Scotiabank Earnings Update

Scotiabank Benefiting From Diversification Net Income* ($ millions) Domestic up 22% yr/yr 391 319 270 285 278 276 46 Q3/06 79 Q3/07 Domestic ■International Scotia Capital Other *available to common shareholders Scotiabank International up 15% yr/yr (ex. VAT**) Scotia Capital - strong performance **$51MM VAT recovery in Q3/06 5 Highlights Domestic • • • Expanding distribution - branches, sales people Growing Wealth franchise - #5 in industry for YTD net sales of long-term funds Market share gains in key products International . Investing for organic growth - expanding distribution - product initiatives - e.g. credit cards, small business Making on-strategy accretive acquisitions ■ Scotia Capital . Growing, yet maintaining credit & market risk discipline Leveraging strengths in corporate relationships- lending, energy, derivatives, NAFTA 6

View entire presentation