Q3 2008 Financial Overview

Scotiabank Strong Asset Growth Driving Higher Revenues Revenues (TEB) ($ millions) 1,686 1,588 1,543 1,050 992 972 288 317 353 283 279 283 Q3/07 Q2/08 Q3/08 Retail & Small Business Commercial Banking/Other Wealth Management Q3/08 vs. Q3/07 revenues: up 9% Retail & Small Business + mortgages +15% & ScotiaLine +12% + term deposits +13%, chequing & savings +12% Commercial Banking + strong organic asset growth & fee income + positive impact of SDA Wealth Management + Direct Investing +20%, with positive impact of Trade Freedom + Mutual Funds +6%, despite market decline Q3/08 vs. Q2/08 revenues: up 6% + volume growth & lower funding rates + broad based growth in other income: higher credit fees, mutual fund, card & transaction revenues Scotiabank 13 Continued Strong Market Share Gains Qtr/Qtr Yr/Yr Residential Mortgages No change +6 bps * Personal Term Deposits +19 bps +106 bps * Total Personal Deposits +4 bps +68 bps * Mutual Funds +4 bps +28 bps *Acquisition of Dundee Bank contributed +15 bps to personal term deposits and +22 bps to total personal deposits Domestic market share figures as at June 2008 14

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