Q3 2008 Financial Overview

Business Line Performance Scotiabank net income available to common shareholders, $ millions Scotiabank 455 416 391 Q3/07 Q2/08 Q3/08 326 321 291 270 276 251 Domestic International Scotia Capital 35 Other Segment* net income available to common shareholders, $ millions 79 Q3/07 Q2/08 Q3/08 (35) (89) Q3/08 vs. Q3/07 net income + higher securitization revenues + lower expenses - higher cost for liquidity & - hedging of interest rate risk negative impact of financial instruments - lower securities gains Q3/08 vs. Q2/08 net income + positive impact of financial instruments + lower expenses - higher cost for liquidity & hedging interest rate risk - lower securities gains *includes Group Treasury and other corporate items, which are not allocated to a business line 36

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