#1Scotiabank Strategy in Action May 28, 2013 Investor Presentation Second Quarter, 2013 Scotiabank Scotiabank Caution Regarding Forward-Looking Statements Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbour" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward- looking statements may include comments with respect to the Bank's objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will," "should," "would" and "could." By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as number of important factors, many of which are beyond our control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity; significant market volatility and interruptions; the failure of third parties to comply with their obligations to us and our affiliates; the effect of changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes in tax laws; the effect of changes to our credit ratings; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; operational and reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; changes in accounting policies and methods the Bank uses to report its financial condition and financial performance, including uncertainties associated with critical accounting assumptions and estimates; the effect of applying future accounting changes; global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; consolidation in the Canadian financial services sector, competition, both from new entrants and established competitors; judicial and regulatory proceedings; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts and war on terrorism; the effects of disease or illness on local, national or international economies; disruptions to public infrastructure, including transportation, communication, power and water; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the discussion starting on page 55 of the 2012 annual report. The preceding list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. The Bank does not undertake to update any forward- looking statements, whether written or oral, that may be made from time to time by or on its behalf. The "Outlook" sections in this document are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. Scotiabank#2Overview Rick Waugh Chief Executive Officer Q2 2013 Overview Solid Q2 results • • - Net income: $1,601 million Scotiabank - Diluted EPS: $1.23 or 7% year-over-year growth ROE: 16.2% Revenue growth of 11% from Q2/12 - 7% excluding acquisitions Stable credit conditions - Continued improvement in net impaired loan formations . Capital strength continuing • Well positioned to meet 2013 full year targets Scotiabank#3Strong YTD Earnings and Revenue Growth Business Line Net Income Revenue Canadian Banking 19.8% 14.2% International Banking 11.7%² 15.7% Global Wealth Management 10.1% 12.2% Global Banking and Markets 8.9% 5.4% All Bank³ 15.1% 12.9% (1) Before deduction of non-controlling interest (2) 8.2% growth after deduction of non-controlling interest (3) Excludes real estate gains in Q1, 2012. Revenue on a taxable equivalent basis Scotiabank Financial Review Sean McGuckin Chief Financial Officer Scotiabank#4Diversification Contributing to Positive Results $1.23 Q2/13 Q1/13 $1,601 $1,625 (1%) $1.25 Q/Q Q2/12 Y/Y Net Income ($MM) $1,460 10% (2%) Diluted EPS $1.15 7% 16.2% 16.6% (40 bps) ROE 18.6% (240 bps) 53.6% 53.5% (10 bps) Productivity Ratio 53.7% 10 bps Year-over-Year Comparison Q2 earnings benefited from... Contribution from recent acquisitions, particularly ING Higher net interest income • Growth in transaction-based fees Higher wealth revenues Scotiabank . • Partly offset by... Lower trading revenues Growth in operating expenses, primarily due to acquisitions and premises costs Higher provisions for credit losses Strong Revenue Growth Across All Business Lines 4,773 Revenue (TEB) ($ millions) 5,256 5,304 2,481 2,517 2,289 2,775 2,484 2,787 Q2/12 Q1/13 Q2/13 Non-Interest Revenue (TEB) Net Interest Income (TEB) Scotiabank Year-over-Year 11% Net interest income up 12% + Broad-based asset growth +Impact of ING Non-interest revenues up 10% + Impact of acquisitions + Stronger wealth management revenues + Higher net gains on investment securities Quarter-over-Quarter 1% Net interest income up modestly + Asset growth, stable margin - Shorter quarter Non-interest revenues up 1% + Growth in wealth management revenues + Higher underwriting and foreign exchange fees + Higher net gains on investment securities - Lower trading revenues - Lower contribution from associated corporations#5Positive Operating Leverage Non-Interest Expenses ($ millions) 2,841 • 2,813 2,565 792 818 755 425 452 388 1,422 1,596 1,571 Q2/12 Q1/13 Q2/13 Other Premises & technology Remuneration Scotiabank 9 10 Year-over-Year Expenses up 11% +Impact of acquisitions. - Higher compensation related expenses - Higher premises costs Quarter-over-Quarter Expenses up 1% + Impact of acquisitions + Higher marketing and premises costs - Lower compensation-related expenses Operating Leverage Year-over-Year: + 0.3% Year-to-Date: +1.5%¹ (1) Excluding Q1 2012 real estate gains Strong and High Quality Capital Ratios Basel III Capital Ratios (%) 8.6 8.2 7.7 Q4/121 Q1/13 Q2/13 (1) Proforma adjusted for the ING DIRECT acquisition Scotiabank • YTD internal capital generation of $1,588MM (vs. $1,516MM in 2012) ⚫ YTD stock issued under DRIP: $527MM (vs. $361MM in 2012) ⚫ Risk weighted asset level in line with previous quarter . Fully-implemented Basel III capital ratios are strong and well above regulatory requirements#6Canadian Banking: Strong Quarter Net Income ($ millions) 1 461 Q2/12 574 Q1/13 547 Q2/13 (1) Attributable to equity holders of the Bank Scotiabank 11 12 • • Year-over-Year Revenues up 15% + Impact of ING acquisition + Strong organic asset growth + Investment gains PCLs up $16MM to $136MM Expenses up 13% - ING acquisition accounted for majority of increase - Higher marketing, pension and premises costs Quarter-over-Quarter Revenues down 1% - Lower NII due to shorter quarter - Lower card revenues + Investment gains + Full quarter impact of ING PCLs up $18MM to $136MM Expenses up 1% - Full quarter impact of ING + Shorter quarter International Banking: Good Quarter Net Income¹ ($ millions) 416 419 399 Q1/13 Q2/13 Q2/12 (1) Attributable to equity holders of the Bank Scotiabank . . Year-over-Year Revenues up 11% + Strong loan growth, particularly in LatAm + Securities gains + Higher contribution from Thailand + Foreign currency translation PCLs up $49MM to $194MM Expenses up 11% - Higher growth related expenses + Approximately half of increase due to acquisitions and foreign currency translation Quarter-over-Quarter Revenues up 5% + Loan growth and impact of acquisitions + Securities gains + Foreign currency translation - Shorter quarter PCLs up $8MM to $194MM Expenses up 5% - Foreign currency translation - Acquisition related expenses Tax benefit in Puerto Rico in Q1#7Global Wealth Management: Record Operating Earnings Net Income ($ millions) 326 301 291 III Q2/12 Q1/13 Q2/13 (1) Attributable to equity holders of the Bank Year-over-Year Revenues up 12% + Strong growth in wealth revenues due to net sales and improved market conditions + Higher insurance revenues + Colfondos acquisition Expenses up 13% - Higher volume-related expenses - Colfondos acquisition - Change in Dynamic funds administration fees Quarter-over-Quarter Revenues up 5% + Higher brokerage revenues and mutual fund fees + Full quarter impact of Colfondos acquisition + Higher insurance revenues Expenses up 4% - Full quarter impact of Colfondos acquisition - Higher volume-related expenses Scotiabank 13 14 Global Banking & Markets: Solid Quarter 387 Q2/12 Net Income ($ millions) 399 361 Q1/13 Q2/13 (1) Attributable to equity holders of the Bank • Year-over-Year Revenues down 1% - Market-driven challenges in commodities and precious metals + Loan growth and improved fixed income results PCLs up $13MM to $12MM Expenses up 8% - Higher salaries and benefits + Lower performance-related compensation Quarter-over-Quarter Revenues down 5% Moderate capital markets activity + Loan growth PCLs up $7MM to $12MM Expenses down 2% + Seasonally lower stock-based compensation - Higher technology and remuneration costs Scotiabank#8Other Segment Net Income² ($ millions) 1 Q2/12 Q1/13 Q2/13 III (119) (131) (147) Scotiabank 15 • Year-over-Year Net loss decreased $28MM + Lower operating expenses + Prior year included offset to revenues from Bank's common share issue Quarter-over-Quarter Net loss decreased $12MM + Lower taxes + Lower operating expenses - Reduced gains on investment securities (1) Includes Group Treasury, smaller operating segments, and other corporate items which are not allocated to a business line. The results primarily reflect the impact of asset/liability management activities. (2) Attributable to equity holders of the Bank Risk Review Rob Pitfield Chief Risk Officer Scotiabank#917 18 • . Risks Continue to be Well-Managed Risk in credit portfolios continues to be well-managed - - Overall credit quality remains strong Higher retail provisions in Latin America rising in line with growth and product mix changes Credit risk in Canadian residential real estate portfolio remains benign Declining net impaired loan formations Market risk remains low and well-controlled - Average 1-day all-bank VaR: $16.8MM vs. $17.4MM in Q1/13 Total gross exposure to Europe down $3 billion from prior quarter Scotiabank Credit Provisions ($ millions) Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Canadian Retail 105 103 99 108 106 Canadian Commercial 15 15 33 10 30 120 118 132 118 136 International Retail 133 151 159 171 180 International Commercial 12 17 17 15 14 145 168 176 186 194 Global Wealth Management - 1 2 1 1 Global Banking & Markets (1) 15 11 5 12 Collective allowance on performing loans - 100 - Total 264 402 321 310 343 PCL ratio (bps) ex. collective allowance PCL ratio (bps) on performing loans 31 34 36 32 35 31 46 36 32 35 Scotiabank (1) Includes the impact of Colombian purchased portfolio. The Bank expects the PCL ratio to rise with the maturity of the acquired portfolio. See pg 10 of the Second Quarter Report to Shareholders..#10Canadian Banking: Residential Mortgage Portfolio ($ billions, as at April 30, 2013) $95 $9 Total Portfolio: $188 billion Average LTV of Insured Uninsured 58% uninsured mortgages is 42% 55%¹ $86 $30 $28 $5 -$3 $19 $16 -$1 -$1 $25 $25 $15 $18 Ontario B.C. Alberta Freehold $169B Quebec Other Condos - $19B Scotiabank 19 (1) LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet and CREA data. Risk Outlook Remains Stable • Asset quality remains high - Retail and commercial portfolios performing as expected Corporate portfolios continue to demonstrate strength Increase in provisions resulting from growth in portfolios and changes in product mix should start to moderate - - Canadian Retail provisions stable Pace of growth of International Retail provisions should start to moderate as provisions reach a natural run rate post acquisitions Corporate and Commercial provisions remain controlled Scotiabank 20#1122 2013 Outlook Brian Porter President Scotiabank 2013 Outlook Canadian Banking ■Solid retail asset growth but lower than 2012 Very strong commercial lending pipeline ■Solid growth in mortgage & automotive finance ■Continued focus on deposits, payments and wealth ■Margin remaining stable - favorable changes in product mix ■Stable loan loss ratios ■Strong results from ING ■■Overall outlook is for solid growth Global Wealth Management ■Good diversified growth as markets strengthen ■Strong AUM/AUA base driving wealth management revenues Growing earnings and assets from international businesses, and capitalizing on recent acquisitions ■Global Insurance outlook is good, but moderating Global Transaction Banking working with business lines to grow deposits and increase cross sell of GTB products Scotiabank International Banking ■Stable outlook: diversified regional results should generate, on average, low double-digit annualized loan growth ■■Positive retail momentum in Latin America ■Solid growth in Commercial portfolio including strong deposits generation and ramp up in Asia ■■■Portfolios performing as expected and PCLS will increase in line with expectations ■Some margin pressure continues, but expected to remain stable ■Expense management remains a key priority Global Banking & Markets ■■Solid contributions expected across our diversified business platform. ■Continued emphasis on diversification by sector, product and geography to produce low volatility earnings growth ■Global and domestic economic uncertainty will moderate client activity. However, we see good growth opportunities internationally, in our focus. sectors and from our cross-sell and Global FX initiatives ■Mid-to-high single digit loan growth expected with stable margins. PCLs to remain modest#1224 Appendix Stable Core Banking Margin (TEB) 1 2.37% 2.33% 2.35% 2.30% 2.31% Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 • Scotiabank Quarter-over-Quarter Impact of shorter quarter Full quarter impact of ING Impact of higher Deposits with Banks (1) Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking and Markets. Scotiabank#13Canadian Banking: Strong Organic Asset Growth Revenues (TEB) ($ millions) Year-over-Year Retail & Small Business +18% + Strong organic asset growth 1,755 1,746 + Impact of ING acquisition 1,517 416 403 377 1,339 1,343 1,140 + Stable margin (ex ING) + Higher card revenues Commercial Banking +7% + Strong asset growth - Lower margin Quarter-over-Quarter Retail & Small Business -0% + Higher mortgage volumes - Shorter quarter Commercial Banking -3% Q2/12 Q1/13 ■Commercial Banking Retail & Small Business Scotiabank 25 26 Q2/13 - Shorter quarter + Higher fees Canadian Banking: Volume Growth Excluding Q2/13 Q1/13 Q/Q Average Balances ($ billions) Q2/12 Y/Y ING Y/Y 186 180 3%1 Residential Mortgages 146 27% 7% 52 51 1%2 Personal Loans and Credit Cards 47 9% 8% Business Loans & 30 29 3%3 27 11% 8% Acceptances 134 128 5%4 Personal Deposits 103 29% 2% 53 52 1% Non-Personal Deposits 42 28% 7% esor (1) (2) Excluding full quarter impact of ING, growth was 0.75% Excluding full quarter impact of ING, growth was 1.0% (3) Excluding full quarter impact of ING, growth was 2.7% (4) Excluding full quarter impact of ING, growth was 0.4% Scotiabank#1427 28 International Banking: Continued Growth in LatAm Revenues (TEB) ($ millions) Year-over-Year ⚫ Latin America +15% 1,848 1,756 1,663 219 178 196 • 485 492 471 996 1,086 1,144 Q2/12 Asia Q1/13 Q2/13 Caribbean & Central America Latin America • + Retail and commercial asset growth + Securities gains - Lower foreign exchange gains Caribbean & Central America +3% + Modest loan growth Asia +12% + Contribution from Thanachart Bank + Higher foreign exchange gains - Lower margin Quarter-over-Quarter Latin America +5% + Securities gains + Impact of acquisitions - Lower foreign exchange gains Caribbean & Central America -1% - Lower margin Asia +23% + - Higher foreign exchange gains + Higher trade finance volumes Scotiabank Global Wealth Mgmt: Improved Market Conditions Revenues (TEB) ($ millions) 1,014 965 905 172 162 141 803 842 764 Q2/12 Q1/13 Q2/13 Insurance Wealth Management Scotiabank • Year-over-Year Wealth Management +10% + Continuing strong AUA and AUM growth, both organic and through acquisitions + Improved financial markets Insurance +22% + Good growth in creditor insurance and cross sell + Positive reserve experience Quarter-over-Quarter Wealth Management +5% + Impact of Colfondos acquisition + Higher international revenues Insurance +6% + Positive reserve experience#15Global Wealth Management: Key Metrics ($ billions) Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Assets Under Administration 275 272 283 304 313 Assets Under Management' 109 109 115 131 135 Mutual Funds Market Share in Canada vs. Schedule 1 Banks¹ 18.4% 18.3% 18.3% 18.3% 18.1% (1) Excludes Scotiabank's investment in CI Financial. Includes ING Scotiabank 29 30 Global Banking & Markets: Resilient Platform Revenues (TEB) ($ millions) 949 910 901 528 507 496 403 421 405 Q2/12 Q1/13 Q2/13 Global Capital Markets Global Corporate & Investment Banking Scotiabank • Year-over-Year Global Capital Markets -2% + Fixed income revenues - Lower precious metals and commodities revenues Global Corp. & Investment Banking ~0% + Higher volumes - Lower margin - Lower investment banking revenues Quarter-over-Quarter Global Capital Markets -6% + Higher equities revenues -Lower fixed income and precious metals revenue Global Corp. & Investment Banking -4% + Higher volumes in Canada and the U.S. - Lower margin#1631 32 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-11 Country 2012 2013F 2014F Avg. Mexico 2.2 3.9 3.4 3.9 Peru 5.6 6.3 6.2 6.4 Chile 4.7 5.6 5.0 5.2 Colombia 4.2 4.0 4.5 5.0 Costa Rica 4.2 5.1 4.3 4.5 Dominican Republic 4.5 4.0 3.5 4.5 Thailand 4.0 6.5 4.5 4.2 2000-11 2012 2013F 2014F Avg. Canada 2.2 1.8 1.5 2.3 U.S. 1.8 2.2 2.1 2.7 Scotiabank Unrealized Securities Gains Source: Scotia Economics, as of April 30, 2013. ($ millions) Q2/13 Q1/13 Emerging Market Debt 176 206 Other Debt Equities 411 357 675 580 1,262 1,143 Net Fair Value of Derivative Instruments and Other Hedge Amounts (118) (120) Total 1,074 1,023 Scotiabank#17PCL Ratios (Total PCL as % of average loans & BAs) Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Canadian Banking Retail 0.22 0.21 0.20 0.18 0.18 Commercial 0.22 0.22 0.46 0.14 0.42 Total 0.22 0.21 0.23 0.18 0.21 International Banking Retail 1.79 1.99 2.03 2.12 2.15 Commercial 0.09 0.13 0.13 0.12 0.10 Total 0.71 0.81 0.841 0.87 0.87 Global Wealth Management (0.01) 0.09 0.08 0.04 0.10 Global Banking and Markets Corporate Banking (0.01) 0.16 0.12 0.05 0.13 All Bank (ex. collective allowance 0.31 0.34 0.36 0.32 0.35 on performing loans) All Bank 0.31 0.46 0.36 0.32 0.35 Scotiabank (1) Includes the impact of Colombian purchased portfolio. The Bank expects the PCL ratio to rise with the maturity of the acquired portfolio. See pg 10 of the Second Quarter Report to Shareholders. 33 Lower Net Impaired Loan Formations ($ millions) 500 400 299 300 200 100 394 374 355 349 326 295 241 216 0 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 (1) Excludes Federal Deposit Insurance Corporation (FDIC) guaranteed loans related to the acquisition of R-G Premier Bank of Puerto Rico Scotiabank 34#18Downward Trend in Gross Impaired Loans % ($ billions) 3.7 3.6 3.5 3.4 3.3 3.2 3.1 1.15% 1.10% 1.05% 1.00% 0.95% 0.90% 0.85% 3.0 0.80% 2. Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 GILS -GILS as % of Loans & BAs (1) Excludes Federal Deposit Insurance Corporation (FDIC) guaranteed loans related to the acquisition of R-G Premier Bank of Puerto Rico Scotiabank (2) Decline in ratio in Q1/13 primarily due to ING DIRECT acquisition 35 36 Canadian Banking Retail: Loans and Provisions $188 (Spot Balances at Q2/13, $ billions) Total Portfolio = $240 billion¹; 94% secured $30 $19 $3 % secured Mortgages 100% Lines of Credit2 63% Personal Loans 98% Credit Cards 7% PCL Q2/13 Q1/13 Q2/13 Q1/13 Q2/13 $ millions 5 5 40 41 40 Q1/13 39 Q2/13 Q1/13 23 22 % of avg. 1 1 53 53 90 88 269 276 loans (bps) 1) Includes ING DIRECT balances of $28 billion Scotiabank 2) Includes $6 billion of ScotiaLine VISA re-allocated from Credit Cards to Lines of Credit#19International Retail Loans and Provisions (Spot Balances at Q2/13, $ billions) $13.6 $1.0 $2.8 Total Portfolio = $36 billion; 68% secured Credit Cards ($4.3B) Personal Loans ($10.4B) Mortgages ($20.7B) $6.4 $6.4 +0.6 < 0.2 $4.8 $9.8 $1.6 $2.1 $4.2 $0.8 $1.7 $2.6 $4.2 $4.1 $1.3 $1.4 $1.2 % of total C&CA 38% Mexico 18% Chile Peru Colombia¹ 18% 13% 12% PCL Q2/13 Q1/13 Q2/13 Q1/13 Q2/13 Q1/13 Q2/13 Q1/13 Q2/13 Q1/13 $ millions 33 42 27 20 24 25 60 58 27 18 % of avg. 100 127 194 148 159 171 527 501 277 176 loans (bps) Scotiabank Note: Excludes non-material portfolios (1) Purchased portfolio recorded at fair value, which includes a discount for expected credit losses. The bank expects to see increased provisions as the purchased portfolio in Colombia rolls over and reaches a steady state. 37 38 International Banking Commercial Lending Portfolio Q2/13 $57 billion (Average Balances) • Well secured • • Asia 32% Latin America 46% Caribbean & Central America 22% Portfolios in Latin America, Asia and Central America performing well Closely managing Caribbean hospitality portfolio Scotiabank#2039 YTD International Loan Growth By Region (Year-to-date, average balances using constant FX rates) 40 Retail Loans Commercial Loans 26% 22% 7% 12% 17% 7% 8% 15% 4% 14% 10% 5% Latin America Caribbean & Total Central America Latin America 0% Caribbean & Central America Asia 4% -4% Total Colpatria and Credito Familiar Note: Asia retail loan growth has been excluded as these loans are predominately within Thanachart Bank, which is not consolidated Scotiabank Q2 2013 Trading Results and One-Day Total VaR ($ millions) 10 225050 15 (5) (10) - (15) - (20) - (25). Scotiabank -Actual P&L - 1-Day Total VaR Average 1-Day Total VaR Q2/13: $16.8MM Q1/13: $17.4MM Q2/12: $18.3MM#21Q2 2013 Trading Revenue Distribution (# days) 10 9 8 7 6 5 4 3 2 1 0 (6) 01 2 3 4 5 6 7 8 ($ millions) 9 10 12 13 14 19 26 . 41 Scotiabank 97% of days had positive results in Q2/13