2010 Outlook

Solid Coverage Ratios Earnings Coverage of PCL (1) (2009) 3.7x Specific Allowance (Q4/09) as a % of Gross Impaired Loans 35% Total Allowances (Q4/09) as a % of Gross Impaired Loans 73% (1) Pre-tax, pre-provision income to total PCL Total Allowance as % of Loans and Acceptances 0.91% 0.87% 0.86% 1.07% 1.03% 山 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Scotiabank Canadian Retail: Loans and Provisions (outstandings at Q4/09, $ billions) 124 Total $168B -- 92% secured 23 12 9 49 Mortgages(1) % secured PCL 100% Lines of Credit 70% Personal Loans 93% Credit Cards(2) 36% Q4/09 Q3/09 Q4/09 Q3/09 Q4/09 Q3/09 Q4/09 $ millions (4) (3) 1 36 23 65 68 60 Q3/09 45 % of avg. N/A 1 63 41 229 237 258 194 loans (bps) (1) Before securitizations of $17.5 billion & mortgages converted to MBS of $21 billion 53% insured; LTV in mid-50s for uninsured portfolio (2) Includes $6 billion of Scotialine VISA (3) Recovery of provisions for mortgages reflects lower than expected write-offs Scotiabank 50

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