Scotiabank Financial Performance Review

Scotiabank International Banking Rob Pitfield Executive Vice President International Banking 21 International Banking Scotiabank Record earnings from broad-based growth 1300 1,232 1,054 650 00 400 0 2006 2007 Net Income* 300 268 270 200 100 0 Q4/06 Q3/07 353 2007 vs. 2006 net income: +17% + revenues up 23% - expenses up 18% (up 15% ex. VAT recovery) • impact of acquisitions • business growth, including new branches • higher credit card & advertising costs - higher taxes, largely Mexico Q4/07 vs. Q3/07 net income: +31% + revenues up 14% - expenses up 4% • business growth initiatives • partly offset by lower benefit costs Q4/07 22 * net income available to common shareholders, $ millions

View entire presentation