Investor Presentaiton

Global Banking and Markets - Revenue & Volume Growth Revenues (TEB) ($ millions) Average Loans & Acceptances ($ billions) +24% +2% Y/Y Y/Y 81 75 65 1,032 1,048 929 464 505 409 Q1/15 Q4/15 Q1/16 All-Bank Trading Revenue (TEB, $ millions) 584 453 437 527 520 407 353 348 Q1/15 Q4/15 ■Business Banking Q1/16 ■Capital Markets 25 45 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 (1) 10% on a constant currency basis Scotiabank®

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