Investor Presentaiton

Scotiabank Scotiabank Performance Review Luc Vanneste Executive Vice-President & Chief Financial Officer 7 Items of Note (1) Reported Net Income ($MM) Q4 2008 315 3,140 Item of Note (After-tax $MM) Q4 2008 Valuation Adjustments Conduit CDOs Other CDOS Other AFS Securities SIVS/ABCP Trading Counterparty Lehman Brothers (137) (166) (122) (176) (150) (150) (7) (72) Other ALM Hedging Total (117) (117) (32) (109) (109) (642) (822) (1) See slide 35 for breakdown of Q4/08 items by business line and income statement line. 8

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