Q3/11 Financial Performance and Outlook

Risk Review Rob Pitfield Group Head and Chief Risk Officer Scotiabank Q3 2011 Risk Overview • 16 Risk in credit portfolios continues to be well-managed Overall credit quality of loan portfolios continues to improve Specific provisions have stabilized Reduced general allowance by $30 million • Continued improvement in net impaired loan formations • Exposures to certain European Sovereigns & Banks not material Market risk remained stable and well controlled Average 1-day VaR: $11.8MM vs. $12.1MM in Q2/11 Scotiabank 80

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