2013 Q1 Earnings Presentation

Diversification Contributing to Positive Results Q1/13 Q4/12 $1,625 $1,519 Q/Q Q1/12 Y/Y 7% Net Income ($MM) $1,342 21% $1.25 $1.18 6% EPS $1.12 12% 16.6% 16.4% 20 bps ROE 18.4% (180) bps 53.5% 54.9% (140) bps Productivity Ratio 54.8% (130) bps (1) Excluding $94 million or $0.08 per share real estate gain Year-over-Year Comparison Q1 earnings benefited from... Strong asset growth and stable margin • Contribution from recent acquisitions Growth in wealth management and transaction- based banking fees . Stronger earnings from associated corporations Higher trading revenues Scotiabank • . Partly offset by... Higher provisions for credit losses • Higher operating expenses: acquisitions accounted for over 55% of the increase Lower underwriting and advisory fees Solid Revenue Growth Across All Business Lines Revenue (TEB) ($ millions) 5,256 4,938 4,689 2,481 2,354 2,309 2,380 2,584 2,775 Q1/12 Q4/12 Q1/13 Non-Interest Revenue (TEB) Net Interest Income (TEB) Scotiabank Year-over-Year +12% Net interest income up 17% + Strong asset growth + Recent acquisitions - ING and Colpatria + Stable margins Non-interest revenues up 7% + Higher banking fees and payment volumes + Higher wealth management revenues + Increased contributions from associated corporations + Impact of acquisitions - Gain on sale of Calgary real estate asset in Q1/12 Quarter-over-Quarter +6% Net interest income up 7% + Impact of ING DIRECT acquisition + Solid residential mortgage and business loan growth + Stable margins Non-interest revenues up 5% + Increased contributions from associated corporations + Higher wealth management revenues + Stronger trading revenues - Lower underwriting fees - Modestly lower transaction-based revenues

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