Global Wealth Management: 2012 Outlook

13 14 Global Wealth Management: Solid Quarter Net Income ($ millions) 262 239 288 • Year-over-Year Revenues up 34% + Impact of DundeeWealth acquisition and solid organic AUM/AUA growth + Strong insurance revenues Expenses up 47% + Unchanged excluding DundeeWealth acquisition Q1/11 Q4/11 Q1/12 Scotiabank Quarter-over-Quarter Revenues up 3% + Strong insurance revenues - Lower brokerage fees due to challenging markets Expenses down 3% + Higher discretionary expenses in Q4/11 - Higher volume related expenses Global Banking & Markets: Strong Results 335 Net Income ($ millions) 243 311 Q1/11 Q4/11 Q1/12 Scotiabank Year-over-Year Revenues down 1% vs. very strong Q1/11 + Higher trading revenues in precious metals, FX and fixed income - Lower investment banking revenues - Lower margin PCLs of $5MM vs. $3MM recovery Expenses down 3% + Lower performance-based compensation Quarter-over-Quarter Revenues up 24% + Higher trading revenues in fixed income, equities and precious metals + Higher underwriting fees PCLs down $12MM to $5MM Expenses up 5% - Seasonally higher stock-based compensation + Lower technology costs

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