Scotiabank Earnings Update

Scotiabank ($ millions) Trading Results Within 1 Day VaR May 1, 2007 to July 31, 2007 25 15 5 пили (5) (15) (25) ■ Q3/07: Average 1 day VaR: $15.6 vs. $11.3 in Q2/07 29 Actual P&L 1 day VaR Scotiabank Asset Classes of Current Focus Canadian non-Scotia ABCP conduits U.S. sub-prime exposure LBO underwriting commitments ⚫no holdings in Scotia Money Market Funds • liquidity backup exposure - not significant ⚫ holdings in the bank - not significant • no direct exposure ⚫ indirect exposure - not significant ⚫0.2% of total assets Hedge fund counterparties ⚫ transactions collateralized ⚫ no credit issues with counterparties 30

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