Scotiabank Financial Performance Review

Scotiabank More diversified earnings mix 2006 Net Income* - $1,054 million 2007 Net Income $1,232 million LatAm/Asia/Other 16% C&CA 32% * available to common shareholders LatAm/Asia/Other 22% Mexico 52% C&CA 37% 23 Mexico 41% Scotiabank International Banking Higher revenues in all regions revenues (TEB), $ millions 3,989 3,245 1,206 1,366 1,628 1,308 995 731 2007 2006 Mexico ■Caribbean & Central America Latin America, Asia & Other 1,090 953 895 363 322 303 349 393 454 243 238 273 Q4/06 Q3/07 Q4/07 2007 vs. 2006 revenues: +23% Mexico: +13% + strong retail loan growth ⚫ credit cards +36%, mortgages +34% + higher fee income (25% brokerage, 14% credit cards) Caribbean & Central America: +25% + strong asset & deposit growth: •21% commercial loans, 22% credit cards, 18% mortgages + higher fees (credit cards up 35%) Latin America, Asia & Other: +36% + whole year impact of Peru acquisition Q4/07 vs. Q3/07 revenues: +14% Mexico: +13% + strong underlying asset growth and higher margin ⚫credit cards +11%, mortgage +9% + higher securities gains & transaction-driven revenues Caribbean & Central America: +15% + higher other income, including VISA gain Latin America, Asia & Other: +15% + asset growth in Chile, Peru and Asia 24

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