Investor Presentation Third Quarter, 2008

Scotiabank # days 10 2 8 6 Scotiabank ($ millions) 30 20 10 0 (10) (20) Trading Revenue Q3/08 Trading Revenue ($ millions) (9) (8) (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 ■83% days had positive results in Q3/08 vs. 67% in Q2/08 43 Trading Results Within 1 Day VaR May 1, 2008 to July 31, 2008 - Actual P&L 44 1 day VaR

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