Scotia Capital: 2010 Outlook

Canadian Banking: Market Share Market Share (%) 1 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Total Personal Lending 17.89 17.84 17.94 17.85 17.90 Total Personal Deposits 11.16 11.25 11.26 11.12 10.91 Mutual Funds 7.59 7.61 7.63 7.93 8.35 (1) Market share statistics are issued on a one-month lag basis. (Q4 09: September 2009) Total Personal Lending market share is based on a comparison with the big six banks. Total Personal Deposits market share is based on a comparison with the total industry. Mutual Funds market share is based on a comparison with total banks. Sources: Mutual Funds - IFIC; Personal Lending and Personal Deposits - Bank of Canada Scotiabank International Banking: Solid Underlying Revenues Revenues (TEB) ($ millions) Q4/09 vs. Q4/08 Revenues Up 15% excluding FX ■ Mexico - Negative FX impact 41 1,275 1,252 1,168 292 298 355 395 424 464 + Higher fee income, offset by lower margin ■ Caribbean & Central America - Negative FX & financial instrument impact + Higher retail loan growth & wider margins ■ Latin America & Asia Π 588 530 349 Q4/08 Mexico Q3/09 Q4/09 ■Caribbean & Central America Latin America & Asia + Q4/08 writedowns + Acquisitions/investment (Peru, Thailand) + Higher securities gains Q4/09 vs. Q3/09 Revenues Up 4% excluding FX ■ Mexico + Higher fee & trading income, offset by negative FX impact ■ Caribbean & Central America + $79MM Q3/09 writedown of an equity investment ■ Latin America & Asia - Negative impact of financial instruments + Higher securities gains Scotiabank 42

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