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Investor Presentaiton

Scotiabank Higher Revenues - Strong Asset Growth, Broad-based Fee Income Increases Revenues (TEB) 3,302 ($ millions) 3,477 3,272 1,428 1,389 1,299 1,913 1,973 2,049 Q3/07 Q2/08 Q3/08 Net Interest Income (TEB) ☐ Other Income Q3/08 vs. Q3/07 revenues: up 5% ■ net interest income up 7% + strong organic asset growth, particularly mortgages and corporate loans + acquisitions - lower net interest margin ■ other income up 3%: + broad-based gains in credit fees, securitization, cards, deposit & payment services, mutual funds - lower trading, mainly derivatives & forex vs. Q3/07 peak - lower securities gains Q3/08 vs. Q2/08 revenues: up 6% ■ net interest income up 4% + asset growth, longer quarter ■ other income up 10% + higher investment banking fees, including record Scotia Waterous + stronger trading, including derivatives + higher securities gains including IPO gain in Mexico 7 Scotiabank average balances, $ billions Asset Growth Continues 12% 457 409 111 96 45 + residential mortgages up 15% 40 116 + personal loans up 13% 90 97 96 86 Q3/07 89 Q3/08 Residential mortgages Personal loans ■Business & government (includes acceptances) Securities Other 8 + business & gov't loans up 29%
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