2011 Outlook

Strong Quarter Q4/10 Q3/10 Q/Q Q4/09 Y/Y 1,092 1,062 3% Net Income ($MM) 902 21% $1.00 $0.98 2% EPS $0.83 20% 17.9% 18.2% (30) bps ROE 16.4% 150 bps 54.4% 52.5% (190) bps Productivity Ratio 54.2% (20) bps Year-over-year comparison Q4 earnings benefited from... Partly offset by... • Asset growth and record net interest income • Lower PCLS • Increase in mutual fund revenues Scotiabank • Growth in operating expenses ⚫Lower trading revenues Higher tax provisions Consistent Growth in Revenues 3,808 Revenues (TEB) ($ millions) 4,012 3,854 1,636 1,611 1,699 2,172 2,243 2,313 Q4/09 Q3/10 Q4/10 Other Income Net Interest Income (TEB) Scotiabank Year-over-Year ■ Net interest income up 6% + Higher asset levels ■ Other income up 4% + Higher mutual fund revenues + Higher securitization revenues + Higher net gains on securities - Lower trading revenues Quarter-over-Quarter ■ Net interest income up 3% + Improved margin ■ Other income up 5% + Higher contribution from R-G Premier + Stronger securitization and trading revenues - Lower net gains on securities 7 8

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