Scotiabank Risk and Credit Portfolio Overview

Scotiabank Good Revenue Growth Revenues (TEB) ($ millions) Revenues up 11% yr/yr 3,302 3,214 3,211 2,989 2,999 1,881 1,903 1,913 1,816 1,783 1,173 1,216 1,333 1,308 1,389 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Scotiabank Net interest income (TEB) ☐ Other income 11 + higher net interest income +higher trading revenues and securities gains + higher transaction-based revenues Revenues up 3% qtr/qtr + loan growth + higher trading revenues and securities gains impact of forex translation lower securitization revenues Expenses Well Controlled Non-Interest Expenses ($ millions) 1,708 1,724 1,726 1,752 1,608 966 1,003 1,004 1,013 940 322 327 329 335 313 355 420 394 393 404 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Salaries & employee benefits Premises & technology Other 12 Expenses up 6% yr/yr (ex. VAT) + business growth initiatives + higher performance-based compensation Expenses up 2% qtr/qtr + longer quarter + higher performance-based compensation - impact of forex translation - lower stock-based compensation

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