2010 Outlook

Scotiabank Scotia Capital 2010 Outlook Stephen McDonald Group Head, Global Corporate & Investment Banking & Co-CEO, Scotia Capital Scotia Capital: 2010 Outlook • Market conditions are normalizing - Expect 2010 to be strong, but unlikely to match record 2009 Prudently managing credit and market risks - PCL ratio has performed much better than in previous downturn • Continue investing in our businesses - Leverage recent investments: equities, fixed income, infrastructure Maintain efforts on cross-selling multiple products to client base Global niche focus Scotiabank 32

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