2015 Annual Report

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Dear Fellow Shareholders,

2015 has been a year of evolution and continued progress for your Bank that led to solid results.

With our focused strategic agenda, we spent this year re-imagining the customer experience and positioning the Bank for success, as we respond to the accelerated pace of change across the global financial services industry.

Customer focus and building a culture of innovation underpin our work to build an even better bank. Earlier this year, your Board of Directors joined the executive leadership team in Silicon Valley to meet with organizations that are focused on simplicity, agility and the customer experience. The visit challenged us to think of technology as more than just the latest gadgets, but rather as a way to improve how we interact with and serve our customers.

With Management’s commitment to delivering on strategies that centre on the customer needs today and into the future, we are confident Scotiabank has the talent, strategy and infrastructure to drive the long-term value of our stakeholders.


Accountability starts at the top

Each Scotiabanker is accountable for your Bank’s actions and results, but ultimately this accountability rests with the Board of Directors. During the year, three new directors were appointed to further strengthen the Board’s oversight role.


How we govern

Your Board is committed to the highest levels of governance, ensuring we balance and protect the long-term interests of our many stakeholders, including shareholders, customers, the broader community and our team.

We believe that strong governance is an important foundation of Scotiabank’s performance, and that an independent Board with the right balance of qualified people with diversity of gender, age, background, geography and thought, bolster our continued success.

Currently, 13 of your Bank’s 15 directors are independent, including a diverse contingent of female directors – who represent more than30% of your Board – as well as directors of varying age, ethnicity and geographical background.


Building an even better bank

I am excited about the future as we look ahead to your Bank’s 185th year. Scotiabank has a clear strategy predicated on a highly diversified, well-balanced business model within a clearly defined global footprint, and your Board is fully supportive of the strategic direction that management has set.

Our industry is seeing unprecedented change and Management has done tremendous work to build an even better bank, including significant and thoughtful investments in technology to enable and simplify the customer experience. This unwavering focus on our customers is the foundation for our ongoing success in the long term.

Thank you to our President and CEO, Brian Porter, his leadership team and thousands of Scotiabankers who work hard to deliver strong results. And thank you, our shareholders, for your continued confidence and support.


Thomas O'Neill Signature