Scotiabank Canadian Growth Fund

November 2016

Investment Objective Portfolio Manager The investment objective of the Fund is to provide shareholders with capital appreciation over the 1832 Asset Management L.P. in Canada long term. manages over US$66 billion (as of December 31, 2015) in assets for mutual fee-based Reason for Investing accounts. 1832 Asset Management L.P. is a • A classic Canadian equity fund that provides clients with broad exposure to blue chip limited partnership, the general partner of Canadian equities from diverse economic sectors which is wholly owned by Scotiabank. • The portfolio manager seeks higher quality investments while aiming for benchmark Fund Facts: outperformance and capital preservation Net Asset Value^ US$2.6369 • Provides access to the experience and expertise of professional Investment Manager 1832 Fund Assets US$40.8 million Asset Management LP Benchmark S&P/TSX Composite Index Annualized Compound % Return^ Calendar Year % Return^ Management Fee 2.00% % % Inception Date August 31, 1994 20.0

15.0 65.0 12.58 47.04 Class A Class NU 40.0 SBF 105 SBF 105NU 10.0 28.14 Fund Code 5.86 5.02 15.14 15.80 Bloomberg Code SCBCNGR:KY SCBCNNU:KY 15.0 7.22 8.12 5.0 2.91 3.54 Class AC Class NC 0.0 -10.0 -2.91 0.00 SBF 105AC SBF 105NC -0.09 -0.78 -14.41 Fund Code -5.0 -35.0 -22.71 Bloomberg Code SBCGCAC:KY SBCGCNC:KY -5.09 -44.87 -10.0 -60.0 Class IU Class IC SBF 105IU SBF 105IC -15.0 -85.0 Fund Code 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Since 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Inc. Bloomberg Code SBCNGIU:KY SBCNGIC:KY Sales Charges Growth of $10,000 from November 2006^ A front-end load may apply

$15,000 Asset Class Growth $12,500 Risk Profile $10,000 $9,998 Low Medium High

$7,500

$5,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Top 10 Holdings^ % of Fund Sector Allocation % of Fund Asset Allocation % of Fund ROYAL BANK OF CANADA 5.9 Energy 24.5 Canadian Equity 88.8 CGI GROUP INC CLASS A 5.8 Financials 20.6 Non Canadian Equity 10.4 ENBRIDGE INC 5.4 Information Technology 12.4 Cash and Equivalent 0.8 ROGERS COMMUNICATIONS INC B 4.7 Industrials 11.2 Other 0.0 OPEN TEXT CORP 4.2 Utilities 6.5 Total 100.0 INTACT FINANCIAL CORP 4.1 Health Care 6.3 MANULIFE FINANCIAL CORP 3.6 Materials 5.5 TORONTO DOMINION BANK 3.5 Consumer Discretionary 5.1 TEAM HEALTH HOLDINGS INC 3.3 Telecommunication Services 4.8 TRANSCANADA CORP 3.2 Real Estate 3.1 Total of Top 10 Holdings 43.7 Consumer Staples 0.0 Total Number of Holdings 55 Total 100.0 Important information concerning the investment goals, risks, charges and expenses of investing in mutual funds is contained in the relevant prospectus. Investors should carefully consider these before investing. Copies of the prospectus are available from the financial institution where you are buying the mutual fund and should be read before investing. Commissions, management fees and expenses all may be associated with mutual fund investments. Mutual Funds are not guaranteed or covered by your local Deposit Insurance Corporation, other government deposit insurer, The Bank of Nova Scotia, or its subsidiaries/affiliates, their values change frequently, and you may not get back the original amount you invested. This is for informational purposes only and is subject to change without notice. Always consult your professional tax and legal advisors with respect to your particular circumstances. Nothing herein is intended to constitute an offer or solicitation to transact business for products or services in any jurisdiction where such an offer or solicitation would be unlawful. This does not constitute an invitation to purchase or sell shares of the Funds. Performance is subject to variations and is likely to change over time. Past performance should not be treated as an indicator of future performance. The performance data provided assumes reinvestment of distributions and does not take into account sales charges or management fees, redemptions, distributions or taxes which would have reduced returns. The calculation of total cumulative returns assumes the reinvestment of all interest income at the share price immediately after the distribution of interest income. Net Asset Value information of the Scotiabank Mutual Funds can be found on Bloomberg, in the equities section, and on the Cayman Islands Stock Exchange (CSX), website www.csx.ky under “Scotiabank”. ®Registered trademark of The Bank of Nova Scotia, used under license. A receipt in respect of the securities offered in the prospectus has been issued by the Securities and Exchange Commission of Trinidad and Tobago. ^All returns are net of management fees and fund expenses, expressed as a percentage and are based on Class A assets. Past performance should not be treated as an indicator of future performance. Returns for periods less than one year are not annualized. The performance data provided is not intended to reflect future value of any mutual fund or returns on investment in any mutual fund. Net Asset Value, Fund Assets and Annualized % return data is as at November 30, 2016 Portfolio holdings data is as at October 31, 2016. Inception date provided is the date of first deposit to the Fund. Asset allocation and holding data excludes cash. The Fund was incorporated on November 8, 1999.