Scotiabank Q2 Financial Results

Scotiabank $ millions International Banking A strong performance Total revenue Provision for credit losses Non-interest expenses Net Income available to common shareholders Return on Equity Average assets ($B) Year/Year: Net income up 44% 762 Change vs. Q2/05 Q1/06 15% 2% 1 (95)% (96)% 443 13% (2)% 268 44% 15% 26% 54 8% 3% strong year-over-year growth in Mexico, solid performance in Caribbean & Central America and low credit losses Quarter/Quarter: Net income up 15% ■ increased contribution from Caribbean and Central America, Peru and Chile offset by slightly lower contribution from Mexico 21 Scotiabank $ millions International Banking revenue 900 800 700 220 237 215 600 202 174 500 400 300 489 512 506 529 542 200 100 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Other Income Net interest income Year/Year: up 15% ■ Average assets up 8% - 22% underlying growth in retail loans Major contributors: - Peru, Scotiabank Mexico, Caribbean & Central America Impact of foreign currency translation: ($45) mm Quarter/Quarter: up 2% Higher volumes ■ Partly offset by impact of forex translation and shorter quarter 22

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