Financial Overview and 2012 Outlook

13 14 Global Wealth Management: Good Quarter 188 Net Income ($ millions) 256 250 Q4/10 Q3/11 Q4//11 • Year-over-Year Scotiabank • Revenues up 44% • + Impact of DundeeWealth acquisition and solid organic AUM / AUA growth + Strong insurance revenue Expenses up 54% - Consolidation of DundeeWealth operations - Higher volume related expenses Quarter-over-Quarter Revenues down 2% - Weak markets impacting AUM / AUA + Strong insurance revenues Expenses up 1% - Higher remuneration costs + Lower volume related expenses Scotia Capital: Challenging Market Conditions Continuing Scotiabank Net Income ($ millions) 289 273 230 Q4/10 Q3/11 Q4/11 • Year-over-Year Revenues down 13% - Lower trading revenue in fixed income and institutional equity + Lending volume growth PCLs of $14MM vs. $8MM recovery Expenses up 9% - Higher staffing costs supporting expansion initiatives Quarter-over-Quarter • Revenues down 14% • Challenging market conditions for fixed income and equities businesses + Higher net interest income on trading assets PCLs up modestly Expenses up 13% - Higher performance-based compensation - Higher technology costs 7

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