Scotiabank Investor Presentation Second Quarter, 2007

Scotiabank Scotiabank Net Income* ($ millions) 276 294 Q2/06 Scotia Capital John Schumacher Co-Head Scotia Capital 23 318 Scotia Capital Solid quarter Q2/07 vs. Q2/06 net income: up 15% ■ Revenues up 13% Expenses up 3% due to: Q1/07 Q2/07 * available to common shareholders - higher salaries and technology costs - partially offset by lower performance-based compensation ■ Continued loan loss reversals and recoveries, primarily in the U.S. portfolio; no new loan loss provisions Q2/07 vs. Q1/07 net income: up 8% ■ Revenues up 4% due to higher interest recoveries ▪ Expenses up 1% due to: - higher performance-based compensation mostly offset by lower signing bonuses ■ Increased loan loss provision reversals and recoveries, mainly in the U.S. 24

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