Strategy in Action Investor Presentation

Canadian Banking: Strong Quarter Net Income ($ millions) 574 481 474 Q1/12 Q4/12 Q1/13 (1) Attributable to equity holders of the Bank Scotiabank 11 12 • • Year-over-Year Revenues up 13% + Strong organic asset and deposit growth + Impact of ING DIRECT acquisition (approx. 50%) + Higher transaction-driven card revenues PCLs down $18MM to $118MM Expenses up 12% - Impact of ING DIRECT acquisition (approx. 50%) - Higher pension costs and stock-based compensation Quarter-over-Quarter Revenues up 10% + Mainly due to impact of ING DIRECT acquisition + Solid credit card growth + Slight increase in margin (excl. ING) • PCLs down $14MM to $118MM Expenses up 5% - Entirely due to the impact of ING DIRECT acquisition International Banking: Very Good Quarter Net Income ($ millions) 416 401 373 Q1/12 Q4/12 Q1/13 (1) Attributable to equity holders of the Bank Scotiabank Year-over-Year Revenues up 21% + Strong loan growth in Latin America + Positive impact of Banco Colpatria acquisition + Higher income from Thailand PCLs up $62MM to $186MM Expenses up 16% - Largely attributable to acquisitions - Higher remuneration and technology costs from inflationary increases and to support growth Tax benefit in Puerto Rico Quarter-over-Quarter Revenues up 4% + Solid loan growth in Latin America + Strong contributions from Thailand + Good fee and commission growth - Seasonal retail fees in the previous quarter ⚫ PCLs up $10MM to $186MM Expenses relatively unchanged - Higher pension and benefit costs + Higher campaign and project spending in the prior quarter to drive growth

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