Investor Presentaiton

Solid Expense Control: Positive Operating Leverage Non-Interest Expenses ($ millions) 2,984 2,841 2,618 919 818 734 452 453 408 • • 1,476 1,571 1,612 Q3/12 Q2/13 Q3/13 Other Premises & technology Remuneration Scotiabank 9 10 Year-over-Year Expenses up 14% - Expenses up 11% excluding non-recurring items - Impact of acquisitions - Higher remuneration expenses - Increase in pension and benefit costs + Lower stock-based compensation Quarter-over-Quarter Expenses up 5% - Expenses up 2% excluding non-recurring items - Higher remuneration expenses due to longer quarter + Lower stock-based compensation Operating Leverage¹ Year-to-Date: +1.3% (1) Excluding 2012 real estate gains Strong and High Quality Capital Ratios Basel III Common Equity Tier 1 (%) 8.9 8.6 8.2 . 7.7 Q4/121 Q1/13 Q2/13 Q3/13 (1) Proforma adjusted for the ING DIRECT acquisition Scotiabank YTD internal capital generation of $2,524MM (vs. $2,832MM in 2012) ⚫ YTD stock issued under DRIP: $801MM (vs. $573MM in 2012) ⚫ Risk weighted assets up $1.6 billion from previous quarter to $282 billion ⚫ All-in Basel III capital ratios are strong and well above regulatory requirements

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