Q3/06 Earnings Report

Scotiabank $ millions 20 10 10 Market risk well controlled May 1, 2006 to July 31, 2006 нами Actual P&L 1 day VAR (10) (20) • Average 1 day VAR: $9.2 mm, up $1.2 mm qtr/qtr, up $1.5 mm yr/yr ■ Qtr/Qtr: higher interest rate and equities exposures; lower forex and commodities ■ No loss days exceeded the 1 day VAR Scotiabank 29 Outlook Rick Waugh President & Chief Executive Officer 30

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