Investor Presentaiton

Scotiabank - Solid revenue growth – up 9% vs. 2005 revenues (TEB), $ millions. 6,197 6,848 4,529 4,800 2005 2006 Net Interest Income (TEB) ☐ Other Income 1,816 1,783 1,581 1,154 1,173 1,216 Q4/05 Q3/06 Q4/06 2006 vs. 2005 net interest income: +11% strong average asset growth ■ partly offset by margin compression & negative impact of foreign currency translation ($202) mm 2006 vs. 2005 other income: +6% positive impact of acquisitions and solid growth - credit cards +$56 mm - trading +$43 mm & retail brokerage +$54 mm - mutual funds +$48 mm ■ lower net securities' gains ($43) mm and underwriting fees ($40) mm and negative impact of foreign currency translation ($138) Q4/06 vs. Q4/05 revenues: +10% strong asset growth & acquisitions partly offset by margin compression & foreign currency translation Q4/06 vs. Q3/06 revenues flat higher trading, securitization, and investment mgmt, brokerage and trust revenues partly offset by AcG-13 & lower net securities gains 11 Scotiabank average assets, $ billions 309 Strong asset growth 13% 351 34 37 22 72 65 66 2005 88 72 2006 Residential mortgages Personal Loans Business & Government (includes acceptances) Securities Other Residential mortgages: +14% Personal loans: +8% ▪ Business & government: +11% ■ Securities: +22% 12

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