2010 Financial Overview

Canadian Banking: Strong Y/Y Performance in Wealth Management 1,886 Revenues (TEB) ($ millions) 1,971 Year-over-Year ■ Retail & Small Business 1,974 + Asset growth 1,192 1,221 1,199 409 399 365 322 370 354 Q4/09 Q3/10 Retail & Small Business Commercial Banking Wealth Management Scotiabank Q4/10 + Higher net interest income ■ Commercial Banking + Lower PCLS + Higher fee based revenues and securities gains ■ Wealth Management + Significant asset growth + Increased contributions from CI & DW Quarter-over-Quarter + Asset and deposit growth Non-recurring positive items in Q3 Canadian Banking: Volume Growth Average Balances ($ billions) Q4/10 Q3/10 Q4/09 Y/Y Q/Q Residential Mortgages (1) 134.2 130.9 122.9 11.3 3.3 Personal Loans 39.0 38.5 36.9 2.1 0.5 Credit Cards (2) 9.0 9.1 9.3 (0.3) (0.1) Business Loans & 24.7 24.7 23.6 1.1 0 Acceptances Personal Deposits (3) 106.9 105.6 93.5 13.4 1.3 Non-Personal Deposits 58.9 58.5 54.1 4.8 0.4 Wealth Mgmt. AUA (Spot) 156.5 147.6 136.8 19.7 8.9 (1) Before securitization (2) Includes ScotiaLine VISA (3) Effective November 1, 2009, $10 billion of broker sourced deposits were transferred from the Other segment into Canadian Banking. Scotiabank 33 34

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