Investor Presentation Second Quarter 2007

Scotiabank International Banking Rob Pitfield Executive Vice President International Banking 19 Scotiabank Net Income* ($ millions) International Banking Investing for Future Growth Latin America, Asia & Other Caribbean & Central America ■Mexico 316 293 268 62 46 107 92 99 22 99 147 130 124 Q2/06 Q1/07 Q2/07 * available to common shareholders Q2/07 vs. Q2/06 net income: up 9% ■ Revenues up 29% from acquisitions combined with strong organic growth " Expenses up 30%, investing for future growth: - - acquisitions (about half the increase) - 50 new branches in Mexico in the past year - marketing initiatives Higher loan losses: ■Caribbean benefited from some provision reversals last year low provisions in other regions in 2006 Higher effective tax rate in Mexico Q2/07 vs. Q1/07 net income: down 7% ■ Revenues up 1% Expenses up 3%: - higher expenses in Mexico marketing initiatives in Caribbean Higher loan losses in Mexico 20

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