Scotiabank Investor Presentation Second Quarter, 2007

Scotiabank Low variability of trading revenue trading revenue, Q2/07 # days 10 8 6 2 0 Scotiabank (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 $ millions 95% days had positive results in Q2/07 vs. 98% in Q1/07 41 Strong capital ratios - despite growth in risk-weighted assets % of risk-weighted assets $ billions 206.8 213.1 10.2 10.0 10.2 10.4 10.1 197.0 190.3 180.1 8.5 8.4 8.3 8.4 8.0 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Tier 1 Tangible Common Equity (TCE) 42 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Loans & Acceptances Residential Mortgages Securities Cash, Other Assets & Off Balance Sheet

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