Investor Presentaiton

Q2 2014 Financial Performance $ millions, except EPS Revenues 1 Q2/14 Q/Q Y/Y $5,809 1% 10% Expenses $2,995 (4%) 5% Net Income $1,800 5% 14% Diluted EPS $1.39 5% 14% ROE 16.3% Productivity Ratio 1 51.6% 90 bps (20 bps) (260 bps) (230 bps) Basel III CET1 Ratio 9.8% 34 bps 121 bps Dividends Per Common Share +$0.02 Highlights ■ Strong EPS growth Y/Y Strong results in CB and GWI with solid performances from IB and GBM ■ Revenue growth of 10% Y/Y Higher asset growth and core banking margin Increased banking and wealth management fees Underwriting fees, trading revenues and gains on investment securities also up Positive impact of FX ■ Expenses up 5% Y/Y Higher staffing levels and compensation costs Technology and marketing costs up to support Tangerine rebranding and business growth Positive operating leverage of 2.1% YTD +$0.02 $0.64 $0.62 $0.62 $0.60 ■ Basel III CET1 ratio of 9.8% $0.60 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Announced dividend increase (1) Taxable equivalent basis Capital Basel III Common Equity Tier 1 (%) 7 Strong results across our businesses Scotiabank 8.9 9.1 9.4 9.8 8.6 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Risk-Weighted Assets ($B) 281 282 288 302 300 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Highlights Q2/14 internal capital generation of $921 million ■ Risk-weighted assets down $2 billion from previous quarter to $300 billion Reduction due to FX Higher on balance sheet lending amounts, offset by lower investment securities/ securitizations and lower loan commitments ■ Continuing to deploy capital into the four business lines ■Share buyback announced for up to 1% of outstanding shares Capital position remains strong 8 Scotiabank 4

View entire presentation