Strategy in action

13 14 Global Wealth Management: Continuing Steady Growth 494 Net Income ($ millions) 260 298 288 Year-over-Year Revenues up 6%, ex-gain + Strong growth in global insurance and solid results in asset management - Lower online brokerage revenues Expenses down 3% + DundeeWealth one-time costs incurred in Q2/11 + Expenses flat for most of the other wealth and insurance businesses 234 Q2/11 Q1/12 Q2/12 Acquisition-related gain Scotiabank Quarter-over-Quarter Revenues up 5% + Growth in asset management and wealth distribution revenues - Lower insurance revenues Expenses up 6% - Higher volume related expenses and technology investments Global Banking & Markets: Very Strong Quarter Net Income ($ millions) 376 311 387 Q2/11 Q1/12 Q2/12 Scotiabank Year-over-Year Revenues up 8% + Higher revenues in precious metals, equities and energy businesses - Lower fixed income revenues - Modestly lower margin in Canada and the U.S. Recoveries of $1MM vs. PCLs of $11MM Expenses down 5% + Lower legal expenses and lower remuneration costs Quarter-over-Quarter Revenues up 8% + Higher equities revenues + Higher revenues from U.S. and Canadian lending businesses - Decline in foreign exchange revenues Recoveries of $1MM vs. PCLs of $5MM Expenses down 6% + Lower stock-based compensation

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