1

2019 earnings presentation

February 21, 2020

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From time to time Home Capital Group Inc. (the Company) makes written and verbal forward-looking statements. These are included in the Annual Report,periodic reports to shareholders, regulatory filings, press releases, Company presentations and other Company communications. Forward-looking statements aremade in connection with business objectives and targets, Company strategies, operations, anticipated financial results and the outlook for the Company, itsindustry, and the Canadian economy. These statements regarding expected future performance are “financial outlooks” within the meaning of National Instrument51-102. Please see the risk factors, which are set forth in detail in the Risk Management section of the 2019 Annual and Fourth Quarter Report, as well as theCompany’s other publicly filed information, which is available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, for thematerial factors that could cause the Company’s actual results to differ materially from these statements. These risk factors are material risk factors a readershould consider, and include credit risk, liquidity and funding risk, structural interest rate risk, operational risk, investment risk, strategic risk, reputational risk,compliance risk and capital adequacy risk along with additional risk factors that may affect future results. Forward-looking statements can be found in the Report tothe Shareholders and the Outlook section in the 2019 Annual and Fourth Quarter Report. Forward-looking statements are typically identified by words such as“will,” “believe,” “expect,” “anticipate,” “intend,” “should,” “estimate,” “plan,” “forecast,” “may,” and “could” or other similar expressions.

By their very nature, these statements require the Company to make assumptions and are subject to inherent risks and uncertainty, general and specific, whichmay cause actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties include, but are notlimited to, global capital market activity, changes in government monetary and economic policies, changes in interest rates, inflation levels and general economicconditions, legislative and regulatory developments, competition and technological change. The preceding list is not exhaustive of possible factors.

These and other factors should be considered carefully and readers are cautioned not to place undue reliance on these forward-looking statements. The Companypresents forward-looking statements to assist shareholders in understanding the Company’s assumptions and expectations about the future that are relevant inmanagement’s setting of performance goals, strategic priorities and outlook. The Company presents its outlook to assist shareholders in understandingmanagement’s expectations on how the future will impact the financial performance of the Company. These forward-looking statements may not be appropriate forother purposes. The Company does not undertake to update any forward-looking statements, whether written or verbal, that may be made from time to time by it oron its behalf, except as required by securities laws.

Forward-looking statements

3

OverviewYousry Bissada, CEO

4

Helping Canadians build their financial future

Broker partners Mortgage customers

Oaken depositors Employees

5

2019: A year of growth and innovation

Continued value creation

through strategic return

of capital

Deposit growth

through our Oaken channel

Successful launch of first cross-

border RMBS

Launch of Ignite

Program and first

deliverables

Growth in originations and loans

under administration

6

Financial resultsBrad Kotush, CFO

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Q4 highlights

$26.43

$29.33

$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

Q4 2018 Q4 2019

Book value per share

62.1

57.3

50.0 52.0 54.0 56.0 58.0 60.0 62.0 64.0

Q4 2018 Q4 2019

Shares outstanding at year-end (millions)

1 See definition of Adjusted Net Income and Adjusted Diluted Earnings per Share in the Company’s 2019 Annual and Fourth Quarter Consolidated Financial Report.

$35.8 $37.2

$41.2

$30.0 $32.0 $34.0 $36.0 $38.0 $40.0 $42.0

Q4 2018 Q4 2019 Q4 2019 Adjusted¹

Net income - millions

$0.46

$0.65 $0.72

$-

$0.20

$0.40

$0.60

$0.80

Q4 2018 Q4 2019 Q4 2019 Adjusted¹

Earnings per share

8

Q4 earnings per share increase driven by net interest income growth and share repurchases

0.46

0.17

0.25

(0.05)

(0.17) (0.01)0.65

0.07 0.72

Q4 2018 EPSShare repurchases

Net interest incomeNon-interest income

Non-interest expenseOther

Q4 2019 EPSAdj. for Ignite Program

Adjusted Q4 2019 EPS

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

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Summary of adjustments related to Home Trust’s Ignite Program

Q4 2019 Q3 2019

Reported Adjustment for Ignite Program Adjusted1 Reported Adjustment for

Ignite Program Adjusted1

Net income (millions) $37.23 $3.92 $41.15 $39.02 $2.93 $41.95

Reported Adjustment for Ignite Program Adjusted1 Reported Adjustment for

Ignite Program Adjusted1

Earnings per share $0.65 $0.07 $0.72 $0.67 $0.05 $0.72

Efficiency ratio (TEB) 55.6% (4.3%) 51.3% 51.3% (3.5%) 47.8%

Return on equity (annualized) 9.0% 0.9% 9.9% 9.5% 0.7% 10.2%

Resulting from changes in estimated useful life of legacy IT investment and implementation expenses

1 See definition of Adjusted Net Income, Adjusted Earnings per Share, Adjusted Efficiency Ratio and Adjusted Return on Shareholders’ Equity under Non-GAAP Measures in the Company’s 2019 Annual and Fourth Quarter Consolidated Financial Report.

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Single-family residential originations for 2019

$3,757.7 $4,179.9

$237.4 $197.4

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2018 2019

Milli

ons

Classic single-family Accelerator single-family

$1,112.1 $1,120.5

$48.0 $86.3

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q4 2018 Q4 2019

Milli

ons

Classic single-family Accelerator single-family

Quarterly Full year

+11.2%+0.8%

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Loan growth

$16.3 $16.5

$16.7

$17.0 $17.2

$14.0

$14.5

$15.0

$15.5

$16.0

$16.5

$17.0

$17.5

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Total loan portfolio (billions)

+5.5% y/y

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Continuing improvement in net interest margin

2.02%

1.91%

2.03%1.99% 2.01%

2.09%

2.22%

2.31%

1.85%

1.90%

1.95%

2.00%

2.05%

2.10%

2.15%

2.20%

2.25%

2.30%

2.35%

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Net interest margin (TEB1)

1 Net interest margin is a measure of profitability of assets. Net interest margin (TEB) is calculated by taking net interest income, on a taxable equivalent basis, divided by the average total assets.

Higher yields on most asset

classes

Benefit of favourable asset

mix

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Oaken deposits continue to grow with focus on GICs

Oaken now accounts for 24.6% of deposits with majority in the form of term deposits

$10.2 $10.6 $10.4 $10.2 $10.2

$2.7 $2.9 $3.1 $3.3 $3.4

$12.9 $13.5 $13.5 $13.5 $13.6

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Broker and Oaken deposits in $billions

Broker Oaken Total

$2.8

$0.6

$3.4

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

Q4 2019

Oaken deposits by product in $billions

GICs Savings accounts Total

16.4%

83.6%

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Update on RMBS

Ø First transaction has been well-received by the market

Ø Credit, maturity and prepayment experience in line with initial estimates

Ø Announcement of new RMBS issuer is positive for market development

Ø We plan to be a serial issuer of RMBS going forward

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High Beacon scores and low average loan to value measurements

Credit quality of our single-family residential mortgage book is evidence of our sustainable risk culture

70.9%61.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

New uninsured single-familyresidential mortgages originated in

Q4

All uninsured single-family resident ialmortgages

Weighted average loan to value

696 704

0

100

200

300

400

500

600

700

800

Classic originations during Q4 Total Classic portfolio

Weighted-average Beacon score

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Net non-performing loans and NPL allowance

Results in 2018 and 2019 are reported under IFRS 9 and results in 2017 are reported under IAS 39 which may limit comparability to prior periods.

25.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

NPL Allowance as a Percentage of Gross NPL

0.44%

0.31%

0.00%

0.05%

0.10%0.15%

0.20%

0.25%

0.30%0.35%

0.40%

0.45%

0.50%

Q1 201

6

Q2 201

6

Q3 201

6

Q4 201

6

Q1 201

7

Q2 201

7

Q3 201

7

Q4 201

7

Q1 201

8

Q2 201

8

Q3 201

8

Q4 201

8

Q1 201

9

Q2 201

9

Q3 201

9

Q4 201

9

Net Non-Performing Loans as a % of Gross Loans

Net Non-Performing Single-Family Residential Loans as a % ofGross Single-Family Residential Loans

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• Provisions for credit losses of 0.09% of gross loans on an annualized basis

• Net write-offs of 0.04% of gross loans on an annualized basis

• Single-family residential mortgage net write-offs remain low at 0.01% in the quarter and 0.02% for the year

Stable provisions for credit losses and write-offs

Results in 2018 and 2019 are reported under IFRS 9 and results in 2017 are reported under IAS 39 which may limit comparability to prior periods.

0.09%

0.04%

-0.15%

-0.10%

-0.05%

0.00%

0.05%

0.10%

0.15%

0.20%

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Provisions (annualized) as a % of gross loans

Net write-offs (annualized) as a % of gross loans

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Liquidity risk managementLiquid assets and near-term maturities

Aggregate available liquidity of $1.87 billion at the end of Q4 including $500 million

undrawn credit facilityNear-term loan maturities exceed deposit

maturities

$1,376

$1,288 $1,358

$1,323

$1,341 $1,366

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Milli

ons

Liquid assets at carrying value

As % of Total assets

$2.6

$8.1

$2.7

$0.7

$14.1

$1.7

$4.7 $4.6

$1.9

$12.9

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

0-3months

3-12months

1-3 years Over 3years

Total

Billio

ns

Non-Securitized Contractual Loan Maturities

Contractual Fixed Term Deposit Maturities

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Capital and leverage metrics1

Opportunity for strategic capital deployment in line with internal risk model

Leverage is within internal risk limits and well above regulatory requirements

7.00%

17.64%

REGULATORY MINIMUM

ACTUAL

1 Ratios are based on Home Trust Company’s consolidated financial position.

Basel III Common Equity Tier 1 at Q4 2019 Leverage ratio at Q4 2019

3.00%

7.07%

REGULATORYMINIMUM

ACTUAL

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Returning capital to shareholders

2018 Substantial Issuer Bid (SIB) completed with 18.2 million shares repurchased at $16.50 per share

2019 Normal Course Issuer Bid (NCIB) completed with 4.8 million shares repurchased at average cost per share of $19.85

2020 Substantial Issuer Bid (SIB) completed with 4.4 million shares repurchased at $34.15 per share

2020 Normal Course Issuer Bid launched for up to 5.3 million shares

$300 million

$94 million

$150 million

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Questions?

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Q4 Financial highlightsQ4 2019 Q3 2019 Q4 2018 Sequential change Year-over-year

change

Originations (millions) $1,619.9 $1,545.4 $1,614.2 4.8% 0.4%

Revenue (millions) $123.8 $116.6 $108.4 6.1% 14.2%

Net interest margin (TEB) 2.31% 2.22% 1.99% 9 bps 32 bps

Provisions as % of Gross Loans (annualized) 0.09% 0.09% 0.10% 0 bps (1) bps

Efficiency ratio (TEB) – reported 55.6% 51.3% 51.3% 430 bps 430 bps

Efficiency ratio (TEB) – adjusted1 51.3% 47.8% 51.3% 350 bps 0 bps

Net income (millions) – reported $37.2 $39.0 $35.8 (4.6%) 4.0%

Net income (millions) – adjusted1 $41.2 $42.0 $35.8 (1.9%) 14.9%

Earnings per share – reported $0.65 $0.67 $0.46 (3.0%) 41.3%

Earnings per share – adjusted1 $0.72 $0.72 $0.46 0% 56.5%

Return on equity (annualized) – reported 9.0% 9.5% 8.1% (50) bps 90 bps

Return on equity (annualized) – adjusted1 9.9% 10.2% 8.1% (30) bps 180 bps1 See definition of Adjusted Efficiency Ratio, Adjusted Net Income, Adjusted Earnings per Share and Adjusted Return on Shareholders’ Equity under Non-GAAP Measures in the Company’s 2019 Annual and Fourth Quarter Consolidated Financial Report.

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2019 Financial highlights

2019 2018 Year-over-year change

Originations (millions) $5,658.0 $5,439.4 4.0%

Revenue (millions) $455.5 $418.9 8.8%

Net interest margin (TEB) 2.16% 1.99% 17 bps

Provisions as % of Gross Loans 0.12% 0.13% (1) bps

Efficiency ratio (TEB) – reported 54.9% 52.0% 290 bps

Efficiency ratio (TEB) – adjusted1 51.3% 52.0% (70) bps

Net income (millions) – reported $136.0 $132.6 2.6%

Net income (millions) – adjusted1 $148.0 $132.6 11.6%

Earnings per share – reported $2.29 $1.66 38.0%

Earnings per share – adjusted1 $2.49 $1.66 50.0%

Return on equity (annualized) – reported 8.2% 7.7% 50 bps

Return on equity (annualized) – adjusted1 8.9% 7.7% 120 bps1 See definition of Adjusted Efficiency Ratio, Adjusted Net Income, Adjusted Earnings per Share and Adjusted Return on Shareholders’ Equity under Non-GAAP Measures in the Company’s 2019 Annual and Fourth Quarter Consolidated Financial Report.

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2019 Financial highlights

Q4 2019 Q3 2019 Q4 2018 Sequential change

Year-over-year change

Total loan portfolio (billions) $17.15 $16.99 $16.26 0.9% 5.5%

Loans under administration (billions) $22.96 $22.97 $22.93 (0.1%) 0.1%

Assets under administration (billions) $24.79 $24.78 $24.68 0.1% 0.5%

Net non-performing loans as % of gross loans 0.44% 0.49% 0.47% (5) bps (3) bps

CET1 ratio1 17.64% 19.67% 18.94% (203) bps (130) bps

Book value per share $29.33 $28.64 $26.43 2.4% 11.0%

Shares outstanding (millions) 57.3 57.3 62.1 (0.0) (4.7)1CET1 ratio relates to the Company’s operating subsidiary, Home Trust Company