Strong Quarter Financial Performance

Outlook for Balance of 2010 Objective ROE Target YTD Q3/10 16% to 20% 18.5% EPS Growth 7% to 12% 17.3% Productivity Ratio < 58% 50.9% Tier 1 11.7% Capital ratios Strong Capital Ratios TCE = 9.3% . Well positioned to meet full year targets Scotiabank Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer 5

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