Investor Presentaiton

Canadian Banking: Positive Momentum Continues 500 Net Income ($ millions) 584 604 Year-over-Year ■ Revenues up 9% + Volume growth, flat margin + Higher wealth management, commercial and retail banking revenues ■ PCLs down $6MM Expenses up 5% - - Expenses related to growth initiatives - Volume related costs Q3/09 Q2/10 Q3/10 Scotiabank Quarter-over-Quarter ■ Revenues up 1% + Higher wealth management revenues - Decrease in margin ■ PCLs down $26MM Expenses up 3% - Longer quarter - Volume related costs + Lower performance-based compensation 11 International Banking: Earning Through Challenges Net Income ($ millions) 312 317 288 Year-over-Year ■ Revenues up 9% (up 16% ex. FX) + Wider loan spreads in Mexico and Central America + Net gains on securities FX impact - Decline in commercial lending volumes ■ PCLs down $41MM - Expenses up 5% - Higher compensation costs - Increased marketing expenses & business taxes Quarter-over-Quarter ■ Revenues up 9% (up 8% ex. FX) + Benefit of acquisitions + Margin improvements - Lower gains on securities ■ PCLs down $35MM Q3/09 Q2/10 Q3/10 " Expenses up 11% - Impact of R-G Premier acquisition Scotiabank 12

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