Financial Overview and 2012 Outlook

Met or Exceeded 2011 Targets Metric Target 2011 Actual¹ EPS Growth 7-12% 18.2% ROE 16-20% 18.8% Productivity Ratio <58% 54.4% Capital Maintain strong ratios TCE: 9.6% Tier 1: 12.2% (1) Excluding the impact of acquisition related gains in Q2/11, EPS growth would have been 11.4% and ROE 17.7%. Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Scotiabank 3

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