Investor Presentaiton

Q3 2011 Trading Results Within One-Day VaR Scotiabank 45 ($ millions) 20 15 10 5 0 (5) (10) (15) (20) Q3 2011 Trading Revenue Distribution (# days) 10 46 8 6 4 2 -Actual P&L 1-Day VaR - Average 1-Day VaR Q3/11: $11.8MM Q2/11: $12.1MM Scotiabank ($ millions) 0 (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 86% of days had positive results in Q3/11 23 23

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