Investor Presentation

Superior Long-Term Total Shareholder Returns 25-Year Total Shareholder Returns 16.0% 15.1% 14.1% 13.5% 12.1% Scotiabank RBC BMO TD CIBC (1) Compound annual growth rate for a stock, which includes share price appreciation and re-invested dividends. Calculated in Canadian dollars. Source: Bloomberg, as at July 31, 2014. 17 1

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