Slides
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Investor Presentation Third Quarter 2026 August 26, 2026
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Investor presentation Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this document and orally are forward-looking statements. These statements are made in accordance with applicable securities legislation in Canada and the United States. The forward-looking statements in this document and made orally may include, but are not limited to, statements in the messages from management, as well as other statements about the economy, the Bank’s objectives, outlook, and priorities for fiscal 2026 and beyond, the strategies or actions that the Bank will take to achieve them, expectations for the Bank’s financial condition and operations, the regulatory environment in which it operates, the potential impacts of increased geopolitical uncertainty on the Bank and its clients, its environmental, social, and governance targets and commitments, the impacts and benefits of the acquisition of Canadian Western Bank (CWB), and the proposed acquisition of certain portfolios of the Laurentian Bank of Canada (LBC), and certain risks to which the Bank is exposed. The Bank may also make forward-looking statements in other documents and regulatory filings, as well as orally. These forward-looking statements are typically identified by verbs or words such as “outlook”, “believe”, “foresee”, “forecast”, “anticipate”, “estimate”, “project”, “expect”, “intend” and “plan”, the use of future or conditional forms, notably verbs such as “will”, “may”, “should”, “could” or “would”, as well as similar terms and expressions. These forward-looking statements are intended to assist the security holders of the Bank in understanding the Bank’s financial position and results of operations as at the dates indicated and for the periods then ended, as well as the Bank’s vision, strategic objectives, and performance targets, and may not be appropriate for other purposes. These forward-looking statements are based on current expectations, estimates, assumptions and intentions that the Bank deems reasonable as at the date thereof and are subject to uncertainty and risks, many of which are beyond the Bank’s control. There is a strong possibility that the Bank’s express or implied predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that its assumptions will not be confirmed, and that its vision, strategic objectives, and performance targets will not be achieved. The Bank cautions investors that these forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from the expectations, estimates, or intentions expressed in these forward-looking statements due to a number of factors. Therefore, the Bank recommends that readers not place undue reliance on these forward-looking statements. Investors and others who rely on the Bank’s forward-looking statements should carefully consider the factors listed below as well as other uncertainties and potential events and the risk they entail. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. Assumptions about the performance of the Canadian and U.S. economies in 2026, in particular in the context of increased geopolitical uncertainty, and how that performance will affect the Bank’s business are among the factors considered in setting the Bank’s objectives, outlooks and priorities. These assumptions appear in the 2025 Annual Report in the Economic Review and Outlook section and, for each business segment, in the Economic and Market Review sections of the 2025 Annual Report, and in the Economic Review and Outlook section of the Report to Shareholders for the third quarter of 2026, and may be updated in the quarterly reports to shareholders filed thereafter. The forward-looking statements made in this document are based on a number of assumptions and their future outcome is subject to a variety of risk factors, many of which are beyond the Bank's control and the impacts of which are difficult to predict. These risk factors include, among others, the general economic environment and business and financial market conditions in Canada, the United States, and the other countries where the Bank operates, including recession risk; geopolitical and sociopolitical uncertainty; the measures affecting trade relations between Canada and its partners, including the imposition of tariffs and any measures taken in response to such tariffs, as well as the possible impacts on our clients, our operations and, more generally, the economy; exchange rate and interest rate fluctuations; inflation; global supply chain disruptions; higher funding costs and greater market volatility; changes to fiscal, monetary, and other public policies; regulatory oversight and changes to regulations that affect the Bank’s business; the Bank’s ability to successfully integrate CWB and the undisclosed costs or liability associated with the acquisition; the possibility that the acquisition of certain LBC portfolios may not happen, or not at the expected time, and that the expected benefits of the transaction may not be realized, or not within the expected timeframe; climate change, including physical risks and risks related to the transition to a low-carbon economy; stakeholders engagement and the Bank’s ability to meet their expectations on environmental and social issues; the availability of comprehensive and high-quality information from customers and other third parties, including greenhouse gas emissions; the ability of the Bank to identify climate-related opportunities as well as to assess and manage climate- related risks; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank’s ability to achieve its key short-term priorities and long-term strategies; the timely development and launch of new products and services; the ability of the Bank to recruit and retain key personnel; technological innovation, including open banking and the use of artificial intelligence; heightened competition from established companies and from competitors offering non-traditional services; model risk; changes in the performance and creditworthiness of the Bank’s clients and counterparties; the Bank’s exposure to significant regulatory issues or litigation; changes made to the accounting policies used by the Bank to report its financial position, including the uncertainty related to assumptions and significant accounting estimates; changes to tax legislation in the countries where the Bank operates; changes to capital and liquidity guidelines as well as to the instructions related to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank by financial and extra-financial rating agencies; potential disruptions to key suppliers of goods and services to the Bank; third-party risk, including failure by third parties to fulfil their obligations to the Bank; the potential impacts of disruptions to the Bank’s information technology systems due to cyberattacks and theft or disclosure of data, including personal information and identity theft; the risk of fraudulent activity; and possible impacts of major events on the economy, market conditions, or the Bank's outlook, including international conflicts, natural disasters, public health crises, and the measures taken in response to these events; and the ability of the Bank to anticipate and successfully manage risks arising from all of the foregoing factors The foregoing list of risk factors is not exhaustive, and the forward-looking statements made in this document are also subject to risks detailed in the Risk Management section of the 2025 Annual Report and of the Report to Shareholders for the third quarter of 2026, and may be updated in the quarterly reports to shareholders filed thereafter. Non-GAAP and Other Financial Measures The quantitative information in this document has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated, and should be read in conjunction with the Bank’s 2025 Annual Report and subsequent reports to shareholders. The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP, which are based on IFRS. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank’s operations. The Bank cautions readers that it uses non-GAAP and other financial measures that do not have standardized meanings under GAAP and therefore may not be comparable to similar measures used by other financial institutions. For additional information relating to the non-GAAP and other financial measures presented in this document and an explanation of their composition, refer to pages 18-23 and 136-139 of the Bank’s 2025 Annual Report and to pages 5-12 and 45-48 of the Report to Shareholders for the third quarter of 2026, which are available at nbc.ca/investorrelations or at sedarplus.ca. Such explanation is incorporated by reference hereto. (1) Note: National Bank fiscal year ends October 31. 2
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Overview Laurent Ferreira President & Chief Executive Officer 3
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Overview Q3 2026 – Execution drives strong growth (1) Excluding specified items, which are non-GAAP financial measures. See slides 2 and 34. (2) Provisions for credit losses on impaired loans excluding Credigy’s POCI loans. Represents a supplementary financial measure. See slide 2. (3) Represents a supplementary financial measure. See slide 2. (4) Common Equity Tier 1 (CET1) capital ratio represents a capital management measure. See slide 2. 4 Strong execution drives significant growth ▪ Diluted EPS: Reported $3.25 up 26% YoY | Adjusted(1) $3.39 up 26% YoY Solid underlying results from diversified business mix ▪ Strong growth in balance sheet, fee-based businesses and trading activity drove solid topline growth ▪ Continued progress against CWB synergies PCL in-line with guidance ▪ Impaired PCL(2): $224MM or 28 bps (27 bps YTD), within the full-year guidance range of 25-35 bps ▪ Performing PCL: $23MM or 3 bps Strong returns ▪ ROE(3): Reported 16.1% (15.9% YTD) | Adjusted(1): 16.8% (16.7% YTD) Disciplined capital deployment ▪ CET1 ratio(4): 13.51% ▪ NCIB: ~2.3MM shares repurchased in Q3; we intend to launch a new NCIB upon the current program expiry in September 2026, subject to regulatory approvals
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Overview Q3 2026 – Broad-based strength 5 P&C Banking (YoY Revenue Growth) ▪ Revenue growth reflects strong growth in balance sheet and fee-based income ▪ Personal(1): mortgages up 14% YoY and 5% QoQ; deposits down 3% YoY and flat QoQ reflecting clients’ preference for investment solutions ▪ Commercial(1): loans up 4% YoY and 1% QoQ; deposits up 12% YoY and 6% QoQ + 7% Wealth Management (YoY Revenue Growth) ▪ Double-digit revenue and net income growth ▪ Top-line growth of 18% YoY mainly reflects strong performance in fee-based and transactions revenues ▪ AUA(3) and AUM(3) up 21% and 19% YoY , respectively, from market appreciation and net sales + 18% Capital Markets (YoY Revenue Growth) ▪ Outstanding quarter with revenues >$1B ▪ Global Markets: revenues of $578MM with strong performance in Securities Finance, and continued momentum in Equity Structured Products origination ▪ C&IB: revenues of $463MM led by Corporate Banking with strong M&A and DCM + 34% USSF&I (YoY Revenue Growth) ▪ Credigy(4): revenues up 13% YoY(5); average assets up 8% YoY(5) ▪ ABA(4): revenues up 6% YoY; average loans up 11% YoY and average deposits up 7% YoY+ 10% (1) Represents growth in Q3 2026 average loans and average deposits. (2) Excluding specified items, which are non-GAAP financial measures. See slides 2 and 34. (3) This is a non-GAAP measure. See slide 2. (4) On a constant currency basis. (5) Revenue up 1% YoY and average assets up 9% YoY, excluding sale of a ~US$200MM mortgage loan portfolio at quarter-end.
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Financial Review Marie Chantal Gingras Chief Financial Officer and Executive Vice-President, Finance 6
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Financial review Q3 2026 – Delivering strong operating leverage 7 Q3 2026 Performance – Total Bank ($MM) Reported Adjusted(1) $ YoY $ YoY Revenues 4,053 18% 4,053 18% Expenses 2,093 9% 2,017 12% PTPP(2) 1,960 29% 2,036 24% Operating leverage(3)(4) 8.8% 5.8% Efficiency ratio(3) 51.6% (4.2%) 49.8% (2.6%) (1) Excluding specified items, which are non-GAAP financial measures. See slides 2 and 34. (2) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes. (3) Represents a supplementary financial measure. See slide 2. (4) The adjusted measures represent non-GAAP ratios. See slide 2. (5) Non-interest expenses excluding variable compensation and Non-interest expenses excluding variable compensation and litigation expenses are non-GAAP financial measures. See slide 2 Q3 2026 Expense Growth ($MM) ▪ Double-digit PTPP growth and strong operating leverage ▪ Revenues up 18% YoY - Strong performance in Capital Markets (+34% YoY), Wealth Management (+18% YoY) and Personal Banking (+10% YoY) - Strong balance sheet growth - Higher revenues from Treasury ▪ Positive operating leverage in all businesses, with solid execution and synergies realization - Expense growth primarily reflecting higher variable compensation, consistent with strong results, alongside continued investments in talent and technology, as well as $11MM of litigation expenses in P&C Banking - Excluding variable compensation and litigation expenses, reported expenses up 4.7% YoY and adjusted expenses up 7.7% YoY Non-Interest Expenses YoY (%) YoY (%) Q3 25 1,925 1,806 Variable compensation 469 462 Q3 25 Excl. variable comp.(5) 1,456 1,344 Salaries & benefits 38 45 Technology 46 38 Professional fees (18) 14 Advertising & business development 6 9 Other 11 13 CWB Realized Cost Synergies (15) (15) Q3 26 Excl. var. comp. & litigation exp.(5) 1,524 4.7% 1,448 7.7% Litigation expenses 11 11 Variable compensation 558 558 Q3 26 2,093 8.7% 2,017 11.7% Reported Adjusted(1)
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1,172 1,169 1,394 1,309 1,254 1,938 1,989 2,090 1,993 2,132 2.22% 2.19% 2.24% 2.16% 2.18% 0.87% 0.84% 0.96% 0.90% 0.82% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Reported NII and NIM (incl. trading) Adjusted NII and NIM (excl. trading) Financial review Delivering NII growth in Q3 (1) Reported NIM is a non-GAAP financial measure. See slide 2. (2) Excluding specified items. Adjusted NIM (excl. trading) is a non-GAAP financial measure. See slides 2 and 34. (3) The financing costs of the trading activities are presented in Net interest income, while most related gains are recorded in Non-interest income. For additional information, see Note 21 to the audited annual consolidated financial statements for the year ended October 31, 2025. (4) In Q2 2026, Treasury reported lower NII related to the accounting presentation of certain hedges, largely offset in non-interest income. 8 NII and NIM(1) ($MM; NIM on Average Interest-Bearing Assets) (2) ▪ Reported NII and NIM include the financing costs to support trading activity growth(3) ▪ Adjusted NII (excl. trading)(2) up 10% YoY and 7% QoQ, in part reflecting fewer days in Q2 ▪ Adjusted NIM (excl. trading)(2) of 2.18%, up 2 bps QoQ - Strong performance from Treasury (+3 bps) - Realignment of non-interest income to NII between Q2 and Q3 (+4 bps)(4) - P&C NIM down 7 bps QoQ, largely reflecting mix impacts from strong growth in personal mortgages and seasonal inflows of government deposits
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292.7 302.6 304.1 312.0 324.5 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Deposits (Ex. Wholesale Funding)(2) ($B) Financial review Continued growth on both sides of the balance sheet (1) End-of-period balances, net of allowances. (2) See SFI page 21 for details on the composition of deposits presented in this chart. 9 Total deposits of $337B(2), up 11% YoY and up 1% or $4B QoQ ▪ Personal demand deposits slightly down QoQ (-$0.4B) ▪ Personal term deposits up $1.3B QoQ, with growth mainly driven by structured note issuances - Planned roll-down of CWB Broker Deposits of ~$0.9B QoQ ▪ Non-retail deposits up ~$3B or 1% QoQ, mainly driven by growth in Commercial Banking Total loans of $324.5B(1), up 11% YoY and 4% QoQ ▪ Personal Banking: +13% YoY ▪ Commercial Banking: +5% YoY; Ex. CWB +10% YoY - CWB book relatively stable QoQ ▪ Wealth Management: + 28% YoY ▪ Corporate Banking: +11% YoY ▪ Credigy (US$): +2% YoY ▪ ABA (US$): +10% YoY Loans(1) ($B) 60.3 63.5 66.9 68.5 68.1 61.6 60.9 59.0 59.4 60.7 180.9 193.4 197.4 204.9 207.8 302.9 317.8 323.3 332.7 336.6 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Personal Demand Personal Term Non-retail deposits
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Risk-Weighted Assets(1) ($MM) Financial review Strong capital position (1) Represents a capital management measure. See slide 2. (2) Net income attributable to common shareholders; Dividends on common shares. (3) Represent non-GAAP financial measures. See slides 2 and 34. (4) Variation in RWA from foreign exchange translation has a negligible impact on the CET1 ratio, as the movement is offset by the gain/loss on net foreign currency translation adjustments accounted for in other comprehensive income. 10 CET1 Ratio(1) (2)(3) (3) (2) (4) ▪ CET1 ratio of 13.51%, supported by strong net capital generation (+41 bps) ▪ RWA expansion (-19 bps, excluding FX): - Strong organic growth in Credit Risk RWA (-35 bps), primarily driven by strong loan growth in Corporate Banking and P&C Banking - Partly offset by continuous refinements (+15 bps) ▪ NCIB: ~2.3MM shares repurchased in Q3 (-26 bps) - We intend to launch a new NCIB upon the current program expiry in September 2026, subject to regulatory approvals Update on upcoming capital refinements: ▪ AIRB conversion of CWB portfolios: - We have successfully completed the regulatory parallel-run, and have identified additional model refinements to be completed prior to seeking regulatory approvals - Based on updated assessment, including consideration of the current macroeconomic environment, we now expect CET1 benefit from the conversion to track toward the lower end of our previously communicated range (35-55 bps), with the benefits expected to begin materializing in late 2027, subject to regulatory approvals ▪ Separately, ongoing refinements are expected to generate ~20 bps of additional CET1 capital in Q4 2026 ▪ Our adjusted ROE target of 17%+ for FY 2027 remains unchanged, assuming CET1 ratio converging towards 13% by the end of next year 13.54% 13.51% 0.67% 0.04%(0.26%) (0.26%) (0.19%) (0.03%) Q2 26 Net Income Adjusted Dividends Share buybacks RWA ex. FX Specified Items Other Q3 26 $194,491 $198,746 $3,189 $341 $1,538 ($813) Q2 26 Credit Risk Market Risk Operational Risk FX Q3 26
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▪ On track to reach $270MM by end of FY 2026(3) ▪ Expected to represent ~$300MM on an annualized basis FY26 $50MM target(4) achieved ahead of schedule; synergy capture continues ($MM) Financial review Synergies from acquisition of CWB 11 Expecting annualized cost and funding synergies of ~$300MM ($MM) Realized cost and funding synergies of $238MM as of Q3 2026(1) ▪ Funding synergies of $104MM to date(1) - Including $63MM to NII ▪ Cost synergies of $134MM to date(1) (1) Since the close of the acquisition to July 31, 2026. (2) For illustrative purposes, assuming the realized synergies of $238MM to date are annualized over a 12-month period. Actual results may differ. (3) Cost and funding synergies of ~$270MM (pre-tax) to be realized by the end of FY 2026. (4) Synergies target on a pre tax basis. FY 2026 target of ~$50MM (mostly non-interest income). Realized revenue synergies of $52MM YTD, mostly from fee income ▪ Approximately $16MM realized in Q1, $17MM in Q2 and $19MM in Q3 (1) (2) ▪ Achieved the ~$50MM FY2026(4) revenue synergy target in Q3 ▪ Full target of $200-250MM to be achieved by end of FY 2028(4) (4) $238 $277 Realized as of Q3 2026 Annualized as of Q3 2026 $52 ~$50 Realized YTD 2026 FY 2026 Target
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Risk Management Jean-Sébastien Grisé Executive Vice-President and Chief Risk Officer 12
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Risk management Provisions for credit losses (PCL) – Strong credit performance (1) Credigy’s Purchased or Originated Credit Impaired Loans. (2) Total in CAD. (3) Represents provision for credit losses on impaired loans excluding Credigy’s POCI loans ratio, which is a non-GAAP financial measure. See slide 2 13 Q3 Total PCL of $246MM (31 bps) ▪ Reflect resilient portfolio mix and prudent provisioning Q3 PCL on Impaired Loans (excl. Credigy’s POCI loans)(3) of $224MM (28 bps) ▪ Personal: driven by consumer credit ▪ Commercial: driven by 2 files ▪ Capital Markets: driven by one file in Oil & Gas ▪ Credigy: normal seasoning of residential mortgages and consumer loans ▪ ABA: reflect new formations Q3 PCL on Performing Loans of $23MM (3 bps) ▪ Primarily driven by portfolio growth, macroeconomic scenario update at Credigy, offset by model calibration Impaired (excl. Credigy’s POCI) Impaired bps (excl. Credigy’s POCI) Impaired PCL (excl. Credigy’s POCI(1)) ($MM) PCL Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Personal 57 66 69 71 71 Commercial 58 80 71 83 58 Wealth Management 2 1 (1) 1 - Capital Markets (1) 13 28 (1) 48 USSF&I (CAD) 34 51 48 38 47 Credigy (USD) 14 12 18 15 17 ABA Bank (USD) 11 25 17 13 17 PCL on impaired(2) 150 211 215 192 224 Credigy's POCI loans(1) 2 4 4 3 (1) PCL on performing 51 29 25 38 23 Total PCL 203 244 244 233 246 Total PCL (bps) 28 33 32 31 31 150 211 215 192 224 21 28 28 26 28
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Risk management Allowance for credit losses (ACL) – Prudent levels (1) Represents allowances on impaired loans (excluding Credigy’s POCI loans). (2) Performing ACL includes allowances on drawn ($1,314MM), undrawn ($292MM) and other assets and off-balance sheet commitments ($87MM). (3) See slide 28 for definitions. (4) Represents a non-GAAP financial measure - see slide 2. 14 ACL ($MM) Total Allowances ▪ Total Allowances cover 5.3x NCOs(3) ▪ Maintaining a prudent level of allowances in light of continued uncertainties Performing Allowances: +$25MM QoQ ▪ 17 consecutive quarters of build ▪ Strong Performing ACL coverage of 2.0x(3) Impaired Allowances(1) : +$100MM QoQ ▪ Coverage of 30% of gross impaired loans (excl. Credigy’s POCI loans)(4) (1) 1,582 1,612 1,630 1,668 1,693(2) 788 896 988 1,010 1,110 (85) (82) (76) (73) (76) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 CWB Initial provision Performing Impaired Credigy's POCI 2,6052,542 2,727 2,285 2,426
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Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Personal 8 8 8 9 8 Commercial 17 15 7 28 4 Capital Markets (0) 23 (1) (15) 12 Wealth Management 26 11 (12) 3 (11) USSF&I 35 37 39 30 39 Credigy 18 14 36 21 30 ABA Bank 52 60 42 38 47 Total GIL Net Formations 12 15 7 13 10 Net Formations(3) excl. Credigy’s POCI Loans (bps) Risk management (1) Represents a non-GAAP financial measure - see slide 2. (2) Represents GIL excluding Credigy’s POCI loans and excluding GIL from our USSF&I segment. (3) Formations include new accounts, disbursements, principal repayments, and exchange rate fluctuation. ▪ Gross impaired loans (excl. Credigy’s POCI loans) of $3,736MM, remain stable QoQ at 114 bps - GIL excl. USSF&I(2): 82 bps, down 2 bps QoQ ▪ Net formations of 10 bps, down 3 bps QoQ - Commercial: mainly 2 files, offset by repayments - Capital Markets: driven by 1 file in Oil & Gas - Credigy: primarily reflect normal seasoning of residential mortgages - ABA: higher new formations GIL excl. Credigy’s POCI Loans(1) ($MM) GIL excl. Credigy’s POCI Loans(1) (bps) 15 Gross impaired loans (GIL) and formations – Lower net formations QoQ 102 109 111 114 114 73 81 81 84 82 20 30 40 50 60 70 80 90 100 110 120 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Total Bank Total Bank (ex. USSF&I) 421 442 477 517 558 1,409 1,531 1,548 1,746 1,704 43 55 41 45 3175 73 93 97 108647 690 723 751 786119 226 221 128 189 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Personal Commercial Wealth Management Credigy (US $MM) ABA Bank (US $MM) Capital Markets 3,324 3,397 3,588 3,736 2,992
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Appendices 16
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Appendix Q3 2026 Results – Total Bank (1) Excluding specified, which is a non-GAAP financial measure. See slides 2 and 34. (2) PTPP (Pre-Tax Pre-Provision earnings) refers to Income before provisions for credit losses and income taxes. (3) For supplementary financial measures, non-GAAP ratios and capital management measures, see slide 2. 17 Q3 2026 – Total Bank ($MM) ▪ Strong earnings growth and returns ▪ Positive operating leverage ▪ Strong loan growth ▪ CET1 ratio of 13.51% Reported Results Adjusted Results(1) Q3 26 Q2 26 Q3 25 QoQ YoY Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 4,053 3,907 3,449 4% 18% 4,053 3,907 3,449 4% 18% Non-Int. Expenses 2,093 2,059 1,925 2% 9% 2,017 1,971 1,806 2% 12% PTPP(2) 1,960 1,848 1,524 6% 29% 2,036 1,936 1,643 5% 24% PCL 246 233 203 246 227 203 Net Income 1,307 1,234 1,065 6% 23% 1,362 1,303 1,104 5% 23% Diluted EPS $3.25 $3.06 $2.58 6% 26% $3.39 $3.23 $2.68 5% 26% Op. Leverage(3) 8.8% 5.8% Efficiency Ratio(3) 51.6% 52.7% 55.8% (110bps) (420bps) 49.8% 50.4% 52.4% (60bps) (260bps) ROE(3) 16.1% 15.9% 13.6% 16.8% 16.8% 14.1% Key Metrics Q3 26 Q2 26 Q3 25 QoQ YoY Avg Loans 318,930 307,335 288,309 4% 11% CET1 Ratio(3) 13.5% 13.5% 13.9%
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Appendix P&C Banking (1) Excluding specified items when applicable, which is a non-GAAP financial measure. See slides 2 and 34. (2) Represents a supplementary financial measure. See slide 2. 18 Q3 2026 – P&C Banking ($MM) ▪ Revenue growth of 7% YoY - Personal revenues up 10% YoY - Mainly reflecting robust loan growth (+13% YoY), deposit margin improvement and strong growth in mutual funds - Commercial revenues up 3% YoY - Mainly driven by balance sheet growth (loans up 4% YoY and deposits up 12% YoY), partly offset by lower deposit spreads ▪ Expense growth mainly driven by technology investments, $11MM litigation expenses in Q3 2026, and compensation, partly offset by CWB cost synergies ▪ P&C NIM of 2.19%, down 7 bps QoQ: - Personal Banking (-4 bps), largely reflecting mix impact from strong growth in mortgages - Commercial Banking (-3 bps), largely reflecting mix impact from seasonal inflows of government deposits P&C NII and NIM ($MM; NIM on Average Interest-Bearing Assets) 1,180 1,205 1,240 1,212 1,250 2.25% 2.25% 2.27% 2.26% 2.19% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 26 Q2 26 Q3 25 QoQ YoY Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 1,546 1,488 1,449 4% 7% 1,546 1,488 1,449 4% 7% Personal 783 740 711 6% 10% 783 740 711 6% 10% Commercial 763 748 738 2% 3% 763 748 738 2% 3% Non-Int. Expenses 848 829 805 2% 5% 827 809 782 2% 6% PTPP 698 659 644 6% 8% 719 679 667 6% 8% PCL 117 169 134 (31%) (13%) 117 165 134 (29%) (13%) Net Income 421 355 370 19% 14% 436 373 386 17% 13% Efficiency Ratio(2) 54.9% 55.7% 55.6% (80bps) (70bps) 53.5% 54.4% 54.0% (90bps) (50bps) ROE(2) 11.8% 10.4% 12.2% 10.9% NIM 2.19% 2.26% 2.25% (7bps) (6bps) 2.19% 2.26% 2.25% (7bps) (6bps) PCL Ratio(2) 0.20% 0.32% 0.26% 0.20% 0.31% 0.26% Key Metrics Q3 26 Q2 26 Q3 25 QoQ YoY Avg Loans 226,487 219,673 207,887 3% 9% Personal Mortgages 107,970 102,788 94,695 5% 14% Personal Loans 14,388 14,100 13,569 2% 6% Credit cards 3,012 2,868 2,724 5% 11% Commercial 101,117 99,917 96,899 1% 4% Avg Deposits 114,718 110,656 109,093 4% 5% Personal 48,752 48,612 50,162 - (3%) Commercial 65,966 62,044 58,931 6% 12% Avg Personal Savings 91,742 89,301 85,672 3% 7% Deposits 48,752 48,612 50,162 - (3%) Mutual Funds 42,990 40,689 35,509 6% 21% Adjusted Results(1)Reported Results
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Appendix Wealth Management (1) Excluding specified items, which is a non-GAAP financial measure. See slides 2 and 34. (2) Represents a supplementary financial measure. See slide 2. (3) This is a non-GAAP measure. See slide 2. Totals may not add due to rounding. 19 Q3 2026 – Wealth Management ($MM) Assets Under Management(3) ($B) 183 217 9 25 Q3 25 Net Sales Market Q3 26 YoY +19% 207 217 2 8 Q2 26 Net Sales Market Q3 26 QoQ +5% ▪ Record revenues of $955MM, up 18% YoY - Continued momentum in fee-based revenues, up 19% YoY, reflecting strong market performance and solid net sales - Strong transaction & other revenues, up 34% YoY - NII up 8% YoY, driven by balance sheet growth ▪ Efficiency ratio <58% and 2% operating leverage - Expenses up 16% YoY, mainly driven by higher variable compensation, in line with strong top-line growth ▪ Average deposits of ~$62B, relatively stable sequentially, or up 1% QoQ excluding CWB Broker Deposits - CWB Broker Deposits down ~$0.7B QoQ, reflecting the planned roll-down as they mature Q3 26 Q2 26 Q3 25 QoQ YoY Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 955 905 811 6% 18% 955 905 811 6% 18% Fee-Based 575 540 482 6% 19% 575 540 482 6% 19% Transaction & Others 126 124 94 2% 34% 126 124 94 2% 34% Net Interest Income 254 241 235 5% 8% 254 241 235 5% 8% Non-Int. Expenses 553 531 477 4% 16% 549 527 475 4% 16% PTPP 402 374 334 7% 20% 406 378 336 7% 21% PCL - 1 1 - 1 1 Net Income 296 274 244 8% 21% 299 277 246 8% 22% Efficiency Ratio(2) 57.9% 58.7% 58.8% (80bps) (90bps) 57.5% 58.2% 58.6% (70bps) (110bps) ROE(2) 63.9% 58.4% 64.5% 59.0% Key Metrics ($B) Q3 26 Q2 26 Q3 25 QoQ YoY Avg Loans 12.6 11.6 10.0 8% 26% Avg Deposits 61.5 61.8 58.2 - 6% CWB Broker Deposits 3.7 4.4 6.1 (16%) (40%) Reported Results Adjusted Results(1)
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Global Markets Revenues ($MM) Appendix Capital Markets (1) Excluding specified items, which is a non-GAAP financial measure. See slides 2 and 34. (2) Represents a supplementary financial measure. See slide 2. (3) Corporate Banking only. 20 Capital Markets Revenues ($MM) Q3 2026 – Capital Markets ($MM) ▪ Continued momentum with revenues >$1B ▪ Global Markets revenues of $578MM - Driven by strong performance in Securities Finance, and continued momentum in Equity Structured Products origination ▪ C&IB revenues of $463MM - Led by Corporate Banking, with strong M&A and DCM ▪ Efficiency ratio 41.9%, down 280 bps YoY - Expense growth primarily reflects business growth, including compensation-related expenses, in line with strong Q3 165 321 380 348 363147 128 133 165 159 57 35 58 88 56 369 484 571 601 578 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Equities Interest rate and credit Commodities and foreign exchange 369 484 571 601 578 408 393 419 473 463 777 877 990 1,074 1,041 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Global Markets C&IB Q3 26 Q2 26 Q3 25 QoQ YoY Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 1,041 1,074 777 (3%) 34% 1,041 1,074 777 (3%) 34% Global Markets 578 601 369 (4%) 57% 578 601 369 (4%) 57% C&IB 463 473 408 (2%) 13% 463 473 408 (2%) 13% Non-Interest Expenses 436 439 347 (1%) 26% 436 439 347 (1%) 26% PTPP 605 635 430 (5%) 41% 605 635 430 (5%) 41% PCL 50 16 24 50 14 24 Net Income 442 488 334 (9%) 32% 442 490 334 (10%) 32% Efficiency Ratio(2) 41.9% 40.9% 44.7% 100bps (280bps) 41.9% 40.9% 44.7% 100bps (280bps) ROE(2) 23.6% 28.9% (530bps) 23.6% 28.9% (530bps) Key Metrics Q3 26 Q2 26 Q3 25 QoQ YoY Avg Loans(3) 34,897 32,628 30,909 7% 13% Reported Results Adjusted Results (1)
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USSF&I – Credigy (1) Represents a supplementary financial measure. See slide 2. (2) Q1 2026 includes US$8MM of net interest income from the acceleration of interest due to a client’s loan prepayment. (3) Q3 2026 includes US$14MM of gain on the portfolio sale. 21 Credigy Revenues (US$ MM) Q3 2026 – Credigy (US$ MM) ▪ Average assets up 8% YoY reflecting solid investment volumes, partly offset by sale of a mortgage loan portfolio in Q3 ▪ NII stable YoY ▪ Portfolio defensively positioned with continued strong underlying performance - Most assets secured (93%) and well-diversified - Maintaining disciplined investment approach Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 112 103 99 9% 13% Net Interest Income(2) 95 100 95 (5%) - Non-Interest Income(3) 17 3 4 Non-Interest Expenses 24 27 29 (11%) (17%) PTPP 88 76 70 16% 26% PCL 39 18 16 Net Income 39 46 43 (15%) (9%) Efficiency Ratio(1) 21.4% 26.2% 29.3% (480bps) (790bps) ROE(1) 18.4% 21.6% (320bps) Key Metrics Q3 26 Q2 26 Q3 25 QoQ YoY Avg Assets 9,104 9,353 8,410 (3%) 8% Appendix 95 101 113 100 95 4 3 2 3 17 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net interest income Non-interest income (2) (3)
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Appendix USSF&I – ABA (1) Represents a supplementary financial measure. See slide 2. 22 ABA Loan and Deposit Growth (US$ MM) Q3 2026 – ABA Bank (US$ MM) ▪ Net income stable YoY ▪ Loans up 11% and deposits up 7% YoY , with client base up 33% - Benefiting from leading position in digital payments and cash management to attract low-cost demand deposits - Deposits down 4% QoQ reflecting slower economic conditions ▪ Expense growth primarily driven by compensation and investments to support business growth and network expansion ▪ Portfolio vastly secured (98%), with an average LTV in the 50s - Clients: Diversified SMEs with an average loan size of <US$65k Q3 26 Q2 26 Q3 25 QoQ YoY Revenues 199 193 188 3% 6% Non-Interest Expenses 69 69 64 - 8% PTPP 130 124 124 5% 5% PCL 18 14 14 Net Income 88 87 87 1% 1% Efficiency Ratio(1) 34.7% 35.8% 34.0% (110bps) 70bps ROE(1) 31.8% 30.2% 160bps Key Metrics Q3 26 Q2 26 Q3 25 QoQ YoY Avg Loans 9,640 9,454 8,683 2% 11% Avg Deposits 12,549 13,091 11,681 (4%) 7% Number of clients ('000) 5,344 5,033 4,020 6% 33% 8,065 8,198 8,340 8,473 8,683 8,940 9,248 9,454 9,640 9,693 10,104 10,729 11,399 11,681 12,029 12,624 13,091 12,549 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Average Loans Average Deposits
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Appendix Other (1) Excluding specified items, which are non-GAAP financial measures. See slides 2 and 34. (2) PTPP (Pre-Tax Pre-Provision earnings) refers to Income before provisions for credit losses and income taxes. (3) On February 3, 2025, the Bank completed the acquisition of Canadian Western Bank (CWB) by way of a share exchange. Adjusted results exclude specified items related to this transaction. See slides 2 and 34. (4) On December 2, 2025, the Bank entered into an agreement to acquire Laurentian Bank's retail and SME banking portfolios. Adjusted results exclude specified items related to this transaction. See slides 2 and 34. 23 ▪ Reported results reflect specified items related to the CWB Transaction(3) and to our intention to acquire Laurentian Bank's retail and SME banking portfolios(4) ▪ Adjusted results in Q3 2026 reflect: - Strong revenues from Treasury and investment gains - Higher expenses YoY reflect variable compensation in line with strong revenue growth Q3 2026 – Other Segment ($MM) Reported Results Adjusted Results(1) Q3 26 Q2 26 Q3 25 Q3 26 Q2 26 Q3 25 Revenues 70 30 10 70 30 10 Non-Int. Expenses 126 129 161 75 65 67 PTPP(2) (56) (99) (151) (5) (35) (57) PCL - 3 2 - 3 2 Pre-Tax Income (56) (102) (153) (5) (38) (59) Net Income (36) (69) (61) 1 (23) (40)
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Canadian Distribution by Mortgage TypeCanadian Distribution by Province Appendix Retail mortgage and HELOC portfolio (1) LTV based on authorized limit for HELOCs and outstanding amount for Uninsured Mortgages; updated using Teranet-National Bank sub-indices by area and property type. (2) Of which $24.6B are amortizing HELOC. (3) Properties used for rental purposes and not owner-occupied. (4) Bureau score < 650 / LTV > 75% 24 (As at July 31, 2026) Canadian Uninsured and HELOC Portfolio ▪ Uninsured mortgages and HELOC in GTA / GVA represent less than 15% of the total RESL portfolio and have an average LTV(1) of 63% ▪ Uninsured mortgages and HELOC for condos in GTA / GVA represent 3% of the total RESL portfolio and have an average LTV(1) of 71% ▪ Investor mortgages(3) account for 11% of the total RESL portfolio ▪ High risk(4) uninsured borrowers represent ~1% of total RESL portfolio ▪ Approx 2.7% of mortgage portfolio has a remaining amortization of 30 years or more Insured $33.6B / 27% Uninsured $55.4B / 45% HELOC $34.5B(2) / 28% $123.5B HELOC Uninsured Average LTV(1) 52% 62% Average Credit Bureau Score 799 778 90+ Days Past Due (bps) 10 40 20% 27% 62% 29% 52% 80% 73% 38% 71% 48% 54% 29% 7% 6% 4% QC ON AB BC Other Provinces Uninsured & HELOC Insured 54% 63% 58% 54% 58% Average LTV - Uninsured and HELOC(1)
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Appendix Retail mortgage rate type and maturity profile 25 ▪ ~95% of our Canadian Mortgage portfolio has been repriced, absorbing the impact of rate increases - 34% of mortgage portfolio is variable rate and the monthly payments are adjusted - 93% of FRM have already renewed or were originated since Q4-2022 ▪ Variable rate mortgage clients continue to demonstrate resilience and are benefiting from rate reductions - Average payment shock of ~25% for VRM loans (QC: ~$300, down ~$350 from Q3-2023 peak / ROC: ~$500, down ~$650 from Q3-2023 peak)(3) ▪ 5% of the fixed rate mortgages are due for renewal by the end of FY26 and will absorb an average monthly payment increase of ~8% ▪ Strong risk profile across all cohorts ▪ 72% of Uninsured renewing by FY26 have an LTV below 70% Maturity Profile of Fixed Rate Mortgages Variable Rate 34% Fixed Rate 66% $89.0B (1) Canadian Mortgage Distribution by Rate Type (As at July 31, 2026) Renewing FY26 FY27 FY28+ As % of Total Fixed Rate 5% 24% 71% % Insured 32% 28% 39% % Quebec 38% 49% 58% Average LTV for Uninsured 56% 59% 61% Average Bureau Score for Uninsured 753 764 782 Average Payment Shock(2) QC < 100 $ < 50 $ 0 $ ROC < 175 $ < 50 $ 0 $ (1) Total Canadian RESL excluding HELOCs (2) Based on July 31, 2026 client offered 5-year fixed rate. Impact on loan payments. Excludes CWB. (3) Payment shock based on the rate variation since beginning of Q2 2022. Impact on loan payments
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Appendix Total loan portfolio overview (1) Totals may not add due to rounding. (2) Includes indirect lending and other lending secured by assets other than real estate. (3) Refer to SFI page 23 for remaining borrower categories. (4) Canadian exposure only. (5) US NBFI includes Capital calls and NAV. (6) Sub-sectors of: Agriculture, Manufacturing (including steel, aluminum, and auto), Transportation, and Wholesale trade (non-essential). 26 ▪ Secured lending accounts for 96% of Retail loans ▪ Indirect auto loans represent 2.3% of total loans ($7.6B) ▪ Limited exposure to unsecured retail and cards (2% of total loans) ▪ Non-Retail portfolio is well-diversified Loan Distribution by Borrower Category(1) (As at July 31, 2026) Limited Exposure in Areas of Focus ($B) (4) (5) (4) Total non-bank financial institutions (NBFI) sector (8.0)Tariff sensitive sectors (13.1)(6) 3.0 1.5 0.6 0.2 0.3 Most sensitive sub-sectors Capital calls US NBFI NAV lending Software companies $B % of Total Retail Secured - Mortgage & HELOC 135.8 42% Secured - Other (2) 17.9 6% Unsecured 4.2 1% Credit Cards 2.8 1% Total Retail 160.6 49% Non-Retail Real Estate and Construction RE 43.9 13% Residential Insured 16.2 5% Financial Services 17.8 5% Other Services 14.3 4% Utilities 13.8 4% Utilities excluding Pipeline 11.9 4% Pipeline 1.9 1% Agriculture 12.5 4% Retail & Wholesale Trade 11.1 3% Manufacturing 10.8 3% Other(3) 41.8 13% Total Non-Retail 166.0 51% Credigy's POCI loans 0.3 - Total Gross Loans and Acceptances 326.9 100%
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Quebec Ontario British Columbia Alberta Others Total Retail Secured Mortgage & HELOC 23.2% 12.7% 2.3% 3.1% 1.9% 43.2% Secured Other 1.8% 1.6% 0.6% 0.3% 0.5% 4.8% Unsecured and Credit Cards 1.7% 0.2% 0.1% 0.1% 0.1% 2.2% Total Retail 26.7% 14.5% 3.0% 3.5% 2.5% 50.2% Non-Retail Commercial 19.3% 7.7% 5.4% 4.4% 2.9% 39.7% Corporate Banking and Other(1) 2.0% 4.2% 1.1% 2.3% 0.5% 10.1% Total Non-Retail 21.3% 11.9% 6.5% 6.7% 3.4% 49.8% Total 48.0% 26.4% 9.5% 10.2% 5.9% 100% Appendix Canadian loan portfolios (1) Personal Lending: Direct Loans, Indirect Loans, LOCs, Investment Loans and HELOCs. 27 Within the Canadian loan portfolio: ▪ Limited exposure to unsecured consumer loans (2.2%) ▪ Minimal exposure to unsecured consumer loans outside Quebec (0.5%) ▪ RESL exposure predominantly in Quebec Q3 2026 90+ delinquency rate: ▪ Insured VRM: 14 bps ▪ Uninsured VRM: 20 bps Geographic distribution (As at July 31, 2026) Canadian Retail Portfolio 90+ Delinquency Rate (bps) Q1 20 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mortgages 25 26 28 29 30 33 VRM 21 23 23 17 16 18 FRM 26 27 31 34 37 41 Personal Lending(1) 31 52 50 53 57 57 Credit Cards 80 99 106 115 106 91 Total 29 37 38 40 41 41
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Appendix Prudent provisioning in uncertain economic environment (1) From Q2-2025 through Q4-2025, LTM PCL on Impaired Loans defined as: LTM impaired PCL excluding CWB, plus annualized impaired PCLfrom CWB. (2) LTM Net Charge-Offs (excluding Credigy’s POCI loans) defined as: LTM net charge-off rate excluding CWB, applied on the total bank portfolio. Note: Performing ACL includes allowances on drawn ($1,314MM), undrawn ($292MM) and other assets and off-balance sheet commitments ($87MM). 28 ABA: Historical PCL and NCOs (bps) Strong Total ACL Coverage Total ACL / Total Loans (excl. Credigy’s POCI and FVTPL) Total BankTotal Bank Strong Performing ACL Coverage Performing ACL / LTM PCL on Impaired Loans (1) Total Allowances Cover 5.3x NCOs Total ACL / LTM Net Charge-Offs (excl. Credigy’s POCI loans) (2) 1.8x 2.1x 2.0x 2.1x 2.2x 2.0x Q1 20 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2.6x 5.0x 5.5x 5.9x 5.1x 5.3x Q1 20 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2022 2023 2024 2025 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Performing PCL (3) 6 (3) 22 13 42 47 3 3 Impaired PCL 45 28 66 75 53 112 72 57 68 Total PCL 43 35 63 98 66 153 118 60 71 NCO 1 1 1 27 26 50 27 34 40 Q1 20 Q1 26 Q2 26 Q3 26 Mortgages 0,15% 0,35% 0,34% 0,35% Credit Cards 7,14% 7,99% 8,23% 7,93% Total Retail 0,53% 0,70% 0,70% 0,69% Total Non-Retail 0,58% 1,08% 1,06% 1,08% Total Bank 0,56% 0,90% 0,90% 0,90%
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Appendix Real estate and construction real estate (1) Commercial Real Estate. (2) Related products without real estate collateral for income producer CRE. (3) Excluding CWB. 29 Commercial Banking CRE(1) Portfolio Evolution Corporate Banking (4%) ▪ Primarily diversified Canadian REITs Short Term Construction (26%) ▪ Mix of residential construction, land and contractors ▪ Less than 10% of exposure to High Rise condos in GTA/GVA Commercial Banking CRE (70%) ▪ 74% of 5-year growth coming from Residential Insured ▪ 63% residential (83% insured) ▪ Office: No US exposure; 37% of exposure in QC Total Portfolio by Sector ($43.9B) (As at July 31, 2026) Commercial Banking CRE(1) by Geography ($31.0B) (As at July 31, 2026) 21% 52% 25% 11% 5% 13% 12% 9% 17% 9%21% 6% Q3 2021 Q3 2026 Other Retail Office Industrial Residential Uninsured Residential Insured $12.4B $31.0B (2) (3) Quebec; $ 15.6B; 50% Ontario; $ 4.2B; 14% British Columbia; $ 4.4B; 14% Alberta; $ 3.6B; 12% Other; $ 3.2B; 10% Commercial Banking CRE; $ 31.0B; 70% Corporate Banking; $ 1.7B; 4% Short Term Construction; $ 11.2B; 26%
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Appendix Daily trading and underwriting revenues vs. VAR 30 ($MM)
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Appendix Diversified funding profile & sound liquidity metrics (1) Totals may not add due to rounding. (2) Securitized agency MBS are on balance sheet as per IFRS. (3) See slide 9 for the composition of the deposits. (4) Includes obligations related to securities sold short. (5) Represent capital management measures. See slide 2. 31 Sound liquidity profile ▪ Consistently operating at liquidity levels well above regulatory minimum requirements - Reflects Securities Finance opportunities ▪ LCR ratio of 161% and NSFR of 118% as at July 31, 2026 (1) (2) Balance sheet reflects our diversified business model ▪ Core banking activities well-funded through diversified and resilient sources - Diversified deposit base, across segments and products - Stable securitization funding ▪ Unsecured wholesale funding diversified across currencies, products, tenors and geographies Balance Sheet Overview(1) ($B, as at July 31, 2026) Liquidity Ratios(5) (As at July 31, 2026) Other Assets 29 Cash & Reverse Repos 88 Securities 194 Personal Loans & Cards 22 Residential Mortgages & HELOC 157 Business & Government Loans 145 Other Liabilities 27 Unsecured Funding 118 Secured Funding 76 Capital 38 Securitization & Covered Bonds 40 Personal Deposits 129 Business & Government Deposits 208 Assets Liabilities & Equity Loans 51% Cash and Securities 44% Wholesale Funding 31% Deposits, Securitization & Capital 65% $635 $635 (2) (3) (4) 152% 150% 154% 166% 161% 173% 189% 170% 161% 120% 122% 123% 127% 123% 124% 120% 118% 118% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LCR NSFR Regulatory minimum 100%
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Appendix Range of macroeconomic scenarios 32 Baseline (July ‘26) Range of Alternative Scenarios (July ‘26) Canada Real GDP(1) ($ Trillions) Macroeconomic Forecast: Q3 26 vs. Q2 26 (1) (Full Calendar Years) Canada Unemployment Rate (%) Base Scenario C2026 C2027 Real GDP (Annual Average % Change) As at April 30, 2026 1.0 % 1.4 % As at July 31, 2026 0.7 % 1.5 % Unemployment Rate (Average %) As at April 30, 2026 6.6 % 6.4 % As at July 31, 2026 6.6 % 6.5 % Housing Price Index (Q4/Q4 % Change) As at April 30, 2026 (1.6) % 3.1 % As at July 31, 2026 (3.7) % 2.8 % WTI (Average US$ per Barrel) As at April 30, 2026 82 71 As at July 31, 2026 84 79 S&P/TSX (Q4/Q4 % Change) As at April 30, 2026 4.9 % 3.6 % As at July 31, 2026 15.9 % 3.2 % BBB Spread (Average Spread %) As at April 30, 2026 1.3 % 1.4 % As at July 31, 2026 1.2 % 1.4 % (1) Source: NBF Economics and Strategy. Macroeconomic assumptions are for calendar years. See pages 74 and 75 of the Bank’s Report to Shareholders for the Third Quarter of 2026 for additional information. 2.20 2.30 2.40 2.50 2.60 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Downside scenario Next 12 months GDP growth: (6.0%) 5 6 7 8 9 10 11 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Downside scenario Peak unemployment rate (Q2 2027): 9.7%
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Appendix CWB Transaction – Accounting considerations (1) PPA refers to Purchase Price Allocation. Finalized as at October 31, 2025. (2) All subject to the applicable statutory Canadian tax rate. Please refer to CWB’s acquisition opening balance sheet on page 170 of the Bank’s 2025 Annual Report for additional details. (3) Includes core deposit intangibles and customer relationships. 33 Accounting Considerations Related to the Acquisition of CWB - Final PPA(1) ($MM, unless otherwise noted) P&L treatment Amount Comments Pre-tax amount Quarterly EPS Period Adjusted Not Adjusted 17$ (0.03)$ Q2'25 X 27$ (0.05)$ Q3'25 X 27$ (0.05)$ Q4'25 X 25$ (0.05)$ Q1'26 X 29$ (0.05)$ Q2'26 X 28$ (0.05)$ Q3'26 X 22$ (0.04)$ Q4'26 X ~$18 / Qtr ~$(0.03) / Qtr F27 X ~$12 / Qtr ~$(0.02) / Qtr F28 X ~$4 / Qtr ~$(0.01) / Qtr F29 X Newly recognized intangibles (3) 680$ (0.04)$ Q2'25 - Q1'32 X Initial provision on performing loans (230)$ (0.42)$ Q2'25 XFully accounted for as Q2 PCL mostly in P&C segment Estimated P&L impact Amortized linearly over 7 years; accounted for mostly in P&C segment non-interest expenses Net fair value mark (amortizable portion) 311$ Amortized using the Effective Interest Rate method over each product life; mostly reflected across segments' NII
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Appendix Reconciliation of Non-GAAP financial measures (1) The Bank recorded amortization of intangible assets of $25 million ($18 million net of income taxes) related to the CWB Transaction during the third quarter of 2026, $24 million ($18 million net of income taxes) during the second quarter of 2026, and $25 million ($18 million net of income taxes) during the third quarter of 2025. (2) The Bank recorded initial provisions for credit losses on performing loans acquired from LBC of $6 million ($5 million net ofincome taxes) during the second quarter of 2026. (3) The Bank recorded acquisition and integration charges of $24 million ($18 million net of income taxes) related to the CWB Transaction during the third quarter of 2026, $57 million ($41 million net of income taxes) during the second quarter of 2026, and $94 million ($68 million net of income taxes) during the third quarter of 2025. (4) The Bank recorded acquisition and integration charges of $27 million ($19 million net of income taxes) related to the LBC transaction during the third quarter of 2026 and $7 million ($5 million net of income taxes) during the second quarter of 2026. (5) The Bank recorded an income tax recovery of $47 million due to a change in tax treatment related to unrealized gains during the third quarter of 2025. (6) Excluding specified items, which are non-GAAP financial measures. See slide 2. (7) Pre-Tax Pre-Provision earnings (PTPP) refer to Income before provisions for credit losses and income taxes. 34 ($MM, except EPS) Segment Total Revenues Non- Interest Expenses PTPP(7) PCL Income taxes Net Income Diluted EPS Total Revenues Non- Interest Expenses PTPP(7) PCL Income taxes Net Income Diluted EPS Reported Results 4,053 2,093 1,960 246 407 1,307 $3.25 3,907 2,059 1,848 233 381 1,234 $3.06 P&C Banking Amortization of intangible assets related to the CWB acquisition(1) - (21) 21 - 6 15 $0.04 - (20) 20 - 5 15 $0.04 P&C Banking Initial provisions for credit losses on performing loans acquired from LBC(2) - - - - - - - - - - (4) 1 3 $0.01 Wealth Management Amortization of intangible assets related to the CWB acquisition(1) - (4) 4 - 1 3 $0.01 - (4) 4 - 1 3 $0.00 Capital Markets Initial provisions for credit losses on performing loans acquired from LBC(2) - - - - - - - - - - (2) - 2 $0.00 Other CWB acquisition and integration charges(3) - (24) 24 - 6 18 $0.04 - (57) 57 - 16 41 $0.11 Other LBC acquisition and integration charges(4) - (27) 27 - 8 19 $0.05 - (7) 7 - 2 5 $0.01 Total impact - (76) 76 - 21 55 $0.14 - (88) 88 (6) 25 69 $0.17 Adjusted Results (6) 4,053 2,017 2,036 246 428 1,362 $3.39 3,907 1,971 1,936 227 406 1,303 $3.23 Segment Total Revenues Non- Interest Expenses PTPP(7) PCL Income taxes Net Income Diluted EPS Reported Results 3,449 1,925 1,524 203 256 1,065 $2.58 P&C Banking Amortization of intangible assets related to the CWB acquisition(1) - (23) 23 - 7 16 $0.04 Wealth Management Amortization of intangible assets related to the CWB acquisition(1) - (2) 2 - - 2 $0.01 Other CWB acquisition and integration charges(3) - (94) 94 - 26 68 $0.17 Other Income tax recovery related to a change in tax treatment(5) - - - - 47 (47) ($0.12) Total impact - (119) 119 - 80 39 $0.10 Adjusted Results (6) 3,449 1,806 1,643 203 336 1,104 $2.68 Q3 26 Q2 26 Q3 25
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Thank you Investor Relations Contact Information www.nbc.ca/investorrelations investorrelations@nbc.ca