Strategy in Action Investor Presentation

31 32 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-11 Country 2012E 2013F 2014F Avg. Mexico 2.2 4.0 3.6 3.9 Peru 5.6 6.3 6.0 5.5 Chile 4.8 5.6 5.0 5.5 Colombia 4.4 3.7 4.1 5.0 Costa Rica 4.1 5.1 4.3 4.5 Dominican Republic 5.4 4.0 3.5 4.5 Thailand 4.0 6.5 4.5 4.2 2000-11 2012E 2013F 2014F Avg. Canada U.S. 2.2 1.9 1.6 2.4 1.8 2.2 2.0 2.7 Scotiabank Unrealized Securities Gains Source: Scotia Economics, as of February 28, 2013. ($ millions) Q1/13 Q4/12 Emerging Market Debt 206 242 Other Debt 357 397 Equities 580 454 1,143 1,093 Net Fair Value of Derivative Instruments (120) (202) and Other Hedge Amounts Total 1,023 891 Scotiabank

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