Investor Presentaiton

Scotiabank's Mortgage Strategy Mortgages are a core banking product and are integral to the Canadian Banking group's profitability and customer acquisition capability • With intense competition in a moderating housing market, managing profitability and maintaining a high level of quality originations is key . Build customer relationships for retention and cross-sell additional products and services. All customers are serviced by domestic branches. Current mortgage retention is 94% • Business model is originate to hold $20 B $ 169 B Total portfolio: $189B at Q4/14 Average LTV of uninsured mortgages is 54% Freehold Condominium Scotiabank Uninsured Insured 52% 48% 15

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