Financial Overview and 2012 Outlook

International Commercial: Lending Portfolio Q4/11 = $40 billion Peru 13% 49 Other 9% Mexico 11% Chile 14% • Well secured Asia/Pacific -(10 countries) 28% Caribbean & Central America 25% Scotiabank . Portfolios in Asia/Pacific, Mexico, Chile, Peru and Central America performing well • Closely managing Caribbean hospitality portfolio Q4 2011 Trading Results Within One-Day VaR ($ millions) 50 15 10 250 5 0 (5) (10) (15) - Actual P&L -1-Day VaR Scotiabank my (20) Average 1-Day VaR Q4/11: $9.5MM Q3/11: $11.8MM Q4/10: $9.3MM 45 25

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