Scotiabank Financial Overview

Scotiabank Trading revenue trading revenue, second quarter 2006 # days 10 8 6 4 2 0 (4) (3) (2) (1) 0123 ... 456789 10 11 12 $ millions ■87%+ days had positive results in Q2/06 ■ 8 days of trading losses in Q2/06 vs. 4 days in Q1/06 33 Scotiabank $ millions 15 5 (5) Market risk February 1, 2006 to April 30, 2006 и Actual P&L 1 day VAR (15) ■ Average 1 day VAR: $8.0 mm, down $0.1 mm qtr/qtr, up $1.2 mm yr/yr ■ Qtr/Qtr: higher commodities exposure; lower interest rate and equities exposures ■ Yr/Yr: increased exposures in equities, forex and commodities ■ No loss days exceeded the 1 day VAR 34

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