Scotiabank Strategy & Financial Objectives

Scotiabank's Covered Bond Program Global Program • USD 25 billion global registered covered bond program (uninsured Canadian mortgages) Active in multiple currencies: USD, EUR, GBP and AUD Covered Bond Legislation • Framework passed into law in 2012 • Only uninsured mortgages allowed Statutory protection for the covered bond investor and, as a result, in the event of issuer default, increased certainty for investors with respect to the cover pool of collateral Extensive regulatory oversight and pool audit requirements Mandatory property value indexation • Established high level of safeguards and disclosure requirements 28 28

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