#1Investor Presentation tiabank nium Be THIRD QUARTER 2015 August 28, 2015 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 2014 Annual Report under the headings "Overview - Outlook," for Group Financial Performance "Outlook," for each business segment "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 in receptive markets; 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 (See "Controls and Accounting Policies - Critical accounting estimates" in the Bank's 2014 Annual Report, as updated by this document); 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 disruptions; consolidation in the Canadian financial services sector; 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 starting on page 65 of the Bank's 2014 Annual Report. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2014 Annual Report under the heading "Overview - Outlook," as updated by this document; and for each business segment "Outlook". 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 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®#3Overview tiabank nium Be Brian Porter President & Chief Executive Officer Scotiabank®#4Q3 2015 Overview ● Solid Q3 results . Net income of $1.8 billion • Diluted EPS of $1.45 ROE of 14.7% Revenue growth of 5% year-over-year Capital position remains strong at 10.4% Quarterly dividend of $0.70, up 2 cents 4 Scotiabank®#5tiabank nium Be Financial Review Sean McGuckin Chief Financial Officer Scotiabank#6Q3 2015 Financial Performance $ millions, except EPS Q3/15 Q/Q Y/Y1 Net Income $1,847 +3% +3% . Diluted EPS $1.45 +2% +4% • Revenues² $6,232 +3% +5% Expenses Productivity Ratio $3,334 +3% 53.5% +20bps +60bps +6% Core Banking Margin² 2.40% -1bps -1bps Dividends Per Common Share +$0.02 +$0.02 +$0.02 $0.68 $0.68 $0.66 $0.66 $0.64 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Announced dividend increase Excludes notable gain of $555 million after-tax in Q3/14 - (See Appendix - Notable Items) (1) (2) Taxable equivalent basis 6 • Highlights Diluted EPS growth of 4% Y/Y1 Revenue growth of 5% Y/Y1 Solid asset growth in CB and IB Positive impact of FX translation Higher fee income offset by lower net gains on investment securities and lower underwriting and advisory fees Stable core banking margin Expenses up 6% Y/Y Half the increase driven by acquisitions and negative impact of FX Volume-related expenses, technology and project spend to support business investments and efficiency initiatives Higher remuneration expenses offset by lower performance and share-based compensation Operating leverage of -1.1% YTD Scotiabank®#7Capital Strong Position - Basel III Common Equity Tier 1 (CET1) (%) 10.9 10.8 10.3 10.6 10.4 • Highlights Basel III CET1 ratio of 10.4%, down 20bps Q/Q • Impact from acquisitions of Cencosud and operations of Citibank Peru Share repurchases • RWA growth CET1 Risk-weighted assets increased by $19 billion Q/Q to $348 billion • Increase primarily from impact of a Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 CET1 Risk-Weighted Assets ($B) 348 335 329 308 312 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 7 • • • weaker Canadian dollar Growth in personal and business lending Higher undrawn commitments, letters of credit and guarantees Impact from acquisitions of Cencosud and operations of Citibank Peru Basel III Leverage ratio of 4.1% Capital position remains strong Scotiabank®#8Canadian Banking Reported Net Income Adjusted Net Income ($MM) 1,2 ($MM) 1,326 534 829 863 829 863 • 751 792 • • • Highlights Adjusted net income up 15% Y/Y Loan growth of 3% Y/Y • • Ex. Tangerine run-off portfolio, up 6% Double digit growth in credit cards, auto and commercial lending Deposits up 3% Y/Y • Retail chequing and savings balances. up 9% and 8% respectively Small business and commercial operating accounts up 9% NIM up 8 bps Y/Y • . Higher spreads in personal lending Run-off of lower spread Tangerine mortgages AUM up 13% Y/Y and AUA up 7% Y/Y Higher PCLs due to growth in higher spread retail assets Expenses up 2% Y/Y Adjusted positive operating leverage of 3.2% YTD Strong volume growth and margin expansion Scotiabank® Q3/14 Q2/15 • Q3/15 Q3/14 Q2/15 Q3/15 Net after-tax notable item in Q3/14 Average Assets ($B) 292 295 297 298 301 17 16 14 13 12 275 279 283 285 289 Reported Net Interest Margin (%) 2.17 2.15 2.16 2.26 2.25 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Tangerine run-off mortgage portfolio Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Attributable to equity holders of the Bank (2) Adjusted for Cl gain and contribution and change in effective tax rate - (See Appendix - Notable Items) 8#9International Banking 1,2 Net Income ($MM) 485 436 417 447 378 74 304 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Net after-tax notable items in Q4/14 • Average Assets ($B) 4.81 128 129 Net Interest Margin (%) . 4.77 114 117 120 4.68 4.71 4.67 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Attributable to equity holders of the Bank (2) Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) 9 • Highlights Net Income up 11% Y/Y • Strong loan growth in Latin America and positive impact of FX translation Higher fee income and contributions from our investments in associated corps. Revenues up 12% Y/Y Loans up 13% and deposits up 16% Y/Y Excluding the impact of foreign currency translation, total loans were up 8%, while Latin America was up 12% Higher PCLs Y/Y • Excluding impact of acquisitions, higher retail provisions were in line with asset growth, while commercial improved Expenses up 12% Y/Y . Excluding impact of acquisitions and FX translation, expenses were up 6% Y/Y Driven by business growth, strategic investments and inflation Operating leverage of -0.7% YTD Strong asset growth in the Latin America Scotiabank®#10Global Banking & Markets 1,2 Net Income ($MM) Highlights Net income down 20% Y/Y 467 427 449 404 375 • 48 379 • Lower contributions from investment banking and our lending business in Asia Last year benefited from an investment banking gain and a securities gain in U.S. lending Higher PCLS and a negative CVA and accounting adjustment Revenue down 14% Y/Y Q3/14 Q4/14 • Q1/15 Q2/15 Q3/15 • Loan growth of 9% Y/Y Net after-tax notable items in Q4/14 • • Average Loans³ ($B) Net Interest Margin (%) 71 64 63 65 70 1.71 1.73 1.72 1.64 1.62 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Attributable to equity holders of the Bank (2) (3) (4) Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) Average Business & Government Loans & Acceptances Corporate Banking only 10 NIM down 9 bps Y/Y Expenses down 3% Y/Y . Lower performance based compensation Operating leverage of -3.4% YTD Moderated results reflective of challenging market conditions Scotiabank®#11(1) (2) (3) Other Segment¹ 2,3 Net Income ($MM) 72 47 43 32 62 (15) 72 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net after-tax notable items in Q4/14 Highlights Net income flat Y/Y Higher net gains on investment securities, foreign currency translation benefits and lower taxes were partly offset by lower asset/liability management activities and higher expenses Includes Group Treasury, smaller operating segments, and other corporate items which are not allocated to a business line. The results primarily reflect the net impact of asset/liability management activities Attributable to equity holders of the Bank Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) 11 Scotiabank®#12tiabank Risk Review Stephen Hart nium Be Chief Risk Officer Scotiabank#13Risk Review . . Underlying credit fundamentals remain solid Increase in PCL ratio - up 1bp Q/Q to 42bps • . ● Gross impaired loans of $4.7 billion were up 6% Q/Q and up 21% Y/Y • Excluding the impact of FX, gross impaired loans were up 3% Q/Q and 14% Y/Y GIL ratio was up 3bps Q/Q, or stable excluding the impact of FX Net formations of $647 million was up from $495 million in Q2 Market risk remains well-controlled • Average 1-day all-bank VaR of $10.5MM unchanged from Q2/15 13 Scotiabank®#14(1) PCL Ratios (Total PCL as % of average loans & Q3/14 Q4/141 Q1/15 Q2/15 Q3/15 BAS) Canadian Banking Retail Commercial 0.22 0.35 0.17 0.13 0.12 0.24 0.25 0.26 0.13 ☐ 0.08 Total 0.21 0.33 0.23 0.24 0.23 International Banking Retail 2.14 2.20 2.41 2.31 2.41 Commercial 0.33 1.08 0.35 0.20 ☐0.26 Total 1.19 1.62 1.33 1.19 1.27 Total - Excluding Colpatria credit mark 1.31 1.89 1.40 1.21 1.30 Global Banking & Markets 0.02 0.02 0.08 0.08 0.08 All Bank 0.37 0.53 0.42 0.41 0.42 All Bank - Excluding Colpatria credit mark 0.39 0.58 0.43 0.41 0.42 Excluding the impact for accelerated loan write-offs for bankrupt retail accounts of $62 million pre-tax (See Appendix - Notable Items), adjusted Q4/14 All Bank PCL ratio is 0.47 and Total Canadian Banking is 0.24 14 Scotiabank®#15Oil and Gas Exposures¹ · Drawn corporate Oil and Gas exposure is $15.8 billion or 3.4% of our total loan book ● . Services (12%) • Upstream $9.8B • Midstream $2.4B Downstream (11%) Downstream $1.7B Midstream (15%) Upstream (62%) . Services $1.9B Total $15.8B Approximately 58% of our drawn exposure is investment grade Undrawn corporate Oil and Gas commitments is $13.5 billion (1) As of July 31, 2015 Scotiabank® 15 15#16tiabank nium Be Appendix Scotiabank#17Puerto Rico Exposures . Total Puerto Rico loans of approximately $6.1 billion reflect roughly 1.3% of the Bank's total loan book In $ billions Q3/15 Retail Personal Loans (Ex. Residential Mortgages) $0.8 Residential Mortgages $2.9 (1) Total Retail $3.7 Business & Government Commercial $2.0 Sovereign $0.4 Total Business & Government $2.4 Total (1) Approximately 60% subject to FDIC loss sharing agreement 17 $6.1 Scotiabank®#18Impact of Recently Closed Acquisitions ● . On May 1, 2015, the Bank closed the acquisition of its: • 51% stake in Cencosud's financial services business in Chile Retail and commercial banking operations of Citibank in Peru Q3/15 earnings impact of ($1) million In $mm Revenues PCLs 1 Expenses 2 Net Income Q3/15 $65 ($13) ($53) ($1) Average Retail Loans $946 Average Commercial Loans $49 Total Loans $995 (1) Increases division's loan loss rate by 4 bps. (2) Includes acquisition and integration costs. 18 Scotiabank®#19Core Banking Margin (TEB)1 2.41% 2.39% 2.41% 2.41% 2.40% Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Year-over-Year Higher margin in Canadian Banking was offset by impact of higher volumes of lower yielding deposits with financial institutions and lower ALM income Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking & Markets 19 Scotiabank®#20Canadian Banking - Revenue & Volume Growth Adjusted Revenues¹ (TEB) ($ millions) Average Loans & Acceptances ($ billions) +3%2 Y/Y +8% Y/Y 34 37 39 63 67 68 -17 13 -12 2,643 2,784 2,859 171 174 176 797 797 741 Q3/14 435 455 481 Business Q2/15 Q3/15 ■Personal & credit cards 1,467 1,532 1,581 Tangerine mortgage run-off Residential mortgages Average Deposits ($ billions) +3% Q3/14 Q2/15 Q3/15 Y/Y 58 60 60 ■Retail ■Commercial Wealth 145 149 150 (1) Adjusted for Cl contribution €2 (2) Excluding Tangerine run-off portfolio, loans & acceptances increased 6% year-over-year 20 20 Q3/14 Q2/15 Q3/15 Personal Non-personal Scotiabank®#21Canadian Banking - Net Interest Margin 2.26% 2.25% 2.17% 2.15% 2.16% Year-over-Year 1.59% 1.59% 1.51% 1.50% 1.48% 0.90% 0.90% 0.95% 0.92% 0.90% Net Interest Margins was up 8bps, driven entirely by a higher earning asset margin. Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Total Canadian Banking Margin Total Earning Assets Margin -Total Deposits Margin Scotiabank® 24 21#22International Banking - Revenue & Volume Growth Revenues (TEB) ($ millions) Average Loans & Acceptances ($ billions) +13% Y/Y +12% 20 20 Y/Y 18 24 24 21 2,280 2,131 2,028 43 49 49 813 751 Q3/14 Q2/15 Q3/15 720 Business ■Residential mortgages Personal & credit cards 1,308 1,380 1,467 Q3/14 Q2/15 Average Deposits 1 ($ billions) +16% Y/Y 29 30 26 Q3/15 39 39 Net interest income ■Non-interest revenue (1) Includes deposits from banks 22 22 44 46 Q3/14 Q2/15 Q3/15 ■Non-personal Personal Scotiabank®#23International Banking - Regional Growth Revenues (TEB) ($ millions) Average Loans & Acceptances ($ billions) +13% +12% Y/Y Y/Y 2,280 30 30 26 2,131 124 2,028 106 - 74 56 63 63 664 574 623 Q3/14 Q2/15 Q3/15 Latin America ■Caribbean & Central America Constant FX 1,380 1,402 1,492 Retail Commercial¹| Total Loan Volumes Y/Y Latin America 15% 10% 12% C&CA 1% -5% -1% Q3/14 Q2/15 Q3/15 Asia Total 10% 6% 8% ■Caribbean & Central America ■Latin America (1) Excludes bankers acceptances 23 23 Scotiabank®#24Global Banking & Markets Revenues (TEB) ($ millions) — Revenue & Volume Growth Average Loans & Acceptances ($ billions) -14% +9% Y/Y Y/Y 1,122 1,098 71 70 64 965 546 565 444 Q3/14 Q2/15 Q3/15 All-Bank Trading Revenue (TEB, $ millions) 576 533 521 453 407 353 347 3071 30 Q3/14 Q2/15 ■Business Banking Q3/15 ■Capital Markets (1) Adjusted for notable items (See Appendix - Notable Items) 24 24 277 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Scotiabank®#25Global Wealth Management Adjusted Net Income¹ ($ millions) +22% Y/Y Assets Under Management ($ billion) +11% Y/Y 183 165 177 212 205 173 Q3/14 Q2/15 Q3/15 (1) Adjusted for Cl contribution 25 25 Q3/14 Q2/15 Q3/15 Assets Under Administration ($ billion) +9% Y/Y 365 387 396 Q3/14 Q2/15 Q3/15 Scotiabank®#26Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-13 Country 2014 2015F 2016F Avg. Mexico 2.4 2.1 2.5 3.1 Peru 5.6 2.4 3.1 4.1 Chile 4.5 1.9 2.4 3.1 Colombia 4.2 4.6 3.0 3.2 Thailand 4.4 0.9 3.2 3.7 2000-13 2014 2015F 2016F Avg. Canada 2.2 2.4 1.2 2.0 U.S. 1.8 2.4 2.3 2.8 Source: Scotia Economics, as of July 30, 2015 26 26 Scotiabank®#27Provisions for Credit Losses ($ millions) Q3/14 Q4/141 Q1/15 Q2/15 Q3/15 Canadian Retail 137 225 154 157 165 Canadian Commercial 15 11 11 12 8 Total 152 236 165 169 173 International Retail 206 218 246 242 262 International Commercial 36 118 39 24 31 Total 242 336 285 266 293 Total - Excluding Colpatria credit mark 270 392 301 270 299 Global Banking & Markets 4 2 13 13 14 All Bank 398 574 463 448 480 All Bank - Excluding Colpatria credit mark 426 630 479 452 486 PCL ratio (bps) - Total PCL as % of average loans and BAS 37 53 42 41 42 Scotiabank® (1) Excluding the impact for accelerated loan write-offs for bankrupt retail accounts of $62 million pre-tax (See Appendix - Notable Items), adjusted Q4/14 All Bank PCLs is $512 million and Total Canadian Banking is $174 million. Adjusted All bank PCL ratio is 47bps in Q4/14 27 27#281 Net Formations of Impaired Loans ($ millions) 800 816 771 700 647 600 477 598 477 495 500 400 408 295 300 200 100 0 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Excludes Federal Deposit Insurance Corporation (FDIC) guaranteed loans related to the acquisition of R-G Premier Bank of Puerto Rico 28 28 Scotiabank®#29Gross Impaired Loans ($ billions) 4.8 4.5 4.2 3.9 3.6 3.3 1 1.05% 1.00% 0.95% 0.90% 0.85% 0.80% 3.0 0.75% GILS (LHS) Q3/13 Q4/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 -GILS as % of Loans & Bas (RHS) (1) Excludes Federal Deposit Insurance Corporation (FDIC) guaranteed loans related to the acquisition of R-G Premier Bank of Puerto Rico 29 29 Scotiabank®#30Canadian Banking Retail: Loans and Provisions (Spot Balances as at Q3/15, $ billions) 189.0 Total Portfolio = $256 billion 1, 93% secured² 31.3 30.3 5.0 Mortgages Lines of Credit Personal Loans Credit Cards PCL Q3/15 Q2/15 Q3/15 Q2/15 Q3/15 Q2/15 Q3/15 Q2/15 $ millions 4 3 46 47 71 63 44 44 % of avg. loans (bps) 1 1 58 62 96 90 358 383 (1) Includes Tangerine run-off balances of $15 billion (2) 82% secured by real estate; 11% secured by automotive 30 30 Scotiabank®#31Canadian Residential Mortgage Portfolio (1) (2) (Spot Balances as at Q3/15, $ billions) $92.6 $9.3 Total Portfolio: $189 billion Insured Uninsured 48% 52% Average LTV of uninsured mortgages is 53% $83.3 $30.6 $5.7 $29.7 $3.4 $24.9 $26.3 $15.3 $1.6 $12.1 $0.2 $8.7 $0.6 $13.7 $11.9 Ontario B.C. & Territories Alberta Quebec Atlantic Provinces $8.1 Manitoba & Saskatchewan ■Freehold - $168B Condos - $21B LTV calculated based on the current outstanding balance secured by the estimated value of the underlying property using Teranet sub-index data Some figures on bar chart may not add due to rounding 31 Scotiabank®#32International Retail Loans and Provisions (Spot Balances as at Q3/15, $ billions¹) $17.5 $1.3 Total Portfolio₁ = $47 billion; 68% secured ■Credit Cards ($5.5B) $3.8 ■Personal Loans ($13.7B) Mortgages ($26.7B) $8.9 $8.6 $0.5 $1.0 $2.5 $6.7 $12.4 $2.7 $1.1 $4.2 $3.3 $1.6 $5.9 $4.9 $1.4 $2.3 $1.2 C&CA Mexico Peru Colombia Chile PCL1 Q3/15 Q2/15 Q3/15 Q2/15 Q3/15 Q2/15 Q3/15 Q2/15 Q3/15 Q2/15 $ millions 39 41 58 59 28 15 54 51 72 65 % of avg. 97 105 273 271 1402 86 366 361 686 614 loans (bps) (1) Total Portfolio includes other smaller portfolios Includes the impact of Chile - Cencosud (2) (3) Excludes Uruguay PCLs of approximately $10 million 32 32 Scotiabank®#33Q3 2015 Trading Results and One-Day Total VaR ($ millions) 30 45 25 20 20 15 10 10 5 0 -5 -10 -15 Average 1-Day Total VaR -20 Q3/15: $10.5 MM Q2/15: $10.5 MM Q3/14: $21.5 MM 33 -1-Day Total VaR -Actual P&L мли Q3/15 سر Scotiabank®#34Q3 2015 Trading Results and One-Day Total VaR (# days) 12 10 8 S + 2 0 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 20 24 More · 3 trading loss days in Q3/15 34 =4 ($ millions) Scotiabank®#35Notable Items ($MM) Pre-tax After-tax EPS Impact Q4/14 Restructuring charges (148) (110) ($0.09) Provisions for credit losses Unsecured bankrupt retail accounts in Canada (62) (46) Valuation adjustments Funding valuation adjustment (30) (22) Revaluation of monetary assets in Venezuela (47) (47) Legal provisions (55) (40) - Total Q4/14 Notable items (342) (265) ($0.22) Q3/14 Notable gain 35 55 $643 $555 ($0.45) Scotiabank®#36FX Movements versus Canadian Dollar Canadian (Appreciation) / Depreciation Currency Q3/15 Q2/15 Q3/14 Q/Q Y/Y Spot U.S. Dollar 0.765 0.829 0.917 7.7% 16.6% Mexican Peso 12.32 12.72 12.12 3.1% -1.6% Peruvian Sol 2.437 2.595 2.564 6.1% 4.9% Colombian Peso 2,191 1,982 1,731 -10.5% -26.5% Chilean Peso 515.9 507.2 524.6 -1.7% 1.7% Average U.S. Dollar 0.803 0.801 0.925 -0.3% 13.2% Mexican Peso 12.50 12.12 11.99 -3.1% -4.2% Peruvian Sol 2.539 2.479 2.580 -2.4% 1.6% Colombian Peso 2,071 2,003 1,745 -3.4% -18.7% Chilean Peso 505.6 497.5 513.9 -1.6% 1.6% 36 86 Scotiabank®