Investor Presentaiton

Scotiabank Domestic Banking Chris Hodgson Executive Vice President Domestic Personal Banking 15 Scotiabank Net Income* ($ millions) 335 329 Domestic Banking Solid earnings growth 361 Q1/06 Q4/06 Q1/07 * available to common shareholders Q1/07 vs. Q1/06 net income: up 10% ▪ Revenues up 7% from strong volume growth & higher fee income Expenses up 4% largely due to acquisitions and growth initiatives - higher performance-based compensation, partly offset by lower pension & benefit costs ■ Loan losses up modestly consistent with strong asset growth in retail portfolio Q1/07 vs. Q4/06 net income: up 8% Revenues up 1% Expenses down 5% due mostly to seasonal declines, partly offset by higher performance- based compensation & advertising expenses ■ Loan losses up from low levels in Q4/06 16

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