Peruvian Economy and Scotiabank Global Banking and Markets

Medium-Term Financial Objectives1 METRICS ALL BANK OBJECTIVES Q1/19 RESULTS 2 (Y/Y Change) EPS Growth³ 7%+ ROE 14% + 13.7% Operating Leverage³ Positive (4.3%) Capital Strong Levels 11.1% Dividend Payout Ratio 40%-50% 48.5% BUSINESS LINE CANADIAN BANKING Net Income Growth Productivity Ratio 7% + (2%) <49% 50.0% INTERNATIONAL BANKING Net Income Growth 4 Productivity Ratio 9% + <51% +18% 51.1% 13-5 year objectives. 2Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions; 3 Exclude employee benefits re-measurement credit of $203MM pre-tax, $150MM after-tax in Q1/18; 4 On a constant dollar basis Scotiabank® 7

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