Investor Day Summary

Scotiabank to Acquire Jarislowsky, Fraser Limited Transaction creates the third-largest active asset manager in Canada • . • Approximately $40 billion in assets under management (AUM), primarily institutional and ultra high net worth clients (UHNW) Pro forma $166 billion in AUM related to asset management Approximately $950 million purchase price at closing, primarily by the issuance of Scotiabank common shares • Up to $56 million earn-out in additional Scotiabank common shares on achieving growth targets • Accretive to earnings in FY 2020 following share repurchase program over 12-18 months post close . Aligns with strategic commitment to diversify global wealth management business to institutional investors Retail2 89% $126 BN1 Scotiabank® Institutional 11% + $40 BN UHNW 23% O Institutional 77% JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT 1 Excludes $29 billion of Scotia Wealth Management and Tangerine AUM as of Q4/17 2 Retail includes mutual funds and pools distributed through affiliated bank, brokerage and counsel channels, as well as wholesaled through third-party advisors Retail² 69% $166 BN Scotiabank® + Institutional and UHNW 31% JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT Scotiabank® 5

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