Investor Presentation Third Quarter, 2008

Scotiabank Provisions Expected to Increase Moderately Over Medium Term Domestic Banking International Banking . organic growth in retail portfolio • growth in retail portfolio impact of U.S. slowdown in Mexico and the Caribbean • lower commercial recoveries in Mexico and Peru • impact of U.S. slowdown on certain industries Scotia Capital ⚫ lower reversals and recoveries Scotiabank 31 Outlook Rick Waugh President & Chief Executive Officer 32

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