Investor Presentaiton

Core Banking Margin (TEB)1 2.41% 2.40% 2.35% 2.38% 2.38% Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 (1) Year-over-year The decline in core banking margin was driven by higher volumes of lower yielding investment securities and lower interest gap profits, partly offset by wider margins in Canadian Banking. Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking & Markets 20 20 Scotiabank®

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