Investor Presentation - First Quarter, 2007

Scotiabank $ millions 20 10 0 Market risk well controlled November 1, 2006 to January 31, 2007 м Actual P&L 1 day VAR ww (10) (20) ■ Q1/07: Average 1 day VAR: $9.2 mm vs. $10.1 mm in Q4/06 ■ Q1/07: No loss days exceeded the 1 day VAR Scotiabank $ millions 33 Strong risk controls over hedge fund credit exposures Nature of Credit Exposure Jan 31/07 Prime Brokerage Secured lending transactions $485 Credit equivalent Derivatives amount related to capital markets trading $548 Short-term, secured Liquidity $31 loans Credit exposures subject to Board-approved limits 34

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