GLOBAL WEALTH & INSURANCE. September 25, 2013

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1 GLOBAL WEALTH & INSURANCE September 25, 2013

2 Global Wealth & Insurance Investor Day September 2013 Global Wealth Barb Mason Executive Vice President Global Wealth Management

3 Agenda The business today Canada strategies for growth International strategies for growth Key takeaways 3

4 Full Spectrum of Businesses Global Asset Management 12 asset management companies servicing retail and institutional clients across Scotiabank footprint Global Distribution Broad suite of capabilities in 19 countries: private client full-service brokerage online brokerage independent advisory pensions 4

5 Scale in Canada and Building Scale in LatAm AUM by Region Q ($Bs) $139B AUA by Region Q ($Bs) $315B Canada 74% 22% 4% C&CA LatAm Canada 82% 11% 7% LatAm C&CA Includes AUM/AUA for AFP Horizonte 5

6 Solid Growth Delivered on Multiple Fronts CAGR (2010 LTM) 41% 19% 26% 21% AUM AUA Revenue Net Income 6

7 Scale and Market Position Achieved in Canada ScotiaFunds annual net sales ($0.2B) $2.8B Mutual funds market share 2.8% 8.4% % assets in advisory from $1MM+ households 65% Online brokerage ranking (DARTs) #6 #4 Sources: Internal data, IFIC and Investor Economics 7

8 Increasing Referrals from Canadian Banking Contributing to Growth Assets Referred to Wealth Advisory 16% CAGR Source: Internal Data 8

9 Momentum Building in International Early Success Assets under management $16B $35B Peru mutual fund market share 16% 17% Assets under administration $39B $57B Pension market share Dominican Republic Peru Colombia 25% 27% 13% Only Just Begun 2013 Chile mutual fund market share 5% Mexico mutual fund market share 5% Source: Internal Data, AMIB (Mexico), AAFM (Chile) 9

10 Agenda The business today Canada strategies for growth International strategies for growth Key takeaways 10

11 Canada Strategies for Growth Canada: Our Biggest Near-Term Opportunity Capture upside in retail bank client base Grow HNW franchise and deepen penetration Build a global asset management platform Build out institutional business 11

12 Capture Upside from Retail Bank % of Households Holding Mutual Funds at FI Online Brokerage 13% 8% 5% 2% Scotiabank Top Bank % with direct investing account % with Scotia itrade Scotiabank Households Source: Canadian Financial Monitor, January

13 Grow HNW Franchise and Deepen Relationships Financial Wealth Held by $1MM+ Segment 1 ($Bs) % $1MM+ Households with Investment Relationship at FI 2 $3,659 42% $1,945 21% Scotiabank Top Bank Growing segment Underpenetrated 1 Source: Investor Economics 2013 Household Balance Sheet 2 Source: Canadian Financial Monitor, January

14 Build a Global Asset Management Platform Expand Expansion of portfolio management bench Build Build out global core/u.s. equities Utilize Utilize global capabilities cross-border Target Targeted M&A 14

15 Build Out Institutional Business AUM Cross-sell into global client base $40B+ 3 target segments Global Equities Fixed Income Alternative $11B Targeted M&A Today years 15

16 Agenda The business today Canada strategies for growth International strategies for growth Key takeaways 16

17 International Strategies for Growth Leverage Scotiabank footprint to grow asset management Capitalize on growth in HNW segment Multiple Levers to Drive Growth Capture mass market pension flows 17

18 Leverage Scotiabank Footprint to Grow Asset Management Mid Term Mexico Chile Peru Colombia Mutual Fund AUM Growth Retail & Premium Banking Branches % 1,000+ Long Term Mutual Fund AUM Growth China 11% Thailand 13% 1 Sources: McKinsey Global Asset Management Growth Model; Cerulli Associates 2 Scotiabank branches, not including affiliates 18

19 Capitalize on Growth in HNW Segment Country / Region HNW Asset Growth Mexico 18% Peru 17% LatAm & Caribbean 16% Leverage corporate/commercial relationships Regional centres of excellence Investment in specialized expertise Seamless coordination onshore/offshore Source: McKinsey Wealth Reports 19

20 Capture Increasing Flows in Mass Market Pension Business Mandatory nature of flows Strong AUM Growth Presence in high growth markets Favourable demographics 20

21 Agenda The business today Canada strategies for growth International strategies for growth Key takeaways 21

22 Expect Continued Double Digit Earnings Growth Significant upside in Canada Key Takeaways Strong growth prospects in LatAm Institutional and Asia are longerterm opportunities 22

23 Global Wealth & Insurance Investor Day September 2013 Canadian Wealth Management Advisory Glen Gowland Senior Vice President & Head Canadian Wealth Management Advisory

24 Agenda The business today A differentiated business model Future drivers of growth 24

25 Canadian Wealth Advisory at a Glance AUA 1 = $164B 1,700 Advisors ScotiaMcLeod Full Service Brokerage, HNW HollisWealth (formerly DundeeWealth) Independent Financial Planning, MA Private Investment Counsel Discretionary Investment Solutions, HNW WaterStreet Family Office, UHNW 200+ Professionals HNW-Focused Teams of Experts Private Banking Scotiatrust Financial Planning Tax Services Insurance Critical mass and a robust offering in the marketplace 1 AUA: as of July 31, 2013 Source: Internal data 25

26 Successful Track Record of Growth Assets under Administration Growth 14% CAGR Q3,

27 Growth Driven by Client Acquisition & Share Gains # of New Households >$250,000 (ScotiaMcLeod) Share of Client Investable Assets (%) Average assets of new household $1.1MM+ 56% PIC Channel & Team of Experts 3x Growth 76% ScotiaMcLeod Channel LTM Non-Scotiabank Scotiabank Source: Internal data 27

28 Agenda The business today A differentiated business model Future drivers of growth 28

29 What Sets Us Apart from Competitors? Differentiator Scotiabank Big 6 Boutiques Customized investment solutions Comprehensive wealth offering Team of experts integration (All wealth advisory under one umbrella) Full suite of advisor channels (Full service brokerage, PIC, independent financial planners) Broadest choice of advisor and wealth solutions available to clients 29

30 Strong Ability to Consolidate Bank Referred Assets $2.57 $1.95 $0.95 $1.57 Additional assets in first 12 months $1.00 $1.00 Referred assets Our model is working Source: Internal data 30

31 Increasing Client Loyalty Top Box Loyalty Index Score (ScotiaMcLeod, PIC, Private Banking, Scotiatrust) Our model is working Source: Internal data 31

32 Agenda The business today A differentiated business model Future drivers of growth 32

33 Strategies to Capture and Grow Market Share Drive client acquisition, retention, and depth of relationship 33

34 A Closer Look Expand Advisor Productivity Recruiting the Right Advisors Investing in the Right Enablers Deliver holistic wealth solutions High net worth client focused External growth orientation Technology investments focused on advisor productivity Build once and deploy across multiple advisory businesses 118 wealth advisors recruited since 2010 $50MM investment in advisor platform enhancements Build capacity for advisors to do more in the context of our model Source: Internal Data 34

35 A Closer Look Enhance our Integrated Wealth Offer Relationship Manager (Wealth Advisor) Private Banker Insurance Consultant Combined local management of wealth advisors and teams of experts Will & Estate Planner The Client Financial Planning Consultant Advisor teams and clients surrounded by dedicated team of experts Trust Officer Vancouver Model Proof-of-Execution Tax Specialist Operating in Vancouver Expanding to 4 additional centres in 2014 Team Manager Grow cross-sell of our holistic Wealth offering 35

36 All the Ingredients for Continued Profitable Growth Strong track record of growth Key Takeaways A differentiated business model that is working Drive growth through cross-sell, channel choice, and advisor productivity 36

37 Global Wealth & Insurance Investor Day September 2013 Global Asset Management Jordy Chilcott Senior Vice President & Head Global Asset Management

38 Agenda The business today Our unique advantages Our growth strategies 38

39 Footprint in Local and Select International Markets Canada $94B AUM 242 funds Bank-branch/ independent advisor distribution International 18 countries; 10 asset management companies $11B AUM 70 funds Bank channel AUM as of June 2013 (includes institutional assets); International excludes Thailand (reported under International Banking) 39

40 Tripled Mutual Fund Market Share in Canada, Driven by Organic Growth and Acquisitions 8.4% CAGR 23% 3.8% 12% 2.8% June 2013 Mutual Fund AUM $17.7B $26.8B $71.1B ScotiaFunds Dynamic Funds Delivering growth 3x our peer group and 5x industry Source: IFIC as of June

41 Solid Platform Internationally in Priority Markets Current Mutual Fund Market Share 1 AUM CAGR ( ) Mexico 5% 14% Chile 5% 14% Peru 17% 12% Colombia 1% - 1 Market Share as of June 2013 Source: Internal reports, industry organizations by country 41

42 Dynamic Acquisition has Increased Portfolio Management Breadth & Depth Scotiabank AUM Pre-Acquisition 1 AUM Today 2 12% 15% 32% 27% 35% 13% 32% 10% 5% 19% Canadian Equity Global Equity Other Canadian Fixed Income Global Fixed Income 1 AUM as of October AUM as of June

43 Agenda The business today Our unique advantages Our growth strategies 43

44 Our Unique Advantages Scotiabank Advantage Highest growth rates shifting to emerging markets Domestic global focus Product breadth and depth required to support rotation back towards equities Full product range: simple & accessible complex & customizable Proprietary distribution 44

45 Agenda The business today Our unique advantages Our growth strategies 45

46 Future Drivers of Growth Future Growth Expansion of portfolio management bench Building product to meet demands globally Capturing upside in Canadian channels Accelerating growth in international markets 46

47 Expansion of Portfolio Management Bench Improve performance in specific sectors Prioritize building of bench Global Core Equity, U.S. Core Equity Leveraging portfolio management bench strength in Canada and globally to launch cross border products & investment strategies 47

48 Building Product to Meet Demands Globally Capitalizing on the shift to equities Delivering differentiated solutions by region/ channel/segment Implementing pricing & packaging enhancements 48

49 Capturing Upside in Canadian Channels % of Households Holding Mutual Funds at FI 1 Sales Force Comparison 2 13% + 150% + 50% 5% 36% Scotiabank Top Bank Scotiabank Bank Average Top Bank Build mobile sales force Enhance sales support and engagement Move up-market 1 Source: Canadian Financial Monitor Source: Investor Economics Big Six Banks Comparative Analysis (Sept. 2012) 49

50 Accelerating Growth in International Markets Launch portfolio products Focus on premium banking segment Leverage portfolio management bench strength Execute China joint venture Export investment strategies 50

51 Excellent Prospects Globally to Grow Asset Management Large upside exists in Canada Key Takeaways Building out global portfolio management capabilities Significant mid- to long-term opportunities in high growth markets 51

52 Global Wealth & Insurance Investor Day September 2013 International Pensions Cathy Welling Senior Vice President & Head International Wealth & Pensions

53 Agenda Pensions business today Unique industry opportunity Our growth strategy 53

54 Our International Pension Business is Different than Canadian Pension Businesses Pension contributions are government mandated Our focus is on defined contribution systems / mandatory pension savings Fees for our services are mandated by the industry regulations 54

55 An Attractive Business Model Low volatility Fee-based business Low regulatory capital Attractive Business Model Cross-sell 55

56 Achieved Scale and Market Position through Acquisitions in Key Growth Areas for Pension Business $21B AUM >4 million clients Strong market share 18% participation in combined market 2008 Colombia Peru Scale matters 2007 Peru Dominican Republic 56

57 Translating Acquisitions into Sustainable Growth Revenue ($MMs) Earnings ($MMs) Assets Under Management ($Bs) 41% CAGR 56% CAGR 70% CAGR 2010 LTM 2010 LTM 2010 Q3,

58 Agenda Pensions business today Unique industry opportunity Our growth strategy 58

59 Well Positioned to Capture Favourable Trends 59

60 Positive Growth Cycle in Emerging Economies GDP growth Creation of employment Increase in investments Reduction of informal labour markets Increase in pension contributions 60

61 Continued Formalization of Employment will Lead to Significant Client Growth Share of Formal Jobs in Total Employment in LatAm 64% 51% 40% 29% Peru Colombia Dominican Republic Chile (Benchmark) Source: Statistical update on employment in the informal economy International Labour Organization (ILO), OECD 61

62 Agenda Pensions business today Unique industry opportunity Our growth strategy 62

63 Our Growth Strategy Deliver investment performance and differentiated service Leverage Bank s LatAm footprint Ensure effective cost structure and operational efficiency Targeted acquisitions 63

64 Key Strategies to Drive Growth in Peru $10B AUM Investment expertise Efficiency improvements Integration of Horizonte 64

65 Key Strategies to Drive Growth in Colombia $10B AUM Cross-sell Enhance investment platforms 65

66 Key Strategies to Drive Growth in the Dominican Republic $1B AUM Employer relationships Cross-sell 66

67 Pensions The Growth will Continue Attractive business model Key Takeaways Scale in key markets combined with attractive growth potential given: Formalization of labour markets Developing economies and employment growth Favourable demographics Clear growth strategy 67

68 GLOBAL WEALTH & INSURANCE September 25, 2013

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