Canadian and International Banking Update

Scotiabank Performance Review Luc Vanneste Executive Vice-President & Chief Financial Officer 7 Solid Quarter Scotiabank Q1/09 Reported Qtr/Qtr Yr/Yr Net income ($MM) $842 100%+ 1% EPS $0.80 100%+ (2)% ROE 16.9% 1090 bp (140) bp 58.7% Productivity ratio Quarter over quarter + Significantly lower write-downs in Q1 + Higher investment banking fees + Increased trading revenues + Positive impact of forex - Higher performance based comp. (1650) bp 220 bp - Increased PCLS - Lower margin 8

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