Q1 2010 Scotiabank Risk Review and Outlook

Trend in PCL Ratios (Specific PCL as % average of loans & BAs) Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Canadian Banking Retail 0.30 0.32 0.33 0.37 0.32 Commercial 0.50 0.83 0.52 0.55 0.68 Total 0.33 0.39 0.36 0.40 0.37 International Banking Retail 2.26 2.17 2.59 2.30 2.41 Commercial (0.12) (0.09) 0.32 0.48 0.50 Total 0.68 0.69 1.13 1.13 1.19 Scotia Capital Corporate Banking 0.07 0.80 1.01 0.65 0.15 All Bank 0.36 0.54 0.64 0.63 0.55 Scotiabank Trend in Specific Provisions ($ millions) 500 400 300 200 100 0 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Specific PCLS - Specific PCLS as a % of Avg. Loans & BAs Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Scotiabank 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 36 35

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