Mr. Peter Aceto reports

TANGERINE ANNOUNCES BRENDA RIDEOUT AS NEW PRESIDENT AND CEO

Brenda Rideout will succeed Peter Aceto as president and chief executive officer of Tangerine (a wholly owned subsidiary of Bank of Nova Scotia), effective March 1, 2017.

Mr. Aceto has served as president and CEO since 2008 and has been with the organization for over 20 years. Mr. Aceto led the organization through its acquisition by Scotiabank and its successful transition from the country's first direct bank to Canada's leading digital bank, with over two million clients.

"It has been an honour to be part of Tangerine and I am proud of what we have accomplished for our clients," said Mr. Aceto. "Tangerine's success is due in large part to the strength of its team. Brenda is an exceptional leader and is the right person to lead the organization and deepen the relationship it has with its customers."

Ms. Rideout joined Tangerine (formerly ING Direct) 17 years ago and has led many of the bank's most strategic initiatives, including the launch of several direct banks internationally under ING Group and the brand transition to Tangerine. She has been instrumental in growing the bank's Canadian presence.

"I'm excited to lead Tangerine," said Ms. Rideout. "Our purpose is to help Canadians live better lives by helping them make smart decisions with their money, and we will continue to appeal to value-conscious Canadians while driving the bank's performance and remaining a client experience leader."

Ms. Rideout has held key roles on the Tangerine management team, including chief strategy officer, chief marketing officer, chief information officer, and chief technology and operations officer.

"Brenda is an extremely talented, experienced and capable leader, and we congratulate her on this important appointment," said James McPhedran, executive vice-president, Canadian banking, at Scotiabank. "We also thank Peter for his dedication and wish him well in his future endeavours."

"It has been a pleasure working with Peter. He's a tremendous leader and has been an important part of Tangerine's success. On behalf of the team, I'd like to thank him for his vision and leadership," said Ms. Rideout.

About Tangerine

With over two million clients, over 1,000 employees in Canada and close to $38-billion in total assets, Tangerine is Canada's leading direct bank. Tangerine was launched as ING Direct Canada in 1997. In 2012, it was acquired by Scotiabank, and operates independently as a wholly owned subsidiary.