Investor Presentaiton

Scotiabank Low variability of trading revenue trading revenue, 2006 # days 40 35 INN ww 15 10 30 25 20 10 50 (8) (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 $ millions ■+95% days had positive results in Q4/06, vs. 85% in Q3/06 ■ 3 days of trading losses in Q4/06, vs. 10 days in Q3/06 45 Scotiabank $ millions Market risk well controlled November 1, 2005 to October 31, 2006 20 20 10 0 (10) (20) ■ Q4/06 Average 1 day VAR: $10.1 mm vs. $9.2 mm in Q3/06 ▪ 2006 Average 1 day VAR: $8.9 mm vs. $7.6 mm in 2005 ■ Q4/06 & 2006: No loss days exceeded the 1 day VAR 46 Actual P&L 1 day VAR Мин

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