2011 Outlook

Scotiabank Risk Review Rob Pitfield Group Head and Chief Risk Officer Q4 2010 Risk Overview Risk in credit portfolios continues to be well managed ➤ Significant decline in specific provisions year-over-year Reduced general allowance by $40 million Continued downward trend in net impaired loan formations Overall credit quality of loan portfolios continues to improve Market risk well controlled ➤ Lower variability in trading revenues compared to Q3/10 Lower VaR with fewer loss days Scotiabank 16

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