Investor Presentaiton

Trend in Gross Impaired Loans ($ millions) 6,000 5,000 4,000 3,000 2,000 1,000 Q1/08 Q2/08 Q3/08 GILS ex. R-G Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 R-G Premier Bank Q2/10 Q3/10 Q4/10* Q1/11 2.00% 1.50% 1.00% 0.50% 0.00% GILS as a % of Loans & BAs ex. R-G - GILS as a % of Loans & BAs * Decline in R-G Premier Bank's GILS in Q4/10 reflects preliminary purchase price allocation that reduced carrying value to its estimated fair value. Scotiabank 43 Strong Coverage Ratios Q1/11 Q1/10 Earnings coverage of PCL (1) 6.8x 5.1x Total Allowance as a % of GIL 65% 71% - ex. R-G Premier Bank acquisition 75% Total Allowance as a % of Loans & BAS 0.95% 1.06% (1) Pre-tax, pre-provision income to total PCL Scotiabank 44

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