Investor Presentaiton

Scotiabank - Canada's Most International Bank As at Q4, 2014 (C$) Total Assets Areas in red indicate a full range of corporate, commercial, trade finance and retail services. Areas with a red dot indicate global corporate and investment banking, or capital markets businesses, Scotiabank or affiliate bank representative offices, or investment management or retail operations with less than 10 branches Scotiabank $806B Risk-Weighted Assets $312B Market Capitalization $84B Q4/14 Net Income 1, 2, 3 $1.7B $7.0B 2014 Net Income 1, 2, 3 ($6.6B in full F2013) 2014 ROE1, 2 15.5% 1, 2, 3 Productivity Ratio 53.3% 4 Capital Ratio 10.8% Geographic Footprint >55 countries # of Employees 86,932 Scotiabank Credit Ratings 5 Moody's Fitch DBRS S&P Senior Rating Aa2 AA- AA A+ Outstanding Covered Bonds Aaa AAA AAA Not Rated Outlook Negative Stable Stable Negative (1) Excludes notable Cl gain in Q3/14 (2) Excludes restructuring/accounting charges in Q4/14 (3) Taxable Equivalent Basis (4) Basel III "all-in" Common Equity Tier 1 Ratio (5) A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revisions or withdrawals at any time Scotiabank 7

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