Q3/06 Earnings Report

Scotiabank International Banking - Higher revenues from strong asset growth revenues (TEB), $ millions 800 13% • 207 170 129 151 124 600 312 332 315 301 308 400 200 278 303 276 296 305 Mexico - up 10% yr/yr • higher retail and commercial loans partly offset by f/x impact ($36 mm) Caribbean & Central America Up 10% yr/yr strong underlying asset growth of 18%, including Jamaica, Trinidad, Bahamas and the Dominican Republic Latin America & Asia Up 22% yr/yr ■ contribution from Peru, partly offset by lower securities gains 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Latin America & Asia Caribbean & Central America ■Mexico 19 International Banking – Expenses support Scotiabank expenses, $ millions - business growth initiatives 500 486 477 452 447 443 400 300 200 100 Year/Year: up 7% ■ due primarily to impact of Peru acquisitions, and higher technology, compensation and premises expenses to support growth initiatives Partly offset by VAT recovery in Mexico, favourable forex impact Quarter/Quarter: up 7% ☐ impact of Peru acquisitions ▪ higher compensation, premises, advertising and litigation expenses 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 20

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