2010 Risk & Outlook Update

Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Strong Quarter Q1/10 Q4/09 Q1/10 vs. Q4/09 Q1/09 Q1/10 vs. Q1/09 988 902 10% Net Income ($MM) 842 17% $0.91 $0.83 10% EPS 17.4% 16.4% 1.0% ROE $0.80 14% 16.2% 1.2% 50.5% 54.2% (3.7)% Productivity Ratio Year-over-year earnings comparison Q1 earnings benefited from... • Higher net interest margin • Strong trading & wealth mgmt. • Significantly lower writedowns Scotiabank Partly offset by... 58.7% (8.2)% ⚫Significantly higher tax rate: $55MM writedown of future tax assets ⚫Negative impact of forex Modest increase in specific provisions 6

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