Financial Overview and 2012 Outlook

19 Exposure to Certain European Countries Not Significant (Funded credit exposure at Q4/11, $ millions) 1.2 Country Sovereign Bank Corporate³ Total Greece 340 340 Ireland 1144 46 25 185 Italy 9765 66 1,042 Portugal 103 - 103 Spain 113 367 480 Total 114 1,238 798 2,150 (1) Includes loans (recorded on an accrual basis) and credit exposure related to derivatives, repurchase agreements, and securities lending and borrowing transactions which are net of collateral. Excludes trading securities exposure, which is not significant. (2) Total unfunded commitments amounted to $375 million, which were to corporations ($302 million) and banks ($73 million), as at October 31, 2011. (3) Includes financial institutions that are not banks. (4) Central bank deposits arising from regulatory reserve requirements to support the Bank's operations in Ireland. (5) Mostly short-dated precious metals activities in both trading and lending. Other European Exposures 1,2,3 (Funded credit exposure at Q4/11, $ millions)" Country U.K.5 Sovereign Bank Corporate4 Total 1,202 2,483 2,845 6,530 Germany 417 1,161 1,231 2,809 France 248 690 570 1,508 Netherlands 179 741 458 1,378 Switzerland 626 703 1,329 Other 6 186 342 1,097 1,625 Total 2,232 6,043 6,904 15,179 Scotiabank Scotiabank 20 (1) Includes loans (recorded on an accrual basis), deposits with banks and credit exposure related to derivatives, repurchase agreements, and securities lending and borrowing transactions which are net of collateral. (2) Excludes trading securities totaling $1.1 billion as at October 31, 2011. (3) Total unfunded commitments were $4.3 billion to corporations and $3.4 billion to banks as at October 31, 2011. (4) Includes financial institutions that are not banks. (5) Sovereign exposure includes $844 million in short-term deposits with the Bank of England. Bank exposure includes $898 million in short-term deposits with banks. (6) Remaining European exposure is distributed across 15 countries, each of which has a net exposure below $1 billion as at October 31, 2011. 10

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