Investor Presentation (Q424 Investor Presentation EN)

From time to time, our public communications 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 (SEC), 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 2024 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," "aim," "achieve," "foresee," "forecast," "anticipate," "intend," "estimate," "outlook," "seek," "schedule," "plan," "goal," "strive," "target," "project," "commit," "objective," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would," "might," "can" and "could" and positive and negative variations thereof.

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 and globally; 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, including relating to the care and control of information, and other risks arising from the Bank's use of third parties; 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; geopolitical risk; changes to our credit ratings; the possible effects on our business and the global economy of war, conflicts or terrorist actions and unforeseen consequences arising from such actions; technological changes, including the use of data and artificial intelligence in our business, and technology resiliency; 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; anti-money laundering; disruptions or attacks (including cyberattacks) on the Bank's information technology, internet connectivity, network accessibility, or other voice or data communications systems or services, which may result in data breaches, unauthorized access to sensitive information, denial of service and potential incidents of identity theft; 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; environmental, social and governance risks, including climate change, our ability to implement various sustainability-related initiatives (both internally and with our clients and other stakeholders) under expected time frames, and our ability to scale our sustainable-finance products and services; the occurrence of natural and unnatural catastrophic events and claims resulting from such events, including disruptions to public infrastructure, such as transportation, communications, power or water supply; inflationary pressures; global supply-chain disruptions; Canadian housing and household indebtedness; the emergence or continuation of widespread health emergencies or pandemics, including their 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 2024 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 2024 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2025 Priorities" 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.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov.

2

Incremental capital in priority businesses

Personal & commercial deposits as % of All Bank

FY23

Baseline

48%

FY24

Progress

100%+

51%

FY28

Objective

~90%

~55%

C A N A D I A N B A N K I N G

Retail primary client growth

Retail primary clients (%)

Share of volume from digital and virtual

Retail deposits & retail investment growth1

28%

11%

185 K 30%

12%

6% Y/Y

1 MM+

35%

30%+

7%+

5-YR CAGR

Retail primary client growth

Retail primary clients (%)

Client acquisition through digital and virtual branches

9%

14%

95 K 10% 16%

1 MM+

15%+

50%+

G L O B A L W E A L T H M A N A G E M E N T

G L O B A L B A N K I N G A N D M A R K E T S

W H O L E Y E A R H I G H L I G H T S

• Diluted EPS up 3%

• 1. Strong PTPP1 growth, partly offset by higher PCLs
• Revenues up 5%; adjusted1 revenue up 6%
• 1. Net interest income up 5%

• 1. Non-interestincome up 3%
• NIM1 up 4 bps
• 1. Higher margins in Canadian and International Banking
• RAM1 down 2 bps
• Expenses up 3%, adjusted1 up 4%
• 1. Adjusted1 driven by higher personnel and technology costs
• Positive operating leverage2 of 1.5% (reported)
• 1. Adjusted1 operating leverage2 positive 2.3%
• Average loans and acceptances down 2%
• Deposits1,3 up 4%
• 1. Canadian Banking up 8%, International Banking up 3% (constant dollar1)
• LDR1 of 108%, down from 114%

R E P O R T E D N E T I N C O M E Y / Y ( $ M M )

R E P O R T E D N E T I N C O M E 4 B Y S E G M E N T ( $ M M )

Y / Y H I G H L I G H T S

• Diluted EPS up 23%, adjusted1 up 28%

• 1. Strong PTPP1 growth and lower PCLs offset by higher taxes
• Revenues up 3%; adjusted1 up 8%
• 1. Net interest income up 6%

• 1. Reported non-interest revenue flat, adjusted1 up 11%
• NIM1 flat at 2.15%
• RAM1 up 12 bps
• Expenses down 4%; adjusted1 up 1%
• 1. Adjusted1 driven by higher performance based compensation, technology, personnel costs
• Average loans and acceptances down 2%; down 1% Q/Q
• Deposits1,3 up 2%; flat Q/Q
• 1. Canadian Banking up 7%, International Banking down 1% (constant dollar1)
• LDR1 of 106%, down from 110%

R E P O R T E D N E T I N C O M E Y / Y ( $ M M )

1. Refer to Non-GAAP Measures section from pages 46 to 67
2. Refer to Glossary from pages 68 to 70 for the description of the measure
3. Excludes treasury sourced deposit funding
4. Attributable to equity holders of the bank

R E P O R T E D N E T I N C O M E 4 B Y S E G M E N T ( $ M M )

34%

8

Canadian Banking

Y / Y H I G H L I G H T S

• Net Income up 34%

• 1. Lower PCLs and higher revenue, partly offset by higher expenses
• Revenue up 5% (flat Q/Q)
• 1. Net interest income up 9% from volume growth and the benefit from the BA conversion
• NIM2 flat (down 5 bps Q/Q)
• 1. Higher loan margins offset by deposit margin compression
• RAM2 up 28 bps
• 1. Driven by lower PCLs
• Expenses up 4%
• 1. Higher technology, professional, advertising, and business development costs
• FY24 operating leverage3 of 2.6%
• Average loans and acceptances up 2%

Net Income1

Expenses

Pre-Tax, Pre-Provision Profit

Productivity Ratio

$1,062 $1,575 $1,912 45.2%

34%

4%

6%

(40 bps)

(4%)

3%

(2%)

140 bps

• 1. Business loans up 6%, credit cards up 12%, both mortgages and personal loans up 1%
• Deposit growth of 7%
• 1. Non-personalup 11%, mostly in demand accounts; personal up 5%, mostly in term products

R E P O R T E D N E T I N C O M E A N D R O E 2

N I M 2 A N D R A M 2