2010 Risk & Outlook Update

Q1/10 Risk Overview • Risk in credit portfolios continues to be well managed ($ millions) Q1/10 Q4/09 Q1/09 Net Impaired Loan Formations Specific Provisions 511 627 778 372 424 281 • Strong coverage ratios Q1/10 Q4/09 Q1/09 Earnings coverage of PCL (1) 5.1x 4.0x 4.8x Total Allowance as a % of GIL 71% 73% 91% Total Allowance as a % of Loans & BAS 1.06% 1.03% 0.86% (1) Pre-tax, pre-provision income to total PCL Scotiabank Net Impaired Loan Formations Moderating 15 ($ millions) Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Canadian Retail 218 246 167 205 184 Canadian Commercial 31 98 67 24 42 249 344 234 229 226 International Retail 336 264 276 254 259 International Commercial 133 93 232 5 135 469 357 508 259 394 Scotia Capital 60 303 161 139 (109) Total 778 1,004 903 627 511 Scotiabank 16

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