2010 Outlook

Trading Revenue Q4/09 Trading Revenue 10 8 st 2 (# days) 0 (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 8 9 10 11 12 13 14 15 16 17 18 ($ millions) Scotiabank ■ 91% of days had positive results in Q4/09 Reclassification of Debt Securities to Loans (1) ($ millions) Before (2) After Change Personal Loans 50,719 58,434 7,715 Business & Government 125,503 127,235 1,732 Loans AFS Securities 38,823 30,294 (8,529) Deferred Tax Asset 2,800 2,477 (323) AOCI (3,596) (3,001) 595 ROE Impact Net Income Impact (1) 94% of reclassified AFS securities are investment grade (2) Reclassification as of November 1, 2008 Scotiabank (50) bps NIL 55 55 56

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