Financial Overview and 2012 Outlook

Global Wealth Management: 2012 Outlook • Good organic growth across our diversified businesses Scotiabank • • • Strong sales momentum and higher AUM/AUA base will drive Wealth Achieved 6% organic AUM growth in 2011 - Continue to build global asset management capabilities on Dundee Wealth cornerstone DundeeWealth integration going well Increased cross-sell and investments in product and service will drive growth of insurance business • Continue to hold strategically important investment in Cl • Increased scrutiny on expense growth and new initiatives Capitalize on strong partnerships with Canadian Banking, International Banking and Scotia Capital Scotia Capital 2012 Outlook Scotiabank Steve McDonald Group Head, Global Corporate & Investment Banking & Co-CEO, Scotia Capital 14

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