#1Scotiabank Investor Presentation First Quarter, 2011 March 8, 2011 Caution Regarding Forward-Looking Statements Forward-looking statements Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include comments with respect to the Bank's objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for the Bank's businesses and for the Canadian, United States and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will," "should," "would" and "could." By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond our control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity; significant market volatility and interruptions; the failure of third parties to comply with their obligations to us and our affiliates; the effect of changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes in tax laws; the effect of changes to our credit ratings; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; operational and reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; changes in accounting policies and methods the Bank uses to report its financial condition and the results of its operations, including uncertainties associated with critical accounting assumptions and estimates; the effect of applying future accounting changes; global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; consolidation in the Canadian financial services sector; competition, both from new entrants and established competitors; judicial and regulatory proceedings; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts and war on terrorism; the effects of disease or illness on local, national or international economies; disruptions to public infrastructure, including transportation, communication, power and water; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the discussion starting on page 62 of the Bank's 2010 Annual Report. The preceding list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf. The "Outlook" sections in this document are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. Scotiabank 2#2Scotiabank Overview Rick Waugh President & Chief Executive Officer Q1 2011 Overview Record quarter ➤ Net income: $1,174 million ➤ EPS: $1.07, up 18% vs. prior year ➤ ROE: 18.7% ➤ Quarterly dividend increased $0.03 to $0.52 Record revenue and net income with strong contributions from all four business lines Positive PCL performance Continued strength in capital ratios Scotiabank 4#3Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Corporate Reorganization 2010 Net Income ($ millions) Canadian Banking International Banking Scotia Global Wealth Other Total Management Capital Reported 2,315 1,262 1,350 (688) 4,239 Impact of (546) (173) 785 (66) Reorganization Adjusted 1,769 1,089 785 1,350 (754) 4,239 Reported % of 2010 Total* Adjusted % of 2010 Total* ■Canadian Banking 27% 27% 35% ■International Banking 47% ■Global Wealth Management Scotia Capital 26% 16% 22% * Excluding Other Scotiabank 6#4Record Quarter Q1/11 Q4/10 Q/Q Q1/10 Y/Y 1,174 1,092 8% Net Income ($MM) 988 19% $1.07 $1.00 7% EPS $0.91 18% 18.7% 17.9% 80 bps ROE 17.4% 130 bps 54.5% 54.4% (10) bps Productivity Ratio 50.5% (400) bps Year-over-Year Comparison Q1 earnings benefited from... • Asset growth; record net interest income • Record other income, higher underwriting fees • Wealth management performance Scotiabank Partly offset by... • Growth in operating expenses • Lower net gains on securities • Foreign currency translation Consistent Growth in Revenues 3,981 Revenues (TEB) ($ millions) 4,012 4,196 1,825 1,759 1,699 2,222 2,313 2,371 Q1/10 Q4/10 Q1/11 Other Income Net Interest Income (TEB) Scotiabank Year-over-Year ■ Net interest income up 7% + Asset growth, including impact of acquisitions - Modestly lower margin ■ Other income up 4% + Higher mutual fund revenues + Higher underwriting fees - Lower net gains on securities Quarter-over-Quarter 7 ■ Net interest income up 3% + Asset growth + Stable margin ■ Other income up 7% + Higher trading revenues + Higher mutual fund revenues and underwriting fees - Lower securitization revenues and net gains on securities 8#5Higher Expenses: Growth Initiatives & Seasonality Non-Interest Expenses ($ millions) 2,286 " 2,183 2,009 1,191 1,308 1,187 411 407 371 581 571 451 Q1/10 Q4/10 Q1/11 Salaries & employee benefits Premises & technology Other Scotiabank Year-over-Year Expenses up 14% - Impact of acquisitions - Higher stock-based compensation - Higher employee benefits, including pensions + One-time gain on wind-up of pension plan relating to a prior acquisition Quarter-over-Quarter Expenses up 5% - Higher performance and stock-based compensation (seasonal impact of new grants) - Higher staffing levels and employee benefits + Lower advertising and technology expenses + One-time gain on wind-up of pension plan relating to a prior acquisition Continued Strength in Capital Ratios • • 11.7 11.8 11.8 11.2 11.2 9.6 9.8 9.3 8.8 8.8 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 ■TCE (%) Tier 1 (%) Internal capital generation of $611MM (vs. $437MM in Q1/10) Stock issued under DRIP: $127MM (vs. $132MM in Q1/10) Scotiabank 9 10#6Canadian Banking: Solid Quarter Net Income ($ millions) 435 441 496 Year-over-Year ■ Revenues up 3% + Asset and deposit growth with increased market share - Slightly lower margin + Growth in Other Income ■ PCLs down $16MM Expenses up 1% Quarter-over-Quarter Revenues up 2% + Asset growth, mainly from residential mortgages + Non-recurring items, primarily securities gains in Commercial ■ PCLs down $7MM Expenses down 4% + One-time gain of $35MM on wind-up of pension plan relating to a prior acquisition - Higher performance based compensation Q1/10 Q4/10 Q1/11 Scotiabank International Banking: Strong Quarter 254 Net Income ($ millions) 321 342 Q1/10 Q4/10 Q1/11 Year-over-Year ■ Revenues up 5% (up 7% ex. FX) + Asset growth including organic commercial growth in Asia and Peru, retail growth in Peru + Impact of acquisitions - Lower net gains on securities PCLs down $70MM Expenses up 19% - Impact of acquisitions Quarter-over-Quarter ■ Revenues up 1% (up 3% ex. FX) + Growth in loan volumes in Peru, Asia and Mexico + Improved margins in Mexico and Caribbean ■ PCLs down $21MM Expenses up 6% - Wind-up of loyalty card program in Mexico - Increases in pension and benefits Scotiabank 11 12#7Global Wealth Management: Strong Performance Net Income ($ millions) 216 183 182 Q1/10 Q4/10 Scotiabank Q1/11 Year-over-Year ■ Revenues up 14% ◉ + Widespread growth in Canadian wealth management + Growth in AUM and trading volumes + Higher insurance revenues Expenses up 14% - Increased volume related expenses Quarter-over-Quarter ■ Revenues up 9% + Higher mutual fund fees and brokerage revenues + Higher insurance revenues + Growth in AUM Expenses up 3% - Volume related expenses, including performance based compensation Scotia Capital: Solid Trading Revenue 381 Net Income ($ millions) 308 273 Year-over-Year ■ Revenues down 11% - Impact of more normalized market conditions on trading Decline in corporate lending volumes ■PCLs down $17MM to a net recovery of $3MM Expenses up 26% ☐ - Higher expense from growth initiatives - Higher stock-based compensation Quarter-over-Quarter ■ Revenues up 11% + Higher trading revenues in institutional equity and precious metals + Higher investment banking revenues ■ PCL net recoveries down $5MM Q1/10 Q4/10 Q1/11 " Expenses up 20% - Higher performance and stock-based compensation (largely seasonal) Scotiabank 13 14#8Other Segment (1) ($ millions) Q1/11 Q4/10 Q1/10 Funding Net Interest Income (75) (98) (109) Net Securitization Revenues (2) (70) (38) (135) AFS Securities Writedowns (42) (15) (36) Financial Instruments 31 25 18 General Provision 40 Expenses & Net Other Items (22) (47) (12) TEB Offset (71) (70) (75) Taxes 61 18 78 139 Sub-total (188) (125) (210) Ontario Tax writedown (55) Total Other (188) (125) (265) (1) Includes Group Treasury and other corporate items, which are not allocated to a business line (2) Represents the impact to the Other segment of CMB securitization revenues recognized in other income, and the reduction in mortgage net interest income earned as a result of removing the mortgages from the balance sheet Scotiabank Scotiabank Risk Review Rob Pitfield Group Head and Chief Risk Officer 15#9Q1 2011 Risk Overview • • Risk in credit portfolios continues to be well-managed Specific provisions: significant decline year-over-year and lower quarter-over-quarter Overall credit quality of loan portfolios continues to improve Market risk remains well controlled ➤ Average 1-day VaR: $11.7MM vs. $9.3MM in Q4/10 Scotiabank Significant Decline in Specific Provisions Year-over-year ($ millions) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Canadian Retail 141 149 145 138 134 Canadian Commercial 41 40 24 34 31 182 189 169 172 165 International Retail 130 125 118 129 110 International Commercial 47 48 20 (1) (3) 177 173 138 128 107 Global Wealth (1) 2 Scotia Capital 14 (5) (7) (8) (3) Total 372 357 300 294 269 PCL ratio (bps) 55 55 43 41 38 Scotiabank 17 18#10• Risk Outlook Asset quality remains strong Retail and Commercial portfolios performing well Continued strength in corporate portfolios Expect 2011 provisions to be moderately lower than 2010 Continued decline in Canadian retail provisions International retail provisions in line with 2010 levels Modest new provisions in corporate and commercial portfolios Scotiabank Scotiabank Canadian Banking 2011 Outlook Anatol von Hahn Group Head, Canadian Banking 19#11Canadian Banking: 2011 Outlook • Continued focus on increasing deposits, payments and • • . Wealth Management referrals going forward Retail volume growth will moderate as economic expectations impact customer activity levels Good Commercial Banking pipeline Retail and commercial PCLs expected to be lower year over year Expenses will trend higher as Q1 pension related recovery will not be repeated Scotiabank Scotiabank International Banking 2011 Outlook Brian Porter Group Head, International Banking 21#12International Banking: 2011 Outlook • • • • • Asset and revenue growth as outlook improves Stronger asset growth in Latin America and Asia Gradual improvement in other regions Margins stable Positive trend in credit quality in major regions Continued focus on investments to drive growth and expense management Integrations in Puerto Rico and Thailand going well Focus on organic growth and acquisitions in high growth markets Scotiabank Scotiabank Global Wealth Management 2011 Outlook Chris Hodgson Group Head, Global Wealth Management 23#13Global Wealth Management: 2011 Outlook • • • Continue to build on sales momentum, product innovation and expanded distribution for wealth management and insurance products Acquisition of Dundee Wealth will drive significant earnings growth Focus on M&A, particularly in Latin America and Asia Capitalize on our people, international reach and expertise to accelerate organic growth in both wealth management and insurance Scotiabank Scotiabank Scotia Capital 2011 Outlook Mike Durland Group Head, Global Capital Markets & Co-CEO, Scotia Capital 25#14Scotia Capital: 2011 Outlook • Trading revenues performing well ➤ Benefit from diversification of products ➤ Growth initiatives are starting to produce • Stable loan volumes ➤ Expectations for loan growth are relatively modest ➤ Portfolio quality is strong; PCLs expected to be modest Pipeline for equity new issue and M&A reasonably strong • Expenses continue to be closely managed Scotiabank Scotiabank Appendix 27#15Net Interest Margin 10 (%) 1.76 1.75 1.75 1.73 1.68 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q1 margin benefited from... . Higher loan origination fees • Lower volume of low margin assets Partially offset by... Higher volumes in fixed income and institutional equity Scotiabank Canadian Banking: Solid Quarter Revenues (TEB) ($ millions) 1,545 1,568 1,592 1,142 1,171 1,189 Year-over-Year ■ Retail & Small Business + Asset growth, primarily in mortgages + Deposit growth ■Commercial Banking + Securities gains and higher credit fees - Lower loan balances Quarter-over-Quarter ■ Retail & Small Business + Continued growth in residential mortgages ■Commercial Banking 403 397 403 + Securities gains Q1/10 Q4/10 Q1/11 + Credit card fees Retail & Small Business Commercial Banking Scotiabank 29 30#16Canadian Banking: Volume Growth Average Balances ($ billions) Q1/11 Q4/10 Q1/10 Y/Y Q/Q Residential Mortgages (1) 135.7 133.4 124.4 11.3 2.3 Personal Loans 36.7 36.6 35.3 1.4 0.1 Credit Cards (2) 8.9 9.0 9.3 (0.4) (0.1) Business Loans & 24.2 24.1 23.5 0.7 0.1 Acceptances Personal Deposits 99.8 99.6 96.3 3.5 0.2 Non-Personal Deposits 39.3 39.2 38.3 1.0 0.1 (1) Before securitization (2) Includes ScotiaLine VISA Scotiabank Market Share in Canada 31 Market Share (%) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Residential Mortgages¹ 20.23 20.28 20.40 20.53 20.54 Total Personal Lending¹ 18.29 18.26 18.27 18.27 18.20 Total Personal Deposits1 10.84 10.89 10.83 10.81 10.88 Small Business Lending² 15.70 15.57 14.87 15.84 15.98 (1) Market share statistics are issued on a one-month lag basis. (Q1/11: December 2010) (2) Small Business statistics are on a four-months lag basis (Q1/11: September 2010) Total Personal Lending market share is based on a comparison of the big six banks. Total Personal Deposits market share is based on a comparison of the total industry. Sources: Personal Lending and Personal Deposits - Bank of Canada; Small Business Lending - CBA Scotiabank 32#17International Banking: Improving Environment Revenues (TEB) ($ millions) 1,248 1,294 1,311 263 287 301 488 471 422 525 543 553 Q1/10 ■Mexico Q4/10 Q1/11 Caribbean & Central America Latin America & Asia ■ Mexico Year-over-Year + Improved commercial volumes - Lower commercial banking fees ■ Caribbean & Central America + Impact of R-G Premier acquisition ■ Latin America & Asia + Loan volume growth in Asia and Peru + Higher contribution from Thanachart Bank ■ Mexico Quarter-over-Quarter + Improved spreads ■ Caribbean & Central America + Higher margins - Lower revenues in Trinidad, Puerto Rico and Curaçao ■ Latin America & Asia + Solid loan growth in Peru and Asia - Lower margins Scotiabank Global Wealth Management: Strong Performance 33 Revenues (TEB) ($ millions) 603 555 528 119 112 111 484 417 443 Q1/10 Q4/10 Q1/11 Insurance Year-over-Year ■ Wealth Management + Growth in all businesses with increased net sales, higher asset balances and trading revenue + Organic growth in Chile and Peru ■ Insurance + Expansion of Scotia Life Financial Quarter-over-Quarter Wealth Management + Growth in all businesses with increased net sales, higher asset balances and trading revenue ■ Insurance + Sales growth through Scotiabank international contact centres Wealth Management Scotiabank 34#18Global Wealth Management: Key Metrics ($ billions) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Assets Under Administration 181 188 188 197 205 Assets Under Management Mutual Funds Market Share in Canada* 42 44 44 46 6 48 8.84% 9.10% 9.18% 9.23% 9.25% Scotiabank *Mutual Funds market share is based on a comparison with total Schedule I banks. Source: IFIC. Excludes Scotiabank's investments in DundeeWealth and Cl. Scotia Capital: Strong Trading Revenues Revenues (TEB) ($ millions) 35 900 804 724 503 446 385 397 339 358 Q1/10 Q4/10 Q1/11 Global Capital Markets ■Global Corporate & Investment Banking Year-over-Year ■ Global Capital Markets + Higher precious metals revenues - Lower trading revenues in fixed income ■ Global Corporate & Investment Banking - Lower lending volumes, primarily in the U.S. Quarter-over-Quarter ■ Global Capital Markets + Higher revenues in institutional equity and precious metals ■ Global Corporate & Investment Banking + Higher investment banking revenues + Higher loan origination fees and lending margins Scotiabank 36#19Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-09 Avg. 2010e 2011 F 2012F Mexico 1.9 5.5 4.3 3.8 Peru 5.1 8.5 6.8 7.2 Chile 3.7 5.0 6.0 5.5 Jamaica 0.9 (0.7) 1.0 1.5 Trinidad & Tobago 6.4 0.3 2.3 3.0 Costa Rica 4.0 3.5 3.0 3.3 Dominican Republic 5.2 4.5 4.0 4.0 Thailand 4.0 7.0 4.8 4.5 2000-09 Avg. 2010e 2011 F 2012F Canada 2.1 3.1 3.1 2.6 U.S. 1.8 2.8 3.0 2.7 Source: Scotia Economics, as of March 3, 2011 Scotiabank Unrealized Securities Gains ($ millions) Q1/11 Q4/10 Q1/10 Emerging Market Debt 315 378 383 Other Debt 450 765 672 Equities 399 274 190 1,164 1,417 1,245 Net Fair Value of Derivative Instruments (106) (228) (217) and Other Hedge Amounts Total 1,058 1,189 1,028 Scotiabank 37 38#20Improving Trend in PCL Ratios (Specific PCL as % average of loans & BAs) Q1/10 Q2/10 Q 3/10 Q4/10 Q1/11 Canadian Banking Retail Commercial Total 0.33 0.36 0.33 0.31 0.29 0.69 0.70 0.39 0.56 0.51 0.37 0.40 0.34 0.34 0.32 International Banking Retail 2.42 2.45 1.89 2.02 1.76 Commercial 0.50 0.54 0.20 (0.01) (0.03) Total 1.20 1.23 0.86 0.77 0.65 Scotia Capital Corporate Banking 0.15 (0.07) (0.09) (0.11) (0.04) All Bank 0.55 0.55 0.43 0.41 0.38 Scotiabank Downward Trend in Specific Provisions ($ millions) 500 400 300 200 100 0 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Specific PCLS -Specific PCLS as a % of Avg. Loans & BAS Scotiabank 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 39 40#21Downward Trend in Net Impaired Loan Formations ($ millions) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Canadian Retail 184 154 147 135 148 Canadian Commercial 42 15 47 71 27 226 169 194 206 175 International Retail 259 184 211 149 167 International Commercial 135 15 (12) (36) (37) 394 199 199 113 130 Global Wealth(1) 15 Scotia Capital (109) (68) (10) 13 (4) Total 511 300 383 332 316 (1) Comparative amounts are not broken out separately as they were not significant in prior periods. Scotiabank Downward Trend in Net Impaired Loan Formations ($ millions) 1,200 1,000 800 600 400 200 0 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q 3/09 Q4/09 Q1/10 Q2/10 Q 3/10 Q4/10 Q1/11 Scotiabank 41 42#22Trend in Gross Impaired Loans ($ millions) 6,000 5,000 4,000 3,000 2,000 1,000 Q1/08 Q2/08 Q3/08 GILS ex. R-G Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 R-G Premier Bank Q2/10 Q3/10 Q4/10* Q1/11 2.00% 1.50% 1.00% 0.50% 0.00% GILS as a % of Loans & BAs ex. R-G - GILS as a % of Loans & BAs * Decline in R-G Premier Bank's GILS in Q4/10 reflects preliminary purchase price allocation that reduced carrying value to its estimated fair value. Scotiabank 43 Strong Coverage Ratios Q1/11 Q1/10 Earnings coverage of PCL (1) 6.8x 5.1x Total Allowance as a % of GIL - ex. R-G Premier Bank acquisition Total Allowance as a % of Loans & BAS (1) Pre-tax, pre-provision income to total PCL Scotiabank 65% 71% 75% 0.95% 1.06% 44#23Canadian Banking Retail: Loans and Provisions 135 (balances at Q1/11, $ billions) Total = $179B; 92% secured 23 12 9 (1) (2) % secured PCL Mortgages 100% Lines of Credit 67% Personal Loans 97% Credit Cards 37% Q1/11 Q4/10 Q1/11 Q4/10 Q1/11 Q4/10 Q1/11 Q4/10 $ millions 3 3 30 40 47 55 54 41 % of avg. 1 1 51 68 156 181 239 180 loans (bps) (1) Before securitizations of $17 billion & mortgages converted to MBS of $19 billion; 52% insured (including $15 billion portfolio insurance); LTV in mid-50s for uninsured portfolio (2) Includes $6 billion of Scotialine VISA Scotiabank International Banking Retail: Loans and Provisions (balances at Q1/11, $ billions) 12.6 2.8 0.8 Total Portfolio = $25B 78% secured Personal Loans ($6.8 B) Credit Cards ■Mortgages ($ 1.9 B) ($16.5 B) 45 5.0 4.8 9.0 10 +0.4 1.6 2.8 0.1 1.4 3.6 3.1 0.6 0.8 C&CA % of total 50% Mexico 19% Chile Peru 19% 11% PCL Q1/11 Q4/10 Q1/11 Q4/10 Q1/11 Q4/10 Q1/11 Q4/10 $ millions 47 41 28 45 14 17 21 26 % of avg. 147 125 223 350 120 150 303 389 loans (bps) Scotiabank 46#24International Commercial: Lending Portfolio Peru = Q1/11 $36 billion 13% Other 6% Mexico 12% Chile 15% Asia/Pacific -(10 countries) 26% Caribbean & -Central America 28% • Well secured Portfolios in Asia/Pacific, Mexico, Chile, Peru and Central America performing well Closely monitoring Caribbean hotel exposures Scotiabank Q1 2011 Trading Results Within One-Day VaR 32 40 30 20 10 0 (10) (20) Scotiabank -Actual P&L 1-Day VaR 47 Average 1-Day VaR Q1/11: $11.7MM Q4/10: $9.3MM 48#25Q1 2011 Trading Revenue Distribution (# days) 12 10 8 6 4 2 0 (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Scotiabank • 91% of days had positive results in Q1/11 20 21 22 23 24 ($ millions) 49