2013 Outlook Presentation

Positive Operating Leverage Non-Interest Expenses ($ millions) 2,841 • 2,813 2,565 792 818 755 425 452 388 1,422 1,596 1,571 Q2/12 Q1/13 Q2/13 Other Premises & technology Remuneration Scotiabank 9 10 Year-over-Year Expenses up 11% +Impact of acquisitions. - Higher compensation related expenses - Higher premises costs Quarter-over-Quarter Expenses up 1% + Impact of acquisitions + Higher marketing and premises costs - Lower compensation-related expenses Operating Leverage Year-over-Year: + 0.3% Year-to-Date: +1.5%¹ (1) Excluding Q1 2012 real estate gains Strong and High Quality Capital Ratios Basel III Capital Ratios (%) 8.6 8.2 7.7 Q4/121 Q1/13 Q2/13 (1) Proforma adjusted for the ING DIRECT acquisition Scotiabank • YTD internal capital generation of $1,588MM (vs. $1,516MM in 2012) ⚫ YTD stock issued under DRIP: $527MM (vs. $361MM in 2012) ⚫ Risk weighted asset level in line with previous quarter . Fully-implemented Basel III capital ratios are strong and well above regulatory requirements

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