Investor Presentation Second Quarter 2007

Scotiabank Scotiabank $ millions Risk Review Brian Porter Chief Risk Officer 27 Favourable credit conditions continue Change Q2/07 Yr/Yr Qtr/Qtr Provision for Credit 20 (15) (43) Losses (PCL) Specific Provisions 45 10 10 (18) Net Impaired Loans* 579 ■ General Allowance: $1,298 million - $25 million reduction in Q2/07 $1.5 billion of credit protection purchased * after specific allowance for credit losses 28

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