Strong Quarter Financial Performance

Strong Coverage Ratios Q3/10 Q2/10 Q3/09 (1) Earnings coverage of PCL 6.4x 5.6x 3.3x Total Allowance as a % of GIL 79% 81% 75% - ex. R-G Premier Bank acquisition 73% 75% Total Allowance as a % of Loans & BAS 1.47% 1.52% 1.07% - ex. R-G Premier Bank acquisition 1.02% 1.04% (1) Pre-tax, pre-provision income to total PCL Scotiabank Risk Outlook • Asset quality remains strong Retail and Commercial portfolios performing as expected Continued strength in corporate portfolios Credit trends have stabilized - Further improvements dependent on economic conditions Scotiabank 19 20

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