Financial Review Q3/11

39 Stable PCL Ratios Scotiabank (Specific PCL as % of average loans & BAs) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Canadian Banking Retail Commercial Total 0.33 0.31 0.29 0.28 0.22 0.39 0.56 0.51 0.36 0.65 0.34 0.34 0.32 0.29 0.27 International Banking Retail 1.89 2.02 1.76 1.94 1.84 Commercial 0.20 (0.01) (0.03) (0.10) 0.04 Total 0.86 0.77 0.65 0.67 0.71 40 Scotia Capital Corporate Banking (0.09) (0.11) (0.04) 0.15 0.12 All Bank 0.43 0.41 0.38 0.38 0.38 Improving Trend in Net Impaired Loan Formations ($ millions) 1,200 1,000 800 600 400 200 0 Scotiabank Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 20 20

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