Investor Presentaiton

Trend in Gross Impaired Loans ($ millions) 6,000 5,000 4,000 2.00% 1.50% 1.00% 0.50% 0.00% Total Allowance as a % of Loans & BAS 0.95% 1.03% Total Allowance as a % of GIL - ex. R-G Premier Bank acquisition 63% 73% 72% (1) Earnings coverage of PCL 6.9x 4.0x Strong Coverage Ratios Q4/10 Q4/09 * 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 1,000 2,000 3,000 Q4/07 Q1/08 GILS ex. R-G IIIII R-G Premier Bank -- GILS as a % of Loans & BAs ex. R-G Q2/08 Q3/08 Q4/08 Q1/09 02/09 Q3/09 -GILS as a % of Loans & BAs Q4/09 Q1/10 Q2/10 Q3/10 Q4/10* (1) Pre-tax, pre-provision income to total PCL Scotiabank 44

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