Investor Presentaiton

Impact of Recently Closed Acquisitions ● . On May 1, 2015, the Bank closed the acquisition of its: • 51% stake in Cencosud's financial services business in Chile Retail and commercial banking operations of Citibank in Peru Q3/15 earnings impact of ($1) million In $mm Revenues PCLs 1 Expenses 2 Net Income Q3/15 $65 ($13) ($53) ($1) Average Retail Loans $946 Average Commercial Loans $49 Total Loans $995 (1) Increases division's loan loss rate by 4 bps. (2) Includes acquisition and integration costs. 18 Scotiabank®

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