Strategic Economic and Financial Overview

26 Strategy in action Global Wealth Management 2012 Outlook Chris Hodgson Group Head, Global Wealth Management Global Wealth Management: 2012 Outlook • Strong results year to date . Scotiabank GWM benefitting from business mix and geographic diversification • Growing earnings from International businesses . Consolidated online brokerage platform well positioned to grow . Outlook for Wealth supported by strong AUM/AUA levels but impacted by markets • Remain #2 among Canadian banks in mutual funds . Global Insurance outlook remains strong . Good deposit growth in Global Transaction Banking • Continued scrutiny on expense management Scotiabank

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