Investor Presentation - First Quarter, 2007

Scotiabank revenues (TEB), $ millions 1,455 1,381 Domestic Banking Solid revenue growth 1,471 967 980 920 242 255 282 219 233 209 Q1/06 Q4/06 Retail & Small Business Q1/07 Q1/07 vs. Q1/06 revenues: up 7% Retail & Small Business: up 6% Strong asset and deposit growth - mortgages up $13 billion or 17% - personal deposits up $5 billion or 7% - business deposits up $5 billion or 15% Lower margin Wealth Management: up 17% ■ Increased mutual fund and retail brokerage revenues Q1/07 vs. Q4/06 revenues: up 1% ■ Average assets up 1%, deposits up 2% ☐ Other income up 4% from broad-based growth ■Wealth Management ■Commercial Banking/Other Scotiabank ◉ 17 Domestic Update on 2007 priorities Drive sustainable revenue growth > greater emphasis on investment products net mutual fund sales exceeded $1 billion for the first four months versus net redemptions last year market share growth in personal term deposits - up 52 bp yr/yr Expand distribution and sales capacity > plan to open 35 new branches (opened 15 in 2006) - opened 5 new branches during Q1/07 > plan to add 300+ new sales staff - added 50 Financial Advisors in branches Improve earnings momentum 18

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