THE BANK OF NOVA SCOTIA

The Bank of Nova Scotia. Commonly known as Scotia bank (French: Banque Scotia), is the third largest bank in Canada by deposits and market capitalization.

It serves some 19 million customers in more than 55 countries around the world and offers a broad range of products and services including personal, commercial, and corporate and investment banking.

With assets above $575 billion, Scotia bank shares trade on the Toronto and New York stock exchanges.

The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1831, in Halifax, Nova Scotia, with William Lawson (1772–1848) serving as the first president.

The bank moved its executive offices to Toronto, Ontario, in March 1900. Scotia bank has billed itself as "Canada's International Bank" due to its acquisitions primarily in Latin America and the Caribbean, but also in Europe and India as well.

BNS Institution Number (or bank number) is 002.

The company ranked at number 92 on the Forbes Global 2000 listing in 2012 and is currently under the leadership of Richard E. Waugh who serves both in the capacity of President and CEO.

HISTORY

Scotia bank was founded in Halifax ,   Nova Scotia , in 1832 under the name of the Bank of Nova Scotia. The bank's vision was to facilitate the trans-Atlantic

trade of the time. Later, in 1833, Bank of Nova Scotia acquired The Union Bank of Prince Edward Island, although most of the bank's expansion efforts in the century took the form of branch openings.

The bank launched its branch banking system by opening in Windsor, Nova Scotia. The expansion was limited to the Maritimes until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba.

The Manitoba branch later closed but the bank continued to expand into the American Midwest. This included opening a branch in Minneapolis in 1885 which later transferred to Chicago in 1892.

Following the collapse of the Newfoundland Bank of Commerce and Union Bank of Newfoundland on December 10, 1894; the Bank of Nova Scotia established on January 31, 1895, in Newfoundland.

In 1899, the bank opened a branch in Boston, Massachusetts.

In the meantime, the bank opened a branch in Kingston, Jamaica, in 1889 to facilitate the trading of sugar, rum and fish.

This was Scotia bank’s first move into the Caribbean and historically the first branch of a Canadian bank opened outside of the United States or the United Kingdom.

By the end of the 19th century, the bank was represented in all of the Maritimes, Quebec, Ontario and Manitoba.

In 1900, the bank's headquarters were moved to Toronto ,   Ontario .

1906 – The bank opened a branch in Havana, Cuba. By 1931, it had three branches in Havana, and one branch each in Camagüey, Cienfuegos, Manzanillo, and Santiago de Cuba. The bank was nationalized in 1959, becoming Banco Central de Cuba (Havana branch was changed to Banco Metropolitano – Metropolitan Bank – in 1996).

1907 – The bank opened an agency in New York. 1910 – The bank opened a branch in San Juan, Puerto Rico, and later another

one in Fajardo. 1912 – Bank of Nova Scotia merged with the Bank of New Brunswick.

1914 – Toronto-based Metropolitan Bank was acquired, making Scotia bank the

fourth largest financial institution in Canada.

1919 – Bank of Ottawa was amalgamated.

1920 – The bank opened a branch in London, UK, and another one in Santo Domingo, Dominican Republic.

1960 – Fidel Castro's Cuban government purchased the Cuban branches of the Bank of Nova Scotia on December 1, 1960.

1962 – The bank became the first Canadian Bank to appoint women bank

managers on January 15, 1962.

1978 – The bank and Canadian Union of Public Employees signed the first collective agreement between a Canadian bank and a union on September 28, 1978, in Toronto.

1981 – The bank expanded into Asia with the opening of a branch in Japan.

2000 – Scotiabank's stake in Mexican bank Grupo Financiero Inverlat is increased to 55 percent. The Mexican bank is subsequently renamed to Grupo Financiero Scotia bank Inverlat.

2003 -The bank's Guangzhou Branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency.

2003–2004 – The bank acquired Inverlat banking house in Mexico, taking over

all of its branches and establishing strong presence in the country. 2010 – The bank arrived in Bogotá.

Scotia bank branch on Highway 7, Hastings, Christ Church, Barbados.

In its early expansion, the bank clearly followed trade and its customers' businesses rather than pursuing a strategy

of expansion into international financial centres.

Scotia bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows

customers of the banks to use their ATM cards or check cards at certain other banks within the Global ATM Alliance

without fees when traveling internationally. Other participating banks are Barclays (United Kingdom), Bank of

America (United States), BNP Paribas (France and Ukraine through UkrSibbank), Deutsche Bank (Germany), and

Westpac (Australia and New Zealand).

Portfolio evolution

Throughout the 20th century, the bank grew not only in size, but also in breadth of products and services. Progress

was conditioned by changing consumer needs, legal changes, or acquisitions of external service providers. A short

list follows:[7]

1954 – Passage of the National Housing Act lead Scotia bank to create a mortgage department.

1958 – Changes to Bank Act of 1954 enabled Scotia bank to introduce a consumer credit program.

1987 – Scotia Securities is formed to provide discount brokerage and security underwriting services.

1988 – Brokerage firm McLeod Young Weir Ltd. is acquired.

1994 – Scotia bank acquires Montreal Trust co Inc.

1997 – National Trust co Inc. is acquired for C$1.25 billion.

Mergers and Acquisitions

The bank has amalgamated with several other Canadian financial institutions through the years, and purchased

several other banks overseas.

Bank Year established Year of amalgamation

Union Bank of PEI 1864 1883

Summerside Bank 1863 1901

Bank of New Brunswick 1820 1913

Metropolitan Bank of Canada 1902 1914

The Bank of Ottawa 1874 1919

Montreal Trust 1889 1994

National Trust 1898 1997

Inverlat (Mexico) 2002 2003

National Bank of Greece (Canada) 1969 2005

Banco Wiesse Sudameris (Peru) 1920 2007

Banco Sudamericano (Peru) 1991 2007

E*TRADE Canada 1982 2008

DundeeWealth 1998 2010

Operating units

Scotia Plaza, Scotia bank World Headquarters in Toronto, Ontario, Canada

Scotia bank has four divisions:

Canadian Banking is the commercial banking division, offering savings and loan services. It includes 1009

branches, 2,750 ABMs, and four call centers in Calgary, Toronto, Cornwall, and Halifax. It offers telephone,

wireless and Internet banking. Their brokerage unit is called the Wealth Management Group.

ScotiaMcLeod is the full-service Canadian investment dealer and was formerly known as McLeod

Young Weir Co. & Ltd., a company started by four young entrepreneurs: Donald Ivan McLeod, William

Ewart Young, James Gordon Weir, and John Henry Ratcliffe.

Global Banking and Markets (GBM) is the investment banking division, which helps large corporations,

institutions, and governments obtain capital and credit.

International Banking is the merchant banking division, assisting its customers with international trade.

Scotia bank’s marketing material claims it is the leading provider of financial services in the Caribbean, and

that it has the broadest Asian network of any Canadian bank.

e-Commerce/e-Banking at Scotia bank manages wire transfers and payments.

Scotia bank sells insurance products via its brand subsidiary – ScotiaLife Financial. Most of the life insurance

policies sold this way are underwritten by Scotia Life Insurance Company.[10]

As of 2009, Scotia bank services over 12.5 million customers and has over $500 billion in assets. The bank

employs over 69,000 employees all over the globe including: Europe, Asia, Latin America and the Caribbean.

Scotia bank is Canada's most international bank with over 2,000 branches in some 50 countries. As in the past,

in 2009 some of the top management at Scotia bank announced a plan that the bank would once again play a

part in general infrastructural development in the countries where it operates.[11]

Corporate sponsorship and branding

[edit]Sports

Scotia bank is now the title sponsor of Guadalajara's Scotiabank Aquatics Center

Scotia bank is now the title sponsor for the Jewish National Fund's "Pitch for Israel" event.

Scotia bank is now the title sponsor of Calgary's Scotia bank as of October 8, 2010

Scotia bank currently is the title sponsor for running events that are part of the Canada Running Series:

Scotia bank Montreal 21k & 5k (April), Vancouver Half-Marathon & 5k Run/Walk (June) & Toronto

Waterfront Marathon, Half-Marathon & 5k (September) and the Scotia bank Bluenose Marathon.[12] As well it

is the title sponsor for the Scotia bank Calgary Marathon.

As of October 2007, Scotia bank became a sponsor of CBC Television's Hockey Night in Canada, and the

title sponsor of its Gemini award winning pregame show, Scotia bank Hockey Tonight.[13]

Scotia bank also is currently the Official Bank of the National Hockey League and National Hockey League

Players' Association.[14] And the official bank of the NHLPA, the NHL Alumni, the Canadian Women's

Hockey League. Additionally, Scotia bank sponsors the Little NHL (native hockey league) and several girl's

hockey festivals across Canada.

Currently has the naming rights to the arena of the Ottawa Senators, branding it Scotia bank.

Scotia bank can be seen as a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with

Manny Pacquiao

In 2006 Scotia bank was awarded the title as the official bank for the ICC's 2007 Cricket World Cup. During

the event, several stadia and venues across the Caribbean (and Guyana in South America) are to become

outfited with Scotia bank automated banking machines.[15]

Since 2005, Scotia bank has been the title sponsor of the CFL playoffs semi-final and conference final

games, with games titled as the Scotia bank East Semi-Finals and Scotia bank West Semi-Finals. This is in

addition to being the official financial services provider to the Canadian Football League.

Since 2008, Scotia bank has been the official team sponsor of Canadian Cricket Team and the title sponsor

of National T20 Championship in Canada.

In 2010, Scotia bank was a sponsor of the World Rally Championship's Corona Rally Mexico.

[edit]Culture

In 2007, Scotia bank and Cineplex Entertainment partnered up to create a loyalty rewards program

called SCENE. The program allows patrons to sign-up for a special card that grants them points which can

be redeemed for free movies or concession discounts. Scotia bank customers can also request for a

SCENE debit card which gives them points when used. A SCENE VISA card was also launched in early

May. In addition, 5 Cineplex Entertainment locations were rebranded as "Scotia bank Theatres".[16]

From 2007 to 2010, Scotia bank has been the title sponsor of the Scotia bank Nuit Blanche event in

Toronto. [5]

Title sponsor, Scotia bank Giller Prize.[17]

Scotia bank Hall  of Brock University in St. Catharines, Ontario.

Scotia bank Hall in the Marion McCain Arts and Social Sciences Building  at Dalhousie University in Halifax,

Nova Scotia

In 2011, Scotia bank became the title sponsor of Toronto's Caribana now known as the Scotia bank.

[edit]Recent events

On November 6, 2006, two homemade bombs were placed within Scotia bank branches in Mexico City. One

exploded, resulting in no deaths, while a second bomb was de-activated. Authorities were previously alerted

to the presence of the bombs. A coalition of five leftist guerilla groups which support (but had no known

connections to) protests in Oaxaca claimed responsibility.[18]

In December 2006, Scotia bank announced it successfully acquired majority control of the fourth

largest Jamaica-based Securities dealer Dehring Bunting & Golding Ltd.  (DB&G) ending weeks of

speculation about the bid on the Jamaica Stock Exchange. The deal is expected to cost the Bank of Nova

Scotia and its Jamaican subsidiary between C$80 – $90 million to close the deal.[19][20][21][22]

On August 31, 2007, Scotia bank announced it has signed agreements to purchase 79 per cent of Banco del

Desarrollo, Chile's seventh largest bank for US$810 million. These agreements are the first stage in a plan

to purchase up to 100 per cent of Banco del Desarrollo. Scotia bank will be making a public share offering

on the same terms and expects to acquire up to 100 per cent of Banco del Desarrollo, which would be

valued at US$1.03 billion.

In July 2008, E*TRADE sold its Canadian division to Scotia bank for CAN$444 million, as part of a program

of selling off non-core assets.[23][24] Scotia bank is investigating the expansion of the E*Trade service to their

Caribbean markets as well.[25]

In October 2008, Scotia bank was considered one of the front-runners to buy Cleveland-based National City

Corp. and re-enter the United States market, alongside Pittsburgh-based PNC Financial

Services and Minneapolis-based U.S. Bancorp.[26][27] Many local citizens in Cleveland considered Scotia

bank as the best option, due to their longstanding absence from the U.S. market, which would've allowed

most of National City's operations to stay in Cleveland. Scotia bank, however, backed out of the deal, and

PNC would acquire National City with TARP funds on October 24, 2008 after National City became a victim

of the subprime mortgage crisis.

In 2010 a panel for the World Intellectual Property Organization (WIPO) ruled that Scotia bank as the

sponsors of the Caribana festival, did not have grounds for being awarded the domain name caribana.com

from its current owners Working Word Co-operative.[28]

In 2010, Scotia bank acquired the assets of R & G Financial Corporation, a failed Puerto Rican bank.

Soon after Canadian regulators gave the go ahead for Canadian banks to begin mergers and acquisitions,

Scotia bank announced it would takeover Commerzbank AG 's Brazilian wholesale banking unit. This

information was released on September 16, 2010.

Scotia bank announced on September 27, 2010, that they would be purchasing Royal Bank of

Scotland's Chilean wholesale banking unit worth around $900 million in assets.

On December 2010, Scotia bank continues to expand its presence in Latin America acquiring

the Uruguayan Nuevo Banco Comercial, becoming the first Canadian bank with presence in the country[29][30]

On October 20, 2011, Scotia bank acquired a 51% stake in Banco Colpatria , Colombia's fifth largest bank

and second largest issuer of credit cards for the tune of 1 billion Canadian in Cash and stock (10 million

shares). It is the second largest foreign transaction ever by a Canadian financial company overseas,

behind Royal Bank of Canada's purchase in Royal Bank of Trinidad and Tobago.[31]

[edit]Awards

2005 – "Bank of the Year" – For Mexico, the Caribbean and in Jamaica by LatinFinance.[32]

2007 – "Bank of the Year" The Banker Magazine – London England, Scotia bank Trinidad and Tobago,

Scotia bank Belize, Scotia bank Turks and Caicos

2008 – "Bank of the Year" The Banker Magazine – London England, Scotia bank Barbados, Scotia bank

Trinidad and Tobago, Scotia bank Guyana, Scotia bank Turks and Caicos

2009 – "Bank of the Year" The Banker Magazine – London England, Scotia bank Canada, Scotia bank

Barbados,Scotiabank Dominican Republic, Scotia bank Trinidad and Tobago, Scotia bank Turks and Caicos

2010 – "Bank of the Year" The Banker Magazine – London England, Scotia bank Barbados, Scotia bank

Trinidad and Tobago, Scotia bank Turks and Caicos

2011 – "Best Emerging Market Bank" Global Finance Magazine – New York, Scotia bank Jamaica, Scotia

bank Barbados, Scotia bank Costa Rica, Scotia bank Turks and Caicos

[edit]Corporate governance

Current members of the board of directors of Scotia bank are:[33] Ronald A. Bronfman, C.J. Chen, N. Ashleigh

Everett, John Kerr, Michael Kirby, Laurent Lemaitre, John T. Mayberry, Thomas O'Neill, Elizabeth Parr-

Johnston, Alexis Tovar de la Torre, Indira Samarasekera , Arthur Scace, Allan Shaw, Paul Sobey, Barbara

Thomas, and Richard E. Waugh.

Former members of the board include: Peter Godsoe (former President and CEO of Scotiabank) and Cedric

Ritchie (Former Chairman).

[edit]Unionization

Scotiabank has unionized relationships with employees in a number of locations around the world.[34] In Canada,

the sole unionized workplace is the domestic banking branch in Deep River, Ontario.

[edit]Membership

BNS is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit

Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a

member of:

Interac

VISA  International

MasterCard  in the Caribbean markets

Plus Network  for VISA card users

NYCE  ATM Network

CarIFS  ATM Network

LINX network  ATM network

MultiLink Network  ATM network 

MAGNA Rewards  as part of the Scotiabank MAGNA MasterCard.

Global ATM Alliance

[edit]Branch locations

Canada

All provinces

Northwest Territories

Yukon

International

Anguilla

Antigua & Barbuda

Aruba

Australia

Bahamas

Barbados

Belize

Brazil

British Virgin Islands

Cayman Islands

Chile

Colombia

China

Costa Rica

Dominica

Dominican Republic

Egypt

El Salvador

Grenada

Guatemala

Guyana

Haiti

Hong Kong

India

Ireland

Jamaica

Japan

Republic of Korea

Malaysia

Mexico

Netherlands Antilles

Panama

Peru

Puerto Rico

St Maarten

Saint Lucia

Singapore

Taiwan

Thailand

Trinidad & Tobago

Turkey

Turks & Caicos

US Virgin Islands

U.K

Venezuela

Vietnam

www.fundinguniverse.comThe Bank of Nova Scotia HistoryAddress:

Scotia Plaza 

44 King Street West 

Toronto, Ontario M5H 1H1 

Canada

Telephone: (416) 866-6161

Fax: (416) 866-3750

Website: www.scotiabank.com

Public Company 

Incorporated: 1832 

Employees: 43,869 

Total Assets: C$282.16 billion (US$200.48 billion) (2003) 

Stock Exchanges: Toronto New York London 

Ticker Symbol: BNS 

NAIC: 551111 Offices of Bank Holding Companies; 522110 Commercial Banking; 522210 Credit Card Issuing;

523110 Investment Banking and Securities Dealing; 523120 Securities Brokerage; 523920 Portfolio Management;

523930 Investment Advice; 523991 Trust, Fiduciary, and Custody Activities; 525910 Open-End Investment Funds

Company Perspectives:

Since welcoming our first customers in 1832, Scotiabank has enjoyed continued success by building on traditional

core strengths--risk management, cost control, diversification, customer satisfaction and great employees. Our goal

is to be the best and most successful Canadian-based international financial services group.

Key Dates:

1832: The Bank of Nova Scotia (or Scotiabank) is born; it is the first public financial institution in Halifax.

1883: The Union Bank of Prince Edward Island is acquired.

1889: Scotiabank makes its first move into the Caribbean, opening a branch in Kingston, Jamaica.

1900: Headquarters are moved to Toronto.

1912: Bank of Nova Scotia merges with the Bank of New Brunswick, the oldest Canadian chartered bank.

1914: Toronto-based Metropolitan Bank is acquired, making Scotiabank the fourth largest financial institution in

Canada.

1919: The Bank of Ottawa is acquired.

1954: Passage of the National Housing Act leads Scotiabank to create a mortgage department.

1958: Changes to Bank Act of 1954 enable Scotiabank to introduce a consumer credit program.

1981: Bank of Nova Scotia expands into Asia with the opening of a branch in Japan.

1987: Scotia Securities is formed to provide discount brokerage and security underwriting services.

1988: Brokerage firm McLeod Young Weir Ltd. is acquired.

1994: Scotiabank acquires Montreal Trustco Inc.

1997: National Trustco Inc. is acquired for C$1.25 billion.

2000: Scotiabank increases to 55 percent its stake in Mexican bank Grupo Financiero Inverlat, which is

subsequently renamed Grupo Financiero Scotiabank Inverlat.

2002: Economic turmoil in Argentina leads to the bank's sale of its subsidiary there and a C$540 million writedown

on its investment.

2003: Stake in Scotiabank Inverlat is increased to 91 percent.

Products and Services

Financing SolutionsWork with us to find the financing solutions that are right for your business.

Trading InternationallyFacilitate international trade and mitigate your business risk.

Banking & Investing   Choose from business chequing, savings and foreign savings accounts, as well as term deposits.

Cash Management & Merchant ServicesEnhance working capital, improve information flow and simplify administration.

Type Public company

Traded as TSX: BNS

NYSE: BNS

TTSE: SBTT

Industry Financial services

Founded 1832

Halifax, Nova Scotia

Headquarters Toronto, Ontario.

Key people Richard E. Waugh (CEO)

Sabi S. Marwah (COO)

Sean McGuckin (CFO)

Revenue $17.58 billion CAD (2011)

Net income  $5.27 billion CAD (2011)

Total assets $660 billion CAD (2012)

Employees 80,000 (2012)

Website scotiabank.com

2011 FINANCIAL HIGHLIGHTS

Return on

equity

18.8%

Target: 16-20%

Tier 1

capital ratio

12.2%

Target: maintain sound

capital ratios

Productivity

ratio

54.4%

Target: less than 58%

Earnings per

share growth (diluted)

18%

Target: 7-12%

Scotiabank is a leading multinational inancial services provider and Canada’s most international

bank. Through our team of more than 75,000 employees, Scotiabank and its afiliates offer

a broad range of products and services, including personal, commercial, corporate and investment

banking to over 19 million customers in more than 55 countries.

Total net income

$

5,268 million

Scotiabank’s strength is evident

in the solid results for 2011.

2 Message from President and

CEO Rick Waugh

6 Scotiabank Executive

Management team

8 Message from Chairman of

the Board John T. Mayberry

9 Corporate Governance

10 Board of Directors

12 Focusing on Scotiabank’s

ive-point strategy

22 MD&A at a glance and

message from Executive

Vice-President and CFO

Luc Vanneste

24 Management’s Discussion

and Analysis

108 Management’s Report on

Internal Control Over

Financial Reporting

108 Report of Independent

Registered Public Accounting

Firm

109 Consolidated Financial

Statements

110 Management’s responsibility

for inancial information

175 Shareholder information

176 Glossary

177 Basel II glossary

Corporate social responsibility

(see inside back cover)

Contents

2011 2010 2009 2008 2007

Operating results ($ millions)

Net income 5,268 4,339 3,661 3,259 4,163

Operating performance

Diluted earnings per share ($) 4.62 3.91 3.31 3.05 4.01

Return on equity (%) 18.8 18.3 16.7 16.7 22.0

Productivity ratio (%) (TEB) 54.4 51.8 53.7 59.4 53.7

Balance sheet information

($ billions)

Total assets 575.3 526.7 496.5 507.6 411.5

Capital measures

Tier 1 capital ratio (%) 12.2 11.8 10.7 9.3 9.3

Tangible common equity to

risk-weighted assets (%) 9.6 9.7 8.3 6.6 7.4

Common share information

Annual shareholder return (%) (0.4) 25.7 18.8 (21.6) 12.2

10-year compound annual return (%) 13.1 13.1 14.2 13.1 16.5

Market capitalization ($ millions) 57,204 57,016 46,379 39, 865 52,612

Dividends per share ($) 2.05 1.96 1.96 1.92 1.74

Dividend yield (%) 3.7 3.9 5.4 4.3 3.4

Book value per common share ($) 26.06 22.68 20.55 18.94 17.45

Price to earnings multiple 11.3 14.0 13.6 13.1 13.2

Scotiabank is committed to providing access to education, resources and advice that enable individuals to make knowledgeable, responsible financial decisions, while giving them the confidence they need to save and invest for a bright future.Ways in which we are contributing to financial literacy:

The Bank is committed to providing easy-to-understand banking information to help people make the right choices for their financial

needs. We aim to ensure that our retail products, materials and forms, including mortgage documents, are written in plain language. In line with recent legislative changes aimed at improving the financial literacy of Canadians, Scotiabank has enhanced both the initial

and subsequent disclosures made to credit card Cardholders with respect to interest rates, fees and credit limits, and the time

required to retire the debt in the event that only minimum payments may be made. Scotiabank has also been a strong supporter of the Canadian Government's Tax Free Savings Account (TFSA). We were the first

major bank to offer TFSAs and since then, have continuously helped educate Canadians on the features and benefits of the account.

For instance the Bank has created an interactive online TFSA Customer Information Centre. Also, the Bank continues to support the financial health of Canadians through our focus on establishing and sustaining savings

habits. In 2010, Scotiabank introduced the Let the Saving Begin Program to re-establish the importance of saving regularly toward

short and long-term goals. Our Five Year Savings Plan, for example, aims to overcome the notion that saving is difficult or

unaffordable. Through this program, we will help customers articulate their goals and begin saving. Our Bank The Rest Savings program offers consumers an easy way to maintain their saving habits. The first of its kind in Canada, it

allows customers to save every time they use a debit card to make a purchase. Transactions are rounded up to the next dollar or five

dollars, with the difference deposited automatically to a savings account. In 2010, Scotiabank extended Bank The Rest to Tax Free

Savings Accounts, once again supporting government efforts to increase awareness of TFSAs. In July 2011, Scotiabank introduced the Scotia®MoneybackTM Account, an industry-leading product that enables customers to earn

cash rewards on debit card purchases. Scotiabank hosts the Find the Money website to provide the public with information on ways to get the upper hand on their finances.

In 2011, many Canadian branches gave seminars through the Your Money Program in their communities on topics ranging from

home buying and renovations to educational savings and financial planning. As well more than 19 Scotiabankers conducted 61

youth-oriented money seminars to 1,823 students across Canada during the 2010–2011 school year. Scotiabank Mexico supports financial literacy among youth through sponsorship of the popular Aflatoun Program with Fundación

EDUCA. So far, 376 students and 26 teachers have benefited from this program. The Bank also supports the Jornada Nacional de

Ahorro Infantil, where 30 Scotiabankers from the Queretaro branch went to 26 schools to offer financial literacy seminars to

children.

In Puerto Rico, the Bank supports organizations that provide financial education and entrepreneurial workshops to both youth and

adults. All of Scotiabank's microfinance operations also provide free financial literacy programs to clients and non-clients designed to help

strengthen basic business and finance management competencies. Since 2009, Scotiabank El Salvador has joined forces with Empresarios Juveniles, a member of Junior Achievement Worldwide and,

in 2010, the Bank increased its role in financial literacy by growing its involvement with Nuestra Ciudad. Through this program, youth

aged seven to 11 years gain exposure to financial education and entrepreneurial skills in public schools in the country's highest-risk

communities. In 2011, some 7,296 children from 63 schools participated. In 2011, Scotiabank El Salvador started working on the

financial literacy program Aflatoun with PLAN El Salvador in school in poor neighbourhoods. Starting in 2012, employees will begin

volunteering activities as part of this program. Scotiabank employees in Anguilla, USVI and Turks & Caicos speak to students in local schools about financial literacy and education.

In Dominican Republic, Scotiabank supports the Mercado Global Program. In the 2011 school year, about 650 youth in Santo

Domingo, Santiago, La Romana y San Cristóbal received training and information on personal finance and international commerce. Scotiabank British Virgin Islands is a member of the BVI Bank Association and has partnered with the local regulator Financial

Literacy Coordinator to host seminars and develop financial literature for the BVI community.

Acces to

Part of helping people become financially better off is making sure they are able to access banking services.

Scotiabank is committed to ensuring that everyone has access to banking services, including a basic

transactional account, at a minimal cost. Scotiabank also makes significant efforts to accommodate the needs

of people with disabilities. We provide training to employees on these issues and straightforward account

information to customers, so they can easily understand how to open a personal deposit account and manage

their banking needs.Online banking

Scotiabank has improved access for customers opening an account from their homes (either by telephone

or online), and now has more than 1.6 million online users in Canada.

Our Online banking services offered in the Caribbean and Central America meet the highest accessibility

standards for customers with motor or visual impairments.

Low-cost banking

In Canada, Scotiabank's Basic Banking account costs just $3.95 per month. No minimum deposit or proof

of employment is required.

Information needed to open a personal deposit account or cash a federal government cheque up to $1,500

(free for customers and non-customers) is available in the brochure "Day-to-Day Banking, Opening a

Personal Deposit Account or Cashing a Federal Government Cheque at Scotiabank/Cheque Holding

Policy". The brochure is on display in branches and on Scotiabank.com

In Jamaica, Scotiabank offers the QuickPay service to assist low-income workers who may not meet

requirements to open a banking account. Employers can pay salaries electronically to employees, who

receive a debit card to access their earnings.

Scotiabank is proud to be a founding member of the Global ATM Alliance, along with Bank of America,

BNP Paribas, Barclays, Deutsche Bank 24 and Westpac. When withdrawing cash at certain member Bank

ATMs, you pay no surcharges or access fees.

Physical accessibility

All new Scotiabank branches and facilities in Canada that have undergone major renovations since 2003

meet or exceed the Canadian Standards Association (CSA) accessibility guidelines.

We continue to replace ABMs with units that give customers in wheelchairs better access to the card

reader, keypad, passbook printer, screen and transaction receipt slot. The new machines incorporate

larger, high-resolution and anti-glare colour screens. New ABM installations where 2 or more ABMs are

installed, have a minimum of one machine with forward approach accessibility. The heights of all machine

functions are as per CSA accessibility guidelines being side access and/or front access.

New ABMs have features, such as grab bars with contrasting colour and screen LED lights, that help direct

customers to the transaction they have chosen. We continue to work closely with a number of vendors to

develop hardware and software solutions to enhance accessibility.

Scotiabank El Salvador has renovated all of its branches to include parking and ramps for customers in

wheelchairs. As well, 88% of branches in El Salvador have special access tellers for customers in

wheelchairs.

Senior citizens

Customers aged 59 or over can request to enrol in the Scotia Plus Program, a no-fee banking plan with

unlimited free debit transactions, and other free or discounted services on eligible accounts.

Many of Scotiabank's international locations, such as Barbados, Guyana, Haiti, Jamaica, Trinidad &

Tobago and Puerto Rico, provide low-cost banking services for seniors in their communities.