Q3/09 Financial Performance Overview

Scotiabank Net Income ($ millions) 463 410 500 Canadian Banking Record Quarter Q3/09 vs. Q2/09 net income: up 22% + revenues up 8% - + higher margin, 3 extra days + increased wealth management revenues, benefitting from stronger market conditions & market share gains + PCLs down $19MM due to lower commercial provisions & $10MM sectoral in Q2 expenses up 4% - increased commissions & stock based compensation - 3 extra days Q3/09 vs. Q3/08 net income: up 8% + revenues up 7% + strong volume growth, impact of acquisitions - lower margin PCLs up $70MM expenses up only 2% - acquisitions, partly offset by strong cost control Q3/08 - Q2/09 Q3/09 Scotiabank Net Income ($ millions) 13 International Banking Solid Underlying Quarter Q3/09 vs. Q2/09 net income: down 6% revenues down 3%, or up 3% ex. forex - + FV changes in certain financial instruments + $36MM Q2 loss on sale of credit card portfolio + widening interest margins - $79MM write-down on an equity investment PCLs up $35MM net of Q2 reversal of $29MM in Mexico + expenses down 2%, due to forex Q3/09 vs. Q3/08 net income: down 7% + revenues up 3% + positive impact of forex & acquisitions + underlying loan growth and wider interest margins 335 332 312 - $40MM IPO gain in Mexico last year - Q3/08 Q2/09 Q3/09 securities write-downs, largely offset by FV changes PCLs up $123MM (incl. $44MM from acquisitions) - expenses up 3% - acquisitions & branch expansion 14

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