Q3 2014 Financial Performance

Core Banking Margin (TEB)¹ 2.42% 2.41% 2.33% 2.35% 2.31% Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 (1) Year-over-Year Increase due mainly to improved margin in Canadian Banking and lower funding and liquidity costs as maturing high-rate debentures and deposits were replaced with funding at lower current rates Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking & Markets. 19 Scotiabank Canadian Banking - Revenue & Volume Growth Revenues (TEB) ($ millions) Average loans & acceptances ($ billions) +3% Y/Y +7% 31 32 33 Y/Y 53 57 59 -23 19 17 1,883 1,826 1,759 164 168 169 435 430 396 1,363 1,396 1,448 Q3/13 Q2/14 ■Commercial Banking ■Retail & Small Business Q3/13 Business Q2/14 Q3/14 Personal & credit cards Tangerine mortgage run-off Residential mortgages Average deposits ($ billions) +3% Y/Y 49 50 53 Q3/14 135 135 136 20 Q3/13 Personal Q2/14 ■Non-personal Q3/14 Scotiabank 10

View entire presentation