Investor Presentation Third Quarter 2008

International Banking Scotiabank Solid Growth - Organic & Acquisitions Net Income* ($ millions) 326 321 270 Q3/07 Q2/08 Q3/08 * available to common shareholders Q3/08 vs. Q3/07 net income: up 19% + revenues up 30% + strong & diversified organic loan growth, acquisitions & $40MM IPO gain in Mexico expenses up 25% - acquisitions, growth initiative spending, $28MM indemnity provision in Peru higher tax rate in Mexico - increase in retail provisions due to asset growth, acquisitions & slight deterioration in Mexico Q3/08 vs. Q2/08 net income: down 2% + revenues up 7% + volume growth, IPO gain in Mexico & widespread transaction driven growth - expenses up 14% growth initiative spending, higher Q2 recoveries, indemnity provision lower provisions - reversal in Mexico Commercial, partly offset by retail provisions in Mexico & Peru Scotiabank 17 Broad-Based Revenue Growth Revenues (TEB) ($ millions) 1,236 1,153 382 953 323 322 410 440 406 420 414 225 Q3/07 Q2/08 Q3/08 Mexico Caribbean & Central America Latin America & Asia Q3/08 vs. Q3/07 revenues: up 30% Mexico + retail loan growth, higher margin + IPO gain, partly offset by lower trading Caribbean & Central America + strong retail & commercial loan growth ■ Latin America & Asia + Chile acquisition + strong organic loan growth, including Commercial in Asia Q3/08 vs. Q2/08 revenues: up 7% ■ Mexico + IPO gain, partly offset by lower trading + retail loan growth ■ Caribbean & Central America + continued asset growth, increased margin + higher transaction based revenues ■ Latin America & Asia + broad-based loan growth losses in trading & from MTM of securities 18

View entire presentation