Financial Overview and 2012 Outlook

Overview Rick Waugh President & Chief Executive Officer Scotiabank 2011 Overview • • • Record earnings Net income: $5,268 million - EPS: $4.62, up 18% vs. prior year Record revenues Total revenue of $17,575 million, up 11% vs. prior year Overall quality improving based on sustainability and diversification Strong ROE: 18.8% Credit conditions continued to be favourable; loan loss provisions decreased by 16% to $1,046 million • Capital ratios remain strong Scotiabank 2

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