2010 Outlook

Scotia Capital: 2nd Highest Revenue Quarter Revenues (TEB) ($ millions) 1,104 614 910 443 232 490 467 208 24 Q4/08 Q3/09 Q4/09 Global Capital Markets Global Corporate & Investment Banking Scotiabank Q4/09 vs. Q4/08 Revenues + Q4/08 included $503MM in writedowns Global Capital Markets + Stronger fixed income & equity revenues - Lower FX revenues, vs. record in Q4/08 Global Corporate & Investment Banking + Record credit fees & investment banking revenues + Significantly wider lending spreads & higher loan origination fees - Lower loan volumes Q4/09 vs. Q3/09 Revenues Global Capital Markets - - 2nd best trading quarter ever, but down vs. record Q3 Lower derivatives & fixed income revenues Global Corporate & Investment Banking - Lower loan volumes, but wider lending spreads Decreased loan origination fees - + Record credit fees & investment banking revenues 43 Economic Outlook in Key Markets Real GDP (Annual % Change) 2010E 2009F 2008 2000-07 Avg. Mexico 3.4 (6.8) 1.3 2.9 Peru 4.2 1.4 9.8 5.1 Chile 5.0 (1.5) 3.2 4.4 Jamaica 0.0 (4.0) (1.0) 1.5 Trinidad & Tobago 3.0 (0.7) 3.5 8.2 Costa Rica 1.8 (1.5) 2.9 4.7 Dominican Republic 2.0 0.5 4.8 5.4 Thailand 4.0 (3.5) 2.9 4.9 2010E 2009F 2008 2000-07 Avg. Canada 2.7 (2.4) 0.4 2.9 U.S. 3.1 (2.5) 0.4 2.6 Source: Scotia Economics, as of December 7th Scotiabank 44

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