Investor Presentaiton

Scotiabank Impact of Forex Impact ($ millions) Q1/09 vs. Q4/08 Net Interest Income (TEB) 56 Other Income 26 Q1/09 vs. Q1/08 146 64 Non-interest expenses Net income (15) (67) 54 106 EPS (diluted) 5 cents 11 cents Scotiabank Average Rates Q1/09 Q4/08 Q1/08 $US/$CAD 0.82 0.91 1.01 Mexican peso/$CAD 11.06 10.18 10.99 Peruvian new sol/$CAD 2.56 2.73 3.03 Chilean peso/$CAD 531.0 518.40 497.85 37 Revenues (TEB) ($ millions) 1.714 1,702 1,510 Canadian Banking Strong Volume Growth Q1/09 vs. Q4/08 revenues: down 1% - 8 bps decrease in margin + record deposit growth, +$7.8B (6%), slowing asset growth (1% ex. CI) + stable Wealth Mgmt. revenues: acquisitions offset lower revenues relating to market conditions Q1/09 vs. Q1/08 revenues: up 13% Retail & Small Business + strong asset & deposit growth + widespread growth in fee-based income Commercial Banking + strong deposit & asset growth + higher margin, benefitting from re-pricing of loans Wealth Management + acquisitions: E*TRADE, stake in CI Financial lower mutual fund & full-service brokerage revenues given difficult market conditions 1,038 1,041 933 397 282 384 295 279 277 Q1/08 Q4/08 Q1/09 Retail & Small Business ■Commercial Banking ■Wealth Management 38

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