2008 Financial Overview and Trading Results

Scotiabank Trading Results Versus One-Day VaR ($ millions) 232 40 30 20 10 0 (10) (20) (30) (40) August 1, 2008 to October 31, 2008 - Actual P&L 1 day VaR Average one-day VaR: $20.1mm in Q4/08 vs $15.8mm in Q3/08 25 Scotiabank 10 # days Trading Revenues Q4/08 trading revenues ($ millions) 8 6 4 2 0 (40) (35) (30) (25) (20) (15) (10) (5) 0 5 10 15 20 25 30 35 40 ■80% of days had positive results in Q4/08 vs. 83% in Q3/08 26

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