Investor Presentaiton

Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Very Strong Quarter Q2/10 Q1/10 Q2/10 vs. Q1/10 Q2/10 vs. Q2/09 Q2/09 1,097 988 11% Net Income ($MM) 872 26% $1.02 $0.91 12% EPS $0.81 26% 19.9% 17.4% +250 bps ROE 16.8% +310 bps 49.9% 50.5% (60) bps Productivity Ratio 51.4% (150) bps Year-over-year earnings comparison Q2 earnings benefited from... • Significantly lower PCLS • Strong contributions from personal & commercial banking, wealth management • Higher securities gains & trading Scotiabank Partly offset by... • Negative impact of FX ⚫ Lower securitization revenues Higher expenses 6

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