Strategic Economic and Financial Overview

22 Strategy in action Canadian Banking 2012 Outlook Anatol von Hahn Group Head, Canadian Banking Scotiabank . • Canadian Banking: 2012 Outlook Retail: - Asset growth remains healthy but is expected to moderate in Q4 Focus on deposits, payments and wealth management Small Business: Continued strong loan and deposit growth Automotive: Expanded footprint and healthy volume growth • Commercial Banking: • Pipeline remains strong Continue to work with Global Transaction Banking to grow deposits Margin: Steady, but remains under pressure • PCLS: • - Stabilized at low levels Operating leverage for the year: Revenue growth is expected to outpace expense growth Scotiabank

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