Q3/09 Financial Performance Overview

Scotiabank Economic Outlook in Key Markets Real GDP (annual % change) 2000-07 Avg. 2008 2009f 2010f Mexico 2.9 1.3 (6.8) 3.4 Peru 5.1 9.8 2.3 4.2 Chile 4.4 3.2 (1.5) 3.0 Jamaica 1.5 (0.6) (4.0) 1.0 Trinidad & Tobago 8.2 3.5 (0.5) 3.0 Costa Rica 4.7 2.9 (1.5) 1.8 DR 5.4 4.8 0.5 2.0 Thailand 4.9 2.9 (3.0) 3.5 2000-07 Avg. 2008 2009f 2010f Canada 2.9 0.4 (2.2) 2.6 U.S. 2.6 0.4 (2.5) 3.0 Source: BNS Economics, as of August 26th, 2009 37 Scotiabank Scotia Capital Record Quarter ($MM) Q3/09 Q2/09 Change Q/Q NII 423 345 +78 Comments on Q/Q Movements higher capital markets interest ■ wider lending spreads & higher loan origination fees, largely offset by decrease in average loans Other ■ stronger capital markets revenues 681 502 +179 Income ■ higher investment banking revenues and credit fees Expenses 266 231 -35 ■ higher performance based compensation, in line with results PCL 106 159 +53 Net Income 470 328 +142 ■ higher technology costs and legal provisions ■ Q3/09 reflects $117MM specifics less $11MM reclassified from auto sectoral provision ■ a few accounts in the U.S. & Canada ▪Q2/09 included $50MM auto sectoral provision ■ record quarter ■ strong & diversified revenues, with good expense control and lower PCLS 38

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