2010 Outlook

International Commercial: Lending Portfolio Q4/09 $33 billion Holding Companies 3% Financial Services Hotels & Gaming 7% 9% Communications & Media 5% Automotive 3% Agrifoods & Consumer 16% Transportation 9% Industrial Products 5% Infrastructure, -Privatization & Power 14% Other 17% Well secured Real Estate 12% Closely monitoring portfolios in Mexico and Caribbean & Central America Scotiabank Hotel exposures Impact of U.S. slowdown in Mexico Trading Results Within One-Day VaR 40 30 20 10 0 (10) (20) (30) (40) - Actual P&L 1-Day VaR плиилина Scotiabank Average 1-Day VaR Q4/09: $15.0MM Q3/09: $15.5MM 53 54

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