The Bank of Nova Scotia

Record profitability & ROE milestone (strong “good”) - Q3 reported earnings of $3.0B and diluted EPS $2.28 (+21% YoY); record EPS. - Adjusted ROE 14.2% (+170 bps YoY)—management says they exceeded their medium-term objectives and hit ~14%+ ROE target earlier than projected. - Operating leverage positive for 10 straight quarters; productivity ratio improved to 52.5% (+90 bps YoY). - NIM: net interest margin up +18 bps YoY; NIM unchanged QoQ (higher margins in Canadian Banking & GBM offset by lower margins in International due to last quarter’s seasonality).

Capital strength + shareholder returns (clear “good”) - CET1 = 13.1%; deployed 23 bps to organic growth and repurchased 8.6M shares (capital usage ~20 bps). - Over past 12 months returned $8.3B to shareholders via buybacks + dividends. - Capital plan priorities: organic growth first, then buybacks, then tuck-in acquisitions. - Outlook/cap constraint: management expects to remain ~13% CET1 next quarter despite a known regulatory capital headwind (see risk bullet).

Growth & mix: Canadian Banking leading, International improving (big “good/opportunity”) - Canadian Banking ROE +160 bps sequentially to 19.4%; management expects continued ROE improvement by business mix, fee income growth, productivity and closing the gap with peers. - Canadian Banking: - Commercial loans +3% sequentially in Q3 (after +2% in Q2); mid-market & small business lending +3% QoQ and +10% YoY. - Credit cards: balances +3% QoQ; premium mix 45% vs 35% last year (improving quality of book). - Deposits: retain >90% of retail GIC maturities YTD; deposits remain a focus (and can shift into retail mutual funds). - Record revenue aided by fifth consecutive quarter of margin expansion and strong fee growth (mutual funds, cards, insurance). - International Banking: earnings $725M (+6% YoY); revenue +7% YoY; retail loans ~+5% YoY and deposits +6% YoY. - Global Banking & Markets (GBM): earnings $647M (+37% YoY) with record quarterly net income on record; activity included multiple large Canadian/US capital markets and underwriting transactions. - Global Wealth Management: net sales $3B (record Q3, +14% YoY); 8 straight quarters of positive net flows; YTD net sales exceed FY25.