Investor Presentaiton

Global Banking and Markets 1,2 Net Income ($MM) 427 48 449 404 375 325 379 • • Highlights Adjusted Net Income down 24% Y/Y2 • • Lower contributions from investment banking and equities Higher level of PCLS Adjusted revenue down 11% Y/Y2 Loan growth of 19% Y/Y NIM down 13 bps Y/Y Q2/15 Q3/15 Q4/15 Q4/14 Q1/15 Net after-tax notable items in Q4/14 • • Lower trade finance volumes in Asia • Margin compression in the U.S., Average Loans³ ($B) 71 70 75 Net Interest Margin (%) 63 65 1.73 1.72 1.64 1.62 1.60 • Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 (1) (2) (3) (4) Attributable to equity holders of the Bank Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) Average Business & Government Loans & Acceptances Corporate Banking only 10 · Europe and Asia Expenses up 2% Y/Y2 • Higher salaries and benefits Technology expenses • Negative impact of FX translation Partly offset by lower performance based compensation Operating leverage of -4.6% in 20152 Soft results reflective of challenging market conditions Scotiabank

View entire presentation