2011 Outlook

International Commercial: Lending Portfolio Q4/10 = $37 billion Peru 15% Well secured Other 7% Mexico 10% Chile 15% Asia/Pacific -(10 countries) 26% Caribbean & Central America 27% • Portfolios in Asia/Pacific, Mexico, Chile, Peru and Central America performing well Scotiabank Q4 2010 Trading Results Within One-Day VaR 22 40 30 20 10 0 (10) (20) Scotiabank -Actual P&L 1-Day VaR Average 1-Day VaR Q4/10: $9.3MM Q3/10: $12.7MM 47 48

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