Q4 2009 Financial Results

Canadian Banking: Higher Margin, Wealth Management Revenues Revenues (TEB) ($ millions) 1,886 1,805 1,714 1,038 1,125 1,199 397 388 365 279 292 322 Q4/08 Q3/09 Q4/09 Retail & Small Business ■Commercial Banking ■Wealth Management Q4/09 vs. Q4/08 Revenues Retail & Small Business + Increased assets & deposits + Higher margin Commercial Banking + Asset re-pricing - Lower asset levels Wealth Management + Increased contributions from CI & Dundee Wealth + Higher revenues from iTRADE Q4/09 vs. Q3/09 Revenues + Higher margin, benefiting from asset re-pricing + Increased wealth management revenues due to stronger market conditions: + Higher full service brokerage revenues + Strong mutual fund sales Scotiabank Canadian Banking: Volume Growth 39 Average Balances ($ billions) Q4/09 Q3/09 Q4/08 Y/Y Q/Q Residential Mortgages (1) 122.9 119.9 115.3 6.6% 2.5% Personal Loans 36.9 35.8 32.3 14.1% 3.1% Credit Cards (2) 9.3 9.2 9.0 3.4% 0.6% Non-Personal Loans & 23.6 25.0 27.7 (14.7)% (5.4)% Acceptances Personal Deposits 93.5 93.8 87.2 7.2% (0.3%) Non-Personal Deposits 54.1 52.5 45.3 19.5% 3.0% Wealth Management AUA 136.8 126.8 127.5 7.3% 7.9% (1) Before securitization (2) Includes ScotiaLine VISA Scotiabank 40

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