Canadian and International Banking Update

Scotiabank International Banking FX, Acquisitions, Business Growth Boost Revenues Revenues (TEB) ($ millions) 1,418 1,168 359 1,040 355 322 522 464 398 537 320 349 Q1/08 Q4/08 Q1/09 Mexico Caribbean & Central America Latin America & Asia Q1/09 vs. Q4/08 revenues: up 21% ■ Mexico + strong forex revenues negative impact of forex ■ Caribbean & Central America + forex, higher margin + widespread growth in fee-based revenue ■ Latin America & Asia + broad-based loan growth, wider spreads in Asia + $120MM of write-downs in Q4 Q1/09 vs. Q1/08 revenues: up 36% ■ Mexico + volume growth, higher margin + higher forex revenues, investment banking income ■ Caribbean & Central America + forex & acquisitions + P&C volume growth, partly offset by lower NIM ■ Latin America & Asia + acquisitions in Peru & Chile, forex + loan growth, forex revenues, & transaction-driven growth, partly offset by higher securities gains in Q1/08 39 Scotiabank 405 Scotia Capital Revenues: Best Quarter Since 2002 Revenues (TEB) ($ millions) 704 308 151 232 396 254 208 Q1/08 Q4/08 Global Capital Markets (GCM) Q1/09 Global Corporate & Investment Banking (GC&IB) Q1/09 vs. Q4/08 revenues: up 100%+ + significantly lower write-downs Global Corporate & Investment Banking + good growth in lending volumes, spreads & higher loan origination fees + record investment banking + higher acceptance & credit fees Global Capital Markets + record quarter for fixed income & precious metals + very strong institutional equity - derivative trading losses very strong FX, down from record Q4 Q1/09 vs. Q1/08 revenues: up 74% + significantly higher corporate loan volumes, interest margins, loan origination & other credit fees + strong revenues across most other income categories + lower write-downs 40

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