Investor Presentaiton

International Commercial Lending - Scotiabank Diversified by Geography & Industry Peru, 10% Chile, 18% Asia/Pacific (10 countries) 27% Mexico, 11% Scotiabank C&CA, 28% Other, 6% Solid asset quality ■ well secured historical PCL ratio 35 bps over past 18 years Industry exposure manageable Hotels/Resorts - $1.8 billion exposure in the Caribbean; with LTV of 50% Write-offs <$15 million over past two decades Mining $450 million exposure in Chile & Peru (economic fundamentals still good in these 2 countries) 27 Corporate and Commercial Lending - North America and Europe Focus Areas Size Well Diversified, Good Quality Auto* $5.6B $3B to dealers & floorplans (70% non-North American) $1.2B to finance & leasing companies $800 mm to parts companies at senior secured levels < $200 mm to North American OEM's Real Estate** $10B Media*** $4B Canada 73%, US 27% 51% residential, $125 mm related to U.S. construction Focus on top-tier customers US 50%, Canada 39%, Europe 11% 29% publishing / directories, 24% broadcasting 57% rated Investment Grade Tightened lending criteria Total PCL-Q1/09: $7mm; 2008: nominal OEM, Parts, Finance and Dealers **Residential, REIT, Retail and Office *** Publishing and Broadcasting 28

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