Q3 2008 Financial Overview

Scotiabank Scotiabank Performance Review Luc Vanneste Executive Vice-President & Chief Financial Officer 5 Q3/08 Solid Quarter Change Q3/08 Qtr/Qtr Yr/Yr Net income ($ millions) $1,010 3% (2)% EPS $0.98 1% (4)% ROE 21.0% (40) bp (70) bp Productivity ratio 54.3% (50) bp 130 bp Quarter over quarter + continued asset growth + higher trading, investment banking + increased securities gains - higher funding costs - increased expenses - higher taxes - increase in preferred dividends 6

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