Scotiabank Acquires ING Bank of Canada

6 Transaction Overview Purchase Price • $3.126 billion in cash Net investment of approximately $1.9 billion after deducting ING Direct Canada's excess capital Valuation . P/E (LTM): Approvals Expected Closing Common Share Offering • P/E (LTM): . . Scotiabank • P/E (2013E): 26.7x 16.3x (adjusted for excess capital) ~10x (adjusted for excess capital) Transaction subject to regulatory approvals By December 2012 Bought deal offering of 29 million common shares from treasury at $52.00 per share for gross proceeds of $1.508 billion Over-allotment option of an additional 4.35 million common shares

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