Financial Overview and 2012 Outlook

Improving Trend in Net Impaired Loan Formations ($ millions) 1,200 1,000 45 Scotiabank 800 600 400 200 0 all ...... m Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Improving Trend in Gross Impaired Loans Scotiabank ($ billions) 6.0 - 2.0% 1.8% 5.0 1.6% 1.4% 4.0 1.2% 3.0 1.0% 0.8% 2.0 0.6% 0.4% 1.0 0.2% 0.0 0.0% Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 GILS ex. R-G GILs as % of Loans & BAs ex. R-G IR-G Premier Bank GILS as % of Loans & BAS 46 (1) Decline in R-G Premier Bank's GILs in Q4/10 reflects purchase price allocation that reduced carrying value to its estimated fair value 23 23

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