Financial Overview and 2012 Outlook

29 Scotia Capital: 2012 Outlook • • • . • Challenging markets are expected to continue in the near term, but diversification of businesses is mitigating negative impact Modest incremental growth in core businesses and products Execution of Global Wholesale Banking and other priority growth initiatives Cautiously optimistic on future loan growth Loan volumes increasing moderately since Q2/11 Margins will remain pressured by market conditions Quality of loan portfolio remains strong Loan loss provisions expected to remain modest Expenses are being closely managed Rick Waugh President & Chief Executive Officer Scotiabank 2012 Outlook Scotiabank 15

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