Investor Presentation Second Quarter 2007

Scotiabank revenues (TEB), $ millions 1,369 Domestic Banking Solid revenue growth 1,472 1,471 980 977 900 258 282 288 211 209 207 Q2/06 Q1/07 Retail & Small Business Wealth Management Q2/07 Q2/07 vs. Q2/06 revenues: up 8% Retail & Small Business: up 9% ■ strong asset and deposit growth ■ lower interest margin higher transaction and card revenues Wealth Mgt - record revenues, up 12% ■ retail brokerage - strong client activity ■ mutual fund - very strong net sales ■ private client - higher AUM, trust fee income Q2/07 vs. Q1/07 revenues: flat ■ average assets up 2%, deposits up 1% margin stable ■ interest income down 1% - shorter quarter ■ other income up 2% Scotiabank Commercial Banking/Other 17 Domestic Banking Update on 2007 priorities Drive sustainable revenue growth > greater emphasis on investment products record mutual fund net sales, exceeding $1.5 billion for the first 6 months - hired several highly respected and proven senior mutual fund industry executives enhance product offerings increase sales through all distribution channels - continued strong growth in fee-based assets record levels of AUA, AUM > new marketing initiatives SCENE entertainment rewards program, VISA & debit cards - renaming of 5 major Cineplex theatres > plan to open 35 new branches - - opened 9 new branches year to date 18

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