Financial Overview and 2012 Outlook

Fundamentals Delivering Positive Results Scotiabank Q4/11 Q3/11 Q/Q Q4/10 Y/Y $1,240 $1,285 (4%) Net Income ($MM) $1,115 11% $1.07 $1.11 (4%) EPS $1.00 7% 16.6% 17.8% (120) bps ROE 17.9% (130) bps 57.0% 54.5% (250) bps Productivity Ratio 54.4% (260) bps Year-over-Year Comparison Q4 earnings benefited from... Partly offset by... • Impact of acquisitions • Growth in earning assets • Stronger securitization revenues Record Revenue 4,012 Revenue (TEB) ($ millions) 4,373 4,420 1,942 1,948 1,699 . Higher operating expenses • Lower trading revenues due to weak market conditions • Lower margin Scotiabank Year-over-Year Net interest income up 7% + Asset growth - Margin compression Other income up 15% + Impact of acquisitions - Lower trading revenue in fixed income and institutional equity 2,313 2,431 2,472 Q4/10 Q3/11 Q4/11 Net Interest Income (TEB) Other Income • Quarter-over-Quarter Net interest income up 2% + Growth in assets - Lower margin Other income up modestly + Stronger securitization revenues -Lower trading revenues - Lower net gains on securities 4

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