Global Wealth Management: 2012 Outlook

Strategy in action Overview Rick Waugh President & Chief Executive Officer Q1 2012 Overview Strong quarter • • • - Net income: $1,436 million Scotiabank - EPS: $1.20, up 11% vs. prior year • • Includes $0.08 gain on sale of a real estate asset in Calgary EPS up 9% excluding real estate gain as well as pension recovery and IFRS-related FX gain in 2011 ROE: 19.8% Record revenue - Total revenue of $4,715 million, up 11% vs. prior year (8% ex-gain) Completed Banco Colpatria acquisition Credit conditions continue to be stable Capital position remains strong and high quality • Expenses aligned to revenue growth Delivered positive operating leverage Scotiabank

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