Investor Presentaiton

Unrealized Securities Gains ($ millions) Q4/10 Q3/10 Q4/09 Emerging Market Debt 378 330 461 Other Debt 765 602 512 Equities 274 176 40 1,417 1,108 1,013 Net Fair Value of Derivative Instruments (228) (193) (185) and Other Hedge Amounts Total 1,189 915 828 Scotiabank Trend in PCL Ratios (Specific PCL as % average of loans & BAs) Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Canadian Banking Retail Commercial Total 0.37 0.32 0.35 0.32 0.30 0.55 0.68 0.68 0.38 0.55 0.40 0.37 0.39 0.33 0.33 International Banking Retail 2.30 2.41 2.42 1.88 2.00 Commercial 0.48 0.50 0.53 0.20 (0.01) Total 1.13 1.19 1.22 0.85 0.77 Scotia Capital Corporate Banking 0.65 0.15 (0.07) (0.09) (0.11) All Bank 0.63 0.55 0.55 0.43 0.41 Scotiabank 39 40

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