Investor Presentaiton

Scotiabank International Retail Loan Portfolios (Outstandings at Q4/08, $ billions) 10.0 9.8 Personal Loans 8.0 3.1 Credit Cards ■Mortgages 0.8 6.0 5.5 1.6 4.0 3.5 0.6 5.9 1.0 +0.1 2.0 2.0 3.3 0.8 2.4 0.6 0.6 0.0 C&CA* Mexico Chile Peru PCL 2008 2007 2008 2007 2008 2007 2008 2007 $mm 68 43 186 85 20 12 45 25 % of avg. loans 0.77 0.54 3.75 1.97 0.64 0.89 3.36 2.54 Caribbean and Central America ■ 76% of total retail loan portfolio secured Scotiabank 29 2009 Risk Outlook Areas of current focus - manageable Expect provisions for credit losses to increase within risk tolerances Canadian Banking ⋅ impact of economic slowdown International • impact of U.S. weakness Banking Scotia Capital impact of lower commodity prices • lower commercial recoveries ⚫impact of U.S. weakness on certain industries lower reversals and recoveries 30

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