Investor Presentaiton

Solid Revenues, Impacted by FX Revenues (TEB) ($ millions) 3,843 3,808 1,599 1,636 2,586 550 2,244 2,036 2,172 Q4/08 Q3/09 Q4/09 Other Income Net Interest Income (TEB) Q4/09 vs. Q4/08 Revenues ■ Net interest income up 7% + Higher margin & asset growth Negative impact of FX ■ Other income up 100%+ + Significant increase in securities gains & trading revenues vs. writedowns in Q4/08 + Higher credit & underwriting fees + Increased mutual fund revenues Q4/09 vs. Q3/09 Revenues ■ Net interest income down 3% + Asset re-pricing - Decrease in loan volumes - Negative impact of financial instruments & FX ■ Other income up 2% + Higher net gains on securities + Higher credit, underwriting & mutual fund fees - Continued strong trading, but down vs. record Q3 - Lower securitization revenues, negative impact of FX Scotiabank Asset Balances Average Assets ($ billions) (2)% Q4/09 vs. Q3/09 Business & Government (1) (11)% Negative impact of FX Loan paydowns in Q4, full quarter impact of loan paydowns in Q3 507 495 Residential mortgages • 118(2) 121(2) • Personal loans 60 60 Business & government 120 107 Securities 103(2) 98(2) Other 106 109 Q3/09 Q4/09 (1) Includes BAs (2) Residential Mortgages and Securities exclude the impact of MBS which were transferred into securities Scotiabank 11 12

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