2013 Outlook Presentation

Diversification Contributing to Positive Results $1.23 Q2/13 Q1/13 $1,601 $1,625 (1%) $1.25 Q/Q Q2/12 Y/Y Net Income ($MM) $1,460 10% (2%) Diluted EPS $1.15 7% 16.2% 16.6% (40 bps) ROE 18.6% (240 bps) 53.6% 53.5% (10 bps) Productivity Ratio 53.7% 10 bps Year-over-Year Comparison Q2 earnings benefited from... Contribution from recent acquisitions, particularly ING Higher net interest income • Growth in transaction-based fees Higher wealth revenues Scotiabank . • Partly offset by... Lower trading revenues Growth in operating expenses, primarily due to acquisitions and premises costs Higher provisions for credit losses Strong Revenue Growth Across All Business Lines 4,773 Revenue (TEB) ($ millions) 5,256 5,304 2,481 2,517 2,289 2,775 2,484 2,787 Q2/12 Q1/13 Q2/13 Non-Interest Revenue (TEB) Net Interest Income (TEB) Scotiabank Year-over-Year 11% Net interest income up 12% + Broad-based asset growth +Impact of ING Non-interest revenues up 10% + Impact of acquisitions + Stronger wealth management revenues + Higher net gains on investment securities Quarter-over-Quarter 1% Net interest income up modestly + Asset growth, stable margin - Shorter quarter Non-interest revenues up 1% + Growth in wealth management revenues + Higher underwriting and foreign exchange fees + Higher net gains on investment securities - Lower trading revenues - Lower contribution from associated corporations

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