Investor Presentaiton

Scotiabank Strong Quarter Q3/09 Reported Qtr/Qtr Yr/Yr Net income ($MM) $931 +7% (8)% EPS $0.87 +7% (11)% ROE 18.0% 40 bps (300) bps 51.0% (40) bps (330) bps Productivity ratio Quarter over quarter + Strong capital markets related revenues, driven by record trading revenues + Increased margin + Higher wealth management revenues - Negative impact of forex - Higher provisions for credit losses Lower securitization revenues Scotiabank Revenues (TEB) ($ millions) 3,843 3,673 3,477 1,599 1,509 1,428 2,049 2,164 2,244 Q3/08 Q3/09 Q2/09 Other income Net Interest Income (TEB) 7 Record Revenues Q3/09 vs. Q2/09 revenues: up 5% ■ net interest income up 4% + higher margin, longer quarter negative impact of forex & lower asset volumes ■ other income up 6% + excellent trading revenues, higher mutual fund fees + increase in fair value of financial instruments (FI) - lower securitization revenues vs. high level in Q2 -negative impact of forex Q3/09 vs. Q3/08 revenues: up 11% ■ net interest income up 10% + broad-based asset growth, positive impact of forex + increase in fair value of FI lower margin ■ other income up 12% + significantly higher trading revenues + increased credit fees, investment banking revenues & securitization revenues + positive impact of forex, increase in fair value of FI losses on investment securities vs. gains in Q3/08 8

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