Investor Presentaiton

Core Banking Margin 2.54% 2.38% 2.38% 2.40% 2.40% Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Year-over-year Higher margins in International Banking, mostly driven by business mix changes, higher inflation, and Central Bank rate changes in the Pacific Alliance countries Higher contributions from asset/liability management activities 17 Scotiabank®

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