Financial Overview and 2012 Outlook

31 32 2012 Outlook • • • • . Global prospects continue to be pressured by financial market volatility, however windows of opportunity available given our diversified footprint Moderate organic asset growth, together with the full-year impact of acquisitions, will drive growth in net interest income Margin expected to remain stable Expect increases in most Other Income categories Focus on expense control, while balancing select investments in new products and services Continue to have a leading productivity ratio Risk management continues to be a core competency and priority, especially in credit and market risk 2012 Targets Metric Target EPS Growth 5-10%¹ ROE 15-18% Productivity Ratio <58% Maintain Capital strong ratios (1) Excluding $286 million of acquisition related gains reported in Q2/11 Scotiabank Scotiabank 16

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