Investor Presentaiton

Global Wealth Management: Good Quarter Net Income ($ millions) 326 327 278 Q3/12 Q2/13 Q3/13 (1) Attributable to equity holders of the Bank Year-over-Year Revenue up 18% + Higher mutual fund fees and brokerage revenues + Colfondos and AFP Horizonte acquisitions + Higher insurance revenues + Change in Dynamic funds administration fee + Higher contribution from Cl investment Expenses up 21% - Higher volume-related expenses - Colfondos and AFP Horizonte acquisitions - Change in Dynamic funds administration fee Quarter-over-Quarter Revenue up 3% + Higher mutual fund fees and brokerage revenues + Impact of AFP Horizonte acquisition - Lower insurance revenues Expenses up 4% - Lower legal recoveries and higher volume-related expenses - Impact of AFP Horizonte acquisition Scotiabank 13 14 Global Banking & Markets: Stable Performance Net Income ($ millions) 397 386 361 Q3/12 Q2/13 Q3/13 (1) Attributable to equity holders of the Bank • Year-over-Year Revenue up 1% + Higher credit and underwriting fees - Ongoing market challenges in fixed income and commodities PCLs down $4MM to $11MM Expenses up 5% - Higher salaries and benefits - Higher technology and support costs + Lower performance-related compensation Quarter-over-Quarter Revenue up 2% + Investment banking + Capital markets, mostly fixed income PCLs down $1MM to $11MM Expenses down modestly + Lower remuneration - Higher support costs. Scotiabank

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