2013 Outlook Presentation

31 32 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-11 Country 2012 2013F 2014F Avg. Mexico 2.2 3.9 3.4 3.9 Peru 5.6 6.3 6.2 6.4 Chile 4.7 5.6 5.0 5.2 Colombia 4.2 4.0 4.5 5.0 Costa Rica 4.2 5.1 4.3 4.5 Dominican Republic 4.5 4.0 3.5 4.5 Thailand 4.0 6.5 4.5 4.2 2000-11 2012 2013F 2014F Avg. Canada 2.2 1.8 1.5 2.3 U.S. 1.8 2.2 2.1 2.7 Scotiabank Unrealized Securities Gains Source: Scotia Economics, as of April 30, 2013. ($ millions) Q2/13 Q1/13 Emerging Market Debt 176 206 Other Debt Equities 411 357 675 580 1,262 1,143 Net Fair Value of Derivative Instruments and Other Hedge Amounts (118) (120) Total 1,074 1,023 Scotiabank

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