Scotiabank Earnings Performance Review

Scotiabank International Banking Rob Pitfield Executive Vice-President International Banking 17 Scotiabank International Banking Growth Continues - Organic & Acquisitions Net Income* ($ millions) 326 293 282 Q2/07 Q1/08 Q2/08 * available to common shareholders Q2/08 vs. Q2/07 net income: up 11% - + revenues up 18% strong broad-based loan growth, acquisitions, higher securities gains • significantly offset by forex expenses up 7% acquisitions, business growth initiatives (e.g. new branches), offset by forex higher tax rate in Mexico higher retail provisions, primarily in Mexico Q2/08 vs. Q1/08 net income: up 16% + revenues up 11% strong broad-based loan & deposit growth, acquisitions, positive forex and fair value write-downs in Q1 expenses up 8% unfavourable forex impact, acquisitions, higher Q1 recoveries in Latin America higher provisions largely due to lower commercial recoveries & reversals 18

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