Financial Review Q3/11

Improving Trend in Gross Impaired Loans ($ billions) 6.0 42 5.0 4.0 3.0 2.0 1.0 0.0 Scotiabank 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/101 Q1/11 Q2/11 Q3/11 GILs ex. R-G R-G Premier Bank GILS as % of Loans & BAS GILS as % of Loans & BAs ex. R-G (1) Decline in R-G Premier Bank's GILs in Q4/10 reflects preliminary purchase price allocation that reduced carrying value to its estimated fair value Canadian Banking Retail: Loans and Provisions 139 23 Scotiabank (Balances at Q3/11, $ billions) Total = $184B; 92% secured 13 9 1 % secured Mortgages 100% Lines of Credit 66% Personal Loans 95% Credit Cards 2 35% PCL Q3/11 Q2/11 $ millions 5 3 28 Q3/11 Q2/11 33 Q3/11 Q2/11 Q3/11 Q2/11 27 39 43 48 % of avg. 1 1 48 59 89 120 192 224 loans (bps) (1) Before securitizations of $18 billion & mortgages converted to MBS of $20 billion; 49% insured (including -$12 billion portfolio insurance); LTV in mid-50s for uninsured portfolio (2) Includes $6 billion of Scotialine VISA 21 24

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