Scotiabank Risk and Credit Portfolio Overview

Earning Through Forex Headwinds Scotiabank Impact ($ millions) Revenues Qtr/Qtr Yr/Yr (101) (47) Non-interest expenses Net income 34 15 (50) (23) Earnings per share (diluted) (5) cents (2) cents Scotiabank Average exchange rate $US/$CAD Q3/07 Q2/07 Q3/06 0.93 0.86 0.89 Mexican peso/$CAD 10.07 9.63 9.90 9 Strong Asset Growth average balances, $ billions 12% 409 364 83 37 74 96 40 40 90 00 97 93 77 Q3/06 86 Q3/07 + residential mortgages up 16% + business & government loans up 21% + personal loans up 8% Residential mortgages Personal loans Business & government (includes acceptances) Securities Other 10

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