Investor Presentaiton

Capital - Strong Position Basel III Common Equity Tier 1 (CET1) (%) • 10.3 10.6 10.4 10.3 10.1 III Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 CET1 Risk-Weighted Assets ($B) 358 348 335 329 374 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 8 · • Highlights Internal capital generation of $0.9 billion Repurchased 1.2 million shares Quarterly dividend of $0.72 per share reflects a dividend payout ratio of approximately 50% CET1 risk-weighted assets were up $16 billion Q/Q • • Impact of FX translation Growth in retail and business lending Acquisitions Basel III Leverage ratio of 4.0% Capital position remains strong Scotiabank®

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