Q3 2014 Overview

Global Wealth & Insurance Net Income ($MM) 846 534 310 302 327 345 312 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Net after-tax notable gain in GWI AUM ($B) AUA ($B) 145 153 159 165 362 365 311 326 338 135 Highlights Q3/14 reflects a net after-tax gain of $534 million related to Cl transaction Adjusting for Cl gain and lower contribution from CI, underlying earnings were up 6% Y/Y ■ Adjusted revenue growth of 10% Y/Y ■ 22% AUM & 17% AUA growth Y/Y Expenses up 13% Y/Y was mostly volume driven and performance based compensation Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 (1) Attributable to equity holders of the Bank Solid performance across all businesses 11 Scotiabank Global Banking & Markets 1 Net Income ($MM) 378 337 385 408 339 mil Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Average Loans² ($B) Net Interest Margin³ (%) Highlights ■ Net income up 8% Y/Y Record quarter in investment banking Strong results in equities Positive impact from FX ■ Loan growth of 6% Y/Y ■NIM down 4 bps Q/Q, 32 bps Y/Y, mainly from lower loan origination fees ■ Credit performance remains very strong 43 41 2.39 39 40 38 2.10 2.14 2.11 2.07 " Expenses up 12% Y/Y Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 (1) Attributable to equity holders of the Bank (2) Average Business & Government Loans & Acceptances (3) Global Corporate & Investment Banking only 12 Due mainly to higher stock-based and performance-related compensation, technology, salaries and support costs Record quarter in investment banking Scotiabank 60

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