2013 Outlook Presentation

22 2013 Outlook Brian Porter President Scotiabank 2013 Outlook Canadian Banking ■Solid retail asset growth but lower than 2012 Very strong commercial lending pipeline ■Solid growth in mortgage & automotive finance ■Continued focus on deposits, payments and wealth ■Margin remaining stable - favorable changes in product mix ■Stable loan loss ratios ■Strong results from ING ■■Overall outlook is for solid growth Global Wealth Management ■Good diversified growth as markets strengthen ■Strong AUM/AUA base driving wealth management revenues Growing earnings and assets from international businesses, and capitalizing on recent acquisitions ■Global Insurance outlook is good, but moderating Global Transaction Banking working with business lines to grow deposits and increase cross sell of GTB products Scotiabank International Banking ■Stable outlook: diversified regional results should generate, on average, low double-digit annualized loan growth ■■Positive retail momentum in Latin America ■Solid growth in Commercial portfolio including strong deposits generation and ramp up in Asia ■■■Portfolios performing as expected and PCLS will increase in line with expectations ■Some margin pressure continues, but expected to remain stable ■Expense management remains a key priority Global Banking & Markets ■■Solid contributions expected across our diversified business platform. ■Continued emphasis on diversification by sector, product and geography to produce low volatility earnings growth ■Global and domestic economic uncertainty will moderate client activity. However, we see good growth opportunities internationally, in our focus. sectors and from our cross-sell and Global FX initiatives ■Mid-to-high single digit loan growth expected with stable margins. PCLs to remain modest

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