Scotiabank Risk and Credit Portfolio Overview

Scotiabank Scotiabank 936 897 Performance Review Luc Vanneste Executive Vice-President & Chief Financial Officer Net Income ($ millions) Strong Quarter 1,039 1,032 1,020 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Net Income up 17% yr/yr (ex. VAT) + strong asset growth + higher trading revenues and securities - gains higher tax rate Net Income down slightly from Q2 + higher trading revenues and securities gains - - lower interest and loan loss recoveries impact of forex translation 8

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