Investor Presentation - First Quarter, 2007

Scotiabank 233 Net Income* ($ millions) 268 International Banking 316 Q1/06 Q4/06 Q1/07 * available to common shareholders Robust Growth Q1/07 vs. Q1/06 net income: up 36% ■ Revenues up 30% from positive impact of acquisitions in Peru, Caribbean & Central America combined with strong organic growth Expenses up 24%, or 5% excluding acquisitions - higher costs related to the opening of 53 Mexican branches in past year and ongoing business growth initiatives partly offset by lower litigation expenses ■ Lower loan losses due to large provision taken in Q1/06 against commercial loan in Asia Higher tax rate due to increased earnings from higher tax jurisdictions Q1/07 vs. Q4/06 net income: up 18% ■ Revenues up 8% on broad-based loan growth and positive impact of acquisitions Expenses up 1%, or down 2% excluding acquisitions Higher loan losses due to increases in the Caribbean from low levels in Q4/06 21 International Banking Higher revenues in Mexico, C&CA Scotiabank revenues (TEB), $ millions 967 895 744 339 303 303 312 387 349 243 241 129 Q1/06 Q4/06 Q1/07 Mexico Caribbean & Central America Latin America & Asia Q1/07 vs. Q1/06 revenues: up 30% ■ Mexico revenues up 12% on strong asset growth, higher brokerage, trust and credit card fees ■ Caribbean & Central America revenues up 24% driven by: • acquisitions in Costa Rica and Dominican Republic strong organic loan growth, particularly in Puerto Rico, Bahamas, T&T ▪ Latin America & Asia up 86% due to Peru acquisitions Q1/07 vs. Q4/06 revenues: up 8% " Mexico up 12% on volume growth, positive f/x impact ■ Caribbean & Central America up 11% on asset growth, full quarter of Interfin acquisition, positive f/x impact ■ Latin America & Asia revenues down 1% as Q4/06 included gain on sale of a foreclosed asset in Asia 22

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