Investor Presentation - First Quarter 2010

Economic Outlook in Key Markets Real GDP (Annual % Change) 2010E 2009F 2008 2000-07 Avg. Mexico 4.2 (6.5) 1.3 2.9 Peru 4.2 1.4 9.8 5.1 Chile 5.0 (1.5) 3.2 4.4 Jamaica (0.5) (4.0) (1.0) 1.5 Trinidad & Tobago 2.5 (2.5) 2.3 8.2 Costa Rica 1.8 (1.5) 2.9 4.7 Dominican Republic 3.2 2.5 5.3 5.4 Thailand 4.0 (2.3) 2.9 4.9 2010E 2009F 2008 2000-07 Avg. Canada 2.7 (2.4) 0.4 2.9 U.S. 3.1 (2.5) 0.4 2.6 Source: Scotia Economics, as of March 8th Scotiabank 33 Unrealized Securities Gains ($ millions) Emerging Market Debt Other Debt Equities Net Fair Value of Derivative Instruments and Other Hedge Amounts Total Scotiabank Q1/10 Q4/09 383 461 672 512 190 40 1,245 1,013 (217) (185) 1,028 828 34

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