Canadian and International Banking Performance

28 Scotia Capital 2011 Outlook Steve McDonald Scotiabank Group Head, Global Corporate and Investment Banking & Co-CEO, Scotia Capital Scotia Capital: 2011 Outlook Scotiabank • • • Growth initiatives to continue to positively impact performance Trading businesses performing well with continued low volatility Market conditions normalized Loan growth expectations relatively modest Modest M&A activity PCLs expected to be modest Stable corporate lending margins Reasonably strong pipeline continues for investment banking and M&A Expense management focus continues 14

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