Bank of Nova Scotia : Documént Financiére

Investor Presentation

May 28, 2024

Caution Regarding Forward-Looking Statements

Forward-looking Statements 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 2023 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," "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; 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 of war or terrorist actions and unforeseen consequences arising from such actions; technological changes 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, 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; 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; inflationary pressures; 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 2023 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 2023 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2024 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

Opening Remarks

Scott Thomson President & CEO

3

Highlights

Grow and scale		Mexico earnings1	up 19% YTD and		Global Banking and Markets
	deposits1	up 23% YTD		U.S. earnings up 32% YTD
in priority businesses

Earn		95,000 net new primary clients		Canadian Wealth Management
primary client		in Canadian Retail Banking YTD		financial plans delivered up 27% YTD
relationships

Make it easy		64% of new Tangerine		International Banking productivity2 of
		51.0% YTD, down 260 bps
to do		activations on mobile YTD
		from YTD F23
business with us

	Win as		One of the Best WorkplacesTM		Referrals between Canadian Retail
		in Canada by Great Place To Work®		and Wealth up 15% Y/Y
	one team
						4
1.	Includes Wealth earnings in Mexico; constant dollar earnings up 6% YTD and deposits up 14% YTD; Refer to Non-GAAP Measures section from pages 43 to 63
2.	Refer to Glossary from pages 64 to 65 for the description of the measure

Q2/24 Overview

Raj Viswanathan Group Head & CFO

5

Q2 2024 Financial Performance

$MM, except EPS	Q2/24	Y/Y	Q/Q
Reported
Net Income	$2,092	(3%)	(5%)
Diluted EPS	$1.57	(7%)	(7%)
Revenue	$8,347	5%	(1%)
Expenses	$4,711	3%	(1%)
Pre-Tax,Pre-Provision Profit1	$3,636	9%	(2%)
Productivity Ratio2	56.4%	(140 bps)	20 bps
Net Interest Margin (NIM)1	2.17%	5 bps	(2 bps)
Risk Adjusted Margin (RAM)1	1.72%	(8 bps)	(5 bps)
PCL Ratio2	54 bps	17 bps	4 bps
PCL Ratio on Impaired Loans2	52 bps	19 bps	3 bps
Return on Equity2	11.2%	(100 bps)	(60 bps)
Return on Tangible Common Equity1	13.8%	(150 bps)	(80 bps)
Adjusted1
Net Income	$2,105	(3%)	(5%)
Diluted EPS	$1.58	(7%)	(7%)
Revenue	$8,347	5%	(1%)
Expenses	$4,693	3%	(1%)
Pre-Tax,Pre-Provision Profit	$3,654	9%	(2%)
Productivity Ratio	56.2%	(130 bps)	20 bps
Return on Equity	11.3%	(100 bps)	(60 bps)

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

• Diluted EPS down 7% o Higher PCLs
• Revenues up 5%

1. Net interest income up 5%; higher margins

• 1. Non-interestincome up 6%; higher wealth revenues, underwriting and advisory fees, and banking fees
• NIM1 up 5 bps
• 1. Higher rates and favourable shift in business mix
• RAM1 down 8 bps
• 1. PCL ratio up 17 bps
• Expenses up 3% (down 1% Q/Q)
• 1. Higher technology and personnel costs
• YTD operating leverage2 of 1.1%
• Loans and acceptances down 3% Y/Y and 1% Q/Q
• Deposits3 up 4% (1% Q/Q)
• 1. Canadian and International Banking up 7%
• LDR1 of 107%, down from 115%

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 )

(4%)

			8%		7%	6%
1,055	1,008
				636	671
		353	380	401	428
Canadian Banking	Global Wealth	Global Banking and	International Banking
		Management	Markets			Q2/23			Q2/24

Note: This document is not audited and should be read in conjunction with our Q2/24 Quarterly Report to Shareholders and 2023 Annual Report. All amounts unless otherwise indicated are based on financial
statements prepared in accordance with IFRS and are on a reported basis.
1.	Refer to Non-GAAP Measures section from pages 43 to 63
2.	Refer to Glossary from pages 64 to 65 for the description of the measure	6
3.	Excludes treasury sourced deposit funding
4.	Attributable to equity holders of the bank

Strong Capital Position

Q / Q C H A N G E I N C E T 1 R A T I O ( % ) 1

• CET1 ratio of 13.2%, benefited from earnings, lower RWA, and share issuances through DRIP, partly offset by losses from FVOCI securities
• Benefit from lower RWA of 15 bps was mainly driven by:

1. RWA optimization activities (book size) partly offset by changes in operational risk and market risk RWA

1. The capital floor add-on has been eliminated as a result of changes in book quality and model updates

	14 bps	15 bps	10 bps	13.2%
12.9%

(5 bps)	(1 bp)

Q1 2024	Earnings less	Net RWA growth	Share issuances	FVOCI securities	Other	Q2 2024
Reported	dividends	(ex. FX)	(mainly DRIP)		(net)	Reported
	Q / Q C H A N G E I N R I S K W E I G H T E D A S S E T S ( $ B N ) 1
		4.5	4.3	0.2	0.5
451.0	3.3				450.2
	(5.8)					(7.8)

Q1 2024	Book Size	Book Quality Model Updates FX & Other	Market	Operational	Change in Floor	Q2 2024
Reported			Risk	Risk	Add-on	Reported

1.	This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2023)	7

Canadian Banking

$MM	Q2/24	Y/Y	Q/Q
Reported
Net Income1	$1,008	(4%)	(8%)
Revenue	$3,336	7%	(1%)
Expenses	$1,518	4%	1%
Pre-Tax,Pre-Provision Profit2	$1,818	9%	(4%)
PCLs	$428	97%	13%
Productivity Ratio3	45.5%	(100 bps)	130 bps
Net Interest Margin2	2.56%	26 bps	-
PCL Ratio3	40 bps	20 bps	6 bps
PCL Ratio on Impaired Loans3	37 bps	16 bps	4 bps
Adjusted2

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

• Net Income down 4% o Higher PCLs
• Revenue up 7%

	o Net interest income up 12% from deposit growth and margin expansion
• NIM2 up 26 bps
	o Higher loan and deposit margins and favourable changes in business mix
• RAM2 up 6 bps
•	o Higher margins partly offset by higher PCLs
Expenses up 4%
	o Higher technology, personnel, advertising and business development
• YTD operating leverage3 of 3.1%
•	Loans declined 1%
	o Mortgages down 5%, business loans up 8%, credit cards up 18%
• Deposit growth of 7%

Net Income1

Expenses

Pre-Tax,Pre-Provision Profit

Productivity Ratio

$1,008 $1,517 $1,819 45.5%

(4%)

4%

9%

(100 bps)

(8%)

1%

(4%)

130 bps

o Personal up 6%, primarily in term; non-personal up 11%, primarily in

demand

• LDR3 of 122%, down from 132%

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

in $MMs	22.7%	22.3%			21.7%	20.0%
				16.7%
			NIAEH	1,055	1,050			1,095	1,008
			ROE	793
					Q2/23		Q3/23		Q4/23		Q1/24		Q2/24
NIACS4	$1,054	$1,049	$792	$1,094	$1,008
Equity2,5	$19,077	$18,678	$18,881	$20,015	$20,507

N I M 2 A N D R A M 2

			NIM	RAM
	2.36%	2.47%	2.56%	2.56%
2.30%
2.08%	2.06%		2.20%	2.14%
		1.79%
Q2/23	Q3/23	Q4/23	Q1/24	Q2/24

1.	Unless otherwise noted, net income refers to net income attributable to equity holders of the Bank (NIAEH)
2.	Refer to Non-GAAP Measures section from pages 43 to 63
3.	Refer to Glossary from pages 64 to 65 for the description of the measure
4.	Net Income Attributable to Common Shareholders	8
5.	The bank attributes capital to its business lines on a basis that approximates 11.5% (2023 - 10.5%) of Basel III common equity capital requirements which includes credit, market and operational risks and

leverage inherent in each business segment

Global Wealth Management

$MM	Q2/24	Y/Y	Q/Q
Reported
Net Income1	$380	8%	3%
Revenue	$1,414	9%	4%
Expenses	$895	9%	4%
Pre-Tax,Pre-Provision Profit2	$519	8%	3%
PCLs	$7	nmf	22%
Productivity Ratio3	63.3%	30 bps	10 bps
Spot AUM ($Bn)3	$349	6%	3%
Spot AUA ($Bn)3	$669	7%	2%
Adjusted2

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

• Net Income up 8%

1. Canadian earnings up 6%

• 1. International Wealth Management up 19%
• Revenue up 9%
• 1. Higher brokerage revenues and net interest income in Canada and higher mutual funds fees across our International businesses
• Expenses up 9%
• 1. Higher volume-related expenses
• YTD operating leverage3 of -2.5%
• Spot AUM up 6% and spot AUA up 7%

Net Income1

Expenses

Pre-Tax,Pre-Provision Profit

Productivity Ratio

$387 $886 $528 62.7%

8%

9%

8%

40 bps

3%

4%

3%

20 bps

S P O T A U M 3 ( $ B N )

S P O T A U A 3 ( $ B N )

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

330

34

296

+6%

340

36

304

349

39

310

+15%

Y/Y

+5%

Y/Y

624

137

487

+7%

655

149

506

669

150

519

+10%

Y/Y

+7%

Y/Y

in $MMs	14.8%	14.9%	13.2%	14.3%	15.1%
		NIAEH	353	366			368	380
		ROE	327
				Q2/23		Q3/23		Q4/23		Q1/24		Q2/24
NIACS4	$352	$365	$326	$368	$380

Q2/23		Q1/24	Q2/24
Canada		International

Q2/23 Q1/24 Q2/24

Equity2,5

$9,732

$9,743

$9,797

$10,193

$10,222

1.	Unless otherwise noted, net income refers to net income attributable to equity holders of the Bank (NIAEH)
2.	Refer to Non-GAAP Measures section from pages 43 to 63
3.	Refer to Glossary from pages 64 to 65 for the description of the measure
4.	Net Income Attributable to Common Shareholders	9
5.	The bank attributes capital to its business lines on a basis that approximates 11.5% (2023 - 10.5%) of Basel III common equity capital requirements which includes credit, market and operational risks and

leverage inherent in each business segment.

Global Banking and Markets

$MM	Q2/24	Y/Y	Q/Q
Reported
Net Income1	$428	7%	(3%)
Revenue	$1,321	(2%)	(4%)
Expenses	$781	4%	(3%)
Pre-Tax,Pre-Provision Profit2	$540	(10%)	(7%)
PCLs	$5	(90%)	-
Productivity Ratio3	59.1%	350 bps	100 bps
PCL Ratio3	2 bps	(13 bps)	-
PCL Ratio Impaired Loans3	0 bps	-	2 bps

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

• Net Income up 7%

• 1. US net income of $271MM (up 55% Y/Y)
• Revenue down 2%
• 1. Net interest income down 14%
• Expenses up 4%
• 1. Higher personnel and technology costs

R E V E N U E B Y B U S I N E S S ( $ M M )

1,352			1,343			1,354	1,379	1,321
554			598			548	614	584
798			745			806	765	737
	Q2/23		Q3/23	Q4/23				Q1/24		Q2/24
					Business Banking			Capital Markets

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

in $MMs	10.5%	12.9%	12.4%	11.1%	11.7%
			NIAEH			434			439	428
			ROE			414
			401
					Q2/23		Q3/23		Q4/23		Q1/24		Q2/24
NIACS4	$400	$433	$414	$438	$428
Equity2,5	$15,587	$13,310	$13,287	$15,734	$14,865

1.	Unless otherwise noted, net income refers to net income attributable to equity holders of the Bank (NIAEH)
2.	Refer to Non-GAAP Measures section from pages 43 to 63
3.	Refer to Glossary from pages 64 to 65 for the description of the measure
4.	Net Income Attributable to Common Shareholders	10
5.	The bank attributes capital to its business lines on a basis that approximates 11.5% (2023 - 10.5%) of Basel III common equity capital requirements which includes credit, market and operational risks and

leverage inherent in each business segment.