Investor Presentaiton

Scotiabank % 1.91 All Bank 1.93 All-Bank Net Interest Margin 1.86 1.87 1.79 All-Bank margin: (8) bps qtr/qtr Domestic 2.58 2.56 2.58 International 2.35 2.33 4.27 4.32 4.18 4.09 - 4.03 Scotia Capital 0.96 0.79 0.71 0.59 0.69 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Scotiabank Domestic margin: +2 bps qtr/qtr + lower wholesale funding costs + higher prime-BA spreads International margin: (14) bps qtr/qtr lower margins in Latin America, Mexico Scotia Capital margin: (27) bps qtr/qtr - large tax-exempt dividends from transaction in Q4 + wider spreads on short term loans 13 Expenses Well Controlled Non-interest expenses ($ millions) 1,724 1,792 1,669 963 1,003 978 362 327 327 467 394 364 Q1/07 Q4/07 Q1/08 Salaries & employee benefits Premises & technology Other Q1/08 vs. Q1/07 expenses: down 3% + lower performance & stock-based compensation + lower advertising & business taxes higher salaries from ongoing growth initiatives/branch openings & annual increases Q1/08 vs. Q4/07 expenses: down 7% + lower performance-based compensation + lower spending on technology projects, advertising, legal fees, & business taxes + timing of expenses in other categories - partly offset by higher salaries due to acquisitions 14

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