Strategy in action

29 Global Banking & Markets: 2012 Outlook • • . . • Ongoing strong results from diversified business platform Acquisition of Howard Weil expands product footprint in energy sector and grows U.S. equities capabilities Market challenges from global uncertainty and continuing low levels of M&A activity are expected to create some headwinds Focus on growth in core businesses and products and on growing the Global Wholesale Banking platform Loan growth expected to be relatively modest • • • Spreads stable PCLs to remain modest, but further recoveries not likely Expense management initiatives continue with objective of positive operating leverage Scotiabank Strategy in action Appendix Scotiabank

View entire presentation