Investor Presentation Third Quarter, 2008

Scotiabank Impact of Forex Translation Impact ($MM) Yr/Yr Qtr/Qtr Revenues (79) 6 Non-interest expenses 21 (4) Net income (42) 1 Scotiabank Average exchange rate Q3/08 Q2/08 Q3/07 $US/$CAD 0.99 0.99 0.93 Mexican peso/$CAD 10.16 10.62 10.07 Peruvian new sol/$CAD 2.85 2.83 2.95 Chilean peso/$CAD 494.32 454.75 488.76 37 International Increased Diversification Q3/07 Revenue: $953MM Q3/08 Revenue: $1,236MM Other LA & Asia 6% Mexico 34% C&CA 43% Peru 13% Chile 4% +30% Other LA & Asia 10% 38 Mexico 31% C&CA 36% Peru 13% Chile 10%

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