Investor Presentaiton

TRANSACTION HIGHLIGHTS A strategically compelling opportunity uniting two leading organizations PURCHASE PRICE TIMING • Scotiabank will acquire MD for $2.585BN in cash consideration • Scotiabank to finance ~$1.5BN of purchase price through share issuance • Transaction is subject to customary conditions and regulatory approvals Closing expected in fiscal Q4 2018 VALUATION & IMPACT • P/(AUM & AUA): 5.3%; EV/EBITDA: 9.7x (1) • CET1 impact of -30 bps (pro forma the common share offering) • EPS expected to be accretive by year 3 (2) STRUCTURE ⚫ NIAT contribution of ~$150MM by year 3 and ~$250MM by year 5 • MD to operate as a distinct brand with its headquarters to remain in Ottawa • Scotiabank and CMA will enter into a 10 year collaboration, where Scotiabank is the preferred provider of financial products and services to physicians and their families in Canada, and both parties jointly support philanthropic initiatives and other programs for the medical community • Brian Peters will continue as CEO of MD and report into the Scotia Wealth Management segment of Canadian Banking 1. EBITDA is 2017 actual + year 3 run-rate synergies 2. Excludes integration and amortization costs Scotiabank® | 4

View entire presentation