Investor Presentaiton

Scotiabank Earnings growth across all business lines net income available to common shareholders, $ millions 361 335 329 Domestic 268 233 316 International Q1/06 Q4/06 Q1/07 258 235 294 Scotia Capital Domestic: Robust asset and deposit growth, and strong results in wealth management. International: Record net income driven by Mexico, positive earnings impact of acquisitions and well-controlled expenses. Scotia Capital: Record net income driven by higher lending volumes in all regions and continued favourable credit conditions, partly offset by lower trading revenues Scotiabank 5 Positive operating leverage Q1/07 vs. Q1/06 (TEB) Revenue Expense Operating Growth Growth Leverage Domestic 6.5% 4.4% 2.1% International 30.0% 24.2% 5.8% Scotia Capital 1.8% 2.3% (0.5)% All - Bank 13.6% 10.4% 3.2% 6

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