Financial Overview and 2012 Outlook

Scotia Capital: Challenging Markets Scotiabank Revenues (TEB) ($ millions) 724 731 385 363 " 630 307 339 368 323 Year-over-Year Global Capital Markets - Lower revenue in fixed income, primarily in new issues, and lower performance in institutional equity + Stronger precious metals revenues Global Corp. and Investment Banking + Higher loan volumes, syndication and acceptance fees - Lower margin Q4/10 Q3/11 Q4/11 ■Global Capital Markets Global Corporate & Investment Banking Quarter-over-Quarter Global Capital Markets - Lower institutional equity revenues + Higher interest earned on trading assets + Higher revenues in energy, foreign exchange and precious metals Global Corp. and Investment Banking - Lower underwriting and advisory fees + Higher Scotia Waterous revenue Economic Outlook in Key Markets Scotiabank Real GDP (Annual % Change) 2000-10 Country 2011F 2012F 2013F Avg. Mexico 2.1 3.9 2.9 3.7 Peru 5.5 6.9 5.5 5.6 Chile 3.8 6.5 4.7 5.8 Jamaica 0.8 2.0 1.5 n/a Trinidad & Tobago 5.9 (1.5) 1.5 n/a Costa Rica 4.1 4.2 4.0 n/a Dominican Republic 5.4 4.8 5.2 n/a Thailand 4.4 2.8 3.5 4.5 2000-10 2011F 2012F 2013F Avg. Canada U.S. 2.2 2.3 1.8 2.4 1.8 1.8 1.8 2.2 42 Source: Scotia Economics, as of December 1, 2011 21 24

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