Q1 2010 Scotiabank Risk Review and Outlook

International Banking: Solid Underlying Revenues Revenues (TEB) ($ millions) 1,418 1,374 1,252 359 336 298 522 480 424 537 530 558 Q1/09 Q4/09 Mexico Q1/10 Caribbean & Central America Latin America & Asia ■ Up 10% ■ Mexico Q1/10 vs. Q4/09 Revenues + Higher trading revenues & mutual fund fees + Gain from sale of pension business ■ Caribbean & Central America + Higher spreads & positive impact of Fl + Securities gains ■ Latin America & Asia + Positive impact of FI & higher credit fees - Writedown on investment in Venezuelan affiliate Q1/10 vs. Q1/09 Revenues ■ Down 3%, up 8% excluding FX (impacted all regions) ■ Mexico - Lower treasury gains + Gain from sale of pension business ■ Caribbean & Central America - Lower retail & commercial loan volumes + Higher spreads ■ Latin America & Asia + Higher securities gains - $32MM writedown on investment in Venezuelan affiliate Scotiabank 31 Scotia Capital: Diversified Revenue Strength Revenues (TEB) ($ millions) 910 900 704 443 503 308 396 467 397 Q1/09 Q4/09 Q1/10 Global Capital Markets Global Corporate & Investment Banking Scotiabank - - Q1/10 vs. Q4/09 Revenues Global Capital Markets + Higher derivatives & precious metals revenues Lower revenues from institutional equity Global Corporate & Investment Banking Lower credit fees vs. record in Q4/09 Decreased loan volumes & advisory fees + MTM gains on investments Q1/10 vs. Q1/09 Revenues Global Capital Markets +2nd best trading quarter ever + Significantly stronger derivatives revenues, partly due to derivative trading losses in Q1/09 Lower fixed income & FX revenues Global Corporate & Investment Banking + Wider spreads, higher credit & loan origination fees & MTM gains on investments Reduced loan volumes, lower investment banking revenues 32

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