Financial Review Q3/11

Overview Rick Waugh President & Chief Executive Officer Scotiabank Q3 2011 Overview Good quarter Net income: $1,285 million EPS: $1.11, up 13% vs. prior year ROE: 17.8% • • Focus on core business continues to produce sustainable revenue growth and positive results Credit conditions continue to be benign; gross non-performing loans declined • Strong internal capital generation drove increase in Tier 1 capital ratio to 12.3% • Fully expect to achieve 2011 targets Scotiabank 2

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