2013 Outlook Presentation

Global 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

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