Investor Presentaiton

Unrealized Securities Gains ($ millions) Emerging Market Debt Other Debt Equities Net Fair Value of Derivative Instruments and Other Hedge Amounts Total Scotiabank Q4/09 Q3/09 502 470 470 450 41 (25) 1,013 895 (185) (162) 828 733 Trend in PCL Ratios (Specific PCL as % average of loans & BAs) Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Canadian Banking Retail Commercial Total 0.20 0.30 0.32 0.33 0.37 0.42 0.50 0.83 0.52 0.55 0.23 0.33 0.39 0.36 0.40 International Banking Retail 2.01 2.26 2.17 2.59 2.30 Commercial (0.15) (0.12) (0.09) 0.32 0.48 Total 0.59 0.68 0.69 1.13 1.13 Scotia Capital Corporate Banking 0.10 0.07 0.80 1.01 0.65 All Bank 0.29 0.36 0.54 0.64 0.63 Scotiabank 45 46

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