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LOCAL STRENGTH WITH GLOBAL REACH

An Overview of Scotiabank and Global Transaction Banking

Company Version (8.5x11)

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OVERVIEW

Scotiabank (as at April 30, 2011)

An international bank that operates in more than 50 countries around the world.

Established almost 180 years ago and based in Toronto, Canada.

Provides a complete range of financial solutions to individuals, small and medium enterprises, and corporate, institutional and government clients.

A multinational bank that operates as a local bank and serves over 18 million customers in 3,276 branches and offices worldwide through its team of more than 73,000 employees.

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OVERVIEW

Global Presence (as at April 30, 2011)

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Financial Highlights

1 Represented in Canadian dollars. Conversion to U.S. dollars at the average exchange rate of 0.98954 for the six months to April 30, 2011 is $2,772 million. 2 Represented in Canadian dollars. Conversion to U.S. dollars at the spot exchange rate of 0.945906 as at April 30, 2011 is $604 billion.3 Definitions are available on page 31. ⁴

As at April 30.

Q2/2011 YTD Q2/2010 YTD Fiscal Year 2010

Net income (CDN)3 $2,743 million1 $2,085 million $4,239 million

Return on equity (ROE) 20.6% 18.7% 18.3%

Earnings per share (diluted)

$2.44 $1.93 $3.91

Productivity ratio3 53.1% 50.2% 51.8%

Tier 1 capital ratio3 12.0%4 11.2%4 11.8%

Tangible common equity to risk-weighted assets3 9.3%4 8.9%4 9.6%

OVERVIEW

Worldwide Assets of approximately $572 billion2 as at April 30, 2011

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OVERVIEW

Scotiabank is among the world’s top banks by market capitalization

Market Capitalization

Source: Bloomberg Finance L.P. and Capital IQ as at June 1, 2011.

Dow Jones Global Bank Titans 30 Index As at June 1, 2011

Rank Country Bank Market Cap. (CAD$ MM)

1 CN Industrial and Commercial Bank of China Limited 246,597.80 2 CN China Construction Bank Corporation 225,878.10 3 GB HSBC Holdings plc 176,605.70 4 US JPMorgan Chase & Co. 161,195.20 5 US Wells Fargo & Company 138,413.20 6 US Citigroup, Inc. 111,927.50 7 US Bank of America Corporation 110,637.10 8 ES Banco Santander, S.A 95,679.80 9 BR Itaú Unibanco Holding S.A. 90,676.80

10 FR BNP Paribas 90,583.80 11 AU Commonwealth Bank of Australia 82,306.50 12 CA Royal Bank of Canada 78,326.40 13 CH UBS AG 72,147.30 14 CA The Toronto-Dominion Bank 71,605.70 15 AU Westpac Banking Corporation 68,563.50 16 BR Banco Bradesco S.A. 66,010.90 17 JP Mitsubishi UFJ Financial Group 64,624.80 18 CA The Bank Of Nova Scotia 62,920.70 19 AU Australia & New Zealand Banking Group Ltd. 59,545.00 20 AU National Australia Bank Limited 58,829.20 21 GB Lloyds Banking Group plc 54,596.00 22 DE Deutsche Bank AG 53,223.30 23 GB Barclays PLC 51,312.70 24 CH Credit Suisse Group 50,489.40 25 BR Banco Bilbao Vizcaya Argentaria, S.A. 50,203.50 26 US U.S. Bancorp 46,227.20 27 FR Societe Generale Group 40,867.60 28 IT UniCredit S.p.A. 39,628.90 29 JP Sumitomo Mitsui Financial Group Inc. 39,307.50 30 IT Intesa Sanpaolo SpA 31,127.10

Scotiabank’s

Ranking Among North American Banks

Rank Bank

1 JPMorgan Chase & Co. 2 Wells Fargo & Company 3 Citigroup, Inc. 4 Bank of America Corporation5 Royal Bank of Canada 6 The Toronto-Dominion Bank 7 The Bank Of Nova Scotia 8 U.S. Bancorp

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Cash Management & PaymentsOperating and Investment AccountsCash ManagementElectronic BankingPaymentsCommercial CardsGlobal Payments in foreign currenciesReconciliation and Fraud Detection services

Trade ServicesImport and Export SolutionsStandby Letters of CreditCommodity Trade FinanceCustomized Trade FinanceOnline Trade SolutionsReverse FactoringPre/Post Shipment FinancingSubsidiary FinancingCross Border Guarantees

GLOBAL TRANSACTION BANKING CAPABILITIES

GTB brings together cash management, payments, business deposits, electronic banking, trade services and correspondent banking services from across the Bank to meet the banking needs of customers around the globe. Our capabilities include:

With coverage across North America, the Caribbean, Central and South America, Europe, the Middle East, and Asia, our dedicated Relationship Managers bring together specialists from across Scotiabank to deliver customized solutions and seamless integration of our products and services.

Correspondent Banking

Global NetworkOn-the-GroundKnowledge Comprehensive Relationship

ManagementCommitted to CustomerServiceRepresentative Offices

Financial Supply Chain ManagementTailored Working Capital Solutions

Global Transaction Banking

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Commercial CardsDevelopments in 2011

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Commercial CardsAwards & Achievements

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AWARDS AND ACHIEVEMENTS

In 2010, Scotiabank was third globally of all VISA issuing Banks for number of awards won (5) , with only two other banks winning more. The awards recognize and acknowledge consistent, superior operational performance amongst VISA issuers (22,000 worldwide).

The Awards specific to the Commercial Card program were:

•Highest Authorization Approval Rate: This award recognizes customer service orientation, indicating that an issuer’s approval parameters have been set high enough to approve as many authorization requests as possible while still controlling risk.

•Highest Chargeback Effectiveness Rate: This award reflects efficiency in processing exception items, and acknowledges those issuers with the fewest percentage of charge backs returned as re-presentments.

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Michel CardinalDirector

Vimal Wickramasinghe (S.M)Implementation & Support

Debra Remeshylo (S.M.)Implementation & Support

Rosie BazarganiAdministration

Tom Cryan (P.M)Implementation & support

Ellen Kokkros (S.A)Implementation & Support

Carlos Wilson (P.M)Implementation & support

Jessica Coelho (S.A)Implementation & Support

Erica Bohorquez (S.A)Implementation & Support

Reisha Moffat (P.M)Implementation & support

Kirk Mason (S.A)Implementation & Support

Joseph Migliacci (P.M)Implementation & support

Priom Howlader (P.M.)Implementation & Support

Janelle Bernardo (S.A)Implementation & Support

Ruta Girdauskas (S.M.)Commercial Cards

Josie Piazza Product Manager

Maria Fathallah (S.M)Business card

Heather di Santo,Product Manager

Frances NakamurraProduct Manager

Tina PleauProduct Manager

Zulqer Khan (P.M)Implementation & support

COMMERCIAL CARDS – ORGANIZATIONAL REALIGNMENT

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Cameron McPhailCommercial Card

VP & Director

Regional Commercial CardSales Force

Don MansonSr. Growth manager

Rosie BazarganiAdministration

Donna MarcucciSr. Growth Manager

Darren Ing (S. Manager)Western Corporate Sales

Jason Straw (S. Manager)Ontario Corporate Sales

Sean Francis (S. Manager)Eastern Canada,

Commercial/Corporate Sales

Donna FreemanSr. Growth Manager

Shirley CunninghamSr. Growth manager

Ted TrenholmSr. Growth Manager

Shaun EastSr.Growth Manager

Adam Ferguson (S. Manager)Central Canada Corporate Sales

Mindy Combow (S. Manager)U.S. Corporate Sales

Irene Lauria (S. Manager)Ontario

Commercial/Corporate Sales

COMMERCIAL CARDS – ORGANIZATIONAL REALIGNMENT

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• We are happy to announce a new business partnership with:

An industry leader in expense management solutions

COMMERCIAL CARDS – NEW STRATEGIC PARTNERSHIP

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•Negative growth from 2007 to 2009

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

2009Est 2010Est 2012Proj

Purchasing $ 161 Bln $ 176 Bln $ 213 Bln

Travel $138 Bln $156 Bln $ 170 Bln

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

2009Est 2010Est 2012Proj

Purchasing $ 161 Bln $ 176 Bln $ 213 Bln

Travel $138 Bln $156 Bln $ 170 Bln

•Approximately $40Bln in transaction cost savings in 2010 from the use of Purchasing cards

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

2009Est 2010Est 2012Proj

Purchasing $ 161 Bln $ 176 Bln $ 213 Bln

Travel $138 Bln $156 Bln $ 170 Bln

•Approximately $40Bln in transaction cost savings in 2010 from the use of Purchasing cards•Surveys indicate that corporations continue to be bullish about their intentions to expand their card programs

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

2009Est 2010Est 2012Proj

Purchasing $ 161 Bln $ 176 Bln $ 213 Bln

Travel $138 Bln $156 Bln $ 170 Bln

•Approximately $40Bln in transaction cost savings in 2010 from the use of Purchasing cards•Surveys indicate that corporations continue to be bullish about their intentions to expand their card programs •Use of Electronic Accounts Payable (non-plastic accounts) continues to grow

COMMERCIAL CARDS – THE BIG PICTURE

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•Negative growth from 2007 to 2009 •Since 2009, Purchasing and Travel spend has rebounded sharply and continues to show solid growth

2009Est 2010Est 2012Proj

Purchasing $ 161 Bln $ 176 Bln $ 213 Bln

Travel $138 Bln $156 Bln $ 170 Bln

•Approximately $40Bln in transaction cost savings in 2010 from the use of Purchasing cards•Surveys indicate that corporations continue to be bullish about their intentions to expand their card programs •Use of Electronic Accounts Payable (non-plastic accounts) continues to grow•Growing interest in “straight-through-processing” or “buyer initiated payments”

COMMERCIAL CARDS – THE BIG PICTURE

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However, some threats still very present:

•North American economy still facing serious headwinds double-dip recession?

•Massive changes to US regulatory environment (Frank-Dodd and Durbin amendment) may pose a threat to issuers

COMMERCIAL CARDS – THE BIG PICTURE

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OUR KEY OBJECTIVES FOR THE CONFERENCE

• The conference is devised to help you get the most out of your respective card programs.

• Please network to your heart’s content, you’ll have ample opportunity to do so.

• Enjoy and learn from the numerous presentations by Bank personnel, guest speakers and clients

• Please let us know how we are doing and what we can do to continue to improve our products and service level. . .

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Let’s get started !