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Scotiabank Reported Q1/08 - Items of Note Net Income EPS $835 million $0.82 Pre-tax After-tax ($MM) ($MM) EPS Financial statement line CDOs (68) (56) (0.06) Securities gains (52) & Other Other income (16) SIVS (46) (31) (0.03) Securities gains Securities gains (39) ABCP (44) (30) (0.03) & Trading (5) Monoline (80) (54) (0.05) Trading reserve Total (238) (171) $(0.17) Scotiabank 7 Impact of Forex Translation Impact ($MM) Revenues Non-interest expenses Net income Earnings per share (diluted) Yr/Yr Qtr/Qtr (186) (21) 91 10 (56) (6) (6) cents (1) cent Average exchange rate Q1/08 Q4/07 Q1/07 $US/$CAD 1.01 0.98 0.87 Mexican peso/$CAD 10.99 10.79 9.48 8

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