Investor Presentaiton

Items of Note in Q1/09 Scotiabank Pre-tax After-Tax Gain/(Loss) ($MM) ($MM) AFS securities write-downs (236) (160) Other: Securities gains Underlying Gains Net AFS securities write-downs CDOS write-down Total EPS Impact 116 98 (120) (62) Other: Securities gains SC: Securities gains (24) (43) (24) Other/Other Income (19) (163) (86) 9 (9) cents Scotiabank Revenues (TEB) ($ millions) Good Revenue Growth 3,421 2,957 2,586 1,385 1,025 550 1,932 2,036 2,036 Q1/08 Q4/08 Q1/09 Other income Net Interest Income (TEB) Q1/09 vs. Q4/08 revenues: up 32% ■ net interest income unchanged + forex, full quarter impact of Q4/08 asset growth + ALM hedging loss in Q4/08 - lower margin ■ other income up 100%+ + Q1/09 write-downs significantly lower than Q4/08 + strong broad-based trading revenues, net of derivatives trading loss & excellent investment banking revenues + forex, acquisitions & higher securitization revenues - lower wealth management revenues Q1/09 vs. Q1/08 revenues: up 16% ■ net interest income up 5% + forex, acquisitions, & strong broad-based asset growth lower margin including increased liquidity premiums ■ other income up 35% + strong broad-based trading revenues, net of derivative trading loss, & excellent investment banking revenues + widespread increase in transaction-driven revenues + forex, acquisitions & higher securitization revenues - lower wealth management revenues 10

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