Investor Presentaiton

Scotiabank net income, $ millions Core Earnings Remain Solid 1,724 1,564 1,250 1,186 1,125 787 Canadian Banking International Scotia Capital 106 Other* (557) 2007 2008 Year-over-year Canadian Banking: Strong deposit & asset growth & positive impact of acquisitions, partly offset by higher PCLs, slightly lower margin, 2007 Visa gain International: Very strong loan growth & positive impact of acquisitions, offset by higher growth- related expenses, PCLs, tax rate, and items of note (writedowns in 2008, Visa gain in 2007) Scotia Capital: Record revenues in certain businesses, strong revenue growth in loan portfolios, more than offset by writedowns, lower loan loss & interest recoveries, and impact of difficult markets Other: Increased liquidity & funding costs, lower securities gains, and items of note includes Group Treasury and other corporate items, which are not allocated to a business line Scotiabank 5 Strong Capital Capital ratios (%) 11.5 11.1 Total 10.5 9.8 Tier 1 9.3 9.3 TCE 7.6 7.2 7.3 Q4/07 Q3/08 Q4/08 6

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