Global Wealth Management: 2012 Outlook

33 34 International Banking: Solid Growth Revenues (TEB) ($ millions) 1,435 1,453 1,310 149 153 142 458 492 470 828 808 698 Q1/11 Asia Q4/11 Q1/12 Caribbean & Central America Latin America Scotiabank Latin America Year-over-Year + Strong commercial and solid retail loan growth, particularly in Peru, Chile and Mexico + Contribution of Uruguay acquisitions + Higher margin Caribbean & Central America + Good commercial loan growth + Higher investment securities gains Asia + Strong commercial loan growth and higher margins - Impacted by flooding in Thailand Quarter-over-Quarter Latin America + Strong broad-based commercial loan growth -Negative goodwill in Q4/11 - Timing of certain fees in Q4/11 in Chile and Mexico. Caribbean & Central America + Solid commercial loan growth + Increased margin + Higher investment securities gains Asia + Strong commercial volume growth and higher margins - Impacted by flooding in Thailand Global Wealth Management: Steady Performance Revenues (TEB) ($ millions) 859 838 132 145 643 120 706 714 523 Q1/11 Q4/11 Q1/12 Insurance Wealth Management Scotiabank Year-over-Year Wealth Management + Impact of DundeeWealth acquisition - Lower brokerage commissions Insurance + Strong sales globally Quarter-over-Quarter Wealth Management - Lower online brokerage revenues Insurance + Strong growth in global insurance revenues, including reserve releases

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