Financial Overview and 2012 Outlook

Risk Outlook • Asset quality remains strong Retail and Commercial portfolios stable and performing well Continued strength in Corporate portfolios Scotiabank • Expect 2012 provisions to be in line to slightly higher than 2011 Canadian Retail provisions stable International Retail provisions may grow due to acquisitions and growth in portfolios Corporate and Commercial provisions returning to more normal levels 21 Anatol von Hahn Group Head, Canadian Banking Canadian Banking 2012 Outlook Scotiabank 11 11

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