Scotiabank Investment Thesis

Canadian Banking Top 3 bank in personal & commercial banking, wealth and insurance in Canada • Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to Retail, Small Business, Commercial Banking, and Wealth Management customers Retail 56% REVENUE MIX1 $3.4B 17% Commercial Residential Mortgages 61% MEDIUM-TERM FINANCIAL OBJECTIVES Target² 2019 YTD3,4.5 AVERAGE LOAN MIX1 $344B Net Income Growth6 7%+ +1% Productivity Ratio <49% 50.0% 27% Credit Cards CB ex Wealth 21% 16% Wealth Business and Government Loans Personal Loan Wealth <45% 45.9% <65% 62.7% STRATEGIC OUTLOOK • • Improve productivity towards our <49% productivity ratio target (<45% ex Wealth) by 2020 supported by positive operating leverage Integration of our recent acquisitions in Wealth: MD Financial Management ($49B AUM) and Jarislowsky Fraser ($40B AUM) • Leverage data analytics for prudent growth in higher margin credit card and small business banking • Increase core deposits; and primary customers 1 For the three months ended April 30, 2019; 2 3-5 year target; 3 Adjusted for Acquisition-related costs, including integration and amortization costs related to current acquisitions, and amortization of intangibles related to current and past acquisitions; 4 Reflects adoption of new accounting standard, IFRS 15; 5 For the six months ended April 30, 2019; 6 Attributable to equity holders of the Bank Scotiabank® 17

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