Investor Presentaiton

€ Scotiabank % 1.93 All Bank Small Decline in All-Bank Net Interest Margin 1.86 1.87 1.79 1,76 2.58 2.56 4.03 Domestic 2.35 2.33 International 4.27 0.79 0.59 4.32 4.18 2.49 4.10 Scotia Capital 0.96 0.69 0.60 All-Bank margin: -3 bps qtr/qtr Domestic margin: +14 bps qtr/qtr + lower wholesale funding costs + wider prime-BA spread + higher mortgage spreads International margin: -8 bps qtr/qtr - higher growth in lower spread assets in Asia slightly lower margins in Latin America +higher spreads in Caribbean & Central America Scotia Capital margin: -9 bps qtr/qtr - lower interest income in Global Capital Markets - higher trading assets + higher spreads in Canada, US Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Scotiabank 37 Scotiabank Mexico Improved Contribution in Q2 ($ millions) Q2/08 Q1/08 Q/Q Comments Contribution $96 $117 $(21) • Continued retail asset growth (Mexican GAAP) Canadian GAAP adjustments $(17) $(49) $32 Contribution to BNS $79 $68 $11 38 • More than offset by higher local taxes • Q2/08 includes reversal of locally booked VISA and bond gains Q1/08 includes: - write-down of future tax asset, and - reversal of local tax benefit

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