Canadian and International Banking Performance

Rick Waugh President & Chief Executive Officer Q2 2011 Overview • • • Solid quarter Net income: $1,543 million EPS: $1.36 Overview Scotiabank • Includes $0.26 of one-time gains related to recent acquisitions • Also includes ($0.03) of FX impact • Compares to $1.02 in Q2/10 Scotiabank Revenue growth of 9% excluding one-time gains ROE: 22.9% Well diversified, straightforward and proven model with all business lines contributing Completed DundeeWealth acquisition Achieved milestone of over $100 billion in Assets Under Management Continued benign credit market with lower provisions for credit losses Strong capital ratios with Tier 1 capital of 12.0% 2

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