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F o u r t h Q u a r t e r 2 0 1 6February 17, 2017

T S X E Q B / E Q B . P R . C

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Forward-Looking Statements

Certain forward-looking statements may be made in this presentation,

including statements regarding possible future business, financing and growth

objectives. Investors are cautioned that such forward-looking statements

involve risks and uncertainties detailed from time to time in the Company’s

periodic reports filed with Canadian regulatory authorities. Many factors

could cause actual results, performance or achievements to be materially

different from any future results, performance or achievements that may be

expressed or implied by such forward-looking statements. Equitable Group

Inc. does not undertake to update any forward-looking statements, oral or

written, made by itself or on its behalf except in accordance with applicable

securities laws.

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2016 Performance Headlines

Up 26% to $21B Mortgages Under Management

Grew Lending Market Share

Without Sacrificing Credit Quality

$1.1B EQ Bank Deposits

$0.07 EPS Accretion from Acquisition of NHA MBS Pools

$138.3M Net Income

ROE 16.9%

Remained a Performance

Leader Among Canadian Banks

$17MInvested In Future Growth

Became a Digital Bank

Maintained Entrepreneurial

Culture

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Consistent Performance Leadership

5.115.82

6.537.73

8.49

2012 2013 2014 2015 2016

29.8335.14

40.9046.57

54.96

2012 2013 2014 2015 2016

18.7 18.1 17.4 17.9 16.9

2012 2013 2014 2015 2016

Earnings Per Share($)

Book Value Per Share($)

Return On Equity(%)

CAGR 17%

CAGR 17%

Net Income($million)

81.293.5

106.7125.9

138.3

2012 2013 2014 2015 2016

CAGR 17%

5-Year CdnBank Av.

15.6%1

1. Represents the average of the eight largest publicly traded banks in Canada.

5

Five Year Shareholder Return

1. Performance assumes common share dividend reinvestment

TSX Capped Financial Index

EQB1

101%

160%

6

Positioned As A Branchless Challenger Bank

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Record Fourth Quarter Results

1.93

1.71

2.052.16

2.56

Q4 Q1 Q2 Q3 Q4

Earnings Per Share Diluted($)

2015 2016

17.0

14.7

17.1 17.2

19.3

Q4 Q1 Q2 Q3 Q4

Return On Equity(%)

2015 2016

31.4

28.0

33.435.2

41.7

Q4 Q1 Q2 Q3 Q4

Net Income($ millions)

2015 2016

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Performance Driven by Franchise Growth

Third Consecutive $2B+ Quarter of Originations

OriginationsQ4 2016

ChangeYear over Year

Mortgage Principal At

Dec. 31, 2016

ChangeYear over Year

Single Family $930M 29% $7.9B 22%

Commercial $378M 46% $2.8B 27%

Securitization Financing MUM $10.3B 29%

Prime (third-party sourced) $527M 38%

Prime (internally generated) $125M 16%

Multi-Unit Residential $220M 19%

Total $2.2B 25% $21.0B 26%

9

719

930

Q4 2015 Q4 2016

Alternative Single Family Lending

4.34.6

4.95.4

5.7 5.96.2 6.4

6.87.2

7.57.9

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42014 2015 2016

Record Q4 Originations Due to Service Quality, Share Gains, and Market Growth

Mortgage Principal($ billions)

Annualized CAGR 24%

Mortgage Originations($ millions)

29%

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Commercial Lending

2.42.3 2.3 2.3 2.3 2.3

2.2 2.22.3

2.4

2.72.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Realizing Benefits of Refined Market Focus

260

378

Q4 2015 Q4 2016

46%

Mortgage Principal($ billions)

Mortgage Originations($ millions)

2014 2015 2016

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Securitization Financing

108125

381

527

Q4 2015 Q4 2016

Internal

3rd party

38%

Prime Originations($ millions)

MUM Growth Due to Prime Volumes

Mortgages Under Management($ billions)

5.5 5.5 5.76.1

6.46.8

7.58.0

8.69.1

9.710.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Annualized CAGR 23%

2014 2015 2016

16%

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Extending Our Dividend Growth Track Record

0.230.22

0.210.20

0.190.18

0.170.16

0.150.14

0.12

2011 2012 2013 2014 2015 2016 2017

Quarterly Dividends

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Private Placement Rationale

At December 31, 2016

CET1

$50M (809,585 shares)

Decision based on a critical assessment

of immediate and mid-term growth

opportunities

Supported by recent growth in risk-

weighted assets

Allows us to pursue value creation

without sacrificing the Bank’s strong

capital ratios

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0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

04 05 06 07 08 09 10 11 12 13 14 15 16

Best in Class Credit Performance ContinuesNet Realized Credit Losses as a % of Total Loans

Well Protected By Allowance for Credit Losses

Net impaired mortgage assets $36.8M, up from Q3 but still only 0.21% of total mortgage book

Allowance for credit losses to total mortgage assets ratio of 0.19% much higher than Bank’s average loss rate of 0.04% over past decade

PCL was 0.02% of average mortgage principal in Q4 reflecting quality of book

EQB

Comparative Group1

1. Represents eight largest publicly traded banks

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Focus On Alberta and SaskatchewanDelinquencies/Impaired Mortgages(% of total mortgage principal)

Expect Arrears Rates Could Rise in 2017 in These Provinces

Delinquencies down from early 2016 and small in context of overall Bank though impaired loans trending upward

Do not expect material losses

Cautious approach to market reflected in portfolio stats:

59% of assets insured

87% uninsured in Calgary & Edmonton

65% LTV for residential uninsured

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Delinquencies Impaired Mortgages2014 2015 2016

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Record Fourth Quarter Earnings

1.93

1.71

2.052.16

2.56

Q4 Q1 Q2 Q3 Q4

Earnings Per Share Diluted($)

Driven by asset growth plus:

$0.07 of accretion from Maple NHA-MBS acquisition

Other Maple related gains

$0.10 of EPS from combination of high prepayment income and derivative gains

2015 2016

17.0

14.7

17.1 17.2

19.3

Q4 Q1 Q2 Q3 Q4

Return On Equity(%)

2015 2016

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Profitability TrendsNet Interest Margin – TEB

Record Q4 NII of $78M, 23% above last year on:

High prepayment income in Securitization Financing

Growth in higher margin Commercial portfolio

Favourable GIC pricing and other deposits

2.60 2.58 2.55 2.62 2.56 2.64 2.50 2.55 2.60 2.64

0.31 0.34 0.29 0.31 0.34 0.22 0.31 0.22 0.19 0.24

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Core Lending Securitization Financing

2014 2015 2016

Expect NII to Grow at Mid to High Teen Rates in 2017

TotalNIM

1.74 1.76 1.74 1.79 1.73 1.69 1.62 1.61 1.64 1.70

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2015 2016

Investing For Our Future

32.4 32.8 33.435.7

43.2

38.2 37.033.9

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Other non-interest expenses $26M (17% higher y-o-y and 3% above Q3) primarily due to FTE

Q4 investments in strategic initiatives of $4.1M, 69% higher than 2015 (flat compared to Q3)

Expect mid 30% Efficiency Ratio in 2017 as we continue to invest for the future

Remain Canada’s Most Efficient Schedule I Bank

Efficiency Ratio(%)

19

5.1

14.0

16.6

Solid Capital Ratios December 31, 2016 (%)

Basel III minimumTotal Capital level of 10.5%Basel III

minimum CET1 target of 7.0%

Full compliance with new standard

Leverage Ratio CET1 Total Capital

Equity Issued Will Be Reflected in EPS and ROE Beginning in Q1

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Consistent Delivery Of

Superior Results

Looking Ahead

Entering 2017 With Strong Momentum

Proven Branchless Approach

Customer Service Focus

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New EQ Bank Features

EQ to EQ transfers

Inter-institutional account linking

Pre-authorized deposits and payments

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Growing and Diversifying Our Deposit Sources

4.5

5.6

6.4

7.48.1 0.8 1.0

1.01.1

2011 2012 2013 2014 2015 Q1 Q2 Q3 Q4

Annualized CAGR 17% 9.7

9.2

9.08.7

Deposit Principal($ billions)

EQ Bank Now Serves 27,000+ Customers

2016

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Strong Growth Opportunities In Lending

2016 Mortgage Growth Adds To 2017 Earnings

Differentiate Equitable with solutions-driven service

Well positioned for future market share gains

Complement and leverage our competitive advantages

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Summary

2016 was a transformative year

Successful EQ Bank launch advanced our branchless bank vision & leadership

All lending businesses performed at record levels & poised to grow

Sustained multi-year record as one of Canadian banking’s best value creators