Investor Presentation - First Quarter, 2007

Scotiabank International Update on 2007 priorities ■ Drive sustainable revenue growth > Pursue additional acquisition opportunities • • increase presence in existing markets - $US 94 million for 10% stake in First BanCorp (Puerto Rico) target complementary businesses: insurance & wealth management - acquisition of 68% of Dehring Bunting & Golding in Jamaica Aggressively expand distribution network > add 125 new branches (85 in Mexico) & 100 ABMs • opened 17 new branches ต Scotiabank Continue double-digit earnings growth 23 Scotia Capital Stephen McDonald Co-Head Scotia Capital 24

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