2010 Risk & Outlook Update

Decline in Specific Provisions Quarter-over-Quarter ($ millions) Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Canadian Retail 122 126 137 159 140 Canadian Commercial 33 52 33 33 41 155 178 170 192 181 International Retail 130 125 146 122 130 International Commercial (14) (10) 33 45 47 116 115 179 167 177 Scotia Capital 10 109 117 65 14 Total 281 402 466 424 372 PCL ratio (bps) 36 54 64 63 55 59 Scotiabank 17 Provisions: Consistently Outperforming Canadian Peers Specific PCL as a % of Average Loans & BAS (basis points) 100 80 60 40 40 20 20 0 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Scotiabank Q2/09 Q3/09 Q4/09 Q1/10 - Scotiabank 4 Cdn. Bank Peers 18

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