Strategy in action

Strategy in action Overview Rick Waugh President & Chief Executive Officer Q2 2012 Overview Strong quarter - Net income: $1,460 million Scotiabank - EPS: $1.15 • Up 8% from prior year, excluding acquisition-related gains and IFRS-related FX gains last year ROE: 18.6% Record revenue - Total revenue of $4,773 million, up 10% vs. prior year (ex-gains) • Good organic growth and acquisitions Credit conditions continue to be very stable Capital position remains strong and high quality Delivered positive operating leverage Confident of achieving 2012 financial objectives Recently announced sale of Scotia Plaza Scotiabank

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