Investor Presentaiton

Impact on Scotiabank • Earnings • 88888888 8 9 9 - - Accretive to earnings in Year 1 Cost synergies not significant given stand-alone business model - Double digit return on invested capital in Year 1 Capital - - ING Direct Canada currently has excess capital Tier 1 Ratio of 25.6% and Total Capital Ratio of 29.2% $8 billion of liquid securities Following both the acquisition and the equity offering, Scotiabank expects to remain well within its targeted range of 7 - 7.5% common equity Tier 1 Ratio under Basel III through Q1 2013 Scotiabank 7

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