Mr. Waugh, age 61, 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 certain international subsidiaries of the Bank. He currently sits on the board of the Institute of International Finance, Inc. and co-chairs the Committee on Market Best Practices. He is also a director of Catalyst Inc. and Chair of the Canadian Advisory Board of Catalyst Canada Inc. 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 2004 to 2008.

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 April 2018