Scotiabank Earnings Report

8 Strategy in Action Financial Review Sean McGuckin Chief Financial Officer Scotiabank Fundamentals Delivering Positive Results Q4/12 Q3/12 Q/Q Q4/11 Y/Y $1,519 $1,437 6% Net Income ($MM) $1,157 31% $1.18 $1.16 2% EPS $0.97 22% 16.4% 17.0% (60) bps ROE 16.4% 54.9% 53.9% 100 bps Productivity Ratio 57.9% (300) bps (1) Excluding $614 million or $0.53 per share gain from the sale of Scotia Plaza Year-over-Year Comparison Q4 earnings benefited from... Partly offset by... • Higher provisions for credit losses Impact of acquisitions, particularly in Colombia Stronger trading revenues • Higher operating expenses: acquisitions accounted for 55% of the increase Growth in transaction-based banking fees Lower tax rate Scotiabank

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