Investor Presentation Third Quarter 2008

€ Scotiabank Update on 2008 Priorities • Expanding distribution network added 22 branches in Q3 • • Scotiabank Increasing presence in Peru ― raised ownership in Scotiabank Peru to 98% (from 78%) - purchased Banco del Trabajo, making Scotiabank #1 in consumer finance - acquired 47.5% of Profuturo, Peru's 4th largest private pension fund Continued progress with segmentation strategy - leveraging Peru's consumer finance expertise to drive growth in Chile and other Latin American countries 19 Scotia Capital Steve McDonald Co-Head Scotia Capital 20

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