Strategic Economic and Financial Overview

24 Strategy in action International Banking 2012 Outlook Brian Porter Group Head, International Banking Scotiabank . • International Banking: 2012 Outlook Stable outlook; moderating economic growth in Latin America PCLs are well-controlled; modest increases expected in line with portfolio growth Expect positive retail growth, as initiatives continue to perform well Commercial pipeline remains solid in Latin America, Mexico & Asia • Continuing focus on prudent expense management ⚫ Credito Familiar will leverage Mexico's Consumer & Micro Finance segment; Bank of Guangzhou regulatory process is progressing Scotiabank

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