Investor Presentaiton

Scotiabank 656 Scotia Capital Improving Revenue Across Several Businesses Revenues (TEB) ($ millions) 538 322 405 307 151 334 254 231 Q2/07 Q1/08 Q2/08 Q2/08 vs. Q2/07 revenues: down 18% Down from Q2/07 peak: lower derivatives & fixed income trading high level of interest recoveries in Q2/07 loss on non-trading securities + partly offset by record precious metals trading & very strong foreign exchange trading + higher corporate loan volumes & wider spreads Q2/08 vs. Q1/08 revenues: up 33% Well diversified growth: + record quarter for precious metals trading + higher loan volumes & spreads + higher investment banking revenues loss on non-trading securities Global Capital Markets (GCM) Global Corporate & Investment Banking (GC&IB) Scotiabank 23 Scotia Capital Update on 2008 Priorities Drive sustainable revenue growth Leverage NAFTA capabilities Increasing contribution from Scotia Capital Mexico Cross-border transactions involving US, Mexico and other geographies (e.g.: Dominican Republic) Expand client coverage globally in energy & mining and other industries where we have an advantage • Majority of Scotia Waterous business is now outside of Canada ScotiaMocatta: global leader in precious metals trading Adding new buy side clients Added 50 new corporate lending clients so far in 2008 Capitalize on market opportunities & conditions Maintain prudent risk management 24

View entire presentation