Scotiabank Investment Thesis

Medium-Term Financial Objectives¹ METRICS ALL BANK OBJECTIVES Q2/19 RESULTS² (YTD/YTD Change) EPS Growth 7%+ -3.9% ROE 14%+ 13.7% Operating Leverage³ Positive (1.9%) Capital Strong Levels 11.1% (11.3% pro-forma announced divestitures) Dividend Payout Ratio 40%-50% 49.7% BUSINESS LINE CANADIAN BANKING Net Income Growth Productivity Ratio 7%+ +1% <49% 50.0% INTERNATIONAL BANKING Net Income Growth4 9%+ Productivity Ratio <51% +16% 50.5% 13-5 year objectives. 2 Figures adjusted for Acquisition and divestiture-related amounts, including Day 1 PCLs, integration and amortization costs related to current acquisitions, amortization of intangibles related to current and past acquisitions and net gain on divestitures; 3 Excludes employee benefits re-measurement credit of $203MM pre-tax, $150MM after-tax in Q1/18; 4On a constant dollar basis Scotiabank® 7

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