Scotiabank Earnings Report

39 40 Global Banking & Markets: Strong Performance Revenues (TEB) ($ millions) 910 669 511 483 305 917 • Year-over-year Global Capital Markets + Higher revenues in fixed income, equities, and commodities businesses Global Corp. & Investment Banking + Volume growth in the U.S. and Europe + Higher margins in Canada and Europe + Higher credit fees Quarter-over-Quarter Global Capital Markets + Strong revenues in fixed income - Market-driven decline in revenues in the other capital markets businesses Global Corp. & Investment Banking + Margin increase in Canada + Higher underwriting fees + Modest volume growth in Europe 364 399 434 Q4/11 Q3/12 Q4/12 Global Capital Markets Global Corporate & Investment Banking Scotiabank Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-11 Country 2012F 2013F 2014F Avg. Mexico 2.2 4.0 3.6 4.0 Peru 5.6 6.3 6.0 5.5 Chile 4.8 5.4 5.0 5.4 Jamaica 0.7 1.0 1.2 1.2 Colombia 4.5 4.5 5.0 4.8 Costa Rica 4.1 4.5 4.0 4.4 Dominican Republic 5.4 4.0 4.4 5.0 Thailand 4.0 5.5 4.0 4.2 2000-11 2012F 2013F 2014F Avg. Canada 2.2 2.0 1.7 2.3 U.S. 1.8 2.2 2.0 2.5 Source: Scotia Economics, as of December 4, 2012. Scotiabank

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