Investor Presentaiton

International Banking Scotiabank Record earnings from broad-based growth Net income* - ROE % 1,300 30 1,054 975 800 20 650 325 10 0 2006 vs. 2005 net income: +32% ■ record earnings despite negative impact of foreign currency translation ($65) mm significant contributors to growth were Mexico, Caribbean and Central America and acquisitions in Peru ■ broad based asset growth +11%, higher retail banking revenues in Mexico and credit card revenues in C&CA 0 2005 2006 300 285 30 268 200 174 100 0 + Q4/05 Q3/06 Q4/06 * net income available to common shareholders, $ millions 20 10 Q4/06 vs. Q4/05 net income: +54% strong growth in all regions, particularly Mexico and Asia, solid contribution from Peru Q4/06 vs. Q3/06 net income: (6)% ■ lower earnings due to VAT recovery in Q3 partially offset by increased contribution from Peru and Asia higher expenses to fund growth initiatives 23 International Banking Higher revenues in all regions Scotiabank revenues (TEB), $ millions 1,206 1,054 1,308 1,174 534 2005 □ Mexico Caribbean & Central America Latin America & Asia 731 2006 303 305 276 349 332 308 243 207 124 Q4/05 Q3/06 Q4/06 2006 vs. 2005 revenues: +17% Mexico: +14% ■ strong underlying asset growth: - credit cards +54%, - mortgages +28%, - commercial loans +15% ■ higher credit card, brokerage & retail banking fees partly offset by foreign currency translation ($62) mm Caribbean & Central America: +11% ■ increase due to full year impact of El Salvador acquisition ■ underlying loan growth: retail +18% & commercial +22% Latin America & Asia: +37% ■ impact of Peru acquisitions partly offset by lower gains on sale of emerging market securities Q4/06 vs. Q4/05 revenues: +26% positive impact of acquisitions and strong organic retail & commercial asset growth in many countries Q4/06 vs. Q3/06 revenues: +6% ■ increased contribution from Peru and Costa Rica acquisitions and asset growth in Caribbean & Central America 24

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