#1Investor Presentation Third Quarter, 2011 August 30, 2011 Our strategy in action Scotiabank Caution Regarding Forward-Looking Statements Scotiabank Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include comments with respect to the Bank's objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for the Bank's businesses and for the Canadian, United States and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate, and similar expressions of future or conditional verbs, such as "will," "should," "would" and "could." By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond our control, could cause actual results to differ materially from the estimates and intentions expressed in such forward- looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity; significant market volatility and interruptions; the failure of third parties to comply with their obligations to us and our affiliates; the effect of changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes in tax laws; the effect of changes to our credit ratings; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; operational and reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; changes in accounting policies and methods the Bank uses to report its financial condition and the results of its operations, including uncertainties associated with critical accounting assumptions and estimates; the effect of applying future accounting changes; global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; consolidation in the Canadian financial services sector; competition, both from new entrants and established competitors; judicial and regulatory proceedings; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts and war on terrorism; the effects of disease or illness on local, national or international economies; disruptions to public infrastructure, including transportation, communication, power and water; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the discussion starting on page 62 of the Bank's 2010 Annual Report. The preceding list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf. The "Outlook" sections in this document are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. 1#2Overview Rick Waugh President & Chief Executive Officer Scotiabank Q3 2011 Overview Good quarter Net income: $1,285 million EPS: $1.11, up 13% vs. prior year ROE: 17.8% • • Focus on core business continues to produce sustainable revenue growth and positive results Credit conditions continue to be benign; gross non-performing loans declined • Strong internal capital generation drove increase in Tier 1 capital ratio to 12.3% • Fully expect to achieve 2011 targets Scotiabank 2#3Luc Vanneste Executive Vice-President & Chief Financial Officer Financial Review Fundamentals Delivering Positive Results Scotiabank Scotiabank Q3/11 Q2/111 Q/Q Q3/10 Y/Y $1,285 $1,257 2% Net Income ($MM) $1,0862 18% $1.11 $1.10 1% EPS $0.98 13% 17.8% 18.5% (70) bps ROE 18.2% (40) bps 54.5% 55.3% 80 bps Productivity Ratio 52.5% (200) bps Year-over-Year Comparison Q3 earnings benefited from... • Solid organic growth • Increased contribution from acquisitions Partly offset by... Investments in growth initiatives • Lower trading revenues • Improved PCLS • Strong Canadian dollar (1) Excluding $286MM impact from acquisition-related gains (2) Represents net income before deducting non-controlling interest to ensure comparability with 2011 results 3#4Solid Revenue Growth Scotiabank Revenue (TEB) ($ millions) 4,586 286 4,373 3,854 1,942 • 2,017 1,611 2,243 2,283 2,431 • Q3/10 Q2/11 Q3/11 Gains related to recent acquisitions Other Income Net Interest Income (TEB) Year-over-Year Net interest income up 8% + Asset growth in Canadian mortgages and commercial loans internationally - Foreign currency translation Other income up 21% + Contribution from recent acquisitions + Higher transaction based fees - Decline in trading revenues, primarily in fixed income Quarter-over-Quarter Net interest income up 6% + Asset growth in low spread trading securities and deposits with banks + Three additional days in quarter - Modest decline in margin Other income down 4% (excluding gain in Q2) - Reduction in trading revenue in fixed income + Increase in transaction based fees Continued Investment in Growth Initiatives Non-Interest Expenses ($ millions) • 2,381 2,378 2,023 608 588 513 431 423 384 1,339 1,370 1,126 Q3/10 Q2/11 Q3/11 Other Premises & technology ■Salaries & employee benefits • Scotiabank Year-over-Year Expenses up 18% - Recent acquisitions accounted for 48% of increase - Higher compensation related expenses reflecting staffing levels, pension costs and incentive bonuses Quarter-over-Quarter Expenses marginally higher -Increases in remuneration expenses reflecting higher staffing levels and additional days in quarter + Lower performance based compensation and professional fees 4#510 Continued Strength in Capital Ratios Capital Ratios (%) 12.3 11.7 11.8 11.8 12.0 9.7 9.9 9.6 9.4 9.3 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Tangible Common Equity Tier 1 Scotiabank YTD internal capital generation of $2,155MM (vs. $1,484MM in 2010) YTD common shares stock issued under DRIP: $466MM (vs. $470MM in 2010) Estimated common equity Tier 1 ratio under Basel III of 7.0% to 7.5% by Q1 2013 Canadian Banking: Continuing Asset Growth Net Income ($ millions) 461 442 444 Q3/10 Q2/11 Scotiabank Q3/11 Year-over-Year Earnings up 4%; revenues up 2% + Solid asset and deposit growth - Margin decrease from competitive pressures, growth in variable rate mortgages and higher funding costs • PCLs down $18MM to $145MM • • • Expenses up 6% Higher pension costs from changes in actuarial assumptions - Higher performance based compensation Quarter-over-Quarter Earnings up 4%; revenues up 5% + Strong growth in retail mortgages, consumer auto loans and commercial loans + Higher credit fees in commercial banking PCLs unchanged Expenses up 8% - Longer quarter - Higher volume related expenses LO 5#612 International Banking: Good Performance and Diversification Net Income ($ millions) • 402 26 350 376 292 Q3/10¹ Q2/11 Portion of negative goodwill as described in Q2/11 Report to Shareholders • • Q3/11 • Year-over-Year Earnings up 20%; revenues up 6% Scotiabank + Broad based organic loan growth, particularly in commercial lending, and deposit growth + Benefit from acquisitions - Lower securities gains PCLs down $18MM to $120MM Expenses up 11% - Higher spending on growth initiatives in Mexico, Peru and Chile - Expenses associated with acquisitions Quarter-over-Quarter Earnings flat; revenues up 6% (excluding gain in Q2) + Continued loan and deposit growth - Impact of $52MM acquisition-related gain in Q2 ($26MM from new accounting standard) PCLs up $14MM Expenses up 9% - Investment to support future growth - Longer quarter and seasonality (1) Represents net income before deducting non-controlling interest to ensure comparability with 2011 results Global Wealth Management: Good Quarter Scotiabank 228 Q3/10¹ Net Income ($ millions) 489 260 229 Q2/11 256 • Q3/11 Gain on revaluation of original 18% stake in Dundee Wealth • Year-over-Year Earnings up 12%; revenues up 43% + DundeeWealth acquisition and strong ScotiaFunds sales + Higher insurance revenue Expenses up 67% - Impact of acquisitions - Higher volume related expenses Quarter-over-Quarter Earnings up 12%; revenues down 2% (excluding gain in Q2) - Weaker markets resulting in lower brokerage trading volumes Expenses down 8% + One-time integration costs in previous quarter - Higher remuneration costs (1) Represents net income before deducting non-controlling interest to ensure comparability with 2011 results CO 6#713 Scotia Capital: Challenging Markets Scotiabank 305 Net Income ($ millions) 357 289 Q3/10 Q2/11 Q3/11 • • • • Year-over-Year Earnings down 5%; revenues up 5% + Higher investment banking revenues - Lower trading revenue, primarily in fixed income PCLs of $8MM vs. reversals of $25MM Expenses up 17% - Higher remuneration and benefits to support growth initiatives in trading business - Higher support costs Quarter-over-Quarter Earnings down 19%; revenues down 8% - Lower fixed income trading revenue + Higher revenue in equities, foreign exchange and precious metals + Modest growth in corporate loans PCLs down $2MM Expenses down 13% + Lower performance based compensation Other Segment¹ ($ millions) Q3/10 Q2/11 Q3/11 Funding Net Interest Income (118) (75) (54) Net Securitization Revenues² (110) (78) (78) AFS Securities Writedowns (5) (6) (12) Financial Instruments (6) 60 11 General Allowance for Credit Losses 30 Expenses & Net Other Items (3) TEB Offset (70) Taxes Total 131 (181) 56 (69) 75 (56) 8 (73) (149) (71) Scotiabank 14 (1) Includes Group Treasury and other corporate items, which are not allocated to a business line (2) Represents the impact on the Other segment of CMB securitization revenues recognized in other income, and the reduction in mortgage net interest income earned as a result of removing the mortgages from the balance sheet 7#8Risk 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. $12.1MM in Q2/11 Scotiabank 80#918 Stable Specific Provisions Scotiabank ($ millions) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Canadian Retail 145 138 134 123 103 Canadian Commercial 24 34 31 22 42 169 172 165 145 145 International Retail 118 129 110 116 116 International Commercial 20 (1) (3) (10) 4 138 128 107 106 120 Global Wealth Management - 2 - 1 - Scotia Capital (7) (8) (3) 10 10 8 Total 300 294 269 262 273 PCL ratio (bps) 43 41 38 38 38 38 38 Exposures to Certain European Sovereigns & Banks Not Material (Balances at Q3/11, $ millions) Scotiabank Country Sovereign Banks Portugal 95 Ireland 2102 112 Italy 1,1273 Greece Spain Total 210 143 1,477 (1) Excludes trading securities exposures, which were not significant (2) Primarily central bank deposits arising from regulatory reserve requirements to support the Bank's operations in Ireland (3) Mostly short-dated precious metals activities in both trading and lending 9#1019 Risk Outlook • • Asset quality remains strong Retail and Commercial portfolios performing well Continued strength in Corporate portfolios Expect 2011 provisions to come below 2010 Lower Retail and Commercial provisions Corporate provisions modestly higher due to lower recoveries Anatol von Hahn Group Head, Canadian Banking Scotiabank Canadian Banking 2011 Outlook Scotiabank 10#11Canadian Banking: 2011 Outlook Scotiabank . • • Retail asset growth slowing, continued opportunities in Commercial Continuing deposit growth in retail, commercial and small business Margin pressure from low interest rate environment, in-line with market Retail PCLs stable going forward. Commercial PCLs impacted by single large account in Q3 21 • Expense control remains a priority Brian Porter International Banking 2011 Outlook Group Head, International Banking Scotiabank 11 11#1223 International Banking: 2011 Outlook Scotiabank • • • Good asset growth trend continues - Good balance between commercial & retail loan growth Latin America and Asia remain key growth drivers Focus remains on key organic growth initiatives - Emphasis on commercial banking, particularly in key markets Continued investments to increase retail sales productivity and expand retail sales capacity - including non-branch channels End-to-end process improvements in both commercial & retail Loan loss improvements are levelling off Meaningful investments in growth initiatives will continue Closed acquisition of Nuevo Banco Comercial in Uruguay this quarter; Puerto Rico and Thailand integrations progressing as planned • Well-positioned for selective, meaningful acquisitions Global Wealth Management 2011 Outlook Scotiabank Chris Hodgson Group Head, Global Wealth Management 12#13• Global Wealth Management: 2011 Outlook Strong AUM/AUA base to drive Wealth revenue growth - - $105 B in AUM, up 110% YoY (13% excluding DundeeWealth) $276 B in AUA, up 49% YoY Scotiabank Quarterly net sales of $1.1B in Scotia Funds and Dynamic, mitigating market declines Global Insurance outlook is strong - Attractive business with good growth potential and reduced market exposure New products, increased cross-sell and new contact centres will continue to drive top line Increased scrutiny on expense growth/new initiatives heading into 2012 Continue to hold strategically important investment in Cl Realignment of Wealth businesses to drive future performance - - Global Asset Management Global Wealth Distribution No changes to Insurance or Global Transaction Banking Mike Durland Group Head, Global Capital Markets & Co-CEO, Scotia Capital Scotia Capital 2011 Outlook Scotiabank 13#1427 Scotia Capital: 2011 Outlook • • • Scotiabank Cautiously optimistic on future loan growth Declining trend in loan volumes has leveled off Margins will remain pressured by the low interest rate environment Challenging markets are expected to present headwinds for trading but diversification of businesses mitigating negative impact Some benefits expected from growth initiatives Quality of loan portfolio remains strong Current pipeline is reasonably strong Expenses continue to be closely managed Appendix Scotiabank 14#1529 30 Net Interest Margin 1.75% 1.75% 1.68% 1.68% 1.67% Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Scotiabank Q3 Margin impacted by Higher volumes of low spread deposits • Higher trading profit in Scotia Capital ⚫ Wider spreads in Chile, Mexico and Asia ⚫ Lower gains from financial instruments Canadian Banking: Competitive Environment Revenues (TEB) ($ millions) 1,549 1,577 1,498 390 406 352 1,143 1,146 1,187 Q3/10 Q2/11 ■Commercial Banking Retail & Small Business Q3/11 • Scotiabank Year-over-Year Retail & Small Business + Deposit growth + Growth in residential mortgages and consumer auto loans - Ongoing shift in mortgage portfolio to lower margin variable rate mortgages Commercial Banking - Lower net interest income + Deposit growth Quarter-over-Quarter Retail & Small Business + Higher volume of residential mortgages - Continued competitive pressures Commercial Banking + Higher credit fees + Longer quarter 15#1631 Canadian Banking: Volume Growth Scotiabank Q3/11 Q2/11 Q/Q Average Balances ($ billions) Q3/10 Y/Y 139.2 136.7 2.5 Residential Mortgages¹ 130.1 9.1 37.2 36.6 0.6 Personal Loans 36.2 1.0 8.8 8.7 0.1 Credit Cards² 9.0 (0.2) Business Loans & 25.6 24.9 0.7 24.1 1.5 Acceptances 100.6 100.4 0.2 Personal Deposits 97.6 3.0 41.4 39.7 1.7 Non-Personal Deposits 39.0 2.4 (1) Before securitization (2) Includes ScotiaLine VISA Canadian Banking: Market Share Market Share (%) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Residential Mortgages¹ 20.40 20.53 20.54 20.47 20.30 Total Personal Lending¹ 18.27 18.27 18.20 18.14 18.14 Total Personal Deposits 1, 2 17.94 18.05 18.11 18.20 18.07 Small Business Lending³ 14.87 15.84 15.98 16.00 15.35 32 (1) Market share statistics are issued on a one-month lag basis (Q3/11: June 2011) and are based on a comparison of the "Big-6" banks (2) Restated to reflect new methodology, reflects market share amongst "Big-6" banks (3) Small Business statistics are on a four-months lag basis (Q3/11: March 2011) Sources: Personal Lending and Personal Deposits - Bank of Canada; Small Business Lending - CBA Scotiabank 16#1734 International Banking: Strong Performance Revenues (TEB) ($ millions) 1,316 1,339 1,260 292 307 274 441 461 456 26 530 557 571 Q3/10 Q2/11 Q3/11 Mexico Caribbean & Central America Latin America & Asia (☑represents portion of negative goodwill as described in Q2/11 Report to Shareholders) Year-over-Year Scotiabank Mexico + Improved commercial lending volumes and retail lending spreads Caribbean & Central America + Higher transaction based revenues • Latin America & Asia + Strong loan volume growth in Asia, Peru and Chile + Benefit of acquisitions - Lower gains on sales of securities Quarter-over-Quarter • Mexico • • + Improved retail lending spreads + Higher trading revenues Caribbean & Central America + Higher commercial banking revenue, mortgage fees and retail lending volumes Latin America & Asia + Continued solid loan growth in Peru and Asia - Impact of Q2 negative goodwill Global Wealth Management: Good Growth Revenues (TEB) ($ millions) 1,096 260 Year-over-Year Wealth Management + DundeeWealth acquisition + Organic growth Insurance 818 + Higher fee revenues 120 121 Scotiabank 571 104 716 697 467 Q3/10 Q2/11 Q3/11 Insurance Wealth Management (represents gain from revaluation of original 18% stake in DundeeWealth) Quarter-over-Quarter • Wealth Management • - Lower trading volumes and pricing pressure in discount brokerage Insurance + Continued progress in new products and sales + Longer quarter 17#1835 36 Global Wealth Management: Key Metrics Scotiabank ($ billions) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1 Assets Under Administration 185 195 203 280 276 Assets Under Management¹ 50 54 56 107 105 Mutual Funds Market Share in Canada vs. Schedule 1 Banks2 9.2% 9.2% 9.3% 18.7% 18.7% (1) Prior periods restated to conform with current presentation (2) Excludes Scotiabank's investment in CI Financial. As of Q2/11, includes DundeeWealth. Source: IFIC Scotia Capital: Challenging Markets Scotiabank Revenues (TEB) ($ millions) 795 697 731 Year-over-Year Global Capital Markets + Higher trading revenues in precious metals, equities and foreign exchange - Lower trading revenues in fixed income Global Corp. and Investment Banking + Higher investment banking revenues + Higher credit fees 438 363 387 310 357 368 Q3/10 Q2/11 Q3/11 Global Capital Markets Global Corporate & Investment Banking • Quarter-over-Quarter Global Capital Markets + Higher trading revenues in precious metals, equities and foreign exchange - Lower fixed income trading revenues Global Corp. and Investment Banking + Higher net interest income + Higher credit fees - Lower investment banking revenues 18#1938 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-09 Country 2010e 2011F 2012F Avg. Mexico 1.7 5.4 3.9 3.5 Peru 5.2 8.8 6.0 5.8 Chile 3.6 5.8 6.5 5.5 Jamaica 1.0 (1.2) 1.5 2.0 Trinidad & Tobago 6.4 (0.6) 2.2 3.0 Costa Rica 3.9 4.2 4.5 4.5 Dominican Republic 5.1 7.8 4.8 5.2 Thailand 4.1 7.9 4.8 5.0 2000-09 2010 2011F 2012F Avg. Canada U.S. 2.1 3.2 2.6 2.4 1.7 3.0 1.8 2.5 Source: Scotia Economics, as of August 5, 2011 Unrealized Securities Gains ($ millions) Q3/10 Q2/11 Q3/11 Emerging Market Debt 330 284 334 Other Debt 602 460 551 Equities 176 464 353 1,108 1,208 1,238 Net Fair Value of Derivative Instruments and Other Hedge Amounts (193) (82) (165) Total 915 1,126 1,073 Scotiabank Scotiabank 19#2039 Stable PCL Ratios Scotiabank (Specific PCL as % of average loans & BAs) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Canadian Banking Retail Commercial Total 0.33 0.31 0.29 0.28 0.22 0.39 0.56 0.51 0.36 0.65 0.34 0.34 0.32 0.29 0.27 International Banking Retail 1.89 2.02 1.76 1.94 1.84 Commercial 0.20 (0.01) (0.03) (0.10) 0.04 Total 0.86 0.77 0.65 0.67 0.71 40 Scotia Capital Corporate Banking (0.09) (0.11) (0.04) 0.15 0.12 All Bank 0.43 0.41 0.38 0.38 0.38 Improving Trend in Net Impaired Loan Formations ($ millions) 1,200 1,000 800 600 400 200 0 Scotiabank Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 20 20#21Improving 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#22International Banking Retail: Loans and Provisions 12.4 0.8 Scotiabank (Balances at Q3/11, $ billions) 2.6 Total Portfolio = $26B 76% secured Credit Cards ($1.8B) Personal Loans ($7.2B) ■Mortgages ($16.5B) 5.1 9.0 1.1 -0.3 4.8 < 0.1 1.7 3.2 0.6 3.7 3.0 1.8 0.8 C&CA % of total 49% Mexico 20% Chile Peru 19% 12% PCL Q3/11 Q2/11 Q3/11 Q2/11 Q3/11 Q2/11 Q3/11 Q2/11 $ millions 33 37 41 43 12 13 28 23 % of avg. 106 119 326 355 101 115 355 325 loans (bps) 43 44 International Commercial: Lending Portfolio Q3/11 = $38 billion Peru 14% Other 8% Mexico 11% Chile 14% • Well secured • Asia/Pacific (10 countries) 28% Caribbean & Central America 25% Portfolios in Asia/Pacific, Mexico, Chile, Peru and Central America performing well • Closely monitoring Caribbean hotel exposures Scotiabank 22#23Q3 2011 Trading Results Within One-Day VaR Scotiabank 45 ($ millions) 20 15 10 5 0 (5) (10) (15) (20) Q3 2011 Trading Revenue Distribution (# days) 10 46 8 6 4 2 -Actual P&L 1-Day VaR - Average 1-Day VaR Q3/11: $11.8MM Q2/11: $12.1MM Scotiabank ($ millions) 0 (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 86% of days had positive results in Q3/11 23 23