Scotiabank Earnings Report

35 Canadian Banking: Volume Growth Q4/12 Q3/12 Q/Q Average Balances ($ billions) Q4/11 Y/Y 153.5 149.5 2.7% Residential Mortgages 142.1 8.0% 41.0 39.7 3.3% Personal Loans 38.1 7.6% 1 8.9 8.8 1.1% Credit Cards 8.9 28.4 28.3 0.4% Business Loans & Acceptances 26.0 9.2% 104.5 104.0 0.5% Personal Deposits 101.2 3.3% 45.0 43.6 3.2% Non-Personal Deposits 41.1 9.5% (1) Includes ScotiaLine VISA Scotiabank International Banking: Strong Loan and Deposit Growth Revenues (TEB) ($ millions) 1,692 1,692 165 173 1,435 148 475 469 458 Year-over-Year Latin America + Strong retail and commercial loan growth + Impact of acquisitions - Negative goodwill from acquisitions in prior year Caribbean & Central America + Modest growth in retail and commercial loan volumes Asia + Higher margins 1,052 1,050 829 Quarter-over-Quarter Q4/11 Asia Q3/12 Q4/12 Caribbean & Central America Latin America Latin America + Strong retail and commercial loan growth + Seasonally higher retail banking fees - Lower margins, mainly in Chile Caribbean & Central America - Slight decline in retail loan volumes due to FX • Asia + Higher margins - Decline in commercial loans and trade finance partly due to FX Scotiabank 36

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