Investor Presentaiton

Economic Outlook in Key Markets Canada / U.S. 2015 and 2016 Real GDP Growth Forecast Scotiabank's Key International Markets 1.2% 1.1% 2.5% 2.5% 2.4% 2.2% 2.1% 1.9% 3.5% 3.2% 3.2% 3.0% 2.9% 2.7% Canada Canada U.S. 2015 2016 2015 U.S. 2016 Chile Chile Mexico Mexico Colombia Colombia Thailand Thailand 2015 2016 2015 2016 2015 2016 2015 2016 Peru Peru 2015 2016 No Significant Exposure to the BRICS Source: Scotiabank Economics, as of February 1, 2016 13 Scotiabank®

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