Scotiabank Strategic Priorities and Track Record

Latin America - Why The Pacific Alliance? Presents an Attractive Long-Term Opportunity • • • • • Reflects the 6th largest economy in the world and 7th largest exporter Trade bloc with respective governments supporting growth/significant infrastructure spending Strong and favourable relative GDP growth rates Considerable room to increase banking penetration (avg. domestic credit/GDP of 64%) Fast-growing middle-class with increasing financial needs (eg. 7/10 Peruvians are middle class) • Favourable demographics for banking needs (median age of 29 years old) • Relatively stable legal, tax and regulatory infrastructure in place • Central bankers have earned credibility and banking system is well-capitalized Recent acquisitions in the Pacific Alliance . • • • • 51% of Cencosud's credit card and consumer loan unit in Chile Citibank's retail and commercial banking operations in Peru 50% of BBVA's AFP Horizonte, a pension fund management business in Peru 51% of Colfondos AFP, a pension fund management business in Colombia Citibank's Credito Familiar, a consumer finance unit in Mexico The Bank believes in the Pacific Alliance's long-term growth prospects 52 Scotiabank®

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