Investor Presentaiton

Impact of new accounting standards Scotiabank Increase in common shareholders' equity $ millions Book Value Per Share Opening balance - common shareholders' equity 16,947 $17.13 Net income less dividends 596 Accumulated Other Comprehensive Income 753 Favourable foreign exchange movements 522 Other items 32 Total change common shareholders' equity Ending balance - common shareholders' equity 1,903 $1.86 18,850 $18.99 Impact of +$8 million (after tax) on income statement in Q1/07 ■ Increases to certain balance sheet items: · Securities: up $1.2 billion · Accumulated Other Comprehensive Income: up $753 million (after tax) 9 Scotiabank Net Income* ($ millions) 890 844 Financial Performance Overview 1012 Q1/06 Q4/06 Q1/07 * available to common shareholders Q1/07 vs. Q1/06 net income: up 20% ■ Total revenues up 14% Expenses up 10% ■ Favourable credit conditions - lower provisions for credit losses and higher interest recoveries Q1/07 vs. Q4/06 net income: up 14% ■ Revenues up 7% Expenses up 1% Higher provisions for credit losses - general allowance reversal in Q4/06 10

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