Investor Presentaiton

Scotiabank ($ millions) Unrealized Securities Gains* Q2/08 Q1/08 Q2/07 Emerging Market Debt 493 547 676 Q/Q decline in unrealized Fixed Income (179) 89 (33) gains on fixed income primarily due to widening of credit spreads. Equities 257 259 565 571 895 1,208 *before related derivative and other hedge amounts 43

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