Scotiabank Investor Presentation Second Quarter, 2007

Scotiabank Market risk - trading controls Board-approved policies and limits - Active, independent oversight – risk management staff physically located on trade floors Independent validation of models and market data used for valuation ■ Valuation reserves for risk concentrations, market illiquidity Daily P&L analysis ■ Regular stress-testing of portfolios ต Scotiabank 33 Outlook Rick Waugh President & Chief Executive Officer 34

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