Scotiabank Investor Presentation Second Quarter, 2007

Scotiabank International Banking – higher revenue from organic growth, acquisitions revenues (TEB), $ millions. 979 967 762 339 342 296 315 387 394 241 243 151 Q2/06 Q1/07 Mexico Q2/07 Caribbean & Central America Latin America & Asia Q2/07 vs. Q2/06 revenues: up 29% ■ Mexico revenues up 16%: - • strong asset and deposit growth higher retail brokerage, and credit card fees ■ Caribbean & Central America revenues up 25%: acquisitions - Costa Rica, Dominican Republic strong organic retail loan growth, particularly in Bahamas, Trinidad & Tobago - ■ Latin America & Asia up 62% due mainly to: Peru acquisitions strong asset growth in Asia Q2/07 vs. Q1/07 revenues: up 1% ■ Mexico up 1% on volume growth, higher spreads, higher other income ■ Caribbean & Central America up 2% on asset growth, impact of Jamaica broker acquisition Latin America & Asia revenues up 1% ☐ 21 Scotiabank International Banking Update on 2007 priorities Drive sustainable revenue growth > Strong organic growth ■ retail loan volumes up 30% from last year, primarily mortgages and credit cards ■ expanding distribution network • adding 125 new branches (85 in Mexico) & 100 ABMs ☐ ■ increasing non-branch sales forces, telemarketing, direct mail > Pursue acquisition opportunities " growing contribution from acquisitions in Peru, Costa Rica, Dominican Republic and Jamaica ▪ announced the acquisition of nearly 25% of Thanachart Bank in Thailand 22

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