Investor Presentaiton

Scotiabank Scotia Capital Very Strong Net Income 191 Net Income ($ millions) 44 300 Q1/08 Q4/08 Q1/09 Q1/09 vs. Q4/08 net income: 100%+ + revenues up 100%+ + significantly lower write-downs + higher corporate loan volumes, spreads & fees + excellent underlying capital markets revenues - derivative trading losses & lower FX revenues expenses up 17% - higher performance-based compensation + provisions flat Q1/09 vs. Q1/08 net income: up 57% + revenues up 74% + broad based growth + lower write-downs expenses up 52% higher performance-based compensation - increased salaries, other personnel, technology & support costs Scotiabank 15 Other Segment* Impacted by Funding Costs & Write-downs Net Income ($ millions) Q1/08 (18) Q4/08 Q1/09 Q1/09 vs. Q4/08 net income + higher securitization revenues + favourable change in FV of financial instruments used for ALM + lower net securities write-downs relatively higher funding costs compared to declining transfer pricing rates (422) (284) Q1/09 vs. Q1/08 net income - relatively higher funding costs compared to declining transfer pricing rates - write-downs on AFS securities - unfavourable change in FV of financial instruments used for ALM + higher securitization revenues * includes Group Treasury and other corporate items, which are not allocated to a business line 16

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