cotiaan euity poere - ag.scotiabank.com · page 2 of 13 cotiaan euity poere in which plans can i...

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Scotiabank Equity Powered GICs

• Enjoy full principal protection •Benefitfromthereturnpotentialofequityinvestments

•Investforgrowthorincome •Selectwithorwithoutminimumguaranteedrate

Consider this investment if:

– Youwanta100%principalguaranteedandCDICeligibleinvestment

– Youwanttoinvestfortwoyearsorlonger

– Youwantthepotentialtoenhance yourGICreturns

– YouarewillingtoforgotheguaranteedreturnofatraditionalGICinexchangeforthepotentialtoearnahigherreturn


Canadian Income

Canadian Guaranteed

Return

Canadian Growth

American Growth

Global Growth

Term in years 2 / 3 / 5 2 / 3 / 5 2 / 3 / 5 2 / 3 / 5 2 / 3 / 5

Minimum Annual

Guaranteed Interest Rate

/ / Paidannually

/ / Compoundedandpaid

atmaturityNone None None

Maximum Basket Return

/ / Paidannually

/ / Paidatmaturity

/ / Paidatmaturity

/ / Paidatmaturity

/ / Paidatmaturity

Cumulative Maximum Potential Return*

Up to

/ / Up to

/ / Up to

/ / Up to

/ / Up to

/ /

Linked to Basketof CanadianShares

Basketof CanadianShares

Basketof CanadianShares

Basketof USShares

Basketof GlobalShares

Minimum investment

$1,000(CanadianDollarsOnly)

Principal 100%PrincipalGuarantee

CDIC eligible Yes

Enjoy the potential for equity powered return with principal protection

Thisseriesisavailable

*ThisisnotanannualreturnbutratherthemaximumcumulativereturnovertheentiretermoftheGIC.ItisthesumoftheMinimumAnnualGuaranteedInterestRateforeachyearoftheterm,ifapplicable,andtheMaximumBasketReturn(foreachyearoftheterm,forCanadianIncome).ActualreturncouldbetheMinimumAnnualGuaranteedInterestRateonly,orzero,asapplicable.

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Scotiabank Equity Powered GICsIn which plans can I purchase the Scotiabank Equity Powered GIC?

YoucanpurchasetheScotiabankEquityPoweredGICwithinyourRRSP,RRIF,RESP,RDSP,TFSAornonregistered.

How is the potential return calculated?

Thepotentialreturniscalculatedastheaverageofthesharepricereturnsofthesharesinthebasket,subjecttoamaximumandaminimum,foreachshare.Formoreinformation,includingdetailedexamples,pleaserefertothe“TermsandConditions”and“HowistheReturnCalculated?”pagesenclosed.YoucanreviewthecurrentperformanceandpastreturnsofScotiabankEquityPoweredGICsbyspeakingwithaScotiabankbranchrepresentativeorbyvisitingwww.scotiabank.com.

How do Scotiabank Equity Powered GICs compare with other investments?


Regular GICsScotiabank Index

Powered GICDirect Market/Stock

Investment

Principal 100% guaranteed

Yes Yes Yes No

CDIC eligible Yes Yes Yes No

Can be redeemed? No No No Varies

Offers minimum guaranteed rate?

Yes,forCanadianIncomeandCanadianGuaranteedReturn

Yes,fullrateguarantee No No

Return calculation LinkedtoadiversifiedBasketofShares

FixedinterestrateLinkedtothe

performanceofastockmarketIndex

Determinedbyperformanceofinvestment

What is in the Basket of Canadian Shares?

TheBasketofCanadianSharesisadiversifiedgroupofCanadiancompaniesequallyweightedfortheinitialprice:

What is in the Basket of American Shares?

TheBasketofAmericanSharesisadiversifiedgroupofUSCompaniesequallyweightedfortheinitialprice:

What is in the Basket of Global Shares?

TheBasketofGlobalSharesisadiversifiedgroupofinternationalcompaniesequallyweightedfortheinitialprice.

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Scotiabank Equity Powered GICsCan I redeem my Scotiabank Equity Powered GIC prior to maturity? Can I transfer it?

No,aScotiabankEquityPoweredGICcannotberedeemedpriortomaturityanditisanon-transferableinvestment.

Are there any fees associated with Scotiabank Equity Powered GICs?

No,therearenofees.

What is the process for purchasing Scotiabank Equity Powered GICs?

PleasevisityourlocalbranchtopurchaseyourScotiabankEquityPoweredGIC.YouwillearninteriminterestbetweenthedateyoupurchaseaScotiabankEquityPoweredGICandtheGIC’sissuedate.WhenyourScotiabankEquityPoweredGICisissued,theinitialamountyouinvested,plusanyinteriminterestyou’veearned,areaddedtogetherandbecometheEquityPowered GICprincipalamount,whichisfullyguaranteed.

What return options do I have?

ThereturniscalculatedforeachEquityPoweredGICbasedontheperformanceoftheunderlyingBasketofShares.ThereisadifferentmaximumreturnassociatedwitheachEquityPoweredGIC.TheCanadianIncomeandCanadianGuaranteedReturnEquityPoweredGICsalsohaveaminimumguaranteedreturn.

What payout options do I have?

YoumayarrangetohavethereturnspaidtoyourScotiabankdepositaccountoryourbankaccountatanotherfinancialinstitution.YoucanalsochoosetoreinvestthereturnsinyourScotiaInvestmentAccount,orwecansendachequepayabletosomeoneelseyouname.

Is the underlying basket of shares different among Equity Powered GICs?

TheunderlyingbasketofsharesfortheScotiabankEquityPoweredGIC-CanadianIncome,CanadianGuaranteedReturn, andCanadianGrowthistheBasketofCanadianShares.TheunderlyingbasketofsharesfortheScotiabankEquityPoweredGIC–AmericanGrowthistheBasketofAmericanShares.TheunderlyingbasketofsharesfortheScotiabankEquityPoweredGIC–GlobalGrowthistheBasketofGlobalShares.

Which investment is right for me?

TherearetwotypesofScotiabankEquityPoweredGICs:1. Withminimumannualguaranteedinterestrate–CanadianIncomeisuniqueasitpaysannuallyaminimumguaranteed

interestrateorareturnrelatedtothebasketofshares,whicheverishigher,allowingyoutolock-ingainsgenerated,ifany,bytheperformanceoftheunderlyingBasketofCanadianShares.TheCanadianGuaranteedReturnalsohasaminimumannualguaranteedinterestratebutitiscompoundedannuallyandpaidatmaturity.

2. Withoutminimumannualguaranteedinterestrate–TheotherScotiabankEquityPoweredGICsdonothaveaminimumannualguaranteedinterestrate.However,theyprovideahighermaximumpotentialreturn.

AllScotiabankEquityPoweredGICoffer100%principalguaranteeandareCDICeligible.

Do I need to choose only one of the payout options?

Theminimuminvestmentis$1,000.Therefore,ifyouhave$4,000toinvest,youcould,forexample,choosetopurchasetheScotiabankEquityPoweredGIC–CanadianIncomefor$1,000for2-years,theScotiabankEquityPoweredGIC–CanadianGuaranteedReturn for$1,000for3-years,theScotiabankEquityPoweredGIC–AmericanGrowthfor$1,000for5-years,andScotiabankEquityPoweredGIC–GlobalGrowthfor$1,000for5-years,therebyladderingyourmaturitydatesanddiversifyingyourinvestment.

To make the Scotiabank Equity Powered GICs part of your portfolio, talk to your Scotiabank advisor today.*MaximumPotentialReturnisthehighestpossiblereturnandincludestheminimumannualguaranteedinterestrate. Thisisnotanannualrateorrateofreturnandspecifiedfortheentireterm.

AArbana

Cross-Out

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This Page Is Left Blank Intentionally.

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CustomerAgreementforScotiabankEquityPoweredGIC(CustomerCopy)


Scotiabank Equity Powered GIC being purchased (check only one)

£ CanadianIncome £ CanadianGuaranteedReturn £ CanadianGrowth £ AmericanGrowth £ GlobalGrowth

Issuer

£ TheBankofNovaScotia £ MontrealTrustCompanyofCanada £ NationalTrustCompany

PurchaseDate:________________________________ IssueDate:

PurchaseAmount:_____________________________ Maturitydatefor2yearterm:

Term2/3/5years(circle the appropriate) Maturitydatefor3yearterm:

Maturitydatefor5yearterm:

InterimInterestRatePerAnnum:_________________ Plannumber:_________________

ThisCustomerAgreement,whichisapartoftheFactSheet,providesyouwithasummaryofthedetailsoftheissue.Inaddition,theFactSheetincludesthreeadditionaldocuments:the“Terms&Conditions”oftheScotiabankEquityPoweredGICs,“HowistheReturnCalculated?”,whichoutlinesthemethodbywhichthemaximumpotentialreturniscalculated,and“TheSharesandtheCompanies”,whichoutlinesthecompaniescomprisingtheunderlyingBasketsofSharesfortheScotiabankEquityPoweredGICs.

Canadian IncomeCanadian

Guaranteed ReturnCanadian Growth American Growth Global Growth

Term 2 3 5 2 3 5 2 3 5 2 3 5 2 3 5

Minimum Annual Guaranteed Interest Rate

0% 0% 0% 0% 0% 0% 0% 0% 0%

Maximum Share Price Return/Maximum Basket Return (paid at maturity)

N/A N/A N/A

Maximum Annual Share Price Return / Maximum Annual Return

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Please check only one (for more details on the share and companies, please refer to “The Shares and the Companies”)

£ Basket of Canadian Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - Canadian Income, Scotiabank Equity Powered GIC - Canadian Guaranteed Return and Scotiabank Equity Powered GIC - Canadian Growth only):

£ Basket of US Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - American Growth):

£ Basket of Global Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - Global Growth):

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Scotiabank Equity Powered GICsTheTerms&Conditionsexplainsthefollowing:

1. Interim Period:BetweenthedayyoupurchasetheScotiabankEquityPoweredGICandtheissuedate,youwillearninterest.The“Terms & Conditions” explainhowthisinteriminterestiscalculated

2. Your Principal:YourPrincipal(“Principal”)isyourpurchaseamountplusanyinteriminterestearnedbetweenthepurchasedateandissuedate.Theprincipalisguaranteedandwillbepaidbacktoyouatmaturity.ThePrincipalwillincludeanyinteriminterestearnedbetweenthepurchasedateandtheissuedate.

3. Return: ThereturnyouwillreceiveonyourScotiabankEquityPoweredGICuponmaturityoratanniversarydates(applicableonlyforScotiabankEquityPoweredGIC–CanadianIncome)isdeterminedbythepriceperformanceofanunderlyingBasketofSharesofCanadian,USorglobalcompanies,subjecttoamaximumforeachshare.ForScotiabankEquityPoweredGIC–CanadianIncome,anynegativereturnforaparticularSharewillbelimitedtoforpurposesofcalculatingtheannualaverageSharereturnoftheBasket.FortheScotiabankEquityPoweredGIC–CanadianGuaranteedReturn,ScotiabankEquityPoweredGIC–CanadianGrowth,ScotiabankEquityPoweredGICs–AmericanGrowthorScotiabankEquityPoweredGIC–GlobalGrowthanynegativereturnforaparticularSharewillbelimitedtoforpurposesofcalculatingtheaverageSharereturnoftheBasket. IfyoupurchasetheScotiabankEquityPoweredGICs–CanadianGuaranteedReturn,ScotiabankprovidesaminimumannualguaranteedratethatwillbepaidregardlessoftheperformanceoftheunderlyingBasketofShares.IfyoupurchasetheScotiabankEquityPoweredGICs–CanadianIncome,ScotiabankpaysthegreaterofeithertheminimumannualguaranteedrateortheperformanceoftheunderlyingBasketofShares.Forspecificdetailsanddetailedexamplesofhowthereturniscalculated,pleaseseetheTerms&ConditionsincludedinthisFactSheetand“HowistheReturnCalculated?”.

Funds transferred to your account

4. Theinteriminterestrate,purchasedate,maximumreturnandminimumannualguaranteedinterestrateforyourScotiabankEquityPoweredGICwillbebasedonthedatethatthefundsarereceivedbytheissuer,whichisnotnecessarilythedateonwhichyourequestedthetransferofsuchfundsordepositedyourcheque.

Suitability

5. AScotiabankEquityPoweredGICisdifferentfromafixedrateinvestment.Thoughyourprincipalisalwaysguaranteed,thereisagreaterlevelofriskassociatedwithaScotiabankEquityPoweredGICthanwithafixedrateinvestmentbecauseitdoesnotprovideafullyguaranteedrateofreturn(withtheexceptionofinteriminterestearneduntilitsissuedateorScotiabankEquityPoweredGICswithaminimumannualguaranteedinterestrate).TheScotiabankEquityPoweredGIC–CanadianGrowth,theScotiabankEquityPoweredGIC–AmericanGrowthandtheScotiabankEquityPoweredGIC–GlobalGrowthmaynotprovideanyreturn.TheScotiabankEquityPoweredGIC–CanadianGuaranteedReturnandScotiabankEquityPoweredGIC–CanadianIncomemaynotprovideanyreturninexcessoftheminimumannualguaranteedinterestrate.Therefore,aninvestmentinaScotiabankEquityPoweredGICisonlysuitableforinvestorspreparedtoassumerisksrelatedtothereturn.

More Information

6. YourScotiabankEquityPoweredGICisnotredeemablebeforematurity,exceptintheeventofyourdeath.Formoredetails,pleaseseetheTerms&Conditions.

7. YourScotiabankEquityPoweredGICwillnotbeamended,exceptincasesspecifiedintheTerms&Conditions.

8. AfteryourScotiabankEquityPoweredGICisissued,thefollowinginformationisavailableonrequest(a)thenetassetvalueofyourGIConthedateyouspecifyandhowthatvalueisrelatedtothereturnpayableunderyourGIC;or(b)thelastavailablemeasurebeforethedateyouspecifyoftheaveragesharereturnsoftheSharesintheBasketandhowthatmeasureisrelatedtothereturnpayableunderyourGIC.Completeinformation(includinghistoricalinformationaboutpreviouslymaturedScotiabankEquityPoweredGICs)isavailableatwww.scotiabank.com,atanyScotiabankbranchorbymailbycontactingyourbranch.

9. Potential Conflicts of Interest:Scotiabankwillcalculatetheamount,ifany,ofreturntobepaidtoyou.Scotiabank’sdeterminationsandcalculationswillbeconclusiveforallpurposesandbindingonyou.Consequently,potentialconflictsbetweenyourinterestsandScotiabank’sinterestsmayarise. Inaddition,Scotiabankanditsaffiliatesmayholdinterestsinorsecuritiesof,extendcredittoorenterintootherbusinessdealingswithoneormoreoftheentitieswhoseSharesareincludedintheBasket.Pleasesee“Terms and Conditions – Your Risks”formoreinformationonconflictsofinterest.

10. Right of Cancellation: Youareentitledtoarightofcancellation,whichmustbeexercisedwithintwodaysafterthelaterof(a)thedateonwhichthisagreementtopurchaseisenteredintoand(b)thedayonwhichtheFactSheetisprovidedtoyou.UponcancellationofthepurchaseofScotiabankEquityPoweredGICs,youwillbeentitledtoarefundoftheprincipalinvested.Toexerciseyourrightofcancellation,youmaycontactyourbranchadvisor.

By signing below, you acknowledge that before entering this agreement to purchase your Scotiabank Equity Powered GIC in person, you have received a completed copy of this Scotiabank Equity Powered GIC Fact Sheet and that we have orally disclosed to you the information in the paragraphs numbered 1 to 10 above prior to or at the time of entering into this agreement. You further acknowledge that you have received and read a copy of the Investment Companion Booklet. You agree to be bound by all of the terms, conditions and other provisions in this Fact Sheet and those terms, conditions and other provisions in the Investment Companion Booklet that relate to your Scotiabank Equity Powered GIC purchase.

CustomerName(s):____________________________________________CustomerSignature(s):________________________________________

BranchSignature:_____________________________________________Date:_______________________________________________________

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CustomerAgreementforScotiabankEquityPoweredGIC(BranchCopy)


Scotiabank Equity Powered GIC being purchased (check only one)

£ CanadianIncome £ CanadianGuaranteedReturn £ CanadianGrowth £ AmericanGrowth £ GlobalGrowth

Issuer

£ TheBankofNovaScotia £ MontrealTrustCompanyofCanada £ NationalTrustCompany

PurchaseDate:________________________________ IssueDate:

PurchaseAmount:_____________________________ Maturitydatefor2yearterm:

Term2/3/5years(circle the appropriate) Maturitydatefor3yearterm:

Maturitydatefor5yearterm:

InterimInterestRatePerAnnum:_________________ Plannumber:_________________

ThisCustomerAgreement,whichisapartoftheFactSheet,providesyouwithasummaryofthedetailsoftheissue.Inaddition,theFactSheetincludesthreeadditionaldocuments:the“Terms&Conditions”oftheScotiabankEquityPoweredGICs,“HowistheReturnCalculated?”,whichoutlinesthemethodbywhichthemaximumpotentialreturniscalculated,and“TheSharesandtheCompanies”,whichoutlinesthecompaniescomprisingtheunderlyingBasketsofSharesfortheScotiabankEquityPoweredGICs.

Canadian IncomeCanadian

Guaranteed ReturnCanadian Growth American Growth Global Growth

Term 2 3 5 2 3 5 2 3 5 2 3 5 2 3 5

Minimum Annual Guaranteed Interest Rate

0% 0% 0% 0% 0% 0% 0% 0% 0%

Maximum Share Price Return/Maximum Basket Return (paid at maturity)

N/A N/A N/A

Maximum Annual Share Price Return / Maximum Annual Return

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Please check only one (for more details on the share and companies, please refer to “The Shares and the Companies”)

£ Basket of Canadian Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - Canadian Income, Scotiabank Equity Powered GIC - Canadian Guaranteed Return and Scotiabank Equity Powered GIC - Canadian Growth only):

£ Basket of US Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - American Growth):

£ Basket of Global Shares, equally weighted for the Initial Price (For Scotiabank Equity Powered GIC - Global Growth):

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Scotiabank Equity Powered GICsTheTerms&Conditionsexplainsthefollowing:

1. Interim Period:BetweenthedayyoupurchasetheScotiabankEquityPoweredGICandtheissuedate,youwillearninterest.The“Terms & Conditions” explainhowthisinteriminterestiscalculated

2. Your Principal:YourPrincipal(“Principal”)isyourpurchaseamountplusanyinteriminterestearnedbetweenthepurchasedateandissuedate.Theprincipalisguaranteedandwillbepaidbacktoyouatmaturity.ThePrincipalwillincludeanyinteriminterestearnedbetweenthepurchasedateandtheissuedate.

3. Return: ThereturnyouwillreceiveonyourScotiabankEquityPoweredGICuponmaturityoratanniversarydates(applicableonlyforScotiabankEquityPoweredGIC–CanadianIncome)isdeterminedbythepriceperformanceofanunderlyingBasketofSharesofCanadian,USorglobalcompanies,subjecttoamaximumforeachshare.ForScotiabankEquityPoweredGIC–CanadianIncome,anynegativereturnforaparticularSharewillbelimitedtoforpurposesofcalculatingtheannualaverageSharereturnoftheBasket.FortheScotiabankEquityPoweredGIC–CanadianGuaranteedReturn,ScotiabankEquityPoweredGIC–CanadianGrowth,ScotiabankEquityPoweredGICs–AmericanGrowthorScotiabankEquityPoweredGIC–GlobalGrowthanynegativereturnforaparticularSharewillbelimitedtoforpurposesofcalculatingtheaverageSharereturnoftheBasket. IfyoupurchasetheScotiabankEquityPoweredGICs–CanadianGuaranteedReturn,ScotiabankprovidesaminimumannualguaranteedratethatwillbepaidregardlessoftheperformanceoftheunderlyingBasketofShares.IfyoupurchasetheScotiabankEquityPoweredGICs–CanadianIncome,ScotiabankpaysthegreaterofeithertheminimumannualguaranteedrateortheperformanceoftheunderlyingBasketofShares.Forspecificdetailsanddetailedexamplesofhowthereturniscalculated,pleaseseetheTerms&ConditionsincludedinthisFactSheetand“HowistheReturnCalculated?”.

Funds transferred to your account

4. Theinteriminterestrate,purchasedate,maximumreturnandminimumannualguaranteedinterestrateforyourScotiabankEquityPoweredGICwillbebasedonthedatethatthefundsarereceivedbytheissuer,whichisnotnecessarilythedateonwhichyourequestedthetransferofsuchfundsordepositedyourcheque.

Suitability

5. AScotiabankEquityPoweredGICisdifferentfromafixedrateinvestment.Thoughyourprincipalisalwaysguaranteed,thereisagreaterlevelofriskassociatedwithaScotiabankEquityPoweredGICthanwithafixedrateinvestmentbecauseitdoesnotprovideafullyguaranteedrateofreturn(withtheexceptionofinteriminterestearneduntilitsissuedateorScotiabankEquityPoweredGICswithaminimumannualguaranteedinterestrate).TheScotiabankEquityPoweredGIC–CanadianGrowth,theScotiabankEquityPoweredGIC–AmericanGrowthandtheScotiabankEquityPoweredGIC–GlobalGrowthmaynotprovideanyreturn.TheScotiabankEquityPoweredGIC–CanadianGuaranteedReturnandScotiabankEquityPoweredGIC–CanadianIncomemaynotprovideanyreturninexcessoftheminimumannualguaranteedinterestrate.Therefore,aninvestmentinaScotiabankEquityPoweredGICisonlysuitableforinvestorspreparedtoassumerisksrelatedtothereturn.

More Information

6. YourScotiabankEquityPoweredGICisnotredeemablebeforematurity,exceptintheeventofyourdeath.Formoredetails,pleaseseetheTerms&Conditions.

7. YourScotiabankEquityPoweredGICwillnotbeamended,exceptincasesspecifiedintheTerms&Conditions.

8. AfteryourScotiabankEquityPoweredGICisissued,thefollowinginformationisavailableonrequest(a)thenetassetvalueofyourGIConthedateyouspecifyandhowthatvalueisrelatedtothereturnpayableunderyourGIC;or(b)thelastavailablemeasurebeforethedateyouspecifyoftheaveragesharereturnsoftheSharesintheBasketandhowthatmeasureisrelatedtothereturnpayableunderyourGIC.Completeinformation(includinghistoricalinformationaboutpreviouslymaturedScotiabankEquityPoweredGICs)isavailableatwww.scotiabank.com,atanyScotiabankbranchorbymailbycontactingyourbranch.

9. Potential Conflicts of Interest:Scotiabankwillcalculatetheamount,ifany,ofreturntobepaidtoyou.Scotiabank’sdeterminationsandcalculationswillbeconclusiveforallpurposesandbindingonyou.Consequently,potentialconflictsbetweenyourinterestsandScotiabank’sinterestsmayarise. Inaddition,Scotiabankanditsaffiliatesmayholdinterestsinorsecuritiesof,extendcredittoorenterintootherbusinessdealingswithoneormoreoftheentitieswhoseSharesareincludedintheBasket.Pleasesee“Terms and Conditions – Your Risks”formoreinformationonconflictsofinterest.

10. Right of Cancellation: Youareentitledtoarightofcancellation,whichmustbeexercisedwithintwodaysafterthelaterof(a)thedateonwhichthisagreementtopurchaseisenteredintoand(b)thedayonwhichtheFactSheetisprovidedtoyou.UponcancellationofthepurchaseofScotiabankEquityPoweredGICs,youwillbeentitledtoarefundoftheprincipalinvested.Toexerciseyourrightofcancellation,youmaycontactyourbranchadvisor.

By signing below, you acknowledge that before entering this agreement to purchase your Scotiabank Equity Powered GIC in person, you have received a completed copy of this Scotiabank Equity Powered GIC Fact Sheet and that we have orally disclosed to you the information in the paragraphs numbered 1 to 10 above prior to or at the time of entering into this agreement. You further acknowledge that you have received and read a copy of the Investment Companion Booklet. You agree to be bound by all of the terms, conditions and other provisions in this Fact Sheet and those terms, conditions and other provisions in the Investment Companion Booklet that relate to your Scotiabank Equity Powered GIC purchase.

CustomerName(s):____________________________________________CustomerSignature(s):________________________________________

BranchSignature:_____________________________________________Date:_______________________________________________________

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The Scotiabank Equity Powered GIC.

TheScotiabankEquityPoweredGIC(“GIC”)isanon-redeemable,non-transferableguaranteedinvestmentcertificatewhoserateofreturn,ifany,isbasedonthepriceperformanceofanunderlyingBasketofSharesofCanadian,UScompaniesorinternationalcompanieswithglobaloperations. TheScotiabankEquity PoweredGIC is available asbothanon-registeredandregistereddeposit,subjecttothetermsoftheparticularplan.YoushouldreadthefollowingsummaryandthedetaileddescriptioncontainedinthisFactSheet.

Definitions

TheBankofNovaScotia,MontrealTrustCompanyofCanadaandNationalTrustCompanyareeachreferredtoasthe“Issuer.”

“Scotiabank”means,collectively,TheBankofNovaScotiaandanyofitsaffiliates.

“You”,“Your”and“Investor”meansthepurchaseroftheScotiabankEquityPoweredGICs.

Business Daymeansaday,otherthanaSaturday,SundayorstatutoryholidayinOntario,onwhichScotiabankisopenfordomesticbusinessinToronto,Ontario.

Business Exchange Daymeansanydayonwhicheachexchangeandeachrelatedexchangeareopenfortradingduringtheirrespectiveregulartradingsessions,notwithstandinganysuchexchangeorrelatedexchangeclosingpriortoitsscheduledclosingtimethatisalsoaBusinessDay.

Maturity DatemeansthedateonwhichthetermforyourScotiabankEquityPoweredGICends,asspecifiedonyourCustomerAgreement.

Principal means your purchase amount plus any interim interest you earn between thepurchasedateand issuedateofyourScotiabankEquityPoweredGICasspecified inyourCustomerAgreement.

Interim Interest Ratemeanstheregularnon-redeemableGICpostedrateapplicabletoyourtermassetoutinyourCustomerAgreement.

Please see“How is the Return Calculated?” for definitionof “Basket”, “Share”and“Share Return”

NoteIftheMaturityDatefallsonaSunday,thereturn,ifany,willbedepositedonthenextBusinessDay.NointerestwillbepaidfortheextradayordaysbetweentheMaturityDateandthedepositdate.

General Terms

Return Calculation: Scotia Capital Inc. will act as calculation agent. See “How is the Return Calculated?”

Right of Cancellation: Youareentitledtoarightofcancellation,whichmustbeexercisedwithintwodaysafterthelaterof(a)thedateonwhichthisagreementtopurchaseisenteredintoand(b)thedayonwhichtheFactSheet isprovidedtoyou.UponcancellationofthepurchaseofScotiabankEquityPoweredGICs,youwillbeentitledtoarefundoftheprincipalinvested.Toexerciseyourrightofcancellation,youmaycontactyourbranchadvisor.

Redemption Restrictions:ThetermofyourScotiabankEquityPoweredGICisstatedontheCustomerAgreementYourScotiabankEquityPoweredGICisnotredeemablebeforematurity,exceptintheeventofyourdeath.Inthatcircumstance,yourScotiabankEquityPoweredGICpurchaseamountwillbepaidtogetherwithinterestcalculatedfromyourGICpurchasedatetoitsredemptiondateattheregularnon-redeemableGICpostedrateapplicabletoyourspecificterm(seeCustomerAgreement).

Currency:Allamountswillbedeposited,calculatedandarepayableinCanadiandollars.

Restrictions on Sale:YourScotiabankEquityPoweredGICisonlyavailableforsalewithinCanadaandtoCanadianresidents.

No amendment:ThetermsofYourScotiabankEquityPoweredGICwillnotbeamended,except(a)ifacompanyannouncesthetermsofaPotentialAdjustmentEvent;(b)ifthereisanEquityDisruptionEvent;(c)ifthereisaSubstitutionEventinrespectofaShareintheBasket;(d)AMergerEventandTenderOffer;(e)anExtraordinaryEventoranyothereventbeyondthereasonablecontroloftheissuerofyourGICwhichhasamateriallyadverseeffectontheissuer’sabilitytocalculatearateofreturnforyourGIC,tomanagetherelatedrisk,orotherwiseperformitsobligations.Thedefinedtermsusedinthisriskfactoraredescribedbelow.Thecalculationagentwillmakethenecessarydeterminationsinconnectionwithanyamendmentinthecircumstancessetforthabove.

Potential Adjustment Eventmeans, inrespectofaShareofacompanycomprisingtheBasket, the occurrence of any of the following events: (a) a subdivision, consolidation orreclassificationoftheShares(unlessresultinginamerger),orafreedistributionordividendofanysuchSharestoexistingholdersbywayofbonus,capitalizationorsimilarissue;(b)adistribution,issueordividendtoexistingholdersoftheSharesof:(i)additionalShares;or(ii)othersharecapitalorsecuritiesgrantingtherighttopaymentofdividendsand/ortheproceedsofliquidationoftheapplicablecompanyequallyorproportionatelywithsuchpaymentstoholders

ofShares;or(iii)sharecapitalorothersecuritiesofanotherissueracquiredorowned(directlyorindirectly)bytheapplicablecompanyasaresultofaspin-offorothersimilartransaction,or(iv)anyothertypeofsecurities,rightsorwarrantsorotherassets,inanycaseforpayment(cashorotherconsideration)atlessthantheprevailingequitypriceasdeterminedbyScotiabank(c)anextraordinarydividendorotherdistribution(paidincashorotherwise)inrespectofsuchShares(wherethecharacterizationofadividendorotherdistributionas“extraordinary”willbedeterminedbyScotiabank)(d)acallbytheapplicablecompanyinrespectoftheSharesthatarenotfullypaid(e)arepurchasebytheapplicablecompanyoranyofitssubsidiariesoftheShareswhetheroutofprofitsorcapitalandwhethertheconsiderationforsuchrepurchaseiscash,securitiesorotherwise;(f)inrespectoftheapplicablecompany,aneventthatresultsinanyshareholderrightsbeingdistributedorbecomingseparatedfromcommonsharesorothersharesofthecapitalstockofsuchcompanypursuanttoashareholderrightsplanorarrangementdirectedagainsthostiletakeoversthatprovidesupontheoccurrenceofcertaineventsforadistributionofpreferredstock,warrants,debtinstrumentsorstockrightsatapricebelowtheirequityvalue,asdeterminedbyScotiabank,providedthatanyadjustmenteffectedasaresultofsuchaneventwillbereadjusteduponanyredemptionofsuchrights;or(g)anyothereventthatmayhaveadilutiveorconcentrativeeffectonthetheoreticalvalueoftheSharesasdeterminedbyScotiabank.

Equity Disruption Eventmeans in respectofaShare,anyevent,circumstanceorcausebeyondthereasonablecontroloftheissuerwhichhasorwillhaveamaterialadverseeffectontheabilityofequitydealersgenerallytoacquire,establish,re-establish,substitute,maintain,unwindormodifyhedgesofpositionsinrespectofsuchShare.IfanEquityDisruptionEventinrespectofaShareoccursonaValuationDate(asdefinedbelowin“HowistheReturnCalculated”),thedeterminationoftheclosingpriceforthatShareonsuchdate(and,possibly,anypaymentofreturn,ifany)maybedelayed.FluctuationsintheclosingpriceoftheaffectedSharemayoccurintheinterim.If“Scotiabank”determinesthatanEquityDisruptionEventinrespectofaShareintheBaskethasoccurredandiscontinuingonanydatethatbutforthateventwouldbeaValuationDateinrespectofsuchShare,thenthereturn,ifany,willbecalculated(andtheapplicableclosingpricewillbedetermined)onthebasisthatsuchValuationDatewillbepostponedtothenextBusinessExchangeDaythatisalsoaBusinessDayonwhichthereisnoEquityDisruptionEventineffectinrespectofsuchShare.

Substitution Eventmeans,inrespectofaShare,anyeventwhich,inthedeterminationofScotiabank,hasadverselyaffectedormaypotentiallyadverselyaffecttheliquidityoftheShare(ascomparedwithitsliquidityattheissuedate)andmayinclude,butisnotlimitedto:(i)anationalization;(ii)aninsolvency;(iii)adelisting;or(iv)anyMergerEventorTenderOfferinrespectofsuchSharethatisdeemedbyScotiabank,initssolediscretion,tobeaSubstitutionEvent.

Merger Eventmeans,inrespectofaShare,any:(a)reclassificationorchangeoftherelevantSharesthatresultsinatransferoforanirrevocablecommitmenttotransferallofsuchSharesoutstandingtoanotherentityorperson;(b)consolidation,amalgamation,mergerorbindingshareexchangeoftherelevantcompanywithorintoanotherentityorperson(otherthanaconsolidation,amalgamation,mergerorbindingshareexchangeinwhichsuchcompanyisthecontinuingentityandwhichdoesnotresultinareclassificationorchangeofallofsuchSharesoutstanding);(c)take-overbid,tenderoffer,exchangeoffer,solicitation,proposalorothereventbyanyentityorpersontopurchaseorotherwiseobtain100%oftheoutstandingSharesofsuchcompanythatresultsinatransferoforanirrevocablecommitmenttotransferallsuchShares(otherthansuchSharesownedorcontrolledbysuchotherentityorperson);or(d)consolidation,amalgamation,mergerorbindingshareexchangeofsuchcompanyorits subsidiarieswithor intoanotherentity inwhichsuchcompany is thecontinuingentityandwhichdoesnotresultinareclassificationorchangeofallsuchSharesoutstandingbutresultsintheoutstandingShares(otherthanSharesownedorcontrolledbysuchotherentity)immediatelypriortosucheventcollectivelyrepresentinglessthan50%oftheoutstandingSharesimmediatelyfollowingsuchevent(commonlyreferredtoasa“reversemerger”),ineachcaseifthemergerdateisonorbeforethedateonwhichtheShareReturninrespectofsuchShareisdetermined.

Tender Offermeans, inrespectofaShare,atake-overbid,tenderoffer,exchangeoffer,solicitation,proposalorothereventbyanyentityorpersonthatresultsinsuchentityorpersonpurchasing,orotherwiseobtainingorhavingtherighttoobtain,byconversionorothermeans,greaterthan10%andlessthan100%oftheoutstandingrelevantSharesoftheapplicablecompany,asdeterminedbyScotiabankbaseduponthemakingoffilingswithgovernmentalorself-regulatoryagenciesorsuchotherinformationastheCalculationAgentdeemsrelevant.

Extraordinary Event:ThereisalwaysthepossibilityofanequitydisruptionorothereventbeyondthereasonablecontroloftheissuerofyourGICwhichmayhaveamaterialadverseeffectontheissuer’sabilitytocalculatetherateofreturnonyourScotiabankEquityPoweredGICs,tomanagetherelatedriskorotherwiseperformitsobligations.Shouldsuchaneventoccur,theissuermay,actingreasonably,takesuchactionsasitdeemsappropriate,includingwithout limitation, adjusting or delaying calculations or payment of any return on yourScotiabankEquityPoweredGICs.

Risk Factors

AninvestmentinScotiabankEquityPoweredGICsissubjecttocertainriskfactorsthatyoushouldcarefullyconsiderbeforemakingapurchasedecision,includingthefollowing.

TERMS&CONDITIONS

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Scotiabank Equity Powered GICsRate of return.TherateofreturnthatmaybepayableontheScotiabankEquityPoweredGIC–CanadianGrowth, ScotiabankEquity PoweredGIC–CanadianGuaranteedReturn and Scotiabank Equity Powered GIC – American Growth, Scotiabank Equity Powered GIC–GlobalGrowthislinkedtothesimpleaverageoftheShareReturns(oneforeachShare,eachofwhichcanbepositiveornegative).InvestorsshouldrealizethatthereisapossibilitythatnoreturnmaybepayableontheGICs(besidestheminimumannualguaranteedinterestrateinthecaseoftheScotiabankEquityPoweredGIC–CanadianGuaranteedReturnonly)eventhoughthereisalimitonanyShare’snegativecontributiontotheaverageofShareReturnsiftheShareReturnforsuchshareisnegative.Atthesametime,themaximumShareReturnforanySharewillbecappedregardlessoftheactualpercentageincreaseinaShare’sclosingpricemeasuredfromthesecondBusinessExchangeDayfollowingtheIssueDatetothesecondBusinessExchangeDaypriortotheMaturityDate.Therefore,themaximumrateofreturn,ifany,thatmaybepayableisequaltothespecifiedmaximumShareReturn.SufficientlyweakpriceperformancebyoneormoreSharescanoffsetpositivepriceperformanceresultinginthepossibilityofnorateofreturnbeingpaid(besidestheminimumannualguaranteedinterestrateinthecaseoftheScotiabankEquityPoweredGIC–CanadianGuaranteedReturnonly).Inaddition,unlesstheShareReturnispositiveatmaturity,norateofreturnwillbepayableontheScotiabankEquityPoweredGIC–CanadianGrowthandScotiabankEquityPoweredGIC–AmericanGrowth, ScotiabankEquity PoweredGIC–GlobalGrowthandonly theminimumannualguaranteedinterestratewillbepayableontheScotiabankEquityPoweredGIC–CanadianGuaranteedReturn.Sinceyourprincipalisunconditionallyguaranteed,youwouldreceiveonlythatamountinthiseventandtheminimumannualguaranteedreturn,ifyouinvestedintheScotiabankEquityPoweredGIC–CanadianGuaranteedReturn.TheScotiabankEquityPoweredGIC–CanadianGrowthandScotiabankEquityPoweredGIC–AmericanGrowth,ScotiabankEquityPoweredGIC–GlobalGrowthoffernoguaranteedreturn.

Rate of return – Scotiabank Equity Powered GIC – Canadian Income.TherateofreturnthatmaybepayableontheScotiabankEquityPoweredGIC-CanadianIncomeislinkedtothesimpleaverageoftheShareReturns(oneforeachShare,eachofwhichcanbepositiveornegative).Investorsshouldrealizethatthereisapossibilitythatthereturnwillbelimitedtotheminimumannualguaranteedinterestrateandmightnotexceeditforanyorsomeoftheyearsoftheterm.ThemaximumShareReturnforanySharewillbecappedregardlessoftheactualpercentageincreaseinaShare’sclosingpricemeasuredfromthesecondBusinessExchangeDayfollowingtheIssueDatetothesecondBusinessExchangeDaypriortotherelevantAnniversaryDate.Therefore,themaximumrateofreturneachyearthatmaybepayableisequaltothespecifiedmaximumShareReturn.SufficientlyweakpriceperformancebyoneormoreSharescanoffsetpositivepriceperformanceresultinginthepossibilityofonlytheminimumannualguaranteedinterestratebeingpaid.

Risks relating to the Shares.ItisimpossibletopredictwhethertheclosingpriceofaSharewillincreaseordecreaseoverthetermoftheScotiabankEquityPoweredGICs.ClosingpricesoftheShareswillbe influencedbybothcomplexand interrelatedpolitical,economic,andfinancialeventsthatcaninfluencethepriceofaparticularShare.AprospectiveinvestorshouldundertakeanindependentinvestigationoftheSharescomprisingtheBaskets,astheinvestordeemsnecessary,toallowtheinvestortoreachaninformeddecisiontoinvestintheGICs.AninvestmentintheScotiabankEquityPoweredGICsis,apartfromtheprincipalprotectionfeatureoftheScotiabankEquityPoweredGIC,subjecttothesamerisksasadirectequityinvestmentintheShares.

No ownership of Shares in the Basket.SincetheBasketofSharesisnotionalonly,investorswillhavenoownershiporotherinterestintheSharescomprisingtheBasketotherthantherighttobepaidareturn,ifany,ontheirScotiabankEquityPoweredGICbasedonthepriceperformanceoftheSharesintheBasket.AninvestorwillnothavetherightsofasecurityholderofanyofthecompaniesintheBasketincluding,withoutlimitation,anyvotingrightsorrightstoreceivedividendsorotherdistributions.TherewillbenocontroloverthemanagementofanycompanywhoseSharesarereflectedintheBasket.TheperformanceoftheScotiabankEquityPoweredGICswilldependinpartontheabilityandsuccessofthemanagementofthecompaniescomprisingtheBasket,inadditiontogeneraleconomicandmarketfactors.PastperformanceofacompanyoritsSharesisnotindicativeoffuturereturns.AllinformationinthedocumentationbeingdeliveredtoyouinrelationtotheScotiabankEquityPoweredGICsrelatingtotheSharesandthecompaniesisderivedfrompubliclyavailablesourcesandispresentedinthisfactsheetinsummaryform.Assuch,Scotiabankassumesnoresponsibilityfortheaccuracyorcompletenessofsuchinformationorforanymaterialcontainedonthewebsitesofthevariouscompaniesreferredtoherein.

Conflict of interests.Scotiabankwillcalculatetheamount,ifany,ofreturntobepaidtoinvestorsofGICsonthematuritydateandonanniversarydatesfortheScotiabankEquityPowered-CanadianIncomeGIC.AllofScotiabank’sdeterminationsandcalculationswillbeconclusiveforallpurposesandbindinguponinvestors,withoutanyliabilitytoScotiabank,andinvestorsoranythirdpartywillnotbeentitledtoanycompensationfromScotiabankforanylosssufferedasaresultofanyofScotiabank’sdeterminationsandcalculations.SinceScotiabank’sdeterminations and calculationsmay affect the return, Scotiabankmay have a conflict ofinterest if it needs tomake any suchdeterminations and calculations because Scotiabankmayhaveaneconomicinterestadversetothoseofinvestors.Forexample,withrespecttoScotiabank’s hedging arrangements, certain determinations that Scotiabank must makeincluding,withoutlimitation,whetheranEquityDisruptionEventoranExtraordinaryEventhasoccurredandinmakingotherdeterminationswithrespecttoScotiabankEquityPoweredGIC.Scotiabankmayfromtimetotime,inthecourseofitsnormalbusinessoperations,holdSharesorinterestslinkedtoanyShareorcompany.Scotiabankanditsaffiliatesmayalsodealinthesecuritiesofeachcompany(includingShares)andmay,wherepermitted,acceptdepositsfrom,makeloansorotherwiseextendcreditto,andgenerallyengageinanykindofcommercialorinvestmentbankingorotherbusinesswithanycompanyoranyotherpersonorentityhavingobligationsrelatingtosuchcompanyandmayengageinproprietarytradingintheSharesorinoptions,futuresorderivativesrelatingtotheShares(includingsuchtradingasScotiabankmaydeemappropriate,initsdiscretion,tohedgeanyriskinconnectionwiththeScotiabankEquityPoweredGIC)andmayactwithrespecttheretointhesamemannerasitwouldiftheScotiabankEquityPoweredGICdidnotexist,regardlessofwhetheranysuchactionmighthave

anadverseeffectonthevalueofanySharesand,thus,thereturn,ifany,payableinrespectoftheScotiabankEquityPoweredGIC.ThereisnoassurancethatanysuchactionsbyScotiabankanditsaffiliateswillnothaveanadverseeffectonthevalueofanySharesand,thus,thereturn,ifany,payableinrespectoftheScotiabankEquityPoweredGIC.Scotiabankanditsaffiliatesmay,whetherbyvirtueoftherelationshipsdescribedaboveorotherwise,fromtimetotimebeinpossessionofinformationinrelationtoanycompanythatmaynotbepubliclyavailableorknowntoinvestors.ScotiabankEquityPoweredGICsdonotcreateanobligationonthepartofScotiabankoritsaffiliatestodisclosetoinvestorssuchrelationshiporsuchinformation(whetherornotconfidential).

Credit risk. Because the obligation to make payments to investors is an obligation ofScotiabank, the likelihood that such investorswill receive thepaymentsowing to them inconnectionwiththeGICswillbedependentuponthefinancialhealthandcreditworthinessofScotiabank.

Changes in legislation.Therecanbenoassurancethatincometax,securitiesandotherlawswillnotbeamendedorchangedinamannerwhichadverselyaffectsinvestors.

Economic and regulatory issues.Changesineconomicconditions,including,forexample,interestrates,inflationrates,commodityprices,industryconditions,competition,technologicaldevelopments,politicalanddiplomaticeventsandtrends,war,taxlawsandinnumerableotherfactors,canaffectsubstantiallyandadverselytheclosingpricesoftheShares.NoneoftheseconditionsarewithinthecontrolofScotiabank.TheGICsarenotsubjecttoCanadiansecuritieslaws.Accordingly,investorsdonothavethesamerightsofactionthataprospectuswouldprovide.NosecuritiescommissionorsimilarauthorityhasinanywaypasseduponthemeritsofinvestingintheScotiabankEquityPoweredGICsoranyoftheinformationthatisbeingdeliveredtoyou.

Tax considerations.

ThefollowingsummarizestheprincipalCanadianfederalincometaxconsiderationsgenerallyapplicabletoanindividual(otherthanatrust)who,forthepurposesoftheIncomeTaxAct(Canada) (the“Act”),dealsatarm’s lengthwith the IssuerandholdsaScotiabankEquityPoweredGICtomaturityoutside(an“investor”).ThissummaryisbasedontheActandtheregulationsmade thereunder (“Regulations”) as in force on the date of these Terms andConditions,allspecificproposalstoamendtheActorRegulationspubliclyannouncedbytheMinisterofFinancepriortothedateoftheseTermsandConditions(“TaxProposals”)andthecurrentadministrativepracticesandpoliciesoftheCanadaRevenueAgency.NoassurancecanbegiventhattheTaxProposalswillbeenactedasproposedoratall.Thissummarydoesnot,exceptfortheTaxProposals,takeintoaccountoranticipateanychangesinlaworintheadministrativepracticesandpoliciesoftheCanadaRevenueAgency.Provincial,territorialandforeignincometaxconsiderationsarenotaddressedinthissummary.

Thissummary isofageneralnatureonlyand isnot intendedtobe legalor taxadvice toany particular investor. No representation with respect to Canadian federal income taxconsiderations toanyparticular investor ismadeherein.Youshouldconsult yourown taxadvisorwithrespecttoyourparticularcircumstances.

Thissummaryisgenerallyapplicabletoaninvestorwho,atallrelevanttimes,forthepurposesoftheAct,isorisdeemedtobe,residentinCanadaandholdsaScotiabankEquityPoweredGICascapitalproperty.

When returns are to be included in income.Ingeneral,theinterestaccrualrulesundertheActandRegulationsshouldnotapplyinrespectoftheholdingofaScotiabankEquityPoweredGIC,except inrespectoftheminimumannualguaranteedinterestratefortheScotiabankEquityPoweredGIC-CanadianGuaranteedReturn.Accordingly,withtheexceptionoftheminimumannualguaranteedinterestratefortheScotiabankEquityPoweredGIC-CanadianGuaranteedReturn,youshouldnotberequiredtoincludeinincomeforanyyearthatendspriortothedeterminationoftheaverageofShareReturnsontheValuationDateimmediatelypriortotheMaturityDate(or,inrespectoftheScotiabankEquityPoweredGIC-CanadianIncome,theValuationDateinrespectoftheapplicableAnniversaryDate)anyimputedyieldinrespectofyourScotiabankEquityPoweredGIC.Ingeneral,anypositivereturn,onaScotiabankEquityPoweredGIC,(includinganyannualpositivereturninrespectofaScotiabankEquityPoweredGIC-CanadianIncome)willbeincludedinyourincomeintheyearitisreceivedorbecomesreceivable(dependingonthemethodregularlyfollowedbyyouincomputingincome)excepttotheextentthatitwasincludedinyourincomeforapreviousyear.

Interestthataccruedonyourpurchaseamountbetweenthepurchasedateandtheissuedate(interiminterest)willbeincludedinyourincomeintheyearinwhichyourScotiabankEquityPoweredGICisissued.

Information regarding registered plans.AScotiabankEquityPoweredGIC,ifissuedonthedateoftheseTermsandConditions,wouldbeaqualifiedinvestmentfortrustsgovernedbyregisteredretirementsavingsplans,registeredretirementincomefunds,registerededucationsavingsplans,deferredprofitsharingplans(otherthanadeferredprofitsharingplantowhichpaymentsaremadebytheIssuer,ScotiabankoracorporationorpartnershipwithwhichtheIssuerorScotiabankdoesnotdealatarm’slengthwithinthemeaningoftheAct)andtax-freesavingsaccounts(collectively,“RegisteredPlans”)andmaybeheldinsuchplanssubjecttothetermsoftheparticularRegisteredPlan.

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Definition of Terms:

Basket of Shares (or Basket) meansthenotionalportfolioofequitysecuritiesofcompaniesusedasareferenceforthepurposesofmeasuringtheShareReturn.

Closing Pricemeans,inrespectofaShare,onanyday,theofficialclosingpriceforthatShareasannouncedbytherelevantstockexchangeinthecurrencyquotedbysuchstockexchange,providedthat,ifonoraftertheIssueDatesuchstockexchangemateriallychangesthetimeofdayatwhichsuchofficialclosingpriceisdetermined,ScotiabankmaythereafterdeemtheClosingPricetobethepriceofthatShareasofthetimeofdayusedbysuchstockexchangetodeterminetheofficialclosingpricepriortosuchchange.

Final PricemeanstheClosingPriceoftheShareontheValuationDate.

Initial Pricemeans theClosingPriceof theShareon the secondBusinessExchangeDayfollowingtheIssueDateasdeterminedbyScotiabank.

SharesmeanstheequitysecuritiesofcompaniescomprisingtheBasket.

Share Return means,inrespectofaShare,thenumber(whichistobeexpressed asapercentage,roundedtotwodecimalplaces)calculatedasfollows:

Final Price − Initial Price

Initial Price

Valuation Date means the second Business Exchange Day prior to theMaturity Date, subject to amendments due to Equity Disruption Events orExtraordinaryEvents.

Calculation for “Canadian Guaranteed Return”, “Canadian Growth”, “American Growth” and “Global Growth”:

Methodology of calculation:

At theMaturityDate, youwill receive the return, if any, in an amountequaltothePrincipalmultipliedbytheaverageoftheShareReturnsoftheSharesintheBasket,expressedasapercentage.

•At the Maturity Date, Scotiabank will calculate the average oftheShareReturnsof theShares intheBasket.Prior totheaveragebeingcalculated,theShareReturnofeachSharewillbesubjecttoamaximum(the“MaximumSharePriceReturn”)andtoaminimumasstatedinyourCustomerAgreement.TheaverageoftheShareReturnswillbeusedasyourreturnandyouwillreceivepaymentequaltothatreturnmultipliedbyyourPrincipal.Youshouldknowthat.

•ShareReturnscanbepositiveornegative

•ThereisalimitonthenegativecontributionofaShareReturnontheaverageoftheShareReturns

•No return will be paid unless average of the Share Returns isgreaterthanzero

•FortheScotiabank Equity Powered GIC - Canadian Guaranteed Return: aminimumannualguaranteedratewillbecompoundedthroughout the term and paid at maturity, regardless of theperformanceoftheShares.

Hypothetical Examples for “Canadian Guaranteed Return”, “Canadian Growth”, “American Growth” and “Global Growth”:

The following examples demonstrate how the return will be calculated and are included for illustration purposes only. The price performance of the Shares used to illustrate the calculation of the return are hypothetical and are not estimates or forecasts of future price performance or the amount actually payable. The actual price performance of the Shares will be different from this example and the differences may be material.

Both examples assume a 5 year term and $1,000 initial investment, a maximum Share Price Return of 35% and a minimum Share Price return of -10%. In the case of the Canadian Guaranteed Return only, a Minimum Annual Guaranteed Interest Rate of 0.75% is assumed.

Example 1:OverallPositivePerformance

Company Initial Price

Final Price

Actual Return

Share Return used for average calculation

Company 1 23.8 26.28 10.40% 10.40%Company 2 58.28 82.85 42.15% 35.00%Company 3 39.47 56.41 42.93% 35.00%Company 4 22.23 40.51 82.21% 35.00%Company 5 22.59 21.30 -5.70% -5.70%Company 6 32.71 28.75 -12.10% -10.00%Company 7 41.9 49.65 18.50% 18.50%Company 8 17.8 27.11 52.30% 35.00%Company 9 42.87 47.16 10.00% 10.00%

Company 10 38.72 53.98 39.40% 35.00%Average 19.82%

Intheabovehypotheticalexample,theaverageoftheShareReturnsispositiveandwouldbe19.82%. Inthiscase, fora$1,000 investment,youwill receive your $1,000 Principal atMaturity aswell as a ShareReturn of $198.20 (equal to the Principal amount multiplied by theaverageShareReturnsof19.82%)foratotalof$1,198.20.

If you purchased theScotiabank Equity Powered GIC - Canadian Guaranteed Return, you will also receive an additional $38.07guaranteedreturnforatotalof$1,236.27atMaturitybecauseoftheMinimum Annual Guaranteed Interest Rate. This Minimum AnnualGuaranteedInterestRateiscalculatedasfollows:

•Minimum Annual Guaranteed Interest Rate (which, in thishypothetical example, is 0.75%) compounded over 5 years is3.807%.ThiscompoundedMinimumAnnualGuaranteedInterestRateismultipliedby$1,000principalproduces$38.07atMaturity.

Example 2:OverallNegativePerformance

Company Initial Price

Final Price

Actual Return

Share Return used for average calculation

Company 1 23.80 15.76 -33.78% -10.00%Company 2 58.28 29.33 -49.67% -10.00%Company 3 39.47 37.46 -5.09% -5.09%Company 4 22.23 23.25 4.59% 4.59%Company 5 22.59 34.66 53.43% 35.00%Company 6 32.71 28.75 -12.11% -10.00%Company 7 41.90 29.33 -30.00% -10.00%Company 8 17.80 15.06 -15.39% -10.00%Company 9 42.87 40.21 -6.20% -6.20%

Company 10 38.72 41.82 8.01% 8.01%Average -1.37%

Intheabovehypotheticalexample,theaverageoftheShareReturnsisnegativeandwouldbe-1.37%.Inthiscase,fora$1,000investment,youwillonlyreceiveonlyyour$1,000PrincipalatMaturityasthenegativeaverageoftheShareReturnsproducesnoadditionalreturn.

If you purchased the Scotiabank Equity Powered GIC - Canadian Guaranteed Return,youwillreceive$38.07guaranteedreturnforatotalof$1,038.07atMaturitybecauseoftheMinimumAnnualGuaranteedInterestRate.ThisMinimumAnnualGuaranteedInterestRateiscalculatedasfollows:

•Minimum Annual Guaranteed Interest Rate (which, in this hypotheticalexample,is0.75%)compoundedover5yearsis3.807%.ThiscompoundedMinimumAnnualGuaranteedInterestRateismultipliedby$1,000principalproduces$38.07atmaturity.

Thus,thoughyouwillnotreceiveanyreturnfromthebasketofShares,youwillstillreceiveareturnasaresultoftheeMinimumGuaranteedInterestRateforatotalof$1,038.07atMaturity.

HOWISTHERETURNCALCULATED?

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Calculation methodology for “Canadian Income”

First,let’sdefineShareReturnsfortheCanadianIncome:

Anniversary Datemeansthesamecalendardate(dayandmonth)astheIssueDateinyearssubsequenttoyourpurchase.ThelastAnniversaryDateisyourMaturityDate.

Anniversary PricemeanstheClosingPriceofaShareontheValuationDate.

Valuation Date means the second Business Exchange Day prior to theAnniversaryDate,subjecttoamendmentsduetoEquityDisruptionEventsorExtraordinaryEvents.

Share Returnmeans,inrespectofaShare,thenumber(whichistobeexpressedasapercentage,roundedtotwodecimalplaces)calculatedasfollows:

Anniversary Price − Initial Price

Initial Price

Youwillreceiveanannualpaymentwhichwillbecalculatedusingthemaximumoftwovalues:

1.TheMinimumAnnualGuaranteedInterestRate

2.TheannualaverageoftheShareReturnsoftheBasketofShares,

calculatedasfollows:

i.ScotiabankwillcalculatetheShareReturnofeachShareintheBasketofShares

ii.AnypositiveShareReturnwillbedeemedtobethe“MaximumAnnualSharePriceReturn”asstatedinyourCustomerAgreement

iii.AnynegativeShareReturnwillbetheactualnegativeShareReturnlimited to the floor on negative share returns as stated in yourCustomerAgreement

iv.AnyzeroShareReturnwillbedeemedtobezero

v.Once each of the above Share Returns have been determined,ScotiabankwillcalculatetheannualaverageofthoseShareReturns

•Themaximumof1and2abovewillbemultipliedbyyourPrincipalandpaidouttoyou–thiswillbeanannualprocessforeveryyearofyourterm.

Youshouldknowthat

•Yourannualreturnwillalwaysbebetween“MinimumAnnualGuaranteedInterestPayment”andtheannualaverageoftheShareReturnsoftheBasket.

•Foryoutoreceiveanannualpaymentthatexceedsthe“MinimumAnnualGuaranteedInterestPayment”,theannualaverageoftheShareReturnsmustexceed the“MinimumAnnualGuaranteed InterestPayment”– i.e. thesevaluesarenotaddedtogether.

Hypothetical Examples for “Canadian Income”:

In the following examples, the Minimum Annual Guaranteed Interest Rate is 0.75%, the maximum Share Return is 4% and the limit on negative Share Return is -10%, investment of $1,000 for a 3 year term.

The following examples demonstrate how the return will be calculated and are included for illustration purposes only. The price performance of the Shares used to illustrate the calculation of the return are hypothetical and are not estimates or forecasts of future price performance or the return payable. The actual price performance of the Shares will be different from this example and the differences may be material.

Example 1:Thefollowingisanexampleofpositiveperformance:

Share PricesCompany Initial Price Year 1 Year 2 Year 3

Company 1 23.80 24.90 23.84 24.48Company 2 58.28 61.33 59.14 59.62Company 3 39.47 42.08 40.4 44.1Company 4 22.23 21.47 23.31 23.71Company 5 22.59 23.21 24.46 24.37Company 6 19.50 18.90 19.20 19.55Company 7 37.21 39.40 39.18 40.27Company 8 80.34 83.75 92.34 94.73Company 9 72.45 71.24 72.90 73.40

Company 10 43.25 45.67 47.53 46.45

Forexample,Company1’sInitialPricewas$23.80.OntheValuationDateinYear1,

itspricewas$24.9andthatisa4.62%increaseinpricefromitsInitialPrice.AsthisShareReturnispositive,theShareReturnofCompany1willbedeemedtheMaximumAnnualSharePriceReturnwhichis4.00%,thusCompany1’sShareReturnwillbe4.00%inYear1.AlltheotherCompanies’ShareReturnsarecalculatedinthesamemannerandthenaveragedtocalculatetheaverageShareReturnsof1.983%.InYear2,averageShareReturnsis3.46%.InYear3,averageShareReturnsisequaltotheMaximumAnnualSharePriceReturnof4.00%.

Usingtheaboveshareprices,theShareReturnsarecalculatedasfollows:

Year 1 Year 2 Year 3

Company Actual Return

Share Return used in average

calculation

Actual Return


calculation

Actual Return


calculationCompany 1 4.62% 4.00% 0.17% 4.00% 2.86% 4.00%Company 2 5.23% 4.00% 1.48% 4.00% 2.30% 4.00%Company 3 6.61% 4.00% 2.36% 4.00% 11.73% 4.00%Company 4 -3.42% -3.42% 4.86% 4.00% 6.66% 4.00%Company 5 2.74% 4.00% 8.28% 4.00% 7.88% 4.00%Company 6 -3.08% -3.08% -1.54% -1.54% 0.26% 4.00%Company 7 5.89% 4.00% 5.29% 4.00% 8.22% 4.00%Company 8 4.24% 4.00% 14.94% 4.00% 17.91% 4.00%Company 9 -1.67% -1.67% 0.62% 4.00% 1.31% 4.00%Company 10 5.60% 4.00% 9.90% 4.00% 7.40% 4.00%

Average Share Return 1.98% 3.46% 4.00%

Payment $19.83 $34.46 $40.00

ThereturnscalculatedaremultipliedbythePrincipalof$1,000togenerateapaymentof$19.83inYear1,apaymentof$34.46inyear2andapaymentof$40inyear3.

Inaddition,theinvestorwillreceivebacktheirPrincipalof$1,000.

Example 2:Thefollowingisanexampleofnegativeperformance:

Share PricesCompany Initial Price Year 1 Year 2 Year 3

Company 1 23.80 22.70 23.05 23.25Company 2 58.28 54.35 47.79 49.87Company 3 39.47 36.15 37.46 37.57Company 4 22.23 21.21 19.45 17.8Company 5 22.59 24.78 21.56 22.79Company 6 19.50 18.46 18.24 19.67Company 7 37.21 38.93 39.04 38.97Company 8 80.34 76.35 73.47 71.79Company 9 72.45 71.38 69.46 67.46Company 10 43.25 44.17 43.20 30.19

Usingtheaboveshareprices,theannualShareReturnsandannualpaymentsarecalculatedasfollows:

Year 1 Year 2 Year 3

Company Name Actual Return


calculation

Actual Return


calculation

Actual Return


calculationCompany 1 -4.62% -4.62% -3.15% -3.15% -2.31% -2.31%Company 2 -6.74% -6.74% -18.00% -10.00% -14.43% -10.00%Company 3 -8.41% -8.41% -5.09% -5.09% -4.81% -4.81%Company 4 -4.59% -4.59% -12.51% -10.00% -19.93% -10.00%Company 5 9.69% 4.00% -4.56% -4.56% 0.89% 4.00%Company 6 -5.33% -5.33% -6.46% -6.46% 0.87% 4.00%Company 7 4.62% 4.00% 4.92% 4.00% 4.73% 4.00%Company 8 -4.97% -4.97% -8.55% -8.55% -10.64% -10.00%Company 9 -1.48% -1.48% -4.13% -4.13% -6.89% -6.89%Company 10 2.13% 4.00% -0.12% -0.12% -30.20% -10.00%

Average Share Return -2.41% -4.81% -4.20%

Payment $7.50 $7.50 $7.50

Forexample,Company1’sInitialPricewas$23.80.OntheValuationDateinYear1,itspricewas$22.70,a-4.62%decreasefromInitialPrice.Asthereturnisnegativeandhigherthan-10%,theShareReturnwillequal-4.62%.TheShareReturnsoftheotherSharesintheBasketarecalculatedinthesamemannerandthenaveragedtocalculatetheaverageShareReturnsof-2.41%.

AstheaverageShareReturnsisbelowtheMinimumAnnualGuaranteedInterestRate, the paymentwill equal theMinimumAnnualGuaranteed Interest Ratemultipliedbytheprincipalof$1,000or$7.50.InYears2and3againtheaverageoftheShareReturnsoftheBasketisnegative(-4.81%and-4.20%respectively)soagainthepaymentwillbeequaltotheMinimumAnnualGuaranteedInterestRatemultipliedbyyourprincipalor$7.50.AtMaturity,theinvestorwillalsoreceivebacktheirPrincipalof$1,000.

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AllinformationinthisFactSheetrelatingtotheSharesandthecompaniesissuingsuchSharesisderivedfrompubliclyavailablesourcesandispresentedinthisFactSheetinsummaryform.Assuch,Scotiabankdoesnotassumeanyresponsibilityfortheaccuracyorcompletenessofsuchinformationorforanymaterialcontainedonthewebsitesofthevariouscompaniesreferredtoherein,whichwebsiteinformationisnotincorporatedbyreferenceinto,ordeemedtobeapartof,thisFactSheet.

For Canadian Income, Canadian Guaranteed Return and Canadian Growth GICs:

THESHARESANDTHECOMPANIES

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Scotiabank Equity Powered GICsFor American Growth GICs:

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Scotiabank Equity Powered GICsFor Global Growth GICs:

AmericanDepositReceipts(orADRs)orGlobalDepositReceipts(GDRs)ofthecompaniesarelistedontheNewYorkStockExchange.Informationonthesecompaniescanbefoundat:www.sec.gov.Inaddition,informationonthesecompaniescanbefoundontheirwebsitesasnotedbelow.

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