/21 Q1/22 2018 2019 2020 2021 Q1/21 Q1/22 Definitions Digital Sales (% of retail unit sales using Digital platforms) Digital Adoption (% of customers with Digital login (90 days) / Total addressable Customer Base) Digital Users: # of customers who logged into website and/or mobile in the last 90 days Mobile Users: # of customers who logged into mobile in the last 90 days Self-serve Transactions: % of Financial transactions through Digital, ABM, IVR, POS 12018 and 2019 use historical estimation based on available mobile user data for Colombia and Chile 160 16#17Technology Strategy Co $ • Build a strong and scalable platform foundation . Cloud-first strategy for automation and speed • Rebalance core technology spending towards modernization Maintain consistent investment in technology Investments in Technology Tech expense 12.3% as % of revenue 10.3% 8.3% $3,833 $2,690 $1,444 Tech expense (in $millions) 2011 2016 2021 Common systems Software re-use, best practice-sharing • Consistent software design Customer-focused micro-services Analytics on real-time data • Strong cyber-security foundation 17 1#18Fintech Strategy • • Embracing Fintech Scotiabank has embraced fintech and technology start- ups, acting as an advisor, partner, investor and customer The key objectives of Scotiabank's fintech strategy are: o Identify innovative companies, trends and business models early o Test, learn and implement fintech innovations o Drive an innovation culture at the Bank • Partnership Approach Scotiabank partners with VCs to amplify our relevance and reach in the global ecosystem, enabling earlier and faster access to innovative companies Canada High-growth enterprise software firms in analytics, machine learning and enterprise software Israel High growth tech companies in fintech and cybersecurity Latam Early-stage start-ups in digital banking and fintech Sample Focus Areas • Credit adjudication • • Machine-learning modelling IT Modernization • Accessibility Natural language processing Personal financial management Customer experience and self-service Sample Partnerships • Fraud Anti-Money Laundering A platform that provides insights and actionable money management A platform that enables data scientists to develop and test models faster - Auto machine learning A platform that specializes in behavioural biometrics for AML & Fraud purposes 18#191 • • ESG Highlights Environmental Mobilized $58 billion¹ since November 1, 2018, toward our commitment of $100 billion by 2025 to reduce the impacts of climate change Joined the United-Nations-convened Net-Zero Banking Alliance (NZBA), to accelerate efforts of the financial sector globally to address climate change Our pathways to net-zero project with interim targets and timelines is largely complete and will be released shortly Established a $10 million Net Zero Research Fund to advance research supporting global decarbonization. Granted $1 million to ten organisations for 2021 Our operations will be carbon neutral by 2030 Joined Circular Economy Leadership Canada Updated Bank-wide policies and statements restricting direct financing or advisory services related to exploration, development or production of oil and gas within the Arctic Circle, and will not finance standalone projects for thermal coal mining or coal-fired power CDP DRIVING SUSTAINABLE ECONOMIES As at October 31, 2021. EQUATOR PRINCIPLES UN environment programme finance initiative • • Social Issued the largest Sustainability Bond by a Canadian Financial or Corporate to date, a USD$1 billion 3-year bond to fund green and social assets, including the advancement of women-led businesses Committed $10 billion over 10 years to support Canada Mortgage and Housing Corporation's Affordable Housing Strategy through sustainable finance and community investment solutions Celebrated the third successful year of the Scotiabank Women Initiative, which has deployed over $3 billion in capital to women-owned and women-led businesses in Canada since its launch in 2018 Supported more than 200 organizations in the first year of Scotia RISE, a 10-year, $500 million initiative to promote economic resilience among disadvantaged groups Introduced a training module titled Building Indigenous Cultural Competency to help employees better understand and serve our Indigenous customers in Canada Included in Bloomberg's Gender-Equality Index (GEI) for the 4th straight year, and ranked 14th in Refinitiv's Diversity and Inclusion Global Index Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Corporate ESG Performance PRI RATED BY ISS ESG▷ Governance For the fourth consecutive year, achieved top 1% in Corporate Governance among financial institutions globally according to the Dow Jones Sustainability Index, and awarded a perfect score on Anti-Crime Policies Updated our global Human Rights Statement to improve its alignment with best practice and the UN Guiding Principles Reporting Framework A corporate ESG committee, ultimately reporting to the Board, oversees the Bank's ESG strategy implementation In 2021, an ESG Update by Senior Management was added as a standing item to the Board agenda Guided by the principles of our data ethics program, implemented an internal assessment tool to ensure the use of data in projects adheres to high standards for acceptable use Supported the groundbreaking work of Project Shadow and Project Umbra to improve financial intelligence to combat human trafficking and online exploitation. Recognized for Outstanding Leadership in Sustainability Transparency by the Global Finance Sustainable Finance Awards Prime MSCI ESG RATINGS CCC B BB BBB AAA AA AAA Bloomberg Gender Equality Index 2021 REFINITIV TOP 100 COMPANY 2020 Diversity and Inclusion Index TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Note: The use by Scotiabank of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Scotiabank by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 19#20ESG Spotlight - Retail Banking Housing Green Vehicles ESG Investing Focus Areas Leadership in ESG Education Leadership in ESG Funds Leadership in EV Incentives Recent Achievements Introduced Canada's first sustainable investing tools through Scotiabank's iTrade in 2017. Over 20,000 users interacted with the sustainable investing tool in 2020 iTrade continues to deliver online learning modules to customers interested in learning more about ESG issues Launched Dynamic Sustainable Credit Private Pool on January 27, 2022, with further equity versions planned in coming months Launched Scotia SRI ETFs in January with Tangerine as the key initial distribution partner (suite of 4 ETFs) In Q1/22, EV loans represented 8% of our total Auto bookings and were 9.5% of the total amount financed; in comparison, EV represented 6.4% of our total Auto bookings and 7.4% of the total amount financed throughout FY2021 Scotiabank's booking growth for electric vehicles was 36% Y/Y in Q1/22, compared to the Y/Y growth of 72% we experienced in FY2021 Leadership in EV Financing We have an exclusive relationship with Polestar and Rivian as well as a semi-exclusive relationship with Tesla Leadership in Indigenous Financial Services Leadership in Newcomers Banking Scotiabank operates 27 Aboriginal Banking Centres in Canada providing communities with our full range of banking services The First Nations Leasehold program provides financing options for leasehold interests on First Nations land being developed with residential housing Scotiabank's StartRightⓇ program addresses the unique banking needs of newcomers in Canada The Scotiabank StartRightⓇ permanent resident mortgage program and the Scotiabank StartRightⓇ temporary resident mortgage program help facilitate newcomers' financing of home purchases 20#21Business Line Overview Canadian Banking 21 24#22Canadian Banking Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to over 10 million Retail, Small Business and Commercial Banking customers. It serves these customers through its network of 954 branches and 3,746 automated banking machines (ABMS), as well as online, mobile and telephone banking, and specialized sales teams. Canadian Banking also provides an alternative self directed banking solution to over 2 million Tangerine Bank customers. Business Mix Retail 76% Residential Mortgages Financial Results 65% $MM Q1/22 Y/Y Q/Q Q1/22 Revenue Mix $2.9Bn Q1/22 24% Business Banking Average Loan Mix $408Bn 14% 11% Auto Business and 8% Government Loans 2% Credit Cards Other Personal Loans Reported Net Income¹ $1,201 32% (3%) Pre-Tax, Pre Provision Profit² $1,592 10% 1% Revenue $2,874 9% 2% Expenses $1,282 6% 2% PCLs ($35) nmf 63% Reported Net Income¹ ($MM) and NIM4 (%) Productivity Ratio³ 44.6% (90 bps) 40 bps 2.26% 2.26% 2.23% 2.20% 2.19% Net Interest Margin4 2.19% (7 bps) (1 bp) PCL Ratio 3,5 (3 bps) (26 bps) 7 bps PCL Ratio on Impaired 911 927 1,079 1,238 1,201 12 bps (11 bps) 2 bps Loans 3,5 Adjusted4 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Net Income¹ $1,205 32% (3%) Medium-Term Financial Objectives Net Income Growth 1,4 Pre-Tax, Pre Provision Profit Expenses Productivity Ratio $1,598 10% 1% $1,276 6% 2% 44.4% (90 bps) 40 bps Productivity Ratio4 Operating Leverage4 Target6 5%+ <44% Positive 1 Net income attributed to equity shareholders; 2 Pre-Tax, Pre-Provision Profit defined as revenues less expenses; ³ Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 4 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com; 5 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures; 63-5 year target from 2020 Investor Day 22 22#23Loan Portfolio 84% Real Estate Secured Lending • High Quality Residential Mortgage Portfolio 。 29% insured; remaining 71% uninsured has an LTV of 49%¹ 。 Mortgage business model is “originate to hold" 。 New originations² in Q1/22 had average uninsured LTV of 64% 。 Majority is freehold properties; condominiums represent approximately 15% of the portfolio • Market Leader in Auto Loans 。 $39.1 billion retail auto loan portfolio with 9 OEM relationships (5 exclusive) Prime Auto and Leases (~93%) 。 Stable lending tenor with contractual terms for new originations averaging 80 months (~6.5 years) with projected effective terms of 54 months (4.5 years) • Prudent Growth in Credit Cards o $7 billion credit card portfolio represents ~2% of domestic retail loan book and ~1% of the Bank's total loan book o Organic growth strategy focused on payments and deepening relationships with existing customers 4% Unsecured DOMESTIC RETAIL LOAN BOOK³ $368Bn 2% Credit Cards 1LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases refinances with a request for additional funds and transfer from other financial institutions 3 Spot Balance as of January 31, 2022; Percentages may not add to 100% due to rounding 4 Net of allowance for credit losses 11% Automotive 23#24Residential Mortgages ⚫ Four Distinct Distribution Channels¹: Broker, Branch, Mobile Salesforce and eHOME. Broker and Mobile Salesforce accounts for more than 80% of the distribution FICO® Distribution - Canadian Uninsured Portfolio² New Canadian Mortgage Originations 64% Q1-21 Q4-21 Q1-22 Average FICO® Score Canada 792 GTA 795 GVA 792 Canada Total Originations ($Bn) Uninsured LTV3 16.1 21.5 19.9 64% 64% 64% Greater Toronto Area 16% 10% 8% 2% < 635 636 - 706 707-747 748-788 > 788 Total Originations ($Bn) Uninsured LTV3 Greater Vancouver Area Total Originations ($Bn) Uninsured LTV3 5.2 6.2 6.0 63% 64% 63% 1.9 2.6 2.5 62% 63% 64% Canadian Mortgage Portfolio4: $289Bn (Spot balances as at Q1/22, $Bn) 29% Insured Freehold $245Bn Condos $44Bn - 157.2 20.7 (85%) (15%) 56.9 136.5 32.9 15.5 3.8 41.4 29.1 Ontario BC & Territories Alberta 19.4 16.8 Quebec 11.6 10.5 2.6 0.3 0.7 Total Portfolio4: $289 Bn 11.3 9.8 Atlantic Provinces Manitoba & Saskatchewan % of portfolio 54.5% 19.7% 11.5% 6.7% 4.0% 3.6% 1 Sum of the parts might not add to 100% due to rounding 2 FICO® distribution for Canadian uninsured portfolio based on score ranges at origination. FICO is a registered trademark of Fair Isaac Corporation 3 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 4 Includes Wealth Management 71% Uninsured 24#25Automotive Finance • Canada's leader in automotive finance • Provide personal and commercial dealer financing solutions, in partnership with nine leading global automotive manufacturers in Canada • Portfolio decreased 0.5% year-over-year¹. Personal up 2.5%, Commercial down 28.5% Commercial 9% 7% Near-Prime Retail AVERAGE ASSET MIX $43.1Bn1,2,3 100% Secured 84% Prime Retail Exclusive Relationships MAZDA VOLVO POLESTAR RIVIAN JAGUAR/LAND ROVER Semi-Exclusive Relationships* HYUNDAI CHRYSLER GENERAL MOTORS TESLA * 1 to 2 other financial institutions comprise Semi-Exclusive relationships Market Share Prime Retail Market Share³ Near-Prime Retail Market Share4 Commercial Floorplan Market Share5 Asset Growth 36% 64% 83% 17% 74% 26% ૭ $43.5Bn $44.4Bn $43.2Bn $42.3Bn $39.7Bn $37.1Bn 2016 2017 2018 2019 2020 2021 1 For the three months ended January 31, 2022; 2 May not add due to rounding; 3 Net of allowance for credit losses; 4 CBA data as of October 2021, includes RBC, BMO, TD, Scotiabank, CIBC, National Bank, Laurentian Bank, Canadian Western Bank, HSBC Canada; 5 Dealer Track Portal data, includes all Near-Prime Retail providers on Dealer Track Portal, data for January 2022 originations; Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of June 2021 25#26Business Line Overview International Banking 26#27International Banking International Banking has a strong and diverse franchise with more than 10 million Retail, Corporate and Commercial customers. International Banking continues to offer significant potential for the Bank, with a geographical footprint encompassing the Pacific Alliance countries of Mexico, Colombia, Peru and Chile as well as Central America and the Caribbean. Business Mix Financial Results Business Loans Constant dollar basis²,6 55% Asia 2% Q1/22 Revenue Mix 20% $2.4B Credit Q1/22 $MM Q1/22 Q1/21 Y/Y² Q4/21 Q/Q² C&CA 78% Latin America Auto 2% Personal Loans Cards 5% Loan Reported Mix¹ 11% $143B Net Income³ Pre-Tax, Pre Provision $545 $361 51% $518 5% $1,112 $1,065 4% $1,042 7% 28% Profit4 Residential Mortgages Revenue $2,397 $2,374 1% $2,286 5% Expenses $1,285 $1,309 (2%) $1,244 3% Reported Net Income³ ($MM) and NIMⓇ (%) PCLS $274 $479 (43%) $312 (12%) 4.03% 3.95% 3.72% 3.69% 3.76% Productivity Ratio5 Net Interest Margin 53.6% 54.7% (110 bps) 54.3% (70 bps) 3.76% 4.03% (27 bps) 3.69% 7 bps PCL Ratio 5,7 PCL Ratio Impaired Loans 5,7 77 bps 149 bps (72 bps) 91 bps (14 bps) 81 bps 150 bps (69 bps) 118 bps (37 bps) 486 528 545 389 420 Adjusted5 Net Income³ Pre-Tax, Pre Provision $552 $369 50% $1,122 $1,077 4% $525 $1,052 5% 7% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Profit Medium-Term Financial Objectives Net Income Growth 3,6 Productivity Ratio6 Target³ 9%+ Expenses Productivity Ratio $1,275 $1,297 53.2% 54.2% (2%) (100 bps) 53.9% $1,234 3% (70 bps) Operating Leverage6 <50% Positive 1 May not add due to rounding; 2Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis; 3 Net income attributed to equity shareholders; 4 Pre-Tax, Pre- Provision Profit defined as revenues less expenses; 5 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 6 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com; 7 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures; 8 3-5 year target from 2020 Investor Day 27#28PAC Fundamentals Driving Growth Strong Governance Democratic countries with open economies Independent central banks with inflation- targeting regimes Free trade agreements and free-floating currencies ⚫ Business-friendly environments Sound Macro Environment Diversified economies with solid GDP growth • Resilience to economic and political cycles Relatively low debt/GDP ratios compared with OECD and emerging-market economies • Increasing adoption of banking services Favourable Demographics ⚫ 232 million people with median age of 30 years • Rebounding domestic consumption • Increasing exposure to Asian growth markets Among the fastest growing smartphone markets in the world • Considerable growth in middle class 28#29Scotiabank in Mexico Business Overview1 Customers² ~3.1MM Corporate/ Commercial Residential Mortgages 23.7% Market Position by Loans5 Employees² ~9,900 30% Branches² 473 Average Loans $33Bn Loans $33.0Bn 60% Average Deposits $30Bn 4% 5% Personal Loans 14.8% 13.5% 9.9% 7.7% 7.0% 2% Auto Total NIAT $687MM (after NCI)³ Credit Cards ROE3,4 21.8% Retail Loans 87% Productivity3,4 Secured 49.7% 13% Unsecured BBVA 8 citibanamex BANORTE BBVA Banorte Santander Banamex Scotiabank HSBC PTPP1,6 Productivity Ratio4 Operating Leverage4 952 906 +9% CAGR 1,180 1,030 2019 2020 2021 2018 All figures including Wealth Management 1 On a constant dollar basis 2 Including subsidiaries 3 LTM Q1/22 55.4% 55.0% 54.4% 50.5% 6.9% -0.9% 1.9% 7.2% 2018 2019 2020 2021 2018 2019 2020 2021 4 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 5 Source: CNBV as of December 2021 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses 29 29#30Scotiabank in Peru Business Overview1 Residential Mortgages Market Position by Loans5 Customers² ~3.6MM Corporate/ Commercial 14% Employees² ~9,200 33.6% Branches² 257 Personal Loans 21.0% Average Loans $20Bn Loans $20.1Bn 21% 16.3% 12.2% 59% Average Deposits $16Bn 2%3% Credit Cards Total NIAT (after NCI)³ $402MM Other ROE3,4 Productivity 3,4 13.8% 39.3% Retail 42% 58% BCP BCP BBVA BBVA ㅁ Scotiabank Interbank Loans Secured Unsecured Productivity Ratio4 Operating Leverage4 PTPP1,6 38.5% 5.1% 6.0% 1,290 1,099 -1% CAGR 1,265 1,059 37.7% 35.8% 35.8% -0.1% -5.6% 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 2018 All figures including Wealth Management 1 On a constant dollar basis 2 Including subsidiaries 3 LTM Q1/22 4 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 5 Market share as of December 2021. Scotiabank includes SBP, CSF and Caja CAT 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses 30#31Scotiabank in Chile Business Overview1 Customers² ~2.9MM Corporate/ Commercial Employees² Branches² ~7,800 117 Average Loans Residential Mortgages 38% 46% Loans $46.1Bn $46Bn Average Deposits $21Bn 11% Total NIAT (after NCI)³ 5% Personal Loans $671MM Credit Cards ROE³,4 12.5% Retail Loans 80% Productivity3,4 42.4% Secured 20% Unsecured PTPP1,6 Market Position by Loans4 18.0% 16.9% 14.3% 13.9% 9.6% Itaú Santander Chile Scotiabank BCI Itaú Productivity Ratio4,7 Operating Leverage4,7 13.3% +20% CAGR 49.8% 48.2% 1,230 46.5% 1,093 7.0% 1,113 710 43.4% 4.3% 4.6% 3.0% 3.0% 44.7% 43.4% 4.3% 43.3% 42.1% 0.0% 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 All figures including Wealth Management Reported - Adjusted 1 On a constant dollar basis; 2 Including subsidiaries; 3LTM Q1/22; 4 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 5 Market share as of December 2021, includes only private banks. Scotiabank includes Cencosud, Source: CMF; 6 Pre-Tax, Pre-Provision Profit defined as revenues less expenses; 7 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com 31#32Scotiabank in Colombia Business Overview1 Customers² ~2.8MM Employees² Corporate/ ~6,000 Commercial Residential Mortgages 26.7% 18% Branches² 132 Average Loans $11Bn 50% Loans $11.5Bn 18% Personal Loans Average Deposits $10Bn Total NIAT $63MM 14% Credit Cards (after NCI)³ ROE3,4 4.7% Retail 37% 63% Loans Productivity3,4 Secured 65.4% Unsecured 587 470 PTPP1,7 -6% CAGR 418 393 2019 2020 2021 2018 All figures including Wealth Management 1 On a constant dollar basis 2Including subsidiaries 3LTM Q1/22 Market Position by Loans 5,6 16.5% 11.8% 10.4% 6.1% 5.4% 4.1% ⚫ BBVA 1 Bancolombia Davivienda Bogotá BBVA Occidente Scotiabank Colpatria Popular Productivity Ratio4 54.6% 56.7% Operating Leverage4 64.5% 63.5% -3.1% -4.7% -10.6% 1.3% 2018 2019 2020 2021 2018 2019 2020 2021 4 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 5 Market share as of November 2021 6 Members of AVAL Group: Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas 7 Pre-Tax, Pre-Provision Profit defined as revenues less expenses 32 32#33Other Regions Leading Caribbean & Central American franchise Caribbean & Central America Asia • • Leading bank serving retail, commercial and corporate customers Major markets include the Dominican Republic, Jamaica, Trinidad & Tobago, Costa Rica, Panama and The Bahamas Sharpened geographic footprint by exiting higher risk, low growth jurisdictions including Haiti, El Salvador, Puerto Rico, US Virgin Islands, British Virgin Islands, Belize and 8 of the Leeward Islands Dominican Republic: #4 bank Acquired Banco Dominicano del Progreso in 2019 China: ~18% interest in Bank of Xi'an • CAD $1,034MM carrying value as of January 31, 2022 • Bank of Xi'an reported $541MM of net income for the eleven months ended September 30, 2021, of which Scotiabank's share is 18% 33#34Business Global Wealth Line Overview Management 34 =4#35Global Wealth Management 3rd Largest Wealth Management Business in Canada' Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank's footprint. Global Wealth Management serves over 2 million investment fund and advisory clients across 13 countries - administering over $600 billion in assets. Business Overview Financial Results 11% Q1/22 Revenue 9% Q1/22 AUM² Mix $345Bn $1.4Bn 89% 91% 18% Q1/22 AUA² $MM, except AUM/AUA Q1/22 Y/Y Reported Q/Q $601Bn Net Income³ $412 (1%) 7% 82% International Reported Net income³ ($MM) and ROE² (%) Canada Pre-Tax, Pre Provision Profit4 Revenue Expenses $862 $560 (2%) 7% $1,422 2% 6% 6% 5% 3 PCLS ($1) nmf nmf Productivity Ratio² 60.6% 180 bps (50 bps) 17.6% 16.4% 16.5% 16.3% 17.2% AUM ($B)² $345 11% 418 412 62 -7 AUA ($B)² $601 11% 1% Adjusted5 356 372 390 385 405 Net Income³ $419 (1%) 7% Pre-Tax, Pre Provision Profit $569 (2%) 7% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Ex. Performance Fees Performance Fees Expenses Productivity Ratio $853 6% 5% 60.0% 190 bps (50 bps) Medium-Term Financial Objectives Net Income Growth 3,5 Target6 8%+ Productivity Ratio5 Operating Leverage5 <65% Positive 1 Based on Total Net Income for publicly traded banks in Canada for the fiscal year ended October 31, 2021; 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 3Attributable to equity holders of the bank; 4 Pre- Tax, Pre-Provision Profit defined as revenues less expenses; 5 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com; 63-5 year target from 2020 Investor Day 35#36Global Wealth Management #1 in Revenue growth¹ | #2 in PTPP & AUM growth1 | #2 in Retail Mutual Fund assets in Canada¹ 3rd Largest Wealth Management Business in Canada 1,2 Investment Management A broad selection of actively managed investment solutions from our innovative manufacturing platform. Mutual Funds ETFs Pooled Funds Segregated Portfolios Institutional Asset Management Distribution Channels A powerful advisory and distribution network across Canada and Latin America. Private Investment Counsel Full-Service Brokerage Private Banking Trust Services Online Brokerage Retail Bank Branch Network Mobile Advice Team 3rd Party Distributors Scotia Funds. Dynamic Funds JARISLOWSKY Scotia FRASER MD Wealth Management. MD Financial Management Figures for the 12 months ended October 31, 2021 2 Ranking based on Net Income Scotia iTRADE, Scotiabank. Branch mobile advice team 36#37Global Wealth Management Strong investment performance, increasing scale • • Market-Leading Capabilities Award-Winning Investment Management Scotia GAM won with 38 FundGrade A+ Awards¹ Dynamic Funds ranked #1 among independent mutual fund companies, for 5-year returns Scotia GAM ranked #3 for retail mutual fund net sales among banks FYTD • Mexico Asset Management awarded Morningstar's Best Equity Fund Manager for four years in a row Chile Asset Management received 6 Premios Salmon mutual fund awards ⚫ Chile Asset Management awarded Best International Funds manager • Chile Asset Management awarded Morning Award in two categories: International Equity category "Scotia Mercados Desarrollados" and Balanced Funds "Scotia Portafolio Más Arriesgado" Investment Performance Highlights of assets in the top two quartiles over 74% (2) five-year period-1832 Asset Management Tailored Advice Scotia Wealth Management 2022 Global Finance Awards: Best Private Bank in Canada; and Best Private Bank for Net Worth between $1MM and $24.9MM (GLOBAL CATEGORY) Scotia iTRADE ranked #1 overall among the Big 5 Banks in the 2021 Surviscor Canadian Online Brokerage Ranking for best overall online experience Largest Private Investment Counsel business in Canada (SWW, MD, JFL) #2 Bank-Owned Brokerage Firm (Investment Executive Brokerage Report Card, 2021) AUM +14% CAGR AUA +10% CAGR 346 597 207 403 64% (3) of core funds in the top two quartiles over five-year period - Jarislowsky Fraser 2017 2021 2017 2021 1Includes 5 Dynamic Active ETFs. 1832 Asset Management L.P. assumed full operational and investment management responsibilities of these Dynamic Active ETFs from BlackRock Asset Management Canada Limited (BlackRock Canada) on December 3, 2021. Prior to that time, they were managed by BlackRock Canada and invested in selected Dynamic Funds. 2 January 31, 2022 3 December 31, 2021 37 337#38Business Line Global Banking Overview and Markets 38#39Global Banking and Markets Global Banking and Markets (GBM) provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. GBM is a full service wholesale bank in the Americas, with operations in 21 countries, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific. Business Overview Asia Financial Results Canada 4% Europe 8% Q1/22 Global 53% Equities Business 48% Banking Geographic 22% Q1/22 Revenue By Revenue¹ Business Line¹ $1.4Bn $1.4Bn 35% US 30% FICC Q1/22 Y/Y Q/Q Reported Net Income² $561 3% 12% Pre-Tax, Pre Provision Profit³ $734 2% 25% Revenue $1,404 5% 19% Expenses $670 9% 13% PCLS ($16) nmf nmf Net Income² ($MM) and ROE4 (%) Productivity Ratio4 PCL Ratio4,5 47.7% 170 bps (260 bps) (6 bps) (14 bps) 12 bps PCL Ratio Impaired Loans 4,5 (3 bps) (9 bps) (4 bps) 17.4% 17.3% 17.4% 16.1% 15.5% 543 502 517 561 513 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Medium-Term Financial Objectives Net Income Growth 2,7 Productivity Ratio Operating Leverage? Target6 ~5% ~50% Positive 1 TEB Revenue. Note GBM Latam revenue contribution is reported in International Banking results; 2Attributable to equity holders of the Bank; 3 Pre-Tax, Pre-Provision Profit defined as revenues less expenses; "Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto; 5 Provision for credit losses on certain assets-loans, acceptances and off-balance sheet exposures; 63-5 year target from 2020 Investor Day; 7 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com; 39#40GBM in US and Latam Delivering the full bank to meet our Americas clients' needs Wholesale bank in the US: Corporate & Investment Banking, Capital Markets, US1 Revenue Latam¹ Cash Management and Trade Finance $493 million $443 million Top 10 foreign bank $45 billion Average Loans $47 billion organization (FBO) in the US Client list focused on S&P $97 billion Average Deposits $23 billion $184 million Total NIAT $200 million 51.3% Productivity Ratio 5 Offices 500, investment grade corporates Current sectors of strength include: Power & Utilities and Energy. Focus areas for growth include Consumer/ Industrial/Retail (CIR), Technology, and Healthcare 28.1% 9 • • Wholesale bank in Latam: Advisory, financing and risk management solutions, and access to capital markets Only full-service corporate / commercial bank with local presence in all Pacific Alliance countries Enhanced connectivity to rest of Americas, Europe and Asia Top tier lending relationships with local and multi-national corporate clients Focused on Pacific Alliance expansion and modernization of technology platforms BIO PAPPEL® GM GM FINANCIAL el papel sustentable $2,550,000,000 CHURCH DWIG CO., INC. $400,000,000 PAPER GROUP Senior Notes Senior Notes Republic of Chile US$1,500,000,000 2.750% Sustainable Notes due 2027 US$1,500,000,000 3.500% Sustainable Notes due 2034 US$1,000,000,000 4.000% Sustainable Notes due 2052 Joint Bookrunner January 2022 1 Figures for fiscal Q1/22 Acquisition of MIDWEST US$200,000,000 Sole Financial Advisor Joint Bookrunner Joint Bookrunner February 2022 January 2022 December 2021 ALEXANDRIA. PERFICIENT $1,690,500,000 8,050,000 Common Shares $380,000,000 0.125% Convertible Senior Notes Due 2026 Joint Bookrunner January 2022 Joint Bookrunner November 2021 40#41Risk Overview 41#42Risk Snapshot RWA Breakdown¹ ■ Credit Risk Credit Exposure by Country 2,3 ■Canada ■ Chile Credit Exposure by Sector 1,2 Real Estate and Construction Financial Services 7.1% 4.3% 69% 2% $434Bn 86% ■ Operational Risk 12% 5% 5% 5% 3% $663Bn3 ■ U.S. Wholesale and Retail 4.1% ■ Other International ■Mexico Utilities 2.9% Technology and Media 2.9% 5% ■Market Risk ■ C&CA 7% Other 2.8% 7% ■ Peru Agriculture 2.4% ■ Colombia Automotive 1.6% Canadian Banking 1,2 Personal & Commercial Lending International Banking1,2 Food and Beverage 1.6% Energy 1.4% Transportation 1.3% Health Care 1.0% Sovereign 0.8% ■ Secured 71% ■ Secured Mining 0.7% 5% $360Bn $62Bn Hospitality and Leisure 0.6% 95% Metals 0.4% ■ Unsecured 29% ■ Unsecured 1 As at January 31, 2022 2% of total loans and acceptances 3 As at October 31, 2021 Forest Products 0.3% Chemicals 0.3% 42 42#43Credit Quality GILS ($MM) AND GIL RATIO¹ 78 bps 81 bps 81 bps 84 bps 81 bps 73 bps 67 bps 64 bps 5,120 31 5,148 26 5,053 26 5,279 39 5,116 33 -224 285 -209| -302 -286 4,735 28 -235 1,067 1,222 1,209 1,049 1,040 921 941 4,456 26 4,435 32 - 219 -231 904 HIGHLIGHTS GIL ratio improved 3 bps Q/Q and remains below pre- pandemic levels due to: О Lower impairments across portfolios Retail write-offs in International Banking Positive FX impact 3,582 3,704 3,676 3,949 о 3,757 3,551 3,270 3,268 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 NET WRITE-OFFS ($MM) AND NET WRITE-OFFS RATIO¹ HIGHLIGHTS Net write-offs declined 32% Y/Y and 18% Q/Q 76 bps 62 bps 47 bps 47 bps 41 bps 43 bps 1,141 34 bps • 27 bps Significant reduction in International Banking 13 219 983 1 8 173 • Net write-offs ratio declined 7 bps Q/Q and remains below pre-pandemic levels 732 750 -13 33 674 632 -25 -26 265 266 201 227 560 1 1 123 457 910 4 801 139 454 450 379 448 435 311 (1) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 International Banking Canadian Banking Global Banking and Markets Global Wealth Management 1 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 43#44Credit Performance TOTAL ACLs¹ ($MM) AND ACL RATIO² 125 bps 125 bps 109 bps 96 bps 116 bps 86 bps 80 bps 93 bps HIGHLIGHTS Strong balance sheet with total ACLs of $5.6 billion Performing loan ACLs decreased 3% from the prior quarter as portfolio performance continues to improve Total ACL ratio of 80 bps 7,820 7,810 7,403 -377 19 - 409 21 -395 24 6,893 6,079 325 23 6,232 -268 19 -288 5,731 22 5,583 4,456 4,742 4,736 234 23 217 20 О 3,965 3,446 3,736 3,219 3,271 2,551 2,648 2,655 2,056 2,580 2,476 2,255 2,075 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 ■Canadian Banking International Banking Global Wealth Management Global Banking and Markets TOTAL PCLs ($MM)³ AND PCL RATIO4 136 bps 119 bps 2,181 149 1 1,846 155 2 73 bps 49 bps 33 bps • 24 bps 10 bps 13 bps • 1,278 1,131 1,019 -3 62 736 670 752 330 764 4 525 215 20 496 380 168 222 396 339 69 314 274 (35) 145 \(43) (2) (27) (1) (96) (50) \(16) (1) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 ■Canadian Banking ■International Banking ■Global Banking and Markets 3 ■GWM/Other HIGHLIGHTS Total PCL ratio of 13 bps, up 3 bps Q/Q The Q/Q increase in PCLs driven mainly by: Lower performing PCL releases compared to Q4/21, partially offset by lower impaired PCLs as delinquency trends improved across portfolios 1 Includes ACLs on off-balance sheet exposures and ACLs on acceptances and other financial assets 2 ACL ratio defined as period end total ACLs (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances 3 Other includes provisions for credit losses in Global Wealth Management of -$1 million (Q2/20: $2 million, Q3/20: $1 million, Q4/20: $3 million, Q1/21: $4 million, Q2/21: -$2 million, Q3/21: -1$ million, Q4/21: $1 million) 4 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 44#45Canadian Retail: Loans and Provisions' MORTGAGES 4 1 2 4 2 1 1 1 1100 AUTO LOANS 216 224 106 91 99 39 99 105 89 81 78 0 35 (6) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 LINES OF CREDIT³ 169 164 79 62 70 33 41 87 74 65 60 57 32 (8) 37 (4) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 CREDIT CARDS 1,002 896 410 400 322 288 244 41 36 234 445 401 312 321 310 (6) 204 (84) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 PCL as a % of avg. net loans (bps)² Loan Balances Q1/22 Spot ($B) % Secured Mortgages $289 100% (55) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 PCLs on Impaired Loans as a % of avg. net loans (bps)² Auto Loans Lines of Credit³ Credit Cards Total $39 100% $33 64% $6 $3684 2% 95%5 1 Includes Wealth Management. PCL excludes impact of additional pessimistic scenario 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 3 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 4 Includes Tangerine balances of $10 billion and other smaller portfolios 5 84% secured by real estate; 11% secured by automotive 45#46International Retail: Loans and Provisions Markets with Greater Weighting to Secured Markets with 550 591 MEXICO 321 279 CHILE CARIBBEAN AND CENTRAL AMERICA 556 457 428 329 326 300 280 181 261 248 238 81 70 173 122 190 62 62 49 221 212 237 64 45 267 250 253 243 205 87 231 221 204 216 195 195 179 120 138 54 67 58 170 31 51 133 Q2/20 Q3/20Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 PERU 2,436 Q2/20Q3/20Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 1,552 COLOMBIA 1,588 1,338 Greater Weighting to 939 Unsecured 1,290 1,322 1,152 738 1,194 492 970 760 361 352 364 579 1,065 542 143 764 385 726 395 636 534 245 287 289 256 361 211 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/20Q3/20Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 PCL as a % of avg. net loans (bps)1 PCLs on Impaired Loans as a % of avg. net loans (bps)1 Loan Balances Q1/22 Mexico Peru Chile Colombia Spot ($Bn) % Secured $14 87% $9 $26 $6 42% 80% 37% Caribbean & CA Total² $11 $66 77% 72% 1 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto 2 Total includes other smaller portfolios 46#47Treasury and Funding 47#48Highlights Strong liquidity, stable funding • Strong liquidity well in excess of regulatory requirements o LCR1 of 123%, down 100 bps Q/Q and down 600 bps Y/Y, in-line with target of 125% o HQLA of $205B, up $8B Q/Q and down $8B Y/Y, is substantially comprised of Level 1 assets o Pacific Alliance countries LCRs of 129% - 171% • Stability of funding reflected in NSFR2 of 108% ⚫ 28.3% TLAC³ is above 24% regulatory minimum in effect as of November 1, 2021 ⚫ Wholesale funding utilization returning to pre-pandemic levels o Wholesale funding of $265B, up $41B Q/Q (+$25B in money market funding and +$16B in term) and up $68B Y/Y o Wholesale funding / total assets increased 240 bps Q/Q to 21.3%, from 18.9% o Wholesale funding usage driven by strong asset growth, partially offset by deposit retention 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015) 2 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Net Stable Funding Ratio Disclosure Requirements (January 2021). 3 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Total Loss Absorbing Capacity (TLAC) (September 2018). 48#49Funding Strategy Diversified funding sources . Increase contribution from customer deposits Manage prudent level of wholesale funding utilization and TLAC² • Maintain balance between efficiency, stability of funding and pricing relative to peers Diversify funding by type, currency, program, tenor and source/market • Utilize a centralized (head office managed) funding and associated risk management approach 1 In addition to the programs listed, there are also CD programs in the following currencies: Yankee/USD, EUR, GBP, AUD, HKD 2 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Total Loss Absorbing Capacity (TLAC) Requirements (September 2018). Funding Programs¹ US Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit USD 50 billion Global Registered Covered Bond Program (uninsured Canadian mortgages) Limit CAD 100 billion EMTN Shelf Limit USD 20 billion CAD Debt & Equity Shelf (senior/subordinated debt, preferred and common shares) Limit CAD 15 billion START ABS program (indirect auto loans) Limit CAD 15 billion Australian MTN program Limit AUD 8 billion Singapore MTN program Limit - USD 12 billion Halifax ABS shelf (unsecured lines of credit) Limit - CAD 7 billion Principal at Risk (PAR) Note shelf Limit CAD 15 billion Trillium ABS shelf (credit cards) Limit CAD 5 billion USD Bank CP Program Limit USD 35 billion 49#50Wholesale Funding Wholesale funding diversity by instrument and maturity1,6,7 22% 16% Senior Notes Bail-inable Notes -1% Asset-Backed Securities -14% Covered Bonds Asset-Backed Commercial Paper³ 2% 32% Bearer Deposit Notes, Commercial Paper & Short-Term Certificate $265Bn 1%- Deposits from Banks² of Deposits 9% Mortgage Securitization4 TERM FUNDING MATURITY TABLE (EXCLUDING SUB DEBT AND MORTGAGE SECURITIZATION) (CANADIAN DOLLAR EQUIVALENT, $B) $30 $31 8 $21 3 $18 1 $14 18 24 21 8 16 $23 6 13 7 24 24 -3% Subordinated Debt5 7 < 1 Year 2 Years 3 Years 4 Years 5 Years 5 Years > Senior Debt ABS Covered Bonds 1 Excludes repo transactions and bankers' acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity. 2 Only includes commercial bank deposits raised by Group Treasury. 3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes. 4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name. 5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures. 6 As per Wholesale Funding Sources Table in MD&A, Q1/22 Report to Shareholders. 7 May not add due to rounding. 50 50#51Q1/19 Q2/19 Q3/19 Q4/19 PERSONAL DEPOSITS1 (AVERAGE BALANCES, $Bn) Deposit Overview Continued growth in non-personal deposits partly offset by slowing of personal $247 $245 $244 $237 $244 $244 $225 $241 $221 $216 $226 $221 $222 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 NON-PERSONAL DEPOSITS1 (AVERAGE BALANCES, $Bn) $327 $338 $351 $266 $280 $350 $251 $331 $296 $278 $253 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 1 Calculated as the sum of the average balances of the four business-line personal and non-personal deposits. 3Y CAGR 4.2% Q3/21 Q4/21 Q1/22 • • . PERSONAL DEPOSITS Important for both relationship purposes and regulatory value Q/Q growth in Wealth Management deposits offset by declines in Canadian and International Banking Deposit initiatives underway to mitigate runoff $354 $360 3Y CAGR 12.8% · NON-PERSONAL DEPOSITS Leveraging relationships to grow deposits with favourable regulatory value Strong Q/Q growth in Global Banking and Markets deposits 51#5238.4% Wholesale Funding Utilization Maintaining appropriate reliance on wholesale funding WHOLESALE FUNDING / TOTAL ASSETS 23.9% 23.5% 21.3% WHOLESALE FUNDING UTILIZATION WELL MANAGED • Wholesale funding usage returning to pre- pandemic levels driven by asset growth, partially offset by deposit retention Q1/19 Q2/19 Q3/19 16.9% Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 MONEY MARKET WHOLESALE FUNDING / TOTAL WHOLESALE FUNDING 44.7% Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 26.1% Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 32.8% Q1/22 SUITABLE CONCENTRATION OF MONEY MARKET FUNDING Prudent utilization of short-term funding 52 62#53Key Metrics Well-funded with strong liquidity and stable funding Liquidity Coverage Ratio (LCR)1 o Liquidity well in excess of regulatory requirements o LCR of 129-171% in Pacific Alliance countries High Quality Liquid Assets (HQLA) 。 Substantially comprised of Level 1 assets 。 +$8Bn Q/Q and -$8Bn Y/Y • Net Stable Funding Ratio (NSFR)² o Public disclosure began Q1/21 。NSFR is well in excess of 100% regulatory requirement 141% 138% 132% 129% 129% 127% 124% 123% 123% Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 $227 $210 $213 $201 $198 $205 $188 $195 $168 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 115% 112% 112% 110% 108% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 1 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015) 2 This measure has been disclosed in this document in accordance with OSFI Guideline - Public Disclosure Requirements for Domestic Systemically Important Banks on Net Stable Funding Ratio Disclosure Requirements (January 2021). 53#54Appendix 1 Core Markets: Economic Profiles#55Economic Outlook in Core Markets Real GDP Growth Forecast (2022-23) Real GDP (Annual % Change) Forecast 1, 2 Country 2010-19 Average 2020 2021E 2022 2023 Q1F Q2F Q3F Q4F Year Q1F Q2F Q3F Q4F Year Canada 2.3 (5.2) 4.6 2.0 4.6 4.3 3.9 3.7 4.6 3.5 2.8 2.3 3.3 U.S. 2.3 (3.4) 5.6 4.0 3.7 4.1 3.7 3.9 4.1 3.5 3.1 2.6 3.3 Mexico 2.7 (8.2) 5.0 2.1 106 1.6 1.6 1 2.3 1.9 1.5 10 1.6 1.7 21 2.1 1.7 Chile 3.3 (5.8) 12.0 8.8 6.7 0.1 (0.7) 3.5 2.5 2.2 2.2 1.0 2.0 Peru 4.5 (11.0) 13.3 2.7 2.5 2.1 3.3 2.6 2.8 3.0 2.8 2.5 2.8 Colombia 3.7 (7.0) 10.2 5.1 7.8 2.9 2.0 4.5 3.4 4.0 3.9 3.7 3.7 PAC Average³ 3.6 (8.0) 10.1 4.7 4.7 12 15 1.7 1.7 3.1 2.6 2.7 2.7 2.3 2.6 Source: Scotiabank Economics. 1 Forecasts for Canada and U.S. as of the January 19, 2022 Scotiabank Economics Global Forecast Tables. 2 Forecasts for PAC countries as of the February 18, 2022 Scotiabank Economics Latam Weekly. 3 Simple average. 55#56300 250 200 150 COVID-19 Status in Core Markets New cases per 100k Daily Confirmed COVID-19 Cases 50 0 58 100 population, 7dma Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Chile Jun-21 Jul-21 Aug-21 .U.S. Canada Colombia -Mexico Peru Percentage of Eligible of Population with at Least One Dose 100 % 90 80 70 60 50 40 30 20 10 0 Jan-21 U.S. Canada Sources: Scotiabank Economics, Johns Hopkins University, Our World in Data. Feb-21 Mar-21 Apr-21 May-21 Jun-21 Chile Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Colombia Sep-21 Oct-21 Nov-21 -Mexico Dec-21 Jan-22 Feb-22 Peru Dec-21 Jan-22 Feb-22 56#57Policy Rates in Core Markets Canada 10 10 % % forecast COVID-19 begins 09876543NTOT -1 18 Headline inflation 19 Policy rate 20 21 22 7 298 96543210 United States COVID-19 begins Policy rate Headline inflation 23 18 19 20 Sources: Scotiabank Economics (forecasts), Bank of Canada, Statistics Canada. Chile 10 % COVID-19 begins 098765432-0 18 Policy rate Headline inflation 19 20 21 forecast 21 forecast 22 23 Sources: Scotiabank Economics (forecasts), Federal Reserve Board, BLS. 10 % 0989654 7 Policy rate Colombia forecast COVID-19 begins 3 2 Headline inflation 1 0 22 23 Sources: Scotiabank Economics (forecasts), BCCH, INE. 09876543210 % Mexico COVID-19 begins forecast Policy rate Headline inflation 18 21 22 19 20 Sources: Scotiabank Economics (forecasts), Banxico, INEGI. 19 20 21 22 18 Sources: Scotiabank Economics (forecasts), BanRep, DANE. Peru 23 10 % 9 COVID-19 begins forecast 8 7 6 5 4 Policy rate 3 2 1 0 23 18 Headline inflation 19 20 21 22 23 Sources: Scotiabank Economics (forecasts), BCRP, INEI. 44 57#58Pacific Alliance: Economic Outlook and Election Calendar Pacific Alliance Economies Are Recovering 115 Real GDP, index Q4-2019-100, 4-qtr. rolling sum 110 105 100 95 90 85 2020 Chile 2021 Colombia 2022 2023 Mexico Peru Sources: Scotiabank Economics, Haver Analytics. Forecasts for PAC countries as of the February 18, 2022 Scotiabank Economics Latam Weekly. Elections in the Region Constitutional Referendum Mid-2022, date TBD Presidential Recall Referendum March 27, 2022 Congressional March 13, 2022 Jan.-Apr. 2022 Gubernational (6 States) June 5, 2022 Presidential May 29, 2022 Presidential Run-Off June 19, 2022 Regional & Municipal October 2, 2022 Gubernational (2 States) May-Aug. 2022 Sep.-Dec. 2022 2023 58#59Canadian Economy Diverse sources of growth with a strong balance sheet 20.8% Finance, Insurance, & Real Estate 14.2% Other 3.7% Transportation & Warehousing 6.5% Professional, Scientific, & Technical Services 6.9% CANADIAN GDP BY INDUSTRY (Nov. 2021) Public Administration -12.6% Health & Education 10.6% Wholesale & Retail Trade 7.3% 9.4% Manufacturing 8.0% Mining and Oil & Gas Extraction Real GDP Growth ANNUAL % CHANGE LO 5 + 3 F U.S. Canada Eurozone 2021E-2023F U.K. Japan 2010-2019 Sources: Scotiabank Economics, Haver Analytics, Statistics Canada. Forecasts as of Jan, 19, 2022. Construction GDP 2021E: 4.6% GDP 2022F: 3.7% GDP 2023F: 3.3% General Government Net Debt % OF GDP Government Financial Deficits 0 -3 2020 2021E (4.3) (6.8) -6 (9.5) (10.2) (9.2) (8.9) (10.8) (8.8) (10.3) (9.0) (12.5) 167 172 -9 (11.9) (14.9) (10.8) (10.9) (5.8) 142 142 88 90 92 97 99 102 103 103 -12 50 54 % OF GDP 2020 2021E 35 35 -15 GE IT FR CA GE Adv. Econ. U.K. U.S. FR IT JN Adv. Econ. JN U.K. U.S. CA* Sources: IMF Oct. 2021 Fiscal Monitor. Calendar years shown. * Canadian federal deficit reflects Scotiabank Economics' forecast as of Jan. 19, 2022. Sources: Scotiabank Economics, IMF Oct. 2021 Fiscal Monitor, CBO. Calendar years shown. 59#60Public Debt Ratios in G7 Markets 300 % of GDP 250 200 150 100 50 0 G7 General Government Gross Debt 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Canada (AAA) Italy (BBB) -U.S. (AA+) France (AA) Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. G7 General Government Net Debt 200 % of GDP 150 100 60 50 - Germany (AAA) UK (AA) 0 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 -Canada (AAA) Italy (BBB) -U.S. (AA+) France (AA) -Japan (A+) Sources: Scotiabank Economics, IMF, Standard & Poor's. Germany (AAA) UK (AA) 60#61Mexican Economy Solid mix of sectors Services are increasingly contributing to the domestic economy's recovery. Trade with the U.S. is leading growth, but Mexico's diversification agenda is also underpinned by 13 free-trade agreements with 50 countries that account for 43% of global GDP and include all G7 countries. The authorities' fiscal and debt indicators remain reasonable; efforts to boost tax collection could continue to be implemented. GDP 2021E: 5.0% GDP 2022F: 1.9% GDP 2023F: 1.7% Sources: Scotiabank Economics, Bloomberg, as of February 18, 2022. 16.5% Finance, Insurance, & Real Estate 14.6% Other 3.5% Natural Resources 6.2% Transportation & Warehousing 6.1% Health & Education MEXICAN GDP BY INDUSTRY* (Q3-2021) 2.0% Professional, Scientific, & Technical Services 4.0% Public Administration 18.4% Wholesale & Retail Trade 16.2% Manufacturing 6.3% Mining and Oil & Gas Extraction 6.2% Construction * Q4-2021 real GDP growth 1.0 y/y. Industry GDP breakdown not yet available for Q4-2021. Top Trading Partners* Contributions to Mexican GDP Growth 24 y/y % change 20 16 12 8 4 0 -4 Other* -8 -12 Inventories Government Net Exports Investment Consumption -16 Real GDP -20 17 18 19 20 21 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. * Q4-2021 real GDP growth 1.0 y/y. National accounts breakdown not yet available for Q4-2021. South Korea 3% Others 16% Canada 3% EU 8% China 12% * Trade data updated as of Q3-2021. United States 58% 61#62Chilean Economy Advanced economy with wide-ranging trade links • Chile's mix of economic activities reflects its status as an advanced OECD economy. Chile's diversified trading relationships are supported by 30 free-trade agreements with 70 countries that account for 88% of global GDP. Public support for households and businesses has powered a strong rebound in consumption. GDP 2021E: 12.0% GDP 2022F: 3.5% GDP 2023F: 2.0% Sources: Scotiabank Economics, Bloomberg, as of February 18, 2022. Contributions to Chilean GDP Growth 40 y/y % change 30 15.8% Finance, Insurance, & Real Estate 9.4% Other 2.0% Restaurants & Hotels 8.2% Transportation & Warehousing 3.2% Natural Resources CHILEAN GDP BY INDUSTRY (Q3-2021) 18.4% Housing & Personal Services 10.9% Wholesale & Retail Trade Top Trading Partners* 10.2% Manufacturing 11.6% Mining and Oil & Gas Extraction 5.8% Construction 4.6% Public Administration 20 10 20 0 -10 Net Exports Investment -20 Consumption 18 Inventories Government Real GDP 19 Sources: Scotiabank Economics, Haver Analytics. -30 17 20 21 24 Japan 4% Others 28% China 34% Brazil 7% United States EU 10% 17% * Trade data updated as of Q3-2021. 62 62#63Peruvian Economy Resilient economic fundamentals Peru's important resource sectors are increasingly balanced by stronger service-sector activity and solid economic fundamentals. Peru has 18 free-trade agreements with 52 countries that account for 66% of global GDP. Government spending, transfer programs, and pension withdrawals helped to bolster a rebound into 2022. 12.8% Manufacturing 10.5% Wholesale & Retail Trade Other PERUVIAN GDP BY INDUSTRY (Q3-2021) GDP 2021E: 13.3% GDP 2022F: 2.6% GDP 2023F: 2.8% Sources: Scotiabank Economics, Bloomberg, as of February 18, 2022. Contributions to Peruvian GDP Growth 3 N WAS 20 50 y/y % change 40 30 10 0 -10 Net Exports Investment Inventories Government -20 Consumption Real GDP -30 -40 17 18 19 20 21 Sources: Scotiabank Economics, Haver Analytics. 31.2% 11.7% Mining, Oil, & Gas 6.3% Construction 1.9% Electricity & Water 8.0% Top Trading Partners* China 29% Others 36% Natural Resources India 4% United States 15% South Korea 5% EU 11% * Trade data updated as of Q3-2021. 63 63#64Colombian Economy Strong underlying momentum . Growth prospects have solidified as the re-opening has progressed. Colombia continues to build on its 17 free-trade agreements with 65 countries that account for 41.7% of global GDP. Services and consumption, reflecting an expanding middle class, account for rising shares of Colombian GDP compared with traditional strengths in extractive industries. GDP 2021E: 10.2% GDP 2022F: 4.5% GDP 2023F: 3.7% 13.5% Finance, Insurance, & Real Estate 10.8% Other 6.0% Natural Resources 3.1% Arts & Entertainment 18.1% Wholesale, Retail Trade, Accommodation & Food Services 12.2% Manufacturing COLOMBIAN GDP BY INDUSTRY (Q4-2021) 6.9% Mining and Oil & Gas Extraction 4.6% Construction 3.0% Information & Communication 6.8% Professional, Scientific, & Technical Services .15.2% Public Administration Sources: Scotiabank Economics, Bloomberg, as of February 18, 2022. Contributions to Colombian GDP Growth 25050 10 y/y % change 15 -5 -10 Other* Net Exports -15 Investment Government -20 Consumption Real GDP -25 18 17 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 19 20 21 21 Top Trading Partners* United Others States 32% 26% Brazil 5% Mexico 5% China 19% EU 13% * Trade data updated as of Q3-2021. 64#65Appendix 2 Canadian Economic Fundamentals#6680 60 85 90 CA: Consumer and Business Activity 110 Index, 2019Q4 = 100 105 Jan 13, 2020 forecast 100 95 95 GDP Getting Back on Track Business Confidence - CFIB Business Barometer 80 index, 50 stronger 60 Jan. 19, 2022 forecast 50 50 19Q4 20Q1 Key Economic Indicators 180 index, Feb 2020 levels = 100 20Q2 2003 Source: Scotiabank Economics, Statistics Canada. 2004 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 2204 23Q1 23Q2 23Q3 23Q4 160 140 120 100 80 60 40 20 ༄༄¥ཤྰཎྜ¥ & Feb-20 Mar-20- Apr-20 May-20- Jun-20 Jul-20- Aug-20- Sep-20 Oct-20- Nov-20 Dec-20- Jan-21- Feb-21- Feb-21- Mar-21. Apr-21 May-21- Auto Sales ⚫Mfg Shipments Exports Housing Starts Retail Sales Sources: Scotiabank Economics, Bloomberg. Jun-21. Jul-21 Aug-21- Sep-21. Oct-21. Nov-21 Dec-21 Jan-22 Employment Manufacturing PMI 80 85 90 30 40 70 70 20 T 11 12 13 14 Sources: Scotiabank Economics, CFIB. 105 Feb. 2020=100 100 95 Headline index 3-month moving average 6-month moving average 15 16 17 18 19 20 21 22 Labour Market Recovery Canada Has Recovered Lost Jobs Canada's Labour Force Participation Rate Feb-20- Apr-20- Jun-20- Aug-20- Oct-20- Dec-20- Feb-21 Apr-21- Jun-21- Aug-21- Oct-21- Dec-21- Sources: Scotiabank Economics, Statistics Canada. 59 60 61 Feb-20 66 % 65 64 63 62 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21] Oct-21 66 99 Dec-21]#67CA: Demographics and Housing Market Population Growth Rebounding Immigration Pushing to Record Levels 500 Proposed Immigration 000s 2.0 annual % change 1.5 15 Canada Euro Area Japan United States 450 United Kingdom Italy 400 350 Annual Average Immigration 1.0 300 250 0.5 200 150 0.0 100 -0.5 50 0 -1.0 09 10 11 12 13 Sources: Scotiabank Economics, Haver. 14 15 16 17 18 19 20 21 70s 80s 90s 00s 17 18 Sources: Scotiabank Economics, Statistics Canada, Ministry of Immigration, Refugees & Citizenship Canada. 19 20 21 22 23 24 Canadian Residential Housing Inventory Very Low Housing Supply Still Tight in Key Markets 12 months of inventory, SA 10 Toronto 8 units per 10,000 pop., end of period Vancouver 18 16 units per 10,000 pop., end of period Multi-Unit Multi-Unit 14 Single- Detached 6 8 Single-Detached 12 2002-20 6 10 average 4 1992-2020 8 4 average 6 2 2 4 2 0 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 0 0 Sources: Scotiabank Economics, Statistics Canada. 92 96 00 04 08 12 16 20 Sources: Scotiabank Economics, Statistics Canada, CMHC. 02 04 06 08 10 12 14 16 18 20 67#68CA: Growth in Household Credit Total household credit growth, in annual nominal terms, had slowed considerably since the 2007 peak of 13.4% y/y. But household credit growth has picked up rapidly throughout 2021, reaching 8.2% y/y for the rolling quarter ending Nov. 2021, the highest rate since late-2010. • Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.) fell by -0.6% y/y for the rolling quarter ending Nov. 2021. Consumer loan growth has trended downward since late-2000 highs of over 16.6% y/y, and declined further during the pandemic on refinancing into secured credit, but the most recent two quarters reflect signs of strengthening consumer demand and spending. Mortgage credit grew at 10.4% y/y in the rolling quarter ending Nov. 2021 vs the 2007 peak of 14.1% y/y. Underlying demand, pandemic-induced moves, and relatively low five-year rates have driven a rebound in the pace of growth. 20 Household Credit Growth %, 3-month moving average y/y % 15 10 change 15 10 220505 -5 Consumer Loan Growth %, 3-month moving average y/y % change Residential Mortgage Growth 20 %, 3-month moving average 15 yly% change 10 m/m% 5 change, SA 0 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. -10 -15 m/m% change, SA 5 m/m% change, SA -20 0 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. 68#69CA: Housing Finances More than Half of Canadian Households Don't Have a Mortgage or HELOC 5-Year Mortgage Rates Resetting Higher 45 100 % of households (2020 est.) 5-year difference, basis points forecast* 40 with HELOC 50 50 35 11.5 0 30 -50 25 1.9 -100 20 32.8 -150 15 29.1 24.3 -200 10 5 0 Owned dwelling w/ mortgage Owned dwelling w/o mortgage Rented Sources: Scotiabank Economics, Mortgage Professionals Canada. -250 10 11 12 13 14 15 16 17 18 19 20 21 22 23 *Based on Scotiabank Economics forecast of 10-year government of Canada bond yields and the 2006-20 average spread Sources: Scotiabank Economics, Bank of Canada. Higher Home Equity in Canada 80 equity as % of real estate assets 120 75 70 Cda estimate incl. HELOCS 65 60 Canadian Mortgage Delinquencies Declining 10 Official (excl. HELOCs) % of total loans past due three or more months 8 U.S. estimate with NFPs excl. HELOCS 55 Official FRB with NFPS (incl. HELOCs) 50 45 45 4 2 U.S. + foreclosures U.S. Canada 40 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Sources: Scotiabank Economics, OSFI, FCAC, Statistics Canada, Federal Reserve Board. 92 94 96 98 00 02 04 06 08 10 12 Sources: Scotiabank Economics, MBA, CBA. 14 16 18 20 20 69#70CA: Household Finances Household Savings Ratios Elevated 30 % of disposable income, SAAR 25 20 15 10 5 0 Household Credit-Market Debt Has Levelled Off 200 % of disposable income, SAAR 180 160 140 120 100 80 Adjusted Canadian Official U.S. -----Official Canadian 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Statistics Canada, BEA, Federal Reserve Board. -5 60 92 94 96 98 00 02 04 06 08 10 Sources: Scotiabank Economics, Statistics Canada. 12 14 16 18 20 Ratio of Household Assets to Liabilities Rising 750 % 700 650 20 Household Debt-Service Ratios Tempered 16 % of disposable income, SAAR 14 Canada 12 10 600 Debt service ratio (principal and interest) 8 550 Debt service ratio 6 500 (interest only) U.S. 4 450 Debt service ratio (principal only) 2 400 0 350 T 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 92 94 96 98 00 02 04 Sources: Scotiabank Economics, Statistics Canada. 06 08 10 12 14 16 18 20 Sources: Statistics Canada, Federal Reserve Board. 70 10#71Appendix 3 Bail-in and TLAC#72Canadian Bail-in Regulations: Key Features Best in class approach Post September 23, 2018, senior unsecured debt issued by Canadian DSIBS that is subject to bail-in is the only format of issuance available¹ and is a single class of debt2 that is not subordinated to another class of wholesale senior debt Canadian bank term senior unsecured debt is not structurally, statutorily or contractually subordinated to another class of senior liabilities and therefore ranks equally to deposits and other senior liabilities in liquidation Canada utilizes a statutory bail-in regime where, unlike the contractual regime of Canadian NVCC capital instruments, bail-in conversion terms are not prescribed. CDIC retains flexibility to exercise the bail-in power in a manner that is appropriate given the circumstances at the time and subject to certain parameters. In the remote event of non-viability, the no creditor worse off principle ensures that bailed-in senior creditors do not incur greater losses through resolution than liquidation. The CDIC compensation regime floors recovery at the liquidation value. • The bail-in regime provides for a relative hierarchy of claims. Creditors receive common shares in accordance with their relative rankings. 1 Excludes structured notes as defined in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 2 Ranks pari passu with other forms of senior debt, except as otherwise prescribed by law and subject to the exercise of bank resolution powers 72 22#73Canadian Bail-in Regulations: Jurisdictional Comparison Best in class approach K Instrument type Opco senior Holdco senior Holdco senior¹ Holdco senior Opco non- preferred senior Ranking in Liquidation Pari passu with deposits and other senior liabilities Structural subordination² subordination² Structural Structural subordination² Contractual subordination² Senior Deposits Other senior liabilities debt Subordination schematic subject to bail-in Capital Deposits Opco senior / senior preferred / other senior liabilities Holdco senior / senior non-preferred Capital Depositor preference No Yes Yes Yes Yes Participation in equity post resolution Conversion to equity of the bank or an affiliate allows participation in the upside, if any³ N/A4 Uncertain given possibility of writedown Uncertain given possibility of writedown Uncertain given possibility of writedown Acceleration rights upon failure to pay Yes principal and interest 1Applicable in practice for G-SIBS' issuance of non-capital bail-in debt Yes Yes Yes No5 2 Approach applicable to G-SIBS in relevant jurisdictions. Additionally, Switzerland uses structural subordination, Germany uses statutory subordination, Spain uses contractual subordination 3 Assuming only bail-in is triggered. If other resolution powers are exercised, debt holders could be exposed to losses in a manner similar to a write-down of their claims 4 No bail-in power. In resolution, debtholders could potentially receive partial recoveries (analogous to a write-down) or have their claims satisfied through the issuance of new securities (analogous to a bail-in conversion) 5 The terms of senior non-preferred do not include acceleration rights upon failure to pay principal and interest; however, there is no statutory restriction in this regard. Once resolution proceedings are underway, holders may declare an event of default for failure to meet payment obligations 73#74Summary of Bail-in / TLAC Regime Best in class approach . Scope Scope of bail-in instruments Liabilities excluded from bail-in TLAC compliance date TLAC requirement TLAC eligibility Grandfathering Sequencing and preconditions Form of bail-in DSIB disclosure requirements OSFI designated DSIBS Senior unsecured debt that is tradeable and transferable, original term >400 days, unsecured and issued, originated or renegotiated after September 23, 2018 Insured deposits, uninsured deposits, debt with original term < 400 days, ABS / covered bonds, structured notes², derivative liabilities, other liabilities November 1, 2021 24.0% minimum risk-based TLAC ratio as of November 1, 2021 (21.5% plus a 2.5% Domestic Stability Buffer) 6.75% minimum TLAC leverage ratio Regulatory capital³ + bail-in debt with remaining term to maturity > 1 year4 Yes all senior instruments issued prior to September 23, 2018 1. Federal authorities bring bank into resolution 2. Full conversion of bank's NVCC instruments must occur prior to or concurrently with bail-in Equity conversion - Include disclosure related to the conversion power in any agreement governing an eligible liability as well as any accompanying offering document - Include a clause in the contractual provisions governing any eligible liability through which investors provide express submission to the Canadian bail-in regime - TLAC and TLAC leverage ratios are disclosed in the Bank's Quarterly Report and Supplementary Regulatory Capital Disclosures Bail-in is not the only path in Canada to resolve a failing bank. Canadian authorities retain full discretion to use other powers including "vesting order", "receivership order", "bridge bank resolution order", etc. • Equity conversion under the Canadian bail-in regime has the potential to result in realizable value in excess of principal amount 1 Yankee CD's with original term > 400 days are in-scope of bail-in 2 As per definition of structured notes in section 2(6) of the Bank Recapitalization (Bail-in) Conversion Regulations under the CDIC Act 3 Adjusted to fully include subordinated debentures with a remaining term of one to five years 4 Provided such bail-in debt meets certain other requirements 74#75Appendix 4 Covered Bonds#76Global Registered Covered Bond Program Highlights • Able to issue across multiple currencies such as CAD, USD, EUR, GBP, AUD and CHF CAD$52.3 billion outstanding¹ (of which $15 billion is self-issued) vs. $100 billion program size² Extensive regulatory oversight and pool audit requirements • Mandatory property value indexation ⚫ CMHC prescribed disclosure requirements Program carries the ECBC Covered Bond Label Issuer The Bank of Nova Scotia Guarantor Guarantee Status Program Size Ratings Cover Pool Asset Percentage Scotiabank Covered Bond Guarantor Limited Partnership Payments of interest and principal in respect of the covered bonds are irrevocably guaranteed by the Guarantor. The obligations under the Covered Bond Guarantee constitute direct obligations of the Issuer and are secured by the assets of the Guarantor, including the Portfolio. The covered bonds will constitute legal, valid and binding direct, unconditional, unsubordinated and unsecured obligations of the Bank and will rank pari passu with all deposit liabilities of the Bank without any preference among themselves and at least pari passu with all other unsubordinated and unsecured obligations of the Bank, present and future. CAD $100 billion² Aaa / AAA / AAA (Moody's / Fitch / DBRS) First lien uninsured Canadian residential mortgage loans with LTV limit of 80% 94.8% Law Ontario, Canada Issuance Format 1 As at January 31, 2022. 144A/Reg S (UKLA Listed) 2 Effective April 6, 2021, OSFI limit for issuance is 5.5% of Total Assets. 76#77Global Registered Covered Bond Program¹ Portfolio Summary Statistics LOAN-TO-VALUE RATIOS² 47% 31% 6% CREDIT SCORES³ 63% 16% 5% <1% <1% 2% 18% 11% 0-20% 20-40% 40-60% 60-80% 80+% <599 600-650 651-700 701-750 751-800 800+ REMAINING TERM DISTRIBUTION (MONTHS) 20% 22% 14% 12% 11% 21% 9.2% Alberta 0.2% Territories 2.0% Saskatchewan 1.9% Quebec <12 12-23.99 24-35.99 36-41.99 42-47.99 48+ 0.2% P.E.I. PROVINCIAL DISTRIBUTION 1 As at January 31, 2022. Charts may not add due to rounding 2 Uses indexation methodology as outlined in Footnote 1 on page 3 of the Scotiabank Global Registered Covered Bond Monthly Investor Report 3 Excludes unavailable credit scores 59.4% Ontario 1.1% 22.2% British Columbia Manitoba 1.7% 0.8% New Brunswick 1.3% Newfoundland Nova Scotia 77#78Canadian Legislative Covered Bonds (CMHC Registered) . Canadian Registered Covered Bond Programs' Legal Framework (Canadian National Housing Act) Issuance Framework • Canadian Registered Covered Bond Programs Guide issued by Canada Mortgage and Housing Corporation (CMHC) Eligible Assets Mortgage LTV Limits • Uninsured loans secured by residential property in Canada • LTV limit of 80% Basis for Valuation of Mortgage Collateral . Issuers are required to index the value of the property underlying mortgage loans in the covered pool while performing various tests Securities issued by the Government of Canada Repos of Government of Canada securities having terms acceptable to CMHC 10% of the aggregate value of (a) the loans (b) any Substitute Assets and (c) all cash held by the Guarantor The cash assets of the Guarantor cannot exceed the Guarantor's payment obligations for the immediately succeeding six months . Substitute Assets • Substitute Assets Limitation Cash Restriction • Coverage Test Asset coverage Test • Credit Enhancement • Swaps • Market Risk Reporting Covered Bond Supervisory Body Requirement to Register Issuer and Program Amortization Test Overcollateralization Reserve Fund Covered bond swap, forward starting Interest rate swap, forward starting Valuation calculation Mandatory property value indexation • CMHC • Yes; prior to first issuance of the covered bond program Registry • Yes Disclosure Requirements • Monthly investor report with prescribed disclosure requirements set out by CMHC Investor reports must be posted on the program website 78#79Appendix 5 Additional Information#80Medium-Term Financial Objectives All-Bank Objectives¹ EPS Growth² 7%+ ROE² 14%+ Operating Leverage² Positive Capital³ Strong Levels 13-5 year targets from 2020 Investor Day 2 Refer to non-GAAP measures on page 4 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available on http://www.sedar.com 3This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018). 80 60#81Additional Information Scotiabank Listings: Toronto Stock Exchange (TSX: BNS) New York Stock Exchange (NYSE: BNS) Scotiabank Common Share Issue Information: • CUSIP: • ISIN: FIGI: . 064149107 CA0641491075 BBGOOOBXSXH3 NAICS: 522110 Scotiabank Credit Ratings Moody's Investors Standard & Poor's Fitch Ratings Services Dominion Bond Rating Service Ltd. Aa2 A+ AA Legacy Senior Debt¹ Senior Debt² AA A2 A- AA- AA (low) Subordinated Debt (NVCC) Baa1(hyb) BBB+ A (low) Short Term Deposits/Commercial Paper P-1 Covered Bond Program Aaa Not Rated AAA Outlook Stable Stable Negative Stable A-1 F1+ R-1 (high) AAA Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime 2 Subject to conversion under the bank recapitalization "bail-in" regime 81#82Contact Information Investor Relations John McCartney Senior Vice President 416-863-7579 [email protected] Mark Michalski Director 416-866-6905 [email protected] Sophia Saeed Vice President 416-933-8869 [email protected] Rene Lo Director 416-866-6124 [email protected] Funding Tom McGuire Executive Vice President & Group Treasurer 416-860-1688 [email protected] Martin Weeks SVP & Head, Global Banking and Markets Treasury and Deputy Treasurer 416-933-3728 [email protected] 82 62