Q3/11 Financial Performance and Outlook

27 Scotia Capital: 2011 Outlook • • • Scotiabank Cautiously optimistic on future loan growth Declining trend in loan volumes has leveled off Margins will remain pressured by the low interest rate environment Challenging markets are expected to present headwinds for trading but diversification of businesses mitigating negative impact Some benefits expected from growth initiatives Quality of loan portfolio remains strong Current pipeline is reasonably strong Expenses continue to be closely managed Appendix Scotiabank 14

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