Investor Presentaiton

Q4 2015 Financial Performance $ millions, except EPS Q4/15 Q/Q Y/Y1 Net Income $1,843 +8% • Diluted EPS $1.45 +10% Revenues² Expenses Productivity Ratio $6,198 $3,286 -1% +4% 53.0% -50bps -30bps -1% +5% Highlights Adjusted diluted EPS growth of 10% Y/Y1 Adjusted revenue growth of 5% Y/Y1 • Solid asset growth in Canadian Banking and International Banking • Core Banking Margin² 2.35% -5bps -4bps • Dividends Per Common Share +$0.02 +$0.02 $0.70 $0.68 $0.68 $0.66 $0.66 Q4/14 . Q1/15 Q2/15 Q3/15 Q4/15 • Announced dividend increase (1) Excludes notable items of $265 million after-tax in Q4/14 - (See Appendix - Notable Items) (2) Taxable equivalent basis 6 Positive impact of FX translation Higher banking fees and wealth management revenues, partly offset by lower contribution from investment banking, and reduced net gains on investment securities Adjusted expenses up 4% Y/Y1 Negative impact of FX translation Technology related expenditures and marketing costs Reorganization costs Partly offset by lower salaries and benefits Adjusted operating leverage of -0.7% in 20151 Scotiabank®

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