EXECUTIVE PROFILE*

Richard Earl Waugh B.AV, M.B.A., F.I.C.B. Return to US BANCORP Chief Executive Officer, President, Director and Member of Executive & Risk Committee, The Bank Of Nova Scotia

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BACKGROUND*

Mr. Richard Earl Waugh, Rick, BAV, MBA, FICB has been Chief Executive Officer and President of Scotiabank at Scotiabank Sud Americano, S.A., Grupo Financiero Scotiabank Inverlat SA de CV, Scotiabank Subordinated Notes Trust and BNS Capital Trust since March 25, 2003. Mr. Waugh has been the Chief Executive Officer of The Bank of Nova Scotia at Scotiabank Tier 1 Trust since December 2003 and its President January 15, 2003. He serves as the President and Chief Executive ... Officer of Scotiabank Capital Trust. He began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has served in its treasury, corporate, international and retail banking areas. In 1985, he moved to New York as the most senior executive in the U.S. he returned to Toronto in 1993, and was appointed Vice-Chairman, Corporate Banking, in 1995, and Vice- Chairman of International Banking and Wealth Management in 1998. He serves as Chairman of the Canadian Advisory Board and Member of the Canadian Advisory Board at Catalyst, Inc. and serves as its Director. He serves as Vice Chairman of the Institute of International Finance (IIF), and has been its Director since 2007. Mr. Waugh has been a Director of The Bank of Nova Scotia since March 2003, Scotiabank since March 25, 2003, Scotiabank Capital Trust since March 25, 2003. He serves as a Trustee for the IIF's Principles for Stable Capital Flows in Emerging Markets, is a member of the Council of the Americas, and is on the Chairman's International Advisory Council for the Americas Society. In addition, he serves on the Advisory Council of the Schulich School of Business at York University, the Guanghua School of Management at Peking University and the Canadian Museum of Human Rights, among others. He has long been active in several philanthropic organizations. Mr. Waugh served as a Director at Scotiabank Trinidad & Tobago Ltd. since September 2008 and Vale Inco from July 19, 2005 to October 2006. He served as a Director at The Bank of Nova Scotia Jamaica Limited. He served as Director of Scotia Group Jamaica Limited until April 30, 2010. Among them is the United Way of Greater Toronto, where he was Campaign Chair in 2006, the organization's 50th anniversary. He has also worked extensively with the MS Society, both as Honorary Chair of the end MS Capital Campaign and as a Board member for their Scientific Research Foundation. He is a director of St. Michael's Hospital and Co- Chair of the Hospital's Campaign to build the Li Ka Shing Knowledge Institute. He was awarded the Merit of Honor, Council of the Americas, for his distinguished contribution to the Americas. In February 2009, he received the Corporate Social Responsibility Award from the Foreign Policy Association in New York, and most recently, was conferred by the President of the Dominican Republic the Order of Merit for distinguished service to the country. He holds a Bachelor of Commerce (Honours) degree from the University of Manitoba, a Master of Business Administration from York University, a Fellow of the Institute of Canadian Bankers, and Honorary Doctor of Laws degrees from York University and Assumption University.