Financial Overview and 2012 Outlook

43 44 Unrealized Securities Gains ($ millions) Q4/10 Q3/11 Q4/11 Emerging Market Debt 379 335 341 Other Debt 763 551 681 Equities 275 352 233 1,417 1,238 1,255 Net Fair Value of Derivative Instruments (228) (165) (227) Total 1,189 1,073 1,028 Stable PCL Ratios Scotiabank Scotiabank (Specific PCL as % of average loans & BAS) Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Canadian Banking Retail Commercial Total 0.31 0.29 0.28 0.22 0.22 0.56 0.51 0.36 0.65 0.45 0.34 0.32 0.29 0.27 0.25 International Banking Retail 2.02 1.76 1.94 1.84 1.98 Commercial (0.01) (0.03) (0.10) 0.04 0.20 Total 0.77 0.65 0.67 0.71 0.85 Scotia Capital Corporate Banking (0.11) (0.04) 0.15 0.12 0.19 All Bank 0.41 0.38 0.38 0.38 0.40 22

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