Scotiabank Earnings Report

15 Global Banking & Markets: Very Good Quarter 243 Net Income ($ millions) 398 396 الا Q4/11 Q3/12 Q4/12 Year-over-Year Revenues up 37% + Higher fixed income revenues + Asset growth and modestly wider spreads Modestly lower FX and precious metals revenues PCLs down $6MM to $11MM Expenses up 5% - Higher performance-based compensation Quarter-over-Quarter Revenues up 1% + Higher revenues from U.S., Europe and Canadian lending businesses + Higher fixed income revenues - Lower other capital markets revenues PCLs down $4MM to $11MM Expenses up 4% - Higher salaries, stock-based compensation and professional fees Scotiabank Other Segment 1 Net Income ($ millions) 406 Q4/12 + $31MM net gain on investment securities $20MM costs related to share issuance Q3/12 + $614MM gain on the sale of Scotia Plaza - $74MM increase in the collective allowance Q4/11 Q4/11 Q3/122 Q4/12 + $46MM net gain on investment securities + $22MM reduction in the collective allowance (111) (138) - $34MM foreign currency related losses arising from conversion to IFRS (1) Scotiabank (2) 16 Includes Group Treasury, smaller operating segments, and other corporate items which are not allocated to a business line. The results primarily reflect the impact of asset/liability management activities. $134MM loss excluding after-tax Scotia Plaza gain and the increase to the collective allowance for performing loans

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