Financial Overview and 2012 Outlook

35 Canadian Banking: Steady Performance Revenues (TEB) ($ millions) 1,568 1,577 1,573 397 390 364 1,171 1,187 1,209 Q4/10 Q3/11 Commercial Banking Retail & Small Business Q4/11 Scotiabank • Year-over-Year Retail & Small Business + Residential mortgage growth + Higher card revenue, reflecting customer acquisition and higher transaction based fees - Lower margin Commercial Banking - Shift in automotive portfolio mix to higher quality, lower yielding loans + Higher credit fees + Growth in SME market share Quarter-over-Quarter Retail & Small Business + Growth in fixed rate residential mortgages - Lower margin Commercial Banking - Shift in automotive portfolio mix to higher quality, lower yielding loans + Higher credit fees Canadian Banking: Volume Growth Scotiabank Q4/11 Q3/11 Q/Q Average Balances ($ billions) Q4/10 Y/Y 142.2 139.2 3.0 Residential Mortgages¹ 133.4 8.8 37.9 37.2 0.7 Personal Loans 36.6 1.3 8.9 8.8 0.1 Credit Cards² 9.0 (0.1) Business Loans & 25.8 25.6 0.2 24.1 1.7 Acceptances 101.2 100.6 0.6 Personal Deposits 98.6 2.6 42.6 41.4 1.2 Non-Personal Deposits 39.2 3.4 (1) Before securitization (2) Includes ScotiaLine VISA 18

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