Investor Presentaiton

Strength of the Canadian Financial System Strengths • Effective regulatory framework 。 Single regulator for major banks Conservative capital requirements Proactive policies and programs • Risk management practices 。 Few sub-prime mortgages 。 Relatively little securitization Primarily originate to hold model • Canadian banks well capitalized and profitable % change 15 10 5 0 -5 Relative bank share price performance 5 year 10 year -10 Canadian Australian Banks Banks Japanese U.S. Banks Banks Source: Bloomberg; as at December 3, 2014. Swiss Banks U.K. Banks Canadian Banking System ranked World's Soundest by World Economic Forum for 7th consecutive year Global Competitiveness Report (2014-2015) Scotiabank 5

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