Investor Presentaiton

Scotiabank International Banking Solid Organic Growth & Acquisitions Net Income* ($ millions) 353 316 71** 282 Q1/08 vs. Q1/07 net income: down 11% + revenues up 8% from strong organic volume growth, acquisitions & higher securities gains, partly offset by forex & MTM write-downs expenses up 1% • higher compensation & acquisitions mostly offset by forex higher tax rate & PCLs in Mexico Q1/07 282 Q4/07 Q1/08 available to common shareholders **VISA gain - Q1/08 vs. Q4/07 net income: down 20% Net income flat ex. VISA gain revenues down 5% (up 4% ex. VISA gain) + expenses down 3% • expense recoveries in Latin America ⚫ lower advertising & premises • partly offset by higher compensation & benefits higher tax rate & PCLs in Mexico 21 Scotiabank revenues (TEB), $ millions International Banking Solid Core Revenue Growth 1,090 91* 1,040 967 322 342 339 398 396 398 320 259 230 Q1/07 Q4/07 Q1/08 Mexico Caribbean & Central America Latin America & Asia *VISA gain Q1/08 vs. Q1/07 revenues: up 8% ■ Mexico + volume growth & commercial banking fees negative forex translation ■ Caribbean & Central America + volume growth & margin expansion - negative forex translation ■ Latin America & Asia + acquisitions & strong volume growth + higher securities gains - MTM write-downs & negative forex translation Q1/08 vs. Q4/07 revenues: up 4% ex VISA ■ Mexico + retail volume growth - lower commercial spreads, forex & Q4 VISA gain ■ Caribbean & Central America + volume growth - margin compression & Q4 VISA gain ■ Latin America & Asia + acquisitions & higher securities gains - MTM write-downs & Q4 VISA gain 22

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