Investor Presentaiton

Scotiabank Solid Core Results (1) Core Change Q4/08 Items Q4/08 Qtr/Qtr Yr/Yr Reported of Note Core Net income ($MM) $315 $642 $957 (5)% 8% EPS $0.28 $0.65 $0.93 (5)% 6% ROE 6.0% 19.2% (180) bp (30) bp Productivity ratio 75.2% 54.9% 60 bp (40) bp Quarter over quarter (core) + Strong asset growth + Wider corporate spreads + Impact of acquisitions - · Decrease in securities gains - Lower wealth management revenues - Increased loan losses (1) Adjusted for items of note (Q4/08: $(642)MM after-tax, Q4/07: $65MM after-tax). See slides 35 and 36 for more details. 9 Scotiabank Good Underlying Revenue Growth Revenues (TEB) ($ millions) 3,477 3,544 (1) 3,240 (1) 796 (1) 1,428 1,308 (1) 550 162 (1) 1,932 2,049 2,036 Q4/07 Q3/08 Q4/08 Other income Writedowns Net Interest Income (TEB) Q4/08 vs. Q4/07 revenues: up 9% (1) ■ net interest income up 14% (1) + broad based asset growth + positive impact of acquisitions lower margin ■ other income up 3% (1) + record forex & precious metals trading, higher securitizations & acquisitions - lower underlying securities gains, securities trading Q4/08 vs. Q3/08 revenues: up 2% (1) ■ net interest income up 7% (1) + strong asset growth, including acquisitions + positive impact of forex + stable underlying margin ■ other income down 6% (1) - lower capital markets related revenues: lower underlying securities gains, underwriting & securities trading + higher securitization revenues + record forex & precious metals trading (1) Adjusted for items of note (Q4/08: $(958)MM pre-tax, Q4/07: $54MM pre-tax). See slides 35 and 36 for more details. 10

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