Financial Review Q3/11

34 International Banking: Strong Performance Revenues (TEB) ($ millions) 1,316 1,339 1,260 292 307 274 441 461 456 26 530 557 571 Q3/10 Q2/11 Q3/11 Mexico Caribbean & Central America Latin America & Asia (☑represents portion of negative goodwill as described in Q2/11 Report to Shareholders) Year-over-Year Scotiabank Mexico + Improved commercial lending volumes and retail lending spreads Caribbean & Central America + Higher transaction based revenues • Latin America & Asia + Strong loan volume growth in Asia, Peru and Chile + Benefit of acquisitions - Lower gains on sales of securities Quarter-over-Quarter • Mexico • • + Improved retail lending spreads + Higher trading revenues Caribbean & Central America + Higher commercial banking revenue, mortgage fees and retail lending volumes Latin America & Asia + Continued solid loan growth in Peru and Asia - Impact of Q2 negative goodwill Global Wealth Management: Good Growth Revenues (TEB) ($ millions) 1,096 260 Year-over-Year Wealth Management + DundeeWealth acquisition + Organic growth Insurance 818 + Higher fee revenues 120 121 Scotiabank 571 104 716 697 467 Q3/10 Q2/11 Q3/11 Insurance Wealth Management (represents gain from revaluation of original 18% stake in DundeeWealth) Quarter-over-Quarter • Wealth Management • - Lower trading volumes and pricing pressure in discount brokerage Insurance + Continued progress in new products and sales + Longer quarter 17

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