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Investor Presentaiton

Global Banking & Markets 1,2 Net Income ($MM) Highlights Net income down 20% Y/Y 467 427 449 404 375 • 48 379 • Lower contributions from investment banking and our lending business in Asia Last year benefited from an investment banking gain and a securities gain in U.S. lending Higher PCLS and a negative CVA and accounting adjustment Revenue down 14% Y/Y Q3/14 Q4/14 • Q1/15 Q2/15 Q3/15 • Loan growth of 9% Y/Y Net after-tax notable items in Q4/14 • • Average Loans³ ($B) Net Interest Margin (%) 71 64 63 65 70 1.71 1.73 1.72 1.64 1.62 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 (1) Attributable to equity holders of the Bank (2) (3) (4) Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) Average Business & Government Loans & Acceptances Corporate Banking only 10 NIM down 9 bps Y/Y Expenses down 3% Y/Y . Lower performance based compensation Operating leverage of -3.4% YTD Moderated results reflective of challenging market conditions Scotiabank®
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