Investor Presentaiton

Scotiabank average balances, $ billions Asset Growth Continues 404 13% 455 106 33 93 44 40 111 89 98 104 78 Q2/07 96 Q2/08 Residential mortgages Personal loans ■Business & government (includes acceptances) Securities Other 9 + residential mortgages up 14% + personal loans up 11% + business & gov't loans up 25% Scotiabank Higher Expenses Investing in Growth Platforms Non-interest expenses ($ millions) 1,794 1,726 1,669 1,005 1,004 978 359 329 327 393 430 364 Q2/07 Q1/08 Q2/08 Q2/08 vs. Q2/07 expenses: up 4% + higher salaries, higher premises & technology due to branch expansion, acquisitions + higher professional fees - lower performance-based compensation - favourable forex impact Q2/08 vs. Q1/08 expenses: up 7% + higher performance based compensation in line with improved trading results + full quarter of Chile acquisition + higher advertising & professional fees + unfavourable forex impact - lower stock-based compensation Salaries & employee benefits ■Premises & technology Other 10

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