Scotiabank Earnings Report

Strong Revenue Growth in 2012 Business Line Canadian Banking Revenue Growth 4.9% International Banking 21.2% Global Wealth Management 12.5% Global Banking and Markets 14.1% All Bank Note: Excludes acquisition-related gains in 2011 and real estate gains in 2012 Scotiabank 5 6 Achieved Full Year 2012 Targets (1) (2) 10.6% Metric Target Actual² EPS Growth 5-10% 8.0% ROE 15-18% 17.6% Productivity Ratio <58% 54.3% Capital Maintain strong ratios TCE: 11.3% Tier 1: 13.6% Based on 2011 EPS excluding $286 million of acquisition-related gains reported in Q2/11 Excluding real estate gains in 2012 in EPS Growth, ROE and Productivity Ratio measures Scotiabank

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