Financial Overview and 2012 Outlook

Global Wealth Management: Growth in Challenging Markets Scotiabank 39 Revenues (TEB) ($ millions) Year-over-Year • Wealth Management 818 801 • 121 131 556 113 697 670 443 Q4/10 Q3/11 Q4/11 Insurance + Impact of DundeeWealth acquisition + Higher brokerage commissions and mutual fund fees Insurance + Strong insurance sales + Higher cross-sell Quarter-over-Quarter • Wealth Management - Decline in investment management, trust and mutual fund fees + Higher online brokerage revenue Insurance + Good growth in global insurance revenues Wealth Management Global Wealth Management: Key Metrics 40 Scotiabank ($ billions) Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Assets Under Administration 195 203 280 276 271 Assets Under Management Mutual Funds Market Share in Canada vs. Schedule 1 Banks1 54 56 107 105 103 9.2% 9.3% 18.7% 18.7% 18.4% (1) Excludes Scotiabank's investment in CI Financial. As of Q2/11, includes DundeeWealth. Source: IFIC 20 20

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