#1Investor Presentation Third Quarter 2019 Scotiabank®#2CAUTION REGARDING FORWARD-LOOKING STATEMENTS From time to time, 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. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. 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, 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," "foresee," "forecast," "anticipate," "intend," "estimate," "plan," "goal," "project," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would" and "could." By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber- attacks) on the Bank's information technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; 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. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2018 Annual Report, as may be updated by quarterly reports. 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. 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. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, 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®#3TABLE OF CONTENTS Scotiabank Overview • • • Canada's International Bank Well-Diversified and Profitable Business Medium-Term Financial Objectives • Why Invest in Scotiabank? • • • Acquisition & Divestiture Activity Increasing Scale, Improving Focus, Lowering Risk Track Record of Earnings and Dividend Growth Strong Capital Generation . Strong Progress in Digital Banking • Environmental, Social & Governance (ESG) Appendix 1: Business Line and Financial Overview . Financial Performance • Canadian Banking • • • International Banking Global Banking and Markets Credit Performance by Business Lines • Historical PCL Ratios on Impaired Loans . • Canadian Retail: Loans and Provisions International Retail: Loans and Provisions Wholesale Funding Appendix 2: Key Market Profiles Appendix 3: Canadian Housing Market Appendix 4: Additional Information Appendix 5: Energy Exposure Contact Information 456 7 8 9 10 12 13 14 15 17 18 19 26 29 31 32 33 34 35 36 43 50 52 54 Scotiabank.#4Scotiabank Overview Scotiabank Ⓡ#5Canada's International Bank Top 10 Bank in the Americas 1,2 Americas 7th largest bank by assets¹ 9th largest bank by market capitalization¹ Full-Service Canada Mexico . Peru • Chile Colombia Caribbean Uruguay Wholesale Operations USA UK Hong Kong Singapore Australia Ireland China • Brazil South Korea Malaysia India • Japan 2018 Bank of the Year Latin America and the Caribbean by Latin Finance Europe FY 2019 Scotiabank³ Q3 YTD Change YTD/YTD Revenue $23.2B +9% Net Income $7.0B +3% Return on Equity 13.9% -130 bps Operating Leverage4 -1.2% n.a. Productivity Ratio 52.7% +160 bps Total Assets $1.1T +12.7% Ranking by Market Share5 USMCA Canada USA #3 Top 10 Foreign Bank Asia PAC Mexico Peru Chile Colombia * * #6 #3 #3 #6 1 Source: Bloomberg August 21, 2019; 2 By assets and market capitalization; 3 Figures adjusted for Acquisition and divestiture-related amounts, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and net loss on divestitures and related costs; 4 Exclude employee benefits re-measurement credit of $203MM pre-tax, $150MM after-tax in Q1/18; 5 Ranking based on market share in loans as of June 2019 for PACS (incl. M&A), as of May 2019 in Canada for publically traded banks; 6 For the nine months ended July 31, 2019 LEADING BANK IN THE AMERICAS Earnings by Geography3,6 Other- C&CA 8% 9% 24% PAC 9% 50% Canada U.S.A. Americas (~90%) Scotiabank. LO 5#6Well-Diversified and Profitable Business Diversified by business and by geography, providing stability and lowering risk Earnings by Business 1,2,3 Wealth Management 13% Global Wealth Management 13% Earnings by Geography1,2 * Caribbean and Central America C&CA* 9% Other 8% Wholesale Banking 17% Global Banking and Markets 17% Canadian Banking P&C Colombia 2% 2019 YTD 38% Personal & Commercial EARNINGS MIX Banking $6.9B3 70% International Banking P&C 32% Chile 6% Peru 9% Mexico 7% 2019 YTD EARNINGS MIX $6.9B3 U.S. 9% Adjusted Return on Equity 1.2 by Division 18.7% 13.9% 13.1% 13.9% Canadian Banking International Banking Global Banking and Markets All Bank Canada 50% 1 Net income attributable to equity holdersor for the nine months ended July 31, 2019; 2 Figures adjusted for Acquisition and divestiture-related amounts, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and net loss on divestitures and related costs; 3 Excluding Other segment GREATER SCALE, GREATER FOCUS Scotiabank. 6#7Medium-Term Financial Objectives¹ METRICS ALL BANK OBJECTIVES Q3/19 RESULTS² (YTD/YTD Change) EPS Growth 7%+ Flat ROE 14%+ 13.9% Operating Leverage³ Positive (1.2%) Capital Strong Levels 11.2% (11.7% pro-forma announced divestitures) Dividend Payout Ratio 40%-50% 48.5% BUSINESS LINE CANADIAN BANKING Net Income Growth Productivity Ratio 7%+ +1.7% <49% 49.4% INTERNATIONAL BANKING Net Income Growth4 9%+ Productivity Ratio <51% +15.0% 50.5% 13-5 year objectives. 2 Figures adjusted for Acquisition and divestiture-related amounts, including integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and net loss on divestitures and related costs; 3 Excludes employee benefits re-measurement credit of $203MM pre-tax, $150MM after-tax in Q1/18; 4On a constant dollar basis Scotiabank® 7#8Why Invest in Scotiabank? ☑ Canada's international bank and a top 10 bank in the Americas Diversified exposure to high quality growth markets Increasing scale and market share in key markets Improving quality of earnings while reducing risk profile Enhancing competitive advantage in technology and talent . Unique footprint provides diversification with growth • Strong balance sheet, capital and liquidity ratios • Attractive dividend yield, return on equity and valuation • • • • Leading Canadian banking franchise Leading bank in the Pacific Alliance growth markets of Mexico, Peru, Chile and Colombia Earnings growth in personal & commercial, wealth, and wholesale businesses Gaining market share in key markets of Canada, the U.S. and the Pacific Alliance countries. Lowering operational risk with more focused footprint Top 3 bank in Canada, Chile and Peru Increasing scale in Wealth Management and Pacific Alliance with $7B of strategic acquisitions since 2018 > 80% of earnings from core personal and commercial banking businesses. > 80% of earnings from 6 key markets Exited 21 countries and 11 businesses since 2013 Strong Canadian risk management culture – building stronger capabilities for AML and cybersecurity Leading levels of technology investment supports digital banking strategy. Increasing digital sales and adoption with clear targets Well positioned in the Pacific Alliance to leverage technology, risk management, and funding versus local and global competitors • Named to Top 25 "World's Best Workplaces" (2018) Scotiabank. 8#9Countries Businesses Acquisition & Divestiture Activity Acquisitions focused on gaining scale and improving business mix Divestitures focused on smaller markets and less attractive operating environments 2014 2015 2016 Acquisitions Aurion Capital Cencosud (Chile) JPMorgan Chase Credit Card Portfolio I+I Canadian Tire Financial Services Citibank (Peru) Citibank (Panama) Citibank (Costa Rica) 2017 Divestitures/Exits Russia Egypt Turkey M Haiti UAE Vietnam Taiwan France Cl Financial RoyNat Leasing Hollis Wealth * Announced and pending 2018 2019 MD Financial, Banco Progreso Jarislowsky Fraser (Dominican Republic) BBVA (Chile) Cencosud (Peru) Citibank (Colombia) = Thailand* ($3.0B) PR/USVI* ($0.5B) El Salvador* 9 Leeward Islands Countries* CrediScotia (Jamaica) Pension & Insurance (Dominican Republic) Insurance* (Jamaica, Trinidad & Tobago) Pension (Colombia) Scotiabank® 9#10Increasing Scale, Improving Focus, Lowering Risk¹ Gaining scale in key markets to drive earnings growth, improve earnings quality and reduce risk Increasing Scale with Strategic Acquisitions (2017-2019) MD Canada Chile MD Financial Management CMA Companies JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT BBVA Adds wealth management assets of $96B. Adds 110,000 potential primary customers. Expands wealth management offering. Doubles market share. Creates 3rd largest bank. Peru banco cencosud Further diversifies business. Creates 2nd largest bank in credit cards. Further diversifies business. Colombia citibank Creates market leader in credit cards. Dominican Republic 15-year period 2014-2019 PROGRESO INCREASING SCALE, IMPROVING FOCUS Doubles customer base. Creates 4th largest bank. Scotiabank. 10 10#11Increasing Scale, Improving Focus, Lowering Risk¹ Gaining scale in key markets to drive earnings growth, improve earnings quality and reduce risk Reducing Risk Profile Gaining Market Share (Total Loans) 54 countries 33 countries 2013 2019 Exited 21 countries since 2013 with either small scale, higher operational risk, or low returns, including: • Middle East: Turkey, Egypt, UAE • Asia: Thailand, Vietnam, Taiwan Canada Mexico Chile Peru Colombia 0 2 4 6 8 10 12 14 16 18 20% • Central America: Guatemala, El Salvador Caribbean: Haiti, Puerto Rico, USVI, and 9 of the Leeward • Islands Europe: Russia, France Capital has been mainly redeployed into Canada and the Pacific Alliance countries and through share buyback program Exited 11 non-core businesses including: Pension benefits and administration businesses (Dominican Republic, Colombia) and lease finance (Canada) Reduced wholesale funding (% of assets) from >29% in 2014 to 23% today Improving Earnings Quality $ Increased Wealth Management assets under management by 44% to $297B Targeting Wealth Management earnings contribution to All- Bank earnings of 15% over the medium-term Establishing Global Wealth Management as a standalone reporting division in Q1/20 15-year period 2014-2019; 2 Q4 2017 to Q3 2019 Q3/14 Q3/19 Scotiabank. 11#12Strong Track Record of Earnings and Dividend Growth Stable and predictable earnings with steady increases in dividends Earnings per share (C$)1.2 Total shareholder return³ $3.05 +9% CAGR $7.11 ■Scotiabank ■Big 5 Peers (ex. Scotiabank) 11.5% 12.0% 11.8% 8.4% 8.8% 3.4% 08 09 10 11 12 13 14 15 16 17 18 5 Year 10 Year 20 Year Dividend per share (C$) $1.96 09 10 11 +6% CAGR $3.49 12 13 14 15 16 17 18 19 1 Reflects adoption of IFRS in Fiscal 2011 2 Excludes notable items for years prior to 2016. For 2016 onwards, results adjusted for acquisition-related costs including Day 1 PCL impact on acquired performing loans, integration and amortization costs related to current acquisitions and amortization of intangibles related to current and past acquisitions. 3 As of July 31, 2019 INCREASING SCALE, IMPROVING FOCUS Scotiabank. 12#13Strong Capital Generation Clear path to higher capital ratio CET1 Ratio ~50 bps 11.7% +3 bps 11.2% 11.1% +33 bps -17 bps -4 bps -9 bps -2 bps Q2/19 Earnings Less Dividends RWA Impact (ex. FX) Share Buybacks (Net of Issuances) Pension Re-Measurement Puerto Rico Q3 Impact Other Including FX Q3/19 Reported Impact of Announced Divestitures Q3/19 Pro-Forma Internal Generation Strong Capital Levels 14.5% 1.7% 1.4% 14.7% 14.8% 14.3% 14.6% 1.8% 2.1% 2.2% 1.4% 1.4% 1.4% 2.5% 1.1% 11.4% 11.1% 11.1% 11.1% 11.2% Q3/18 Q4/18 Q1/19 Q2/19 CET1 Tier 1 Tier 2 Q3/19 Scotiabank® 13#14Strong Progress in Digital Banking Progressing well against 2018 Investor Day digital targets Digital Retail Sales1 +1,700 bps 15 11 22 Digital Adoption² +1,100 bps In-Branch Financial Transactions³ -1,000 bps 28 37 26 33 23 29 20 26 16 F2016 F2017 F2018 Q3/19 F2016 F2017 F2018 Q3/19 F2016 F2017 F2018 Q3/19 Goal >50% Strong progress made • across key markets; Key highlight: Chile surpassed the 50% mark in Q3/19 Goal >70% Goal <10% Adoption grew 600 bps against Q3 of last year In-branch transactions continued to decline at a steady pace 1 Canada: F2017 22%, F2018 26%, Q3/19 30% PACS: F2017 13%, F2018 19%, Q3/19 27% 2 Canada: F2017 36%, F2018 38%, Q3/19 42% PACS: F2017 20%, F2018 26%, Q3/19 32% 3 Canada: F2017 17%, F2018 15%, Q3/19 13% PACS: F2017 29%, F2018 24%, Q3/19 19% Scotiabank. 14#15Environmental, Social & Governance (ESG) . Environmental Issued inaugural USD 500 million 3.5- year Green Bond to support renewable energy, clean transportation and green buildings $8.5 billion in loans and credit facilities to the renewable energy sector in 2018 Established internal price on carbon, and on-track to achieve greenhouse gas reduction target of 10% by 2021 Began integrating recommendations from the Task Force on Climate- related Financial Disclosures in 2018 and have reported to the CDP since 2004 New approach to working at our head office in Toronto, Canada has reduced square feet per employee by 40%, and expected to reduce paper use by 86% • • Social Launched the Scotiabank Women Initiative to advance women-led businesses through access to capital, education and mentorship ~35% of VP+ roles and Executive positions held by women $250 million committed over 10 years to help employees adapt to the digital economy Joint Lead Manager on $1 billion World Bank Sustainable Development Bond to support women and youth First Canadian bank to adopt both the UN Global LGBTI Standards for Business and the UN Women's Empowerment Principles Employees volunteered >370,000 hours in 2018 to local causes >$80 million donated to communities in 2018 with 70% directed towards helping young people in the community • бра Governance First financial institution in Canada to establish a Corporate Governance Office (2014), with a direct reporting line to the Chair of the Board Updated our Human Rights Statement in 2019, signed by our President and CEO Approved robust equity ownership requirements for directors in 2003. These have been reviewed annually and now include additional common share ownership obligations Established an independent Chair in 2004 Established term limits for directors in 2011 Established a Board diversity policy in 2013. 38% of directors are female Adopted strict policies on director interlocks and overboarding, which are reviewed annually Scotiabank® 15#16Environmental, Social & Governance (ESG) UN GLOBAL COMPACT Member of the Dow Jones Sustainability North America Index Top 1% of global financial institutions for corporate governance (top 10% of banks overall) Top 100: 2019 Bloomberg Gender-Equality Index and Thomson Reuters Diversity & Inclusion Index One of the World's Best Workplaces in 2018 by Great Place to Work Scotia Global Asset Management is a signatory to the Principles for Responsible Investment MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM < SAM Sustainability Award Industry mover 2019 United Nations UN Global Compact WOMEN E TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES 2019 SAM Sustainability Award Bronze Class 2019 Bloomberg Gender-Equality Index FINANCE UNEP INITIATIVE PRI CDP DRIVING SUSTAINABLE ECONOMIES TOP 100 COMPANY 2018 Thomson Reuters Diversity & Inclusion Index Principles for Responsible Investment SUSTAINABLE DEVELOPMENT GOALS EQUATOR PRINCIPLES CP CARBON PRICING LC LEADERSHIP COALITION Scotiabank. 16#17Appendix 1: Business Line and Financial Overview Scotiabank Ⓡ#18Financial Performance Strong revenue and balance sheet growth $MM, except EPS Q3/19 Y/Y Q/Q Reported Net Income $1,984 +2% (12%) • Diluted EPS $1.50 (3%) (13%) Revenue $7,659 +7% (2%) Expenses $4,209 +12% +4% Productivity Ratio 55.0% +250bps +320bps Core Banking Margin 2.45% (1bp) PCL Ratio1 48bps (21bps) PCL Ratio on Impaired Loans¹ 52bps +11bps (13bps) +3bps Adjusted² Net Income $2,455 +9% +8% Diluted EPS $1.88 +7% +11% Revenue $7,965 +11% +4% Expenses $4,122 Productivity Ratio PCL Ratio1 51.7% 48bps +11% (10bps) (60bps) +8bps +3% (3bps) DIVIDENDS PER COMMON SHARE 0.03 0.02 0.03 0.85 0.85 0.87 0.87 0.82 Q3/18 Q4/18 ■ Announced Dividend Increase Q1/19 Q2/19 Q3/19 • YEAR-OVER-YEAR HIGHLIGHTS Adjusted Net Income up 9%² Diluted EPS up 7%² Revenue up 11%² o Excluding acquisitions and IFRS15, revenue was up 5% 。 Net interest income up 7% 。 Non-interest income up 16% Expenses up 11% 2 。 Mostly driven by acquisitions o Excluding acquisitions and the impact of IFRS15, expenses were up 4% Strong deposit growth of 10% Y/Y, asset growth of 13% Y/Y Total PCL ratio increased by 8 bps o Impaired PCL ratio was up 11 bps 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 2 Adjusted for Acquisition and divestiture-related amounts, including Day1 PCL impact on performing loans, integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and losses/(gains) on divestitures and related costs Scotiabank. 18#19Canadian Banking Top 3 bank in personal & commercial banking, wealth and insurance in Canada • Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to Retail, Small Business, Commercial Banking, and Wealth Management customers Retail 55% REVENUE MIX1 $3.5B 18% Commercial Residential Mortgages 60% MEDIUM-TERM FINANCIAL OBJECTIVES Target² 2019 Q3 YTD3,4.5 AVERAGE LOAN MIX1 $351B Net Income Growth6 7%+ +2% Productivity Ratio <49% 49.4% 2% 27% Credit Cards 21% CB ex Wealth <45% 45.4% 17% Wealth Business and Government Loans Personal Loans Wealth <65% 61.6% STRATEGIC OUTLOOK • Improve productivity towards our <49% productivity ratio target (<45% ex Wealth) by 2020 supported by positive operating leverage • Leverage data analytics for prudent growth in higher margin credit card and small business banking • Increase core deposits and primary customers 1 For the three months ended July 31, 2019; 2 3-5 year target; 3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions; 4 Reflects adoption of new accounting standard, IFRS 15; 5 For the nine months ended July 31, 2019; 6 Attributable to equity holders of the Bank Scotiabank. 19#20Canadian Banking Financial Performance Margin expansion, strong deposit growth, and expense management. Strong Wealth results. FINANCIAL PERFORMANCE AND METRICS ($MM)¹ Y/Y Q/Q YEAR-OVER-YEAR HIGHLIGHTS Q3/19 Reported Net Income Revenue $3,532 Expenses $1,723 $1,160 +3% +11% +5% +5% +4% +1% PCLs Productivity Ratio $240 48.8% Net Interest Margin 2.49% +33% (5%) (40bps) (180bps) +3bps +3bps PCL Ratio² 0.27% +6bps (3bps) PCL Ratio on Impaired Loans² 0.29% +8bps +1bp Adjusted³ • Net Income $1,174 +3% +11% Expenses $1,705 +4% +1% Productivity Ratio 48.3% (50bps) (170bps) ADJUSTED NET INCOME 13 ($MM) AND NIM (%) 2.46% 2.45% 2.44% 2.46% 2.49% • 1,141 1,146 1,089 1,062 1,174 . Adjusted Net Income up 3%³ 。 Lower real estate gains reduced net income by 2% 。 Margin expansion 。 Wealth Management results up 20% Revenue up 5% 。 Net interest income up 5% 。 Excluding M&A and IFRS 15, revenue was up 3% Loan growth of 4% o Residential mortgages up 3%; credit cards up 7% o Business loans up 10% Deposit growth of 10% o Personal up 7%; Non-Personal up 17% NIM up 3 bps 。 Primarily driven by the impact of prior rate increases Expenses up 4%³ 3 。 Investments in technology and regulatory initiatives 。 Excluding M&A and IFRS15, expenses were up 1% Quarterly operating leverage of +1.1%³ PCL ratio² up 6 bps to 27 bps Q1/19 Q2/19 Q3/19 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® Q3/18 Q4/18 1 Attributable to equity holders of the Bank 20 20#21Canadian Banking: Retail Loan Portfolio High quality retail loan portfolio: ~92% secured • High quality residential mortgage portfolio 。 40% insured; remaining 60% uninsured has a LTV of 55%¹ • Market leader in auto loans 。 $37.5 billion auto loan portfolio with 7 OEM relationships (3 exclusive) o Prime Auto and Leases (~91%) 。 Stable lending tenor with contractual terms for new originations averaging 77 months (6.4 years) with projected effective terms of 53 months (4.4 years) • Growth opportunity in credit cards 。 $7.7 billion credit card portfolio represents ~3% of domestic retail loan book and 1.3% of the Bank's total loan book Organic growth strategy focused on payments and deepening customer relationships 。 Upside potential from existing customers: ~80% of growth is from existing customers (penetration rate mid-30s and trending up versus peers in the low-40s) 。 Strong risk management culture with specialized credit card teams, customer analytics and collections focus 5% Unsecured DOMESTIC RETAIL LOAN BOOK² $295.3B 3% Credit Cards 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data. 2 Spot Balance as of July 31, 2019 79% Real Estate Secured Lending -13% Automotive Scotiabank. 21#22Canadian Banking: Residential Mortgages High quality, diversified portfolio • Residential mortgage portfolio of $222 billion: 40% insured; LTV 55% on the uninsured book¹ Mortgage business model is "originate to hold" 。 New originations² in Q3/19 had average LTV of 64% 。 Majority is freehold properties; condominiums represent approximately 13.5% of the portfolio • Three distinct distribution channels: All adjudicated under the same standards 。 1. Broker (~64%); 2. Branch (~17%); and 3. Mobile Salesforce (~19%) 。 eHOME: Since the launch of eHOME, we have had over 50,000 Canadians engage with the application to see how easy the digital mortgage experience can be. On average, customers are receiving a conditional approval is less than 24 hours (vs. multiple days in the traditional process) CANADIAN MORTGAGE PORTFOLIO: $222B (SPOT BALANCES AS AT Q3/19, $B) $113.7 $13.6 Freehold $192B Condos $30B 40% Insured Total Portfolio: $222 billion $100.1 $40.9 $10.2 $30.8 $3.7 $16.4 $30.7 $27.1 $1.9 $14.5 $11.1 $10.9 $9.5 $0.2 $8.8 $0.7 60% Uninsured Ontario BC & Territories Alberta % of portfolio 51.1% 18.3% 13.9% Quebec Atlantic Provinces Manitoba & 7.4% 5.0% Saskatchewan 4.3% 1 LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data 2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases refinances with a request for additional funds and transfer from other financial institutions Scotiabank. 22 22#23Canadian Banking: Residential Mortgages (continued) High quality, diversified portfolio NEW ORIGINATIONS UNINSURED LTV* DISTRIBUTION Q3/18 Q2/19 Q3/19 Canada Total Originations ($B) 11.9 7.1 14.0 GVA 61% Uninsured LTV 63% 64% 64% GTA 63% GTA BC & Territories Total Originations ($B) Uninsured LTV 3.6 2.3 4.5 62% 64% 63% 63% GVA Atlantic Prairies 68% ON QC Provinces 64% 65% 67% Total Originations ($B) Uninsured LTV 1.4 0.9 1.6 60% 63% 61% *Average LTV ratios for our uninsured residential mortgages originated during the quarter FICO® DISTRIBUTION - CANADIAN UNINSURED PORTFOLIO1 Average FICO Score Canada 789 GTA 791 GVA 795 15% 11% 12% 4% < 635 636-706 707-747 FICO is a registered trademark of Fair Isaac Corporation 1 FICO® distribution for Canadian uninsured portfolio based on score ranges at origination 2 Percentage is based on Total Mortgages 58% • 748-788 > 788 . Only <0.70% of uninsured portfolio² has a FICO® score of <620 and an LTV >65% Canadian uninsured mortgage portfolio is $133 billion as at Q3/2019 Scotiabank. 23 23#24Automotive Finance Canada's leader in automotive finance • Provide personal and commercial dealer financing solutions, in partnership with seven leading global automotive manufacturers in Canada • Portfolio grew 3%¹ year-over-year Personal up 4%, Commercial down 2% Commercial 13% AVERAGE Near-Prime Retail ASSET MIX 8% $43.3B1 79% 100% Secured Prime Retail Market Share² Prime Retail Market Share³ 63% 37% Exclusive Relationships MAZDA VOLVO JAGUAR/LAND ROVER Semi-Exclusive Relationships* HYUNDAI CHRYSLER GM TESLA * 1 to 2 other financial institutions comprise Semi-Exclusive relationships Near-Prime Retail Market Share4 76% 24% Commercial Floorplan Market Share5 72% 28% 1 For the three months ended July 31, 2019; 2 Data as at Feb 2019; 3 CBA data, includes BMO, CIBC, HSBC, National Bank, RBC, Scotiabank, TD; 4 Dealer Track Portal data, includes all Near-Prime Retail providers on DealerTrack Portal, data for July-19 originations; 5 Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of Dec-2018 Scotiabank® 24#25Tangerine Forward Banking Canada's #1 Digital Bank; The Official Bank of the 2019 NBA Champions and Toronto Raptors Conscious Self-Directed STRATEGIC FOCUS: . Simplicity Simple, market-leading products that appeal to value- Tech-Friendly . 2.3 million customers ⚫ Industry-leading customer service <7-minute account sign-up . 97% digital transactions ⚫ 96% digital onboarding . 90% digital sales • conscious, self-directed and digitally-savvy Canadians Seamless digital client experience Velocity • Enhanced self-service options, adding speed & agility Nimble, modern platform supporting rapid development cycles Low-cost, scalable business model Partnerships Improved brand recognition through sponsorship of the Toronto Raptors Deepening client relationships by introducing SCENE Loyalty, the only entertainment royalty program in Canada Modern Platform Speed & Agility Client-Driven Innovation Unique 'Orange' Culture Award Winning Approach 90 Scalable: Nimble, low cost systems provide a holistic client view. Rapid Deployments: Agile best practices enable quick & efficient new product & feature delivery. Incubator: Identify, explore, and pilot new technologies and solutions to meet evolving Client needs. Team Tangerine: Our unique culture and lean team are an essential part of how we deliver. Third-Party Recognition: Tangerine ranks highest in customer satisfaction among mid-sized banks for 8th year in a row by J.D. Power Scotiabank. 25#26International Banking Leading P&C banking operation in high quality growth markets in Latin America and the Caribbean • International Banking operates primarily in Latin America and the Caribbean with a full range of personal and commercial financial services. Its primary markets are the Pacific Alliance countries of Mexico, Peru, Chile and Colombia C&CA Asia 5% 50% Business Loans MEDIUM-TERM FINANCIAL OBJECTIVES REVENUE1 25% $3.4B 70% Credit Cards 7% LOAN MIX1 $155B Target² 2019 Q3 YTD 3,4,5 Latin America Net Income Growth6 9%+ 15% 16% 27% Personal 25% 25% Peru Loans Productivity Ratio <51% 50.5% Mexico 8% Other Latin America 92% PAC 16% Colombia 26% Chile Residential Mortgages Operating Leverage Positive +4.2% STRATEGIC OUTLOOK • Positive earnings impact from acquisitions in Chile, Colombia, Peru and Dominican Republic ⚫ Disposition of non-core operations in smaller Caribbean markets, Puerto Rico and El Salvador reduces operational risk Margins (NIM ~450 bps) and credit quality are expected to remain stable • • Positive operating leverage 1 For the 3 months ended July 31, 2019; 2 3-5 year target; 3 Adjusted for Acquisition-related costs, including Day 1 PCL impact on acquired performing loans, integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions; 4 Y/Y growth rates (%) are on a constant $ basis; 5 For the nine months ended July 31, 2019; 6 Attributable to equity holders of the Bank Scotiabank. 26#27International Banking Financial Performance Double-digit earnings growth for 11 consecutive quarters FINANCIAL PERFORMANCE AND METRICS ($MM) 1, 2 YEAR-OVER-YEAR HIGHLIGHTS² • Adjusted Net Income up 14% or 11% on a constant currency basis Strong loan growth across the Pacific Alliance, positive impact of acquisitions, and higher non-interest income Revenues up 20% Q3/19 Y/Y Q/Q • Reported Net Income $781 +40% 13% Revenue $3,427 +20% 3% Expenses $1,780 +19% 6% PCLs $476 (35%) (23%) Productivity Ratio 51.9% (100bps) +90bps Net Interest Margin 4.45% (25bps) (13bps) PCL Ratio³ 1.24% (134bps) (47bps) PCL Ratio on Impaired Loans³ Adjusted5 1.36% +3bps +7bps Net Income $815 +11% +5% Expenses $1,725 +18% PCLS $476 +33% +4% +2% . NIM down 25 bps Productivity Ratio 50.3% (140bps) +30bps PCL Ratio³ 1.24% +1bp (6bps) o Pacific Alliance up 26% (including acquisitions) Loans up 28% o Pacific Alliance up 41% (including acquisitions) ADJUSTED NET INCOME 15 ($MM) AND NIM4 (%) 4.70% 4.52% 4.52% 4.58% 4.45% 805 746 787 815 . 715 Q3/18 Q4/18 1 Attributable to equity holders of the Bank Q1/19 Q2/19 Q3/19 . 。 Primarily driven by larger contribution from Chile and margin compression in Mexico Expenses up 18%5 o Includes impact of acquisitions 。 Business volume growth and inflation 。 Productivity ratio improvement of 140 bps5 Quarterly operating leverage of +3.2%5 PCL ratio on impaired loans³ increased 3 bps 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 4 Net Interest Margin is on a reported basis 5 Adjusted for Acquisition-related costs, including Day 1 PCL impact on acquired performing loans, integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions Scotiabank. 27#28Scotiabank in the Pacific Alliance Countries Well positioned in high quality, growth markets • PAC Highlights 230 million people¹, median age of 302 9th largest economy in the world1 Banking penetration <50%1 Sovereign ratings all "Investment Grade"3 63% of exports related to manufacturing4 Largest trading partner is the United States4 • • • • Scotiabank in the PAC Only global bank present in all PAC countries Top 3 bank in Chile and Peru 28-year operating history (average) 2018 "Bank of the Year", Latin Finance Scotiabank Market Share5 Market Share Ranking Strengths Average Total Loans (C$B) Revenue (C$B) Net Income after NC17,8 (C$MM) ROE 6,8 # of Employees 9,10 Mexico Peru Chile Colombia 7.4% 6th 18.3% 3rd 14.0% 3rd Auto and Mortgages P&C and Mortgages Credit Cards, Mortgages 6.0% 6th Credit Cards, Personal $31.3 $21.5 $47.2 $12.2 $2.3 $2.3 $2.4 $1.6 $611 $756 $539 $132 18% 24% 10% 9% 13,241 12,052 8,967 8,955 Scotiabank® 1 Source: World Bank 2017 2 Source: The World Factbook, CIA 2017 3 Sovereign ratings from Moody's, S&P, and Fitch; Source: Bloomberg 4 Source: United Nation Conference on Trade and Development (UNCTAD) 2017; Organization for Economic Co- operation and Development (OECD) 2016 5 Ranking based on publicly traded banks by total loans market share as of June, 2019, inc. M&A 6 For the three months ended July 31, 2019 7 For the trailing 12 months ended July 31, 2019 not adjusted for currency 8 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 9 Employees are reported on a full-time equivalent basis 10As of July 31, 2019 28 28#29Global Banking and Markets Second-largest Canadian wholesale banking and capital markets business ⚫ Full-service wholesale bank in Canada, the United States and Latin America. Offers a range of products and services in select markets in Europe, Asia and Australia. Canada Asia 5% 45% Global Equities Europe 8% 17% GEOGRAPHIC REVENUE1 US 41% $1.1B Business Banking REVENUE BY BUSINESS LINE1 FICC 28% $1.1B Equities 32% Other 55% 20% TRADING RELATED REVENUE (TEB)1,2 $549MM 9% Commodities Foreign Exchange 27% 12% Interest Rate & Credit STRATEGIC OUTLOOK Up-tiering lending relationships, expanding Investment Banking capabilities in key markets, and increasing investment in the Pacific Alliance to become a leader in local and cross-border banking and capital markets • Continued strong growth in deposits, improved corporate lending and investment banking results to absorb required regulatory and technology investments 1 For the 3 months ended July 31, 2019; 2 All-Bank trading-related revenue Scotiabank® 29 29#30Global Banking and Markets Financial Performance Volatile market conditions, margin compression. Strong loan growth. FINANCIAL PERFORMANCE AND METRICS¹ ($MM) YEAR-OVER-YEAR HIGHLIGHTS Q3/19 Y/Y Q/Q • Net Income $374 (15%) (11%) Revenue $1,084 (2%) (6%) • Expenses $593 +9% PCLS ($4) N/A N/A Productivity Ratio Net Interest Margin PCL Ratio² PCL Ratio on Impaired Loans² 54.7% 1.61% +580bps +310bps (21bps) (9bps) (0.01%) +4bps (0.01%) +5bps +1bp • +1bp NET INCOME AND ROE 15.6% 15.3% 15.2% 11.5% 12.8% • Net Income down 15% Y/Y and down 11% Q/Q Revenue down 2% 。 Net interest income down 8% o Non-interest income flat NIM down 21 bps o Lower deposit margins Loans up 12% o Strong corporate loan growth across Canada and the U.S. Expenses up 9% • Expenses flat Q/Q 。 Higher regulatory costs and unfavourable impact of foreign currency PCL ratio² continues to be a recovery 441 416 374 420 335 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 1 Attributable to equity holders of the Bank 2 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures Scotiabank® 30 30#31Credit Performance by Business Lines Credit fundamentals remain strong Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 (As a % of Average Net Loans & PCLs on Impaired PCLS Total PCLs on PCLs on PCLs on Total PCLs on Total Total Total Impaired Impaired PCLS PCLS Acceptances) Loans (adj.) Loans Loans Impaired PCLs Impaired Loans (adj.) Loans PCLS Canadian Banking Retail 0.25 0.24 0.25 0.25 0.28 0.28 0.31 0.35 0.33 0.30 Commercial (0.04) 0.06 0.06 0.15 0.21 0.231 0.09 0.061 0.10 0.161 Total 0.21 0.21 0.22 0.23 0.27 0.271 0.28 0.301 0.29 0.271 International Banking Retail 2.36 2.252 2.38 2.21 2.33 2.36 2.36 2.352 2.48 2.28 Commercial 0.38 0.312 0.07 (0.06)1 0.19 0.261 0.27 0.301,2 0.30 0.261 Total 1.33 1.23² 1.20 1.051 1.23 1.281 1.29 1.301,2 1.36 1.241 Global Banking and Markets (0.06) (0.05) (0.07) All Bank 0.41 0.40 0.42 (0.09)1 (0.01) 0.39 0.47 (0.07) (0.02) 0.47 0.49 (0.02) (0.01) (0.01) 0.51 0.52 0.48 1 Excludes provision for credit losses on debt securities and deposit with banks 2 On an adjusted basis; adjusted for Day 1 PCLs from acquisitions Scotiabank. 31#320.00% 2001 0.50% 2002 2003 1.00% 2004 2005 1 Provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures 1.50% PCL Ratio on Impaired Loans 2006 2005 PCL Ratio on Impaired Loans 2006 Historical PCL Ratios on Impaired Loans Credit fundamentals remain strong; PCLS on impaired loans in line with long-term average 2.00% 1.50% 1.00% 0.50% 0.00% ALL BANK HISTORICAL PCL RATIO ON IMPAIRED LOANS1 2002: Included $454 million related to the Bank's exposure to Argentina 2009: Higher PCLS driven by economic conditions, event distributed across business lines. Higher general allowance and sectoral allowance (automotive related) 2.00% CANADIAN BANKING HISTORICAL PCL RATIO ON IMPAIRED LOANS¹ 2007 2008 2009 2010 2014 Historical Average - PCL Ratio on Impaired Loans (26 bps) 2015 Scotiabank® 2016 2017 32 32 2018 2019 YTD 2009 2010 2011 2012 2013 2014 Historical Average - PCL Ratio on Impaired Loans (44 bps) Average: 26 bps 2015 2016 2017 2018 2019 YTD Average: 44 bps#33Canadian Retail: Loans and Provisions Credit fundamentals remain strong TOTAL RETAIL 35 33 28 25 25 24 25 31 31 25 28 50 30 MORTGAGES 10 1 0 2 12 1 1 PERSONAL LOANS1 95 85 80 70 66 88 78 69 69 63 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 LINES OF CREDIT² CREDIT CARDS 96 458 86 81 349 75 68 330 402 292 415 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 75 70 68 70 73 339 269 283 241 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 PCL as a % of avg. net loans (bps) PCLs on Impaired Loans as a % of avg. net loans (bps) Loan Balances Q3/19 Mortgages Personal Loans¹ Lines of Credit2 Credit Cards Total Spot ($B) $222 $40 $34 $8 $3043 % Secured 100% 99% 62% 3% 93%4 196% are automotive loans 2 Includes Home Equity Lines of Credit and Unsecured Lines of Credit 3 Includes Tangerine balances of $6 billion 4 80% secured by real estate; 13% secured by automotive Scotiabank. 3 33#34International Retail: Loans and Provisions Credit fundamentals remain strong TOTAL RETAIL² MEXICO PERU 216 233 231 545 208 517 443 169 432 218 248 206 203 402 238 199 236 236 235 491 421 154 400 364 372 236 233 228 225 221 1 1 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 CARIBBEAN & CENTRAL AMERICA CHILE COLOMBIA 182 170 159 582 151 147 157 141 145 155 155 554 549 531 165 452 156 148 138 150 532 138 134 485 126 120 425 455 377 101 1 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 PCLs on Impaired Loans as a % of avg. net loans (bps) 1 Q3/18 Q4/18 Q1/19 Q2/19" Q3/19 1 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 PCL as a % of avg. net loans (bps) Loan Balances Q3/19 Spot ($B) Mexico $13 Peru Chile Colombia C&CA Total $10 $26 $7 $19 $76 1Adjusted for acquisition-related costs, including Day 1 PCL impact on acquired performing loans 2Total includes other smaller portfolios Scotiabank® 34 =4#35Wholesale Funding Wholesale funding diversity by instrument and maturity 1,6,7 30% Senior Notes 3% Bail-inable Notes MATURITY TABLE (EX-SUB DEBT) (CANADIAN DOLLAR EQUIVALENT, $B) Asset-Backed Commercial Paper³ 2% 3% Asset-Backed Securities $25 $25 $3 $6 11% $4 $19 $1 Covered Bonds $16 $16 $246B $7 $2 $4 $12 -10% $1 $4 Mortgage Securitization4 $18 $18 $14 $11 $12 4% $8 35% Bearer Deposit Notes, Commercial Paper & Short-Term Certificate of Deposits 2% Deposits from Banks2 Subordinated Debt5 < 1 Year 2 Years 3 Years 4 Years 5 Years 5 Years > Senior Debt ABS Covered Bonds 1 Excludes repo transactions and bankers acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity. 2 Only includes commercial bank deposits raised by Group Treasury. 3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes. 4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name. 5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures. 6 As per Wholesale Funding Sources Table in MD&A, as of Q3/19. 7 May not add to 100% due to rounding. Scotiabank. 35 35#36Appendix 2: Key Market Profiles Scotiabank Ⓡ#37Economic Outlook in Key Markets Growth in Pacific Alliance expected to remain above that of Canada and the U.S. 2019 AND 2020 REAL GDP GROWTH FORECAST (%) Real GDP (Annual % Change) Country 2000-17 avg. 2018 2019f 2020f Mexico 2.2 2.0 0.9 1.1 Peru 5.0 3.9 3.1 3.7 Chile 3.9 4.0 3.2 3.2 Colombia 3.9 2.6 3.2 3.6 PACS simple avg. 3.7 3.1 2.6 2.9 2000-17 avg. 2018 2019f 2020f Canada 2.1 1.9 1.4 2.0 U.S. 2.0 2.9 2.5 1.6 Source: Scotiabank Economics. Forecasts as of July 12, 2019. Scotiabank. 37#38Mexico Diverse economy with a strong balance sheet • The Mexican economy reflects a solid mix of commodities, goods production, and services. Trade remains dominated by the U.S., but Mexico's diversification agenda is underpinned by 13 free-trade agreements with 47 countries that account for 40% of global GDP 16.0% Finance, Insurance, & Real Estate 16.2% Other 3.2% Natural Resources 5.8% Health & Education MEXICAN GDP BY INDUSTRY (Q2 2019) 6.5% Transportation 2.0% & Warehousing Professional, 3.8% Scientific, & Technical Public Services Administration Top 5 Trading Partners 17.7% Wholesale & Retail Trade 15.9% Manufacturing 6.1% Mining and Oil & Gas Extraction 6.8% Construction Contributions to Mexican GDP Growth 5 y/y % change 4 3 2 1 0 -2 -3 -4 1 2 3 4 5 -1 -5 16 17 18 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. Other* Net Exports Inventories Investment Government Consumption Real GDP 19 Germany 3% Japan 3% Canada 4% China 11% Others 20% United States 59% Scotiabank. 38#39Chile Advanced economy with wide-ranging trade links Chile's mix of economic activities reflects its status as an advanced market economy Chile's diversified trading relationships are supported by 22 free-trade agreements with 59 countries that account for 70% of global GDP Investment has been a strong contributor to growth in Chile over the past year, which should underpin future productivity gains. 15.2% Finance, Insurance, & Real Estate 8.7% Other 2.0% Restaurants & Hotels 8.5% Transportation & Warehousing 3.4% Natural Resources CHILEAN GDP BY INDUSTRY (Mar 2019) 19.1% Housing & Personal Services 9.3% Wholesale & Retail Trade 10.2% Manufacturing .12.7% Mining and Oil & Gas Extraction 6.3% Construction 4.6% Public Administration 8 y/y % change 6 4 2 0 -2 -4 -6 Contributions to Chilean GDP Growth 17 16 Sources: Scotiabank Economics, Haver Analytics. Net Exports Inventories Investment Government Consumption Real GDP 18 199 19 Top 5 Trading Partners Others 38% China 29% South Korea 4% Japan Brazil 6% United States 16% 7% Scotiabank® 39 39#40Peru Resilient economic fundamentals • • Peru's important resource sectors are increasingly balanced by stronger service-sector activity and solid economic fundamentals Peru has 16 free-trade agreements with 49 countries that account for 66% of global GDP Investment is making a consistently strong contribution to GDP, which should make higher growth rates more sustainable in the future 12.4% Manufacturing 10.2% Finance, Insurance, & Real Estate 31.9% Other PERUVIAN GDP BY INDUSTRY (Q1 2019) 20.8% Transportation, Information & Commerce 5.5% Construction -14.1% Contributions to Peruvian GDP Growth 8 y/y % change 6 4 2 0 -2 Net Exports Inventories Investment 5.1% Mining & Energy Natural Resources Top 5 Trading Partners China 31% Others 34% -4 Government Consumption South Real GDP -6 Korea 5% 16 17 18 19 Sources: Scotiabank Economics, Haver Analytics. Spain United States Brazil 4% 20% 5% Scotiabank® 40 40#41Colombia Gaining momentum . Services account for a rising share of Colombian GDP compared with traditional strengths in extractive industries Colombia continues to build on its 10 free-trade agreements with 42 countries that account for 38% of global GDP Rising consumption, supported by public spending, reflects an expanding middle class as growth gains momentum and converges toward the economy's underlying potential 13.6% Finance, Insurance, & Real Estate 8.7% Other 6.2% Natural Resources 2.9% Information & Communication 2.4% Arts & Entertainment COLOMBIAN GDP BY INDUSTRY (Q1 2019) 7.2% Professional, Scientific, & Technical Services 17.4% Wholesale, Retail Trade, Accommodation & Food Services 11.9% Manufacturing 8.2% Mining and Oil & Gas Extraction -14.7% 6.7% Construction Public Administration 8 y/y % change 6 4 2 0 -2 Contributions to Colombian GDP Growth Other* Net Exports Investment Government Consumption Real GDP 16 17 18 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 199 Top 5 Trading Partners United Others States 27% 35% Germany 3% Brazil 6% Mexico 8% China 21% Scotiabank® 41#42Other Regions Strong contribution from leading Caribbean & Central American franchise ⚫ Caribbean & Central America 。 16 countries contributing - CAD $700MM in earnings in 2018 。 Well-established, diversified franchise that serves retail, commercial and corporate customers 。 Actively managing footprint to ensure scale in larger growth markets and reduce risk profile: ○ Announced sale of operations in 9 smaller countries in Caribbean in Q1/19 Completed acquisition of Banco Dominicano del Progreso in Q2/19. Doubles customer base and creates 4th largest bank Completed sale of pension and insurance operations in the Dominican Republic in Q2/19 ○ Announced sale of banking and insurance operations in El Salvador in Q2/19 ○ Announced sale of Announces the sale of operations in Puerto Rico and the U.S. Virgin Islands in Q3/19 o Recognized by Global Finance magazine as: • Asia "Best Bank Award 2017" in the Bahamas, Barbados, Costa Rica, Turks & Caicos and U.S. Virgin Islands; "World's Best Consumer Digital Bank 2017" in 24 countries across Latin America and the Caribbean; and "Best in Mobile Banking" in the Caribbean region 。 Thailand: 49% interest in Thanachart Bank ("TBank”) (2007) О Announced definitive agreement to reduce investments in Thailand in Q3/19, resulting in Scotiabank owning approximately 6% of a Merged Bank (among ING Groep, TBank and TMB) O CAD $3.0B carrying value as of October 31, 2018 CAD $590MM of net income for twelve months ended October 31, 2018 。 China: 19.9% interest in Bank of Xi'an (2009) ○ CAD $1.2B market value as of Q2/19 CAD $772MM carrying value as of October 31, 2018 O CAD $456MM of net income for twelve months ended October 31, 2018 ' Scotiabank. 42#43Appendix 3: Canadian Housing Market Scotiabank Ⓡ#44Canadian Housing Market Engineered moderation of price and volume Significant Moderation in Price Growth* 25 20 15 Aggregate Composite MLS Home Price Index Y/Y Percentage Change Volume of Home Sales Near 10-Year Average* 50 Units, 000s 45 Monthly home sales 110 5 0 -5 -10 40 40 35 30 25 10-year monthly moving avg. 07 08 09 10 11 12 13 14 15 16 17 18 19 Sources: Scotiabank Economics, CREA. *Seasonally adjusted 20 20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Sources: Scotiabank Economics, CREA. *Actual - not seasonally adjusted Canada's Five Largest Metropolitan Areas* 10 MLS Home Price Index Benchmark Price Y/Y Percentage Change 5 4.43 0 -5 -10 Average -0.88 -9.41 7.29 Decline in Share of High Risk Mortgages 25 % Share of new mortgages with a loan-to-income ratio greater than 450% 20 15 -3.49 -3.21 10 5 Mortgage insurance rules tightened¦ Guideline B-20 revised -15 GTA GVA Montreal Sources: Scotiabank Economics, CREA. *Actual - not seasonally adjusted Calgary Edmonton 0 Dec-14 Jun-15 Dec-15 Jun-16 High-ratio mortgages Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Low-ratio mortgages Total mortgages Source: Bank of Canada Financial System Review 2019 1 Sources for charts and table: Bank of Canada Financial System Review 2019 (Data as of December 31, 2018); CREA; MLS Home Price Index growth rates reported as non seasonally-adjusted y/y (Data as of July 2019) Scotiabank® 44#45Canadian Housing Market Engineering a "soft landing" • Canada: Positive sales and price momentum returning after multiple years of policy-induced slowdown: 。 In July 2019, national-level home sales rose a healthy +3.5% m/m¹ the fifth consecutive monthly increase Price Growth by Dwelling Type Price Growth by Dwelling Type 20 15 。 Average sales prices and the composite MLS Home Price Index2 are trending higher (top chart) 10 。 Sales-to-new listings ratio climbed to 59.8% in July 2019. While still indicative of balanced supply-demand conditions, the ratio was at its highest point since January 2018 Greater Toronto: Recovery in sales volumes. Market is largely balanced • Greater Vancouver: Recovery less established. Sales activity has risen by more than 20% in two of the past three months. Home purchases are trending moderately higher in other Southern BC centers 5 0 Single Family ---Townhouse Apartment Composite MLS Home Price Index, aggregate, -5 y/y % change 16 17 18 19 Toronto & Vancouver Home Sales 140 home sales, 000s of units annualized, SA Greater Toronto 120 Canada Jun-19 Jul-19 Jul-19 m/m* m/m* y/y** 100 Sales (% change) 0.6 3.5 7.4 80 New listings (% change) 0.7 -0.4 -1.0 Average price (% change) 1.7 2.6 3.5 60 Jun-19 Jul-19 Greater Vancouver Sales-to-new listings ratio (level)* 57.6 59.9 40 Months inventory (level)* 5.0 4.7 20 *Seasonally adjusted **Not seasonally adjusted 1 Sales and listings figures reported in seasonally-adjusted m/m terms, while MLS HPI growth rates reported as non-seasonally-adjusted y/y 2 Measure of real estate price appreciation that removes distortions related to variations in the mix of sales across unit types 3 Sources for charts and table: Scotiabank Economics, CREA. HD Actual 10-year avg. 0 10 11 12 13 14 15 16 17 18 19 Scotiabank® 45#46Canadian Household Credit Public policy changes have moderated growth in household credit Total household credit grew at +3.5% annually in nominal terms in Q2/19 vs 2008 peak of +12.2% annually • Consumer loans excluding mortgages (cards, HELOCS, unsecured lines, auto loans, etc.) grew at +3.4% annually in Q2/19 vs > 5% in late 2017 Mortgage credit grew at +3.5% annually in Q2/19 vs 2008 peak of 13% HOUSEHOLD CREDIT GROWTH CONSUMER LOAN GROWTH RESIDENTIAL MORTGAGE GROWTH 25 20 20 %, 3-month moving average 15 y/y % 10 change сл 5 0 -5 m/m% change, SA 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. 25 25 %, 3-month moving average 20 20 15 10 5 LO 0 -5 25 %, 3-month moving average 20 y/y % change 15 y/y % change 10 m/m% m/m% 5 change, SA change, SA 0 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. -5 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Bank of Canada. Scotiabank. 46#47Household Debt: Canada vs. U.S. Canadian households' balance sheets compare favourably to US • Canadian headline debt-to-income ratio is now -4% vs. the U.S. peak in 2008 。 Calculated on the same terms, Canada's debt-to-income is currently 165% vs 131% in the U.S. • Canadian debt-to-asset ratio remains below U.S. o U.S. households have incentive to pursue higher asset leverage in light of mortgage-interest deductibility • Ratio of total household debt-to-GDP remains lower in Canada than U.S. 。 Calculated on a comparable basis, the ratio of household credit market debt is 99.5% in Canada vs 100.8% in the U.S. Household Credit-Market Debt to Disposable Income Total Household Liabilities As % of Total Assets 180 30 household credit liabilities 173.0 as % of disposable income 170 160 165.4 25 150 140 130 20 131.4 120 110 100 ......Adjusted Canadian* Official Canadian Official US 15 90 T T 00 02 04 06 08 10 12 14 16 18 * Adjusted for US concepts and definitions. Sources: Scotiabank Economics, BEA, Federal Reserve Board, Statistics Canada. 10 household debt as % of assets US Household Credit-Market Debt to GDP 130 % of GDP 120 Original 110 100 US with unincorporated business debt Canada 103.0 100.8 99.5 90 18.3 Canada* 80 74.0 Canada 70 Original US 17.0 60 60 50 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 Sources: Scotiabank Economics, Federal Reserve Board, Statistics Canada. 00 02 04 06 08 10 12 14 16 18 * Adjusted for US concepts and definitions. Sources: Scotiabank Economics, BEA, Federal Reserve Board, Statistics Canada. Scotiabank. 47#48Housing Market Differences vs U.S. Canada's housing market features distinct practices and policies Regulation and Taxation Product Underwriting Canada Mortgage interest not tax deductible Full recourse against borrowers in most provinces Foreclosure on non-performing mortgages, no stay periods Insurance Mandatory default insurance mortgages with LTV > 80% CMHC backed by Government of Canada (AAA). Private insurers are 90% government backed o Insurance available for homes up to CAD 1 mn o Premium is payable upfront O Covers full amount for life of mortgage Homebuyers must qualify for mortgage insurance at an interest rate that is the greater of their contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate Re-financing cap of 80% LTV on non-insured mortgages Amortization Maximum 25-year amortization on mortgages with LTV > 80% Maximum 30-year amortization on conventional mortgages Down payment of > 20% required for non-owner occupied properties Conservative product offerings, fixed or variable rate options Much less reliance upon securitization and wholesale funding Asset-backed securities not subjected to US-style off-balance sheet leverage via special purpose vehicles • Terms usually three or five years, renewable at maturity Extensive documentation and strong standards U.S. • Tax-deductible mortgage interest creates incentive to borrow and delay repayment ⚫ Lenders have limited recourse in most states • 90-day to 1-year stay period to foreclose on non-performing mortgages • • No regulatory LTV limit Private insurers are not government backed Can include exotic products (e.g. adjustable rate mortgages, interest only) 30-year term most common Wide range of documentation and underwriting requirements Scotiabank. 48#49Housing Policy Developments in Canada Consistent policy initiatives to maintain a balanced and sustainable market 2016 2017 2018 2019 . . . • . Canada: Qualifying stress rate for all new mortgage insurance must be the greater of the contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate Low-ratio mortgage insurance eligibility requirements updated for lenders wishing to use portfolio insurance: o Maximum amortization 25 years o CAD 1 mn max. purchase price o Minimum credit score of 600 o Owner-occupied property Elimination of primary residence tax exemption for foreign buyers Min. down payment on insured increased from 5% to 10% (for homes CAD 0.5-1.0 mn) British Columbia: 15% land transfer tax on non-resident purchases in Metro Vancouver introduced Ontario: 16 measures aimed to slow rate of house price appreciation Key aspects include: ○ 15% non-resident speculation tax o Expanded rent control to all private rental units in Ontario 。 Vacant home tax CAD 125 mn five-year program to encourage construction of new rental apartment buildings • Canada: OSFI imposes more stringent stress tests for uninsured mortgages, including a minimum qualifying rate at the greater of the five-year fixed posted rate or the contractual rate plus 200 bps, effective January 1, 2018 • • Ontario: Elimination of rent control on new rental units first occupied on or before November 1, 2018 British Columbia: Extension of the Property Transfer Tax on non-resident buyers. Investment of more than CAD 1.6 bn through FY2021 toward the goal of building 114,000 affordable housing units in the next 10 years • British Columbia: Increase in speculation tax on foreign and domestic home owners who do not pay income tax in BC from 0.5% of a property's assessed value to 2%; additional school tax levied on portion of a property's value that exceeds CAD 3 mn. Ontario: Measures to increase supply of available housing Key aspects include: 。 Greater authority over land use planning decisions for the province's independent municipal dispute resolution body 。 Reduced red tape on new residential developments 。 Updated zoning regulations to facilitate building of affordable homes near transit Scotiabank. 49#50Appendix 4: Additional Information Scotiabank Ⓡ#51Additional Information Scotiabank Listings: Toronto Stock Exchange (TSX: BNS) New York Stock Exchange (NYSE: BNS) Scotiabank Credit Ratings Scotiabank Common Share Issue Information: 064149107 CA0641491075 . CUSIP: ISIN: FIGI: BBG000BXSXH3 NAICS: 522110 Moody's Investors Services Standard & Fitch Ratings Poor's Dominion Bond Rating Service Ltd. Aa2 A+ AA AA- A2 A- AA- AA (low) Baa1 BBB+ A (low) A-1 F1+ R-1 (high) Legacy Senior Debt¹ Senior Debt² Subordinated Debt (NVCC) Short Term Deposits/Commercial Paper P-1 Covered Bond Program Outlook Stable Aaa Not Rated AAA Stable AAA Stable Stable 1 Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime 2 Subject to conversion under the bank recapitalization "bail-in" regime For further information, please contact: www.scotiabank.com/investorrelations Scotiabank. 51 554#52Appendix 5: Energy Exposure Scotiabank Ⓡ#53Energy Exposure¹ High quality energy portfolio, reduced exposure from 3.1% of total loans in Q4/16 to 2.7% • • Total Exploration and Production Canadian E&P WCS Exposure Midstream Services Downstream Total Energy Exposure² Loans and Acceptances Outstanding ($B) % of Total Energy Exposure % of Total Loans and Acceptances % Investment Grade Outstanding 6.6 41% 1.1% 59% 3.7 23% 0.6% 77% 2.9 18% 0.5% 36% 5.5 34% 0.9% 52% 1.5 9% 0.2% 19% 2.5 15% 0.4% 71% 16.2 100% 2.7% 55% 7.2 Canada (63%) Energy portfolio represents 2.7% of loans outstanding, down from 3.1% in Q4/16 55% is rated Investment Grade (IG) "Watch-list" reduced to less than 2.5% of total exposures from 14% since Q4/16 RWA has decreased 21% since Q4/16 Asia (93%) 1 As of July 31, 2019 2 May not add due to rounding C&CA Energy 0.4 (39%) Exposure by Geography2 0.7 Europe (47%) 0.8 $16.2B (%IG) 2.9 3.3 Latin America (51%) 0.7 U.S. (39%) Mexico (37%) Scotiabank. 53#54Contact Information Investor Relations Philip Smith Senior Vice President 416-863-2866 [email protected] Michael Lomas Managing Director Treasury Sales and Market Development 416-866-5734 [email protected] Steven Hung Vice President 416-933-8774 [email protected] Director 416-775-0485 [email protected] Tiffany Sun Manager 416-866-2870 [email protected] Lemar Persaud Judy Lai Director 416-866-6124 [email protected] For further information, please contact: www.scotiabank.com/investorrelations Scotiabank. 54 .....