Scotiabank Earnings Report

11 12 Continued Strength in Capital Ratios: High Quality Capital Ratios (%) 13.6 12.2 12.2 11.4 10.2 9.6 9.4 8.5 Q4/11 Q1/12 Q2/12 ■Tangible Common Equity Scotiabank 12.6 11.3 • Q3/12 Q4/12 Tier 1 2012 Summary Internal capital generation of $3,557MM (vs. $2,737MM in 2011) • Stock issuance: - $822MM under DRIP (2011: $632MM) - $3,329MM in two public offerings -$518MM in Colpatria acquisition Basel III (fully implemented) CET1 ratio of 8.6% as at Oct 31, 2012, or 7.7% after adjusting for the ING DIRECT Canada acquisition Canadian Banking: Continuing Solid Performance Net Income ($ millions) 419 521 481 Q4/11 Q3/12 Q4/12 Scotiabank Year-over-Year Revenues up 6% + Strong asset and deposit growth + Higher card revenues PCLs down $3MM to $132MM Expenses up 3% - Higher expenses to support business growth and new initiatives Quarter-over-Quarter Revenues down 1% - $44MM gain on sale of a leasing business in Q3/12 + Solid growth in retail assets and commercial deposits ⚫ PCLs up $14MM to $132MM, mostly commercial Expenses up 3% - Seasonally higher expenses and new initiatives

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