Canadian and International Banking Update

Scotiabank Overview Rick Waugh President & Chief Executive Officer 3 Scotiabank Solid Performance in a Challenging Environment ■ Challenging environment - ongoing volatility in global financial markets - major economies in deepening recession ■ Solid performance + good core growth across all businesses + contribution from acquisitions + excellent capital markets performance despite securities write-downs + higher capital ratios + dividend maintained - higher PCLs, funding and capital costs 4

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