Strategy in Action Investor Presentation

Global Wealth Management: Strong AUM & AUA Growth 282 Q1/12 Net Income ($ millions) 301 294 Q4/12 Q1/13 (1) Attributable to equity holders of the Bank Year-over-Year Revenues up 12% + Strong growth across the wealth management and insurance businesses + Implementation of new fixed administration fees for Dynamic funds Expenses up 15% - Higher volume-related expenses - Implementation of new fixed administration fees. + Lower discretionary expenses Quarter-over-Quarter Revenues up 5% + Higher brokerage and international wealth revenues + Strong global insurance revenues Expenses up 6% - Increased pension and benefit costs - Higher volume-related expenses Scotiabank 13 14 Global Banking & Markets: Continued Strong Performance 311 Q1/12 Net Income ($ millions) 395 399 Q4/12 Q1/13 (1) Attributable to equity holders of the Bank • Year-over-Year Revenues up 12% + Higher fixed income and equities revenues + Solid loan growth in the U.S. and Europe - Lower advisory fees PCLs unchanged at $5MM Expenses up 4% - Higher performance-based compensation - Impact of Howard Weil acquisition Quarter-over-Quarter Revenues up 3% + Stronger precious metals, fixed income, and equities revenues + Higher revenues from European lending business - Lower underwriting and advisory fees PCLs down $6MM to $5MM Expenses up 4% - Seasonally higher stock-based compensation - Higher support costs Scotiabank

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