Investor Presentaiton

Scotiabank Revenues (TEB) ($ millions) International Banking Strong Revenue Growth 1,153 1,040 979 323 322 341 410 398 403 420 320 235 Q2/07 Q1/08 Q2/08 Mexico ■Caribbean & Central America Latin America & Asia Q2/08 vs. Q2/07 revenues: up 18% (forex negatively affected each segment) ■ Mexico + strong retail loan & deposit growth + higher insurance & mutual fund revenues ■ Caribbean & Central America + strong loan growth & improved margin ■ Latin America & Asia + Chile & Thailand acquisitions + strong net interest income growth - retail & commercial + higher non-trading securities gains Q2/08 vs. Q1/08 revenues: up 11% ■ Mexico + good retail loan growth - largely offset by lower commercial fees ■ Caribbean & Central America + continued asset growth: organic & acquisitions + improved margin ▪ Latin America & Asia + full quarter of Chile acquisition (1 month in Q1) + fair value write-downs in Q1 19 Scotiabank International Update on 2008 Priorities ■ Drive sustainable revenue growth Broader geographic diversification Segmentation strategy progressing well Distribution channel expansion on track • Will add 90-100 branches ■ Additional acquisitions Peru: Increased presence in fast growing market • • Raised ownership in Scotiabank Peru to 98% (from 78%) Acquisition of Banco de Trabajo makes Scotiabank #1 in consumer finance Expanded footprint in Guatemala and Dominican Republic Improving operational efficiency - Upgrading call centres and internet platforms 20

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