Scotiabank Earnings Performance Review

Scotiabank International Increased Diversification Q2/07 Revenue: $979MM Q2/08 Revenue: $1,153MM Other LA & Asia 8% Scotiabank Mexico 35% C&CA 42% Peru 12% +18% Chile 3% 39 Other LA & Asia 13% C&CA 35% Mexico 28% Earnings in Other Segment* net income available to common shareholders, $ millions 53 Q2/07 Q1/08 Q2/08 (22) (35) *includes Group Treasury and other corporate items, which are not allocated to a business line Peru 13% Chile 11% Q2/08 vs. Q2/07 net income + higher securitization revenues negative impact of financial instruments - higher wholesale funding costs - higher expenses - reversal of general allowance in Q2/07 Q2/08 vs. Q1/08 net income + write-downs in non-trading securities in Q1 + higher securitization revenues - + lower losses from financial instruments lower funding profits from declining short term rates higher expenses 40

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