Scotiabank Financial Performance Review

Scotiabank Strong market share gains Year-over-Year Increase Residential Mortgages +15 basis points Personal Term Deposits +41 basis points Total Personal Deposits +24 basis points Mutual Funds +16 basis points Domestic market share figures as at September 2007 19 Scotiabank ■ Domestic 2008 Priorities Drive sustainable revenue growth leverage acquisitions & partnerships to acquire new customers • • e.g. Cineplex/SCENE, NHL, NHLPA, CFL build on the strong momentum in wealth management leveraging expanded retail sales force leverage small business expertise Expand/enhance sales & distribution capacity - open 20-25 new branches - upgrade branch technology Maintain earnings momentum & positive operating leverage 20

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