Scotiabank Risk and Credit Portfolio Overview

Scotiabank All-Bank Margin Net interest margin (%) 1.98 1.93 1.91 1.89 1.86 All-bank margin: - 12 bp yr/yr - Lower interest recoveries in Scotia Capital - Change in asset mix - ■ very strong growth in Canadian mortgage portfolio; higher proportion of retail loans higher levels of low-yielding trading assets, driven by client activity Higher funding costs Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Scotiabank 37 International Banking Changing Regional Mix 21% 2007 YTD Net Income* - $879 million 2006 YTD Net Income - $786 million * available to common shareholders 38 35% 12% 44% Mexico Caribbean and Central America Latin America/Asia/Other 55% 33%

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