International Banking and Growth

International Banking Net Income 1,2 ($MM) 451 436 425 417 378 74 304 Q3/14 Q4/14 Q1/15 • Q1/14 Q2/14 Net after-tax notable items in Q4/14 Highlights . • . • Net Income down 2% Y/Y Strong loan growth and stabilizing margins Higher PCLs, lower Colpatria credit mark benefit and lower contributions from Venezuela Loans up 10% and deposits up 8% Y/Y Strong loan growth in LatAm, up 13% retail and 11% commercial Revenue up 5% Y/Y Higher PCLs Y/Y Lower credit mark benefit from Banco Colpatria Underlying PCL growth due to strong asset growth Expenses up 3% Y/Y Positive operating leverage of 1.4% Strong asset growth, stabilizing margins and higher PCLs Scotiabank® Average Assets ($B) Net Interest Margin (%) • 4.79 4.81 112 117 114 117 120 4.70 4.68 4.71. Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 (1) Attributable to equity holders of the Bank (2) Adjusted for notable items in Q4/14 - (See Appendix - Notable Items) 9

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