Bank of Nova Scotia : Documént Financiére

Investor Presentation

First Quarter 2022

March 1, 2022

Caution 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 andthe 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 atwww.sedar.com and on the EDGAR section of the

SEC's website atwww.sec.gov.

Opening Remarks

Brian Porter President & CEO

Strong revenue and loan growth across all four business lines

Good expense management

Credit trends continue to be positive

Strong capital levels to support future growth and share repurchases

Delivering for all stakeholders

Q1/22 Financial Results

Raj Viswanathan Group Head & CFO

Q1 2022 Financial Performance

$MM, except EPS Reported

Q1/22

Y/YQ/Q

HIGHLIGHTS

Net Income

$2,740

14%

7%

• • EPS up a strong 14% Y/Y

  Pre-Tax, Pre-Provision Profit1

  $3,826

  (1%)

  12%

  Diluted EPS

  $2.14

  Revenue

  $8,049

  Expenses Productivity Ratio2 Net Interest Margin3

  $4,223

  15% - -

  9%

• • Reported pre-tax, pre-provision profit up 12% Q/Q (adjusted up 6%)

  5%

  (1%)

• • Revenue flat Y/Y (up 5% Q/Q)

  52.5%

  40 bps

  (310 bps)

  • o FX translation reduced revenue growth by 3%

    2.16%

    (11 bps)

    (1 bp)

    PCL Ratio2

    13 bps

    (36 bps)

    3 bps

  • o Net interest income flat Y/Y. FX translation reduced growth by 3%

    PCL Ratio on Impaired Loans2 Adjusted3

    24 bps

    (25 bps)

    (7 bps)

  • o Non-interest income flat Y/Y. FX translation reduced growth by 2%

  Net Income

  $2,758

  14%

  2%

  Pre-Tax, Pre-Provision Profit

  $3,851

  (1%)

  6%

• • Net interest margin down 11 bps Y/Y (down 1 bp Q/Q)

  Diluted EPS

  $2.15

  Expenses Productivity Ratio

  $4,198

  14% -

  2%

• • Expenses flat Y/Y

  3%

  • o FX translation reduced expense growth by 2%

  52.2%

  40 bps

  (60 bps)

• • Strong reported ROE of 15.8% (adjusted ROE3 of 15.9%)

REPORTED NET INCOME YEAR-OVER-YEAR ($MM)

REPORTED NET INCOME4 BY BUSINESS SEGMENT ($MM)

Net interest Non-interest

Q1/21

PCLsIncomeincomeNon-interest expenses

TaxesQ1/22

Canadian Banking

Global Wealth ManagementGlobal Banking and MarketsInternational

Banking

• 1 Pre-Tax, Pre-Provision Profit defined as revenues less expenses

• 2 Refer to page 48 of the Management's Discussion & Analysis in the Bank's First Quarter 2022 Report to Shareholders, available onhttp://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 onhttp://www.sedar.com

4 Attributable to equity holders of the Bank

6 Y/Y growth rate is on a constant dollar basis