Financial Review Q3/11

Luc Vanneste Executive Vice-President & Chief Financial Officer Financial Review Fundamentals Delivering Positive Results Scotiabank Scotiabank Q3/11 Q2/111 Q/Q Q3/10 Y/Y $1,285 $1,257 2% Net Income ($MM) $1,0862 18% $1.11 $1.10 1% EPS $0.98 13% 17.8% 18.5% (70) bps ROE 18.2% (40) bps 54.5% 55.3% 80 bps Productivity Ratio 52.5% (200) bps Year-over-Year Comparison Q3 earnings benefited from... • Solid organic growth • Increased contribution from acquisitions Partly offset by... Investments in growth initiatives • Lower trading revenues • Improved PCLS • Strong Canadian dollar (1) Excluding $286MM impact from acquisition-related gains (2) Represents net income before deducting non-controlling interest to ensure comparability with 2011 results 3

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