Q3/09 Financial Performance Overview

€ Scotiabank Canadian Banking Record Quarter Change ($MM) Q3/09 Q2/09 Q/Q NII 1,212 1,147 +65 Other 593 524 +69 Income Comments on Q/Q Movements higher margin, benefitting from re-pricing ■ 3 extra days higher wealth management revenues ■ increase in equity accounted earnings from DundeeWealth (DW) & CI ■ underlying expenses remain well controlled Expenses 933 899 (34) " higher commissions, 3 extra days PCL 169 188 +19 Net Income 500 410 +90 ■ lower commercial PCLs, $10MM auto sectoral in Q2 higher retail PCLS driven by credit cards ■record quarter ■ prudent risk and expense management, higher wealth management earnings 31 Scotiabank Canadian Banking Higher Margin, Wealth Management Revenues Revenues (TEB) ($ millions) 1,805 1,686 1,671 Q3/09 vs. Q2/09 revenues: up 8% + higher margin, 3 extra days + increased wealth management revenues, including higher equity accounted earnings from DW & CI 1,125 1,050 1,045 353 388 382 283 244 292 Q3/08 Q2/09 Retail & Small Business Commercial Banking Wealth Management Q3/09 Q3/09 vs. Q3/08 revenues: up 7% Retail & Small Business + asset & deposit growth + higher margin Commercial Banking + increased margin due partly to re-pricing + higher credit fees Wealth Management + higher Cl contribution & Scotia iTRADE acquisition - lower full service brokerage & mutual fund revenues due to market conditions 32

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