Investor Presentaiton

Scotiabank Other Segment (1) Impacted by Writedowns Q4/08 vs. Q4/07 net income - increased funding volumes, relatively higher cost for liquidity & hedging of interest rate risk - lower underlying securities gains + higher securitization revenues + lower expenses Net Income ($ millions) Q4/07 Q3/08 Q4/08 Reported (73) (85) (422) Items of Note (2) 39 235 Underlying (34) (85) (187) Q4/08 vs. Q3/08 net income - increased funding volumes, relatively higher cost for liquidity & hedging of interest rate risk - lower underlying securities gains + higher securitization revenues + lower expenses (1) includes Group Treasury and other corporate items, which are not allocated to a business line (2) see slides 35 and 36 for more details on items of note. 41 Gross Impaired Loan Formations Scotiabank Q4/08. $ millions Canadian Banking - Retail - Commercial International Banking Retail - Commercial 277 39 316 215 78 293 Scotia Capital - U.S. 6 - Canada & Other 6 Total 615 Canadian Retail: formations reflect growing portfolio size; underlying credit trends remain very good Canadian Commercial: underlying credit quality stable International Retail: formations across division, largely reflecting underlying growth and increase in delinquencies International Commercial: mainly additional classifications in Chile Scotia Capital: additional classification in one account in the U.S. 42

View entire presentation