Investor Presentation Second Quarter 2007

Scotiabank Scotia Capital revenues - Strong loan volume growth, interest recoveries revenues (TEB), $ millions 630 580 656 322 331 312 334 299 268 Q2/06 Q1/07 Global Capital Markets (GCM) Q2/07 Global Corporate & Investment Banking (GC&IB) Q2/07 vs. Q2/06 revenues: up 13% Global Corporate & Investment Banking: up 25% Higher interest recoveries from impaired loans Higher lending volumes: up 24% - primarily investment grade ■ Increased investment banking revenues Partly offset by narrower spreads Global Capital Markets: up 3% Strong results in precious metals, fixed income Q2/07 vs. Q1/07 revenues: up 4% ■ Increased interest recoveries Higher results in investment banking, including M&A Partly offset by lower capital markets revenues, corporate banking fees 25 Scotiabank Scotia Capital Update on 2007 priorities > Enhance NAFTA platform - expand product capabilities, particularly in Mexico > Build additional global specializations broadened client and research coverage in - oil & gas sector recent additions in mining sector showing early promise - increase business with alternative asset managers - ramp up marketing efforts > Maintain strong credit discipline 26

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