Scotiabank Earnings Report

9 10 Solid Annual Revenue Growth of 14% Revenue (TEB) ($ millions) 5,589 727 4,938 4,299 2,290 2,354 1,965 2,334 2,572 2,584 Q4/11 Q3/12 Q4/12 • Scotia Plaza gain Non-Interest Revenue (TEB) Net Interest Income (TEB) Scotiabank Year-over-Year Net interest income up 11% + Asset growth + Higher margin due to acquisitions, particularly Colombia Non-interest revenues up 20% + Stronger capital markets revenues + Higher banking fees and payment volumes + Higher mutual fund revenues Quarter-over-Quarter Net interest income up slightly + Higher residential mortgages and personal loans - Decline in margin in Chile Non-interest revenues up 3% ex-Scotia Plaza gain in Q3/12 + Higher gains on investment securities + Higher banking fees - Lower trading revenues Delivered Positive Operating Leverage in 2012 Non-Interest Expenses ($ millions) 2,713 2,618 2,489 734 866 727 408 445 392 1,370 1,476 1,402 Year-over-Year Expenses up 9% - Acquisitions accounted for 55% of increase - Increase in professional fees and technology costs - Higher premises costs driven by the sale of Scotia Plaza Quarter-over-Quarter Expenses up 4% - Fourth quarter seasonally higher expenses - Higher professional fees and technology costs - Higher advertising expenditures + Decline in remuneration Q4/11 Q3/12 Q4/12 Other Premises & technology Remuneration Scotiabank Fiscal Year 2012 Operating leverage +0.9%' (1) Excluding 2012 real estate gains and 2011 acquisition gains

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