Strategy in Action Investor Presentation

Canadian Banking: Strong Organic Asset Growth Revenues (TEB) ($ millions) 1,755 1,601 1,549 416 395 391 1,339 1,158 1,206 Q1/12 Q4/12 ■Commercial Banking Retail & Small Business Q1/13 . Year-over-Year Retail & Small Business +16% + Impact of ING DIRECT acquisition + Strong residential mortgage growth combined with wider spreads + Solid growth in credit cards and chequing accounts Commercial Banking +6% + Strong asset growth in commercial and auto lending Quarter-over-Quarter Retail & Small Business +11% + Impact of ING DIRECT acquisition + Solid growth in retail mortgages and retail deposits Commercial Banking +5% + Solid growth in auto lending Scotiabank 25 26 Canadian Banking: Volume Growth Q1/13 Q4/12 Q/Q Average Balances ($ billions) Q1/12 Y/Y 1 180.3 153.5 17.5% Residential Mortgages 144.6 24.7% 42.1 41.0 2.7% Personal Loans 38.4 9.6% 9.0 8.9 1.1% Credit Cards² 8.9 1.1% 29.5 28.4 3.9% 127.9 104.5 22.4% Business Loans & Acceptances³ Personal Deposits* 26.3 12.2% 102.7 24.5% 52.5 45.0 16.7% Non-Personal Deposits 41.8 25.6% (1) (2) ING acquisition added $24.6 billion to Q1/13 average Includes ScotiaLine VISA (3) (4) ING acquisition added $0.8 billion to Q1/13 average ING acquisition added $22.8 billion to Q1/13 average Scotiabank

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