2011 Outlook

2011 Outlook • • Continue to take advantage of a unique window of opportunity Focused on achieving sustainable revenue growth supported by strong contributions from all business lines Moderate asset growth and a wider margin • Non-interest expenses will be driven mainly by acquisitions and volume-related growth Scotiabank 2011: Targets Remain Unchanged Metric Target EPS Growth 7-12% ROE 16-20% Productivity Ratio <58% Capital Maintain strong ratios Scotiabank 29 30

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