Q2 2014 Financial Review

Core Banking Margin (TEB)¹ 2.42% 2.30% 2.33% 2.31% 2.35% Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Quarter-over-Quarter Improved margins in Canadian Banking and International Banking Lower funding and liquidity cost in Other segment as maturing high rate deposits were replaced with lower interest rates (1) Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking & Markets. 19 Scotiabank Canadian Banking - Revenue & Volume Growth Revenues (TEB) ($ millions) Average loans & acceptances ($ billions) 3% Y/Y 7% Y/Y 30 31 32 52 56 57 1,837 1,826 24 19 19 1,703 422 430 162 168 168 386 1,317 1,415 1,396 Q2/13 Q1/14 ■Commercial Banking ■Retail & Small Business Business Personal & credit cards Tangerine mortgage run-off Residential mortgages Average deposits ($ billions) 1% Y/Y 53 54 53 Q2/14 134 135 135 20 Q2/13 Personal Q1/14 ■Non-personal Q2/14 Scotiabank 10

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