2011 Outlook

Risk Outlook • Asset quality remains strong • ➤ Retail and Commercial portfolios performing as expected ➤ Continued strength in corporate portfolios Expect 2011 provisions to remain in line with 2010 ➤ Modest decline in Canadian retail provisions International retail provisions in line with current levels ➤ Lower new provisions in corporate and commercial portfolios, with less recoveries than 2010 Scotiabank Scotiabank Canadian Banking 2011 Outlook Anatol von Hahn Group Head, Canadian Banking 19

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