Investor Presentaiton

Core Banking Margin (TEB)1 2.41% 2.41% 2.40% 2.38% 2.35% Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 (1) Year-over-year The decline in core banking margin was driven by higher levels of liquid assets, partly offset by higher margins in Canadian Banking. Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking & Markets 20 20 Scotiabank®

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