Q4 2009 Financial Results

Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Solid Quarter Q4/09 Q3/09 Q4/08 Q4/09 vs. Q4/08 Q4/09 vs. Q3/09 Net Income ($MM) 902 931 315 100%+ (3)% EPS $0.83 $0.87 $0.28 100%+ (5)% ROE 16.4% 17.3% 6.0% 10.4% (0.9)% Productivity Ratio 54.2% 51.0% 75.2% (21)% 3.2% Year-over-year earnings comparison Quarterly earnings benefited from... •Significantly lower writedowns ⚫Higher trading revenues • Positive impact of acquisitions Scotiabank Partly offset by... • Increase in specific provisions •Higher expenses • Negative impact of forex 8

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