Mr. Waugh is President and Chief Executive Officer of the Bank. He began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has served in the Bank’s investment, corporate, international and retail banking areas. Mr. Waugh has a Bachelor of Commerce (Honours) degree from the University of Manitoba, a M.B.A. from York University and Honorary Doctorates from Assumption University and York University. He is also a Fellow of the Institute of Canadian Bankers.

Mr. Waugh serves on the boards of several of the Bank’s international subsidiaries. Mr. Waugh also participates and is active on a number of philanthropic boards and organizations. Mr. Waugh served as a director of Inco Limited during the period from July 2005 to October 2006, and did not serve as a director of any other publicly-traded companies during the period from 2003 to 2007.

Areas of Expertise:

• Banking
• Management
• International Markets

Scotiabank Board Details:

• Director since March 25, 2003
• Member of: Executive and Risk Committee
• Meets Share Ownership Guidelines
• Non-independent (President and CEO of the Bank)
• Latest Retirement Date: ineligible for re-election in March 2018