2011 Outlook

Scotia Capital: 2011 Outlook Trading revenues likely to be more in line with recent quarters ➤ Should benefit from growth initiatives in niche products, target industries and select geographies Modest signs of M&A activity should accelerate and drive asset growth PCLs should remain below historical levels Executing Global Wholesale Banking initiative to drive growth Scotiabank Scotiabank 2011 Outlook Rick Waugh President & Chief Executive Officer 27

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