Investor Presentation Third Quarter 2008

Scotiabank Relative Coverage Total Allowances as % of Loans and Acceptances 1.50% 1.03% 1.00% 0.93% 0.94% 0.92% 0.87% 0.71% 0.69% 0.72% 0.71% 0.50% 0.00% Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 BNS 4 Cdn. Bank Peers Specific Allowance as % of Gross Impaired Loans 100% 80% 66% 61% 63% 58% 60% 53% 42% 40% 20% 38% 33% 30% 0% Q3/07 Q4/07 Q1/08 41 Q2/08 Q3/08 Scotiabank Average 1 day VaR, $ millions VaR by Risk Factor Q3/08 Q2/08 Q3/07 Risk Factor Interest rate 13.0 12.8 9.0 Equities 3.5 3.0 8.7 Foreign exchange 0.9 1.3 2.0 Commodities 3.0 3.6 1.3 Diversification (4.6) (6.1) (5.4) All-Bank VaR 15.8 14.6 15.6 42

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