Scotiabank Track Record

Latin America - Why The Pacific Alliance? Presents an Attractive Long-Term Opportunity • . • • Reflects the 6th largest economy in the world and 7 th largest exporter Trade bloc with respective governments supporting growth/significant infrastructure spending Strong and favourable relative GDP growth rates Considerable room to increase banking penetration (avg. domestic credit/GDP of 64%) Fast-growing middle-class with increasing financial needs (eg. 7/10 Peruvians are middle class) Favourable demographics for banking needs (median age of 29 years old) Relatively stable legal, tax and regulatory infrastructure in place Central bankers have earned credibility and banking system is well-capitalized Recent acquisitions in the Pacific Alliance • • • • 51% of Cencosud's credit card and consumer loan unit in Chile Citibank's retail and commercial banking operations in Peru 50% of BBVA's AFP Horizonte, a pension fund management business in Peru 51% of Colfondos AFP, a pension fund management business in Colombia Citibank's Credito Familiar, a consumer finance unit in Mexico The Bank believes in the Pacific Alliance's long-term growth prospects 45 Scotiabank®

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