#1INVESTOR PRESENTATION FIRST QUARTER 2019 February 26, 2019 Scotiabank®#2CAUTION REGARDING FORWARD-LOOKING STATEMENTS 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. 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 2018 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 (including those in the area of risk management), 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," "anticipate," "intent,' "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would" and "could." By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity and funding; significant market volatility and interruptions; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes to, and interpretations of tax laws and risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; changes to the Bank's credit ratings; operational (including technology) and infrastructure risks; reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; critical accounting estimates and the effects of changes in accounting policies and methods used by the Bank as described in the Bank's annual financial statements (See "Controls and Accounting Policies - Critical accounting estimates" in the Bank's 2018 Annual Report) and updated by quarterly reports; global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information or operational disruption; anti-money laundering; consolidation in the financial services sector in Canada and globally; competition, both from new entrants and established competitors; judicial and regulatory proceedings; natural disasters, including, but not limited to, earthquakes and hurricanes, and disruptions to public infrastructure, such as transportation, communication, power or water supply; the possible impact of international conflicts and other developments, including terrorist activities and war; the effects of disease or illness on local, national or international economies; 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. For more information, see the "Risk Management" section of the Bank's 2018 Annual Report. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2018 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. The preceding list of factors is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. 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. The forward-looking statements contained in this document are presented for the purpose of assisting the holders of the Bank's securities and financial analysts in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's financial performance objectives, vision and strategic goals, 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 at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. Scotiabank® 2#3SCOTIABANK OVERVIEW Brian Porter President & Chief Executive Officer Scotiabank® 3#4Q1 2019 OVERVIEW • Solid performance with some businesses impacted by market volatility 。 Net income of $2.2 billion (adjusted¹ net income of $2.3 billion) 。 Diluted EPS of $1.71 (adjusted¹ diluted EPS of $1.75) 。 ROE of 13.5% (adjusted¹ ROE of 13.7%) 。 Strong asset and deposit growth across all business segments Strong performance in International Banking Quarterly dividend increase of 2 cents to $0.87; up 6% Y/Y Capital position remains strong 。 CET1 ratio of 11.1% 。 Pro-forma increase of 10 bps from announced divestitures, net of acquisitions 1 Figures adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions Scotiabank® 4#5FINANCIAL REVIEW Raj Viswanathan Chief Financial Officer Scotiabank® 5#6INTEGRATION UPDATE Integration efforts are progressing well and on track for closed acquisitions • Significant progress with BBVA Chile and MD Financial • Customer retention rates are very high Key integration metrics are strong Realization of synergies are on track and as expected • On track to achieve -$0.15 adjusted diluted EPS accretion in 2020 for acquisitions announced in 2018 BBVA Chile Integration Highlights MD Financial . $30 million of synergies captured to date, or $70 million of annualized benefits representing ~45% of total target synergies Approximately 16 bps increase in combined market share for loans year-over-year All channels have been re-branded (online, branches etc.) Integration execution on track and expected to be completed by the end of 2019 · 98% client retention. Minimal advisor attrition. >1,600 cross-referrals between Scotiabank and MD Financial 775 new physician banking customers since closing Scotiabank®#7Q1 2019 FINANCIAL PERFORMANCE Strong revenue and balance sheet growth $MM, except EPS Reported Q1/19 Y/Y Q/Q Net Income $2,247 (4%) (1%) Diluted EPS $1.71 (8%) Revenue $7,604 +7% +2% Expenses $4,171 +19% +3% Productivity Ratio 54.9% +550bps +30bps Core Banking Margin 2.45% (1bp) (2bps) YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income down 3%² Excluding pension revaluation benefit, diluted EPS was in-line with last year Revenue up 7% 。 Mostly relating to acquisitions PCL Ratio¹ 47bps +5bps +8bps 。 Net interest income up 9% PCL Ratio on Impaired Loans¹ 47bps +4bps +5bps Adjusted² Net Income $2,291 (3%) (2%) Diluted EPS $1.75 (6%) (1%) Expenses $4,110 +18% +4% Productivity Ratio 54.1% +500bps +80bps DIVIDENDS PER COMMON SHARE +0.03 +0.02 . +0.03 。 Non-interest income up 6% Expenses up 18% 2 o Acquisitions and the prior year's benefits re- measurement contributed to approximately two- thirds of the expense growth o Remaining growth due to technology, regulatory initiatives, share-based payments, other business growth expenses PCL ratio¹ on impaired loans up 4 bps 0.85 0.85 0.82 0.82 0.79 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 ■ Announced Dividend Increase 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions Scotiabank® 7#8CAPITAL POSITION REMAINS STRONG Expect CET 1 ratio to remain above 11% in 2019 +28 bps -12 bps -9 bps -3 bps -4 bps 11.1% +10 bps 11.2% 11.1% Q4/18 Internal Capital Generation RWA Impact (ex. FX) Pensions Share issuance / Other (buybacks) (net) Including FX Q1/19 Net Impact of Announced Acquisitions & Q1/19 Pro- Forma • • Divestitures Strong internal capital generation 9 bps reduction from the re-measurement of pension and post-retirement obligations Repurchased 3.25 million shares in Q1/19 Expect 10 bps increase from announced acquisitions and divestitures Scotiabank®#9CANADIAN BANKING Strong deposit growth and higher NIM FINANCIAL PERFORMANCE AND METRICS ($MM)¹ Q1/19 Y/Y Q/Q Reported • Revenue $3,415 +3% (1%) Expenses $1,730 +8% (1%) PCLs $233 +11% Net Income $1,073 Productivity Ratio 50.6% (3%) +200bps (10bps) +18% (4%) Net Interest Margin 2.44% +3bps (1bp) PCL Ratio² 0.27% +2bps +4bps PCL Ratio on Impaired Loans² Adjusted³ 0.27% +5bps • Expenses $1,709 +7% Net Income $1,089 (2%) (5%) Productivity Ratio 50.0% +160bps +50bps . ADJUSTED NET INCOME¹³ ($MM) AND NIM (%) 2.41% 2.43% 1,3 2.46% 2.45% 2.44% 1,107 1,022 1,141 1,146 1,089 Q1/18 Q2/18 1 Attributable to equity holders of the Bank Q3/18 Q4/18 YEAR-OVER-YEAR HIGHLIGHTS . Adjusted Net Income down 2%3 。 Lower real estate gains and prior year Interac gain reduced net income by 4% 。 Higher PCLS related to one commercial account o Includes the impact of acquisitions 。 Asset and deposit growth, margin expansion Revenue up 3% o Includes impact of acquisitions 。 Net interest income up 5% Loan growth of 4% 。 Business loans up 10% o Residential mortgages up 3%; credit cards up 7% Deposit growth of 9% o Personal up 7%; Non-Personal up 12% NIM up 3 bps 。 Primarily driven by the impact of prior rate increases 3 Expenses up 7%³ o Includes impact of acquisitions 。 Investments in technology and regulatory initiatives . PCL ratio² up 2 bps to 27 bps Q1/19 2 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions Scotiabank® 9#10INTERNATIONAL BANKING Strong performance across the Pacific Alliance YEAR-OVER-YEAR HIGHLIGHTS2 FINANCIAL PERFORMANCE AND METRICS ($MM) 1, 2 Q1/19 Y/Y Q/Q · Reported Revenue $3,331 +22% +6% Expenses $1,742 PCLS $470 Net Income $782 Productivity Ratio 52.3% +20% +1% +37% +14% +16% +10% (100bps) (260bps) Net Interest Margin 4.52% (14bps) PCL Ratio³ 1.28% +2bps +23bps PCL Ratio on Impaired Loans³ Adjusted5 1.23% (2bps) +3bps Expenses Net Income $1,702 $805 +18% +18% +2% +8% Productivity Ratio 51.1% (180bps) (190bps) ADJUSTED NET INCOME 15 ($MM) AND NIM5 (%) 4.66% 4.74% 4.70% 4.52% 4.52% 805 683 715 746 675 Q1/18 Q2/18 1 Attributable to equity holders of the Bank Q3/18 Q4/18 Q1/19 Adjusted Net Income up 18% 5 o Includes impact from alignment of reporting period in Peru which contributed 6% 。 Strong asset and deposit growth across the Pacific Alliance Revenues up 22% o Includes impact of acquisitions o Pacific Alliance up 31% includes impact of acquisitions • Loans up 29% • o Pacific Alliance up 44% includes impact of Chile and Colombia acquisitions NIM down 14 bps 。 Driven by the business mix impact of acquisitions (BBVA Chile) Expenses up 18%5 o Includes impact of acquisitions 。 Business volume growth and inflation 。 Productivity ratio improvement of 180bps 5 Positive operating leverage of 4.2%5 2 Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis 3 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures • PCLs ratio reflects stable credit quality Scotiabank® 10 4 Net Interest Margin is on a reported basis 5 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions#11GLOBAL BANKING AND MARKETS Market volatility negatively impacted results FINANCIAL PERFORMANCE AND METRICS ($MM) Q1/19 Y/Y Q/Q Revenue $1,075 (10%) Expenses $645 +13% +17% PCLS ($16) N/A N/A Net Income $335 (26%) (20%) Productivity Ratio 60.0% +1200bps +850bps Net Interest Margin PCL Ratio² 1.80% (23bps) +8bps (0.07%) (3bps) +2bps . PCL Ratio on Impaired Loans² (0.01%) +6bps NET INCOME AND ROE 16.2% 16.9% 15.6% 15.3% 11.5% 447 441 454 416 335 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 1 Attributable to equity holders of the Bank 2 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures YEAR-OVER-YEAR HIGHLIGHTS • • Reported Net Income down 26% Revenue down 10% 。 Non-interest revenue down by 12% due to lower fixed income trading, partly offset by higher equity trading and fee income NIM down 23 bps 。 Mainly driven by lower lending margins and loan origination fees Loans up 15% 。 Strong corporate growth across Canada and the U.S. Expenses up 13% 。 Higher regulatory and technology investments • PCL ratio² improved by 3 bps to (7 bps) o Improving credit quality in oil and gas portfolio Scotiabank® 11#12OTHER SEGMENT NET INCOME² ($MM) 56 -32 -54 -64 -107 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 1 Represents smaller operating segments including Group Treasury and corporate adjustments 2 Attributable to equity holders of the Bank YEAR-OVER-YEAR HIGHLIGHTS • Lower gains on investment securities, lower asset/liability management activities and higher non-interest expenses due to the benefits re-measurement credit in Q1/18 Partly offset by lower taxes Scotiabank® 12#13RISK REVIEW Daniel Moore Chief Risk Officer Scotiabank® 13#14RISK REVIEW Credit fundamentals remain strong PCLs ($MM) AND PCL RATIO ON IMPAIRED LOANS¹ 1, 2 47 bps 46 bps 42 bps 41 bps 43 bps 679 637 564 595 559 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 PCLs on impaired loans PCL ratio on impaired loans GILS ($B)3 5.3 5.1 5.0 YEAR-OVER-YEAR HIGHLIGHTS • . • PCLs1 on impaired loans of $679 million were up 7% Q/Q and 20% Y/Y primarily due to acquisitions 。 Higher retail provisions in International Banking driven by acquisitions and underlying portfolio growth PCL ratio¹ on impaired loans was up 5 bps Q/Q and up 4 bps Y/Y o PCLS ratio on impaired loans in Canadian Retail Banking down 1 bp Y/Y The PCL ratio was 47 bps, up 8 bps Q/Q and up 5 bps Y/Y GILs were up 3% Q/Q and 6% Y/Y o Driven by acquisitions and underlying portfolio • 54 5.3 5.1 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Excludes acquisition-related costs including Day 1 impact on acquired performing loans 3 Excludes impact of acquisitions in Q3/18 of $0.2B growth Scotiabank® 14#15PCL RATIOS Stable underlying credit Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 (As a % of PCLs on Total Average Net Loans & Impaired PCLS Acceptance) Loans PCLs on Impaired Loans Total PCLS PCLs on Total PCLs on Impaired PCLs Impaired Loans (adj) Loans PCLs on Total Total Impaired PCLS PCLS Loans Canadian Banking Retail 0.29 0.28 0.28 0.28 0.25 0.24 0.25 0.25 0.28 0.28 Commercial 0.11 0.08 0.09 0.09 (0.04) 0.06 0.06 0.15 0.21 0.23 Total 0.27 0.25 0.25 0.25 0.21 0.21 0.22 0.23 0.27 0.27 International Banking Retail 2.28 2.39 2.26 2.16 2.36 2.253 2.38 2.21 2.33 2.36 Commercial 0.28 0.201 0.55 0.341 0.38 0.311,3 0.07 (0.06) 0.19 0.26 Total 1.25² 1.261,2 1.382 1.221,2 1.33 1.234 1.20 1.05 1.23 1.28 Global Banking and Markets (0.01) (0.04) 0.02 (0.05) (0.06) (0.05) (0.07) (0.09) (0.01) (0.07) All Bank 0.43 0.42 0.46 0.42 0.41 0.40 0.42 0.39 0.47 0.47 1 Excludes provision for credit losses on debt securities and deposit with banks 2 Not comparable to prior periods, which were net of acquisition benefits 3 On an adjusted basis; adjusted for Day 1 PCLS from acquisitions 115 Scotiabank® 15#16NET WRITE-OFFS Relatively stable net write-off ratios 1 Annualized (As a % of Average Net Loans & Acceptances) 1, 2 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Canadian Banking 0.25% 0.26% 0.23% 0.23% 0.28% International Banking 1.38% 1.26% 1.14% 1.24% 1.34% Global Banking and Markets 0.05% 0.08% 2 Net write-offs are net of recoveries (0.03)% All Bank 0.46% 0.45% 0.39% 0.45% 0.50% Scotiabank® 16#17APPENDIX Scotiabank® 17#18DILUTED EPS RECONCILIATION Diluted EPS ($ per share) Q1/19 Q4/18 Q3/18 Reported $1.71 $1.71 $1.55 Impact of Acquisition-related costs on diluted earnings per share¹ Adjusted $0.04 $0.06 $0.21 $1.75 $1.77 $1.76 1 Acquisition-related costs includes integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and the Day 1 PCL impact on acquired performing loans in Q3/18 Scotiabank® 18#19SUMMARY OF ADJUSTING ITEMS Adjusting Items (Pre-Tax) Q1/18 Q4/18 Q1/19 ($MM) Acquisition-Related Costs Integration Costs Canadian Banking 18 75 28 31 7 Canadian Banking ex. Wealth - International Banking 47 24 Amortization of Intangibles¹ 18 27 30 Canadian Banking 7 14 14 Canadian Banking ex. Wealth 5 5 International Banking 11 13 16 Total (Pre-Tax) 18 102 61 Adjusting Items (After-Tax and NCI) Q1/18 Q4/18 Q1/19 ($MM) Tax NCI After-Tax and NCI Acquisition-Related Costs Integration Costs Canadian Banking 42 45 9 21 1 17 6 Canadian Banking ex. Wealth International Banking 2 Amortization of Intangibles² Canadian Banking Canadian Banking ex. Wealth International Banking Total (After-Tax and NCI) 1 Excludes amortization of intangibles related to software (pre-tax) 2 Excludes amortization of intangibles related to software (after-tax) - 13 8 35400 222 24 8 5 11 20 8 22 10 4 10 4 4 10 4 12 13 65 17 5 39 Scotiabank® 19#20STABLE CORE BANKING MARGIN 2.47% 2.46% 2.46% 2.47% 2.45% Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 YEAR-OVER-YEAR HIGHLIGHTS • Change in business mix from the impact of International Banking acquisitions and higher margins in Canadian Banking More than offset by lower margins in Global Banking and Markets and lower contribution from asset/liability management activities Scotiabank® 20 20#21DIGITAL PROGRESS UPDATE Progressing well against 2018 Investor Day digital targets Digital Retail Sales¹ +1400bps Digital Adoption² +700bps · In-Branch Financial Transactions³ -800bps 25 33 33 26 22 29 23 26 20 20 15 11 F2016 F2017 F2018 Q1/19 Goal >50% 18 F2016 F2017 F2018 Q1/19 F2016 F2017 F2018 Q1/19 Goal >70% Strong progress made in all five key markets across various product suites including deposits, personal loans, insurance, etc. • Adoption grew 400bps against Q1 of last year; stable compared to year end 1 Canada: F2017 22%, F2018 26%, Q1/19 28% PACS: F2017 13%, F2018 19%, Q1/19 24% 2 Canada: F2017 36%, F2018 38%, Q1/19 39% PACS: F2017 20%, F2018 26%, Q1/19 27% 3 Canada: F2017 17%, F2018 15%, Q1/19 13% PACS: F2017 29%, F2018 24%, Q1/19 22% • Goal <10% In-branch transactions continued to decline at a steady pace Scotiabank® 21#22CANADIAN BANKING - REVENUES, NIM & PRODUCTIVITY Good commercial lending and wealth management revenue growth REVENUE (TEB) ($MM) +3% Y/Y NIM 2.46% 2.45% 2.44% 2.43% 2.41% 3,443 3,415 3,303 854 904 804 +13% Y/Y Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 614 +5% 579 610 Y/Y ADJUSTED PRODUCTIVITY RATIO -1% 1,920 1,975 1,901 Y/Y 48.4% 50.6% 50.0% 49.5% 48.8% Q1/18 Q4/18 Q1/19 Retail Commercial Wealth Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Scotiabank® 22 22#23CANADIAN BANKING - VOLUME GROWTH Strong business loan growth, and continue to grow retail deposits AVERAGE LOANS & ACCEPTANCES ($B)1 +4% Y/Y AVERAGE DEPOSITS ($B)¹ +9% Y/Y 257 340 342 249 329 53 53 49 +10% Y/Y 236 82 7 7 79 73 +12% Y/Y 72 72 74 73 +3% Y/Y +7% 202 206 208 +3% Y/Y 170 174 Y/Y 163 Q1/18 Q4/18 Residential mortgages Personal loans 1 May not add due to rounding Q1/19 Credit cards Business Q1/18 Personal Q4/18 Q1/19 Non-personal Scotiabank® 23#24• GLOBAL WEALTH MANAGEMENT Award winning global wealth management operation Scotia Global Asset Management Scotia Wealth Management Record number of FundGrade A+ awards and 5 Lipper awards in Q1 At the end of Q1 in terms of percentage of assets in Top 2 quartiles: • • . Scotia Funds #1 ranked among Banks for 1-yr and 5-yr performance Dynamic Funds #1 among independents in 1-yr and 3- yr performance Combined 94% of Scotia and Dynamic Funds assets in Top 2 Quartiles in 1-yr returns . ScotiaMcLeod ranked #1 in revenue and assets per advisor1 Scotiatrust ranked #1 in Trust & Foundation assets and Total Estate revenue¹ Scotia iTRADE A- grade in Globe & Mail Online Brokerage Report Card • "One of the most polished, well-rounded brokers out there" 1 Per Investor Economics Scotiabank® 24#25INTERNATIONAL BANKING – REVENUE GROWTH - Latin America, driven by the Pacific Alliance, continues to deliver strong revenue growth BY TYPE (TEB) ($MM)¹ BY REGION (TEB) ($MM) 1 +22% +22% Y/Y2,3 Y/Y2,3 3,331 3,331 +18% 3,134 144 3,134 Y/Y 183 +26% 2,704 2,704 Y/Y3 835 1,251 119 740 1,104 +7% Y/Y 749 997 +20% Y/Y3 +29% Y/Y3 2,352 2,211 2,030 2,080 1,836 1,707 Q1/18 Net interest income Q1/19 Q4/18 Q1/19 Q1/18 Q4/18 Non-interest revenue Latin America Caribbean & Central America 1 Y/Y growth rates are on a constant dollar basis 2 Revenue growth of 23% Y/Y on a reported basis 3 Includes the impact of acquisitions Asia Scotiabank® 25#26INTERNATIONAL BANKING - VOLUME GROWTH Strong loan and deposit growth AVERAGE LOANS & ACCEPTANCES ($B)1 AVERAGE DEPOSITS ($B)¹ 1, 2 113 7 199 19 30 30 57 55 Q1/18 Business +29% Y/Y3,4 149 +33% 144 10 Y/Y4 9 23 23 24 24 +27% 96 Y/Y4 96 39 40 0 +33% Y/Y4 55 35 +19% Y/Y4,5 117 115 41 41 +16% Y/Y4 73 75 +27% Y/Y4 74 76 +21% Y/Y4 61 Q4/18 Q1/19 Residential mortgages Personal loans Credit cards 1 Y/Y growth rates are on a constant dollar basis 2 Includes deposits from banks 3 Average loans & acceptances growth of 32% Y/Y on a reported basis 4 Includes the impact of acquisitions 5 Average deposits growth of 22% Y/Y on a reported basis Q1/18 Q4/18 Non- Personal Personal Q1/19 Scotiabank® 26#27INTERNATIONAL BANKING - REGIONAL LOAN GROWTH Strong loan growth in Latin America bolstered by acquisitions AVERAGE LOANS & ACCEPTANCES ($B)¹ CONSTANT DOLLAR LOAN VOLUMES, Y/Y +29% Y/Y2,3 Retail Commercial4 Total 149 144 32 -2% Y/Y Latin America 47% 36% 41% 31 113 C&CA 31 82 22 Q1/18 Latin America 113 117 +41% Y/Y3 Q4/18 Q1/19 Caribbean & Central America 1 Y/Y growth rates are on a constant dollar basis 2 Average loans & acceptances growth of 32% Y/Y on a reported basis 3 Includes the impact of acquisitions 4 Excludes bankers acceptances (4%) (2%) Total 31% 27% 29% Scotiabank® 27#28INTERNATIONAL BANKING - PACIFIC ALLIANCE Continue to deliver strong results across the Pacific Alliance countries 1, 2, 3 FINANCIAL PERFORMANCE AND METRICS ($MM) Q1/19 Q4/18 Q1/18 Q/Q Y/Y Revenue ($MM) 2,192 2,046 1,668 +8% +31% Expenses ($MM) 1,006 1,003 792 +1% +28% Net Income ($MM) 567 462 454 +23% +23% NIM 4.61% 4.62% 4.84% (1bps) (23bps) Productivity Ratio 45.9% 49.0% 47.5% (310bps) (160bps) 20% Colombia 28% Chile REVENUE $2.2B GEOGRAPHIC DISTRIBUTION4 7% 26% Colombia Mexico 26% 24% Chile Peru NET INCOME $567MM 11% 32% Colombia Mexico 40% 37% Chile Peru AVG EARNING ASSETS $124B 28% Mexico 21% Peru 1 Attributable to equity holders of the Bank 2 Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis 3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions 4 For the 3 months ended January 31, 2019 Scotiabank® 28#29GLOBAL BANKING AND MARKETS - REVENUE AND LOANS REVENUE (TEB) ($MM) 1 -10% Y/Y 1,190 1,075 1,073 302 250 258 231 200 174 657 623 643 Q1/18 Business banking FICC AVERAGE BUSINESS AND GOVERNMENT LOANS & ACCEPTANCES ($B) +15% Y/Y 84 80 92 92 Q1/19 Q1/18 Q4/18 Q1/19 Q4/18 Global Equities 1 Latin America revenue contribution and assets reported in International Banking's results Scotiabank® 29#30GLOBAL BANKING AND MARKETS - REGIONAL AND BUSINESS LINE COMPOSITION 6% Asia 10% Europe GEOGRAPHIC REVENUE1,2 REVENUE $1.1B 1 For the 3 months ended January 31, 2019 2 Latin America revenue contribution and assets reported in International Banking's results ASSETS BY GEOGRAPHY1,2 42% 7%- Canada Asia 42% US 17% Europe AVG ASSETS $364B 37% US 39% Canada Scotiabank® 30#31(# of days in quarter) TRADING RESULTS 0 TRADING LOSS DAYS IN Q1/19 Q1/19 TRADING REVENUE AND ONE-DAY TOTAL VAR 16 14 12 10 10 8 6 4 2 0 T T T T T Millions 40 40 .. 30 20 10 10 0 -10 3 4 5 6 7 8 9 10 15 20 25 40 40 Q1/19 Daily Trading Revenues ($MM) Average 1-Day Total VaR Q1/19: $ 12.6 MM Q4/18: $10.5 MM Q1/18: $13.2 MM -20 1-day total VaR Actual Daily Revenue Scotiabank® 31#32ECONOMIC OUTLOOK IN KEY MARKETS Macro economic growth outlook remains positive for the Pacific Alliance countries Real GDP (Annual % Change) Country 2017 Canada 3.0 2018F 2019F 2.0 1.8 U.S. 2.2 2.9 2.4 Mexico 2.1 2.0 1.6 Peru 2.5 3.6 4.0 Chile 1.5 4.2 3.2 Colombia 1.8 2.6 3.4 Source: Scotia Economics, as of February 7, 2019 Scotiabank® 32#33SCOTIABANK IN THE PACIFIC ALLIANCE COUNTRIES Well positioned to grow now and in the future Key Highlights of Pacific Alliance countries (PACS) • 230 million. 6.2x Canada's population. Projected growth outpaces Canada, other EM³ and G7 countries; median age of 29 Population 1,2 Government Presidential Elections Financial Stability Economy • No elections scheduled until 2021 • All sovereign credit ratings in IG category with central banks' policy targeting inflation since 1999 GDP1 Exports5 Trade Partners5 Business Environment HDI Score Rank6 Banking Penetration¹ 9th largest economy in the world • 64% of exports related to manufacturing • US, China and Canada are the PACs' largest trading partners, representing 72% of exports • Rank "High" or "Very High" (United Nations, 2017) Foreign Direct Investment¹ • FDI averaging 3.2% of GDP compared to 1.7% in Canada and the U.S. Under-banked with average banking penetration at ~50% compared to over 90% in Canada and the U.S. Scotiabank Market Share7 Market Share Ranking? Mexico 7.1% 6th Peru 17.7% 3rd Chile 14.0% 3rd Strengths Auto and mortgages Commercial, personal and Mortgages Commercial, personal and Mortgages Colombia 6.2% 5th Credit Cards and PACs (Total/Average) 11.5% 4th Well positioned personal Average Total Loans³ (C$B) Revenue (C$B) $28.1 $0.6 $20.5 $45.6 $12.2 $106.3 $0.6 $0.6 $0.4 $2.2 Net Income after NCI 9,10 (C$MM) $182 $212 $135 $39 $567 ROE 9,10 25% 28% 9% 10% 16% # of Employees 11,12 13,214 11,080 9,257 9,689 43,240 1 Source: World Bank 2017 2 Population growth: World Bank Data Bank 2017-2022 3 EM countries include: Argentina, Brazil, China, Greece, India, Indonesia, Poland, South Africa, Turkey, and Russia 4 Source: The World Factbook, CIA 2017 5 Source: United Nation Conference on Trade and Development (UNCTAD) 2017; Organization for Economic Co- operation and Development (OECD) 2016 6 Human Development Index. Source: United Nations Development Programme (UNDP) 2017. For more information, please refer to: http://hdr.undp.org/sites/default/files/2018_human_development_statistical_update.pdf 7 Ranking based on publicly traded banks by total loans market share as of December 2018 8 Average loan balances over Q1/19 9 For the quarter ended January 31, 2019 10 Earnings adjusted for acquisition-related costs including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions 11 Employees are reported on a full-time equivalent basis 12 As of January 31, 2019 13 May not add due to rounding Scotiabank® 33#34PROVISION FOR CREDIT LOSSES ($MM) Q1/18 Q2/18 PCLs on Impaired Loans Total PCLS PCLs on Impaired Loans Total PCLS Q3/18 PCLs on Total PCLs on Impaired PCLs Impaired Loans (adj.) Loans Q4/18 Q1/19 PCLs on Total Total Impaired PCLS PCLS Loans Canadian Banking Canadian Retail 206 200 193 193 179 174 181 179 201 202 Canadian Commercial 14 10 11 12 (5) 7 7 19 28 311 Total Canadian Banking 220 210 204 205 174 181 188 198 229 233 International Banking International Retail 306 320 308 294 337 3203 412 384 416 421 International Commercial 40 241 80 461 60 471,3 541 281 35 491 Total 3462 3441,2 3882 3401,2 3972 3671, 2, 3 4661,2 4121,2 451 470 Global Banking and Markets (2) (9) 3 (11) (12) (10) (17) (20)1 (1) (16) Other (1)1 - 11 11 All Bank 564 544 595 534 559 539 637 590 679 688 1 Includes provision for credit losses on debt securities and deposit with banks of $2 million in Canadian Banking, $2 million (Q1/18: -$5 million, Q2/18: -$4 million, Q3/18: $Nil, Q4/18: $41 million (impaired) and $40 million (total)) in International Banking, $nil in Global Banking and Markets (Q4/18: $1 million) and -$1 million (Q1/18: -$1 million, Q2/18: $Nil, Q3/18: $1 Million, Q4/18: $1 million) in Other 2 Not comparable to periods prior to Q1/18, which were net of acquisition benefits 3 Figures on an adjusted basis; adjusted for Day 1 PCLs from acquisitions Scotiabank® 34#35($MM) 1000 900 800 700 600 500 400 300 200 100 0 IMPAIRED LOANS NET FORMATIONS OF IMPAIRED LOANS1,2 IAS 39 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 IFRS 9 1 ($B) 2 3 4 Q1/17 Q2/17 5 6 Q3/17 GROSS IMPAIRED LOANS 1,2,3 Q417 IAS 39 IFRS 9 Net formations Average GILS (LHS) GILS as % of loans & BAS (RHS) 1 Prior to Q1/18, excludes loans acquired under the Federal Deposit Insurance Corporation (FDIC) guarantee related to the acquisition of R-G Premier Bank of Puerto Rico. Effective Q1/18, includes loans acquired under the Federal Deposit Insurance Corporation (FDIC) guarantee related to the acquisition of R-G Premier Bank of Puerto Rico 2 2018 amounts are based on IFRS 9. Prior period amounts were based on IAS 39 3 Excludes impact of acquisitions in Q3/18 of $0.2B Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 1.15% 1.10% 1.05% 1.00% 0.95% 0.90% 0.85% Scotiabank® 35#36CANADIAN RETAIL: LOANS AND PROVISION (Spot Balances as at Q1/19, $B) % secured PCL PCLs on Impaired Loans $216.1 Total Portfolio: $296 billion1; 93% secured² $38.6 $33.6 $7.4 Mortgages Personal Loans³ Lines of Credit Credit Cards 100% 99% 62% 3% Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 $ millions 6 6 71 71 61 % of avg. net loans (bps) 1 1 69 69 75 58 55 63 49 68 349 283 PCLS $ millions 12 0 % of avg. net loans (bps) 2 0 2008 82 73 65 99 55 80 70 81 68 88 43 43 51 241 292 1 Includes Tangerine balances of $6 billion 2 81% secured by real estate; 12% secured by automotive 3 99% are automotive loans Scotiabank® 36#37CANADIAN RESIDENTIAL MORTGAGE PORTFOLIO $109.2 42% Insured $12.6 $96.6 Total Portfolio: $216 billion $39.2 $9.5 $30.8 $3.6 (Spot Balances as at Q1/19, $B) $16.0 $29.7 $1.8 $11.3 $27.2 $14.2 $11.1 $0.2 $9.5 $8.8 $0.7 58% Ontario BC & Territories Alberta Quebec Atlantic Provinces Manitoba & Saskatchewan Uninsured Freehold $188B Condos $28B Average LTV of uninsured mortgages is 55%¹ | New originations² average LTV of 64% in Q1/19 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data. 2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases refinances with a request for additional funds and transfer from other financial institutions. Scotiabank® 37#38Q1 2019 CANADIAN RESIDENTIAL MORTGAGES Credit fundamentals remain strong NEW ORIGINATIONS UNINSURED LTV* DISTRIBUTION GVA 59% Q1/18 Q4/18 Q1/19 Canada Total Originations ($B) 10.3 10.5 9.3 Uninsured LTV 64% 63% 64% GTA 63% BC & Territories GTA Total Originations ($B) Uninsured LTV 3.4 3.2 3.2 63% 62% 63% 61% GVA Atlantic Prairies 67% ON QC Provinces 64% 66% 68% Total Originations ($B) Uninsured LTV 1.5 1.1 1.0 62% 59% 59% *Average LTV ratios for our uninsured residential mortgages originated during the quarter FICO® DISTRIBUTION - CANADIAN UNINSURED PORTFOLIO1 Average FICO Score Canada 787 GTA 789 GVA 791 56% 16% 12% 12% 4% < 635 636-706 707-747 748-788 > 788 FICO is a registered trademark of Fair Isaac Corporation 1 FICO® distribution for Canadian uninsured portfolio based on score ranges at origination <0.70% of uninsured portfolio has a FICO® score of <620 and an LTV >65% Canadian uninsured mortgage portfolio is $124 billion as at Q1/2019 Scotiabank® 38#39INTERNATIONAL RETAIL: LOANS AND PROVISION (Spot Balances as at Q1/19, $B¹) Total Portfolio1: $76 billion; 67% secured $26.4 $3.0 $18.3 $1.9 Mortgages ($42.3B) $4.5 $12.7 $0.7 Personal loans ($22.2B) $3.6 Credit cards ($9.6B) $11.9 $8.4 $6.4 $8.8 $17.0 $7.9 $1.6 $2.4 $4.5 $3.2 $2.7 $2.3 PCL C&CA Mexico Chile Peru Colombia Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 Q1/19 Q4/18 PCLs on Impaired Loans $ millions 63 65 59 59 60 75 15 86 106 78 101 110 % of avg. net loans (bps) 138 147 199 206 120 145 517 400 554 582 PCLS $ millions 78 45 % of avg. net loans (bps) 170 101 55 69 63 63 96 233 216 155 155 79 12 74 84 89 69 101 134 364 432 485 532 1 Total Portfolio includes other smaller portfolios Scotiabank® 39#40RETAIL 90+ DAYS PAST DUE LOANS Favourable credit quality across all markets and products Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 CANADA Mortgages 0.20% 0.19% 0.20% 0.20% 0.21% Personal Loans 0.63% 0.57% 0.56% 0.56% 0.58% Credit Cards 1.18% 1.08% 0.89% 0.91% 0.95% Secured and Unsecured Lines of Credit 0.30% 0.30% 0.28% 0.29% 0.30% Total 0.29% 0.27% 0.27% 0.28% 0.29% INTERNATIONAL 1 Includes acquisitions in Chile and Colombia. Q1/18 Q2/18 Q3/181 Q4/181 Q1/191 Mortgages 3.82% 3.70% 3.28% 3.18% 3.24% Personal Loans 3.68% 3.64% 3.45% 3.56% 3.59% Credit Cards 3.02% 2.87% 3.03% 2.96% 3.01% TOTAL 3.66% 3.56% 3.31% 3.25% 3.30% Scotiabank® 40#41FX MOVEMENTS VERSUS CANADIAN DOLLAR Canadian (Appreciation) / Depreciation Currency Q1/19 Q4/18 Q1/18 Q/Q Y/Y SPOT U.S. Dollar 0.761 0.760 0.813 (0.2%) 6.4% Mexican Peso 14.56 15.43 15.13 5.7% 3.8% Peruvian Sol 2.547 2.561 2.615 0.6% 2.6% Colombian Peso 2363 2,446 2,301 3.4% (2.7%) Chilean Peso 499.2 528.7 490.1 5.6% (1.8%) AVERAGE U.S. Dollar 0.751 0.768 0.791 2.2% 5.1% Mexican Peso 14.89 14.59 15.04 (2.1%) 1.0% Peruvian Sol 2.522 2.542 2.558 0.8% 1.4% Colombian Peso 2396 2326 2,336 (3.0%) (2.6%) Chilean Peso 509.8 516.1 495.0 1.2% (3.0%) Scotiabank® 41#42INVESTOR RELATIONS CONTACT INFORMATION Philip Smith, Senior Vice President 416-863-2866 [email protected] Steven Hung, Vice President 416-933-8774 [email protected] Lemar Persaud, Director 416-866-6124 [email protected] Judy Lai, Director 416-775-0485 [email protected] Scotiabank® 42