Investor Presentaiton

Scotia Capital: Lower Trading Revenues 1,104 614 Revenues (TEB) ($ millions) 858 697 500 387 490 358 310 Q3/09 Q2/10 Q3/10 Global Capital Markets Global Corporate & Investment Banking Scotiabank Year-over-Year ■ Global Capital Markets - Lower derivatives, fixed income & institutional equity revenues compared to prior year's record revenues + Precious metals revenues ■ Global Corporate & Investment Banking - Significantly lower loan volumes, modestly lower spreads and lower loan origination fees Quarter-over-Quarter ■ Global Capital Markets - Lower derivatives, fixed income & institutional equity revenues + Precious metals revenues ■ Global Corporate & Investment Banking - Lower loan volumes and loan origination fees - Lower MTM gains 33 Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-08 Avg. 2009 2010F 2011F Mexico 2.8 (6.5) 4.8 3.5 Peru 5.6 0.9 7.0 5.4 Chile 4.3 (1.5) 4.2 5.8 Jamaica 1.4 (3.0) (0.5) 1.5 Trinidad & Tobago 7.5 (3.2) 2.0 2.5 Costa Rica 4.5 (1.3) 3.5 3.0 Dominican Republic 5.4 3.0 4.5 4.0 Thailand 4.6 (2.3) 5.5 4.0 2000-08 Avg. 2009 2010F 2011F Canada 2.6 (2.5) 3.3 2.6 U.S. 2.3 (2.6) 3.0 2.5 Source: Scotia Economics, as of August 30, 2010 Scotiabank 34

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