Investor Presentation Second Quarter 2007

Scotiabank $ millions Trading results within 1 day VaR February 1, 2007 to April 30, 2007 20 110 10 (10) (20) Actual P&L 1 day VaR ■ Q2/07: Average 1 day VaR: $11.3 mm vs. $9.2 mm in Q1/07 ■ Q2/07: No loss days exceeded the 1 day VaR 31 Market risk well diversified Scotiabank Average 1 day VaR, $ millions Risk Factor Interest rate Equities Foreign exchange Commodities Diversification All-Bank VaR Change vs. Q2/07 Q1/07 Q2/06 7.2 - 2.7 5.2 1.6 (0.2) 1.2 (0.7) (0.7) 1.5 0.8 0.1 (3.8) 0.4 1.4 11.3 2.1 3.3 • Most of exposure in interest rate and equity risks • Commodities exposure mostly in precious metals trading 32

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