Global Banking and Markets 30% Canadian Hedge Fund Index ...

1 Global Banking and Markets Canadian Hedge fund Index December 2018. The Scotiabank Canadian Hedge fund Index ended December 2018 up MOM on an asset weighted basis and down MOM on an equal weighted basis. The aim of the Scotiabank Canadian Hedge fund Index is to provide a comprehensive overview of the Canadian Hedge fund universe. To achieve this, Index returns are calculated using both an equal weighting and an asset-based weighting of the funds. The Index includes both open and closed funds with a minimum AUM of C$15 million and at least a 12 month track record of returns, managed by Canadian -domiciled Hedge fund managers. Historical Monthly Performance 150%. 130%. 110%. 90%. 70%. Growth 50%. 30%. 10%. -10%. -30%. -50%. Jun-18. Dec-04. Jun-05. Dec-05. Jun-06. Dec-06. Jun-07. Dec-07. Jun-08. Dec-08. Jun-09.

2 Dec-09. Jun-10. Dec-10. Jun-11. Dec-11. Jun-12. Dec-12. Jun-13. Dec-13. Jun-14. Dec-14. Jun-15. Dec-15. Jun-16. Dec-16. Jun-17. Dec-17. Dec-18. SCHFI Asset Weighted SCHFI Equal Weighted S&P TSX S&P 500 DEX 91 Day Treasury Bill Index DEX Universe Bond Index Trademark of The Bank of Nova Scotia. Used under license, where applicable. Scotiabank, together with Global Banking and Markets , is a marketing name for the Global corporate and investment Banking and capital Markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including Scotia Capital Inc., Scotia Capital (USA) Inc., and Scotia Capital (Europe) Limited. Scotia Capital Inc. is a Member of the Canadian Investor Protection fund . Scotia Capital (USA) Inc. is a registered broker-dealer with the SEC and is a member of FINRA, NYSE and SIPC.

3 Scotia Capital (Europe). Limited is authorized and regulated by the Financial Services Authority. Global Banking and Markets Canadian Hedge fund Index December 2018. Index Summary Return Return Ann. Ann. *Month End Dec-18 Value MoM YTD RoR** Vol**. Scotiabank Canadian Hedge fund Index Asset Weighted 2, Scotiabank Canadian Hedge fund Index Equal Weighted 1, S&P TSX Composite 14, S&P 500 (quoted in USD) 2, S&P 500 (CAD-adjusted) 3, DEX 91 Day Treasury Bill Index DEX Universe Bond Index 1, . *A ll returns quo ted in CA D except where indicated Fo rmerly: Sco tia Capital 91 Day Treasury B ill Index . **Co mpo und annual returns since Index inceptio n (December 31, 2004) Fo rmerly: Sco tia Capital Universe B o nd Index ** Of mo nthly returns Page 2. Global Banking and Markets Canadian Hedge fund Index December 2018.

4 Historical Monthly Returns Scotiabank Canadian Hedge fund Index Asset Weighted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Scotiabank Canadian Hedge fund Index Equal Weighted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Page 3. Global Banking and Markets Canadian Hedge fund Index December 2018. Sub- Index Performance Asset Weighted 300%. 250%. CTA Index Equity Hedge Index 200%. Equity Market Neutral Index Fixed Income Index 150% Global Macro Index Multi-Strat Index 100%. 50%. Equal Weighted 250%. 230%. 210%. CTA Index 190% Equity Hedge Index Equity Market Neutral Index 170%. Fixed Income Index 150% Global Macro Index Multi-Strat Index 130%. 110%.

5 90%. 70%. 50%. Page 4. Global Banking and Markets Canadian Hedge fund Index December 2018. CTA Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CTA Index AW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Equity Hedge Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Equity Hedge Index AW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Page 5. Global Banking and Markets Canadian Hedge fund Index December 2018. Equity Market Neutral Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Equity Market Neutral Index AW.

6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fixed Income Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fixed Income Index AW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Page 6. Global Banking and Markets Canadian Hedge fund Index December 2018. Global Macro Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Global Macro Index AW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Multi-Strat Index EW. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Multi-Strat Index AW.

7 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Page 7. Global Banking and Markets Canadian Hedge fund Index December 2018. Funds Included: A co rn Diversified Trust Fo rmula Gro wth Fo cus fund P erennial Equity P o rtfo lio A daptable Lo ng/Sho rt Equity fund Limited P artnership Fo rmula Gro wth Glo bal Oppo rtunities fund P icto n M aho ney Glo bal Lo ng Sho rt Equity fund A gilith No rth A merican Diversified fund Fo rmula Gro wth Hedge fund P icto n M aho ney Glo bal M arket Neutral Equity fund A lgo nquin Debt Strategies fund LP Friedberg A sset A llo catio n fund Ltd. P icto n M aho ney Inco me Oppo rtunities fund A lignvest Inco me fund Friedberg Glo bal-M acro Hedge fund P icto n M aho ney Lo ng Sho rt Equity fund A lignvest Oppo rtunities fund Galliant Equity Lo ng/Sho rt fund LP P icto n M aho ney M arket Neutral Equity fund A lphaNo rth P artners fund Inc.

8 GFI Go o d Oppo rtunities fund P o lar Lo ng/Sho rt fund A methyst A rbitrage fund Go o dwo o d fund P o lar M ulti-Strategy fund A rro w Glo bal Gro wth fund Guardian Strategic Inco me fund P rimevestfund A ventine Canadian Equity fund Hirsch P erfo rmance fund Ro salind Capital P artners . B T Glo bal Gro wth fund LP IB V Capital Glo bal Value fund LP RP Debt Oppo rtunities fund Ltd. CC&L A ll Strategy fund JC Clark A daly fund RP Select Oppo rtunities fund Ltd. CC&L M ulti-Strategy fund JC Clark Fo cused Oppo rtunities fund Spro tt Credit Inco me Oppo rtunities fund CC&L Q M arket Neutral fund JC Clark P atrio t Trust Spro tt Enhanced Lo ng Sho rt Equity fund Curvature fund LP JC Clark P reservatio n Trust Spro tt Hedge fund LP. Curvature M ulti-Strategy fund Jemekk Lo ng/Sho rt fund LP Spro tt Hedge fund LP II.

9 Do nville Kent Capital Ideas fund LP Jemekk To tal Return fund Sto rno way Reco very fund LP. East Co ast Investment Grade II fund JM Catalyst fund Vantage P ro tected P erfo rmance fund EdgeHill EHP A dvantage fund Landry Glo bal Equity Lo ng Sho rt fund Venato r Fo unders fund EdgeHill EHP Guardian fund Lawrence P ark Credit Strategies fund Venato r Inco me fund EdgeHill EHP Select fund Lio nguard Oppo rtunities fund LP Vertex fund Exemplar Diversified P o rtfo lio M ajestic Glo bal Diversified fund Visio n Oppo rtunity fund LP. Ewing M o rris Oppo rtunities ' fund LP M arret High Yield Hedge LP Waratah Inco me Fiera Lo ng Sho rt Equity fund M axam Diversified Strategies fund Waratah One Fiera No rth A merican M arket Neutral fund P alo s Inco me fund LP Waratah P erfo rmance Fiera Quantum Inco me Oppo rtunities fund P CJ A bso lute Return fund Wealho use P ano rama fund Fo rmula Gro wth A lpha fund P eregrine fund Please send Index inquiries to: and direct Media inquiries to 416-933-3250.

10 IMPORTANT NOTICE AND DISCLAIMER: The Bank of Nova Scotia ( Scotiabank ) calculates and publishes the Scotiabank Canadian Hedge fund Index (the Index ) at its own expense. It is prepared solely as an information service to financial market participants and is published on a best -efforts basis. Scotiabank and/or its affiliates do not recommend, express any opinion or accept any liability regarding the constituent Hedge funds or their respective holdings by virtue of their inclusion in the Index . The data used to construct the Index is provided on a voluntary basis by the constituent Hedge funds and is not reviewed, audited or independently verified in any way by Scotiabank and/or its affiliates. In the ordinary course of business, Scotiabank and/or its affiliates may hold or trade, for their own accounts and the accounts of their customers, Hedge funds included in the Index , or any of the securities held by Hedge funds included in the Index , and/or may have an advisory, underwriting or other relationship with a Hedge fund included in the Index .