Global Wealth Management: 2011 Outlook

Improving Trend in PCL Ratios (Specific PCL as % average of loans & BAs) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Canadian Banking Retail Commercial Total 0.33 0.36 0.33 0.31 0.29 0.69 0.70 0.39 0.56 0.51 0.37 0.40 0.34 0.34 0.32 International Banking Retail 2.42 2.45 1.89 2.02 1.76 Commercial 0.50 0.54 0.20 (0.01) (0.03) Total 1.20 1.23 0.86 0.77 0.65 Scotia Capital Corporate Banking 0.15 (0.07) (0.09) (0.11) (0.04) All Bank 0.55 0.55 0.43 0.41 0.38 Scotiabank Downward Trend in Specific Provisions ($ millions) 500 400 300 200 100 0 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Specific PCLS -Specific PCLS as a % of Avg. Loans & BAS Scotiabank 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 39 40

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