Q3/11 Financial Performance and Outlook

38 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-09 Country 2010e 2011F 2012F Avg. Mexico 1.7 5.4 3.9 3.5 Peru 5.2 8.8 6.0 5.8 Chile 3.6 5.8 6.5 5.5 Jamaica 1.0 (1.2) 1.5 2.0 Trinidad & Tobago 6.4 (0.6) 2.2 3.0 Costa Rica 3.9 4.2 4.5 4.5 Dominican Republic 5.1 7.8 4.8 5.2 Thailand 4.1 7.9 4.8 5.0 2000-09 2010 2011F 2012F Avg. Canada U.S. 2.1 3.2 2.6 2.4 1.7 3.0 1.8 2.5 Source: Scotia Economics, as of August 5, 2011 Unrealized Securities Gains ($ millions) Q3/10 Q2/11 Q3/11 Emerging Market Debt 330 284 334 Other Debt 602 460 551 Equities 176 464 353 1,108 1,208 1,238 Net Fair Value of Derivative Instruments and Other Hedge Amounts (193) (82) (165) Total 915 1,126 1,073 Scotiabank Scotiabank 19

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