Investor Presentaiton

Risk Review . . . Underlying credit fundamentals remain relatively stable - PCL ratio – PCL ratio increased 3 basis points Q/Q and Y/Y (Excluding impact of collective allowance in Q4/15) Gross impaired loans of $5.1 billion were up 9% Q/Q, or up 5% excluding the impact of FX translation . GIL ratio up 6 basis points Q/Q, or up 3 basis points excluding the impact of FX translation Net formations of $806 million was up from $572 million in Q4/15 Market risk remains well-controlled . Average 1-day all-bank VaR of $15.2 million, up from $13.1 million in Q4/15 14 Scotiabank®

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