Global Wealth Management: 2012 Outlook

11 12 Canadian Banking: Record Quarter 451 Net Income ($ millions) 475 419 Q1/11 Q4/11 Q1/12 Scotiabank • . • Year-over-Year Revenues up 2% + Strong asset and deposit growth + Higher transaction-based banking revenues - Lower margin PCLs down $29MM to $136MM Expenses up 5% + Virtually all due to pension recovery in Q1/11 Quarter-over-Quarter Revenues up 2% + Higher margin + Solid asset growth, higher credit fees in commercial banking PCLs stable Expenses down 4% + Lower staffing costs + Lower advertising and other seasonal costs International Banking: Strong Broad-Based Asset Growth Net Income ($ millions) 391 371 359 Q1/11 Q4/11 Scotiabank Q1/12 Year-over-Year Revenues up 11% + Strong loan growth and wider margins + Positive impact from Uruguay acquisitions PCLs up $11MM to $124MM Expenses up 12% - Higher compensation costs to support growth initiatives + More than half of growth due to acquisitions Quarter-over-Quarter Revenues up 1% + Strong broad-based commercial loan growth + Higher margin + Higher investment securities gains - Q4/11 negative goodwill related to recent acquisitions - Lower contribution from Thailand PCLs down $34MM to $124MM Expenses up 3% - Higher compensation costs and business taxes

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