The Bank of Nova Scotia Deutsche Bank X-Alpha™ Index Linked Deposit Notes are a principal-protected investment linked to the performance of Deutsche Bank’s proprietary X-Alpha US Dollar Excess Return Index (the “Index”).

Deutsche Bank X-Alpha™ US Dollar Excess Return Index Proprietary International Long/Short Strategy Using Indices

• The Index uses a unique international long/short strategy whereby investors are long eight Deutsche Bank style indices and short the relevant regional benchmark indices in continental Europe, U.S., Japan and U.K.
• The Index return reflects performance of an alpha investment model without regard to direction of benchmarks.