Canadian and International Banking Performance

24 Brian Porter Group Head, International Banking International Banking: 2011 Outlook . International Banking 2011 Outlook Scotiabank Asset and revenue growth has benefited from our diversified footprint Solid opportunities in Latin America and Asia Other regions showing signs of continued improvement Maintain focus on strategic growth initiatives Good commercial banking pipeline Improving retail sales productivity and distribution channels • Margins expected to remain stable • Positive trends in credit quality expected to continue • • Uruguay acquisition (Pronto!) closed this quarter, Nuevo Banco Comercial closing in Q3; Puerto Rico and Thailand integrations are proceeding well Continued interest in acquisitions Scotiabank 12

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